证券代码：300480 证券简称：光力科技 债券代码：123197 债券简称：光力转债 光力科技股份有限公司投资者关系活动记录表 编号：20260123 | | □特定对象调研 □分析师会议 | | --- | --- | | □媒体采访 投资者关系活动 | □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 □现场参观 | | | √其他 | （投资者电话交流会） | | 参与单位名称及 | 中金资管：陈俊、崔海亮；浙商证券：厉秋迪、褚旭、胡嘉、赵洪。 | | 人员姓名 | | | 时间 2026 年 | 1 月 23 日 15:00-16:00 | | 地点 线上交流 | | | 上市公司接待人 | 总经理、董事：胡延艳 | | 员姓名 | 证券事务代表：关平丽 | | | 公司管理层简要介绍公司情况，并与投资者就公司半导体封测装备 | | | 业务、物联网安全生产监控装备业务的经营情况及其他投资者关心的问 | | | 题进行沟通交流，主要交流内容如下： | | | 1、截至目前，公司订单和发货情况？ | | | 答：感谢您的关注！公司国产化机械划切设备以其媲美国际一流产 | | | 品的性 ...

Group 1: Investor Relations Activities - The company conducted an investor relations activity on January 23, 2026, with 53 institutional investors participating [1] - Activities included a company tour, production workshop visit, and a presentation on the company's development [1][2] Group 2: Company Performance and Strategy - The company aims to embrace AI and enhance its technological leadership in the global PCB manufacturing sector [1][3] - High-end products have significantly increased in proportion, driving rapid growth in company performance [3] Group 3: Production Capacity and Expansion - The company maintains a good order backlog and production capacity utilization, with ongoing expansion efforts [3][4] - Domestic production facilities in Huizhou are gradually being put into operation, while overseas facilities in Thailand and Vietnam are progressing as planned [3][4] Group 4: Product Development and Market Position - The company has achieved mass production capabilities for high-precision circuit boards and is advancing in the development of next-generation AI server products [3][4] - The company is actively involved in the research and development of new technologies and materials, collaborating closely with major clients [4] Group 5: Raw Material Supply and Pricing - The company has established stable relationships with key raw material suppliers, ensuring a steady supply [4] - Strategies are in place to mitigate the impact of raw material price fluctuations on product pricing [4] Group 6: Hong Kong Listing Progress - The company is in the process of issuing H shares and has submitted the application to the Hong Kong Stock Exchange [5] - The listing is subject to approval from regulatory authorities and market conditions, with ongoing updates to be provided [5]

Group 1: Company Overview and Strategic Direction - The company introduced its development history, competitive advantages, and strategic transformation across four business segments, focusing on industrial gases and hydrogen energy expansion [2][4]. - The gas operation business has achieved significant results, with projects like the Inner Mongolia helium extraction and nitrogen production for lithium iron phosphate plants completed [2][3]. Group 2: Industrial Gas Operations - The company plans to drive gas operations through "self-investment + mergers and acquisitions," primarily in Sichuan, gradually expanding nationwide [2][4]. - The company aims to leverage upstream mineral and clean energy resources to enhance downstream industrial advantages and economic benefits [2][4]. Group 3: Hydrogen Energy Development - A clear development plan for the hydrogen energy industry has been established, focusing on deep low-temperature liquid hydrogen technology and extensive application scenarios [4][5]. - The company has developed a 5 tons/day hydrogen liquefaction capacity and is working on a 30 tons/day large-scale liquefaction technology, achieving leading energy consumption levels domestically [5][6]. Group 4: Partnerships and Collaborations - The company has formed a joint venture with Toyota, establishing Sichuan Shudao Toyota Hydrogen Energy Technology Co., Ltd., with a registered capital of CNY 236 million [8]. - Collaborations with various institutions, including Southwest Jiaotong University and Tsinghua University, have been initiated to accelerate technology transfer and innovation [11][12]. Group 5: Hydrogen Energy Products and Projects - The company has developed a series of hydrogen energy equipment products and initiated several influential demonstration projects, including hydrogen refueling stations in Hubei and Sichuan [6][7]. - The company is actively exploring hydrogen energy applications in low-altitude economy and hydrogen-powered locomotives, focusing on new fueling models [9][10]. Group 6: Policy and Market Strategy - The company is aligning its hydrogen energy initiatives with national and regional policies, particularly in the context of the "dual carbon" goals, to support industry development [10][12]. - Efforts are being made to establish a cooperative ecosystem within the hydrogen energy industry, covering all aspects from production to application [12].

