Group 1: Investment and Business Development - The company held a seminar on collaborative development with Kunlun Capital to establish a platform for efficient connections between main business units, capital finance, and invested enterprises [2] - The company aims to explore a distinctive development path for capital investment and industrial finance, leveraging its comprehensive financial licenses and nationwide service network [2] - The company plans to enhance its financial product offerings and provide tailored, competitive one-stop financial services using various financial tools [2] Group 2: Market Value Management - The company has developed the "Quality Return Dual Improvement" action plan to align with national capital market policies and regulatory requirements [3] - The plan includes measures across seven areas: party leadership, integration of industry and finance, business development, risk prevention, market value management, information disclosure, and shareholder returns [3] - The company will implement various market value management tools and seek to attract long-term patient capital to enhance investment value [3] Group 3: Financial Performance - Kunlun Trust reported a significant increase in net profit for the first half of 2025, with a growth rate exceeding 70% compared to the same period in 2024 [3] - The growth was driven by seizing market opportunities, adding nearly 200 new trust projects, and enhancing asset and fund allocation capabilities [3] Group 4: Stablecoin Inquiry - The company is currently not involved in stablecoin-related business but is researching relevant policies due to investor interest [3]

Group 1: Financial Performance - In Q2, the company's electricity and profit performance showed a steady improvement compared to Q1 [1] - The settlement electricity price remained stable due to a high proportion of long-term contracts [1] - The coal procurement cost decreased significantly in Q2 compared to Q1 [1] Group 2: Operational Strategy - The company actively fulfills social responsibilities by ensuring full operation of its units during peak summer demand [1] - The construction of new energy projects is progressing as planned [1] Group 3: Fusion Energy Development - The global funding for controllable nuclear fusion research reached $7.1 billion, indicating rapid growth [2] - The capital increase of Fusion New Energy (Anhui) Co., Ltd. in June 2024 raised its scale from $5 billion to $14.5 billion [2] - The company is focused on developing a compact fusion energy experimental device (BEST) as part of its three-step development plan [2] Group 4: Project Management - The company has established two project teams responsible for advancing the BEST and CFEDR projects, which are crucial for commercial fusion [2] - A core engineering team has been formed, collaborating closely with research institutions [2] - The goal of the compact fusion experimental device is to achieve ignition and sustained burning capability [2]

Group 1: Electricity Generation - April electricity generation remained stable year-on-year [1] - Total installed capacity exceeds 17 million kilowatts [2] Group 2: Electricity Pricing - April settlement electricity price showed little change month-on-month, slightly higher than mid-to-long-term prices [2] - Anticipated consumption situation for the 800,000 kW photovoltaic base in Xinjiang is favorable as it is a priority external power source project [2] Group 3: Coal Pricing - Long-term coal price is determined by a base price plus a floating pricing mechanism [2] - Coal prices have seen a larger year-on-year decline entering Q2 compared to Q1 [2] - Coal costs significantly impact the performance of the company's controlled power generation enterprises, with price declines positively influencing performance [2] - Expected coal consumption for Anhui units this year is projected to remain stable [2] Group 4: Financial Situation - Investment income from associated companies is under pressure due to a decline in both electricity volume and pricing [2]

Group 1: Investor Relations Activities - A total of 38 investors participated in the investor relations activities, including representatives from major securities and asset management firms [1] - The activities included a site visit and a telephone conference [1][2] Group 2: Exhibition Overview - The "Centennial Legend" and "Tribute to the 400th Anniversary of the Shenyang Palace Museum" exhibition took place from July 25 to August 10, 2025, featuring 130 national-level art treasures [2] - The exhibition was organized by the Beijing Intangible Cultural Heritage Development Foundation and supported by the Shenyang Palace Museum, enhancing brand authority and cultural recognition [2] Group 3: Brand Positioning and Development - "Cuihua Jewelry" is positioned as a high-end luxury brand, focusing on craftsmanship and culture, with a core product structure centered around the "National Master Series" [3] - The brand is undergoing a 2.0 upgrade, emphasizing "Daya" aesthetics and collaborating with design teams to reshape Chinese cultural sophistication [3] Group 4: Product Offerings - The "Hundred Years of Joy" cultural jewelry series explores Chinese joy culture and integrates contemporary design aesthetics, covering five major themes related to significant life events [4] - The company has developed a diverse range of gold products based on ancient goldsmithing techniques, including daily wear and collectible items [5][6]

