Group 1: Company Overview - Steady Medical Group, founded in 1991, has evolved into a health enterprise focusing on medical and consumer sectors, listed on the Shenzhen Stock Exchange in 2020 [13] - The company aims to "protect health, care for life, and protect the environment" with its main brands being "Winner Medical" and "Purcotton" [13] Group 2: Annual Performance Review - In 2024, the company achieved a total revenue of 89.8 billion CNY, a 9.7% increase from 2023's 81.9 billion CNY [18] - Excluding infection protection product revenue, the adjusted revenue was 86.2 billion CNY, reflecting an 18.6% year-on-year growth [18] - The revenue structure for 2024 was 43% from medical consumables and 56% from consumer products [18] Group 3: Profitability - The net profit attributable to shareholders reached 7.0 billion CNY, a 19.8% increase compared to 2023 [21] - The net profit margin improved to 7.7%, up 0.7 percentage points from the previous year [21] - The gross profit margin for 2024 was 47.3%, indicating a stable profitability trend [20] Group 4: Asset Quality and R&D Investment - Total assets at the end of 2024 were 184 billion CNY, a 7.5% increase from the previous year [26] - The asset-liability ratio stood at 35.4%, maintaining a low level [26] - The company emphasized R&D, with a steady increase in the number of patents and medical product registrations [26] Group 5: Shareholder Returns - The proposed cash dividend for 2024 is 3.8 billion CNY, representing 54% of the net profit [30] - Cumulative cash dividends since listing amount to 26.1 billion CNY, accounting for 93% of the net proceeds from the IPO [30] Group 6: Medical Consumables Business - The medical segment generated 39.1 billion CNY in revenue for 2024, showing resilience despite a high base from infection protection products [34] - Excluding infection protection, the medical consumables revenue was 35.5 billion CNY, a 20.4% increase year-on-year [34] - Core categories such as high-end dressings and surgical consumables saw revenue growth exceeding 30% [34] Group 7: Consumer Products Business - The consumer segment, led by Purcotton, achieved 49.9 billion CNY in revenue, a 17.1% increase from 2023 [43] - Online sales contributed 62% of the revenue, while offline stores accounted for 30% [46] - The company added 92 new offline stores in 2024, bringing the total to 487 [46] Group 8: Q1 2025 Performance Overview - In Q1 2025, total revenue reached 26.1 billion CNY, a 36.5% increase year-on-year [53] - The medical business revenue for Q1 2025 was 12.5 billion CNY, up 46.3% [54] - The consumer business generated 13.4 billion CNY, reflecting a 28.8% growth [54]

Group 1: Financial Performance - The company reported a revenue of 579 million yuan, an increase of 13.63% year-on-year, but the net profit attributable to shareholders was 48.3 million yuan, a decrease of 19.32% [2] - In 2024, the company achieved a net profit of 154.74 million yuan, while in Q1 2025, the net profit was 48.3 million yuan [4] - The company’s revenue growth in 2024 was 4.93%, reaching 2.748 billion yuan [3] Group 2: Production Capacity and Projects - The company has a current production capacity of 66,500 tons for film products, with an additional 38,000 tons from a new BOPA film project that has not yet fully released its capacity [3] - The lithium-ion battery separator project is under construction, with plans for gradual production [4] - The company has 4.9 billion square meters of existing separator capacity, with additional dry and wet separator projects planned [4] Group 3: Market Conditions and Competition - The market for PE gas pipelines has seen a decline in demand due to the economic downturn and real estate market issues, leading to a reduction in sales expectations [5] - The competition in the separator and film markets is intense, with the company maintaining a strong reputation and customer base [6] - The overall industry for separators is experiencing oversupply, although high-end separators are in tight balance [10] Group 4: Strategic Plans and Future Outlook - The company aims to maintain its PE pipeline sales target at 95,000 tons for 2025, with BOPA film sales targeted at 85,600 tons and lithium-ion battery separator sales at 85.08 million square meters [12] - Future growth points include the completion of new projects and effective capacity release [4] - The company plans to enhance brand awareness and market presence through various promotional activities [6] Group 5: Shareholder and Market Confidence - The company has consistently paid dividends since its listing, aiming to enhance shareholder value despite recent stock price declines [10] - There are no current plans for stock buybacks to boost investor confidence [11] - The management acknowledges the need for improved communication and transparency with investors regarding market performance and company strategies [14]

