证券代码：002438 证券简称：江苏神通 江苏神通阀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 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □√路演活动 | | 类别 | □现场参观 | | | □其他（电话调研） | | | 中信证券、广发证券、华泰证券、国投证券、申万宏源证券、国 盛证券、国信证券、光大证券、国元证券、中金证券、华源证券、 | | 参与单位名称及 | 山西证券、东方财富证券、浙商证券、国联民生证券、中信建投 | | | 证券、中泰证券、华安证券、半夏投资、玄元投资、浙商资管、 | | 人员姓名 | 建信资管、钧犀投资、犇牛投资、健顺投资、启元投资、星火基 | | | 金、水璞私募、安宇资本、宁银理财、辰韬资本 | | 时间 | 2026 年 1 月 26 日 | | 地点 | 上海浦东新区保利浦开金融中心 T1 办公楼 | | | 常务副总裁：吴昱成先生 | | 上市公司接待人 | 副总裁、神通核能总经理：陈林先生 | | 员姓名 | 副总裁、董事会秘书：章其强先生 | ...

Group 1: Company Overview and Financial Performance - The company's cash flow from operating activities is expected to remain stable from 2021 to 2024, aligning with the steady development of its traditional smart city business [2][3] - The core business of smart city information system integration has maintained a robust growth trend over the years, supported by a strong cash flow management capability [2][3] Group 2: Robotics Business Development - The company is strategically investing in the robotics industry through an industrial fund, focusing on high-quality enterprises within the robotics supply chain [4] - A notable investment has been made in Beijing Galaxy General Robotics Co., leveraging its technical resources to enhance the company's ecological layout in the robotics sector [4] - The company has developed an AI corridor inspection robot designed for complex underground environments, which integrates self-developed AI risk identification algorithms for real-time monitoring and reporting [4] Group 3: Optical Technology Applications - The company's subsidiary, Guangdong Guanghong Precision Technology Co., specializes in high-performance optical components, applicable in emerging fields such as drones, smart vehicles, and optical communications [4] - Non-spherical glass lenses produced by Guanghong Precision have been utilized in optical communication, enhancing signal transmission efficiency and stability [4] Group 4: AI Technology Integration - The company is exploring AI applications based on industry client needs, incorporating AI-assisted development and intelligent analysis into its operations [5][6] - The self-developed HTS platform supports a private AI model, ensuring data security while offering deep customization and high-precision document parsing capabilities [6] - Future plans include further integration of AI technologies into business operations to enhance synergy with industry scenarios [6] Group 5: Investment Risks - The company cautions investors about potential uncertainties in investment returns and ecological layout due to industry development pace and operational conditions of investment targets [4][6] - Investors are advised to refer to official announcements for accurate information regarding the company's development strategies and future business layouts [6]

Group 1: Company Background and Strategic Value - The company is a traditional chlor-alkali chemical enterprise, operating in a cyclical industry with significant scale benefits, and is actively seeking business transformation to enhance profitability and reduce reliance on a single product structure [2] - The decision to participate in the bankruptcy proceedings of Limu Mining is seen as strategically valuable, aligning with the company's overall development strategy and enhancing its risk resistance and profitability [2] Group 2: Current Operations and Developments - Limu Mining received a "Notice of Resumption of Work" on January 17, 2026, and is currently advancing its mining, ore selection, and smelting project construction according to plan [2] - The company aims to leverage the rich mineral resources of Limu Mining to establish a comprehensive circular economy industrial park, integrating mining, production, processing, manufacturing, and trade [3] Group 3: Future Development Plans and Funding - The company plans to accelerate its business transformation and upgrade efforts, focusing on strategic layout in mineral resource development [3] - Funding for Limu Mining's future construction will be sourced through equity financing via capital increase, with an emphasis on diversifying and marketizing funding channels to ensure sustainability [3]

