证券代码：301459 证券简称：丰茂股份 浙江丰茂科技股份有限公司 投资者关系活动记录表 编号：2025-002 | 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 ☑电话会议 | | | □其他 (请文字说明其他活动内容) | | 参与单位名称 | 天风证券、五矿证券、东方证券、华福证券、中航证券、西 | | | 部证券、海通证券、信达证券、甬兴证券、开源证券、中信 | | | 证券、鹏华基金、兴银基金、同泰基金、路博迈基金、华宝 | | | 基金、东兴基金、中邮创业基金、中信保诚基金、汇丰晋信 | | | 基金、永赢基金、中天汇富基金、光大永明资管、国泰君安 | | | 资管、长城财富资管、保银资管、中邮人寿、农银人寿、中 | | | 国平安、AmXyy Capital、Pleiad Investment Advisors | | | Limited、Lcrich Capital Management、秋阳予梁投资、鸿运 | | | 私募、前海华杉投资、磐厚动量私募、云汉资管、循远 ...

股票代码：000761 200761 股票简称：本钢板材 本钢板 B 债券代码：127018 债券简称：本钢转债 | 关于本次活动是 | 无 | | --- | --- | | 否涉及应披露重 | | | 大信息的说明 | | | 活动过程中所使 | 无 | | 用的演示文稿、 | | | 提供的文档等附 | | | 件（如有，可作 | | | 为附件） | | | 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 | | | | | 参与活动单位及 | 个人投资者梁军、张乾圣 | | | | | 人员 | | | | | | 时间 | 年 2025 25 15:30~16:30 | 4 | 月 | 日 | | 地点 | 本溪市 | | | | | 形式 | 实地调研 | | | | | 上市公司接待人 员 | 郑政利、贾晶乔 | | | | | | 1.公司预计资产置换大概需要多长时间完成？ | ...

Financial Performance - In Q1 2025, the company achieved revenue of 1.482 billion CNY, a year-on-year increase of 10.20% [3] - The net profit attributable to shareholders was 221 million CNY, up 23.67% year-on-year [3] - The gross profit margin was 27.95%, an increase of 3.95% compared to the same period last year [3] Business Growth Drivers - Improvement in product structure, with significant growth in the shipment of new products like micro-prisms [3] - Optimization of management systems, maintaining stable period expenses compared to the previous year [3] - Enhanced operational quality, with a continuous increase in the profit contribution from core business activities [3] Market and Competitive Landscape - The company has not received any notifications from core customers regarding order plans or price adjustments due to tariff uncertainties [5] - The company’s products maintain a competitive advantage due to their high cost-performance ratio, regardless of tariff impacts [5] - The company is focusing on innovation and new product development as key growth drivers [5] International Strategy - The company has established a factory in Vietnam to support overseas customers, with plans for further international expansion [6] - The Vietnam factory is primarily focused on mature process mass production, while R&D remains concentrated in China [7] Industry Outlook - The company expects to maintain a steady growth trajectory, targeting a revenue increase of 0-30% for the year [9] - The automotive electronics sector is projected to grow, particularly in AR-HUD applications, with the company maintaining a top-three market share [22] Operational Adjustments - The company is undergoing significant structural adjustments, including the relocation of production lines, which is expected to take one to two years to complete [16] - The adjustments are anticipated to have a manageable impact on capital expenditures and gross profit fluctuations [16] Future Innovations - The company is actively collaborating with major clients on micro-prism product upgrades, with a focus on both incremental and disruptive innovations [18] - The company is preparing for the mass production of coated optical filters, with quality control and downstream verification being critical [19] Strategic Positioning - The company has transitioned from a contract manufacturer to a technology-driven partner, collaborating with global tech giants on high-difficulty projects [23] - The AR glasses market is expected to grow significantly, with the company positioned to benefit from this trend due to its strategic partnerships and technological capabilities [23]

证券代码：002983 证券简称：芯瑞达 安徽芯瑞达科技股份有限公司 投资者关系活动记录表 编号：2025-003 | | 特定对象调研  | 分析师会议 | | --- | --- | --- | | 投资者关系活动 |  媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | 其他（  | 线上调研 ） | | | 邹兰兰 | 长城证券 | | | 高璐阳 | 工银瑞信北京区 | | | 张佳琪 | 北银理财有限责任公司 | | | 郭锐 | 招商基金广深区 | | | 段明哲 | 方正资管 | | | 成浅之 | 华安证券 | | | 宋伟 | 浙商证券研究所 | | | 徐程颖 | 国盛家电 | | | 姝玥 | 国盛家电盘 | | 参与单位名称及人 | 桑轶 | 中信证券 | | 员姓名 | 杨志 | 众诚汽车保险 | | | 曾质彬 | 广发基金广深区 | | | 张浩佳 | 东吴基金管理有限公司 | | | 俞忠华 | 上海云门投资管理有限公司 | | | 房淑明 | 仁重股权投资(上海)有限公司 | | | 梁忻 | 东方基金 ...

