Group 1: Company Overview - Guanglong Integrated Technology Co., Ltd. specializes in the R&D, production, and sales of passive optical devices, including optical switches, optical protection modules, and optical attenuators [2] - The company has developed a rich product line to meet diverse customer needs across various industries and scenarios [2] Group 2: Business Operations and Future Outlook - All Optical Circuit Switching (OCS) related businesses are managed by Guanglong Integrated, which is a wholly-owned subsidiary of Yingtang Intelligent Control [3] - There is an expected growth in demand for optical switches driven by the expansion of certain optical module customers [3] - Guanglong Integrated's OCS technology is supported by a core team from a national research institute in Guilin, focusing on various control methods [3] Group 3: Product Development and Market Strategy - The MEMS OCS core components include MEMS arrays, fiber collimator arrays, filters, and optical circulators, with MEMS arrays being the most costly component [3] - The 128×128 channel OCS is in the production preparation stage, targeting data center operators and communication equipment integrators, with expected production between Q1 and Q2 of next year [3] Group 4: Risk Factors and Regulatory Compliance - The transaction involving the issuance of shares and cash payment for asset acquisition is subject to approval from regulatory bodies, which may impact the transaction timeline [4] - The company will fulfill its information disclosure obligations as per regulations, urging investors to make cautious decisions [4]

Group 1: Collaboration and Market Development - The company collaborates with Toyota through a joint venture, focusing on local market development and supply chain integration, with an independent R&D team established for technology advancement [2] - The joint venture has completed the construction of a hydrogen fuel cell production line in Chengdu, with ongoing efforts to promote commercial applications of hydrogen fuel cell vehicles [2][3] Group 2: Overseas Market Expansion - The company's cryogenic equipment overseas orders are primarily concentrated in Southeast Asia, Africa, and the Middle East, covering LNG liquefaction, storage, and hydrogen purification applications [3] - The company aims to leverage its competitive advantages in technology maturity and cost control to deepen localized services and expand into emerging markets [3] Group 3: Aerospace Applications - Liquid hydrogen is identified as a key propellant in commercial aerospace, with the company focusing on the development of rocket-grade liquid methane equipment and related gas supply for domestic aerospace enterprises [4] - The company has secured orders for liquid air separation devices for the Jiuquan Aerospace Industrial Park, which will provide stable supplies of high-purity gases for launch sites [4] Group 4: Mergers and Acquisitions Strategy - The company plans to adopt a diversified approach for gas industry development, utilizing a combination of fund-led initiatives and direct investments to capture domestic and international acquisition opportunities [5] - The strategy aims to transform upstream mineral and clean energy resources into downstream industrial advantages, supporting the modernization of Sichuan's industrial system [5] Group 5: Hydrogen Energy Equipment - The company is positioned to enhance hydrogen energy equipment production through the Toyota hydrogen fuel cell production line, aiming to make this sector a new growth engine [6] - The hydrogen fuel cell systems are characterized by low energy consumption, long lifespan, and controllable manufacturing costs, suitable for heavy-duty trucks and buses [6]

Group 1: Business Overview - The company achieved a revenue of 1,143.20 million CNY in the first three quarters of 2025, representing a year-on-year growth of 18.10% [5] - The net profit attributable to shareholders was 121.58 million CNY, with a year-on-year increase of 50.40% [6] - The net profit after deducting non-recurring gains and losses was 97.07 million CNY, showing a significant growth of 102.52% [6] Group 2: Product Performance - The spindle products generated a revenue of 758.00 million CNY, accounting for 66.31% of the main business income, with a year-on-year growth of 30.32% [7] - Revenue from functional components such as rotary tables, reducers, and linear motors was 168.34 million CNY, representing 14.73% of total revenue, with a growth of 15.69% [7] - Infranor group's motion control products saw a revenue decline of 14.20%, totaling 201.42 million CNY [7] Group 3: PCB Market Position - The company holds over 60% market share in the mechanical drilling spindle market and over 80% in the forming machine spindle market [9] - The growth in PCB-related sales is driven by the increasing demand for AI computing infrastructure and the ongoing upgrade of consumer electronics [8] Group 4: Robotics Business Development - The robotics segment is structured as "N+1+3," focusing on core components and three business scenarios: beauty, factory loading/unloading, and electric vehicle charging [10] - Revenue from robotics-related components is currently small and does not significantly impact overall performance [11] - The company has achieved significant advancements in robotics components, with precision metrics surpassing international standards [11] Group 5: Commercial Aerospace Sector - The company has initiated business cooperation with Blue Arrow Aerospace in the commercial aerospace sector, although specific details are confidential [3] - As of September 30, 2025, revenue from commercial aerospace-related business accounted for approximately 1% of the main business income [3] - The commercial aerospace industry is expected to enter a phase of scaled development around 2026-2027, presenting new market opportunities [2]

