Financial Performance - In the first three quarters of 2025, the company achieved revenue of 5.593 billion yuan, a year-on-year increase of 20.27% [2] - The net profit attributable to shareholders reached 314 million yuan, up 19.58% year-on-year; in Q3 2025, net profit was 92 million yuan, showing a significant growth of 252.87% [2] Strategies for Profitability Improvement - Focus on high-value customers and orders, optimizing sales structure by managing loss-making orders and increasing high-value orders [3] - Strengthen the sales team by expanding and optimizing the overseas sales force, implementing performance evaluation mechanisms [3] - Enhance cost management through standardized cost management practices to reduce unit product costs [4] - Improve order delivery and customer service by enhancing internal communication and optimizing production scheduling [4] Raw Material Cost Management - The company is facing rising raw material costs, particularly for copper and other key materials, which have seen significant price increases since June 2024 [5] - Measures to mitigate cost pressures include dynamic monitoring of costs, improving material utilization, and implementing price adjustment strategies [6] Capacity Utilization and Expansion Plans - Current overall capacity utilization is approximately 85% [7] - The company is accelerating capacity expansion in various plants to meet market demand, including the construction of a new HDI factory [7] Subsidiary Performance - The subsidiary, San De Guan, has turned profitable in Q3 2025, despite challenges in the flexible printed circuit board (FPC) sector [8] Future Growth Drivers - Anticipated growth in 2026 will be driven by increased demand in mobile, server, and communication sectors, with a focus on high-layer boards and IC substrates [9][10] - The company plans to enhance its competitive advantages in product quality, cost control, and pricing strategies while developing new key customers [10]

Group 1: Company Performance and Market Conditions - The company's 2025 performance is influenced by two main factors: high proportion of four types of drugs (cold medicine, cough medicine, throat medicine, and antipyretics) and a market in destocking phase due to a decline in demand following a public health event in 2023 [3] - Weak consumer environment, including insufficient purchasing power, social inventory backlog, and adjustments in the medical insurance system, is impacting sales [3] Group 2: Research and Development Progress - The core research progress for the "Tang Ning Tong Luo" project includes the approval of its first indication for diabetic retinopathy, with 360 clinical patients being enrolled for phase III clinical trials [3] - The project has received a clinical trial approval notice for type 2 diabetes, with phase II clinical trials to follow [3] Group 3: Intellectual Property and Product Development - The company has implemented intellectual property protection measures for the "Tang Ning Tong Luo" project and is actively communicating with relevant departments to enhance protection [3] - "Huang Lian Jie Du Wan" is the first "syndrome-type" traditional Chinese medicine new drug in China, having completed phase III clinical trials with 840 cases enrolled [4] Group 4: Quality Control and Supply Chain Management - The company has planted over 25,000 acres of ecological medicinal herbs, covering various landmark medicinal materials to ensure quality and supply stability [4] - A core control standard has been established to address the shortage of wild medicinal resources and ensure quality through strict quality control systems [4] Group 5: Market Expansion and Financial Management - The company focuses on expanding its market by targeting grassroots medical institutions, chain pharmacies, and private clinics, employing a specialized promotion strategy [4] - Current cash flow is stable, with a reduction in total bank loans achieved through optimized sales models and improved payment management processes [4]

