Group 1: Operational Performance - In the first half of 2024, the company achieved a cargo turnover of 8.2 billion ton-kilometers and a total cargo transportation volume of 1.64 million tons, with a safe flight time of 68,000 hours [1] - The company plans to increase cargo aircraft deployment and leverage bellyhold resources to enhance operational performance [1][2] Group 2: Market and Strategic Response - The company is closely monitoring the ongoing adjustments in U.S. tariff policies, which are expected to impact international trade and introduce short-term uncertainties [2] - Long-term strategies include supporting China's manufacturing innovation and upgrading logistics capabilities to enhance import and export quality [2] Group 3: Fleet and Capacity Utilization - The company reports good utilization of its fleet, although specific utilization rates vary by route and aircraft type [2] - Future plans involve optimizing aircraft deployment across key regions such as the Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, Chengdu-Chongqing, and Beijing-Tianjin-Hebei [2][3] Group 4: Strategic Partnerships - The company collaborates with strategic shareholder Cainiao to enhance cross-border e-commerce logistics and better understand logistics demands [3] - The partnership aims to leverage complementary resources to support the growth of cross-border e-commerce and the internationalization of Chinese manufacturing [3] Group 5: Future Planning - The company is developing its "14th Five-Year Plan" to position itself as a comprehensive logistics service provider, focusing on supply chain responsibilities [3]

Group 1: Channel Development - The company focuses on balancing channel development while enhancing its presence in lower-tier markets, aiming to increase core store coverage and sales efficiency [1] - New retail stores are being established to improve the operational efficiency of stores and enhance brand recognition among store owners [1] Group 2: Product Innovation - The company emphasizes product technology innovation, launching new products that address consumer pain points and enhance kitchen experiences [1] - Recent product launches include various kitchen appliances aimed at meeting diverse consumer needs, such as the JWB19-B8 dishwasher and the GW6i gas water heater [1] Group 3: Digital Transformation - The company is advancing its digital transformation through projects like smart manufacturing and digital marketing, aiming to improve business efficiency and establish a category-driven operational mechanism [2] - Integration of NPS systems and a tiered management training mechanism are being implemented to enhance internal management and drive growth [2] Group 4: Category Operations - The company plans to expand its product lines while consolidating its advantages in traditional categories like range hoods and gas water heaters, aiming to increase market share [2] - A strategic management system is being developed to enhance category operations and improve collaboration across departments [2] Group 5: Shareholder Returns - The company has distributed a total of 2.193 billion CNY in cash dividends since its listing, demonstrating a commitment to shareholder returns [2] - Future dividend policies will be determined based on the company's development and various factors, ensuring continued shareholder engagement [2]

证券代码：000928 证券简称：中钢国际 中钢国际工程技术股份有限公司投资者关系活动记录表 编号：2025-5 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（） 参与单位名称及人员姓名 广发证券、嘉合基金、招商仁和、浙商资管、中交资本 时间 2025 年 7 月 25 日 地点 公司会议室 上市公司接待 人员姓名 副总经理、财务总监、董事会秘书 袁陆生 董事会办公室主任 戚欣 投资者关系活动主要内容介绍 近期公司业务、经营情况，主要交流内容附后。 交流内容未涉及公司内幕信息。 附件清单 投资者关系活动记录（2025 年 7 月 25 日） 中钢国际工程技术股份有限公司 投资者关系活动记录 3. 公司应收账款的情况如何？公司的毛利率是否还能进一步提高？ 公司高度重视应收账款回款工作，强化应收账款管理，切实做好应收账款动 态监督与预警工作，提升回款效率；优化海外项目执行，加快议付进程；加强内 部考核机制，设定项目回款考核指标。 2024 年公司全年工程项目毛利率为 13.61%，较上年同期增长 6.06%，随着 工程项目建设的平稳 ...