证券代码： 002540 证券简称：亚太科技 债券代码： 127082 债券简称：亚科转债 江苏亚太轻合金科技股份有限公司投资者关系活动记录表 编号：2026-投 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 □ 其他（请文字说明其他活动内容） 参与单位名称及 人员姓名 安联基金管理有限公司 赵 淼 上海海楚资产管理有限公司 朱力超 华泰保兴基金管理有限公司 吴宇青 工银瑞信基金管理有限公司 周 桐 博时基金管理有限公司 王轶林 博时基金管理有限公司 梁 琳 长江证券股份有限公司 朱承志 上海申银万国证券研究所有限公司 王明路 国投证券资产管理有限公司 康宇璇 上海国泰海通证券资产管理有限公司 任 杰 南京证券股份有限公司 徐宁妍 国元证券股份有限公司 熊吉松 光大证券股份有限公司 池光胜 华宝证券股份有限公司 陈丽慧 时间 2026 年 1 月 27 日（周二）下午 13:00-14:30 地点 无锡市新吴区里河东路 58 号 上市公司接待人 员姓名 总经理方东新、董事会秘书沈琳、证券事务代表邹苏意 投资者关系活 ...

Company Overview - Yisheng Co., established in 1989, is the largest ancestor meat chicken breeding enterprise in China and Asia, holding a 1/3 market share of the domestic imported breeding chicken market [1] - The company has been the top in ancestor meat chicken breeding for 20 consecutive years, with the highest sales of commercial chicken seedlings in the country [1] - The company is expanding its breeding pig business, with sales expected to reach approximately 30,000 pigs in 2024 and 98,400 pigs in 2025 [1] Performance Metrics - In 2025, Yisheng Co. introduced 266,000 sets of ancestor white feather meat chickens, accounting for 43% of the national introduction volume, which is a historical high [2] - The company sold over 10 million parent chicken seedlings and over 640 million commercial chicken seedlings in 2025, with an expected annual profit of 150 to 190 million yuan [2][3] Future Outlook - For 2026, the company anticipates an increase in parent chicken seedlings supply compared to 2025, with expected sales of over 600 million commercial chicken seedlings and 150,000 pigs [3][6] - The market for parent white feather meat chicken seedlings is expected to remain strong due to increased demand and limited supply from external sources [4] Price Trends - The price of parent chicken seedlings has been rising since September 2025 due to supply shortages caused by avian influenza outbreaks [4] - The price of commercial chicken seedlings is expected to improve in 2026, supported by anticipated increases in pork prices [4] Production Capacity - The company's production capacity for parent chicken seedlings is directly linked to the import volume of ancestor chickens, with plans to increase the parent chicken stock to 10 million sets and commercial chicken seedlings to 1 billion in the next four years [6] - A new breeding facility in Shanxi is expected to add 100 million commercial chicken seedlings to the production capacity [6] Cost Management - The company aims to reduce costs in 2026 through improved internal management and production efficiency, assuming stable prices for raw materials [7]

Group 1: Support for Local Industries - The bank focuses on supporting Qingdao's characteristic industries, such as marine economy and biomedicine, by identifying financing needs along the industrial chain and promoting steady growth in loan scales for major local industries [2] - The bank is expanding the application scenarios for sustainable development-linked loans and enhancing its carbon accounting platform to support the district's dual carbon goals [2] - Specific products like "Marine High-tech Loan" and "Port Supply Chain Finance" are being launched to support the marine industry [2] Group 2: Asset Quality Outlook - The bank anticipates a continued stable improvement in asset quality, with a decreasing non-performing loan (NPL) ratio [2] - Factors contributing to the decline in NPL ratio include restructuring the credit organization and business processes, which has led to better quality in newly issued loans [2] - Proactive risk assessment and increased efforts in managing existing risk clients have helped mitigate the occurrence of new NPLs [2]

