证券代码：002866 证券简称：传艺科技 江苏传艺科技股份有限公司投资者关系活动记录表 编号：2025-001 3、贵司钠电池量产了，为什么市面上还是很少能见到，而且 问了销售两轮车的店主，有的说根本没听说过，请问后续有 没有加大宣传计划？谢谢！ 6、公司通过走访二轮车企业，能否促成合作？获得多少订 单？ 答：尊敬的投资者您好，公司近期积极走访覆盖多家二轮车 企业，开展技术对话和战略研讨，探索钠电池在两轮车领域 更多的应用场景和双方合作的多种可能性，为公司钠离子电 池产品在二轮车领域的渗透和推广奠定了良好基础。 7、高管您好，请问贵公司未来盈利增长的主要驱动因素有哪 些？谢谢。 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访  业绩说明会 | | | □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） | | 参与单位名称 | 通过全景网"投资者关系互动平台"参与本次业绩说明会 | | 及人员姓名 | 的广大投资者 | | 时间 | 2025 年 5 月 16 日（星期五）下午 15:00-17:0 ...

Financial Performance - The company's profitability and asset scale have improved, indicating a healthy financial status for 2024 [2] - The revenue share of material-grade germanium products decreased to 46.11% in 2024 from 47.15% in 2023, while deep-processing products (infrared, photovoltaic, fiber optics) and compound semiconductors increased to 53.89% [2] - Revenue from photovoltaic-grade germanium products grew by 39.22% year-on-year, and compound semiconductor revenue increased by 66.16% [2] Talent Management - The company emphasizes talent acquisition and development, focusing on both internal training and targeted recruitment of high-end talent [3] - There have been no significant changes in the management team recently, but the company is committed to enhancing its talent pool [3] Investor Relations - The company acknowledges the lack of professional knowledge among investors and aims to improve the quality of information disclosure based on investor needs [3] - The stock price is influenced not only by the company's fundamentals but also by various factors in the secondary market, highlighting the importance of investor awareness of risks [3] Market Strategy - The company plans to adjust production capacity based on market demand, balancing high profits with sales volume [4] - The sales revenue of compound semiconductors declined in 2023 due to underperformance in the telecom market and data center construction, although overall sales have been growing [4] Product Development - The company is focused on expanding its production capacity for germanium products to meet the increasing market demand, particularly in the low-orbit satellite communication sector [5] - There are ongoing efforts to enhance research and development capabilities, with a commitment to securing patents for innovations [5] Future Outlook - The company plans to produce 866,700 photovoltaic-grade germanium products in 2025, with actual production details to be disclosed in regular reports [5]

Group 1: Company Overview and Financial Performance - The company achieved a wind tower production of approximately 446,900 tons and sales of about 435,100 tons in 2024, with revenue from wind equipment manufacturing reaching 2.631 billion CNY, accounting for 80.38% of total revenue [2] - As of the end of Q1 2025, the company has a backlog of wind product orders totaling 480,900 tons, indicating an increase in order volume and pricing for 2025 [3] Group 2: Capacity Expansion and Production Plans - The second phase of the Jiangsu Yancheng factory's offshore base upgrade and expansion is expected to be completed in 2025, adding an annual capacity of 80,000 tons, focusing on large monopiles, tower tubes, and other offshore products [4] - The company is optimizing its capacity layout by shutting down the Dalian factory to enhance asset efficiency [4] Group 3: Financial Instruments and Credit Ratings - The next period for triggering the downward adjustment of the convertible bond conversion price will restart from August 18, 2025, with the board considering market conditions and operational factors for any potential adjustments [4] - The company's credit rating is AA- with a stable outlook, as confirmed by a report from a credit rating agency [4] Group 4: Renewable Energy Generation Capacity - The company currently holds a total renewable energy generation capacity of approximately 681.3 MW, including 118 MW from grid-connected photovoltaic power stations and 563.3 MW from wind power plants [5] - In 2024, the average utilization hours for power generation were 2,413 hours, resulting in an on-grid electricity output of 1.603 billion kWh and revenue of approximately 600.288 million CNY [5]

Group 1: Financial Performance - The company achieved an operating income of 13.264 billion yuan in 2024, representing a year-on-year increase of 10.13% [3] - The net profit attributable to shareholders reached 1.811 billion yuan, reflecting a year-on-year growth of 28.46% [3] - The cash dividend for 2024 is expected to total 1.115 billion yuan, accounting for 66.74% of the distributable profit [5] Group 2: Production and Cost Structure - The company maintains a flexible production ratio of light and heavy soda based on market demand [2] - The comprehensive cost of producing soda ash in 2024 is not disclosed, but it is suggested to refer to periodic reports for detailed figures [4] - The heat value of the coal purchased by the company ranges from 3000 Kcal to 5500 Kcal, depending on the type and origin [3] Group 3: Legal and Financial Liabilities - The company has provisioned for a contingent liability of 1.85 billion yuan for 2024, following a previous provision of 9.64 billion yuan in 2023 [4] - As of December 31, 2024, the estimated liability balance for unresolved arbitration matters stands at 1.149 billion yuan [4] Group 4: Strategic Development and Market Position - The company has established a national-level enterprise technology center and is a leader in the natural soda industry in China [2] - There are plans for potential collaboration with other companies in the natural soda development sector [2] - The company is focused on enhancing its market performance and has developed a market value management system for 2025 [6]