Group 1: Company Performance - The company's performance in the first half of 2025 improved due to increased sales and prices of certain products, as well as cost reduction and efficiency gains [2] - The agricultural pesticide industry is showing signs of improvement in supply and demand, although competition remains fierce and prices are still low [2] Group 2: Future Strategies - Key measures to enhance performance include completing key projects on time, optimizing existing processes, improving product quality, and reducing production costs [3] - The company plans to strengthen strategic customer cooperation, accelerate new product registration, and establish an international trade subsidiary to expand local marketing channels [3] Group 3: Market Outlook - The company remains optimistic about the future of glyphosate prices, anticipating continued market demand despite intense competition [3] - The 20,000 tons/year enzymatic glyphosate project in Hunan has been put into production and is operating normally [3] Group 4: International Expansion - The company aims to enhance strategic customer cooperation, expedite new product registration, and develop international formulation business [4] - Plans include building a market intelligence network in key global markets such as North America and South America to inform future product strategies [4] Group 5: Project Developments - The cyanide project at the Jingzhou base is still in the preliminary stages, pending board approval [4] - The company is optimistic about the market prospects for chlorantraniliprole and is currently optimizing production processes [4]

Group 1: Business Performance - The energy storage business of Zhiguang Electric has maintained rapid growth since 2025, with successful contracts signed for large-scale energy storage projects in multiple provinces including Gansu, Guangdong, Inner Mongolia, Xinjiang, Hebei, Zhejiang, Qinghai, and Liaoning [1] - The independent energy storage station in Qingyuan (200MW/400MWh) has been operational since 2024, generating revenue of 92.44 million and a net profit of 53.94 million in the same year [2] - The second phase (200MWh) and third phase (416MWh) of the Qingyuan independent energy storage station, as well as the Meizhou Pingyuan project (400MWh), are under construction and expected to be operational within the year [2] Group 2: Market Dynamics - The market focus for Zhiguang's high-voltage cascade energy storage technology is increasing, driven by its superior technical performance and economic advantages, with a shift from "policy-driven" to "value-driven" order growth [1] - The impact of the cancellation of mandatory energy storage policies on order acquisition has been minimal, indicating resilience in the business model [1] Group 3: Revenue Sources - The primary revenue for the Qingyuan independent energy storage station currently comes from frequency regulation services [2] Group 4: Project Updates - The progress of the Pinglu Ruiyuan project is still under negotiation, with the company committed to accelerating the transaction process [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.478 billion yuan, a year-on-year increase of 4.68% [4] - The net profit attributable to shareholders was 940 million yuan, a slight decrease of 0.07% year-on-year [4] Group 2: Domestic and International Sales - Domestic sales revenue showed stable growth due to increased resource investment in core categories and the positive impact of the "trade-in" policy [4] - International sales revenue also experienced good growth, with major foreign clients' orders increasing compared to the same period last year [4] Group 3: Product Strategy - The company plans to focus resources on traditional advantageous categories while iterating products based on differentiated usage scenarios and target demographics [4] - New product categories such as desktop water purifiers and ice makers are being actively developed to enhance brand recognition and consumer acceptance [4] Group 4: Competitive Strategy - The company adheres to a long-term strategy of product innovation, aiming to provide high-quality, high-value-added products [4] - Efforts are being made to optimize product and price combinations, strengthen resource investment in core businesses, and implement strict cost control to maintain stable gross margins [5] Group 5: Dividend Policy - The company has maintained a high dividend payout ratio since 2021, with future dividend plans subject to adjustments based on capital expenditures and cash flow [5]

Group 1: Company Strategy - The company focuses on differentiated operations, aligning technical and production capabilities with long-term market demand [2] - Emphasis on sustainable long-term benefits rather than short-term gains, ensuring balanced customer relationships for stable growth [2] - The need for enhanced comprehensive competitiveness to meet the demands of major market clients [2] Group 2: Thailand Factory Operations - The Thailand production base has commenced small-scale production, aiming to improve efficiency and stabilize yield rates [3] - Accelerated customer certification and product introduction to gradually release capacity and validate production capabilities for mid-to-high-end products [3] - Implementation of cost control measures and risk management mechanisms to ensure operational profitability [3] Group 3: Capital Expenditure and Market Outlook - Planned investment of approximately 4.3 billion in Q4 2024 for expanding high-end printed circuit board (PCB) production to meet the demand for AI and high-performance computing [4] - The development of AI and network infrastructure is expected to create new growth opportunities in the PCB market, while also increasing competition [4] - The company must strategically accelerate investments and allocate resources to innovative areas to enhance product competitiveness and respond quickly to market demands [4]

