Group 1: Market Trends and Product Pricing - The price trend for LCD products is expected to rise due to increased demand from brand manufacturers ahead of upcoming sports events, leading to higher TV product shipments [1] - MNT product prices have seen a month-on-month increase due to inventory release from brand clients and structural supply tightness caused by overseas capacity contraction [1][2] Group 2: Production Capacity and Technology Development - The company announced the investment in an 8.6-generation AMOLED production line in November 2023, aimed at producing high-end touch OLED displays for laptops and tablets [3] - The production line is set to achieve mass production by December 30, 2025, five months ahead of schedule, enhancing the company's competitiveness in the display industry [3] Group 3: Financial Projections and Capital Expenditure - The company's depreciation amount is expected to peak in 2025 as existing production lines continue to depreciate while new projects are phased in [4] - Capital expenditure is projected to peak in 2025, primarily for the 8.6-generation AMOLED production line and the 6th generation LCD LTPO/LTPS production line in Beijing, with a significant decrease anticipated starting in 2027 [5] Group 4: Shareholder Returns - In 2025, the company plans to complete a stock cancellation worth nearly 1 billion yuan and distribute cash dividends of approximately 1.87 billion yuan [6][7] - The company is committed to fulfilling its shareholder return plan for 2025-2027, aiming to enhance shareholder returns consistently [7]

投资者关系活动记录表 编号：2026-001 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 1、国金证券：杨晨、任旭欢、叶思辰、倪赵义、刘明喆 2、中财集团：周康 3、磐泽资产：庄启臣 4、尚善资产：刘晓鹏 5、平安资管：方伊舟、傅一帆 6、宝盈基金：唐叶 7、尚颀资本：宋明 8、中金资本：朱曾辉 9、开源证券：师正浩 10、长江资管：刘舒畅 11、友邦人寿：赵一路、黄怿炜、许敏敏 12、润义投资：陆懿晨 13、银叶投资：刘欢宇 14、泽铭投资：单河 15、东北证券：韩金呈 16、中银基金：张婧妍、时文博、陈晨 17、东吴基金：陈伟斌 18、诺安基金：周婧翔、袁文翀 | | 19、首泰金信：徐玄风 | | --- | --- | | | 20、潼骁投资：苏芷歆 | | | 21、通用技术资本：沈小刚 | | | 22、高毅资本：吴丹 | | | 23、大朴资产：王之军 | | | 24、皓普投资：毛帅颗 | | | 25、华泰保兴：池嘉莹 | | | 26、泰信基金：曲亦丞 | | | 27、东吴证券：陈岚婧 ...

Group 1: Business Overview - The company focuses on commercial aerospace, primarily manufacturing structural components for rockets, including major segments like shells and engine parts [2][3] - In 2024, the company completed its production line, serving several leading private rocket companies in China [2] Group 2: Market Insights - Structural components account for over 25% of the cost of mainstream commercial rockets [2] - Reusable rocket technology aims to enhance launch frequency and economic efficiency, potentially increasing demand for new structural components despite some parts requiring refurbishment [3] Group 3: Production Capacity - The company completed its riveting production line in the first half of 2024, with an annual capacity of 10 rockets, and can adjust capacity based on order demand within approximately four months [3][4] Group 4: Competitive Advantages - The company has established stable, small-batch product deliveries to leading private rocket firms, gaining valuable R&D and manufacturing experience [4] - Key advantages include a specialized team with extensive experience in aerospace and the financial resources to invest in equipment and production line development [4] Group 5: Automotive Business Performance - The automotive sector has shown steady growth in 2025, with significant year-on-year revenue increases and profit recovery, despite some temporary impacts from capacity adjustments [4] - Future growth in the automotive business is expected from expanding exports, developing new customers, and increasing product variety [4]

