Group 1: Company Value and Market Position - The company's value in the supply chain lies in acting as a crucial link between upstream semiconductor manufacturers and downstream electronic product manufacturers, ensuring a stable supply chain for electronic components [2] - The company helps upstream manufacturers promote new products and expand customer bases, addressing the challenge of covering numerous clients effectively, thus reducing marketing costs [2] - The company integrates customer needs through market personnel and application engineers, providing technical support and application solutions, which enhances value-added services [3] Group 2: Financial Performance - In Q1 2025, the company achieved a revenue of 17.47 billion yuan, a year-on-year increase of 249.01% [4] - The net profit attributable to shareholders reached 84.56 million yuan, reflecting a year-on-year growth of 64.99%, driven by demand in the new energy vehicle, AI computing, and robotics sectors [4] Group 3: Distribution Model - The company's core business is authorized distribution of electronic components, which involves signing agency agreements with IC manufacturers for direct support in supply and technology [5] - Authorized distributors can provide stable product supply to downstream clients, while non-authorized distributors operate with more flexibility but are more susceptible to market fluctuations [5] Group 4: Product Line Strategy - The company represents 11 of the top 20 domestic semiconductor brands and 9 of the top 20 global semiconductor brands, including major names like NVIDIA and AMD [6] - In 2024, the company plans to introduce product lines in smart driving, passive components, and memory sectors, optimizing resources towards higher quality product lines [6] Group 5: Currency Impact - Fluctuations in exchange rates can affect the company's profits due to the involvement of foreign currencies like HKD and USD in procurement and sales [7] - Exchange rate variations can impact revenue and costs, especially when USD-purchased components are sold in RMB [7]

Company Overview - Zhejiang Yongtai Technology Co., Ltd. was established in 1999 and listed in 2009, headquartered in Taizhou, Zhejiang Province, specializing in fluorine fine chemicals manufacturing [2][3] - The company covers new materials (lithium battery and fluorinated liquid materials), pharmaceuticals, plant protection, and trade, with a comprehensive product range across the upstream and downstream supply chain [2][3] Performance and Financials - In 2024, the company achieved a revenue of CNY 458,939.78 million, a year-on-year increase of 11.18%, with a net profit loss reduced by 36.26% [4] - The lithium battery materials segment showed significant improvement with a gross margin increase of 23.07 percentage points; the plant protection segment's revenue grew by 91.79% [4] - In Q1 2025, the company reported a revenue of CNY 105,995.92 million and a net profit of CNY 1,057.75 million [4] Business Segments Trade Segment - The trade segment, led by subsidiary Shanghai Nonghui, focuses on the sale of pesticide raw materials and formulations, holding over 1,500 overseas pesticide registration certificates [5] Plant Protection Segment - The growth in the plant protection business was driven by three factors: market recovery post-inventory adjustment, new production lines coming online, and proactive customer expansion [6][7] Lithium Battery Technology - The company prioritizes the development of medium and long-term lithium battery technology, enhancing collaboration with industry partners for application research [8] - The commercialization timeline for this technology remains uncertain, dependent on R&D progress and market conditions [9] Fluorinated Liquid Products - The fluorinated liquid business has established a small-scale order base, with plans for rapid growth through product optimization and market expansion [10] - The market for fluorinated liquids is expanding due to advancements in AI, high-performance computing, and semiconductor manufacturing, though challenges remain [11] Future Growth Strategies - Profit growth will be driven by expanding lithium materials capacity, stable demand in pharmaceuticals, global expansion in plant protection, and breakthroughs in new businesses like fluorinated liquids [12] - The company is exploring solid-state battery technology, maintaining communication with industry partners to adapt to market needs [12] Pharmaceutical Business Development - The pharmaceutical segment will focus on high-value formulations, leveraging procurement opportunities to penetrate the domestic market, and enhancing market development capabilities through specialized teams [13] Financing Plans - Currently, there are no plans for additional financing; future decisions will be based on project progress and funding needs [15]