Group 1: Company Overview and Core Competencies - The company embraces AI and focuses on technological innovation and product layout to enhance core competitiveness [3] - It has established a leading position in AI computing power, AI servers, and AI HDI PCB technology, with a 2-3 year lead in market production technology [3] - The company maintains high reliability and stability in its products, achieving zero-defect production through AI-driven quality control [3] Group 2: Market Trends and Growth Potential - The PCB industry is entering a new growth cycle driven by the AI technology revolution, with a projected compound annual growth rate (CAGR) of over 20% for AI PCBs over the next five years [5] - Demand for high-layer and high-density interconnect (HDI) PCBs is expected to significantly increase, driven by advancements in AI, autonomous driving, and other high-tech fields [5] Group 3: Research and Development Strategy - The company focuses on key technologies such as CPU and GPU, with a proactive approach to technology layout in AI and new communication technologies [6] - Continuous investment in R&D and resource integration is aimed at enhancing innovation capabilities and improving product development efficiency [7] Group 4: Production Capacity and Market Share - The company is expanding its production capacity for high-end products, including HDI and multi-layer boards, to meet global customer demand [9] - Current production capacity utilization is high, with significant orders in hand for high-end products, ensuring a solid foundation for capacity digestion [9] Group 5: Investor Relations Activity - The investor relations activity included a company tour and presentations on core competencies, with participation from 179 institutional and individual investors [1] - The event did not involve the disclosure of any undisclosed significant information [10]

Group 1: Company Overview - The company was founded in 2001 and successfully listed on the Growth Enterprise Market in 2016, with over 20 years of steady development [2] - Currently, the company has three major manufacturing bases located in Ningbo, Jiaxing, and Dongguan [2] - The smart home appliance business accounted for over 58% of revenue in 2024, with a strategic focus on binding top clients and optimizing product structure [2] Group 2: Automotive Parts Business - The automotive parts segment is the main growth driver for the company, with a strategy of synchronously advancing Tier 1 and Tier 2 business models [3] - In Tier 1, the company promotes CCB steel-plastic integrated beams and all-plastic front-end modules, establishing stable partnerships with major automakers like SAIC Volkswagen and BYD [3] - In Tier 2, the focus is on precision injection molding, collaborating with leading clients such as Yanfeng and Huawei [3] Group 3: Market Position and Growth - The company has successfully developed and mass-produced a steel-plastic integrated CCB beam, enhancing market penetration [5] - The rapid growth in the automotive lightweight sector is driven by new client acquisitions and the expansion of product categories [5] - The automotive parts segment has become the primary source of business growth, focusing on lightweight and intelligent cockpit components [5] Group 4: Product and Material Information - The company's PEEK material products are primarily used in smart home appliances and automotive parts, including 3D fan blades and gears [5] - The company currently does not engage in drone OEM business, focusing instead on core areas such as precision injection parts and intelligent cockpit components [5]

Group 1: Product Information - The price of Loxoprofen Sodium Gel Patch in local procurement is approximately [2] - The company believes that Loxoprofen Sodium Gel Patch and Ketoprofen Gel Patch complement each other in the market and do not compete directly [2] - Currently, the Loxoprofen Sodium Gel Patch is in the information submission phase for the 11th batch of centralized procurement [3] Group 2: R&D and Product Development - The company has six external preparations already on the market, including Loxoprofen Sodium Gel Patch and Ketoprofen Gel Patch [3] - Expected approvals in 2025 include Indomethacin Gel Patch and Flurbiprofen Gel Patch, while approvals in 2026 are anticipated for Ketoprofen Patch and others [3] Group 3: Marketing Strategy - The company focuses on continuous R&D investment to enrich its product matrix and leverage first-mover, scale, and cost advantages [3] Group 4: Financial Outlook - The company projects a revenue growth of 10-20% for 2025, with a similar expected increase in net profit [3] - There are risks associated with achieving these targets due to market conditions and industry policies, which may lead to uncertainties in forecasts [3]