Company Overview - Founded in 1992 and listed on the Shenzhen Stock Exchange in June 2004 [2] - Completed refinancing in 2024, raising a total of 943 million CNY, increasing total shares from 455,160,000 to 519,793,440 [2] - Achieved consolidated revenue of 1.343 billion CNY in the first three quarters of 2025, a year-on-year increase of 13.70% [2] - Net profit attributable to shareholders reached 145 million CNY, up 98.18% year-on-year, primarily driven by carbon fiber equipment sales [2] Carbon Fiber Industry Development - Initiated carbon fiber equipment manufacturing in 2013, focusing on high-end equipment and advanced composite materials [3] - First raw silk production line nearing completion, expected to significantly reduce raw silk costs [3] - Carbonization line capacity increased from 3,000 tons to 5,000 tons, with reduced energy consumption [3] - Development of automated production equipment for composite materials to enhance efficiency and reduce costs [3] Composite Material Capabilities - Established composite material companies in Shaoxing and Wuhan, with capabilities in prepreg production, material testing, product design, and manufacturing [4] - Investments in graphene-based carbon fiber and 3D printing technologies [4] - Collaborated with various companies to enhance aerospace composite material capabilities [4] Raw Silk Equipment Project Progress - Zhejiang Jinggong Carbon Material Technology Co., Ltd. serves as the testing and demonstration base for raw silk production lines [5] - Ongoing efforts to initiate trial production of high-performance fiber [5] Carbonization Line Specifications and Pricing - Carbonization lines can produce various widths (0.4m to 4m) and configurations based on customer needs [6] - Standard pricing for a 3m carbonization line ranges from 160 million to 200 million CNY, capable of producing over 3,000 tons of carbon fiber annually [6] Customer Composition and Market Strategy - Major clients include regions in China and international markets such as South Korea and Vietnam [6] - Focused on expanding both domestic and international markets to secure new orders [6] Exoskeleton Robot Development - Second-generation single-joint exoskeleton robot has completed testing and is moving towards mass production [6] - Ongoing development of multi-joint exoskeleton robots, with the first prototype currently in progress [6]

Group 1: Company Overview and Performance - Jiangsu Changbao Steel Pipe Co., Ltd. specializes in the R&D, manufacturing, and service of special seamless pipes, established in 1958 and listed in 2010 [2][3] - The company has three production bases in Changzhou, Jintan, and Oman, with an annual production capacity of 1 million tons of special pipes [3] - In the first three quarters of 2025, the company achieved revenue of CNY 4.284 billion, net profit attributable to shareholders of CNY 392 million, and net cash flow from operations of CNY 249 million, indicating stable operational performance [3] Group 2: Product Development and Market Strategy - The company focuses on high-end, brand-oriented, and segmented development strategies, aiming to enhance the proportion of specialty and value-added products [3][11] - HRSG products have become a key feature, with production capabilities for ultra-long, ultra-thin, and high-strength products, maintaining a leading market share [4] - The company plans to increase production capacity and optimize product structure for boiler pipes, particularly in high-temperature alloy and stainless steel segments [5][11] Group 3: Raw Material Management and Profit Stability - The main raw material, special steel pipe blanks, is subject to price fluctuations influenced by macroeconomic factors and supply-demand dynamics [6] - The company has established long-term strategic partnerships with several domestic steel manufacturers to mitigate raw material price volatility [6] Group 4: Future Capacity and Dividend Plans - The company aims to maintain stable overall production capacity while optimizing product and market structures to enhance profitability [7][9] - Since its listing, the company has consistently returned profits to shareholders, with a commitment to balance business growth and shareholder returns [9] Group 5: International Operations and Market Expansion - The overseas factory in Oman has been operational since 2017, focusing on deep processing of oil well pipe products and serving major local oil and gas companies [10] - The company will continue to assess external market conditions to seize opportunities for expansion in overseas markets [10] Group 6: Profit Margin Improvement Measures - The company is actively adjusting product and market structures to enhance profitability, focusing on unconventional oil and gas markets and high-end product development [11][12] - Efforts will be made to develop new materials and improve operational quality through digitalization and lean management practices [12]

