Market Demand and Trends - Domestic market demand remains stable, driven by the new five-year plan for the power grid, with investments in various industries such as silicon materials and steel [4][5] - The U.S. market is experiencing faster growth due to manufacturing return, AI, and grid upgrades, while Europe relies on energy structure transformation [4] - Southeast Asia shows decent growth but remains small in scale, and the Middle East is transitioning away from oil dependency [4] Market Share and Competition - The company has a high market share in domestic sales volume, but lower in sales revenue due to a low presence in high-end markets [6] - Overseas market share is still low, with only slight increases in high-value sectors [6][10] - The company faces challenges in predicting when overseas market share will accelerate due to various external factors [7] Product and Customer Insights - Domestic grid and non-grid customer segments are nearly equal, while overseas segmentation is more complex [8] - The company’s products are used in over 100 countries, with varying local standards and requirements [12] - The main overseas customers include transformer manufacturers globally [12] Growth Drivers and Challenges - The company’s overseas growth has been influenced by a low base and the overall growth of the Chinese transformer market [11] - Future growth in overseas markets will depend on local market penetration and the ability to enhance market share [11][30] - The company acknowledges the long-term nature of increasing overseas market share, requiring strategic improvements in quality and service [30] Financial Performance and Projections - Overseas revenue accounts for over 30% of total revenue, with direct and indirect exports being nearly equal [63] - The gross margin is expected to remain stable as the overseas business grows [64] - The company aims to maintain a cash dividend of no less than 60% of distributable profits during the shareholder return plan period [68][69] Risks and Operational Efficiency - Key risks include market volatility and the ability to maintain product quality while expanding overseas [41] - The company’s production capacity is currently sufficient to meet market demands, with no immediate plans for expansion [38] - The delivery cycle is approximately 1 month domestically and 2-3 months internationally, with a focus on maintaining efficiency [43]

Group 1: Company Overview and Competitive Advantages - The company has established R&D centers in Sweden and Shanghai, with a core team from renowned domestic and international enterprises, leading to a significant improvement in product development speed compared to international brands [2] - Core competitive advantages include strong technical R&D, high-end customer focus, quality and brand reputation, and a synergistic model of "equipment manufacturing + services" [2][4] Group 2: Smart Operations and Investment Strategy - The development of smart operations aligns with industry trends of reduced workforce and increased operational requirements, leveraging technical accumulation and industry practices [4] - The company focuses on gold and copper investments, avoiding other minerals to concentrate resources and enhance technical and management expertise [5] Group 3: Compliance and Management in Overseas Investments - The company adheres to strict domestic compliance procedures for overseas investments, with no substantial approval obstacles due to alignment with national investment policies [6] - An integrated management system for overseas operations includes inventory management and localized mechanisms tailored to market needs [7] Group 4: Risk Control and Core Barriers - Risk control during business transformation is achieved through focused investment strategies, compliance management, and a core business model that stabilizes revenue [8] - Core competitive barriers are established in technology, data, and business models, with a focus on leading product technology and a data feedback loop from mining operations [9]

Group 1: Business Development and Strategy - The company began its zipper business around 2000, leveraging its influence and sales channels from the button business, leading to rapid growth in the zipper sector [2] - The zipper business has become a core growth driver, with a positive long-term outlook due to increasing demand in sports, outdoor, and camping sectors [2] - The company has developed specific operational strategies for the webbing business, which is currently in a nurturing phase with a small overall scale [2] Group 2: Market Competition and Industry Trends - The apparel accessory industry is characterized by low concentration and intense competition, especially in mid-to-low-end products [3] - Economic development and changing consumer preferences are driving demand for mid-to-high-end apparel brands, favoring larger companies with comprehensive competitive advantages [3] - The trend of "the strong getting stronger" is becoming more pronounced, leading to increased industry concentration [3] Group 3: Competitive Advantages - Compared to YKK, the company emphasizes a "product + service" business model, focusing on high-quality products and comprehensive service [4] - The company has strong competitive advantages in product diversity, fashion, innovation, and responsiveness to small-batch orders [4] Group 4: Capital Expenditure and Financial Strategy - Future capital expenditures will focus on projects related to fundraising, improving smart manufacturing levels, and expanding overseas capacity [5] - The company will make cautious decisions regarding major capital expenditures while prioritizing risk control [5] Group 5: Sales and Marketing - The company operates a direct sales model, which leads to a higher proportion of sales expenses; total sales expenses are expected to grow with ongoing globalization efforts, but the sales expense ratio will remain stable [6] Group 6: Long-term Goals and Shareholder Policy - The company aims to enhance brand influence and product competitiveness in the apparel accessory sector, aspiring to become a "global, innovative fashion accessory kingdom" over the next five to ten years [7] - The company follows a sustainable development and win-win philosophy in its dividend policy, considering annual profit, future development needs, and shareholder preferences [8]