Group 1: Company Involvement in Projects - The company has products applied in major hydropower projects, such as the Baihetan and Wudongde hydropower stations [2][3] - The company is actively monitoring the Yarlung Tsangpo River downstream hydropower project, which has uncertain demand and order volume for the company’s products [3] Group 2: Market Trends and Product Demand - The frequency of seal replacements has not significantly decreased despite economic pressures; however, some clients have shown a slight increase in repair over replacement [3][4] - The value of sealing products is low in the total investment of projects, but timely replacement is crucial for the stable operation of equipment [3] Group 3: Quality and Lifespan of Sealing Products - As the petrochemical industry advances, the quality requirements for sealing products are increasing due to longer maintenance cycles [4] - The average lifespan of sealing products is gradually increasing, but this will have a slow impact on the replacement cycle in the existing market [5]

Group 1: Business Recovery and Strategy - The company has implemented significant internal reforms, resulting in a noticeable improvement in management team dynamics and operational performance, particularly in the core areas of group operations and branch management [4] - As of June 2025, the company has experienced a year-on-year increase in its main business revenue, indicating a positive trend in traditional business recovery despite a competitive market [4] - The company aims to maintain operational cost control to support overall business performance throughout the year [4] Group 2: AI Employment Learning Machine Features - The AI Employment Learning Machine includes several core functionalities: AI Assistant, AI Employment Planning, AI Job Matching, real-time Employment Information updates, and unique Essay Correction and Question Bank systems [5] - The AI Assistant, named "AI Little Deer Teacher," utilizes accumulated consultation data from millions of students to provide quick answers to user inquiries related to public service exam preparation and employment [5] - The AI Job Matching feature updates job listings at a rate of over 10,000 per day, ensuring users receive timely and relevant job recommendations [5] Group 3: Pricing Strategy - The pricing model for the AI Employment Learning Machine consists of three tiers: 1. Basic model at ¥4,999, which includes online courses supported by AI [6] 2. Professional version priced around ¥7,000, offering basic employment services with human support [6] 3. Premium version ranging from ¥20,000 to ¥40,000, providing advanced personalized guidance and in-person classes [6] Group 4: Market Validation and Growth - Since its launch in March 2025, the AI Learning Machine has enrolled over 3,000 students, with 70% being graduates from the 2026 and 2027 classes, indicating strong market demand [8] - The goal for the high-end employment service product is to serve 10,000 to 20,000 students, focusing on solidifying service quality and ensuring employment outcomes for paying students [8] Group 5: Sales Channels - The sales channels for the AI Learning Machine include: 1. Agent distributors, both online and offline [9] 2. Nearly 700 company-owned branches with flexible sales strategies [9] 3. University employment service centers [9] 4. Self-built channels, including plans for flagship experience stores [9] 5. Online marketplaces [9] Group 6: Competitive Landscape - The company views competition in the AI+Education sector as a motivating factor, emphasizing the importance of product quality and brand recognition [10] - The strategic transition initiated in October 2024 has been supported by policy backing and industry actions, reinforcing the company's confidence in its market position [10]

Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with four participating investors [2] - The event took place on July 28, 2025, at the company's headquarters [2] - The company representatives included the Board Secretary and Deputy General Manager, He Xiaolin, and Securities Affairs Representative, Rong Huan [2] Group 2: Key Discussion Points - Investors raised questions regarding the impact of gold price fluctuations, industry conditions, and dividend policies [2] - The company ensured compliance with the Information Disclosure Management System, maintaining the accuracy and completeness of disclosed information [2] - Investors signed a commitment letter as per Shenzhen Stock Exchange requirements during the on-site investigation [2]