Group 1: Financial Performance and Strategy - The company has a high asset-liability ratio due to its internationalization strategy and acquisitions, but it maintains a stable financial condition through effective capital management [2][3] - The integration of AL-KO is expected to enhance sales and net profit contributions, although the full impact will take time to materialize [3] - The company has implemented measures to control accounts receivable risks, ensuring that management remains within acceptable limits [3] Group 2: Production and Operations - The Mexico factory has commenced mass production as of December 2025, optimizing the global production layout and local supply chain [3] - Cost control measures include a centralized procurement model and a global production base layout, which help reduce logistics costs and improve delivery times [3] - The company has submitted a questionnaire for the EU anti-dumping investigation regarding its lawnmowers, leveraging its acquisition of AL-KO to mitigate potential impacts [3]

证券代码：002702 证券简称：海欣食品 | | 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 | | 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 | 嘉实基金 张浩嵩 | | 及人员姓名 | 广发证券 吴思颖 | | 时间 | 2026年3月11日 | | 地点 | 公司 | | 上市公司接待 | 副总经理、董事会秘书 郑铭 | | 人员姓名 | 财务总监 项金宏 | | | 一、前期公司休闲食品业务增长明显，未来是否会加大在该领域 | | | 的投入？ | | | 答：休闲食品是公司核心增长品类，2025年亮点包括：推出松叶 | | | 蟹钳、虎皮鳕鱼豆腐、鱿鱼魔芋等多款新品，其中松叶蟹钳单品表现 | | | 亮眼；通过自动化生产有效提高产能，降低人工与制费成本；拓展万 | | | 辰集团、零食有鸣等专业零食渠道，渠道覆盖进一步完善；产品包装 | | 投资者关系 | 与口感持续优化，适配C端消费场景，市场接受度与复购率保持良好。 | | 活动主要内容 | 2026年，公司将加大对休闲赛道的 ...

Group 1: Company Overview - The company operates in the upstream sector of the oil and gas industry, focusing on the research, production, sales, and leasing of drilling tools and equipment [2] - The main products include Measurement While Drilling (MWD) and Logging While Drilling (LWD) systems, which serve different functions in drilling operations [2][3] Group 2: Market Competition - The domestic market for screw drilling tools has a stable competitive landscape, with key competitors including Tianjin Lilin, PetroChina Machinery, and Bohai Equipment [4] - These competitors possess mature technology and established market channels, making them significant players in the domestic market [4] Group 3: Sales Models and Profit Margins - In the domestic market, the rental model predominates for screw drilling tools, leading to lower profit margins due to various operational costs [5] - Conversely, the overseas market primarily utilizes a sales model, resulting in higher profit margins [5] Group 4: Overseas Business Development - The company's overseas business began in the late 1990s, initially entering the North American market with drilling pump components [6] - By 2022, the company experienced rapid sales growth in the Russian market due to geopolitical factors, and it has expanded its presence in North America, South America, and the Middle East [6] Group 5: Market Growth Sources - Domestic market growth is expected to come from unconventional natural gas sectors, including shale gas and coalbed methane, supported by increased exploration and development investments [7] - The overseas market growth will focus on untapped regions, with the company planning to enhance resource allocation for market expansion [7] - New product development, such as MWD and fracturing hoses, is anticipated to contribute to future revenue growth, although it faces uncertainties from industry policies and market conditions [7]

Group 1: Channel Optimization and Sales Outlook - The company's offline channel optimization is progressing as expected, focusing on "strong regulation + strong optimization" to enhance market control and balance inventory levels to avoid excess stock risks [2] - The sales outlook for 2026 will be assessed after the release of periodic reports, with the company committed to maintaining strong offline sales efforts [3] Group 2: New Product Planning - The company has a well-prepared new product plan for 2026, covering various product forms including dressings, masks, lotions, creams, and serums, with actual launches to be confirmed later [3] Group 3: Non-Patch Product Revenue Trends - Since the establishment of the Shanghai R&D center, the company has increased its focus on non-patch products, leading to a rising revenue share from these products [3] Group 4: OTC Channel Development - The current coverage of the OTC channel is relatively low, indicating significant expansion potential; the company plans to increase personnel in this area to improve pharmacy coverage [3] Group 5: Sales Performance and Promotions - Sales during the 38 Festival are meeting expectations, with a focus on daily sales complemented by promotional activities to enhance overall performance [3] Group 6: Product Development Progress - Clinical trials for the recombinant type III humanized collagen freeze-dried fibers have been completed, with submission materials being prepared; other products are at various stages of clinical trials [3] Group 7: Shareholder and Acquisition Plans - The chairman has no current plans to reduce his shareholding, and while the company is monitoring potential acquisition targets, there are no suitable candidates at this time [3] Group 8: Dividend Considerations - The dividend proposal for the fiscal year 2025 has not yet been determined, and stakeholders are encouraged to stay updated [4]

