证券代码： 001368 证券简称：通达创智 通达创智（厦门）股份有限公司投资者关系活动记录表 编号：2026-001 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | 现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及人 | 浙商证券股份有限公司： | | 员姓名 | 邱世梁（研究所联席所长、大制造组组长、大制造中观策略首席） | | | 史凡可（所长助理，轻工行业首席分析师） | | 时 间 | 年 月 日 2026 1 27 16:00-17:00 | | 地 点 | 厦门市海沧区东孚街道鼎山中路 号公司会议室 89 | | 上市公司 | 董事会秘书：陈雪峰 | | 接待人员姓名 | | | | 一、公司基本情况介绍 | | | 通达创智（厦门）股份有限公司是一家致力于研发、生产和 | | | 销售体育户外、家居生活、健康护理等行业消费品的国家级高新 | | | 技术企业。公司自 年成立以来，秉承同心多元化战略，以产 2016 | | | 品设计、精 ...

Group 1: Robotics Components - The company's robotics components include robot motors, harmonic reducers, and planetary reducers, as well as joint modules [2] - The first phase aims to establish an annual production capacity of 100,000 joint modules, with production expected to start in May 2026 [2] - The estimated investment cost for the first phase of equipment is between RMB 20 million and 30 million, with some equipment shared with existing transmission product lines [3] Group 2: Market Development - The company is actively developing partnerships with domestic and international mainstream robot manufacturers, with two domestic clients currently testing prototypes and two others completing technical parameter alignment [4] - The company plans to enhance its market share in the robotics components sector by focusing on high-quality and low-cost products, aiming for mass production and entry into more mainstream clients by 2026 [5] Group 3: Automotive Transmission Business - The passenger vehicle transmission products include manual and automatic transmissions, EV reducers, and electric drive systems, with a focus on expanding into the Malaysian market as the first overseas base [6] - The commercial vehicle transmission segment is experiencing strong demand, with products like MT manual transmissions and AMT automatic transmissions being well-received in the market [7][8] Group 4: Agricultural Machinery Systems - The agricultural machinery transmission products include high-horsepower tractor CVTs and power-shifting systems, with the latter already in mass production and receiving 2,000 orders in Q1 2026 [8] - The company is leveraging its automotive industry expertise to enhance product performance and meet the growing demand for automated transmission systems in agriculture [8] Group 5: Incentive Measures - The company has established dedicated subsidiaries for its agricultural machinery and robotics components businesses, with business leaders holding 5% equity in their respective subsidiaries to incentivize performance [9]

Group 1: Company Overview and Strategic Positioning - The company has expanded from nickel-based materials to include cobalt and phosphorus materials, establishing a complete industrial chain from upstream resources to downstream materials and recycling [1] - The company has secured a supply of 600 million wet tons of nickel resources through investments, joint ventures, and long-term contracts, particularly focusing on Indonesia as a key supplier [2][4] - The company aims to become a leading player in the global new energy materials sector by leveraging its diversified nickel ecosystem to provide stable raw materials for downstream applications [1] Group 2: Nickel Resource and Production Capacity - The company has established nickel smelting capacity of 195,000 metal tons, with an equity share of approximately 120,000 metal tons, expected to reach full production by 2026 [3][7] - The company employs various smelting technologies, including oxygen-enriched side-blowing and RKEF, allowing flexibility in production across different nickel products [5] - The company currently has no plans for additional smelting capacity in Indonesia, focusing instead on solidifying resource layouts and enhancing material production [6] Group 3: Market Dynamics and Profitability - The tightening of nickel ore export quotas is expected to drive up nickel prices, positively impacting the company's profitability from its nickel resource investments [4] - The company anticipates maintaining its market leadership in ternary precursor shipments, with a projected increase in demand driven by the rise of high-nickel ternary batteries in electric vehicles [7] - The company is optimistic about the growth potential of nickel-based materials, supported by domestic demand upgrades and policy-driven increases in electric vehicle penetration in Europe [7]

