Group 1: Company Overview and Capabilities - The company is a leading CVD diamond manufacturer in China, possessing proprietary technology for MPCVD synthesis and processing equipment [2][6] - It has the capability to produce large-sized (12-inch) diamond substrates and films, indicating significant production capacity [2] Group 2: Product Development and Market Focus - The company has developed PCD micro-drills that are characterized by long lifespan, high precision, and good surface finish, aiming to reduce reliance on imported precision tools in high-end manufacturing [4] - Continuous R&D investment is emphasized to enhance product performance and market development, particularly in the CVD diamond sector [5] Group 3: Market Trends and Opportunities - The domestic oilfield service market is recovering, with an expected increase in demand for petroleum composite sheets due to rising oil and gas consumption [7] - The high-end manufacturing sector is evolving, with a growing market share for super-hard tools driven by the rapid growth of the new energy vehicle industry [7] Group 4: Strategic Advantages - Self-developed equipment significantly reduces procurement costs and supply chain uncertainties, enhancing production efficiency and adaptability [6] - The flexibility in equipment development allows for rapid iteration of process solutions, focusing on improving product differentiation [6]

Group 1: Business Overview and Product Applications - The company provides advanced system solutions and lifecycle services in the energy and power sectors, focusing on compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - Products include various types of compressors (screw, centrifugal, absorption, piston, and scroll), industrial heat pumps, energy storage devices, and specialized cooling equipment for diverse applications [3] - Key industries served include food processing, cold chain logistics, industrial cooling, commercial air conditioning, and special air conditioning for data centers and nuclear power [3] Group 2: Data Center and Liquid Cooling Systems - The company’s subsidiaries supply cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers advanced cooling solutions [4] - Notable products include variable frequency centrifugal chillers and air-cooled screw chillers, recognized in the national green data center technology catalog [4] - Successful projects include major data centers for China Mobile, China Unicom, and various banks, with ongoing collaborations in North America and Southeast Asia [4] Group 3: Nuclear Power Applications - The company focuses on cooling and heating solutions for nuclear power, developing technologies for safe and efficient operation [6] - Recent projects include cooling systems for multiple nuclear power stations in China, enhancing safety and energy efficiency [6] - Dunham-Bush is a leading supplier of cooling systems for nuclear islands, with over 20 years of experience in the sector [7] Group 4: Heat Recovery Steam Generators (HRSG) - The joint venture with Yantai Modern Ice Wheel Heavy Industry produces HRSGs for combined cycle gas power plants, with projected revenues of over 700 million in 2024 and approximately 1 billion in 2025 [8] - The company has established a competitive edge through partnerships with major global players like GE and Siemens [8] Group 5: Thermal Management and Carbon Neutrality - The company is committed to carbon neutrality, focusing on industrial heat pumps and energy recovery technologies [9] - The subsidiary Beijing Huayuan Taima has developed several patented technologies, including absorption heat exchangers and waste heat recovery systems [9] - The company’s technologies are positioned to meet increasing regulatory demands for energy efficiency and carbon reduction, with a long-term market outlook [9] Group 6: Gas Turbine Waste Heat Cooling Technology - The company produces lithium bromide absorption chillers that utilize waste heat from gas turbines for combined power and cooling solutions [9] - This technology enhances energy efficiency and provides significant energy savings [9]

Group 1: Business Performance and Outlook - The sales revenue of the watch business during the New Year period in 2026 showed a year-on-year increase, although the self-owned brand business faced pressure. The overall sales trend will be assessed in conjunction with the performance during the Spring Festival in January-February [2] - The company will closely monitor consumer market dynamics throughout the year and strengthen efforts in product, channel, and marketing to enhance overall business performance [2] Group 2: Strategic Business Plans - The "Fiyta" brand will focus on product innovation and precise marketing, emphasizing differentiated features in the aerospace series products offline, while online efforts will concentrate on creating popular women's watches [3] - The "Hengjili" brand will continue to optimize its brand and channel structure, developing leading brands and core quality channels to solidify its market share in the domestic watch market [3] Group 3: Acquisition and Collaboration - The planned acquisition of Chang Kong Gear is based on the company's strategic transformation and business development needs, receiving recognition and support from shareholder units [3] - The company is actively advancing the necessary procedures for the acquisition in accordance with relevant regulations, with the final transaction plan still uncertain [3] - There is a production and technical synergy between the company and Chang Kong Gear in the field of precision mechanical components, which has good market prospects for its main products [3] Group 4: Business Scope - The company is currently not involved in commercial aerospace products [3]