Group 1: Business Development and Market Position - The company is actively expanding its shipbuilding and offshore vessel markets, aiming to become a globally influential provider of offshore vessels and specialized transport ships [3] - Recent orders have been secured from countries like Germany and Singapore, including specialized transport vessels and offshore ships [4] - The company has a robust order backlog in the port container crane sector, with continuous market expansion and increasing production and sales scale [4] Group 2: Project Progress and Future Plans - The Tongzhou Bay project is progressing steadily, with future business layouts planned based on strategic development and market conditions [4] - The company is focusing on integrating artificial intelligence into its products, enhancing production efficiency, product quality, and innovation capabilities [4] - Recent deliveries include 12 fully automated rubber-tired gantry cranes equipped with L4 level automation control systems to support customer port automation upgrades [4] Group 3: International Expansion and Market Opportunities - The company is enhancing its international sales network and after-sales service system, establishing presence in Southeast Asia, South Asia, the Middle East, Europe, Australia, Latin America, and Africa [5] - There is significant potential in overseas markets, particularly in developing countries, which the company is confident in capitalizing on [5] Group 4: Future Growth Directions - The material handling equipment and shipbuilding offshore equipment sectors are expected to be the main growth drivers in the coming years [5] - The company aims to strengthen its core competitiveness in high-end equipment through independent research and technological innovation [5]

证券代码：000928 证券简称：中钢国际 截至 9 月底，公司新签合同共计 106.49 亿，其中国内 40.54 亿元，海外 65.95 亿元。全年展望，国内市场预计较去年有所突破；海外市场外需韧性犹存，但风 险突出，随着全球贸易保护主义持续加剧，海外项目落地的时间较预期有所增加。 目前公司在手合同量充足，正在执行项目的预计总收入约为 294.55 亿元，为公 司稳健发展奠定坚实基础。 3. 宝武沙特 S 项目的最新进展情况？公司未来是否会更多的参与宝武的国 际化经营？ 中钢国际工程技术股份有限公司投资者关系活动记录表 编号：2025-9 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（） 参与单位名称及 人员姓名 国泰海通、建信养老、尚诚资产、锐天投资、尚正基金、招商基金、 美市科技、远信（珠海）、新华养老、民生加银、富兰克林 时间 2025 年 11 月 12 日 15:30-16:30 地点 电话会议 上市公司接待 人员姓名 副总经理、财务总监、董事会秘书 袁陆生 董办主任 戚欣 投资者关系活动 主要内容介绍 ...

Group 1: Company Overview and Operations - Sichuan Shudao Equipment Technology Co., Ltd. is focusing on hydrogen fuel cell systems and components, with production expected to start in 2025 [2] - The company has made significant breakthroughs in frontier fields such as BOG helium extraction and hydrogen liquefaction, aligning with national "dual carbon" strategies [2][3] Group 2: Future Growth Drivers - The core business of deep cold gas equipment serves as a stable revenue source, while the company aims for transformation towards clean energy and industrial gas operations [4] - The company is leveraging partnerships, such as with Toyota, to develop a hydrogen fuel cell intelligent manufacturing base, projected to be operational by the end of 2025 [4] Group 3: Gas Operation Business Strategy - The company plans to become a comprehensive gas service provider, integrating technology R&D, equipment manufacturing, and investment operations [4] - Significant progress has been made in gas operation projects, including the successful launch of the Inner Mongolia Yahui helium extraction project [4] Group 4: Business Models and Market Opportunities - Gas operation models include on-site gas production for large clients and retail supply for smaller customers, providing stable cash flow through long-term contracts [5][6] - The industrial gas sector presents integration opportunities due to technological upgrades and domestic replacements, particularly for smaller enterprises lacking manufacturing capabilities [6]

Short-term Development Plan - The company focuses on operational efficiency, capacity optimization, and deepening existing business to ensure steady growth and strong core competitiveness [2][3] - Specific measures include accelerating technology transfer, enhancing new product development, and implementing cost control initiatives [3] Long-term Development Plan - The company aims to drive business growth through strategic expansion, leveraging strong technological advantages to enhance global competitiveness [4] - Plans include expanding into new fields such as consumer electronics, healthcare, nuclear power, and robotics while consolidating traditional automotive parts business [4] - Continuous improvement of smart manufacturing and digital platform construction, applying advanced technologies like AI and VR [4] Financial Management - The company reports improved cash flow in the first three quarters of 2025 compared to 2024, with enhanced accounts receivable turnover and optimized supply chain management [4][6] - Future strategies include optimizing capital structure, enhancing cash flow management, and exploring financing tools to support technology upgrades and capacity optimization [5][6] Product Development and Market Positioning - The main products include precision shafts and cutting parts, widely used in automotive systems [7] - The company plans to deepen involvement in customer product design and development, focusing on electric drive systems and other components for new energy vehicles [7] Collaboration and Support - The company emphasizes collaboration with its controlling shareholder to enhance operational management and drive sustainable growth [8] - The controlling shareholder will provide comprehensive support to ensure high-quality development and long-term value creation for investors [8] Revenue and Profit Goals - The company adheres to a long-term stable development approach, with financial forecasts subject to significant uncertainty [8]