Group 1: Company Performance Overview - In 2024, the total procurement amount for medical devices in China significantly decreased due to domestic industry policy factors and the company's strategic investments, leading to a decline in revenue from ultrasound and endoscope businesses [2][3]. - In Q1 2025, the company experienced a noticeable recovery in hospital procurement, with a marked increase in successful bids, although revenue still declined due to a lag between market bids and reported income [2][3]. - The company added over 400 employees in 2024, resulting in increased R&D and sales expenses, which contributed to a significant drop in net profit in Q1 2025 [2][3]. Group 2: Revenue and Product Development Outlook - The company anticipates that the procurement from terminal hospitals in 2025 will exceed that of the previous year, with a return to revenue growth expected [2][3]. - 2025 is projected to be a significant year for new product launches, including the ultrasound 80 platform and HD-580 series endoscopes, which will support stable revenue growth [2][3]. Group 3: Gross Margin Challenges and Strategies - The decline in gross margin is attributed to several factors, including the reclassification of warranty fees to operating costs and a decrease in domestic business revenue proportion [4]. - Increased market competition and concentrated procurement projects have led to a continuous decline in terminal bid prices for ultrasound and endoscope products, impacting overall gross margins [4]. - The company aims to maintain market share while investing heavily in R&D to launch advanced products, which will help sustain higher gross margins [4]. Group 4: Impact of Tariffs and Market Trends - The company’s cost structure shows that raw materials constitute a low percentage, and recent tariff increases are not expected to significantly impact product costs [5]. - The rollout of large-scale procurement plans for medical device updates is anticipated to occur in 2025, potentially increasing market demand [6]. - The concentration of procurement projects may signal a downward trend in overall industry gross margins, prompting the company to adapt its strategy by focusing on high-end products and diversifying its product lines [6]. Group 5: New Product Lines and Growth Potential - The minimally invasive surgery product line achieved a 30% revenue growth in 2024, with expectations for over 100% growth in Q1 2025, indicating a strong upward trend [6][7]. - The cardiovascular intervention product line is still in the strategic investment phase, with plans to introduce a broader product range to improve profitability in the future [7].

Group 1: Financial Performance - In 2024, the company achieved a revenue of CNY 4.24 billion, a year-on-year increase of 36.56% [2] - The net profit attributable to shareholders reached CNY 381 million, up 229.52% year-on-year [2] - For Q1 2025, the company reported a revenue of CNY 1.23 billion, a growth of 35.57% compared to the previous year [3] Group 2: Business Segments - The OEM manufacturing segment generated revenue of CNY 3.53 billion in 2024, reflecting a significant growth of 44.61% [3] - The brand operation segment recorded revenue of CNY 658 million, with a modest increase of 5.07% [4] Group 3: Market Impact and Strategy - The U.S. market accounts for approximately 15% of the company's revenue, primarily from OEM manufacturing [4] - The company maintains a FOB cooperation model, which mitigates the impact of increased tariffs on operational costs [4] - The company has over 70% of its production capacity located overseas, enhancing its competitive edge [5] Group 4: Recent Developments - The acquisition of Shanghai Jiale in June 2024 has integrated fabric and garment manufacturing capabilities into the company [5] - Shanghai Jiale has received multiple awards for its innovative fabric technologies, enhancing the company's product development capabilities [5]

Company Overview - The company focuses on the optical sector, specializing in the R&D, production, and sales of various precision optical components [1] - It has developed a diverse product matrix, including imaging and communication optical components, leveraging core technologies in optical design and manufacturing processes [2] Financial Performance - In 2024, the company achieved a revenue of CNY 597 million, a 69.20% increase year-on-year, with a net profit of CNY 55.82 million, up 271.02% [3] - The imaging optical components segment generated CNY 459 million in revenue, a 65.10% increase, driven by the recovery in smartphone shipments and increased market share of domestic brands [3] - The communication optical components segment saw revenue of CNY 124 million, a significant growth of 101.65%, attributed to enhanced customer development and new product sales [3] Q1 2025 Performance - In Q1 2025, the company reported revenue of CNY 156 million, a 26.88% year-on-year increase, and a net profit of CNY 20.10 million, up 155.43% year-on-year and 28.47% quarter-on-quarter [5] - The growth was supported by increased shipments of optical components for smartphones and a broader range of communication optical products [5] Future Outlook - The company anticipates strong orders for imaging optical components in Q2 2025, particularly from camera module clients, maintaining high capacity utilization [6] - The mobile micro-prism product line is a key focus, aimed at enhancing optical zoom capabilities in smartphones, with plans for a comprehensive development cycle from R&D to mass production [7] - The optical industry is viewed as a high-growth sector with significant market potential, prompting the company to focus on technological advancements and market expansion in various applications, including AR/VR and automotive optics [8]