Industry Overview - The pesticide industry in 2024 is under pressure but maintains stable development due to food security demands, showcasing trends in technological innovation and green transformation [2] - China, as the largest pesticide producer and exporter, is seeing an increase in technical capabilities and product variety, with top domestic companies experiencing revenue growth [2] - The upcoming "one certificate, one product" policy is expected to enhance industry standardization and sustainable development [2] Product Pricing and Trends - Current prices for key products are: - Abamectin: 515,000 CNY/ton - Methomyl: 720,000 CNY/ton - Bacillus thuringiensis: 27,000 CNY/ton - Prices are expected to rise, influenced by raw material costs and seasonal demand [3] Core Competencies - The company has strong resilience during industry downturns and has initiated cost-reduction strategies [3] - Production capacity includes: - Active ingredient capacity: 110,200 tons - Formulation capacity: 132,700 tons - The company holds 296 domestic pesticide registrations and 2,770 overseas registrations, indicating a robust product structure [3][5] Strategic Planning for 2025 - Focus on quality and cost efficiency for key products like Abamectin and Methomyl [6] - Enhance brand influence and market presence through new marketing strategies [6] - Accelerate international expansion, particularly in South America and Southeast Asia [6][8] - Drive research and development efficiency, emphasizing innovative product development [6] Financial Performance - In 2024, the company reported: - Revenue: 4.237 billion CNY, a 0.32% increase - Net profit: 81.36 million CNY, a 31.11% increase - Non-recurring net profit: 51.18 million CNY, a 12.52% increase [10] R&D and Innovation - The company is a pioneer in the industrial development of Abamectin and Methomyl, with a comprehensive product chain [5][13] - In 2024, the company established a synthetic biology laboratory to enhance product development capabilities [7][13] - New product projects are progressing, with 15 new patents granted in 2024 [8] Market Expansion and Risk Management - International revenue accounts for 33.89%, primarily from South America, Southeast Asia, and Africa [11] - The company employs financial derivatives to hedge against foreign exchange risks [11] - The impact of the US-China tariff conflict is minimal, with less than 2% of exports affected [16]

Financial Performance - In 2024, the company achieved operating revenue of 675.85 million yuan, a year-on-year increase of 26.57% [1] - The net profit attributable to shareholders decreased by 17.43% to 25.20 million yuan [1] - The net profit after deducting non-recurring gains and losses fell by 21.35% [1] - As of December 31, 2024, the net assets attributable to shareholders were 973.97 million yuan, a decrease of 0.41% [1] - In Q1 2025, operating revenue was 16.21 million yuan, a growth of 1.29% year-on-year [1] - The net profit attributable to shareholders in Q1 2025 was 2.86 million yuan, down 38.70% [1] Operational Metrics - The average occupancy rate for direct-operated hotels in 2024 was 63.68%, with an average room price of 483.49 yuan, resulting in a RevPAR of 307.89 yuan [1] - In Q1 2025, the average occupancy rate was 56.51%, with an average room price of 471.81 yuan, leading to a RevPAR of 266.62 yuan [1] - During the "May Day" holiday in 2025, the average RevPAR exceeded 550 yuan, with significant performance from the "Pagoda" and "Night Boat" brands, which saw a 10% year-on-year increase [3] Market Strategy and Adjustments - The company is actively adjusting marketing strategies and channel layouts in response to market changes, particularly in the face of reduced business travel and traditional customer channels [5] - The company has expanded its overseas market presence, benefiting from government policies, which has stabilized hotel pricing [6] - The membership base surpassed 18 million in 2024, with a steady increase in the proportion of revenue from membership channels [6] Investment and Expansion Plans - A new investment project in Chengdu is in the planning stage, expected to open in Q4 2025, featuring over 300 rooms [8] - The company has launched a franchise business model, signing eight new franchise projects in key cities like Guangzhou and Chengdu [12] - The company aims to enhance its investment efficiency and project development channels through partnerships with professional institutions [8] Challenges and Opportunities - The hotel industry is facing challenges due to changes in customer structure and booking channels, necessitating a shift in operational strategies [5] - The company is focusing on the growing demand in lower-tier markets and the silver economy, developing products tailored to family and elderly travelers [10] - The company is leveraging its experience in property renovation to capitalize on the current market dynamics, particularly in high-end vacation hotels [15]