Group 1: Company Performance - The overall revenue growth in 2025 is consistent with the previous three quarters, with profit growth outpacing revenue growth [3][4] - The overseas business revenue has increased compared to the previous year, becoming a significant support for revenue growth and diversifying the income structure [4] Group 2: Overseas Market Expansion - The high growth in the overseas market is attributed to three main factors: enhanced product competitiveness, solid customer relationships in Europe and the US, and efficient supply chain and service advantages [5] - The company plans to continue focusing on overseas market expansion, leveraging its core capabilities in products, customers, and services for sustainable growth [5] Group 3: Production Capacity and New Facilities - The overall production capacity utilization is at a high level, with ongoing automation upgrades and optimization of core production processes to enhance capacity [6] - The new facility construction is progressing as planned, with production expected to commence in the second half of the year without significant cost pressure [6] Group 4: Business Development and Acquisitions - The acquisition of Wolan has progressed smoothly, with significant growth in the planting business in 2025 due to integration effects and market demand [7] - The 3D printing business is developing well and is expected to become a core revenue driver, with significant efficiency improvements and market potential identified [8] Group 5: Shareholder Actions and Financial Management - Two pre-IPO shareholders plan to reduce their holdings by a total of 3,196,930 shares, representing 3.0000% of the total share capital, as part of normal financial exit actions [9] - The company currently has no ongoing refinancing projects and is evaluating potential acquisitions to strengthen its market position [11] Group 6: Raw Material Supply and Pricing - The price of yttrium oxide has increased due to stricter export controls since 2025, which may lead to cost pressures for the company [12] - The company is actively managing supply chain optimization and production efficiency to mitigate the impact of rising raw material costs [12]

富奥汽车零部件股份有限公司 | | 应链、研发、生产与市场布局，实现降本增效，提升盈利水 | | --- | --- | | | 平与营收增长韧性；另一方面精准适配整车厂系统化采购与 | | | 同步开发需求，筑牢产品竞争力根基，凝聚底盘业务整体发 | | | 展合力，稳步向 Tier0.5 级系统供应商转型。 | | | 2、问：在行业普遍内卷、价格承压的背景下，核心竞争 | | | 优势在哪里？ | | | 答：面对行业内卷加剧、价格竞争白热化的挑战，富奥 | | | 股份的核心竞争力并非依赖低价竞争，而是建立在深度系统 | | | 集成能力与核心技术自主可控的双重壁垒之上。公司凭借一 | | | 体化研发制造能力以及在底盘、热管理、电控减振器、汽车 | | | 电子等领域的技术积累，能够为客户提供从设计到交付的整 | | | 体解决方案，从而在市场竞争中站稳脚跟。 | | | 3、问：当前股价长期低迷，公司是否计划改善市值管理？ | | | 有何具体举措？ | | | 答：我们已经注意到市值表现与公司基本面之间的差距， | | | 正从两方面着手优化：一是强化与市场的沟通，更主动、清 | | | 晰地传 ...

Group 1: Investment and Expansion - The company has registered a project in the UAE for an annual production capacity of 500,000 tons of photovoltaic glass, which aligns with its global development strategy and aims to reduce production costs while expanding market share [3][4] - The new production base in Ordos, Inner Mongolia, is part of the company's strategic layout in northern regions, utilizing local resources to lower costs and enhance production efficiency [4][6] Group 2: Technology and Product Development - The company has achieved mass production capability for ITO glass, which offers advantages such as large size, lightweight, high conductivity, and high transparency compared to FTO glass [3][4] - As the first company in the industry to mass-produce 1.6mm photovoltaic glass, it positions itself in the thin glass sector, differentiating from competitors [4][6] Group 3: Market Performance and Future Strategy - The company is currently assessing its financial data for 2025 and will disclose performance forecasts as required by regulations [3][5] - The future strategy focuses on a "dual-wheel drive" development model for photovoltaic glass and consumer electronics glass, optimizing product structure and enhancing market share while managing risks [6]

Group 1: Company Performance and Challenges - The company's performance in 2025 showed a decline, with profits in the first half followed by losses in the third and fourth quarters due to falling product prices and weak downstream demand [1] - The main reason for the losses was the significant drop in product prices, which outpaced the reduction in costs from raw materials, leading to an expanded gap between the two [1] - The company is focusing on optimizing its product structure and enhancing high-value product development to improve margins and production efficiency [1] Group 2: Cash Flow and Financial Stability - Despite overall losses in 2025, the company maintained a stable cash flow, supported by improved credit ratings and financing conditions after joining an energy group [2] - The average financing cost in 2025 decreased by 0.49 percentage points compared to the previous year, significantly reducing financing expenses [2] - Measures such as reducing accounts receivable and optimizing inventory have been implemented to ensure healthy cash flow [2] Group 3: Market Dynamics and Product Pricing - The recent surge in butadiene prices was attributed to multiple facility maintenance shutdowns, leading to tightened market supply and increased export orders, particularly from Southeast Asia and South Korea [2] - The demand for synthetic rubber is expected to grow due to the transition from traditional to electric vehicles and ongoing infrastructure projects [2] Group 4: Capital Expenditure and Future Investments - Capital expenditure for 2026 is projected to increase compared to 2025, focusing on optimizing and upgrading existing production lines [3] - The company is advancing an 8,000 tons/year catalytic materials project, which aims to enhance its capabilities in high-end catalyst production and break foreign technology monopolies [3] Group 5: Operational Efficiency and Industry Outlook - The company’s main production facilities are operating at over 90% capacity, with a comprehensive product matrix covering over 30 types of chemicals [3] - The industry is expected to see a turning point in 2026, driven by the exit of foreign capacities and the ongoing removal of inefficient production, which may stabilize product prices and restore market confidence [3] Group 6: Innovation and New Applications - The company is exploring new applications for its products, such as acetone in electronic cleaning and maleic anhydride in eco-friendly materials [3] - Ongoing collaborations with research institutions aim to accelerate the development of key technologies and the commercialization of new high-performance resin materials [3]

