Group 1: Industry Trends and Company Strategy - The esports industry is experiencing significant growth, leading to increased demand for gaming peripherals, which the company plans to leverage by focusing on high-end products like magnetic axis keyboards [2][3] - The rise of remote work and online education is changing the demand structure for computer peripherals, prompting the company to enhance its product strategy to meet these new needs [3] - The company aims to deepen its presence in the esports market and optimize product experiences through technological upgrades [2][3] Group 2: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 305 million, representing a year-on-year growth of 32.9% [3][5] - For the year 2024, the company reported a revenue of CNY 1.324 billion, a 49.01% increase compared to the previous year, and a net profit of CNY 115 million, up 72.49% [4][12] - The company’s R&D investment for the year was CNY 58.7 million, reflecting a 32.27% increase, focusing on enhancing product competitiveness and user experience [12] Group 3: Market Expansion and International Strategy - The company employs an ODM model to collaborate with international brands, supplying peripherals like keyboards and mice, with a sales network covering Europe, North America, and Japan [4][5] - The company plans to continue strengthening partnerships with international clients and expand its market presence through effective resource sharing and collaboration [5][6] Group 4: Product Development and Innovation - The company is advancing its new product development projects, focusing on key technology indicators and performance optimization, with plans to accelerate the launch of new products [7][12] - The product categories with the highest sales in 2024 were keyboards (48.72%), mice (21.35%), and keyboard-mouse sets (23.76%) [12] - The company is committed to continuous innovation in product design and technology, aiming to enhance user comfort and operational efficiency [12] Group 5: Future Outlook and Shareholder Returns - The company maintains an optimistic outlook for 2025, supported by strong order volumes and ongoing capacity expansion projects in Zhuhai and Vietnam [5][6] - A shareholder return plan has been established, proposing a cash dividend of CNY 6.5 per 10 shares, totaling CNY 52 million, pending approval at the annual shareholder meeting [8][12]

代码：002867 证券简称：周大生 编号：2025-015 投资者关系活动记录表 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(电话会议) 参与单位名称 及人员姓名 共计 11 位投资者（排名不分先后）： 中银基金：张响东、夏宜冰、冯梽、黄珺、王方舟、华旭桥、杨亦 然、杨庆运、丁雅纯 东吴证券：吴劲草、郗越 时 间 2025 年 5 月 7 日 地 点 线上 上市公司接待人员 姓名 证券事务代表：荣欢 投资者关系活动 主要内容介绍 一、 问答环节： 投资者主要就 2024 年年报及 2025 年一季报主要财务指标、品牌矩 阵、产品结构、终端销售情况等问题进行了交流，可参阅前次活动记录 表之问答和已披露公告。 接待过程中，公司严格按照《信息披露管理制度》等规定，保证信 息披露的真实、准确、完整、及时、公平，没有出现未公开重大信息泄 露等情况。 附件清单（如有） 无 日期 2025 年 5 月 7 日 周大生珠宝股份有限公司 ...

证券代码：000553（200553） 证券简称：安道麦 A/安道麦 B 安道麦股份有限公司投资者关系活动记录表 编号：2025-03 | | □特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 投资者关系 | 业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | □其他 （投行会议） | | 参与单位名称及 | 本次业绩说明会为面向所有投资者的网上公开直播 | | 人员姓名 | | | 时间 | 2025 年 5 月 7 日下午 | | 地点 | 中国北京，以色列特拉维夫 | | 上市公司 | 总裁兼首席执行官 Gaël Hili、首席财务官 Efrat Nagar、全球投资者关系总监 | | 接待人员姓名 | Joshua Phillipson、董事会秘书郭治 | | | 本次业绩说明会采用网上直播的形式。 | | | 公司总裁兼首席执行官 Gaël 和首席财务官 Efrat 首先介绍了公司 2025 年 | | | 第一季度的业绩情况和业务进展，随后回答了投资者关心的问题，主要问题如 | | | 下： | | | 伴随"奋进"计划的推 ...

Group 1: Financial Performance - In 2024, the company achieved revenue of approximately 21.59 billion yuan, nearly flat compared to 2023 [2] - The net profit attributable to shareholders was approximately 1.20 billion yuan, a decline of 28.02% from 2023, primarily due to income recognition from a previous investment [2] - In Q1 2025, the company reported revenue of approximately 4.69 billion yuan, showing a significant increase compared to the same period last year [2] Group 2: Revenue Composition - The proportion of revenue from transmission, cooling components, and others increased by 5.55% to 24.03% in 2024, compared to 18.48% in 2023 [5][8] - In Q1 2025, the revenue from transmission and cooling components grew by 20% year-on-year, contributing to the overall revenue increase [5] Group 3: Operational Insights - The company experienced a net operating cash flow of -73.36 million yuan in Q1 2025, influenced by differences in operational rhythm and increased employee compensation [3] - Continuous internal improvements and lean management practices have been implemented to enhance operational efficiency [3][4] Group 4: Market Strategy and Challenges - The company is focusing on strategic decoding and project prioritization to navigate market challenges and enhance operational efficiency [3][4] - Despite challenges in the international trade environment, the company is actively expanding its domestic market presence, with domestic revenue steadily increasing over the past three years [8][9] Group 5: Future Outlook - The company plans to continue its focus on innovation in new materials and technologies, particularly in emerging sectors such as new energy and new consumption [7] - The overseas manufacturing base has been established to meet international customer demands, with minimal impact from tariff changes anticipated [9]