Group 1: Automotive Business Overview - The company focuses on the research, production, and sales of high-strength precision fasteners and special connectors, primarily used in automotive key components such as turbocharging systems and battery trays for electric vehicles [2][3]. - The automotive fastener market is characterized by low entry barriers, with many small to medium-sized enterprises; however, only large manufacturers can pass the qualification audits of major automotive OEMs [3]. Group 2: Competitive Advantages - Key advantages include: high-quality customer resources, extensive technical expertise, strong quality control capabilities, stable production capacity, superior customer service, and compliance with automotive lightweight requirements through the combination of metal and plastic components [3]. Group 3: Growth Opportunities - Future growth points include expanding exports of automotive components, developing new customers such as NIO and BYD, product category expansion, increasing industry concentration, and domestic substitution [3][4]. - The estimated value of fasteners for a mid-range passenger vehicle is around 2,000 CNY, with the company's small-sized fasteners valued at approximately 800 CNY per vehicle [3]. Group 4: Financial Performance and Outlook - The automotive segment has shown steady growth in revenue and profit recovery in the first three quarters of the year, despite some temporary impacts from capacity adjustments [4]. - The company expects to enhance profitability and operational quality in 2026 through continuous optimization of capacity structure and increased proportion of high-value products [4]. Group 5: Commercial Aerospace Business Overview - The commercial aerospace sector focuses on manufacturing rocket structural components, with a current production capacity of 10 rockets per year, including key parts like shells and fuel tanks [5][6]. - The market for rocket structural components is currently tight, with limited suppliers capable of large-scale delivery, primarily located in key regions [5]. Group 6: Market Dynamics and Future Prospects - The structural components account for approximately 25% of the total cost of a commercial rocket [7]. - The maturity of reusable technology is expected to increase launch frequency and operational efficiency, leading to sustained demand for new rocket structures, thus providing new growth opportunities for the company [7][8].

Group 1: Market Trends and Demand - The continuous rise in storage prices is driven by sustained demand for high-performance TLC eSSD and QLC eSSD from cloud service providers, influenced by AI technology applications and HDD supply shortages [3] - Major manufacturers are maintaining a cautious capacity expansion strategy, which may limit the incremental contribution to output growth in 2026 due to the lag in capacity construction cycles [3] Group 2: Inventory Management - The company's inventory strategy is based on demand forecasting, market trends, storage wafer prices, and customer orders, allowing for timely procurement [3] - Long-term supply agreements (LTA) and memorandums of understanding (MOU) with storage wafer manufacturers ensure stable supply [3] Group 3: Product Innovations - The new mSSD product features a wafer-level system-in-package (SiP) design, integrating multiple components into a single package, which reduces costs and simplifies manufacturing processes [3] - mSSD offers TB-level capacities and is designed for compactness and high performance, meeting PCIe interface standards [3] - The innovative mSSD includes a tool-free expansion card for enhanced compatibility with diverse storage applications [3] Group 4: Future Profitability and R&D Directions - The company is expected to enhance its profitability through breakthroughs in high-end storage, overseas business, and self-developed controllers [3][4] - Future R&D will focus on chip architecture design and firmware development for UFS, eMMC, SD cards, and PCIe SSDs, adopting a fabless model to improve product competitiveness [4] Group 5: Disclosure Compliance - The investor relations activity did not involve any undisclosed significant information [4]

定 5-6 亿湿吨镍矿资源的供应，并已在印尼建立四大镍原料产业 基地，打通资源、冶炼、材料的垂直一体化产业链生态。 2、对此次镍价上涨周期怎么看？ 答：公司持续完善一体化产业链生态的搭建，LME 镍价上涨 对公司经营利润有积极影响。 3、公司与下游客户的谈价周期和定价机制是什么，是否受 上游金属价格波动影响？ 答：公司与大客户主要签订长期合作协议方式，协议时间至 少三年以上。公司采取"以销定产"的经营策略以及"主要原材 料成本+加工费"的价格传导定价机制，辅以套期保值业务，最 大程度降低原材料价格波动的直接影响。 4、公司 2025 年镍系三元未来增长驱动因素有哪些？ 答：展望未来，基于中国市场对长续航需求提升、单车带电 量提升、固态电池产业化、欧洲新能源车需求向好，未来镍系材 料仍然具备较大市场增长空间。 5、公司磷酸铁锂相关的资源布局、开采情况及成本等信息？ 答：产能布局方面：目前公司在贵州开阳布局了 20 万吨磷 酸铁和 5 万吨磷酸铁锂产能。资源布局方面：磷资源，公司在贵 州开阳掌控优质磷矿资源，磷矿资源量达 9844 万吨，平均品位 25%；规划年开采量 280 万吨，近期即将启动动工；锂资源，公 ...