Group 1: Company Overview - Aishide Co., Ltd. was established in June 1998 and listed on the Shenzhen Stock Exchange in May 2010 [2] - The company is a leading digital smart distribution and retail service provider, focusing on mobile smart terminals, digital products, communication and value-added services, and fast-moving consumer goods [2][3] Group 2: Business Partnerships - Aishide is a national一级 distributor for major smartphone brands including Apple, Honor, and Samsung, serving over 2,000 Apple authorized stores, 7,000 Honor clients, and more than 4,300 Samsung stores [3] - The company operates 236 self-owned Apple Premium Reseller (APR) stores, maintaining the largest APR channel scale in the country [3] Group 3: Financial Performance and Investments - The company has a 5 billion RMB fund focusing on investments in smart terminals, artificial intelligence, and low-altitude economy, with current projects including Yunshen Technology and Saigan Technology [4] - Aishide has consistently paid dividends for several years, with plans to distribute 4 RMB and 5 RMB per 10 shares for the years 2023 and 2024 respectively [5] Group 4: International Expansion - Aishide's overseas business channels are expanding, targeting markets in Australia, Southeast Asia, the Middle East, and Africa, with a 30% year-on-year increase in overseas sales revenue in the first half of 2025 [5] - The company collaborates closely with Honor in various international markets, supporting its global expansion [4]

Group 1: Company Overview - Runjian Co., Ltd. is a leading digital intelligent operation (AIOps) service provider, ranked among China's top 100 software companies and service industries [2] - The company aims to become a leading provider of artificial intelligence industry models and computing power services, focusing on a core business model of "online digital platform + offline technical services" [2][4] Group 2: Service Offerings - **Computing Power Services**: The company provides a full lifecycle of services for computing power centers, including consulting, planning, design, construction, energy-saving transformation, operation, and maintenance [4][6] - **Data Services**: Over 20 years, the company has accumulated vast proprietary sample data, with over 10 million communication network maintenance datasets and more than 50 billion data points in energy networks [4][5] - **Platform Services**: The "Quchi" platform enables developers to create AI industry models, focusing on training visual, voice, and text algorithms [5] Group 3: Business Segments - **Telecommunication Network**: The company is a major player in the telecommunications maintenance sector, utilizing AI for fault prediction and resource scheduling, significantly enhancing operational efficiency [6][10] - **Digital Network**: The AI+ product line covers 12 product series and 65 application scenarios, promoting high-quality industry development [7][12] - **Energy Network**: The company supports the national "dual carbon" goals, with a total installed capacity of over 33GW in renewable energy projects [7][11] - **Overseas Business**: The company has undertaken over 100 local projects in ASEAN, with a 78% year-on-year increase in overseas revenue [12][14] Group 4: Financial Insights - The operating cash flow was negative 2.5 billion by June 2025, with expectations for recovery in the second half of the year [13] - The debt ratio increased to 69%, with plans to reduce it below 65% within 1-2 years through debt restructuring and optimizing cash flow [14][15] - The company aims to enhance profitability in the digital network segment by focusing on high-quality clients and adjusting its business strategy [12] Group 5: Strategic Initiatives - The company is committed to optimizing its debt structure and enhancing its financial management to address short-term repayment pressures [14] - Future growth in the energy network segment is driven by accelerated renewable energy project construction and integration [11] - The company plans to leverage its technological advantages and strong market position to expand its presence in the ASEAN region [12]

Group 1: AI Server Liquid Cooling Business - The company has completed the consolidation of Dongguan Aluminum Treasure, which is expected to contribute significantly to revenue and profit in 2026 [2] - Dongguan Aluminum Treasure supplies precision structural components for liquid cooling modules to major clients, indicating a large market space and high supply share [2] - The company is deepening cooperation with leading domestic and international AI server manufacturers in liquid cooling testing lines and equipment [2] Group 2: Semiconductor Equipment Precision Components - The company supplies internal fixtures, precision structural components, and module parts to semiconductor equipment manufacturers [2] - Orders from leading domestic semiconductor equipment manufacturers are gradually increasing, indicating good business development [2] - The company is making satisfactory progress in expanding its customer base while deepening cooperation with existing clients [2]

Group 1: Company Overview and Production Capacity - The company has achieved a production capacity of 5.2 million tons in 2025, with ongoing efforts to optimize each operational segment to enhance core competitiveness [4]. - The company operates ten production bases, which are either under construction or completed [4]. Group 2: Technological Advancements - The company has introduced advanced equipment for smart manufacturing, including high-power laser cutting machines and various types of welding robots [3]. - Approximately 3,000 welding robot workstations have been deployed across the ten production bases [3]. Group 3: Market and Orders - The company’s products are widely used in industrial plants, large venues, airports, train stations, and other steel structure manufacturing fields, with a recent focus on industrial plant orders [4]. - The company currently has a saturated order book, indicating robust demand for its products [4]. Group 4: Financial and Strategic Considerations - The company is considering the adjustment of convertible bond conversion prices based on its operational status and market conditions [4]. - The pricing strategy for products is based on "material cost + processing fee," with a focus on improving product quality and customer satisfaction [4]. Group 5: International Business Expansion - The company has been gradually increasing its indirect export business, primarily serving domestic clients, with future considerations for overseas sales based on market demand [3].