Financial Performance - The company achieved a net profit of 137 million CNY for the fiscal year 2024, representing a year-on-year growth of 334.04% [4] - The non-GAAP net profit was 100 million CNY, with a year-on-year increase of 119.86% [4] - The revenue for Q1 2025 was 189.6 million CNY [9] AI Education Advantages - The company has a strong capability in AI product development and corpus advantages, focusing on integrating AI technology into various educational scenarios [6] - A dedicated AI team has been established, leading to advancements in knowledge graph construction and targeted algorithm development [6] - The launch of "Dou Shen AI" in October 2024 showcases the company's commitment to personalized education through AI technology [6] AI Business Development - AI education currently accounts for 3.6% of total revenue, with plans to accelerate its growth and increase its contribution to overall revenue [11] - The company aims to create a comprehensive education AI ecosystem by integrating software, hardware, and services [11] - The AI education business generated revenue of 27.31 million CNY in 2024 [13] Cultural and Tourism Education - The company is focusing on integrating Chinese traditional and classic literature with domestic and international travel, promoting a unique educational experience [7] - Diverse travel study routes are being developed, including popular domestic destinations and expanding overseas options [7] Future Product Development - The company is developing AI smart hardware for educational purposes, with plans to release various products, including a desktop learning robot and an AI learning cabin [10] - The "Companion Learning Spirit" robot is in the design phase and is expected to enter mass production within the year [15] Shareholder Information - As of March 31, 2025, the number of shareholders was 122,350 [17]

Group 1: Business Performance and Growth - In Q1 2025, the company achieved a physical operating volume of 28.3 million tons, a year-on-year increase of 29% [1] - The black segment completed a physical volume of 17.26 million tons, up 12% year-on-year; the non-ferrous segment saw a 62% increase with 380,000 tons; the energy and chemical segment grew by 119% to 8.84 million tons; the renewable energy segment generated revenue of 2.4 billion yuan, a 37% increase; while the recycled resources segment experienced a decline with 910,000 tons [1][2] Group 2: Strategic Focus and Future Plans - The company will focus on nine major industrial chains, emphasizing 16 key varieties, and actively cultivate strategic resource reserves, green development, and technological intelligence [2] - Future strategies include enhancing integrated services in the black segment, expanding regional customers, and promoting green transformation in the energy and chemical segment [2][3] Group 3: Market Trends and Industry Outlook - The domestic bulk supply chain market is characterized by a large market space, many participants, and low concentration, with larger enterprises expected to increase market concentration due to their mature operational systems and resource allocation capabilities [3][4] - The company anticipates three main trends in the industry: globalization, intelligence, and greening, with ongoing strategic planning aligned with these directions [3][4] Group 4: Revenue Sources and Profitability - The company identifies four main sources of profit: basis trading, industrial finance, value-added services, and industrial investment, with basis trading being the core model [5] - Currently, basis trading accounts for the largest share, while industrial finance has decreased, and industrial investment remains relatively low [5] Group 5: Investment Opportunities and Challenges - The domestic bulk commodity supply chain market is nearly 60 trillion yuan, with significant investment opportunities arising from the cyclical nature of the industry and the potential for resource acquisition [7] - The company is exploring investment opportunities in green manufacturing and new technologies that enhance traditional manufacturing processes [7] Group 6: Operational Strategies and Client Management - The company is focusing on strong, reliable clients to enhance risk control and improve service capabilities, aiming to reduce costs and increase efficiency for clients [14] - As of the end of 2024, the company has established 158 self-built storage points across various provinces, with a total throughput of 190 million tons [15][16] Group 7: Financial Performance and Shareholder Support - The major shareholder, Zhejiang Transportation Group, holds 44% of the company and has shown strong support, contributing significantly to the company's credit and liquidity [19] - The company has implemented a sustainable dividend policy, committing to distribute at least 33% of the annual distributable profit in cash, while balancing growth and funding needs [19]

Financial Performance - The company's net profit for 2024 reached 930 million CNY, a year-on-year increase of 44.33% [2] - Revenue from the storage semiconductor business was 3.522 billion CNY, growing by 37.62% compared to the previous year [3] Business Operations - The company operates dual bases for semiconductor packaging and testing in Shenzhen and Hefei, with ongoing capacity improvements [3] - The Shenzhen base received a Level 3 certification for intelligent manufacturing, while the Hefei base was recognized as a digital workshop in Anhui Province [3] R&D and Technology - The company is focusing on advanced packaging technologies, including Bumping and RDL projects, which have achieved mass production [3] - The company has increased its R&D personnel, particularly in the storage semiconductor sector [6] Market Strategy - The global semiconductor market is projected to grow by 11.2% in 2025, reaching a size of 697 billion USD, with strong growth in the storage market driven by AI and high-performance computing [8] - The company aims to enhance its market position by optimizing its supply chain strategy and expanding into European and other international markets [7] Risk Management - The company has a robust accounts receivable management system, with accounts receivable primarily aged within one year, mitigating large-scale bad debt risks [3] - The company is committed to adhering to market regulations and enhancing its value management practices [4] Future Outlook - The company plans to transition from manufacturing to creating value through supply chain solutions, focusing on digitalization and AI applications [6] - The company aims to strengthen its position in the semiconductor packaging sector and enhance its capabilities in high-end manufacturing [5]

