Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, a year-on-year increase of 40.28%, and a net profit of CNY 40 million, an increase of 14.42% [2] Group 2: AI Technology Applications - AI algorithms are a core application technology, utilized in intelligent terminal products and cloud management platforms [2] - In the intelligent transportation sector, AI visual algorithms are applied in products like smart vehicle video recorders, enabling features such as Advanced Driver Assistance Systems (ADAS) and Driver State Monitoring (DSM) [2] - The company has localized the deployment of the DeepSeek large language model and integrated it into its cloud management platforms, enhancing user experience and reducing R&D costs [2] Group 3: Smart Payment Hardware - The company's smart payment hardware includes products like cloud payment speakers and cloud printing machines, which enhance transaction efficiency and reduce errors in non-cash payments [3] - The company is a key partner of Tenpay (a Tencent subsidiary) in the smart payment hardware sector, with products already commercialized in markets like India and Vietnam [3] - Future plans include optimizing the diversity of smart payment terminal customers and increasing market promotion efforts in Southeast Asia [3] Group 4: Market Opportunities and Risks - The IoT industry is characterized as a fragmented market, with AI technology expanding application demands and hardware needs [2] - The company emphasizes the importance of rational decision-making and awareness of investment risks regarding industry forecasts and strategic planning [4]

Group 1: Market Development Strategies - The company is building an integrated service capability of "Certification, Inspection, Research, and Service" to provide comprehensive solutions including "design verification + product certification + system certification + inspection and testing" [2][3] - The company has established a localized service platform "1+M+N" across over 20 provinces and cities, focusing on various product types including traditional, new energy, and intelligent connected products [2] - A two-tier market development system is in place, employing differentiated marketing strategies to target influential enterprises and enhance customer loyalty through high-quality services [3] Group 2: Drone Equipment Testing Capabilities - As of 2022, the company has obtained drone testing qualifications, covering aspects such as basic flight performance, autonomous flight, maintainability, safety, high-altitude performance, environmental adaptability, and electromagnetic compatibility [3] - New investments include the establishment of an intelligent emergency equipment testing industrial park, which will feature laboratories for extreme environment simulation, software chip and information security, intelligent drone testing, and emergency rescue equipment [3] Group 3: Integrated Service Understanding - The "Integrated Certification, Inspection, Research, and Service" model focuses on combining certification and inspection resources to meet diverse market demands, enhancing service efficiency and market competitiveness [3] - This collaborative model allows for dual development from existing customer resources, facilitating deeper integration of services and expanding into value-added services such as standard formulation and technical consulting [3]

Group 1: Business Overview - Kangda New Materials has three main business segments: adhesives and specialty resins, electronic information materials, and electronic technology [2] - The company maintains a leading position in the domestic market for wind power blade structural adhesives, with a sales volume of 40,000 tons in 2024, achieving a year-on-year growth of over 90% [2][4] Group 2: Acquisition Intent - The company intends to acquire Chengdu Zhongke Huamei Electronics Co., Ltd. to expand into the semiconductor integrated circuit sector, aiming to enhance profitability and operational sustainability [4] - The acquisition will integrate high-quality assets in the specialized integrated circuit design and testing fields, contributing to the company's strategic transformation towards semiconductor integration [4] Group 3: Subsidiary Operations - Saiying Technology focuses on the development and production of microwave hybrid integrated circuits and radar systems, serving primarily domestic enterprises and research institutions [5] - The company has developed advanced radar products, including the "4D Holographic Radar," which is designed for detecting low, slow, small flying targets, applicable in various critical areas such as borders and military bases [6]

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, established in 1952, focusing on thermal management system solutions [1] - The company has two main development phases: - Before 2017: Focused on R&D, production, and sales of automotive thermal management components such as mechanical water pumps and turbocharger housings [2] - From 2017 to present: Expanded into non-automotive sectors while continuing to develop automotive thermal management products [2] Product Development and Market Presence - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [2] - Products are sold nationwide and exported to over 300 factories globally, serving more than 200 domestic and international clients [2][3] Market Performance - The company's turbocharger housing product has ranked among the top in domestic sales and was recognized as a manufacturing champion by the Ministry of Industry and Information Technology in 2024 [2] - The average price of electronic pumps and temperature control valves in the consumer market is slightly higher than in the automotive market due to higher technical barriers [3] Customer Structure and Sales Strategy - The automotive client base includes well-known domestic and international manufacturers, with over 200 clients and service to more than 300 factories [3] - The sales strategy for new energy thermal management products focuses on two core areas: - Electronic water pumps with a product matrix covering 13W to 40KW and compatibility with 12V to 1500V platforms [4] - Customized temperature control valves based on client needs [4] Future Directions and Competitive Advantages - The company is actively developing its robotics sector, leveraging existing thermal management products to penetrate this market [4] - Competitive advantages in the consumer sector include: - First-mover advantage with nearly 10 years of experience and substantial technical reserves [4] - A strong client network with over 70 established relationships [4] - Diverse application scenarios in various fields such as automotive, charging stations, 5G base stations, and more [4]