山东山大电力技术股份有限公司 投资者关系活动记录表 编号：2025-003 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（ 请文字说明其他活动内容） 形式 线下交流 参与单位名称 及人员姓名 中信建投证券：张玉龙 时间 2025年12月30日 地点 济南市高新区孙村街道飞跃大道3916号 山大电力会议室 上市公司接待 人员姓名 总经理：王剑 副总经理：齐曙光 总工程师：赵传刚 董事会秘书：赫秀梅 证券事务代表：王越 投资者关系活 动主要内容介 绍 1、公司在手订单情况介绍，2026年收入和利润规划？ 答：截至目前，公司电网智能监测和新能源两大业务板块 在手订单情况总体保持稳定。 公司上市后，全面统筹规划未来发展战略与经营目标，将 继续稳步推进各项业务拓展，2026年具体的业绩情况请以公司 后续发布的公告为准。 2、公司产品在变输配电各环节的分布情况？未来各环节的发展 规划如何？ 答：公司电网智能监测产品主要集中在变电侧、输电侧，配 电侧相对低一些。 未来，随着国产化替代、存量市场更新迭代、增量市场、特 高压项目的密集建设、人工智能 ...

Group 1: Corporate Governance and Management - The company has implemented a comprehensive governance structure, establishing the shareholders' meeting as the highest authority and ensuring the board of directors makes scientific decisions while granting the management team operational autonomy within authorized limits [2][3] - A "1+M+N" system has been established to strengthen the board's role in decision-making and ensure effective management, with a focus on internal control and compliance [2][3] - The company has optimized its management processes to enhance decision-making efficiency and compliance management, integrating risk prevention mechanisms [2][3] Group 2: Value Creation and Operational Efficiency - The company is advancing nine major transformations across production, market, and supply chain to build a multi-dimensional value creation system [4] - Continuous improvement in production management has been emphasized, focusing on quality management, cost control, and production efficiency [4] - Digital transformation efforts are aimed at enhancing operational efficiency and reducing costs through data governance and application [4] Group 3: Shareholder Returns - The company prioritizes shareholder returns, distributing cash dividends based on profits, with a total cash dividend of ¥281,853,934.10 distributed to shareholders as of September 30, 2025 [5] - The cash dividend distribution is set at ¥1.00 per 10 shares, with no stock bonuses or capital reserve transfers [5] Group 4: Product Strategy - The company is focusing on consumer demand by implementing a big product marketing strategy, creating a product matrix that includes major brands like Yanjing U8 and Yanjing V10 [6] - A diversified marketing strategy combining beer and beverages is being pursued to optimize the product matrix and enhance market presence [6]

证券代码：000962 证券简称：东方钽业 宁夏东方钽业股份有限公司 投资者活动记录表 编号：2025-027 | 投资者关 | □特定对象调研 □ | 分析师会议 | | --- | --- | --- | | 系活动类 | □ 媒体采访 □ | 业绩说明会 | | 别 | | | | | □ 新闻发布会 □ | 路演活动 | | | 现场参观 □ ☑ | 电话会议 | | | □ 其他 （请文字说明其他活动内容） | | | 参与单位 | 2025 年 12 月 29 日： | | | 名称及人 员姓名 | 中色资产管理有限公司：姜国峰，张乐，王励捷；北京安泰科信息科技股份有 | | | | 限公司：朱妍；允泰资本：马骏、古雪 | | | | 2025 年 12 月 30 日： | | | | 国泰租赁：宁雪帆、王保鑫、叶翰卿 | | | 时间 | 2025 年 12 月 29 日下午 14:00-18:00 | | | | 2025 年 12 月 30 日下午 14:30-18:00 | | | 地点 | 宁夏东方钽业股份有限公司 | | | 上市公司 接待人员 | 董事长：黄志学；副总经理兼董秘：秦宏 ...

Group 1: Industry Trends - The PCB industry is projected to grow with revenues and production increasing by 15.4% and 9.1% respectively in 2025, driven by demand for AI data center servers and switches [3] - The compound annual growth rate (CAGR) for high-layer boards and AI HDI boards is expected to reach 22.1% and 17.7% from 2024 to 2029 [3] Group 2: Company Core Competencies - The company leverages innovative R&D models to enhance its competitive capabilities, focusing on segmented markets and application scenarios [4] - Collaborative R&D with downstream PCB industry clients aims to address process challenges and meet advanced manufacturing needs [4] Group 3: Product Developments - The demand for high-layer and high-density PCBs is increasing due to the rise of AI servers and high-speed switches, necessitating higher quality standards for signal integrity [5] - New products, such as a CCD six-axis drilling machine with 3D back drilling capabilities, have been developed and certified by industry leaders for mass procurement [5] - The company is also optimizing laser drilling solutions to meet the high precision requirements for emerging applications in AI smartphones and optical modules [6] Group 4: Market Positioning - The company provides high-reliability processing solutions to meet the increasing demands for thickness ratios, impedance tolerances, and signal integrity in AI server applications [7] - The strategic positioning in production capacity and delivery enhances the competitiveness of downstream clients in the PCB market [7]