Group 1: Company Development and Scale - As of now, the company's operational installed capacity is 19.4455 million kW, with wind power capacity at 3.936 million kW and photovoltaic capacity at 15.3095 million kW [2] - In the first quarter of 2025, the company participated in market-oriented transactions at a rate of approximately 70% [2] Group 2: Financial Performance and Subsidies - In 2024, the company recovered a total of 790 million yuan in renewable energy price subsidies, with 60 million yuan recovered in the first quarter of 2025 [2] - As of the end of 2024, the company's accounts receivable balance was 6.251 billion yuan, of which 6.238 billion yuan were price subsidy receivables [3] Group 3: Future Projects and Planning - The company plans to start over 16 million kW of new energy projects in 2025, with current projects under construction totaling 12.29 million kW, primarily distributed in regions such as Xinjiang, Qinghai, Gansu, Shandong, and Guangdong [2] - The company is actively planning its "14th Five-Year" and "15th Five-Year" plans, considering the impact of policy documents on the renewable energy sector [3] Group 4: Investment Decision Metrics - The company ensures that the capital return rate for project investments is not less than 7%, taking into account investment costs, expected electricity prices, and financing costs [3]

Group 1: Company Overview - The company operates in two main industries: lithium and civil explosives [2] - In the lithium industry, the company has two lithium mines and three production bases, ensuring stable resource supply [2] - The civil explosives segment has a production capacity of over 260,000 tons for industrial explosives and nearly 90 million detonators, ranking fourth in the industry [2] Group 2: Financial Performance - In 2024, the company achieved a net profit of 257 million yuan, a year-on-year increase of 539.36% [3] - The growth was driven by stable demand from long-term lithium salt customers and effective resource matching in production and sales [3] Group 3: Lithium Production Capacity - The company currently has a total lithium salt production capacity of 99,000 tons, including 63,000 tons of lithium hydroxide and 36,000 tons of lithium carbonate [3] - By the end of 2025, the total lithium salt production capacity is expected to reach nearly 130,000 tons [3] Group 4: Lithium Resource Security - The company has established a diversified resource security system through self-controlled and purchased minerals [4][5] - The Kamativi lithium mine in Zimbabwe has a processing capacity of 2.3 million tons of raw ore annually [5] Group 5: Customer Base - The company has a strong customer base, with top clients accounting for 90% of revenue, including major companies like TESLA and CATL [6] - Long-term agreements with these clients support future production capacity release [6] Group 6: Overseas Business Development - The company has developed a robust overseas expansion capability, with operations in New Zealand, Australia, and Africa [7] - Future growth in overseas mining services will leverage cost and efficiency advantages in the civil explosives sector [7] Group 7: Risk Management - In 2024, the company utilized lithium carbonate futures for hedging against price volatility risks [8] - Future hedging strategies will be aligned with production plans and market conditions to mitigate potential impacts on operations [8]

Group 1: Industry Outlook - The international market demand for nitrocellulose remains stable, with an increase in demand for energetic cotton due to ongoing global instability and military conflicts [2][3] - The demand for activated carbon, catalysts, and environmental equipment is expected to grow as the domestic economy recovers [2][3] - The overall situation in the special industrial pump sector is positive, with stable demand in flue gas desulfurization, phosphorus chemical, and overseas markets [2][3] Group 2: Profit Growth Drivers - Key drivers for future profit growth include optimizing existing production capacity, enhancing product structure, and improving core competitiveness [3][4] - Strengthening internal processes and resource allocation to increase operational efficiency is crucial [3][4] - The company aims to expand its international operations in line with national policies, particularly the "Belt and Road" initiative [3][4] Group 3: Financial Performance - In Q1 2025, the company's revenue increased by 146.9 million yuan, a growth rate of 49.50%, primarily due to higher sales in nitrocellulose and defense products [4][6] - The total profit for Q1 2025 rose by 45.72 million yuan, driven by increased revenue and improved product margins [4][6] Group 4: Export and Market Strategy - In 2024, the company's export revenue was 262.18 million yuan, accounting for 13.47% of total revenue, mainly from nitrocellulose products [6][7] - The company primarily engages in self-operated foreign trade for nitrocellulose exports, supplemented by port trade [6][7] Group 5: Future Goals and Management - The company's 2025 operational targets include achieving a revenue of 2.6 billion yuan and a total profit of 140 million yuan [8][9] - The company emphasizes market value management and aims to enhance investor returns through continuous dividend plans and improved information disclosure [7][9]