| 将 C | 端销售占比提升至 20%-30%。 | | --- | --- | | | 问题二：公司产品百令系列目前销售情况如何？ | | | 答：2025 年前三季度，公司百令系列同比增长约 30%，2026 | | | 年随着全国集采的全面落地与渠道持续下沉，公司预计百令系 | | | 列有望通过以价换量的方式，保持稳健增长态势，进一步扩大 | | | 市场份额。 | | | 问题三：收购未来医药资产组的付款节奏是怎样的？ | | | 答：根据《收购协议书》中的约定，公司收购多微资产组费用 | | | 的支付将根据技术资料、商业公司及代理商交接进程，委托生 | | | 产药品上市许可证（B 证）办理、药品上市许可持有人变更、 | | | 集采中选省份变更等事项的完成情况分阶段进行。 | | | 问题四：2026 年公司销售费用是否会增加？ | | | 答：公司 2026 年销售费用会根据营销策略、产品结构变化、 | | | 营销团队建设等呈一定动态变化趋势。公司会通过内部精益管 | | | 理、降本增效、全面预算管理制度等一系列措施，不断加强费 | | | 用管控，提升公司效益。 | | 附件清单（如 ...

Group 1: Company Overview and Products - The company produces a range of vanadium products including vanadium pentoxide, high-vanadium iron, vanadium-nitrogen alloy, and vanadium-aluminum alloy, with an annual production capacity of 185,000 tons of titanium concentrate and 30,000 tons of vanadium products (measured as V2O5) [2][3] - Titanium products include titanium dioxide and titanium slag, with a comprehensive production capacity of 24,000 tons [2] Group 2: Key Projects and Innovations - The company has a 60,000-ton molten salt chlorination titanium dioxide production line, a key project in Sichuan, utilizing local titanium slag and achieving cost-effective resource utilization [4] - The all-vanadium redox flow battery offers advantages such as high power, large capacity, long lifespan, and safety, suitable for large-scale energy storage [4] Group 3: Strategic Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the company has established a joint venture for a 2,000 cubic meters/year vanadium electrolyte production line, which is operating effectively [4] - In 2024, the company plans to supply approximately 15,000 tons of vanadium products to Dalian Rongke, accounting for 28% of the total vanadium product sales for that year [4] Group 4: Market Response and Performance Improvement Measures - The company is actively sourcing social resources to maximize vanadium product line capacity and is pushing for timely production ramp-up of new titanium dioxide lines [5] - It conducts market research to adjust production based on demand, optimizing product mix to enhance overall profitability [5] - Cost control measures are implemented to reduce manufacturing costs of vanadium and titanium products, while maintaining and expanding sales channels to alleviate sales pressure [5]

Group 1: AI Product Development - The company has launched multiple AI commercial products, including the AI-native music social app "Give Mai," which integrates AI applications in the social domain and has achieved breakthroughs in emotional analysis, voice recognition, and text integration [2][3] - The company is actively exploring global AI market opportunities, with two AI products already launched overseas, currently in the revenue ramp-up phase [3][7] - The AI products are still in the early stages of development, and their impact on overall revenue is expected to be minimal, advising investors to make cautious judgments [3][5] Group 2: AI Technology Advancements - Since 2021, the company has systematically conducted AI research, launching the self-developed VRACE AI platform in 2025, which covers a complete AI capability matrix [4] - The VRACE AI platform consists of four core modules focusing on video generation, artistic creation, voice recognition, and multi-modal content generation, enhancing content production efficiency and quality [4][5] - The company plans to continue upgrading the VRACE AI platform to explore innovative applications in gaming and social scenarios [4][5] Group 3: Collaborations with Major AI Models and Cloud Providers - The company has established partnerships with several leading AI model providers, integrating their capabilities into core products to enhance user experience [6] - Collaborations with major cloud service providers, including China Mobile, Alibaba Cloud, and Tencent Cloud, have been initiated to build cloud service capabilities [6] Group 4: International Expansion Strategy - The company's international strategy focuses on AI applications and premium game exports, with two AI products already launched in overseas markets [7][8] - The company is also expanding its game export strategy, with the original IP "Star Wings" performing well in markets like Japan and plans for further esports events [8][9] Group 5: Game Business Operations - The company is focusing on the development and optimization of its core IP "True Three Kingdoms: The World," with plans for extensive player testing and feedback collection [9][10] - Recent developments include the launch of the innovative casual game "Magical Bopi," which aims to inject new vitality into the casual gaming market [9][10] - The company is preparing to release several independent games on platforms like Steam, including "Snowfield Ashes" and "404 Apartment" [10]