Group 1: Industry Outlook - The retail industry is expected to focus on consumer-centric approaches, returning to brand and academic fields, with a long-term growth trend driven by industry innovation [2][3] - The integration of online and offline services will shape the competitive landscape for the next five years, with an increasing demand for health solutions driven by an aging population [3] Group 2: Strategic Planning - The "14th Five-Year" plan is currently in progress, with three major companies focusing on core business areas: CHC for China Resources Sanjiu, prescription drugs for Tianshili, and traditional Chinese medicine for Kunming Pharmaceutical [4] - The strategic framework is "one core and two wings," aiming for leadership in the pharmaceutical industry through collaboration and mutual empowerment among the three companies [4][5] Group 3: Mergers and Acquisitions - Future acquisitions will focus on both "in-depth" and "external" growth strategies, with an emphasis on consumer health, medical health, and silver health sectors [5] - The company will seek potential brand assets in the CHC sector and explore innovative opportunities in prescription drugs [5] Group 4: Innovation and Product Development - The company has established partnerships for innovative projects, particularly in cardiovascular diseases, with a focus on heart failure treatments [6][7] - The company aims to expand its product pipeline in chronic diseases, especially diabetes, and will adopt diverse methods to acquire new products [7] Group 5: Sales and Financial Performance - The sales model is divided into CHC (retail) and prescription drugs (hospital), with sales expense rates influenced by seasonal factors [8] - The company anticipates stable sales expense rates in the long term, with a projected revenue growth exceeding the industry average, aiming for double-digit growth [9][10] Group 6: Product Progress and Market Position - The 999 Yiqi Qingfei Granules, developed in collaboration with academic experts, fills a market gap for respiratory infection recovery medications and has been included in the National Medical Insurance Directory [11] - The prescription drug business is expected to improve, leveraging synergies with Tianshili to enhance management and operational efficiency [12] Group 7: CHC Business Development - The CHC business has surpassed 10 billion RMB during the "14th Five-Year" period, focusing on brand and product expansion [13][14] - The company aims to maintain market leadership in various health sectors by adapting to consumer needs and optimizing brand strategies [14]

Group 1: Company Overview and Strategy - Zhejiang Xinhengcheng Co., Ltd. focuses on expanding its product lines and enhancing operational efficiency through innovation and cost control [2][3] - The company aims to leverage its "Chemical+" and "Biological+" strategies to capture growth opportunities in nutrition, new materials, and flavor industries [5][6] Group 2: Market Performance and Product Development - The market demand for methionine, a key amino acid, is expected to grow steadily due to global population increase and rising health awareness [3] - The company has completed the construction and debugging of a 70,000-ton methionine expansion project, which will be launched based on market conditions [3][4] Group 3: New Projects and Capacity Expansion - The nylon new materials project in Tianjin has commenced pile foundation construction, focusing on an integrated production chain for "adiponitrile-adipamide-nylon 66" [4] - The company plans to expand its production capacity for PPS (polyphenylene sulfide) and other materials, with current utilization rates at 100% [4][5] Group 4: Financial Performance and Shareholder Returns - In 2025, the company distributed a total cash dividend of 2.762 billion yuan, maintaining a dividend payout ratio of 30%-50% of net profits [6] - Cumulative cash dividends since listing have reached 16.1 billion yuan, reflecting the company's commitment to rewarding shareholders [6] Group 5: International Expansion and Market Reach - The company exports to over 100 countries, with international sales accounting for more than 50% of total revenue [5] - Overseas subsidiaries have been established in regions such as Hong Kong, Singapore, Germany, and Brazil to enhance market presence [5]

