Group 1: Strategic Framework - The company has established a "11445" strategic framework aimed at becoming an internationally recognized, domestically leading financial service provider, focusing on "innovation, market, service, and green" strategies [1] - The framework includes four major platforms: financial asset supervision, financial business integration, financial equity investment, and financial risk management, targeting high-quality development across five key businesses: banking, finance companies, trusts, financial leasing, and insurance [1] Group 2: Business Focus Areas - Kunlun Bank is advancing its industrial-financial strategy, expanding its customer base, and developing a unique product system that integrates online and offline services [2] - Zhongyou Finance serves as the internal bank and treasury platform for China National Petroleum Corporation, recognized for its efficient and professional services in treasury, industrial finance, and international business [2] - Kunlun Financial Leasing is implementing a differentiated and internationalized development strategy, maintaining stable asset growth and good asset quality [2] - Kunlun Trust is focusing on the energy and chemical industry chain, aiming to become a leading energy trust company while adhering to its core mission of serving the real economy [2] - The insurance segment is enhancing its support for core business capabilities, providing robust insurance coverage for assets, liabilities, and employee health [2] Group 3: Market Value Management - The company has developed a market value management approach that incorporates performance indicators into the annual contracts of management [3] - A "Quality Return Dual Improvement" action plan has been established, focusing on seven areas: party building, industrial-financial integration, business development, risk control, market value management, information disclosure, and shareholder returns [3] - Future efforts will include the implementation of regulatory requirements and the introduction of long-term patient capital to enhance investment value [3]

Group 1: Investor Relations Activity Overview - The investor relations activity was part of the 2025 Guangdong Listed Companies Online Collective Reception Day [2] - The event took place on September 19, 2025, from 15:30 to 17:00 [2] - Participants included the Chairman, General Manager, Vice General Manager, and Financial Officer of the company [2] Group 2: Key Investor Inquiries and Responses - Inquiry about the company's selection as a Huawei supplier; the company advised to check official disclosures for updates [2] - The company's revenue from automotive-related and automotive parts businesses was reported as CNY 163.58 million and CNY 98.66 million, respectively [2] - The company confirmed that the upcoming private placement project includes the "Automotive Optical Production Project" [2] Group 3: Future Performance and Updates - The company indicated that the third quarter's business operations are proceeding normally, with performance details to be disclosed in future reports [2] - The private placement project is actively progressing, with specific updates to be provided in subsequent announcements [2]

证券代码：300681 证券简称：英搏尔 珠海英搏尔电气股份有限公司 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 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 9 月 19 日 地点 网络方式 上市公司 接待人员姓名 贺文涛 董事、总经理 梁小天 董事、副总经理、财务总监 齐 娥 独立董事 徐惠冬 董事会秘书 投资者关系活动 主要内容介绍 投资者网上交流，具体情况见本次交流活动纪要。 附件清单（如有） 英搏尔：2025 年 9 月 19 日投资者关系活动附件之交流纪要 日期 2025 年 9 月 19 日 投资者关系活动记录表 编号：2025-003 ...

| 投资者关系活动 □ | 特定对象调研 分析师会议 □ | | --- | --- | | 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 （2025 年广东辖区上市公司投资者网上集体接待日活动） | | 参与单位名称及 | 年广东辖区上市公司投资者网上集体接待日活动" 参与"2025 | | 人员姓名 | 的投资者 | | 时间 2025 | 年 月 日 (周五) 下午 9 19 15:30~17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司接待人 | 1、董事长雷自合 | | 员姓名 | 2、副总裁兼财务负责人李军政 | | | 3、董事会秘书李文强 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、公司对未来新业务的拓展是否有具体规划？ | | | 您好，公司未来将持续优化布局，积极开展投资并购，推动 | | | 各业务协同发展，在新兴产业方面，进一步拓宽 LED 应用领域， | | ...