Group 1: Company Overview - The company focuses on "environmentally friendly low-carbon new materials + biomedicine" as its dual development strategy, with four main business areas: special environmentally friendly paper, printing products, industrial hemp processing, and new tobacco products [2][3][4]. Group 2: Special Environmentally Friendly Paper - The company is one of the earliest in China to engage in the research, production, and sales of special anti-counterfeit environmentally friendly paper, including vacuum aluminum paper and laser anti-counterfeit materials [3]. - The printing business primarily operates through bidding projects, ensuring high customer retention and the ability to provide customized services [3]. Group 3: Industrial Hemp and New Tobacco - The industrial hemp business focuses on the extraction and processing of CBD and other rare cannabinoids, with a subsidiary in the U.S. offering products like Vitaldiol—R series [4]. - The new tobacco business has developed a certain scale of revenue through subsidiaries engaged in research, production, and branding [4]. Group 4: Investment in Space Computing - In June 2025, the company invested 110 million RMB for a 19.30% stake in Beijing Orbit Chuang Technology Co., which focuses on space data centers [4][6]. - The investment aligns with national policies promoting hard technology and aims to explore the space computing industry, which is seen as a second growth curve for the company [6]. Group 5: Space Data Center Technology - Orbit Chuang's core technology includes deploying computing satellites in the dawn-dusk orbit, providing continuous solar power and addressing cooling challenges for high-performance computing [8][9]. - The company anticipates that the space data center's "sky computing" services may take 5 years to show clear commercial value, while "ground computing" services may take 5-10 years to compete with terrestrial data centers [9]. Group 6: Risks and Challenges - The space data center project faces risks related to macroeconomic conditions, industry policies, and potential delays in commercialization and profitability [9].

投资者关系活动记录表 证券代码：002458 证券简称：益生股份 山东益生种畜禽股份有限公司 投资者关系活动记录表 编号：2026-01 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 活动参与人员 天风证券：陈 潇、林毓鑫、孙 涛、邱 天 天风国际：Lihua Zhang 中信证券：魏 巍、梁 爽 世纪证券：周 维 第一创业：练 伟 五矿资本：王 坤 中庸资本：杨 崞 青骊投资：刘 淼 金科投资：荣富志 循远资产：田超平 鹤禧私募：潮礼君 益恒投资：钱 坤 创金合信：陈建军 中柏资产：戴 晔 米仓资产：管晶鑫 润晖资产：李 勇 亘曦私募：王海亮 颐和久富：米永峰 清和泉资本：柳超然 进门财经：李少芳 时间 2026 年 1 月 7 日 地点 山东益生种畜禽股份有限公司会议室 形式 电话会议 上市公司 接待人员姓名 总裁、董事会秘书兼财务总监：林杰 先生 交流内容及具体 问答记录 一、公司情况介绍： 益生股份成立于 1989 年，主要引进、繁育世界优质畜禽良种， 向社会推广种鸡、种猪及商品肉雏鸡，公司以高代次畜禽种源供应为 核心竞争力 ...

Company Overview - Jiangsu Dongfang Shenghong Co., Ltd. is a leading energy and chemical enterprise with a focus on new energy, new materials, and petrochemical industries, featuring a fully integrated industrial chain [1] - The company has a refining capacity of 16 million tons/year, methanol-to-olefins (MTO) capacity of 2.4 million tons/year, and propane dehydrogenation (PDH) capacity of 700,000 tons/year, establishing a dual-chain development model [1] Strategic Development - The company is implementing a "1+N" strategy, which includes one core platform and multiple diversified industrial chains in new energy, new materials, electronic chemicals, and biotechnology [3] - Future plans involve strengthening the "1+N" strategy and implementing AI infrastructure to enhance production capabilities in petrochemicals, new energy, and high-end textiles [3] Production Capacity and Market Position - The company has a PX capacity of 2.8 million tons/year and PTA capacity of 6.3 million tons/year, allowing for flexible production strategies based on market dynamics [4] - In Q3 2025, a new PTA project with a capacity of 2.4 million tons/year will be launched, utilizing advanced P8++ technology for lower energy consumption and emissions [5] Financial Performance and Risk Management - The company has shown significant improvement in profitability in the first three quarters, with strategies in place to mitigate risks from oil price fluctuations and chemical cycles [5] - Brent crude oil prices have decreased to $60/barrel, which is favorable for the company's refining projects, allowing for better cost management [6] New Materials and Future Plans - The company produces various new materials, including 900,000 tons/year of EVA, 100,000 tons/year of POE, and 1.04 million tons/year of acrylonitrile, positioning itself as a leader in these markets [6] - The POE facility with a capacity of 100,000 tons/year was completed in Q3 2025 and is currently in the market development phase [6] Capital Expenditure - Most of the company's facilities are already operational, with only a few projects like EVA and polyester filament still under construction; future capital expenditures are expected to decline [6]

