Group 1: Strategic Development - The company aims to transition from an "energy supplier" to a "comprehensive energy service provider" by focusing on the "electricity, heat, hydrogen, storage, and N" strategic layout [1] - The company plans to develop clean energy actively and innovate in technology and business models [1] Group 2: Power Generation - The company has a photovoltaic installed capacity of 1.05 million kW and a gas power installed capacity of 962,000 kW, with an additional 1.84 million kW under construction [1] - The company intends to upgrade 1.08 million kW of small coal-fired units and plans to build new ultra-supercritical units [1] - In 2025, the company reported a net profit increase of 139.08% and a diluted earnings per share increase of 140.76% compared to the previous year [3] Group 3: Thermal Energy - The company is establishing a thermal energy group to integrate thermal resources and expand quality energy supply projects [2] Group 4: Hydrogen Energy - The company is actively developing the hydrogen energy sector by forming partnerships with companies like Hyundai and Xiongtao, and has established five integrated energy stations, four of which are operational [2] - The company leads the Guangzhou Hydrogen Energy and Comprehensive Smart Energy Industry Development Association and has set up a hydrogen industry fund [2] Group 5: Energy Storage - The company has built a 2 GWh energy storage manufacturing center and operates 28 energy storage stations with a total capacity of 259 MWh, with five additional projects under construction totaling 130 MWh [2] - The company is also developing independent energy storage projects, including a new type of storage demonstration project in the Knowledge City [2] Group 6: Fuel Procurement - The company emphasizes cost control in fuel procurement, primarily sourcing domestically and maintaining strategic partnerships with major coal producers to secure low-cost, high-quality coal supplies [4] - The company is actively exploring new procurement channels to ensure stable fuel supply and effective cost management [4] Group 7: Future Plans - The company is committed to accelerating project construction in the fields of gas power, photovoltaic projects, and other renewable energy initiatives, aiming for early production and efficiency [4] - The company will continue to seek new development projects under the "main business + subsidiary + investment" model [4]

Market Overview - The company leads the global market in zirconia ceramic blocks, with a significant competitive edge in pricing and gross margin. The introduction of the 3Dpro Ultra/Max is expected to strengthen its market position, with overseas business revenue projected to grow at a compound annual growth rate (CAGR) of over 30% from 2021 to 2024, surpassing the industry average [1] - The global dental implant medical device market exceeds 100 billion yuan, showing robust growth driven by increasing oral health demands [1] Digital Equipment Development - The digital equipment segment focuses on dental digital devices, including intraoral scanners and 3D printers, and is the company's second-largest business area. The dual domestic and overseas market strategy is showing gradual recovery, becoming a key growth driver. The market size for digital equipment is expected to match that of the materials segment, with a target to achieve a 1:1 revenue ratio [2] Strategic Partnerships and Expansion - The company holds a 42% stake in Jingdezhen Wanwei Powder, establishing a strategic partnership that enhances raw material supply stability. Wanwei has announced expansion plans to increase zirconia powder production capacity, supporting both the company's and its own growth needs [3] - The 3D printing business, part of the digital equipment segment, is focused on personalized denture production and is in the early growth phase. The expansion of new facilities is expected to alleviate current capacity constraints [4] Robotics in Dental Surgery - The company anticipates rapid growth in the dental implant surgical robot sector, with the first robot launched in the U.S. in 2015. The technology and business model have matured, and the company plans to leverage its market advantages to support the development of the surgical robots produced by Central Mountain Medical, which have received relevant product certifications [5]

Group 1: Financial Performance - The company achieved approximately 18.9 billion in revenue for 2025, representing a year-on-year growth of about 42% [2] - Net profit attributable to shareholders was approximately 4.74 billion, reflecting a year-on-year increase of 38.22% [2] - The net profit after deducting non-recurring gains and losses was around 3.76 billion, with a growth rate of approximately 47.69% [2] Group 2: Business Strategy - The company focuses on high-growth, high-tech barrier PCB products, including high-speed network switches, AI servers, and smart automotive applications [4] - The strategy emphasizes long-term sustainable benefits over short-term gains, targeting major head customers in the overall market [4] - Continuous adaptation of technical and production capabilities to meet long-term market demands is a key aspect of the company's approach [4] Group 3: Capital Expenditure and Market Situation - The company accelerated capital expenditures, with approximately 2.1 billion spent on fixed assets and long-term assets in the first three quarters of 2025 [6] - A planned investment of about 4.3 billion for a new AI chip supporting high-end PCB expansion project is set to commence in June 2025 [6] - The competitive landscape is intensifying as more peers shift resources towards high-end PCB fields [7] Group 4: Production and Global Expansion - The Thailand production base entered small-scale production in Q2 2025, with a reported loss of approximately 139 million [7] - The Thai subsidiary has gained formal supply qualifications from major global clients, marking progress in the company's global delivery system [7] - Production efficiency and product quality are being enhanced, with a significant improvement in operational performance expected by Q4 2025 [7] Group 5: Technology Development - The company plans to establish a subsidiary in Jintan District to incubate advanced technologies like CoWoP and mSAP [8] - The project aims to create a closed-loop system for R&D, pilot testing, and application, focusing on next-generation technology directions [8] - Risks include potential deviations in technology routes and challenges in commercializing the developed technologies [9]