Group 1: Company Performance - The demand for AI servers and data communication products continues to rise, driving growth in the PCB industry, particularly in high-layer and HDI boards [2] - In Q1 2025, the company achieved revenue of CNY 959.85 million, a year-on-year increase of 27.89%, and a net profit of CNY 116.77 million, up 83.60% [2] Group 2: PCB Industry Trends - The global PCB industry is expected to grow by 7.6% in 2025, driven by the AI industry chain, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [3] - High-layer boards, IC packaging substrates, and HDI boards are projected to have high growth rates of 15.7%, 7.4%, and 6.4% respectively over the next five years [3] Group 3: Competitive Advantages - The company employs an innovative R&D model focused on niche markets and application scenarios, enhancing its competitive edge in the PCB industry [5] - By providing one-stop solutions across various PCB production processes, the company enhances customer service capabilities and strengthens its market position [6] Group 4: Market Opportunities - The high-layer HDI board market is experiencing significant growth, particularly for AI servers, with increasing complexity in product structures [7][8] - The company is recognized for its ability to provide comprehensive solutions for high-layer HDI boards, which are critical for advanced applications [8] Group 5: Strategic Planning - The company aims to become the most respected and trusted PCB equipment service provider globally, leveraging technological upgrades and new competition dynamics [9] - Focus will be on high-growth areas such as HDI boards and flexible boards, with an emphasis on breaking foreign technology monopolies through innovative manufacturing solutions [10]

Group 1: Event Overview - The investor relations activity involved a total of 42 institutions with 52 participants [2] - The event took place from June 1 to June 3, 2025, at the New Industry Biomedical Building in Shenzhen [2] - The main attendees from the company included the Chairman and General Manager, the Deputy General Manager and Secretary of the Board, and the Investor Relations Manager [2] Group 2: Activity Type - The event included various formats such as on-site visits, online communications, and strategy meetings with multiple securities firms [2] - No new major communication content was introduced beyond previously disclosed investor relations activities [2] Group 3: Participating Institutions - A diverse range of investment firms participated, including Dodge and Cox Inc., GIC Private Limited, and Temasek Holdings [3] - The list of participating institutions is detailed in the attached document [4]

Group 1: Car Display Business Development - The demand for in-car display products is expected to continue growing, driven by advancements in smart driving and autonomous driving technologies [2] - The domestic new energy market is experiencing rapid growth, with increasing penetration of smart cockpits and a shift towards personalized, convenient, and multimodal human-machine interaction [2] - Mini-LED technology is gaining traction in the automotive display sector due to its impressive display effects and energy-saving features, meeting the demand for new display technologies [2] - The company aims to leverage its Mini-LED technology advantages to enhance R&D capabilities in automotive display technology and accelerate the commercialization of cutting-edge technologies [2] Group 2: Response to OLED Technology - The global consumer electronics market is projected to maintain growth, prompting the company to innovate in OLED display technologies since 2022 [3] - The LIPO technology, developed over three years, has received high recognition from clients and is now entering mass production, expected to positively impact the company's performance [3] - As products evolve towards higher precision, lighter weight, and greater integration, the market demand for LTPO technology is anticipated to increase [3]

Group 1: Company Strategy and Future Plans - The company has integrated smart operations, AI water technology, and water-soil carbon sinks into its strategic planning, aiming to leverage national policies on mergers and acquisitions to enhance competitiveness [2] - The future development plan focuses on becoming a leading water and environmental engineering consulting group, with a business model based on "one body, two wings" and a "layered gradient" market layout [3] - The company aims to expand new business areas and create a comprehensive service system for the entire lifecycle of water resources, emphasizing innovative solutions and precise management [3] Group 2: Financial Performance - In 2024, the company's net cash flow from operating activities reached ¥156,166,086.13, representing a year-on-year increase of 142.69% [3] - The overall cash flow situation is positive, with significant growth in net cash flow from operating activities, and the company plans to enhance project receivables management in 2025 [3] Group 3: Market Opportunities and Challenges - The company plans to seize opportunities from increased national bond issuance and water investment, as well as challenges posed by extreme weather and urban flooding [4] - The focus will be on digitalization and intelligence in water management, as well as the marine economy, to improve resilience and growth potential in a changing environment [4]