Group 1: Business Overview - The company operates in three main business segments: smart display (approximately 85% of revenue), cultural tourism night tours (9-10%), and AI and spatial computing (about 5%) [1] - The smart display segment has evolved significantly, with key milestones including the launch of China's first full-color LED display in 1998 and the introduction of Micro LED technology in 2020 [2] Group 2: Smart Display Business - The LED display industry is mature, and the company has led technological advancements, including the development of Hi-Micro products using substrate-free Micro LED chips [2] - The company aims to enhance its competitive edge by focusing on high-value scenarios in high-end commercial displays and integrating AI technologies to improve product value [10] Group 3: Cultural Tourism Night Tours - This segment focuses on immersive and interactive tourism experiences, leveraging multimedia technologies and AI [3] - The company has established a "Cultural Tourism Beijing Headquarters" to strengthen its presence in northern markets [3] Group 4: AI and Spatial Computing - The core of this segment includes motion capture technology and spatial positioning algorithms, with applications across various industries [4] - The company has developed multiple advanced technologies, including the Lydia motion model and LydCap for markerless capture [5] Group 5: Market Strategy - In the domestic market, the company has adopted a "direct channel integration" strategy to reduce the number of lower-tier distributors and enhance direct sales [6] - The overseas market strategy includes leveraging the dual-brand approach ("Planar" and "Leyard") to cover high-end, mid-range, and lower-tier markets, achieving over 50% revenue from overseas by mid-2025 [11] Group 6: Financial Performance and Challenges - The company anticipates a gradual recovery in the domestic LED market, which has faced challenges since 2022, with a focus on maintaining core competitive advantages [9] - Recent price increases are attributed to rising raw material costs and the need for the industry to return to healthy competition, which may lead to improved profit margins [13] Group 7: Micro LED Developments - Micro LED revenue is projected to account for approximately 10% of total revenue in 2024, with new orders exceeding 600 million yuan, reflecting a year-on-year growth of over 40% [15] - The company is exploring applications of Micro LED in optical communication, collaborating with research institutions for product development [14]

Financial Performance - In 2025, the company achieved a revenue of CNY 16.65 billion, representing a year-on-year growth of 33% [1] - The net profit attributable to shareholders was CNY 1.362 billion, with a significant increase of 181.43% [1] - The net profit after deducting non-recurring gains and losses was CNY 1.36 billion, up by 256.32% [1] - Basic earnings per share reached CNY 0.71 [1] Product Sales and Market Trends - The sales volume of the core product, electrolyte, exceeded 720,000 tons, marking a year-on-year growth of approximately 44% [1] - The annual sales of daily chemical materials surpassed 120,000 tons, reflecting a 10% increase compared to the previous year [1] - The overall revenue from the daily chemical materials business grew by 10.69% [1] Production Capacity and Resource Management - The company plans to add 35,000 tons of new production capacity for lithium hexafluorophosphate, with production expected to commence in the second half of 2026 [2] - The company is actively diversifying its lithium resource layout, including mining and recycling operations, to optimize raw material costs [2] - The production capacity for iron phosphate is currently at 300,000 tons, with efforts to improve operational efficiency and reduce costs [2] New Material Development - The current addition ratio of LiFSI in electrolytes is approximately 2%-2.5%, with expectations for an increase due to rising demand for high-performance formulations [3] - The company is in the kilogram-level trial production phase for sulfide solid electrolytes, with a pilot production line expected to be operational in Q3 2026 [3] - The company has established production capabilities for sodium-ion electrolytes and will gradually increase production based on market demand [3] International Expansion and IPO Progress - Overseas projects in Morocco and the USA have commenced, with completion expected between late 2027 and mid-2028 [4] - The company submitted its Hong Kong IPO application in September 2025 and is currently awaiting approval from the China Securities Regulatory Commission, with a typical review period of 6-9 months [5]

Group 1: Economic Outlook - Jiangyin's economic vitality is reflected in structural optimization and core competitiveness rather than sheer growth figures [2] - Key industries such as high-end textiles, new materials, and equipment manufacturing are revitalized through "intelligent transformation and digital upgrade" [2] - Cash flow and order situations are stabilizing, particularly among leading enterprises investing in digital upgrades, enhancing overall industry resilience [2] Group 2: Emerging Industries - Resources are increasingly concentrated in four emerging sectors: new energy, integrated circuits, biomedicine, and intelligent manufacturing [2] - Projects like those led by Envision Energy not only represent capacity establishment but also set technological benchmarks [2] Group 3: Financial Strategy - Jiangyin Bank is enhancing its technological investments, focusing on three main areas: 1. Deepening core technology autonomy through the development of a new generation core system and AI capabilities [4] 2. Strengthening safety and green development by establishing a comprehensive security system and accelerating green data center construction [4] 3. Empowering urban and industrial upgrades by integrating into Jiangyin's smart city initiatives and reducing IT costs for enterprises [4]

