Group 1: Business Development and Strategy - The company focuses on liquid cooling products, targeting the network communication and server sectors, with key products including liquid cooling plate modules and comprehensive liquid cooling solutions. Collaborations have been established with major domestic players like ZTE and opportunities with North American and Taiwanese clients are being pursued [3][4]. - The company has acquired a factory in Thailand and land in Vietnam for production capacity expansion, with plans to release capacity gradually in 2026 based on customer demand and order situations [3][4]. - The company aims to enhance its market position by actively seeking strategic partnerships with leading clients in various industries, particularly in the liquid cooling sector [6]. Group 2: Market Trends and Opportunities - The rise of AI technology is reshaping the consumer electronics industry, creating new growth opportunities for functional components related to AI products. The company plans to increase its penetration in AI terminal products to maintain growth momentum [3][4]. - The demand for automation equipment is expected to increase in 2026 due to factors such as AI applications and the production of foldable screens, which will drive investment from panel manufacturers and ODMs [4]. - The company is committed to strengthening its international operations and increasing its market share abroad, particularly in regions where profit margins are higher [6]. Group 3: Financial Management and Risk Mitigation - The company actively manages foreign exchange risks by utilizing effective hedging tools based on business scale and currency trends, aiming to minimize the impact of exchange rate fluctuations on profits [5]. - The company is focused on maintaining stable revenue and profit growth through new customer acquisition, capacity enhancement, and cost control measures [5]. Group 4: Future Outlook and Growth Areas - The company will continue to prioritize its core business while exploring new business opportunities driven by technological innovation. The focus will remain on liquid cooling modules, functional structural components, and automation equipment [6]. - The company is evaluating potential mergers and acquisitions that align with its strategic goals, with plans to disclose any specific initiatives in accordance with regulatory requirements [5].

Group 1: Company Overview and Subsidiaries - Wuxi Longsheng Technology Co., Ltd. is actively involved in the commercial aerospace sector through its subsidiary Wuxi Weiyan Zhongjia Precision Machinery Co., Ltd., focusing on key components for satellite energy systems [2][3]. - The company has established a strong presence in the aerospace supply chain, providing products to major clients such as Aerospace Science and Technology Corporation and Galaxy Aerospace [3]. Group 2: Product Development and Market Position - The company’s commercial aerospace products include critical components like solar wing hinges and control modules, essential for satellite operations [3]. - Wuxi Longsheng has initiated the development of harmonic reducers for commercial aerospace applications, indicating a strategic expansion into emerging markets [3][4]. - The company has completed three phases of its aerospace expansion project, enhancing production capacity to meet growing customer demands [4]. Group 3: Electric Motor and Precision Parts - The electric motor core components are positioned to serve both passenger and commercial vehicle markets, with a focus on high-value segments [4]. - The precision parts division, acquired in 2018, continues to be a cornerstone of the company’s operations, emphasizing automotive components and efficient supply chain management [4]. - The company anticipates a significant increase in production capacity for harmonic reducers, projecting an output of approximately 200,000 units for the year 2026 [4]. Group 4: Market Trends and Future Outlook - The demand for natural gas heavy-duty truck EGR valves is expected to grow, with the company successfully breaking through foreign technology monopolies [4]. - The commercial aerospace sector is recognized as a strategic growth engine for the company, with a focus on leveraging product performance and delivery capabilities to secure a competitive advantage [3][4].

Group 1: Company Overview - The company primarily focuses on the research, production, and sales of ultra-fine fiber products, including synthetic leather fabrics, functional fabrics, and cleanroom materials [1] - Products are applied in various sectors such as sportswear, automotive interiors, electronic packaging, and cleanroom consumables [1] - The company aims to enhance its technology and production processes for ultra-fine fiber materials while expanding downstream applications and product scenarios [1] Group 2: Financial Performance and Growth Potential - The revenue from cleanroom fabrics is growing rapidly, with significant potential for future income and profit increases [1] - There is room for improvement in the gross profit margin from the perspective of product positioning and quality [1] Group 3: Production Capacity and Expansion Plans - The company has a high capacity utilization rate and has reserved land for future expansion at its Anhui production base [2] - There are no technical barriers anticipated for expanding cleanroom fabric production if demand increases [2] Group 4: Future Growth Expectations - The company expects strong growth in the cleanroom fabric and automotive fabric segments, having established a long-term presence in the automotive supply chain [2] - Continued investment in research and development is planned to enhance product value in the automotive fabric sector [2] Group 5: Product Innovations - Bio-based leather, produced through synthetic biology methods, has applications in automotive interiors, electronic products, and everyday items [2]

