Group 1: Company Overview - Southern Wind Power Co., Ltd. is engaged in 3D printing technology, focusing on high-precision manufacturing and complex geometric structures [2] - The company is currently in the process of expanding its production capabilities, including facility renovations and equipment procurement [3] Group 2: Market Insights - The liquid cooling market in China is projected to reach CNY 184 billion in 2024, with expectations to grow to CNY 1,300 billion by 2029 [3] - 3D printing technology offers significant advantages over traditional manufacturing, including material savings and design flexibility [2] Group 3: Business Development - Southern Additive is primarily providing 3D printing services for various materials, including stainless steel and titanium alloys, targeting sectors like aerospace and military [3] - The company is currently in the negotiation and sample delivery stages for its 3D printing business, which is not expected to significantly impact this year's financial performance [3] Group 4: Talent Development - Southern Additive is enhancing its R&D capabilities through external recruitment and partnerships with universities and research institutions [3]

Group 1: Company Performance and Market Outlook - The company has maintained stable growth in revenue and profit in recent years, attributed to the implementation of the national energy security seven-year action plan, which increased domestic oil and gas equivalent from 160 million tons to approximately 200 million tons [2][3] - The development of unconventional oil and gas resources has driven steady demand for the company's core products, including screw drill tools and wellhead devices [2] - The focus on increasing reserves and production is expected to remain a key task for the oil and gas industry in China in the near future [3] Group 2: Product Development and Market Expansion - The company has introduced ultra-wear-resistant high-pressure acid fracturing hoses, which are widely used in the North American market, offering advantages over traditional steel pipe connections [4] - The company has secured orders and sales in domestic markets such as Daqing Oilfield and CNOOC, with ongoing trials in other regions [4] - A new complex medium injection device system has been launched, aimed at enhancing oil recovery during secondary and tertiary extraction phases, with plans to establish a specialized energy technology service team next year [5] Group 3: International Business Strategy - The company has successfully executed its internationalization strategy, increasing market share and brand recognition in key regions such as North America, South America, the Middle East, Central Asia, and North Africa [6] - The acquisition of IAE in the U.S. has enhanced the company's technological capabilities and market presence in high-end drilling tools [6] - Participation in international exhibitions, such as the Abu Dhabi International Petroleum Exhibition, has helped promote the company's products and expand its influence in the Middle East [6]

投资者关系活动记录表 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(电话会议) 参与单位名称 及人员姓名 共计 5 位投资者（排名不分先后）： 华西证券：王璐 深圳国源信达：周安方 东吴证券：郗越 中银香港资管：陶青 大家资管：金可欣 时 间 2025 年 11 月 20 日 地 点 总部会议室 上市公司接待人员 姓名 证券事务代表：荣欢 投资者关系活动 主要内容介绍 一、 问答环节： 投资者主要就行业情况、品牌矩阵、自营店规划、产品结构、产品 毛利率情况、终端销售情况等进行了交流，并参观了公司展厅，可参阅 前次活动记录表之问答和已披露公告。 接待过程中，公司严格按照《信息披露管理制度》等规定，保证信 息披露的真实、准确、完整、及时、公平，没有出现未公开重大信息泄 露等情况。同时，现场调研的投资者已按深交所要求签署承诺函。 附件清单（如有） 无 日期 2025 年 11 月 20 日 周大生珠宝股份有限公司 代码：002867 证券简称：周大生 编号：2025-041 ...

Group 1: Company Overview and Growth Strategy - The company has achieved double-digit growth in revenue and profit for the first three quarters, driven by a focus on product innovation and market expansion [2][3] - The company implements a "product-leading, value service, partner growth" strategy, emphasizing product development and market penetration [3][4] - The company has established a comprehensive marketing network across China and is expanding internationally, particularly in countries along the "Belt and Road" initiative [3][4] Group 2: International Market Strategy - The company has developed a mature internationalization strategy over 20 years, focusing on selecting quality distributors and providing comprehensive services to partners [4][5] - The company has established sales networks in over 40 countries and regions, enhancing its brand image and market share [4][5] - Future plans include expanding direct sales models and becoming a global resource integration platform for the livestock industry [5] Group 3: Customer Structure and Value Proposition - The main customers include feed production companies, breeding enterprises, and distributors, with notable clients such as Haida Group and New Hope [5][6] - The company has built a robust marketing management system and a customer-centric value service system to enhance customer loyalty [5][6] Group 4: Pricing and Product Line Management - Pricing strategies are based on market conditions, competition, and customer negotiations, ensuring flexibility and responsiveness [6][7] - The company focuses on a diverse product line supported by core technologies, emphasizing research and development to meet various customer needs [6][7] Group 5: Operational Efficiency and Digitalization - The company has implemented automated production lines and digital management systems to enhance operational efficiency [7][8] - Investments in smart manufacturing and customer relationship management systems aim to improve responsiveness to customer needs [7][8] Group 6: Future Development Plans - The company aims to become a global leader in animal nutrition technology, focusing on both domestic and international market expansion [9] - Plans include continuous product innovation and addressing industry challenges to improve animal production performance and food safety [9] - The company emphasizes talent development through internal training and external recruitment to build a strong workforce [9]