Group 1: Company Overview - The company focuses on the research, production, and sales of high-strength precision fasteners and special connectors, primarily used in automotive engine turbocharging systems, transmission parking control systems, exhaust systems, and key components in both interior and exterior automotive systems [2] - In the field of new energy vehicles, products are mainly applied in battery trays, chassis and body, electronic control inverters, and battery swapping systems [2] Group 2: Competitive Advantages - Key advantages include: 1) High-quality customer resources; 2) Rich technical experience; 3) Strong quality control capabilities; 4) Stable and sufficient production capacity; 5) Enhanced customer service; 6) Combination of metal and plastic components to meet automotive lightweight requirements [3] Group 3: Growth Opportunities - Future growth points in the automotive sector include: 1) Expansion of automotive parts exports, with overseas markets being a strategic focus; 2) Development of new customers such as NIO, BYD, and Huichuan; 3) Product category expansion and increased unit value; 4) Industry consolidation; 5) Domestic substitution [3] Group 4: Market Estimates - The estimated market value of fasteners for a mid-range passenger vehicle is around ¥2,000, while the estimated value for small and medium-sized fasteners is approximately ¥800 per vehicle [3] - In commercial aerospace, structural components account for over 25% of the cost of a mainstream commercial rocket [3] Group 5: Industry Landscape - The manufacturing of rocket structural components is currently in a state of relative supply tightness, which is a bottleneck for rapid industry development [3] - The competitive landscape shows limited suppliers capable of large-scale delivery, primarily concentrated in regions like Beijing-Tianjin-Hebei, Chengdu-Chongqing, and Shandong [4] Group 6: Company Strengths in Aerospace - The company has achieved stable, small-batch product deliveries to private rocket companies, accumulating solid R&D and manufacturing experience [4] - Notable advantages include: 1) A dedicated aerospace business team with experienced personnel; 2) Financial resources to invest in equipment and production line construction based on market conditions [4]

Group 1: Financial Performance - In 2025, the net profit attributable to shareholders increased by 22.38% year-on-year [4] - The company anticipates revenue growth for 2026, with specific figures to be disclosed in future reports [2] - The annual sales from new project orders in 2025 exceeded 35 billion CNY [5] Group 2: Business Strategy and Market Position - The company is actively expanding its international market presence, focusing on emerging fields such as unmanned logistics vehicles and robotics [3] - The company maintains strong partnerships with leading domestic and international automotive chip manufacturers, ensuring stable supply chains [4] - The company’s intelligent driving business has seen a rapid increase in sensor product scale due to the rise in smart driving assistance configurations [5] Group 3: Product Development and Innovation - The company has successfully secured orders for its THOR domain control intelligent driving products from several major domestic automakers [5] - The company is committed to enhancing its product offerings through a comprehensive product matrix and flexible cooperation models [3] - The company is focused on digital management transformation and AI tool integration to improve operational efficiency [4]

Group 1: Business Strategy and Operations - The company will focus on returning to the essence of trust and serving the real economy, emphasizing the "three classifications" of trust regulations and actively promoting asset management trust upgrades [2] - There are currently no undisclosed plans for mergers and acquisitions in the banking, insurance, or securities sectors, as the company adheres to compliance and prudent principles [3] - The company aims to build a modern first-class trust company by aligning with regulatory guidance and enhancing strategic leadership [4] Group 2: Investment and Financial Management - The company is exploring sustainable business models and optimizing its business structure to balance liquidity management and investment returns [2] - The company plans to invest in key provincial projects and industries, focusing on early-stage investments in hard technology [3] - The company has a capital increase plan to strengthen its capital base and enhance sustainable development capabilities [4] Group 3: Market Communication and Shareholder Engagement - The company emphasizes stable shareholder returns and will maintain a predictable dividend policy to share operational achievements with shareholders [8] - The company will enhance market communication through regular announcements, earnings calls, and roadshows to convey operational status and strategic plans [12] - The company is committed to improving information disclosure quality and transparency to strengthen investor relations [13] Group 4: Risk Management and Compliance - The company is developing a comprehensive risk management system to address credit, market, operational, and liquidity risks [4] - The company will continue to strengthen risk management and information disclosure to maintain stable shareholder returns [10] - The company is actively researching new measures to enhance market value management in accordance with regulatory guidelines [12] Group 5: Employee Compensation and Corporate Governance - The company’s salary management adheres to national regulations and internal decision-making processes, ensuring a competitive and fair compensation structure [25] - The company will optimize employee compensation to align with market conditions while maintaining compliance with state regulations [28] - The company is focused on enhancing its governance framework to support business transformation and sustainable growth [5]