Group 1: Production Capacity - The company has established a lithium iron phosphate production capacity of 225,000 tons, with 75,000 tons currently under construction [2] - The company plans to adjust production capacity based on industry trends and customer demand [2] Group 2: Competitive Strategy - The company ensures product competitiveness through technological innovation, customer collaboration, product layout, and economies of scale [2][3] - Continuous R&D investment enhances innovation capabilities and product performance, creating differentiated advantages [3] - The company is developing lithium manganese iron phosphate and solid-state battery cathode materials to meet diverse market needs [3] Group 3: Product Development - High-density lithium iron phosphate products have successfully entered mass production, catering to core customer applications [3] - The company will track technological iterations and market demand in the power and energy storage sectors to enrich its product matrix [3] Group 4: Capacity Utilization - Starting from Q4 2025, increased downstream demand will drive high capacity utilization rates [3] - The company aims to enhance capacity digestion through improved product competitiveness and collaboration with existing customers [3]

投资者关系活动记录表 编号：2025-019 | | 特定对象调研 ☐ | 分析师会议 | | --- | --- | --- | | | ☐ 媒体采访 ☐ | 业绩说明会 | | 投资者关系活动类别 | ☐ 新闻发布会 ☐ | 路演活动 | | | ☐ 现场参观 | | | | 其他（请文字说明其他活动内容） ☐ 国信证券股份有限公司佛山分公司：纪向珣、唐嘉炘、朱 | | | | 敏菁、张文静、冯达和、陈燕芝、李淑援、杨泽琦、张晓 | | | 参与单位名称及人员姓 | 燕 | | | 名 | 个人投资者：刘少楠、朱明朝、邢杰、吴思亮、林伟焓、 | | | | 冯成、吴宏接、张芳、何嘉欣、黄理平、陈少锋、甘小强、 | | | | 钟倩贞、夏振、袁新鲜、陈立权、陈波 | | | 时间 | 2025年11月19日 10:30-11:30 | | | 地点 | 公司会议室 | | | 上市公司接待人员姓名 | 董事会秘书 裴爽 | | | | 证券部工作人员：李洲全、罗富邦 | | | 投资者关系活动主要内 | 1、公司是否有参与有色金属贸易业务？ | | | | 答：公司为独立的第三方物流仓储公司，主营业务为物 ...

Company Overview - Guangdong Tongyu Communication Co., Ltd. is a leading enterprise in the field of communication antennas and RF devices, focusing on the R&D, production, and sales of base station antennas, RF devices, and microwave antennas [2][3] - The company serves major domestic operators such as China Mobile, China Telecom, and China Unicom, as well as international partners like Ericsson, Nokia, and Samsung [3] Satellite Communication Development - The company has established a comprehensive product layout covering the entire "satellite-ground-end" chain, including satellite communication payloads, ground station terminals, and terminal applications [3][4] - The domestic satellite internet development is a key part of national infrastructure, aiming to fill communication coverage gaps and meet emergency communication needs [4] - By 2030, the goal is to have over 10 million satellite communication users, supported by recent policy initiatives [4] Product and Business Highlights - The company holds over 700 authorized patents in the RF communication field, including various types of international, invention, and utility model patents [3] - The filter business focuses on compact, lightweight, and stable signal products, primarily for export, with Ericsson as a core customer [5] - The microwave antenna business covers frequencies from 5GHz to 80GHz, widely used in digital microwave relay communication systems [5] Future Outlook - The company is optimistic about the future of its satellite communication business, expecting to strengthen market competitiveness and participate in national satellite internet infrastructure construction [6] - With ongoing investments in technology R&D and capacity building, the company anticipates a new growth cycle driven by actual orders and performance contributions [6] MACRO WIFI Product Development - The MACRO WIFI product features long-range coverage, high concurrent access, and intelligent stability, designed for open areas like villages and farms [7] - A significant order of 1,000 units was signed with an Australian client, marking the product's successful entry into overseas markets [8] - The product is currently undergoing certification in approximately 18 countries, including Europe, Africa, and North America, with expected procurement following certification [8]

Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 6.301 billion CNY, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 966 million CNY, with a year-on-year increase of 92.87% [1] - The non-recurring net profit accumulated to 916 million CNY, showing a year-on-year growth of 94.16% [1] Group 2: Gross Margin Improvement - The overall gross margin improved in Q3 2025, primarily due to increased demand for storage packaging substrates and enhanced capacity utilization [2] - The revenue scale and gross margin of packaging substrates showed significant improvement, aided by the steady ramp-up of the Guangzhou factory [2] Group 3: Business Expansion in PCB Sector - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [3] - Revenue from data centers and wired communication businesses continued to grow, maintaining a consistent share across various sectors compared to the first half of the year [3] Group 4: Packaging Substrate Business Growth - The packaging substrate business includes a wide range of products, with significant revenue growth in storage packaging substrates in Q3 2025 [4] - All downstream product demands showed growth, particularly in storage packaging substrates [4] Group 5: Capacity Utilization - The overall capacity utilization remained high in Q3 2025, with a noticeable increase in the utilization rate of packaging substrate business due to rising demand [5] Group 6: New Factory Developments - New factories include the Nantong Phase IV and Thailand projects, with the Thailand factory currently in trial production and Nantong Phase IV expected to commence in Q4 2025 [6] - These new facilities will enhance PCB production capabilities, particularly in high-layer and HDI technologies [6] Group 7: Raw Material Price Changes - Key raw materials such as copper foil and gold salt saw price increases in Q3 2025 due to fluctuations in commodity prices [7] - The company will continue to monitor international commodity price changes and maintain communication with suppliers and customers [7] Group 8: Land Planning in Wuxi - The new land in Wuxi is designated for PCB-related products, with investments planned in phases based on business development and market conditions [8]

Group 1: New Energy Business - The company has decided to enter the new energy sector, focusing on chemical synthesis capabilities, which are deemed competitive for commercialization [1] - Expected revenue from the new energy business is projected to break through in 2025, primarily driven by sales of LiFSI and electrolyte products [1] Group 2: Pharmaceutical Business - The pharmaceutical segment is growing rapidly, with a focus on a CDMO business model and partnerships with leading global pharmaceutical companies [1] - The company aims to expand its client base and enhance its product pipeline, anticipating long-term growth as it deepens collaborations with clients [2] Group 3: Malaysia Base Construction - The establishment of a base in Malaysia is intended to meet client supply chain diversification needs and enhance customer loyalty [2] - The Malaysian facility is currently in the construction phase, with production expected to commence within the year [2] Group 4: Crop Protection Business - The crop protection business remains stable, with the company recognized as a strategic partner for major global original research crop protection companies [2] - The company provides comprehensive solutions covering the entire product lifecycle in the crop protection sector [2] Group 5: Capital Expenditure Considerations - Current capital expenditures are focused on the coastal base and the Malaysian facility, with a net cash flow from operating activities of approximately 9 billion yuan in the first three quarters of 2025 [2] - There are no immediate plans for capital operations as the current cash flow supports ongoing capital expenditure plans [2] Group 6: Subsidiary Shanghai Baofeng - Shanghai Baofeng has been listed on the New Third Board and aims to improve product and service quality while expanding into international markets [2] - The subsidiary is focused on maintaining stable growth in traditional refrigeration sectors [2]

Group 1: Revenue Growth and Business Strategy - In the first three quarters of 2025, the company achieved a revenue of 103,359.85 million yuan, representing a year-on-year growth of 14.77% [1] - The growth is attributed to business structure optimization, focusing on key customers and product sectors, while expanding into new areas such as medical health and smart home technology [1][2] - The company emphasizes core technology research and product innovation, enhancing R&D investment structure and fostering partnerships with universities [1][2] Group 2: Manufacturing and Operational Efficiency - The company has implemented lean manufacturing practices, creating a technological moat that drives cost reduction and enhances competitive barriers [2] - Global expansion strategies are yielding results, with the Vietnam facility rapidly increasing capacity and the Zhejiang facility's capacity improved by over 50% [2] - The company is exploring mergers and acquisitions to link with quality external resources and deepen industry synergy [2] Group 3: Robotics and Automotive Electronics - The company invested 10 million yuan in Shenzhen Yutuo Intelligent Co., acquiring a 2.2989% stake, focusing on robotics for power plants [3] - In the automotive electronics sector, the company has seen rapid growth in smart controller products, particularly in short-distance travel and new energy vehicles [4] - Key partnerships with brands like BYD for charging station controllers have significantly contributed to revenue growth [4] Group 4: Cost Management and Financial Outlook - Sales, management, and R&D expenses have decreased year-on-year due to strategic investments in R&D and operational efficiency [4][5] - The company maintains a positive outlook for 2025, driven by seasonal demand and a stable customer base, despite macroeconomic uncertainties [5] - The focus on high-precision, energy-efficient controllers aligns with market trends, supporting sustained operational performance [5]