天海融合防务装备技术股份有限公司 致总体毛利率较低；而当产量规模扩大后，分摊的固定成本降 低，毛利率也会相应增加。公司将积极开拓各类特种无人船艇 的项目订单，同时加强成本管控。 证券代码：300008 证券简称：天海防务 投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | ■特定对象调研 □分析师会议 | | --- | --- | | 类别 | □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 | 华泰证券；中邮基金；国盛证券；东吴证券；金科控股；贲舜 | | | 私募；东证资管；兴银基金；东北证券；青骊资产；国联民生 | | | 证券 | | 时间 | 2025 年 5 月 8 日 13:30 | | 地点 | 上海市松江区莘砖公路 518 号 10 号楼 | | 上市公司接待人 | 董事、副总经理、董秘 董文婕 | | 员姓名 | 董事长助理 李斌 | | | 证券事务代表 陆颖颖 投资者问答主要内容： | | | 1、请谈一下公司在防务相关项目上的展望和规划。 答：公司的业务构成以船舶设计、建造为主，三大 ...

Group 1: Company Overview and Operations - The company has established a production base in Mexico, which is currently in the capacity ramp-up stage and is progressing as planned [2] - The company’s main products include data cables, new energy cables, and ordinary cables, primarily used in the automotive, energy storage, and data center industries [3] - The company has entered into partnerships with major automotive manufacturers such as BYD, Tesla, and General Motors [2] Group 2: Financial Performance and Projections - The company plans to hold the 2024 annual shareholder meeting on May 12, 2025, to review the profit distribution proposal [3] - The first quarter net profit increased due to improved product structure, reduced financial costs, and enhanced customer payment efficiency [7] - The company expects steady production and sales growth throughout 2025, with specific performance details to be announced in future disclosures [7] Group 3: Market Demand and Product Applications - The company’s products are increasingly being used in various models from BYD, including those with advanced driving capabilities [8] - The demand for new energy cables is rising as the penetration rate of new energy vehicles continues to increase [11] - The company is also exploring applications for its products in humanoid robots and low-altitude flying vehicles [11] Group 4: Competitive Advantages and Strategic Plans - The company’s competitive advantages include brand strength, scale, management efficiency, cost competitiveness, technological leadership, and quality superiority [10] - Future strategies involve strengthening core business operations, increasing R&D investment, and enhancing product quality and performance [7] - The company aims to maintain and expand relationships with existing customers while exploring new market opportunities [7]

Group 1: Meeting Details - The meetings are scheduled for May 7, 2025, with various institutions participating both online and in-person [1][2][3][4] - A total of 143 participants from different financial institutions are listed, indicating a significant interest in the event [1][4] Group 2: Participant Breakdown - Major institutions include Anxin Fund, BlackRock, and Guotai Junan Securities, with multiple representatives attending [1][2][4] - The majority of participants (approximately 70%) are attending online, reflecting a trend towards virtual engagement in the financial sector [1][2][3] Group 3: Representation by Institution - Anxin Fund has three representatives, while Guotai Junan Securities has four, showcasing their active involvement [1][4] - Other notable participants include China Merchants Bank and Huatai Securities, each with multiple attendees [2][4] Group 4: Event Format - The event features both online and in-person formats, allowing flexibility for participants [1][2] - The online format is particularly favored, with a significant number of attendees opting for this method [1][3]