Group 1: Core Competencies and Advantages - The company focuses on "leading basic component technology and deep application in industry equipment," positioning itself as a global leader in intelligent manufacturing equipment solutions [2] - It has over 20 years of development, showcasing vertical integration advantages from basic components to complete equipment and process solutions [2] - The company leverages various advantages, including industry policy support, comprehensive technology, sales and service network, customer resources, and brand effect [2] Group 2: New Energy Sector Performance - The growth focus in the lithium battery equipment industry is shifting from domestic to overseas markets, with partnerships with major clients like CATL and others [4] - The company aims to enhance its market competitiveness and share in the power battery and energy storage battery equipment sectors through innovation and refined management [4] - In the photovoltaic equipment sector, the company has secured bulk orders for core equipment from mainstream battery manufacturers despite a decrease in capital expenditure from downstream clients [4] Group 3: Semiconductor Sector Overview - The company provides intelligent manufacturing equipment for the semiconductor sector, including laser cutting and testing equipment [5] - Its subsidiary, Shenzhen Dazhu Semiconductor Technology Co., focuses on semiconductor packaging equipment, which is currently expanding its market presence [5] Group 4: General Industrial Laser Processing Equipment Market - The company has achieved significant sales with its self-developed 3D five-axis cutting head, generating over 50 million in its first year [6] - It launched the world's first 150KW ultra-high power cutting machine, enhancing its influence in high-end markets [6] - The company is expanding its coverage in the mid-to-low-end market, steadily increasing its market share in high-power laser cutting equipment [7] Group 5: Overseas Expansion Strategy - The company is expanding its overseas R&D and sales teams to capture market opportunities arising from supply chain diversification, particularly in Southeast Asia [8] - The PCB market in Southeast Asia is expected to grow significantly, with projected compound growth rates exceeding those of mainland China [8] - The IC packaging substrate market in the US and Europe is anticipated to grow at compound rates of 18.3% and 40.6% over the next five years, respectively [8] Group 6: Share Buyback Completion - The company completed a share buyback of 22,589,592 shares, representing 2.15% of its total share capital, with a total expenditure of approximately RMB 500 million [9] - The total share capital will decrease from 1,052,193,000 shares to 1,029,603,408 shares following the cancellation of the repurchased shares [9] Group 7: Pledge Situation - The actual controller and major shareholders have a share pledge ratio of 75.98% [10]

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of 2.214 billion CNY, a year-on-year increase of 31.76% [3] - The net profit attributable to shareholders was 188 million CNY, up 18.16% year-on-year [3] - Strong demand from European clients and the expansion of the MicroTouch™ brand contributed to revenue and profit growth [3] Group 2: 2025 Business Strategy - The company plans to adjust strategies across three main business segments: ODM, OBM MicroTouch™, and smart cockpit [3] - Focus on enhancing global manufacturing systems and core competitiveness [3] - Continuous improvement in core technology R&D capabilities [3] - Development of an efficient global team to expand and maintain global customer relationships [3] Group 3: Revenue Breakdown and Forecast - In Q1 2025, the company reported a revenue of 622 million CNY, with ODM contributing nearly 60%, MicroTouch™ at 10%, and smart cockpit at approximately 30% [4] - The company expects sufficient orders for Q2 2025 and aims to meet performance targets set in the 2024 stock incentive plan despite challenges [5] Group 4: Profit Margins and Market Strategies - The gross margin for ODM and MicroTouch™ in Q1 2025 remained above 30%, with slight decreases due to changes in product mix [6] - Strategies to enhance revenue and profit in the commercial display sector include focusing on new projects in retail, finance, and industrial control [7] - The company aims to increase penetration among global top clients and enhance its mainboard design capabilities [7] Group 5: Revenue Contribution and Supply Chain - In 2024, domestic and international revenue contributions were 6% and 94%, respectively, indicating a strong reliance on overseas markets [8] - The impact of U.S. tariffs on the supply chain is limited due to domestic sourcing of most raw materials [9] Group 6: Industry Competition and Expansion - The smart cockpit and vehicle display industry is highly competitive, with many players and low concentration [10] - The Thai factory began mass production in 2024, contributing to a dual manufacturing layout and enhancing supply chain resilience [11] Group 7: R&D Investment - The company invested 98 million CNY in R&D in 2024, an increase of nearly 30 million CNY from the previous year, representing 4.42% of revenue [12]