Group 1: Company Capacity and Product Lines - The current production capacity for carbon black is 410,000 tons/year, coal tar deep processing capacity is 600,000 tons/year, modified asphalt is 200,000 tons/year, and crude phenol refining is 15,000 tons/year [1] - The company plans to expand its product line into new materials through coal chemical deep processing, enhancing the stability of carbon black quality [1] - The "2×100,000 tons/year anthracene oil deep processing project" and "500,000 tons/year coal tar deep processing project" have been approved by the shareholders' meeting, which will enrich the product line in the new materials sector [1] Group 2: Strategic Business Development - The company aims to extend carbon black products into high-end markets, with a project for fine processing of coal tar and special carbon black, targeting 70,000 tons/year of specialty carbon black [2] - The planned "500,000 tons/year coal tar deep processing project" will enhance the company's processing capacity to one million tons, strengthening its market competitiveness [2] - The project for extracting high-value products from anthracene oil is expected to meet the growing demand for mid-to-high-end carbon black, benefiting from the rapid development of downstream industries [2] Group 3: Energy Utilization and Cost Efficiency - The company has implemented a carbon black tail gas power generation system, achieving self-supply of electricity for production and office use, significantly reducing electricity costs [6] - By reusing waste heat from coal tar processing, the company lowers gas consumption and enhances energy efficiency across its operations [6] - The integration of production processes allows for reduced transportation costs and improved safety and efficiency in raw material handling [2] Group 4: Product Applications - Main products include carbon black and coal tar processing products, with carbon black used as a reinforcing filler in rubber and as a pigment in various industries [7] - Coal tar products such as modified asphalt, industrial naphthalene, and phenolic oil are utilized in diverse applications, including the production of high-power electrode blocks and various chemical intermediates [7] - The company’s products serve critical roles in industries such as textiles, pharmaceuticals, and agriculture, with a focus on high-value applications like dyes and pesticides [4][7]

Group 1: R&D Investment and Achievements - The company's R&D investments from 2022 to 2024 were 319.18 million, 441.96 million, and 540.27 million CNY, representing 14.68%, 14.47%, and 16.47% of revenue respectively [2][3] - As of the end of 2024, the company holds 1,177 domestic patents (including 656 invention patents), 238 software copyrights, and 14 integrated circuit layout designs [2][3] Group 2: LED Display Industry Outlook - The global LED display market is projected to reach 7.971 billion USD in 2025 and 10.236 billion USD by 2028, with a CAGR of 7% from 2023 to 2028 [3] - Mini LED is expected to be a significant growth point, with a projected market size of 3 billion USD by 2028 and a CAGR of approximately 40% from 2024 to 2028 [3] Group 3: Ultra HD Video Industry Trends - The ultra HD video industry is transitioning from 2K to 4K, with 8K just beginning and significant growth potential towards 16K [4] - Future developments will integrate ultra HD technology with AI, high-performance computing, and VR, expanding applications across various sectors [4] Group 4: Overseas Business Performance - In 2024, the company's overseas revenue grew by 32.03% compared to 2023, accounting for 19.10% of total revenue [5] - The company plans to enhance its overseas market efforts in 2025 by increasing international personnel and participating in overseas exhibitions [5]

Group 1: Company Operations and Strategy - The company is currently evaluating the asset replacement timeline, with no final decisions on transaction details yet [1] - The company is enhancing its R&D capabilities through collaboration with institutions like Northeast University and the Chinese Academy of Sciences, focusing on clean, efficient, and environmentally friendly technologies [1] - The company aims to strengthen its automotive steel brand and contribute to becoming a leading high-quality steel base in the automotive sector [1] Group 2: Safety and Environmental Measures - Safety measures include improving the safety management system, conducting emergency drills, and enhancing safety supervision [2] - Environmental measures involve refining management systems, implementing ultra-low emissions management, and promoting clean transportation [2] Group 3: Raw Material Procurement - The company is analyzing raw material supply and demand, optimizing procurement strategies, and enhancing domestic and international supply chain security [2] - Efforts are being made to reduce production costs by optimizing raw material structures and controlling inventory effectively [2] Group 4: Convertible Bonds - The company is closely monitoring the market impact on its convertible bonds, with a focus on enhancing company quality and managing market capitalization [2]

Group 1: Business Performance and Outlook - The company reported normal growth in orders and revenue across its four main business areas: rail transit, automotive, construction, and shipping [1] - Significant revenue growth is noted in automotive sealing and vibration damping products [1] - The company aims to leverage its market advantages to penetrate new markets and products, particularly in the fields of new energy vehicles, energy storage, wind power, photovoltaics, and hydrogen energy [1] Group 2: Container Sealing Business - The container sealing business reached a historical high last year due to international political and economic changes, but current demand is fluctuating due to ongoing uncertainties [2] - Despite a decrease in revenue compared to last year, the container sealing business is expected to perform better than in 2022 and 2023, remaining at a historically high level [2] - The market for container sealing strips in the energy storage sector is rapidly growing [2] Group 3: Contractual Agreements and Product Development - The company signed a procurement framework contract with Anhui Sailaf Energy Co., Ltd., with an expected total procurement of 3.7GW of products by June 30, 2026 [2] - The newly developed short frame product aims to enhance safety and reliability, with features that improve light exposure and increase power generation [3] - The company has also signed a long-term procurement agreement with Longi Green Energy, indicating further recognition of its products [3] Group 4: Diversification and Market Position - The company possesses a high market share in various rubber product applications, allowing it to meet high technical standards and develop new products as per customer requirements [4] - The company is exploring opportunities in robotics and military sectors, leveraging its expertise in sealing and vibration damping materials [4]