证券代码：300753 证券简称：爱朋医疗 江苏爱朋医疗科技股份有限公司 投资者关系活动记录表 编号：2026-002 | | 特定对象调研 分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动 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（电话会议） | | | | 参与单位名称及 | 中信建投证券，兴业证券，国联民生证券，华创证券，国新证券，国 元证券，上海证券，华龙证券，国泰基金，南方基金，西部利得基金， 工银瑞信基金，汇添富基金，兴全基金，农银汇理基金，中欧基金， | | | | | 中银基金，富国基金，建信基金，建信资产，永赢基金，南华基金， | | | | | 华宝自营，中国人寿养老保险，华鑫信托，交银康联人寿，中信期货， | | | | 人员姓名 | 国泰海通资管，浙商资管，华创证券资管，国源信达资管，易鑫安资 | | | | | 管，鲸域资管，健顺投资，草木资本，友山基金，上海古曲基金，北 | | | | | 京沣沛投资，正圆投资，景泰利丰投资，杭州乾璐 ...

Group 1: Loan and Deposit Growth - The bank has maintained a good trend in loan issuance in other regions of Jiangsu Province, leveraging its comprehensive institutional layout to enhance market share [1] - As of September 2025, the total deposit balance reached CNY 471.515 billion, an increase of CNY 54.55 billion, representing a growth rate of 13.08% [1][2] Group 2: Asset Quality - As of September 2025, the non-performing loan ratio stood at 0.83%, with a provision coverage ratio of 420.59%, indicating stable asset quality [2] - The bank will continue to optimize credit policies and approval strategies, enhancing monitoring and inspection frequency to prevent and mitigate risks [2] Group 3: Investor Relations and Communication - The investor relations activity involved thorough communication between the company's representatives and investors, adhering to regulations without disclosing any undisclosed significant information [2]

Group 1: Company Overview - The company focuses on high polymer new materials, integrating R&D, production, sales, and import-export trade, recognized as a national high-tech enterprise [3] - It has established six production bases, offering a diverse range of products across five major fields, including optical materials and energy-saving films, serving markets like AI terminals and new energy vehicles [3] Group 2: Industry Context - The BOPET industry is currently facing challenges due to supply-demand imbalances, leading to widespread losses among companies [5] - Industry leaders are shifting from price competition to strategies combining production cuts and high-end product upgrades to restore balance and promote sustainable development [5] Group 3: MLCC Release Film Project - The MLCC release film is crucial for various electronic devices, with increasing demand driven by domestic manufacturers expanding production [6] - The company successfully developed MLCC release film substrates in 2020 and entered the market in 2022, aiming to fill the domestic supply gap and reduce reliance on imports [6][7] Group 4: Future Development Plans - The company aims to focus on "high-end, differentiated, and global" strategies, emphasizing technological breakthroughs and product upgrades [7] - Plans include upgrading product structure to enhance value, increasing R&D investment to build a "patent moat," optimizing capacity, and expanding market presence both domestically and globally [7] - The company targets a 10% growth in demand by 2026, while industry production is expected to grow by only 1% [7]

Group 1: Investment and Financial Overview - The company plans to issue convertible bonds to raise up to 14.60 billion yuan, with total investment in three core projects reaching 20.71 billion yuan, emphasizing its strategic commitment to AI development [2][3] - Revenue is projected to grow from approximately 1 billion yuan in 2021 to 1.86 billion yuan in 2024, reflecting an increase of 86.25% [3] - Net profit is expected to rise from about 1.30 billion yuan to 2.18 billion yuan, marking a growth of 67.69% [3] - Net assets are anticipated to increase from 20.71 billion yuan to 27.49 billion yuan, a growth of 32.74% [3] Group 2: Project Details - The Intelligent Computing Center project has a total investment of 14.85 billion yuan, with 10.35 billion yuan allocated from the raised funds, aiming to enhance AI computing capabilities by adding approximately 12,000P of computing power [3][4] - The Rich AIBox platform upgrade project will utilize 2.07 billion yuan for enhancements across infrastructure, core engine, and product service layers [4] - The enterprise-level AI application development project has a total investment of 3.79 billion yuan, with 2.94 billion yuan from raised funds, focusing on AI applications in customer service, marketing, and knowledge management [4] Group 3: Business Model and Market Strategy - The company will adopt a dual business model combining self-owned assets and light asset strategies, with a greater revenue share expected from self-owned assets [5] - The AI voice agent service will implement a project-based charging model for inbound services and a usage-based model for outbound marketing services [6] - The Rich AIBox platform is designed to provide comprehensive solutions for various industries, including telecommunications, finance, and energy, facilitating digital transformation [7] Group 4: Future Outlook and Development - The company aims to create a closed-loop ecosystem integrating robotics, computing power, and AI applications, enhancing operational efficiency and market competitiveness [5][6] - The development of embodied intelligent robots is focused on software engineering, with applications in areas like park inspection and home assistance [7] - The AI email and cloud storage projects are progressing well, with expectations for significant growth in application scenarios by 2026 [6]