Group 1: Company Overview - The company has a production capacity of 150,000 tons for rigid polyurethane composite polyether, primarily used in refrigerators and refrigerated containers [1] - Established stable partnerships with major domestic and international refrigerator manufacturers, including Electrolux, Samsung, and LG [1] - The company is actively expanding its market presence and enhancing customer service capabilities through technological innovation [1] Group 2: Production and Operations - The company is constructing a 40,000-ton polyether technical transformation project to increase production capacity, currently in trial production [2] - It holds independent intellectual property rights for isopropanolamine, producing a full range of products with competitive advantages in various applications [2] - The polyurethane insulation board produced by the subsidiary is primarily used in building insulation, although its market penetration remains low [2] Group 3: Industry Insights - In 2024, China's epoxy propylene industry capacity is projected to reach 7.12 million tons, with a production volume of 5.26 million tons and a consumption volume of 5.42 million tons, reflecting a 17.32% increase from the previous year [2] - The capacity utilization rate for epoxy propylene is 74%, with increasing competition expected due to product homogeneity [2] - The company’s Taixing base has an annual production capacity of 100,000 tons for epoxy propylene, with plans to upgrade capacity to 160,000 tons [3] Group 4: Financial Performance - In the first quarter, sales of polyether and isopropanolamine products increased year-on-year, but profit margins declined due to lower product prices and rising raw material costs [3] - The company is focusing on the technical transformation of the epoxy propylene base, with the new facility expected to enter trial production by the end of 2025 [4]

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 975 million CNY, a year-on-year increase of 17.94% [1] - Net profit attributable to shareholders reached 136 million CNY, up 1.80% from the previous year [1] - Net profit after deducting non-recurring gains and losses was 127 million CNY, an increase of 4.88% year-on-year [1] - Net cash flow from operating activities was 91.57 million CNY, a significant rise of 171.16% compared to the same period last year [1] Group 2: Business Segment Performance - Electronic materials segment: Focus on expanding applications in automotive and AI fields, with electronic pastes maintaining high growth [1] - Catalytic materials segment: Continued push for domestic substitution, increasing market share in natural gas and non-road sectors [1] - Biomedical materials segment: Enhanced development and promotion of high-end dental powder to meet market demand [1] - New energy materials segment: Profitability under pressure due to rising raw material costs for diaphragm coating materials [1] - Precision ceramics segment: Rapid growth in ceramic balls for new energy vehicles, with positive market expansion [1] - Ceramic ink segment: Revenue pressure alleviated by gradual release of new products [2] Group 3: Investor Q&A Highlights - The company is actively developing MLCC dielectric powders and electronic pastes to meet the high-temperature and ultra-high-capacity demands of AI servers, with some products achieving mass sales [2] - Ongoing R&D investments in zirconia products to meet urgent market needs, with new products gradually being applied by clients [2] - Rapid growth in the ceramic ball business for new energy vehicles, driven by the promotion of 800V high-voltage fast charging technology [2] - Despite a rapid increase in production and sales levels for alumina and barium stone products, profitability is under pressure due to significant raw material cost increases [2]

| 148 43.65 一季度累计生猪出栏 万头，屠宰生猪 万头。 | | --- | | 公司自2024年二季度以来已连续四个季度扣非归母净利 | | 润为正。这主要由于生猪价格回暖，以及公司在预重整阶段 | | 仍保持了稳定的出栏，并实现养殖成本的稳步下降。 | | 公司三大业务板块汉世伟、嗨客猪管家、拾分味道的负责 | | 人分别对近期业务经营进行了阐述和介绍，并明确发展方向。 | | 【投资者问答】 | | 提问 1. 请问公司 2025 年一季度仔猪和育肥猪的成本情况， | | 关键养殖指标是否有所改善？ | | 2025 308 元/头，育肥完 回复：公司 年一季度断奶仔猪成本为 | | 全成本 13.62 元/公斤，相较 2024 年第四季度 13.93 元/公斤下 | | 降 0.31 元/公斤。2024 年至今，公司养殖关键指标持续优化。 | | 育肥成活率从 2023 年 88.7%提升至 2024 年 91.3%，2025 年 | | 92.72%；出栏肥猪均重从 2023 110 一季度为 年 公斤提升至 | | 2024 年 118 公斤，2025 年一季度为 121 公斤。 | | ...