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 □电话会议 □其他： 活动参与人员 民生证券、工银瑞信 （参会者已签署书面调研承诺函，在交流活动中，我公司严格遵守相关规 定，保证信息披露真实、准确、及时、公平，没有发生未公开重大信息泄露 等情况。下文会议纪要中的内容不代表公司对未来的盈利预测和业绩指引， 请投资者注意投资风险并谨慎投资。） 时间 2025 年 6 月 26 日 14:00-15:15 地点 公司会议室 形式 实地调研 公司接待 人员姓名 钱元君、王术梅 投资者关系活动 主要内容介绍 1、公司整体经营策略 公司差异化经营，将技术能力、制程能力、产能结构动态适配市场中长期 的需求结构，坚持面向整体市场的主要头部客户群体开展业务。我们定期报告 中披露的前五大客户，在 2024 年收入同比实现不错成长的同时，公司还是努 力保持行业头部客户的均衡，公司向来注重中长期的可持续利益，而非仅仅局 限于眼前的短期利益。公司深知只有着眼长远，保持客户均衡，才能在不断变 化的市场环境中稳健发展，实现可持续增长。 面向整体市场的主要头部客户群体开展业务 ...

Group 1: Company Business Overview - The company provides advanced system solutions and lifecycle services in the energy and power sectors, focusing on compressors and heat exchange devices, managing temperature control and pressure across a range of -271°C to 200°C [2] - Key products include various types of compressors (screw, centrifugal, absorption, piston, and scroll), industrial heat pumps, energy storage devices, vacuum freeze-drying equipment, and marine refrigeration equipment [2] - The company has a mature supply of magnetic suspension compressors, which have been applied in venues for the Beijing Winter Olympics [2] Group 2: Applications in Various Industries - Products are utilized in food freezing and cold chain logistics, chemical production, industrial cooling systems, commercial air conditioning, and special industrial air conditioning [2] - The company has developed helium compressors for superconducting magnets used in nuclear fusion devices, maintaining temperatures close to absolute zero (-269°C) [2] - The company’s products are also applied in data centers, providing cooling equipment and heat exchange devices, with successful implementations in several major data centers across China and overseas [3] Group 3: Nuclear Power Sector Engagement - The company focuses on nuclear island cooling and heat recovery technologies, providing solutions for the safe and efficient operation of nuclear power plants [4] - Recent projects include innovations in cooling systems and heat recovery for various nuclear power stations in China [4] Group 4: Carbon Capture and Industrial Heat Management - The company is a leader in carbon capture equipment, having established a fully operational carbon capture project in Yantai [5] - In response to national carbon neutrality goals, the company has launched an "Industrial Full-Field Heat Control Comprehensive Solution" to enhance energy efficiency and resource utilization [5] Group 5: Deep Sea Technology and Hydrogen Energy - The company provides comprehensive solutions for deep-sea fishing and seafood processing, focusing on rapid freezing and preservation systems [6] - In the hydrogen energy sector, the company has developed a full range of compressors for hydrogen production, transportation, and usage, awaiting large-scale national application [6] Group 6: Financial Performance and Future Outlook - In 2024, the company's overseas revenue was approximately $2 billion, accounting for nearly 30% of total revenue [6] - The company aims for high-quality growth by focusing on strategic initiatives and operational improvements, despite a challenging market environment [6]

Group 1: Economic and Business Overview - The discussion focused on the current macroeconomic situation [1] - Insights were shared regarding the operational status of various business segments [1] - The company's product capacity layout was addressed [1] Group 2: Strategic Direction and Governance - The company's development strategy was a key topic of conversation [1] - Information about the controlling shareholder and actual controller was provided [1]

Group 1: Business Development - The company focuses on four main business sectors: automotive, electrical, aviation, and nuclear protection, leveraging rubber polymer materials [1] - In the automotive sector, the company is expanding product applications while maintaining existing product lines [1] - The electrical sector is shifting from medium-low voltage products to medium-high voltage products, enhancing the product range [1] Group 2: Future Development Plans - The company aims to maintain its industry positioning and continue exploring applications in other sectors while enhancing technological innovation and reserves [2] - Continuous improvement of technological innovation capabilities is a priority for the company [2] Group 3: Competitive Landscape - The company has not identified direct competitors but faces competition in various sectors, such as automotive products competing with companies like Zhongding, Enfu, and SKF [2] - The company plans to learn from industry leaders to enhance its competitiveness [2] Group 4: Performance Contribution - The automotive and electrical sectors are currently the most significant contributors to the company's performance, benefiting from years of technological and customer accumulation [2] - The company intends to deepen investments and development in these key areas [2]