Group 1: Company Performance and Market Opportunities - The company reported significant growth in the sanitary napkin segment, with a market size in China exceeding 100 billion RMB, indicating vast growth potential despite being a relatively small player [5] - The aging population and increasing health management needs are driving demand for medical supplies, creating a larger market space for the company [2] - The company aims to enhance its market competitiveness by focusing on disposable medical supplies through acquisitions and expanding its product categories [2] Group 2: Strategic Initiatives - The company is committed to providing integrated solutions for hospitals, pharmacies, and home care, addressing pain points in quality, supply chain, and digital integration [2] - Continuous investment in R&D is prioritized to innovate products that fill market gaps and meet patient and healthcare institution needs [2] - The company is advancing smart manufacturing and AI technology applications to improve production efficiency and reduce costs [2] Group 3: Channel Strategy and Growth Projections - The medical segment's channel strategy includes overseas business, domestic hospital lines, consumer medical business, and cross-border e-commerce, with a focus on significant growth in domestic hospital lines in 2025 [9][10] - The overseas business is primarily focused on Europe, while the domestic hospital segment is being segmented into traditional dressings, surgical materials, and high-end dressings [9] - The cross-border e-commerce channel has been the fastest-growing, particularly on platforms like Amazon, despite potential impacts from current tariff policies [10] Group 4: Impact of Tariff Policies - The company anticipates limited impact from U.S. tariff policies, with affected sales in overseas divisions and cross-border e-commerce remaining in single-digit percentages of the medical segment [6][7] - Strategies to mitigate tariff impacts include increasing investments in South America and expanding existing U.S. operations [6][7] - The company maintains strong competitive advantages in the U.S. market for medical supplies, with various strategies to manage tariff-related challenges [7] Group 5: Brand Management and Investor Relations - The company has implemented a market value management system to protect and return value to investors, with regular monitoring against industry benchmarks [11] - A rising trend in dividend payouts has been established, with plans for mid-year dividends starting in 2024 [11] - The company emphasizes transparency and communication with investors, enhancing information disclosure and hosting performance briefings [11] Group 6: Product Development and Consumer Engagement - The company is focusing on product innovation in the sanitary napkin sector, utilizing high-quality cotton and advanced technologies to enhance user experience [5] - Initiatives to improve consumer trust include product traceability through QR codes and real-time factory monitoring [14][15] - The company is actively engaging with consumers for feedback on product improvements, integrating suggestions into new product developments [14]

代码：002867 证券简称：周大生 编号：2025-016 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他(电话会议) | | | | 共计 50 位投资者（排名不分先后）： | | | | 百年资管：戴斌、徐超 | 东吴证券：吴劲草、郗越 | | | 华安基金：吴政、刘潇 | 广发证券：包晗 | | | 中信建投资管：黄鹏 | 广东正圆私募基金：黄志豪 | | | 富敦投资：刘宏 | 天风资管：邱天 | | | 东方基金：金凤 | 上海证券自营：邵锐 | | | 上银基金：林竹 | 聚鸣：吴莹莹 | | | 誉辉资管（北京）：王灿 | Pickers Capital：Stanley Yip | | | 九泰基金：袁多武、邓茂 | nb 公募：吴瑾 | | 参与单位名称 | 循远投资：田超平 | 东吴人寿：赖政 | | 及人员姓名 | 星泰投资：曹秉超、贾雨朦 | 天弘基金：董志强 | | | 仙人掌私募基金：卢崇春 | 混 ...

Financial Performance - In 2024, the company's revenue from the metamaterials business reached 1.552 billion CNY, a year-on-year increase of 21.69%, marking nearly an 11-fold increase over six years [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 643 million CNY, a year-on-year growth of 18.47%, with a nearly 13-fold increase over six years [2] - In Q1 2025, the company achieved operating revenue of 372 million CNY, a year-on-year increase of 15.96%, and a net profit of 151 million CNY, up 10.82% [2] Production Capacity and Investment - The 709 base's second phase was completed and put into production in October 2024, but the revenue and net profit growth for 2024 was modest due to production equipment needing a debugging period [2] - As of the end of 2024, the company had used 4.111 billion CNY of the raised funds, with a usage progress of 60.12% [3] - The investment progress for the 709 base was 73.76%, while the 905 and 906 bases were newly established with investment progress of 8.37% and 1.12%, respectively [3] Cash Flow and Accounts Receivable - The operating cash flow for Q1 2025 was 326 million CNY, a significant year-on-year increase of 597.24% [2] - By the end of 2024, accounts receivable aged within one year accounted for approximately 78%, and those aged between one to two years accounted for about 17% [5] Product Development and Market Demand - The company is advancing the application of metamaterials in civilian sectors such as electronic equipment, smart vehicle testing, and drones [6] - In February 2025, the company signed batch production contracts worth a total of 780 million CNY with two clients, aiming for delivery by the end of 2025 [8] Quality Assurance and Testing Facilities - The company has built 10 electromagnetic modulation testing chambers, including 3 compression fields, and is constructing 11 more, expected to be completed by Q4 2025 [7] Strategic Focus and Challenges - The company emphasizes the importance of full-chain collaboration in the metamaterials industry, which involves complex performance indicators and extensive documentation [9]