Group 1: Acquisition Overview - The acquisition of Haofei New Materials positions Dinglong Holdings in the lithium battery functional materials sector, enhancing its market presence [2][4] - Haofei is a leading domestic player in lithium battery auxiliary materials, with a strong competitive position and significant market share [2][5] - The acquisition is valued at 900 million RMB, with a price-to-earnings ratio not exceeding 10 times [7] Group 2: Market Potential - The lithium battery industry is experiencing rapid growth, with global lithium battery shipments expected to increase by over 47% year-on-year by 2025 [4] - The market for lithium binders and dispersants is projected to exceed 20 billion RMB by 2030, with an annual compound growth rate exceeding 15% [4] - There is a significant opportunity in the functional materials sector, as many products are still imported, and few companies focus on innovation in this area [4] Group 3: Strategic Integration - The integration of Haofei's technology and team will enhance Dinglong's capabilities in lithium battery materials, leveraging existing product scenarios and management systems [3][6] - The collaboration aims to accelerate the development of high-end lithium battery materials, including new conductive agents and solid-state electrolytes [6][3] - The combined expertise is expected to improve product stability and meet the qualifications of top-tier clients [3][6] Group 4: Future Plans - Post-acquisition, Dinglong plans to expand its product matrix and accelerate technology iteration in the lithium materials sector [6][7] - The focus will be on developing high-value products that align with future mainstream technologies, such as solid-state and sodium-ion batteries [6][7] - Ongoing communication with leading lithium battery clients is anticipated to foster collaborative product development from the design phase [6][7]

证券简称： 箭牌家居 证券代码：001322 箭牌家居集团股份有限公司投资者关系活动记录表 编号：2026-001 | 投资者关系活动类 | √ 特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 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） | | | 活动参与人员 | 永赢基金 蒋卫华、沈平虹、许拓、陈思远 长江证券 董超 | | | 时间 | 年 月 日 2026 1 27 | | | 地点 | 箭牌总部大厦 | | | 形式 | 现场会议 | | | 公司接待人员 | 副总经理、董事会秘书 杨伟华 | | | | 1、目前行业情况以及企业经营策略调整情况 | | | | 行业竞争依然存在，基于当前的市场情况，公司积极进行渠 | | | | 道变革以及内部管理变革。2025 年，公司坚持以零售渠道建设为 | | | | 核心，深耕零售渠道的精细化运营管理，以店效倍增项目为抓手， | | | | 向经销商持续赋能，重点促进零售渠道的增长。前三季度，公司 | ...

Group 1: Company Overview and Strategy - The roadshow was organized by CITIC Securities, with key executives presenting the company's basic situation, development strategy, and recent progress [2] - The company emphasizes compliance with commitment letters and regulations regarding information disclosure for listed companies [2] Group 2: Research and Development in Nuclear Fusion Valves - Jiangsu Shentong Nuclear Equipment Co., Ltd. is dedicated to R&D in nuclear energy applications, currently manufacturing pneumatic ball valves for a project with China National Nuclear Corporation [3] - The company possesses significant technical advantages in the field of fusion valves, particularly in sealing components, ensuring stability and reliability under harsh conditions [4] Group 3: Semiconductor and Aerospace Applications - Jiangsu Shentong Semiconductor Technology Co., Ltd. has developed vacuum valves and process gas valves, with some products already validated and ready for small-scale production [5] - The company has established partnerships in the aerospace sector, supplying components for satellite electric propulsion systems and achieving small batch deliveries [6] Group 4: Data Center and International Market Expansion - The company has developed products for liquid cooling systems in data centers, including pipe valves and quick-connect fittings, with small-scale samples sent for validation [7] - Significant progress has been made in expanding export market access and certification, laying a solid foundation for obtaining foreign trade orders [8] Group 5: Future Goals and Product Development - The company aims to increase the supply value of nuclear valves in a single nuclear power unit to over 100 million yuan, with growth expected from new product development and spare parts market expansion [9] - A comprehensive product matrix has been established, including various high-quality nuclear-grade valves, with ongoing efforts to enhance product iterations and accelerate R&D in advanced technologies [11]