Group 1: Strategic Planning and Mergers - The company emphasizes a dual strategy of "resource expansion and mergers" to enhance mineral resource reserves for sustainable development [2][3] - There is a focus on both domestic mine integration and overseas resource acquisition as part of the merger strategy [3][4] Group 2: Financial Performance and Dividends - The company plans to maintain stable overall costs in 2026 compared to 2025 [2] - Cash dividends for the past three years totaled CNY 31.23 billion, with specific payouts of CNY 7.77 billion (2023), CNY 10.14 billion (2024), and CNY 13.32 billion (2025) [5] - The dividend payout ratios for these years are 54.59%, 46.64%, and 44.82% respectively [5] Group 3: Production and Market Outlook - The projected gold production for 2026 is between 7 to 8 tons, with other metals expected to match or exceed 2025 levels [5] - The company anticipates that the Osino project in Namibia will start production in the first half of 2027, contributing an annual capacity of 5 tons of gold [3][4] - The company expects gold prices to trend upwards over the next 3 to 5 years due to global economic factors and increased demand for gold as a safe-haven asset [6] Group 4: IPO and Market Positioning - The H-share issuance is expected to account for no more than 15% of the total share capital post-issuance [5] - The company is actively pursuing its Hong Kong IPO, which is progressing normally and requires regulatory approvals [5][6] - The company aims to differentiate its positioning from Shandong Gold, focusing on overseas gold resource development while Shandong Gold concentrates on domestic resources [4]

Group 1: Online Team and Sales Channels - The company has established operational teams in Shanghai and Hangzhou to enhance online operational efficiency and profitability, focusing on interest e-commerce and shelf e-commerce respectively [2] - All existing sales channels are considered key, with dedicated teams for each channel to deepen exploration and expand new sales channels while improving profitability [3] Group 2: Pricing and Inventory Management - The company's product pricing has remained stable, with improvements in pricing stability due to sales channel optimization [3] - Inventory levels are maintained within a reasonable range, following a sales-driven production principle to ensure timely product supply and minimize operational costs and market risks [3] Group 3: New Product Development - The company has a robust pipeline for new product launches, including medical devices and functional skincare products, with a wide range of formulations and effects [3] - The sales proportion of cosmetic products has increased following the establishment of the Shanghai R&D center, enhancing the product matrix and profitability [3] Group 4: Medical Aesthetics Business - The company is actively advancing its medical aesthetics product layout, with a rich reserve of R&D projects, although future growth as a second growth curve depends on new product output and sales performance [3]

广东美信科技股份有限公司 投资者关系活动记录表 编号：2026-004 | | ☑ 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □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 | 华泰证券 王心怡 | | 时间 | 2026 年 3月 12 日 | | 地点 | 美信科技会议室 | | 上市公司接待人员姓名 | 董事会秘书 王丽娟 交流主要内容如下： | | | 1、公司信号类元器件业务有何发展策略和竞争优势？ | | | 【回复】公司深耕信号类元器件二十余年，产品布局丰富多 | | 投资者关系活动主要内容介绍 | 元，覆盖网络变压器、片式绕线电感、BMS等多类型变压器 | | | 。公司凭借精益化管理构建起成本优势，毛利率高于行业平 | | | 均水平。2026年，公司持续推进自动化生产工艺，提升产 | | | 品良率，巩固竞争优势；同时主动优化网络变压器产品结构 | | | ，提高千兆以上高速率高附加值网络变压器的收入占比，针 | | | 对家端用网络通信市场则通过片式绕线电感切入， ...