Group 1: Core Competencies and Market Position - The company has maintained its industry-leading position through a strong "moat" built on five core capabilities: deep R&D advantages, product innovation, scalable production capacity, robust testing capabilities, and stable customer relationships [3]. - R&D investment accounted for 8.25% of revenue in the first half of 2025, with 190 authorized patents, showcasing a strong technological foundation [3][5]. - The company has established a product matrix covering A00-C class vehicles and is a leading Tier 1 supplier in China, with significant expansion into commercial vehicles and overseas markets [3][4]. Group 2: Business Growth and Performance Metrics - In the first half of 2025, the company shipped 442,200 powertrain units, a year-on-year increase of 17.46%, while drive system shipments reached 159,400 units, with multi-in-one products growing by 185.47% [4]. - The sales proportion of drive and powertrain products increased from 72.42% to 84.98% compared to the previous year [4]. - The company is actively monitoring market dynamics and customer orders to sustain growth in the second half of 2025 [4]. Group 3: Strategic Collaborations and New Ventures - The company has formed a joint venture with Yihang Intelligent, with infrastructure completed and initial deliveries of electric motors and controllers underway [7]. - A strategic partnership with Fengli Intelligent aims to enhance capabilities in joint modules and robotics, leveraging both companies' strengths [8][9]. - The company is exploring new business areas such as low-altitude economy and autonomous logistics vehicles, aiming for a dual growth strategy [3]. Group 4: Financial Management and Investor Relations - The company raised RMB 9.76 billion in 2022 and plans to issue convertible bonds in 2024, focusing on core business upgrades and capacity expansion [12][13]. - As of September 10, 2025, the company had 24,875 shareholders, with institutional investors accounting for 50% of the top ten shareholders, indicating strong market confidence [15]. - The company emphasizes transparent communication with investors and adheres to a stable dividend policy to share growth with shareholders [11].

Group 1: Market Growth and Company Position - The Chinese craft beer market is expected to exceed 130 billion yuan in 2025, accounting for 17.2% of the overall beer market, indicating significant growth potential [2][3] - The company is the largest malt manufacturer in China, ranking first in Asia and fourth globally, with a focus on optimizing production capacity and upgrading product structure [2][3] Group 2: Production Capacity and Strategy - The company has a total production capacity of 1.08 million tons per year, with ongoing projects to build a 50,000 tons/year specialty malt production line to meet high-end malt demand [3][4] - The company aims to deepen its core malt business and strengthen its position as a world-class malt supplier, ensuring a balance between quantity and quality in production [3][4] Group 3: Customer Relationships and Market Demand - The company has established long-term partnerships with major beer manufacturers, including Budweiser and Carlsberg, with over 20 years of collaboration [3] - The company is committed to providing a wide range of specialty and customized malt products, catering to various customer needs and maintaining a good market reputation [3][4] Group 4: Financial Health and Shareholder Information - As of June 30, 2025, the company had 44,001 shareholders, with financial stability and low debt levels [3][4] - The company is focused on maintaining high production utilization rates while adjusting sales strategies based on market changes to maximize profit opportunities [3][4]

Group 1: Company Performance and Financials - The company reported a net asset value of over 7 yuan per share and has maintained strong profitability with annual dividends [1] - In the first half of 2025, the subsidiary achieved a revenue of 2.166 billion yuan and a profit of 22.2648 million yuan [2] - The company holds 3.8 billion yuan in cash and is encouraging share buybacks to boost stock prices [1][2] Group 2: Market Management and Stock Performance - The company has announced a valuation enhancement plan on April 3, 2025, which includes seven measures that are being gradually implemented [1][2] - The stock price has been stagnant for over seven years, with a decline from 4.36 yuan in 2019 to 4.12 yuan on September 19, 2025 [2][3] - The company attributes stock price fluctuations to macroeconomic conditions, industry policies, market sentiment, and funding preferences [2] Group 3: Future Plans and Shareholder Engagement - The company is actively pursuing opportunities for major shareholder asset injections and will announce progress as it occurs [2] - There are currently no plans for stock buybacks, despite investor inquiries regarding potential buybacks to enhance investor confidence [3]

