Group 1: Company Strategy and Operations - The company aims to implement a "dual-wheel drive" strategy of "industry + capital" to achieve its strategic goals, focusing on strengthening its core businesses in commercial operations, trade logistics, and commodity trading [2] - The company plans to leverage its existing business resources and integrate with the supply chain to solidify its industrial foundation [2] - The company is developing a comprehensive ecosystem for urban and rural commodity circulation, enhancing the role of capital through industrial collaboration and integration [2] Group 2: Real Estate Investment Performance - The company reported a fair value loss of 10.8 billion CNY in 2023 and 11.4 billion CNY in 2024 due to declining real estate market prices, increased vacancy rates, and lower rental income [2] - The company's investment properties have a book fair value of 11.8 billion CNY as of the end of 2024, and future valuations will depend on market conditions and rental levels [2] Group 3: Cash Flow Challenges - The company experienced negative cash flow from operating activities in 2024 and Q1 2025, primarily due to historical debt repayments and guarantee refunds [2] - The negative cash flow in 2024 was attributed to the payment of historical tax liabilities and debts following the company's restructuring [2] Group 4: Logistics and Supply Chain Development - The company operates five logistics parks with over 700,000 square meters of operational area, focusing on local agricultural products and integrated logistics services [3] - Plans include enhancing regional logistics industry layout and developing a digital and intelligent supply chain network [3] Group 5: Retail and Commercial Asset Management - The company is transforming its retail assets through a dual strategy of "business format renewal + scene upgrading," with significant progress in key stores [4] - The company expects the revamped retail spaces to significantly enhance rental income and customer traffic, contributing to overall performance growth in 2025 [4] Group 6: Market Value Management - The company is committed to improving operational management and enhancing core competitiveness to promote reasonable growth in market value [5] - The company acknowledges that stock price fluctuations are influenced by various complex factors and emphasizes the importance of market value management [5]

Group 1: Industry Trends and Company Response - The company is responding to the electrification trend in the industry, with increasing penetration rates of new energy in heavy trucks, light trucks, and construction machinery due to policy support and cost reductions. The future application space is broad [1] - By the end of 2024, the company plans to launch a full range of new energy power battery products and promote capacity implementation [1] - The company leverages its full industry chain advantages to accurately understand customer needs in niche markets and quickly respond to the development of new energy products [1] - Significant breakthroughs have been made in battery thermal management, intelligent management, and lifecycle reliability, with plans to seize market opportunities and enhance the performance contribution of new energy business [1] Group 2: Dividend Policy - Considering the dividend distribution plan for 2024, the total cumulative dividends since the company’s listing will reach nearly 35 billion yuan [2] - The company values shareholder opinions and continuously rewards them through dividends [2] - Future dividend policies will balance company development and shareholder interests, taking into account market conditions, operational cash flow, and future funding needs [2] Group 3: Business Development Goals - Since 2025, the company has benefited from strong industry demand, leading to rapid growth in sales of the M series large-bore engines, with significant increases in data center product sales [2] - The company aims to leverage its advantages in technical performance, production capacity, and delivery efficiency to achieve annual sales targets and capture key high-end markets such as data centers [2] - The focus is on further enhancing market share and profitability [2]

Group 1: Business Growth Drivers - The company's business growth is primarily driven by two segments: semiconductor packaging materials and high-margin smart card services, with significant year-on-year increases in both areas [1][2]. - The smart card business is expected to be the main revenue source, with projected revenue of 3.60 billion in 2024, widely used in mobile communications, financial payments, and public services [1][2]. Group 2: Production Capacity and Utilization - The production capacity utilization rate is between 70%-90%, with external sales accounting for over 60% of the business [2]. - The company has four production bases for smart cards located in Shenzhen, Indonesia, India, and Ningbo, with plans to optimize production efficiency and integrate the supply chain [2][3]. Group 3: Semiconductor Packaging Materials - The core customers for semiconductor packaging materials are well-known domestic power semiconductor packaging companies, with ongoing expansion into overseas markets [3][4]. - The sales revenue for semiconductor packaging materials is projected to grow by 467.80% year-on-year in 2024, with a further increase of 236.78% in Q1 2025 [4]. Group 4: Liquid Cooling Technology - The liquid cooling business focuses on AI servers and high-performance computing, with products designed to meet stringent cooling requirements [5][6]. - The global liquid cooling market is expected to grow at an annual rate of over 20% in the next five years, driven by increasing demand for high-performance cooling solutions [6][7]. Group 5: Smart Safety Solutions - The smart safety business includes a safety barrier project aimed at enhancing passenger safety at high-speed rail stations, utilizing a "platform length pricing" model [7]. - The project is expected to create new revenue streams as it aligns with national safety upgrade demands and has significant market value potential [7]. Group 6: Future Business Directions - The company plans to optimize product structure based on market demand, focusing on maintaining a strong market share in smart cards while expanding into semiconductor packaging materials and smart safety technologies [8]. - The company is cautious about mergers and acquisitions, prioritizing stable growth and risk assessment before pursuing any opportunities [8].

