Group 1: Company Overview and Strategic Focus - Zhejiang Zhonghe Technology Co., Ltd. focuses on spatial information strategy, aiming to create a "three-dimensional transportation" scenario with autonomous industrial software as the core foundation [3] - The company has established a comprehensive transportation network integrating underground (rail transit), ground (vehicle-road-cloud collaboration), low-altitude (airspace management), and low-orbit satellite systems [3] - The company has over 10 years of experience in the rail transit sector, covering 28 cities including Hangzhou, Zhengzhou, Xi'an, and Shenzhen [3] Group 2: Achievements in Rail Transit - The company has implemented 65 domestic rail and urban rail (CBTC+FAO) projects, totaling 1,950 kilometers [3] - It has completed 58 automatic ticketing systems (AFC) projects, serving over 1,000 stations [3] Group 3: Future Development Directions - The low-altitude and low-orbit satellite sectors are identified as future growth areas, with the establishment of the Spatial-Temporal Transportation Industry Research Institute focusing on key technologies such as drone flight control and airspace management [3] - The company has launched three core products: UniTFCC flight control computer, UniPort smart takeoff and landing field, and UniSpace low-altitude comprehensive service platform [3] Group 4: Market Potential and Business Synergy - The low-altitude and low-orbit sectors present significant market opportunities and are aligned with national strategies, entering a rapid development phase [3] - The company leverages its long-term experience in rail transit to extend its capabilities into low-altitude and low-orbit sectors through a "platform generalization + scenario customization" approach [3]

Group 1: Financial Performance - The company's gross profit margin reached 42.62% in 2024, an increase of 1.49% compared to the same period last year [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 429 million yuan, representing a year-on-year growth of 13.66% [1] - In Q1 2025, the gross profit margin was 40.94%, up by 1.64% year-on-year; however, revenue and net profit saw a slight decline compared to the same period last year due to insufficient high-end consumer demand [1] Group 2: Product Development and Launches - The company launched several high-end new products from late 2024 to after the Spring Festival in 2025, including NeoBuds Pro3 and Hi-Fi level flagship speaker S300 [1][2] - New wireless earphones have been upgraded to Bluetooth 6.0 and can achieve real-time multilingual voice translation through the company's apps [2] - The open-ear headphone market is rapidly growing, with the company investing heavily in various forms of open-ear headphones, having launched over ten models to date [2] Group 3: Brand Strategy - The company operates multiple brands, including Hi-Fi audio brand "AIRPULSE" and professional gaming brand "HECATE," aiming to leverage product differentiation globally [2][4] - The brand matrix is being established to cater to a wider consumer base, focusing on music enthusiasts and fashion technology [4]

Group 1: Product Development and Innovation - The company launched the Wankang Tianmu 2.0 model in April 2025, in collaboration with Huawei Cloud, focusing on audio and video applications [2][3] - Wankang Tianmu 2.0 achieved over 90% performance improvement compared to version 1.0, enhancing capabilities in professional-level shooting design and multi-layered audio effects [3] - The product ecosystem includes a public beta for professional creators and an upcoming mobile app for general users, aiming to democratize AI video creation [3][4] Group 2: AI Technology Strategy - The company embraces AIGC (AI-Generated Content) and aims to lower content creation barriers, fostering a creator economy [4][5] - It maintains an open approach to integrating cutting-edge AI technologies and optimizing its multimedia models based on user feedback [4][5] Group 3: Global Operations and Market Expansion - The company operates in over 200 countries, with subsidiaries in key markets like North America, Japan, and Singapore [6][7] - It focuses on localized marketing strategies to cater to diverse regional demands, enhancing brand recognition and sales in non-English markets [7] Group 4: Marketing and Financial Performance - Marketing expenses increased due to investments in mobile and cloud AI applications, with social media exposure rising over 70% year-on-year [8][9] - In Q1 2025, sales expenses decreased by approximately 9% compared to Q4 2024, while revenue grew by 6.06% year-on-year [8][9] Group 5: Geopolitical Risks and Business Resilience - The company’s digital creative software sales are primarily online, minimizing the impact of geopolitical risks associated with physical goods [10] - It continues to strengthen its global business layout and localization strategies to ensure sustainable growth [10]