Group 1: Company Overview and Strategic Positioning - Guanglian Aviation is focused on the commercial aerospace sector, with a significant market position in rocket tank manufacturing through its acquisition target, Tianjin Yuefeng, which has an annual production capacity of 50-70 rocket tanks [3] - The company has established strategic partnerships with leading commercial aerospace firms, including Blue Arrow Aerospace and Tianbing Technology, to enhance its collaborative ecosystem [3][4] Group 2: Acquisition Progress and Integration - The acquisition of Tianjin Yuefeng is in a critical phase, with auditing, evaluation, and due diligence progressing as planned, and both parties have reached a consensus on core cooperation terms [3] - Post-acquisition, the company aims to integrate Tianjin Yuefeng into its strategic development and profit assessment framework to activate its existing capacity and market potential [6] Group 3: Risk Management and Resource Allocation - The company employs a comprehensive risk management system to balance resource allocation across multiple sectors, including commercial aerospace, large aircraft, and robotics, ensuring efficient use of technology and capacity [5] - Measures to address potential uncertainties in the release of commercial rocket orders include establishing long-term strategic partnerships, optimizing national capacity layout, and accelerating core technology iterations [7] Group 4: Future Growth and Profitability - The company anticipates that the commercial aerospace business will contribute to profitability following the acquisition, leveraging resource integration and technological collaboration [6] - A focus on enhancing product value through technological barriers and reducing market validation cycles is expected to strengthen market competitiveness [7]

Group 1: Company Overview - Shenzhen Hanyu Pharmaceutical Co., Ltd. is a national high-tech enterprise focused on the research, production, and sales of peptide drugs, listed on the Shenzhen Stock Exchange since 2011 (stock code: 300199) [2] - The company has established several national-level laboratories and has received multiple awards, including the National Technology Invention Award (second class) and the Guangdong Provincial Science and Technology Award [3] Group 2: Product Development and Market Strategy - The company is expanding its global presence by accelerating the production capacity of its Wuhan base to meet the rising global demand for GLP-1 raw materials, with core product Liraglutide already approved by the FDA [3] - Future plans include launching 1 to 2 new products annually in the U.S. market and registering existing products in Europe, Latin America, and Asia-Pacific regions [3] - The small nucleic acid field is identified as a second growth curve, with ongoing research targeting major diseases such as hyperlipidemia and diabetes [3] Group 3: CRDMO Business Expansion - The company is building a comprehensive CRDMO service platform, leveraging its expertise in peptide and small nucleic acid production to offer tailored high-quality services [4][6] - A dedicated CRDMO service team is being formed to enhance business capabilities and capitalize on market opportunities [6] Group 4: Domestic Market Strategy - The company is optimizing its supply chain to enhance product competitiveness, ensuring cost efficiency across all production stages [7] - Significant efforts in academic promotion and brand building have established a strong market presence, supported by long-term partnerships with distributors [7] - Future focus areas include increasing academic promotion for existing and upcoming products and maintaining stringent quality control [7] Group 5: Financial Structure and Performance - The company has seen steady growth in operating cash flow, with sales collection management reaching optimal levels [8] - A planned capital increase of 9.68 billion CNY aims to allocate 70% for R&D and capacity upgrades, which is expected to lower the debt-to-asset ratio and improve capital structure [8] - Financial expenses are projected to decrease in 2025 compared to 2024, alleviating financial burdens and supporting profit growth [9] Group 6: Production Capacity Utilization - The Wuhan production facility has maintained operations during recent holidays, indicating strong demand and growth trends [9] - The facility operates on a three-shift system to meet market needs, adhering to a "build and sell" model to align capacity with market demand [9]