Group 1: Company Overview and Acquisition - The main business of Guolian Electronics involves the production and sales of automotive wiring harnesses, particularly camera harnesses and back cover products, with key clients including Tyco Electronics and Zhejiang Dahua [1] - On November 10, 2025, the company approved the acquisition of 80% of Guolian Electronics using part of the raised funds, with registration changes currently being processed [1][2] - The acquisition is expected to enhance the company's operational layout and significantly increase revenue, as Guolian Electronics has shown a revenue growth rate of 169.06% in the past year [3] Group 2: Governance Structure Post-Acquisition - Guolian Electronics will establish a board of directors consisting of 3 members, with 2 appointed by the company and 1 nominated by Guotian Electronics [2] - The legal representative of Guolian Electronics will be the director appointed by the listed company, and a supervisory board will also be formed with a similar composition [2] Group 3: Product Development and Future Plans - The company is currently in the trial production phase of a low-orbit satellite ground receiving connector, aimed at providing high-speed, low-latency internet services globally, especially in remote areas [4] - The company emphasizes talent incentives and plans to optimize and implement relevant incentive mechanisms in line with its development strategy and regulatory requirements [5]

Group 1: Company Overview - Zanyu Technology Group is a high-tech enterprise specializing in the research and manufacturing of surfactants, fatty chemical products, and personal care products (OEM/ODM processing) [2] - The company has become a leading enterprise in the domestic research and production of surfactants and fatty chemical products [2] - The headquarters is located in Hangzhou, with production bases in multiple locations including Zhejiang, Jiangsu, Sichuan, Henan, Guangdong, and Indonesia [2] Group 2: Production Capacity - Annual production capacity for surfactants exceeds 1.2 million tons [2] - Annual production capacity for fatty chemical products exceeds 1 million tons [2] - OEM/ODM processing capacity for personal care products reaches 1.1 million tons [2] Group 3: Product Applications - Surfactants are primarily used in detergents, cosmetics, food processing, and textile dyeing industries [3] - Fatty chemical products are applied in plastics, rubber, textiles, daily chemicals, leather, paper, and oil fields, indicating a broad market potential [3] Group 4: Export Markets - The company's export business targets countries and regions along the "Belt and Road," RCEP, the African Free Trade Area, and Latin America [3] Group 5: Raw Material and Cost Management - Key raw materials include palm oil, C12-14 alcohol, alkylbenzene, and olefins, with price fluctuations impacting production costs [4] - The company has implemented a pricing model adjustment and commodity hedging to mitigate the impact of raw material price volatility on performance [4] Group 6: Future Strategy - The company aims to enhance its market share and competitiveness by focusing on surfactants, fatty chemical products, and personal care products, while leveraging technological innovation and supply chain management [4] - The goal is to become a globally outstanding chemical manufacturing service provider [4]