Group 1: Industry Overview - The company is optimistic about the space computing industry, which involves deploying powerful computing capabilities in space, such as installing high-performance computing units on satellites to process vast amounts of data locally [2][3] - The global demand for computing power is experiencing exponential growth, driven by advancements in artificial intelligence, big data, and cloud computing [2][3] - Training an advanced AI model consumes electricity equivalent to the annual usage of thousands of households, highlighting the significant energy demands of large data centers [2][3] Group 2: Investment and Strategic Moves - In June 2025, the company invested 110 million RMB in Beijing Orbit Chuangguang Technology Co., Ltd., which focuses on deploying computing satellites in the Earth's dawn-dusk orbit to create space data centers [3][4] - Following the investment, the company's stake in Orbit Chuangguang increased from 19.30% to 28.68% after a capital increase of approximately 74.98 million RMB [6] Group 3: Technological Developments - Orbit Chuangguang's technology aligns with global trends in space computing, utilizing 24/7 solar power and advanced cooling technologies to address energy supply and heat dissipation challenges [4] - Recent advancements include the successful launch of the Starcloud-1 satellite by Starcloud, which conducted the first data center-level GPU operations in space [5] Group 4: Future Prospects and Challenges - The first experimental satellite "Chuangguang-1" has been developed but is yet to be launched due to various factors affecting launch schedules [7] - The company anticipates steady operational performance in 2025, with its specialty anti-counterfeiting paper and printing businesses being the main revenue contributors [8]

Group 1: Marketing Strategies - The Pharmaceutical Business Group focuses on becoming the "first brand" in pain management, leveraging the efficacy of Yunnan Baiyao products in this field [2] - Significant growth in aerosol and plaster products, with a comprehensive marketing strategy integrating various channels and scenarios [2][3] - Online sales increased by over 20%, with a total of 48.45 million visitors and 3.54 million consumers generated through e-commerce platforms, resulting in a GMV of 254 million yuan [3] Group 2: Dividend Distribution - For the 2024 fiscal year, the company will distribute a cash dividend of 11.85 yuan per 10 shares, totaling approximately 2.16 billion yuan, which is 90.09% of the net profit attributable to shareholders [4] - The total cash dividend for 2024, including special dividends, amounts to 23.98 yuan per 10 shares, with a total of 4.28 billion yuan [4][5] - In the first half of 2025, a cash dividend of 10.19 yuan per 10 shares will be distributed, totaling 1.82 billion yuan, representing 50.05% of the net profit for that period [5] Group 3: Future Product Development - The Health Products Business Group aims to be a leader in high-quality health products, focusing on oral care and expanding the product ecosystem [6] - Continuous enhancement of the oral product line and development of new products to strengthen market position [6] Group 4: R&D Planning - The company emphasizes innovation-driven development, focusing on both traditional Chinese medicine and innovative pharmaceuticals [7] - Ongoing projects include 16 major traditional Chinese medicine varieties and 37 development projects, with a focus on innovative drug development [8] - Short-term projects aim to enhance existing products, while long-term projects focus on innovative drug development aligned with social needs and technological advancements [8]

Group 1: Meeting Overview - The investor meeting was held on January 23, 2026, at the company's headquarters [1] - Participants included representatives from Guotai Junan and Zhonghui Life Insurance [1] - The meeting was categorized as a telephone conference [1] Group 2: Company Representatives - The meeting was hosted by the Board Secretary, Qian Yinghui [1] - Investor relations management included Zhang Yu and Yang Kexin [1] Group 3: Main Discussion Points - The primary focus was to understand the company's production and operational status [1]

Group 1: Company Overview - Yunnan Baiyao Group Co., Ltd. is engaged in the production and operation of medicinal products [1] - The investor relations activity was conducted via a telephone conference on January 23, 2026 [1] Group 2: Participants - Participants included representatives from Guotai Junan and Agricultural Bank of China [1] - Company representatives included securities affairs representative Li Mengjue and investor relations managers Zhang Yu and Yang Kexin [1] Group 3: Meeting Objectives - The main objective of the meeting was to understand the company's production and operational status [1]