Growth Drivers - Future profit growth will be driven by both external and internal factors, including the injection of remaining tungsten mine assets and acquisitions in upstream and downstream sectors [2] - The company aims to enhance development through technological innovation, focusing on green, intelligent, and high-end growth, while controlling management costs to improve overall profitability [2] 2024 Performance - In 2024, the company achieved a revenue of CNY 14.743 billion, a year-on-year increase of 7.8%; total profit reached CNY 1.176 billion, up 15.6% year-on-year; earnings per share increased by CNY 0.07 [3] - Growth was attributed to the acquisition of 100% equity in Shizhu Garden, which enhanced overall revenue and profit through integrated operations, and adjustments in product structure to increase the proportion of high-value-added products [3] Q1 2025 Performance - In Q1 2025, the net profit attributable to shareholders reached CNY 221 million, a significant increase compared to the same period last year; the net profit after deducting non-recurring gains and losses was CNY 204 million, up 341.62% year-on-year [4] - The increase was driven by high prices of mineral resource products and the profitability boost from AI and cloud computing sectors since Q3 2024 [4] Tungsten Price Outlook - Tungsten, a strategic scarce resource, is expected to see price support due to supply constraints from government regulations and declining ore grades, despite the need to monitor the recovery of the hard alloy market [5] Production and Supply - The company currently has a tungsten concentrate annual production of approximately 8,000 tons, with a self-sufficiency rate of about 20%; including other mines, the total production is estimated at 26,000-27,000 tons, with a self-sufficiency rate exceeding 70% [6] - The Shizhu Garden project is progressing well, expected to be completed by 2027, which will increase annual tungsten concentrate production to 10,000 tons [6] Market Dynamics - Rising tungsten prices are expected to impact downstream processing profits, but the company plans to increase the proportion of high-value-added products to improve gross margins [6] - The company’s hard alloy products account for about 25% of its overseas market share, generating approximately CNY 3 billion in revenue [7] Competitive Landscape - The hard alloy market is characterized by intense competition, with upstream tungsten concentrate prices affecting downstream product pricing; the company plans to control costs and enhance R&D capabilities to improve competitiveness [7]

Group 1: Financial Performance - The company achieved total operating revenue of CNY 2,168,197,862.18 in 2024, an increase of 18.07% compared to the previous year [5] - The net profit attributable to shareholders was CNY 63,320,550.32, reflecting a growth of 36.48% year-on-year [5] - In Q1 2025, the company reported operating revenue of CNY 533,829,430.03, up 14.35% from the same period last year, with net profit of CNY 10,447,843.49, a 48.03% increase [5] Group 2: Project Development - The Qingxian Zeming electronic component production project has a total construction area of 129,000 square meters and is expected to complete relocation and gradually start production in 2025 [2] - The Dongguan Tangxia intelligent manufacturing headquarters project, covering approximately 116,000 square meters, is in the main construction phase and is expected to be operational by the end of 2026 [2] Group 3: Market Strategy and Expansion - The company has a proactive overseas market strategy, with significant progress in India, Europe, Central Asia, and Southeast Asia, minimizing risks from tariff conflicts [1] - In 2024, overseas revenue reached CNY 514 million, a year-on-year increase of 29%, with overseas sales accounting for 23.7% of total revenue [8] - The company plans to enhance its overseas market presence by establishing sales companies or production bases in key regions, aiming to significantly increase overseas sales and market share [12] Group 4: Product Development and Innovation - The company is focusing on R&D in general power relays, magnetic latching relays, and other key areas, with a significant portion of R&D investment directed towards new energy vehicle relays [15] - The company has developed a high-load magnetic latching relay that meets national standards, enhancing its market share in smart meter applications [5] - Future product lines will emphasize lightweight, energy-saving, intelligent, low-cost, and compact designs [8] Group 5: Risk Management and Cost Control - The company faces significant raw material cost fluctuations, primarily in silver, copper, iron, and plastics, which constitute a large portion of its main business costs [3] - To mitigate these risks, the company implements cost-sharing through scale effects, optimizes supply chain management, and engages in futures hedging [3] Group 6: Industry Outlook - The global electromagnetic relay market is projected to reach CNY 534.3 billion in 2024, with a year-on-year growth of 3.2% [13] - The domestic relay industry is expected to grow, driven by stable demand from traditional markets and emerging industries such as new energy and AI [14]