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 1.61 billion RMB, representing a year-on-year growth of 14.19% [3] - The net profit attributable to shareholders was 1.61 billion RMB, with a year-on-year increase of 57.85% [3] - The net profit excluding non-recurring gains and losses reached 1.06 billion RMB, showing a significant growth of 331.10% [3] Group 2: Export and Compliance - In Q1 2025, export sales accounted for 17.76% of total revenue, with sales to the U.S. contributing 1.22% [3] - The company has obtained export licenses for various products, complying with national regulations, and exports to regions including the U.S., Europe, and Southeast Asia [3] Group 3: Share Buyback Plan - The company plans to repurchase A-shares with a total fund of no less than 100 million RMB and no more than 200 million RMB [4] - The buyback will be funded by the company's own funds or self-raised funds, with a maximum of 90% from self-raised funds [4] Group 4: Project Developments - The company is investing in a project to produce 20,000 tons of high-performance rare earth permanent magnet materials, aiming for completion by 2027 [5] - The company is actively collaborating on the development of embodied robot motor rotors, with initial small-scale deliveries already made [6]

Group 1: Company Overview and Key Personnel - The meeting was held on June 26, 2025, at the Zhongguancun Environmental Park Innovation Center, attended by various investment representatives [2][10] - Key personnel included Chairman Zhang Qiusheng, Vice General Managers Li Jinjia and Gong Yuzhen, and General Manager of the subsidiary Li Hongbing [2][3] Group 2: Product Introduction and Market Potential - The HX-A200 domestic core processing chip was introduced, highlighting its technical specifications, infrastructure, and performance advantages [3] - The chip has completed development and testing, with expectations to receive bulk orders within the year [3] - The HX-A200 chip shows potential applications in marine equipment and is primarily targeted at the special electronic information industry [3][5] Group 3: Competitive Landscape and Future Applications - The company acknowledges potential competition in the market but emphasizes the chip's first-mover advantage [3][4] - Future applications of the HX-A200 chip will be explored in underwater detection and oil exploration, expanding its use in specialized fields [5][6] Group 4: Industry Insights and Strategic Direction - The company operates in the special electronic information industry, with sonar equipment being crucial for deep-sea exploration [6] - The "Deep Sea Technology" sector is recognized as a strategic emerging industry in the 2025 government work report, which may positively impact company performance [6] Group 5: Financial Performance and Growth Projections - As of the end of 2023, the company had an order backlog of 630 million yuan, indicating an increase in order volume [7] - The 2025 stock incentive plan includes performance assessment metrics based on revenue growth rate and net profit, aimed at enhancing employee motivation and company competitiveness [8] - Future growth points are expected to arise from advancements in unmanned systems, artificial intelligence, and big data technologies, which will enhance product functionality and performance [9]

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted on June 25, 2025, via an online meeting [3] - Participating institutions included multiple securities firms and asset management companies, totaling over 20 participants [3] - The meeting was attended by the company's Vice General Manager and Board Secretary, Mr. Zhou Weidi [3] Group 2: Company Developments in Autonomous Driving - The company is actively developing products for the autonomous driving sector, focusing on FAKRA connectors, coaxial wires, and lightweight wire materials [4] - There is an increasing demand for high-performance wiring harnesses and centralized architecture domain controllers due to trends in automotive intelligence, electrification, and lightweighting [4] - The company has already developed products for applications in unmanned aerial vehicles and autonomous construction machinery [4] Group 3: Automotive Industry Project Progress - The company is making orderly progress in various automotive projects, including battery pack wiring harnesses for commercial logistics vehicles and charging gun components for brands like Geely and Lynk & Co [5] - Some projects have already entered mass production, while others are in the product development and sampling stages [5]

Group 1: Investor Relations Activity - The company participated in the 2025 Mid-Year Strategy Conference organized by Galaxy Securities on June 25, 2025 [3] - Attendees included representatives from various investment firms such as China Merchants Securities and Infinidi Capital [3] - Company representatives included Secretary of the Board Wang Hengbin and Securities Affairs Representative Liu Minjie [3] Group 2: New Product Development - The company is developing several new products, including: - TH500 series high-voltage pulse current voltage analysis system, max voltage 1500V [5] - TH520/TH521 series parameter analyzers for power semiconductor devices [5] - TH530 series avalanche energy testers with a max avalanche voltage of 2500V [5] - TH550 series KGD testing systems supporting up to 3500V/200A [5] - TH6XX series modular cable testing systems with over 1024 test channels [6] Group 3: Sales Market Distribution - The sales revenue structure shows that approximately 70% comes from the industrial manufacturing sector, while about 30% is from universities and research institutions [6] Group 4: International Expansion - The company plans to invest €100,000 to establish a wholly-owned subsidiary in Munich, Germany, to enhance its market share in Europe [7] Group 5: Market Outlook for 2025 - In Q1 2025, the company reported revenue of CNY 39.09 million, a year-on-year increase of 23.84% [7] - Net profit attributable to shareholders was CNY 9.92 million, up 125.39% year-on-year [7] - The company anticipates structural growth in testing demand in the consumer electronics and new energy sectors in 2025 [7]