证券代码：002518 证券简称：科士达 深圳科士达科技股份有限公司投资者关系活动记录表 投资者提问：数据中心行业景气，吸引更多竞争者加入，竞争 压力也将加剧，公司如何看待？ 公司回答：数据中心行业历经多年发展，竞争格局已趋于稳定。 公司所涉数据中心电源类产品，核心价值在于保障数据中心全 链路稳定运行，具备显著的安全保障属性，由此构筑了较高的 客户粘性。客户在采购决策中，更侧重于产品品质的可靠性， 以及合作关系的深度与持续性。伴随行业景气度持续攀升、市 场空间进一步扩容，势必吸引部分新进入者入局。这既是市场 发展的必然规律，更从侧面印证了该赛道的广阔前景与巨大潜 力。 作为深耕行业三十余年的资深企业，公司已积淀起丰富的 渠道资源、优质的客户资源与深厚的项目经验。依托高精尖研 发团队与完善的产品线矩阵，结合覆盖全球的售后响应体系， 公司得以实现高品质的产品交付与高效的客户服务保障。市场 竞争始终存在，而良性竞争正是驱动企业迭代升级、产品持续 革新的核心动力。未来，公司将聚焦三大核心方向：持续加码 新产品研发、积极开拓新市场与新客户、深化与存量客户的战 略合作绑定，力求在行业发展红利期乘势而上，实现企业发展 的跨 ...

Group 1: Automotive Business Overview - The company focuses on high-strength precision fasteners and special connectors, primarily used in automotive engine turbocharging systems, transmission parking control systems, exhaust systems, and key components in electric vehicles [2][4] - The automotive fastener market is trending towards concentration among leading companies, with many small and medium-sized manufacturers unable to pass qualification audits by major automotive manufacturers [4] Group 2: Commercial Aerospace Business Insights - The commercial aerospace sector is expanding, with the company primarily engaged in manufacturing structural components for commercial rockets, including major segments and fairings [2][3] - Structural components account for over 25% of the total cost of a commercial rocket [3] - The industry is experiencing a supply-demand imbalance, with limited suppliers capable of large-scale delivery, primarily located in regions like Beijing-Tianjin-Hebei and Chengdu-Chongqing [3][4] Group 3: Competitive Advantages - The company possesses significant advantages in talent and resources, with a specialized team in commercial aerospace and a strong financial position to invest in equipment and production lines [3][5] - The barriers to entry in the commercial aerospace sector are high due to technical complexity, talent shortages, and substantial capital requirements [4] Group 4: Future Growth Opportunities - The company aims to expand its automotive parts exports, leveraging established relationships with international suppliers like Magna and Valeo [5] - Domestic growth drivers include new customer development, product category expansion, increased industry concentration, and domestic substitution [5] Group 5: Financial Performance and Projections - In 2025, the automotive business is expected to maintain steady growth, with revenue showing a rapid year-on-year increase despite some temporary impacts from capacity adjustments [5] - The company has achieved stable, small-batch product deliveries to leading private rocket companies, accumulating valuable R&D and manufacturing experience [5]

Group 1: Fundraising and Project Adjustments - The company announced the termination of the original fundraising project "Expansion of Large-size Light Guide Plate Project" to improve fundraising efficiency, reallocating the remaining funds to the TAC film project and reflective polarizing film project [1] - The TAC film and reflective polarizing film projects are aimed at addressing domestic supply chain issues, with both being critical for the company's second growth curve [1] Group 2: Market Overview and Competition - The TAC film market is primarily dominated by Japanese suppliers, with major players including Fujifilm, Konica Minolta, and others, accounting for approximately 80% of the global market [2] - The company plans to establish a production line for TAC optical film with an annual capacity of 1 million square meters, with potential for further expansion based on the progress of the initial project [2] Group 3: Investment and Shareholding Structure - Following recent financing, the company's shareholding in Anhui Jiguang is expected to be 56.4603%, maintaining a stake above 50% to ensure consolidation in financial reporting [2]