Group 1: Company Support and Business Model - Southern Power Grid provides strong brand image and customer resources, facilitating market entry and trust [2] - The company’s building energy-saving services include comprehensive energy-saving solutions for existing buildings and efficient energy systems for new constructions, generating revenue through energy cost reductions and operational efficiencies [3] - In 2024, the building energy-saving business achieved approximately CNY 949 million in revenue, maintaining steady growth [3] Group 2: Market Potential and Policy Support - The building energy-saving industry has significant market potential due to government policies promoting energy efficiency and carbon reduction in existing buildings [4] - Statistics indicate that only a small fraction of existing buildings have adopted advanced energy efficiency measures, highlighting the vast potential for growth in the sector [4] - Recent policies have been introduced to enforce energy consumption reductions and promote sustainable development, further driving market opportunities [4] Group 3: Client Segmentation and Regional Focus - The company’s industrial energy-saving services target commercial users across various sectors, including automotive, electronics, and pharmaceuticals, with notable clients like Nissan and Coca-Cola [5] - In the building energy-saving sector, the company focuses on hospitals, schools, telecommunications, and rail transit, with ongoing projects in major hospitals and educational institutions [5] - The business primarily operates in South China, with projects also in East, North, Central, and Southwest China, expanding its reach through partnerships with government agencies [5] Group 4: Financial Strategy and Project Funding - The company finances its projects with approximately 30% self-funding and 70% bank loans [7] - A strategic shift from "investment holding" to "investment holding + high-end services" aims to enhance service offerings and meet diverse market needs [7] - Plans include improving service product systems, enhancing full-chain service capabilities, and optimizing digital service platforms to better serve distributed energy and commercial clients [7]

| | 3.问：江苏省容量电价政策是怎样的？ | | --- | --- | | | 答：江苏省容量电价 2024 年 1 月 1 日至 2025 年 12 | | | 月 31 日，为 100 元/千瓦·年，2026 年 1 月 1 日起，提 | | | 高至 165 元/千瓦·年。 | | | 4.问：江苏省外来电占比多少？ | | | 答：江苏省外来电占比大约在 20%左右。 | | | 5.问：公司在市值管理方面有什么考虑？ | | | 答：国务院国资委已经将市值管理纳入中央企业负 | | | 责人业绩考核，江苏省也下发了加强市值管理的通知， | | | 公司正根据相关要求和公司实际情况制定市值管理方 | | | 案，落实并加强市值管理方面的工作。 | | | 6.问：最近江苏银行股价创新高，公司目前持有江 | | | 苏银行多少股份？ | | | 答：公司持股 81.49%的子公司江苏信托持有江苏银 | | | 行 6.98%股份，是江苏银行的第一大股东，并且委派了 | | | 董事。 | | 附件清单（如有） | | | 日期 | 2025 年 7 月 3 日 | 江苏国信股份有限公司投资者关系活 ...

Group 1: Market Strategy and Customer Engagement - The company focuses on large, fast-growing regional markets to enhance market penetration and meet customer needs [1] - A strategy for developing major clients involves a lengthy process of 6-12 months due to complex decision-making and high standards for product quality [3] - The company has established stable partnerships with leading clients in various regional markets, supported by a mature customer development and service management system [3] Group 2: Product Development and Innovation - The company’s product matrix is continuously enriched, with competitors showing different product combinations [4] - The newly launched 3D printing products, such as the F1 and P1 models, offer significant advantages including high-speed printing and automated processes [5] - The 3D printing system has received FDA certification for permanent restoration materials, indicating strong market acceptance [5] Group 3: Domestic Market Outlook - Despite a temporary slowdown in domestic market growth, the company remains optimistic about overall operations, with value clients willing to invest in digital transformation [6] - Key performance indicators such as customer penetration rate and single-client purchase amounts are showing healthy growth [6] Group 4: Smart Park Construction - The company is committed to building a "zero-carbon park" equipped with photovoltaic facilities and smart logistics management [8] - The park will feature automated production processes to enhance operational efficiency [8] Group 5: Shareholder Relations - Currently, major shareholders holding over 5% have not applied for share reduction, and the company is focused on sustainable development and shareholder communication [8] Group 6: Application of Zirconia Powder - The zirconia powder produced by Jingdezhen Wanwei can be applied in various industries, including electronics and biomedicine, with potential in solid-state batteries [9]

Group 1: Market Position and Competition - The top ten global hygiene product manufacturers hold a significant market share, making entry into this segment challenging due to high technical requirements and long customer certification cycles [1] - The company possesses comprehensive competitive advantages in technology, service, and cost, supported by a diverse global team with over ten years of industry experience [1] - The company has established a robust global supply chain system, enhancing its market supply capabilities and ability to respond to international trade barriers [1] Group 2: Research and Development - The company has built a complete hot melt adhesive supply chain, with over 60% of raw material supply sourced globally, allowing for structural advantages in raw material supply and new product development [2] - Continuous enhancement of R&D and technological innovation capabilities has led to successful integration of domestic raw materials into product formulations, maintaining performance and cost advantages [2] Group 3: International Expansion - The overseas market for hygiene hot melt adhesives represents a significant portion of the global market, necessitating local production bases for further market expansion [4] - The company’s overseas factories in Poland and Malaysia serve as strategic investments and enhance brand image, competitiveness, and customer retention in international markets [4][5] Group 4: Impact of Trade Policies - The company’s current sales in the North American market are minimal, making the impact of U.S. tariff policies limited; however, it is strategically planning to expand in this region [6] - The company is closely monitoring international trade policy changes to adapt its strategies accordingly [6] Group 5: Material Costs and Market Trends - Raw material prices are subject to supply and demand dynamics, with potential short-term fluctuations; however, a downward trend was observed in early 2025 [7] - International shipping costs have also seen a decline, but recent spikes due to market conditions indicate potential risks for future price increases [7] Group 6: Regulatory Environment - The new hygiene requirements for disposable sanitary products provide a framework for manufacturers to enhance product standards, potentially accelerating the exit of non-compliant smaller firms [8] - The company is already a qualified supplier for major global hygiene brands, which positions it favorably for future growth as industry concentration increases [8] Group 7: Future Growth Strategies - The company aims to strengthen its market presence, particularly in overseas markets, while exploring opportunities in other application areas to create a second growth curve [8]