Sales Performance and Market Demand - The company has maintained stable growth in phosphate fertilizer sales over the past three years, driven by integrated advantages across the entire industry chain and increasing market demand for efficient and environmentally friendly fertilizers [2] - The market for monoammonium phosphate (MAP) is robust, with strong demand from both agricultural and industrial sectors, leading to a promising outlook for the phosphate market [3] Project Developments - The company is advancing its 700,000-ton ammonia project in Hubei, which is expected to enhance self-sufficiency in nitrogen fertilizer raw materials and improve production efficiency [4] - In Guangxi, the company plans to invest in a green chemical new energy materials project, with a total planned capacity of 1.2 million tons of high-efficiency compound fertilizer and 2 million tons of ammonia [5] Resource Management - The company has significant phosphate resources in Leibo, Sichuan, with a total reserve of approximately 549 million tons and an annual mining capacity planned at 6.9 million tons [6] - The Leibo base will support the supply of raw materials for various products, enhancing overall profitability and market competitiveness [7] Future Growth Potential - Future growth is expected from industry chain collaboration, product structure optimization, and market expansion, with a notable increase in raw material self-sufficiency and improved product structure [7] - The company has implemented cash dividends totaling approximately 242 million yuan, accounting for 30.03% of the net profit attributable to shareholders for 2024, indicating a commitment to shareholder returns [7]

Group 1: Company Overview - The company's main business is the research, production, and sales of bearing rings, with major clients including Schaeffler, SKF, NSK, NTN, and JTEKT [2] - The company has invested in high-speed forging, precision cutting, heat treatment, and precision grinding to enhance its industrial chain and competitiveness [2] - A global factory in Mexico is expected to start equipment installation in the second half of 2025 and commence production in the first half of 2026 [2] Group 2: Product Development - The company is developing screw products, including nuts (excluding internal thread processing), rollers, and main screws, with production lines for nuts already in place and others expected to be operational by August and October 2025 [3] - The company plans to establish a production line with an annual capacity of 500,000 sets of screws, but current sales from screw products are minimal and unlikely to significantly impact overall performance in the short term [3] Group 3: Insulation Bearing Rings - The company is developing insulation bearing rings to prevent electrical corrosion in bearings, which is a major failure mode in variable frequency motors [4] - The first production line for insulation bearing rings, with an annual capacity of 2 million units, is expected to be completed by Q3 2025, but these products have not yet generated revenue [4] Group 4: Future Strategy - The company aims to enhance automation and intelligence in its bearing ring technology and expand market share through domestic customer development and global factory establishment [5] - The company plans to leverage its leading position in the bearing ring industry by focusing on talent, innovation, and research to explore new industries and growth opportunities [5]

Group 1: Business Strategy and Development Plans - The company will implement the "EPC general contracting + No. 1 project" strategy to drive high-quality development in 2025, focusing on high-end markets and differentiated development in sectors like prefabricated steel structures for hospitals and schools [1] - The company aims to become the leading brand in domestic green low-carbon prefabricated steel structure construction, emphasizing brand and high-end development while actively undertaking national major scientific projects [1] - The company will enhance risk control by strengthening credit assessments of clients during contract reviews and increasing efforts to collect accounts receivable [1] Group 2: New Energy and Green Development - The company will respond to national "dual carbon" goals by developing new energy businesses, utilizing a construction model of "prefabricated + EPC + BIPV" to expand into the green low-carbon energy market [2] - The company plans to explore comprehensive energy businesses, including BIPV, BAPV, centralized photovoltaic, and energy storage [2] - The company will leverage the "Belt and Road" initiative to expand its international business, focusing on green infrastructure and innovative building materials in regions like South America and Southeast Asia [2] Group 3: Accounts Receivable Management - The company emphasizes the importance of accounts receivable collection, implementing measures such as credit assessments and linking sales staff performance to collection outcomes [3] - The primary clients are government entities and large state-owned enterprises, with national debt reduction measures expected to enhance local governments' financial capabilities, aiding in faster accounts receivable recovery [3] Group 4: Photovoltaic Business Development - The company is actively developing photovoltaic projects, with a focus on integrating green energy with modern agriculture through initiatives like the 110MW agricultural photovoltaic power station project [4] - The project is expected to improve the company's photovoltaic capacity and revenue, creating new profit growth points in the renewable energy sector [4] - Recent national policies promoting "anti-involution" are seen as beneficial for maintaining a fair market environment and improving production efficiency [4]