回复：公司密封胶产品在装饰装修领域应用广泛，包括但不限于门窗接缝 防水、陶瓷大板粘结、踢脚线、厨房/洗手间用具接缝处防水、瓷砖美缝、镜面 粘结、挂饰粘结等。一方面，公司装饰装修胶具备显著的技术优势，依托自研 核心技术，在环保、粘结、耐候等性能方面达到行业领先水平，并通过多项权 威认证，广泛适配建筑工程与家装等多样化场景；另一方面，公司室内装饰用 产品对人体及环境均无危害，全面满足 GB 33372-2020《胶粘剂中挥发性有机 化合物（VOC）限量》标准的规定。随着"好房子、好小区、好社区、好城区" 的建设理念的推进，公司产品在高端建筑、装饰装修领域中发挥重要作用，稳 居建筑胶行业第一品牌。近期，由住房和城乡建设部科技与产业化发展中心组 织开展的关于"好房子"建设适用建材产品审查结果已公示，公司有机硅密封 胶产品成功进入《"好房子"建设适用建材产品（2025 年）》名录。 四、目前公司热熔胶产能有多少？未来是否计划扩充产能？ 回复：公司热熔胶产品主要应用于标签、卫生用品、工业胶带、医疗、防 水卷材、汽车等领域，现有产能 11 万吨/年。目前，公司现有产能可以满足现 阶段热熔胶销售需求，未来公司将根据客户及市场 ...

Project Overview - Guangdong Yinglian Packaging Co., Ltd. is investing in a new project for lithium battery composite aluminum and copper foil in Jiangsu Province, with a total planned investment of RMB 30.89 billion [3] - The project includes the construction of 10 composite aluminum foil and 134 composite copper foil production lines, with an expected annual production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [3] Recent Developments - A strategic procurement contract was signed with a new energy technology company for over 50 million square meters of composite aluminum foil materials for quasi-solid-state batteries, with planned purchases of 20 million square meters in 2026 and over 30 million square meters in 2027 [4][6] - The estimated contract value is between RMB 300 million to 400 million, with a projected gross margin that is considered favorable [6] Production Capacity and Technology - As of September 2023, Jiangsu Yinglian has signed a contract to procure 10 production lines from Japan for composite aluminum foil, with an expected annual capacity of 50 million square meters [9] - The company is developing lithium metal anode materials and specialized composite copper foil for sulfide solid-state batteries, with ongoing tests and feedback from leading automotive and battery companies [12][13] Industry Trends and Customer Focus - The solid-state battery industry is accelerating due to government policies and support, with customers focusing on product performance and cost reduction as industrialization progresses [8] - The composite aluminum foil is being recognized as a preferred material for solid-state batteries, with increasing interest from leading companies in the sector [8] Applications and Innovations - The composite aluminum foil can be used across various battery types (liquid, semi-solid, solid) due to similar processes, allowing for interchangeable use [10] - The company is also exploring the development of lithium alloy materials based on customer needs, with faster progress in collaboration with leading clients [14]

周大生珠宝股份有限公司 投资者关系活动记录表 投资者关系活动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他(电话会议) 参与单位名称 及人员姓名 共计 1 位投资者（排名不分先后）： 华福证券：李天阳 时 间 2025 年 11 月 19 日 地 点 总部会议室 上市公司接待人员 姓名 证券事务代表：荣欢 投资者关系活动 主要内容介绍 一、 问答环节： 投资者主要就行业情况、产品结构、终端销售情况、分红规划等进 行了交流，并参观了公司展厅，可参阅前次活动记录表之问答和已披露 公告。 接待过程中，公司严格按照《信息披露管理制度》等规定，保证信 息披露的真实、准确、完整、及时、公平，没有出现未公开重大信息泄 露等情况。同时，现场调研的投资者已按深交所要求签署承诺函。 附件清单（如有） 无 日期 2025 年 11 月 19 日 代码：002867 证券简称：周大生 编号：2025-040 ...

Group 1: Investor Relations Activity - The report documents an investor relations activity conducted by Desay SV Automotive Co., Ltd. on November 17-18, 2025, in Huizhou [1][2] - Participants included representatives from various securities firms and investment funds, such as Dongwu Securities and Guotai Junan [2] Group 2: Key Discussion Points - The impact of new intelligent driving regulations was discussed, emphasizing the need for higher performance and safety standards in vehicle configurations [3] - The company has secured new project orders from several international automotive giants, including Toyota, Volkswagen, and Volvo, indicating a strong internationalization process [3] - Progress in the company's robotics domain control business was highlighted, with strategic partnerships established with notable robotics firms and the launch of AI Cube for enhanced reliability and adaptability in various environments [3]