Group 1: Company Overview and Performance - The company, Guangdong Boyingte Welding Technology Co., Ltd., reported stable overall operations in 2025, with strong market demand for its core anti-corrosion and wear-resistant welding equipment in the power and energy sectors [1] - The newly established production bases in Dapao and Vietnam have begun to generate capacity and are entering the production phase [1] - The company has significant highlights in core competitiveness, global layout, and long-term growth momentum, being a globally recognized manufacturer of energy special equipment with notable technological barriers and brand advantages [1] Group 2: Production Capacity and Expansion - The Vietnam production base, which is adjacent to international shipping routes, has obtained ASME certification and has four production lines capable of large-scale production, with plans to expand by adding eight more lines in 2026 [2] - An investment of no more than 100 million yuan is planned for the Vietnam base to construct new facilities and expand production lines [2] - The HRSG (Heat Recovery Steam Generator) orders are progressing well, with the first order's execution being normal, although initial orders typically experience a ramp-up and quality system adjustment process [2] Group 3: Future Outlook and Market Strategy - The company aims to focus on its core business in the new year, leveraging technological innovation and capacity optimization to achieve breakthroughs in domestic and international market expansion [1] - The production and delivery of gas turbine main units require a certain cycle, and HRSG orders will align with the main unit capacity rollout [3] - The company is committed to advancing its oil and gas composite pipe welding business in overseas markets, particularly in the Middle East, despite current uncertainties [3]

Group 1: Company Operations and Changes - In 2025, the company optimized its offline sales channels and improved its management team, which aligned with expectations [2] - The offline market is crucial for the company's long-term development, necessitating adjustments for better profitability [2] - The company aims to maintain stable pricing across all channels, managing price through promotions during peak sales periods [3] Group 2: Sales Channel Adjustments - The optimization led to a reduction in the number of distributors, focusing on higher quality partnerships with service-oriented distributors [3] - The company expects positive performance in offline sales for 2026 due to improved channel quality and team enhancements [3] Group 3: Product Development and Future Plans - The medical aesthetics channel remains a key focus, with plans to increase R&D efforts and accelerate product launches [3] - Progress is being made on injectable products, including a humanized collagen product that has completed clinical trials and is preparing for submission [3]

Group 1: Company Overview - The company, Suzhou Kuai Ke Photovoltaic Electronics Co., Ltd., has an annual production capacity of approximately 10 million sets of junction boxes at its U.S. factory, with a current order backlog being relatively sufficient [2]. - The company is actively researching and developing products related to perovskite modules, with existing products such as photovoltaic junction boxes and connectors already in bulk shipment and sales [3]. Group 2: Product Development and Market Trends - The development trend of smart junction boxes includes added functionalities such as optimization, shutdown, and monitoring, with diverse features expected in different application scenarios [3]. - The demand for smart junction boxes is anticipated to increase due to the growing safety requirements in distributed photovoltaic power stations, alongside improvements in cost-performance ratios [3]. Group 3: Profitability Enhancement Strategies - To further enhance product gross margins, the company plans to: 1. Continue promoting vertical integration in production, strengthen cost management, and improve efficiency [3]. 2. Expand overseas market outreach to increase the proportion of overseas sales, thereby improving overall profitability [3]. 3. Focus on the development, promotion, and sales of new products such as smart junction boxes and micro-inverters [3].

Group 1: Company Overview and Products - The company's main lithium-ion battery electrolyte additives include lithium salt additives such as LiDFP, LiTFSI, LiDFOB, and LiTFS, which are widely used in power lithium-ion batteries to enhance performance [2] - The company does not produce lithium hexafluorophosphate (LiPF6) but has a 25% stake in Jiangsu Tairui Lanteng Material Technology Co., which is set to produce 30,000 tons of LiPF6 annually [2][3] - The first phase of the LiPF6 project, with a capacity of 15,000 tons, began trial production in August 2024, while the second phase is in progress [2][3] Group 2: Financial Performance and Investments - In December 2025, the company reduced its stake in Tianji Co., selling 9,973,803 shares for a pre-tax investment gain of approximately 390 million yuan, resulting in a net gain of about 290 million yuan after taxes [3] - As of January 30, 2026, the company still holds 19,744,515 shares of Tianji Co., representing a 3.94% ownership [3] Group 3: Production Capacity and Market Impact - The company's electronic chemical production capacity was 279,990.42 tons in the first half of 2025, calculated based on production time [3] - The significant price increase of LiPF6 in Q4 2025 will impact the company's raw material costs, but the effects are manageable due to strategic investments [3] Group 4: Optical Materials and Solid-State Battery Development - The company is a leader in the optical materials sector, benefiting from the shift of LCD production to China and the growing demand for consumer electronics [3] - The company is actively developing solid-state battery materials, with LiTFSI already in mass production and collaborations with various solid-state battery enterprises [3]