Group 1: Company Strategy and Market Opportunities - The company aims to expand its testing service network across China to support the high-quality development of the automotive industry [3] - Key growth drivers include the expansion of domestic automotive brands, increasing demand for differentiated testing services, strong export trends, rapid development of new energy and intelligent connected technologies, and upgraded regulatory requirements [3] Group 2: Testing Capabilities and Services - The company is enhancing its testing capabilities by introducing new testing scenarios, such as wet circular wet control testing roads and intelligent connected vehicle testing grounds [3] - A "one-stop" technical service capability is being developed to provide comprehensive solutions throughout the R&D verification process, significantly improving service efficiency and customer value [3] Group 3: Revenue Sources and Client Relationships - Major testing institutions include Tianjin Inspection Center, Changchun Inspection Center, and others, primarily state-owned enterprises [4] - Revenue sources have shifted from mandatory inspections to client-commissioned R&D testing due to increased investment in domestic brand development [5] - The business from the Automotive Center and its affiliates accounts for approximately 18% of the company's annual revenue [7] Group 4: Future Projections and Risks - The Long Triangle (Yancheng) intelligent connected vehicle testing ground is a fundraising project, with its output value dependent on macroeconomic conditions and market demand [6] - The testing cycle for intelligent connected vehicles is dynamic and varies, with the company focusing on becoming a key partner in accelerating product development and market entry [6][7]

Group 1: Investor Relations Activities - The company conducted a specific investor research activity on June 25, 2025, via Tencent online meeting and in the company conference room [3][4] - Attendees included major financial institutions such as Eastmoney Securities, Sequoia China, and BlackRock [4] Group 2: Market Insights and Predictions - The price of konjac raw materials in 2025 will depend on supply factors, including planting area and weather conditions, which directly affect production and pricing [4][5] - The probability of explosive growth in konjac planting area is low due to specific growing conditions, but an increase in planting area is expected this year due to rising prices [5] Group 3: Market Expansion Opportunities - The konjac industry is targeting growth in health-oriented, functional, and environmentally friendly markets, focusing on low-calorie meal replacements, plant-based innovations, and biodegradable materials [6] - The company plans to leverage technological upgrades and precise marketing to capture high-value market segments [6] Group 4: Production Capacity and Future Products - Current production capacity for konjac balls is 35,000 tons, with plans to increase to 80,000 tons based on market feedback [7] - New product development includes frozen products and jelly powders aimed at the beverage and dairy sectors [7] Group 5: Business Collaboration and Profitability - The company collaborates with clients like Wei Long and Mi Xue Bing Cheng, primarily through ODM production [8] - The company aims to maintain stable gross margins by gradually passing on cost pressures through a cost-plus pricing strategy [10] Group 6: Future Business Strategy - The company plans to increase investment in application research and development to explore new uses for konjac gum [11] - The konjac industry is viewed positively, with expectations of continued growth, and the company remains confident in its market prospects [11]

Group 1: Company Overview and Business Operations - The company focuses on water environment comprehensive governance, urban water system services, sponge city construction, municipal design, EPC contracting, and engineering consulting [2] - The company is expanding its business scope through acquisitions and integrating information technology to explore new profit growth points [2] Group 2: Personnel Changes - Recent personnel adjustments are due to the major shareholder's overall personnel arrangements and the need to strengthen corporate governance [2] Group 3: Legal Matters - The company is involved in an arbitration case with Tongfang Investment, which has appealed to the Supreme People's Court for a retrial, currently under review [3] Group 4: Sponge City Projects - The company has undertaken three sponge city projects in Hebei, Yunnan, and Sichuan, covering the entire process from planning to operation [4] - No new sponge city projects have been won recently; existing projects focus on risk mitigation and operational tasks [4] Group 5: Lithium Battery Material Business - The company's subsidiary in Inner Mongolia specializes in graphite processing for lithium battery anodes, but has faced significant sales declines and increased losses due to market fluctuations [5] Group 6: Land Development Projects - The company's land project in Pingshan was included in Shenzhen's 2023 urban renewal plan, with ongoing progress in the land compensation agreement [6] Group 7: Employee Count - As of December 31, 2024, the company has a total of 343 employees [7] Group 8: Shareholder Business and Competition Issues - The indirect controlling shareholder, Shanxi Construction Investment, is exploring business adjustments and asset restructuring to resolve competition issues, with a proposed extension of the commitment period [9] Group 9: Future Growth and M&A Plans - The company will disclose its 2024 annual report and development strategy, including any potential M&A plans, in accordance with regulatory requirements [11]