Group 1: Company Strategy and AI Integration - The company focuses on AI applications in the electricity sector, emphasizing scenario-based intelligence and smart energy solutions [2][3] - Key areas of AI development include: 1. Q&A consulting assistant for energy policies and market rules 2. Intelligent analysis reports for power trading and energy scheduling 3. Specialized intelligent applications for real-time monitoring and diagnostics 4. Development of smart devices like self-developed rapid disconnect switches [3] Group 2: Market Position and Challenges - The company has encountered growth bottlenecks, with its main business stagnating [3] - The market capitalization has remained around 10 billion RMB for the past three to four years, with recent stock performance near the exercise price of equity incentives [6] Group 3: Investor Relations and Communication - The company has conducted over 20 investor communication events in 2025, attracting more than 200 investors and analysts [6] - There is a focus on enhancing market communication and proactive engagement with investors to improve market expectations and company visibility [6] Group 4: Financial Performance and Market Confidence - The company is committed to improving operational capabilities and profitability, actively managing its market value [5][6] - The management acknowledges the impact of macroeconomic factors and market sentiment on stock performance, emphasizing ongoing efforts in value communication and information disclosure [6]

Market Strategy - The company focuses on user-centered values, utilizing consumer lifestyle research to enhance market share and maintain competitive advantages [1][5] - A dual-channel strategy is implemented for offline retail, targeting first to third-tier cities through supermarkets and department stores, while penetrating lower-tier markets via dedicated stores [2][3] - The company plans to strengthen overseas brand building and improve channel operation quality through targeted product selection and promotion [2][4] Financial Performance - The net cash flow from operating activities increased by 184.38% year-on-year due to optimized procurement and precise expense management [2][3] - Revenue grew by 18.94% and net profit increased by 27.32% year-on-year, driven by strategic adjustments and product innovation [3][4] Product Development - The company emphasizes agile product development based on market demand, utilizing big data for consumer trend predictions and modular R&D mechanisms [1][6] - Recent investments in the mother and baby small appliance sector have led to the launch of popular products and a comprehensive upgrade of the product line [4][6] - The company is exploring new product categories, including smart home appliances, while maintaining a focus on consumer needs across various life scenarios [6][7] Marketing and Sales - A digital marketing system is in place to achieve precise targeting and rapid product promotion, creating a feedback loop for continuous product iteration and experience optimization [2][6] - Sales expenses are strategically allocated between brand investment and market promotion, with a focus on improving the efficiency of expenditure to ensure quality growth [6][7]

Group 1: Strategic Investment in Low-altitude Economy - The company views the low-altitude economy as a key strategic emerging industry and has been systematically planning and laying out its entire industry chain since last year [2] - The strategic investment in Kewaitai aligns with the company's development strategy, aiming to strengthen its technological foundation in the low-altitude economy by integrating Kewaitai's core technological advantages [2] - Kewaitai has accumulated years of experience in the drone industry, providing the company with essential resources to quickly enter the low-altitude sector [2][3] Group 2: Shareholding and Control - The company currently holds 19.81% of Kewaitai's shares and plans to increase its stake to 51.02% through a capital increase of 103.7163 million yuan [3] - The shareholders' meeting on September 8 approved the proposal to increase capital and gain control over Kewaitai, with the completion of this process being actively pursued [3] Group 3: Energy Storage Business Growth - The company does not have direct export business for its energy storage products, but these products are entering overseas markets through partnerships with battery manufacturers and system integrators [3] - The revenue from the energy storage fire protection business is expected to grow from approximately 11 million yuan in 2022 to 133 million yuan in 2024, driven by technological advantages and improved service capabilities [3] - The company is focusing on innovation, cost reduction, and quality improvement to enhance the net profit margin of its energy storage fire protection business [3]