Company Overview - Yitian Intelligent was established on September 25, 2003, focusing on integrated stove business for 20 years, ranking high in national influence and market position [2] - The company aims to enhance brand recognition through multi-platform marketing and celebrity endorsements, emphasizing "Yitian Integrated Technology, Understanding Chinese Kitchens" [2] Strategic Focus - Future strategies include a focus on intelligence, globalization, and sustainability to maintain competitive differentiation in the kitchen appliance market [2] - The company plans to expand into computing power and AI applications in 2023, adhering to a dual-drive model of domestic and overseas chips [2] Investment Initiatives - Yitian Intelligent is collaborating with Lloyd Private Equity to establish the Shanghai Deshu Cloud Private Fund, targeting AI, big data, computing power, and advanced manufacturing sectors [4] - The fund aims to optimize investment structure and enhance operational efficiency, with a focus on creating value for shareholders [4] Financial Insights - The Deshu Cloud Fund has acquired 77.4% equity in a company specializing in AI computing services, with related orders valued between 10 billion to 11 billion RMB over five years [4] - Yitian Intelligent acts as a limited partner in the fund, with potential for significant performance elasticity in future operations [5] Decision-Making Structure - The fund's investment decision-making is managed by a three-member committee, ensuring all decisions are unanimously approved [6] Partnerships and Collaborations - Yitian Intelligent is partnering with domestic chip company Suiyuan Technology, focusing on building a large-scale computing power cluster [7] - The collaboration aims to foster innovation in chip technology and establish a complete domestic computing ecosystem [7] Market Conditions - The integrated stove industry is currently in a "bottoming" phase, with compressed profit margins and inventory challenges [10] - Despite these challenges, Yitian maintains a leading position in brand and channel, providing essential cash flow during the transition period [10] International Expansion - Yitian has signed a distribution agreement with Italian high-end kitchen appliance brand SMEG, enhancing its brand image and filling gaps in the high-end market [11] - The partnership aims to create a comprehensive operational system, integrating SMEG's design advantages with Yitian's local supply chain and service network [11]

Group 1: Company Overview - The company primarily operates in the automation instruments and automotive fixture businesses, with significant changes following a major asset restructuring in May 2025 [2] - The aluminum-plastic film business has a higher revenue share compared to the automotive fixture business [2] Group 2: Financial Performance - The net profit loss after deducting non-recurring items significantly decreased in Q3 2025 due to the divestment of underperforming segments and improved performance from the subsidiary [2] - The company has successfully eliminated poor-performing segments from the previous year, contributing to the improved financial results [3] Group 3: Market Position and Competition - In the global aluminum-plastic film market, Japan's DNP holds a competitive advantage, while domestic players like Zijiang New Materials have rapidly developed, achieving over 20% market share [3] - Zijiang New Materials has surpassed some imported product performance standards, accelerating the replacement of imports [3] Group 4: Industry Applications - Aluminum-plastic films are primarily used in soft-pack lithium battery cell packaging, with over 80% penetration in the 3C digital market, including smartphones and wearable devices [3] - Future growth opportunities are anticipated in the power battery and energy storage sectors [3] Group 5: Product Profitability - Zijiang New Materials maintains a higher overall gross margin for aluminum-plastic film products compared to the market average due to extensive R&D investment since 2004 [3] - The company benefits from stable production costs and a favorable customer structure, with a higher proportion of high-end product sales compared to competitors [3]