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [3] - Products are widely used in various industries such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [3] Group 2: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4] - Successful projects include major data centers for China Mobile, China Unicom, and various international projects in North America and Southeast Asia [4] Group 3: Nuclear Power Industry - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios like nuclear island cooling and heat recovery [6] - It has provided services to multiple nuclear power stations in China, enhancing safety and efficiency in energy utilization [6][7] Group 4: Heat Recovery Steam Generators (HRSG) - The company’s joint venture produces HRSGs for combined cycle gas power plants, with expected revenue exceeding 700 million in 2024 due to strong market demand [8] Group 5: Thermal Management and Carbon Neutrality - The company is committed to carbon neutrality, offering a full range of industrial heat pump services and has been recognized as a national-level "little giant" enterprise [8] - Technologies developed include waste heat recovery and high-temperature heat pumps, which are essential for reducing energy consumption and carbon emissions in high-energy industries [9] Group 6: Aerospace Fuel Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, with a notable product recognized as a major technological equipment project by the National Energy Administration [9] Group 7: Gas Turbine Waste Heat Cooling Technology - The company offers lithium bromide absorption chillers that utilize waste heat from gas turbines to provide cooling, enhancing energy efficiency [9]

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with the decline rate narrowing each quarter; however, the special air conditioning and thermal management segments saw year-on-year growth [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4] - Successful domestic projects include major data centers for national supercomputing and telecommunications companies, while international collaborations span North America, Australia, Southeast Asia, and the Middle East [4] Group 4: Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core scenarios such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient nuclear energy utilization [6] - Notable domestic projects include several nuclear power stations, with the company also winning bids for small modular reactor cooling projects [7] Group 5: Heat Recovery Steam Generators (HRSG) - The joint venture with Yantai Modern Ice Wheel Heavy Industry Co., Ltd. produces HRSGs for combined cycle gas power plants, with expected revenue exceeding 700 million in 2024 [8] Group 6: Thermal Management and Carbon Neutrality - The company is committed to thermal management solutions, focusing on industrial heat pumps and has been recognized as a national-level specialized "little giant" enterprise [8] - The company’s technologies, including waste heat recovery and high-temperature heat pumps, are positioned to support energy-intensive industries in reducing consumption and carbon emissions [9] Group 7: Aerospace Fuel Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, with a notable product recognized as a major technological equipment project in the energy sector [9] Group 8: Gas Turbine Waste Heat Cooling - The company offers lithium bromide absorption chillers that utilize waste heat from gas turbines for combined cooling and power generation, enhancing energy efficiency [9]

3、顺酐产品 2026 年投放的产能多吗？公司顺酐装置当前 的运行情况如何？ 回复：据行业数据披露，2026 年国内顺酐新增产能投放相 对有限，主要来自福建中景石化的一套顺酐装置。2025 年顺酐 行业整体开工率仅有 50%左右，但公司顺酐装置始终保持高负荷 稳定运行。后续公司将持续优化顺酐装置的工艺运行效率，进一 步巩固在区域市场的供应地位；并依托稳定的产品质量与区位优 势，深化与下游客户的长期合作机制。同时，公司将密切关注顺 酐产业链延伸机会，探索高附加值衍生物的开发路径，以提升整 体盈利韧性。 4、国家反内卷政策对于化工行业产能扩张的影响如何？对 公司影响如何？ 回暖的有利契机，加快推进存量优化项目落地，深化产业链上下 游协同，力争在新一轮周期中占据更有利的竞争地位，为股东创 造可持续的价值回报。 2、化工板块上市公司在建工程投资额呈现持续下降的趋 势，公司 2026 年的资本开支情况如何？ 回复：从上市公司披露的三季度在建工程数据中不难发现， 多数企业的资本支出呈现收缩态势，从侧面折射出行业整体正处 于产能消化与投资审慎阶段，新建及扩建项目进度明显放缓，企 业更倾向于聚焦现有产能优化与资本开支管控。 ...

立高食品股份有限公司 投资者关系活动记录表 证券代码：300973 证券简称：立高食品 债券代码：123179 债券简称：立高转债 答：目的主要是继续开发国产的、深加工的原料。首先从公司的 主要原料来看，乳脂肪或者乳制品是公司发展奶油和烘焙乳品业务非 常关键的原料之一，像飞鹤这样的乳企在生产过程中需要剥离掉一部 分的乳脂肪成为副产物正好是公司需要的原料，所以双方在业务上是 互补的。 问题 7：公司会重点拓展自助餐场景吗？ 编号：2026-001 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | 类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他（请文字说明其他活动内容） | | 参与单位名称及 | 具体详见附件《参与单位名称及人员明细清单》 | | 人员姓名 | | | 时间 | 2026 年 1 月 7 日 14:00-16:00 | | 地点 | 广州市增城区石滩镇兴石一路 号 楼会议室 3 2A | | 上市公司接待人 | 董事、副总经理、董事会秘书、财务总监：王世佳先生 | | 员姓名 | 证券事 ...