Group 1: Accounts Receivable Management - The company's main clients are government departments, public institutions, and government platform enterprises [2] - Accounts receivable impairment is estimated based on expected credit losses, following strict accounting standards [2] - Positive debt resolution measures by the Guangxi Zhuang Autonomous Region government have aided in the recovery of accounts receivable since 2025 [2] Group 2: Business Types and Expansion - The company's design services primarily focus on architectural design, with additional services in land spatial planning, municipal design, and urban renewal [2] - Recent expansions include water conservancy and electrical design, achieving a secondary qualification in the water conservancy engineering design sector [3] - The proportion of contracts from outside Guangxi has been increasing, with 22% of contracts in the first half of 2025 coming from outside the region [3] Group 3: International Business Development - The company has established an international business division and opened an office in Cambodia to explore markets in Southeast Asia, including Laos [3] - Business operations are also being developed in countries like Pakistan and Kazakhstan, with plans to enhance international outreach [3] Group 4: Investor Relations Activity - The investor relations activity was conducted on January 21, 2026, with representatives from Guangfa Securities present [2] - The meeting involved thorough communication with investors, adhering to regulations without disclosing any significant undisclosed information [3]

Group 1: Company Overview - The company, Zhejiang Jiaxin Silk Co., Ltd., introduced its history, main business market distribution, and key brands such as "Jin San Ta" and the supply chain platform "Jin Can Wang" [1] - "Jin Can Wang" was established in 1992 to provide a comprehensive supply chain service for the silk industry, facilitating online transactions and offering financing, warehousing, and logistics services [2] Group 2: Domestic Brand Performance - The domestic brand "Jin San Ta," a century-old "Chinese Time-honored Brand," focuses on affordable silk products and has a stable gross margin of approximately 55% [2] - The brand employs an "online + offline" sales model, leveraging various e-commerce platforms and social media to expand its market reach [2] Group 3: Foreign Trade Business - The company's foreign trade business primarily involves clothing and fabric exports, generating around 2 billion yuan, which accounts for nearly 50% of total revenue, with a gross margin of about 20% [3] - The main export markets are in Europe and the United States, comprising over 80% of the customer base, with a shift from OEM to ODM business models [3] Group 4: Future Outlook and Dividend Policy - The company is optimistic about its export business for 2026, supported by stable order volumes and advancements in technology [3] - The company has maintained a high cash dividend rate over the years and plans to continue this policy in the future [3]

Group 1: Supply Chain Management - The company actively fulfills its role as a "chain master," promoting the development of the entire industrial chain and forming a "community of shared destiny" with upstream and downstream partners [1] - It has established a comprehensive industrial chain layout covering R&D, manufacturing, and maintenance services, enhancing collaboration with partners [1] - The company explores innovative supply chain management systems to ensure safety, stability, and efficiency, thereby improving supply chain resilience [2] Group 2: Civil Aviation Business - The civil aviation industry is expected to grow rapidly during the 14th Five-Year Plan, surpassing aerospace equipment revenue and becoming a key growth driver for the company [3] - The C919 project is progressing steadily, with scale effects expected to gradually emerge, supporting revenue and profit growth [3] - The company aims to optimize project gross margins and enhance cost control to achieve higher quality development in the civil aviation sector [3] Group 3: Military Trade Business - The company is advancing its military trade business by participating in international airshows and defense exhibitions, increasing product visibility [4] - It actively engages in deep communication with international clients to facilitate orderly development of military trade [4] Group 4: Artificial Intelligence Applications - The company has developed six types of visual systems for aircraft manufacturing and assembly, addressing quality and safety detection challenges [5][6] Group 5: Innovation and Organizational Vitality - The company emphasizes innovation incentives, establishing a new R&D system and aligning resource allocation with key talent contributions [7] - It implements internal performance management to enhance cost control and operational capabilities [7] - Various innovation funds and awards are set up to stimulate employee creativity and improve independent technological innovation [7]

Financial Performance - In the first three quarters of 2025, the company's revenue increased by 17.49% compared to the same period last year, and net profit grew by 18.14% [1] - The company aims for a revenue growth of over 10% year-on-year for 2026 [4] Profitability - The comprehensive gross margin for 2024 is expected to decline by 1.35 percentage points compared to 2023, primarily due to an increase in revenue from lower-margin precision tools [1] - The gross margin is anticipated to stabilize as production and sales of precision tools increase [1] Market Segmentation - The automotive parts sector accounts for 50% to 60% of the company's product sales, including new energy vehicles, fuel vehicles, and commercial vehicles [2] - Precision machinery fields, including smart drives, represent about 15% of sales, while aerospace, power generation, and wind power equipment also account for approximately 15% [2] - The shipbuilding, steel structure, and rail transportation sectors contribute around 10% [2] Industry Outlook - The automotive and power generation sectors are expected to maintain a high level of market activity in 2025 [2] Raw Material Costs - The company faces rising costs for key materials like high-performance steel and hard alloys due to market conditions, impacting cost control [2] - Strategies to mitigate risks include centralized procurement and selective price increases for certain products [2] Robotics Development - The company has provided initial development services to over 10 humanoid robot component manufacturers, with some products already in small-scale supply [2] - The demand for tools in the humanoid robot sector is currently low, and significant impacts on the company's performance are not expected in the short term [2] Convertible Bonds - The current conversion price for the company's convertible bonds is set at 24.19 CNY per share, with a redemption trigger price of 31.45 CNY per share [3][4] - The next redemption date is after February 6, 2026, and the company will follow the relevant procedures if conditions for redemption are met [4]