编号：2026-02 | | 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 | | 参与单位名称及 | 湖南医药基金、毅木资产、平安证券、长江证券、国信证券 | | 人员姓名 | 投资者代表共 9 人 | | 时间 | 2026 年 1 月 23 日下午 2:00-3:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理兼董事会秘书：曾蕾 | | 员姓名 | 证券事务代表：甘荣 | | | 主要采用解答投资者提问的方式进行，主要问题回复如下： | | | 1、洛索洛芬钠凝胶贴膏集采后，什么时候执行？采购周期有 | | | 多长？ | | | 回复：据国家联采办的通知显示，第十一批国家集采中 | | | 选结果将于 2026 年 2 月在全国各地陆续落地执行。各地采购 | | 投资者关系活动 | 周期自中选结果执行之日起至 2028 年 12 月 31 日。 | | 主要内容介绍 | | | | 2、公司创新药 JIJ02 凝胶现阶段有哪些研发进展？ ...

Group 1: Company Performance and Operations - In 2025, the company focused on long-distance pipelines and urban gas, achieving an asset scale of approximately 13 billion yuan and operating about 4,600 kilometers of long-distance pipelines, covering all 10 cities and districts in the province [2][3] - The annual gas transmission volume saw a slight increase from approximately 13 billion cubic meters in 2024, although direct sales of urban gas experienced a slight decline due to intensified market competition and upstream gas price fluctuations [2][3] - A reduction in gas transmission prices starting June 2025 (e.g., from 0.289 yuan/cubic meter to 0.25 yuan/cubic meter) is expected to impact annual profits by nearly 300 million yuan [2][3] Group 2: Pricing and Regulatory Environment - Future adjustments to gas transmission prices will depend on the results of the next cost monitoring cycle, with significant pipeline investments expected to be completed by 2027 [3] - The current pricing cycle is at a peak of fixed investment construction, with several key projects expected to transition to fixed assets by 2027, potentially allowing for price adjustments if conditions are favorable [3] Group 3: Market Trends and Consumption - The current heating season has seen an increase in upstream gas prices compared to last year, but overall gas consumption is expected to grow, mitigating the impact on costs [4] - Urban gas consumption during the 2025 winter heating season is projected to remain flat or decline due to warmer temperatures, reduced industrial gas usage, and increased market competition [5] - In 2026, domestic natural gas consumption is expected to be primarily residential, with industrial gas accounting for about one-third of total consumption [6] Group 4: Strategic Initiatives and Future Outlook - The company is actively pursuing the acquisition of natural gas assets in Tongchuan, with ongoing efforts to standardize asset ownership and business separation [8] - Market acquisitions are currently focused on provincial projects, with a cautious approach due to complex equity structures and overall industry profitability pressures [8] - The 2026 dividend policy is expected to maintain a high ratio, but total amounts may adjust based on profit fluctuations and capital expenditure needs [8] - The company is exploring strategic transformation opportunities in the context of dual carbon goals, including comprehensive utilization of the natural gas industry chain and innovative energy solutions [9]

Group 1: Sales Management - The company has established an innovative sales management model called "Two Horizontals and Nine Verticals," which consists of two major regions (domestic and international) and nine product lines (e.g., bulldozers, excavators) for efficient matrix management of the sales team, ensuring effective market feedback and resource matching [2][3]. Group 2: Manufacturing Capability Enhancement - The company is focusing on intelligent, green, and intensive development, aiming to build an intelligent manufacturing system. It was selected as one of the first excellent-level smart factories by the Ministry of Industry and Information Technology in 2025 [2]. - By 2025, the company plans to establish a new product trial center that integrates AGV flexible assembly lines and digital twin technologies to support integrated manufacturing and testing of mining equipment [3]. Group 3: Global Sales Network Expansion - The company aims to enhance its global sales network layout to secure overseas sales resources, utilizing a combination of offline exhibitions and online multi-platform promotions to increase brand visibility and market influence [3].