Company Overview - Zhejiang Yongtai Technology Co., Ltd. was established in 1999 and listed in 2009, headquartered in Taizhou, Zhejiang Province. It is a global leader in fluorine fine chemicals manufacturing, covering both inorganic and organic fluorochemical industries [2]. - The company has multiple production bases in Zhejiang, Inner Mongolia, Fujian, and Guangdong, with sufficient existing, under-construction, and planned capacities to support future core business growth [2]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of CNY 402,835.11 million, a year-on-year increase of 20.65%. The net profit attributable to shareholders was CNY 3,255.39 million, marking a turnaround from losses [3]. Lithium Battery Materials - Current production capacities for lithium battery materials include: - Electrolyte: 150,000 tons/year - Solid-state lithium hexafluorophosphate: 18,000 tons/year - Liquid lithium bis(fluorosulfonyl)imide: 67,000 tons/year - Vinyl carbonate (VC): 5,000 tons/year (with an additional 5,000 tons/year entering trial production on November 17) [3][4]. - Fluoroethylene carbonate (FEC): 3,000 tons/year [3]. Cost and Competitive Advantage - The company has advantages in the fluorochemical and lithium battery materials sectors due to its long-standing expertise, vertical integration, and continuous process optimization, enhancing production efficiency and cost control [4]. Market Demand and Pricing - The VC market is currently active with strong demand, and the company plans to release new VC production capacity in an orderly manner based on market needs [5]. - Recent price increases for lithium hexafluorophosphate and VC are attributed to structural changes in supply and demand, with future price trends remaining uncertain due to various influencing factors [6]. Research and Development - The company is engaged in R&D for solid-state battery materials, focusing on lithium supplement agents that enhance battery life and energy density, applicable across various battery systems [8]. - Collaboration with Fudan University is progressing well, with the establishment of a joint venture, Shanghai Yongtai Xinfeng New Materials Co., Ltd., to industrialize lithium supplement technology [9]. Future Development Plans - The company will continue to focus on three core business areas: lithium battery materials, pharmaceuticals, and plant protection. Plans include: - Enhancing the one-stop procurement platform for electrolyte materials and improving product competitiveness through innovation [10]. - Expanding the pharmaceutical product portfolio in cardiovascular, diabetes, antiviral, and digestive system areas [10]. - Exploring applications for fluorinated liquid products in emerging fields such as liquid cooling data centers and energy storage management [10].

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.284 billion CNY and a net profit attributable to shareholders of 392 million CNY, with a net profit excluding non-recurring items of 353 million CNY [2] - The operating cash flow reached 249 million CNY, indicating stable operational performance [2] Product Development - The HRSG product line has become a key feature since its development began in 2010, with increasing production and sales, maintaining a leading market share [4] - The company plans to enhance HRSG product capacity and develop stainless steel and nickel-based products to improve competitiveness and value [4] Strategic Projects - The special materials project is a core initiative for high-end transformation, representing the highest investment and technical requirements since the company's establishment [5] - The project aims to address high-end pipe technology challenges and expand high-value application scenarios, with a completion ceremony planned to showcase achievements [5] Supply Chain Management - The main raw material is special steel pipe blanks, sourced from established partnerships with domestic steel enterprises, ensuring stable supply and quality [7] - A price-locking mechanism is in place to mitigate the impact of raw material price fluctuations on profitability [7] Future Growth Strategies - Over the next 3-5 years, the company will focus on new project implementation, product structure upgrades, international development, and operational efficiency improvements [8] - Emphasis will be placed on expanding the market for special materials and precision pipe projects, while enhancing the proportion of high-value products [8] - The company aims to improve overseas market competitiveness and customer satisfaction, while exploring international opportunities [9]

证券代码： 301008 证券简称：宏昌科技 | | 张海波 九鼎投资 | | --- | --- | | 张 | 宁 大岩资本 | | | 徐诺旭 湘财基金 | | 白 | 如 民生证券 | | | 陆浩然 惠升基金 | | | 王亚琪 上海证券 | | | 朱全洪 中财华楷 | | 时间 | 2025 年 11 月 19 日 | | 地点 | 公司五楼会议室 | | 上市公司接待人 | 1、副总经理、董事会秘书：佘砚 | | 员姓名 | | | | 本次投资者交流活动分为三个环节： | | | 1、董事会秘书佘砚先生介绍公司基本情况； | | | 2、投资者交流互动； | | | 3、参观车间和样品间。 | | | 主要问题如下： | | | 1、2024 年、2025 年 1-9 月公司净利率呈现下滑趋势，具体 | | | 原因是什么？ | | | 主要受如下几个原因影响：可转债的计提费用、股权激励产 | | 投资者关系活动 主要内容介绍 | 生的股份支付费用、新项目转固后折旧增加、以及汽车零部件项 | | | 目目前尚未达到盈亏平衡，以及核心原材料铜价上涨等多方面原 | | | 因对公司净利润产生较大 ...

Group 1: Investor Relations Activity Overview - The investor relations activity took place on November 19, 2025, with participation from 12 entities including East Wu Securities and Quartet Capital [1] - The event included a company tour of the exhibition hall, Zhenbao Museum, and jewelry stores [1] Group 2: Key Discussion Points - The new gold tax policy implemented on November 1, 2025, is expected to have a significant impact on the industry, but the company has not observed any noticeable effects on its terminal sales [1][2] - Discussions covered the company's store openings, overseas store status, product structure changes, new product planning, e-commerce business, and women's bag business [2] - The company ensured compliance with regulations during the discussions, with no significant undisclosed information leaks [2]