Group 1: Business Impact and Market Dynamics - The new U.S. tariff policy on Vietnam is still unclear, and historically, tariff costs are borne by brand clients, ultimately affecting consumer prices [2] - The U.S. market is estimated to account for approximately 40% of the company's sales revenue, as reported in the annual report [2] - In 2024, over 50% of raw materials for the Vietnam factory were sourced locally, while materials from mainland China accounted for about 30% [2][3] Group 2: Financial Performance and Projections - The company's short-term borrowings were 644 million RMB as of March 2025, compared to 288 million RMB at the end of 2024 [6] - Exchange rate gains were approximately 82 million RMB in 2022, 62.5 million RMB in 2023, and 28.6 million RMB in 2024, representing a small proportion of net profit [7][8] - The company has maintained a high dividend payout ratio, with cash dividends accounting for about 89% of net profit in 2021 and around 70% in 2024 [10] Group 3: Operational Efficiency and Capacity Expansion - The decline in gross margin in Q1 2025 is attributed to the ramp-up of new factories and the hiring of new employees, which affects operational efficiency [4] - New factories in Vietnam and Indonesia are expected to significantly increase production capacity, with the Indonesian facility projected to produce over 60 million pairs of shoes [5] - The company plans to optimize training and production management to enhance efficiency as new employees become more skilled [4] Group 4: Company History and Leadership - The founder, Zhang Congyuan, has been involved in the footwear industry since the 1970s, transitioning from leather shoes to sports footwear [9] - The company has evolved from its origins in the 1990s to become a major player in the athletic shoe manufacturing sector [9]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [2] - In Q1 2025, the company reported a revenue of CNY 348 million, a year-on-year increase of 40.28%, and a net profit of CNY 40 million, an increase of 14.42% [2] Group 2: Overseas Business Expansion - The company's overseas revenue grew from CNY 2.1949 million in 2020 (less than 1% of total revenue) to CNY 327 million in 2024, accounting for 23.35% of total revenue, representing a growth of 399.37% [2] - The company established an overseas R&D and marketing division in 2024 to enhance revenue from smart vehicle and sleep terminals in international markets [2] - Key target regions for future overseas expansion include Africa, Southeast Asia, and the Middle East in the short term, with a focus on developed regions like Europe and North America in the long term [3] Group 3: Production Capacity and Financial Health - The company has established a full-link production capability from modules to terminals, allowing flexible capacity allocation across product lines [3] - As of December 31, 2024, the company's asset-liability ratio was 19.31%, indicating a relatively low level of financial risk [4] - In 2024, the net cash flow from operating activities was CNY 203 million, a 46.73% increase compared to 2023 [4] - In Q1 2025, the net cash flow from operating activities was CNY 22.2034 million, showing some fluctuations due to increased orders and revenue [4]

Group 1: Plasma Source and Quality Control - The company implements a strategy of incremental cultivation and potential excavation for plasma source development, setting annual plasma collection targets based on previous year's data and company strategy [2] - A comprehensive blood plasma quality management system has been established, with a strong emphasis on digital regulatory system construction to ensure the safety of raw plasma quality [2] - The "Pingguo Experience" is a long-term accumulated work experience that optimizes the entire plasma collection process, which is promoted across other plasma stations to enhance service levels [2] Group 2: Plasma Collection Stations and Growth - The company currently operates 9 plasma collection stations, with a sustained growth in plasma collection scale in recent years [3] - The average plasma collection volume at the stations is leading in the industry, with the Pingguo station showing continuous growth [3] - The company holds 11 product varieties across 3 major categories, achieving a high comprehensive utilization rate of plasma [3] Group 3: Market Position and Strategic Response - The blood product market in China still has significant growth potential compared to mature markets in Europe and the U.S., despite challenges from recombinant products [4] - The company plans to enhance R&D capabilities to introduce more new products, maintaining a focus on traditional blood-derived products [4] - The company actively monitors industry dynamics to identify new profit growth points while solidifying its core blood product business [3] Group 4: Research and Development Projects - Recent achievements include obtaining registration certificates for human coagulation factor VIII and prothrombin complex, with ongoing key projects in various blood-related products [4] - R&D investment is determined based on strategic planning and project progress, ensuring effective allocation of resources [4] Group 5: Market Share and Brand Competitiveness - The company adopts market-oriented sales strategies tailored to different products, continuously improving its marketing system and building a professional sales team [4] - Efforts are made to expand new sales channels while deepening cooperation with relevant parties to enhance international visibility and brand influence [4]