Group 1: SAF Business Development - The company is currently using an offshore (FOB) trade model for its SAF business, targeting international oil and gas groups and overseas traders [2] - The company is closely monitoring industry trends and SAF market dynamics to make informed decisions on capacity deployment and business expansion [2] - Ongoing research and upgrades are being conducted in collaboration with chemical research institutions to enhance SAF production capacity and yield [2] Group 2: Financial Performance - In Q1 2025, the company's revenue and net profit (excluding non-recurring items) declined primarily due to reduced engineering income, which has low gross margins and high collection pressure [3] - The decrease in net profit was also attributed to a retrospective adjustment of previously recognized revenue due to government VAT policy changes affecting water pricing [3] Group 3: Dividend Expectations - The proposed dividend for the fiscal year 2024 is set at 0.5 yuan per 10 shares, with plans to enhance dividend frequency and investor returns [3] - The board will seek authorization at the 2024 annual general meeting to establish a specific mid-year dividend plan for 2025, contingent on profit distribution conditions [3]

Group 1: Investor Relations Activity - The investor relations activity was held on April 30, 2025, as an online communication session with 13 participating institutions [3] - Company representatives included board members and the secretary, as well as Vice General Manager Liang Meiyi [3] Group 2: Key Questions and Responses - **Question 1**: The upgrade of assisted driving levels will increase the number of ultrasonic sensors per vehicle, with current models typically using 12 sensors [4] - **Question 2**: The company's 2023 equity incentive plan is still in progress, with updates to be disclosed as required [5] - **Question 3**: There have been adjustments in the top ten shareholders as of the end of the reporting period, with no major share sales by shareholders holding over 5% [6] Group 3: Product Development and Applications - **Question 4**: In addition to the AK2 vehicle-mounted ultrasonic sensor, the company offers technologies for smart cockpit applications, including touch sensing and monitoring technologies [7] - **Question 5**: The company's products are widely used in smart vehicles, smart home devices, and industrial control, with a focus on expanding into new application areas driven by IoT technologies [8] - **Question 6**: The company is increasing investment in consumer electronics, with products like haptic feedback sensors already applied in various devices, and plans to enhance the supply chain for lead-free piezoelectric materials [9]

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on May 6, 2025, from 15:00 to 17:00 [3] - The event was conducted online, allowing investors to participate remotely [3] - Key company representatives included the General Manager, Vice General Manager, and Board Secretary [4] Group 2: Dividend Policy - The proposed cash dividend for the 2024 fiscal year is CNY 1.00 per 10 shares (including tax) [4] - The dividend plan considers the company's profitability, capital expenditure, and debt repayment capacity [4] - The company aims to enhance the timeliness of cash dividends while focusing on long-term investor returns and future growth [4] Group 3: Raw Material Price Management - The company plans to strengthen supply chain management and develop quality suppliers to mitigate reliance on specific vendors [5] - A flexible procurement strategy will be implemented to adjust purchasing based on raw material price trends [5] - Increased R&D investment will focus on high-value products that can withstand raw material price fluctuations [5] Group 4: Market Growth and Challenges - Export revenue growth rates for 2024 and Q1 2025 were 16.6% and 33.3%, respectively, while domestic growth rates were 4.4% and -0.6% [6] - The decline in meat powder business revenue impacted domestic growth; excluding this, domestic pet food business grew by 21.3% and 14.7% [6] - The company recognizes the need to improve brand positioning and sales expense allocation due to low gross margins in staple products [6] Group 5: Strategic Initiatives - The company plans to adopt a multi-brand strategy and increase marketing expenses to enhance brand presence [7] - A new brand "Miaoguan" has been launched, focusing on high cost-performance products [7] - Continuous R&D efforts will aim to create differentiated products and improve customer retention and brand influence [7]

Group 1: Company Performance and Orders - The company has a backlog of orders in the nuclear power sector amounting to 141 million yuan, with expectations for growth driven by new projects approved by the State Council [5] - In the marine engineering sector, revenue from wind turbines increased by 83.25% year-on-year, with some orders extending to 2027 due to rising demand for car transport and container ships [6] Group 2: Future Plans and Capacity Expansion - The company plans to enhance production capacity in 2025, supported by the gradual commissioning of its industrial thermal management equipment project, which will increase usable area to 120,000 square meters [7][8] - The company has a robust order book and aims to improve customer site certifications [7] Group 3: Financial and Investment Updates - The renewable energy equipment R&D center project was completed in 2023, while the industrial thermal management equipment project (Phase I) was completed by the end of 2024, with total planned investment of 150 million yuan [9] - As of December 31, 2024, the remaining balance of raised funds was 2.1152 million yuan, with all funds for the industrial thermal management project utilized [9] Group 4: Strategic Initiatives - The company is open to acquisition opportunities that align with its strategic development direction and will inform investors of any significant developments [10] - The company plans to leverage its existing foreign subsidiaries, particularly in Mexico, to enhance customer service and reduce costs through local supply chain advantages [6]