Group 1: SOFC Business Development - The company is continuously deepening its SOFC (Solid Oxide Fuel Cell) business through technological innovations and market deployment, aiming to drive the development of this strategic emerging business [2] - In November 2025, the company signed a technology licensing agreement with Xilius for battery stack technology, enabling full mastery of core technologies related to batteries, stacks, systems, and power stations [2] - The company has launched a new generation of high-power metal-supported commercial products, achieving significant improvements in power generation efficiency, power density, start-up speed, and operational cycles, establishing a foundation for large-scale commercialization [3] Group 2: Data Center Business Progress - The rapid iteration of AI technology is accelerating the construction of computing power infrastructure, which is driving a significant expansion in the data center power equipment market and increasing demand for high-end engines [4] - The company has established a comprehensive energy solution capability through various technological routes and has successfully completed project deliveries in multiple domestic and international regions, with increasing market recognition [4] Group 3: New Energy Powertrain Layout - The company is accelerating its layout in new business areas, including pure electric power systems, fuel cells, and hybrid technologies, to flexibly respond to diverse market demands across different regions and applications [5] - Future strategies will focus on seizing opportunities in the new energy sector, leveraging the group's full industrial chain advantages to promote rapid development of new energy businesses [5] Group 4: Shareholder Return Outlook - The company is optimizing its profit structure and enhancing its performance and long-term competitiveness while actively increasing shareholder returns through frequent and high cash dividends and share buybacks [6] - Future shareholder return policies will consider various shareholder expectations and market conditions, maintaining a proactive and stable approach to enhance the company's investment value [6]

Group 1: Competitive Advantage - The company adopts a differentiated business strategy to adapt to changes in the operating environment and continuously accumulates comparative advantages for high-quality development [2] - Key strategies include deepening operational focus, strengthening core advantages, accelerating technological transformation, and ensuring risk management to maintain stable operations [2] Group 2: Financing and Growth - The company emphasizes the long-term relationship between dividends and internal capital growth, ensuring a solid capital foundation for sustainable business development [2] - Internal capital is expected to create greater value for the company's development, with a commitment to enhancing performance and maintaining steady internal capital growth for shareholder returns [2] Group 3: Loan Growth Outlook - The company has focused on supporting key sectors such as private small and micro enterprises, manufacturing, import-export businesses, and consumer services to enhance financial service levels and achieve steady loan growth [2] - Future loan growth is anticipated to be supported by ongoing policy benefits aimed at expanding domestic demand and promoting consumption, effectively meeting the financing needs of the real economy [2] Group 4: Compliance and Communication - During the investor relations activity, the company ensured thorough communication with investors while adhering to disclosure regulations, with no significant undisclosed information leaks [2]

Group 1: "Dianhong" IoT Operating System - "Dianhong" IoT operating system is the first domestic power IoT operating system developed based on the national open-source system, featuring five technical characteristics: elastic scalability, unified model, unified bus, industrial safety, and agile networking [2] - The system enables plug-and-play capabilities for different types and brands of power equipment, facilitating massive data interconnectivity and supporting the large-scale access and operation maintenance of IoT devices in the new power system [2] - The company is actively building the "Dianhong" ecosystem through an open technology platform and cooperation mechanism to expand its market share in smart hardware and software systems within the power grid sector [2] Group 2: "Fuxi" Chip Applications - "Fuxi" chip is primarily used in power-specific chips and modules, focusing on applications in distribution network protection, production monitoring, and cybersecurity [3] - The chip is currently applied in medium and low-voltage smart products such as distribution automation terminals and low-voltage smart switches, with plans to enhance its development in smart terminals and low-voltage communication [3] - "Fuxi" chips are mainly sold to upstream and downstream ecosystem partners in the power energy industry [3] Group 3: Client Base and Market Expansion - The company's products are mainly utilized in the power energy sector, having established partnerships with major state-owned enterprises and industry leaders such as Southern Power Grid, State Grid, and China Huaneng [3] - In non-electric sectors, the company has provided efficient digital services to clients in transportation, water supply, gas, and public security, leveraging its technical adaptability and experience in digital transformation [3] - The company possesses strong core technical support capabilities and a clear market expansion strategy, indicating broad prospects for new business development [3] Group 4: AI and Digitalization in Energy - The company's digital grid business integrates new information technologies across all aspects of the power sector, enhancing the intelligence level of the physical grid and supporting the construction of a new power system that is intelligent, safe, reliable, green, and efficient [4] - Smart scenarios utilize a variety of technologies, including micro-sensors and distributed data processing, to create a powerful software platform capable of cloud resource storage and big data analysis [4] - Safety and reliability are enhanced through digital twin technology, which allows for real-time assessment and predictive maintenance of equipment, significantly improving supply reliability [4] - Green initiatives focus on improving the perception and communication capabilities of renewable energy, enhancing the accuracy of power generation predictions, and optimizing resource allocation through intelligent scheduling [4]