Group 1: Company Overview - The company is Shenzhen Changhong Technology Co., Ltd., with stock code 300151 and bond code 123109 [1] - The meeting was held on January 20, 2026, with 14 investors from various institutions [2] Group 2: Business Segments and Revenue - Precision molds and automated lines account for 7.24% of total revenue, smart manufacturing products for 64.94%, and medical consumables for 27.36% [2] - The semiconductor product market is estimated to have an annual market size of approximately 3 billion RMB [2] Group 3: Profit Margins - The gross margin for precision molds and automated lines is 34.82%, for smart manufacturing products is 19.85%, and for medical devices and consumables is 35.64% [3] Group 4: Recent Developments - The company has made significant breakthroughs in the domestic wafer carrier field, securing over half of the procurement amount from a major domestic wafer factory, totaling over 10 million RMB [3] - This achievement indicates the company's capability for stable production and continuous supply, with expectations for scaled production in 2026 [3]

Company Overview - Tongfu Microelectronics is a provider of integrated circuit packaging and testing services, offering a one-stop service from design simulation to packaging and testing for global clients [2][4] - The company operates nine production bases globally, including locations in Jiangsu, Anhui, and Malaysia, employing over 20,000 staff [3] - Major shareholder is Nantong Huada Microelectronics Group, with stable ownership structure [2] Financial Performance - Revenue for 2022, 2023, 2024, and the first three quarters of 2025 were CNY 21.429 billion, CNY 22.269 billion, CNY 23.882 billion, and CNY 20.116 billion respectively [3] - Net profit attributable to shareholders for the same periods were CNY 0.502 billion, CNY 0.169 billion, CNY 0.678 billion, and CNY 0.860 billion [3] - Projected net profit for 2025 is estimated between CNY 1.1 billion and CNY 1.35 billion, indicating a year-on-year growth of 62.34% to 99.24% [11] Investment and Growth Strategy - The company plans to invest CNY 1.0995580 billion to enhance packaging capacity in emerging automotive applications, aiming to add 50.4 million units annually [7][8] - Focus on high-value products and market trends, including advanced packaging technologies like Chiplet and 2D+ [4][5] - The investment projects are aligned with the strategic goal of building a resilient domestic semiconductor supply chain [5][6] Key Technology and Market Position - The company emphasizes the importance of wafer-level packaging as a critical technology for high-performance chips, enhancing signal integrity and reducing latency [9][10] - Plans to strengthen capabilities in advanced packaging to support high-end computing and automotive sectors [10] Investor Engagement - The company held an investor relations activity on January 21, 2026, with participation from various financial institutions [2] - The issuance of shares targets up to 35 specific investors, including asset management companies and qualified foreign institutional investors [7]

股票代码：000700 股票简称：模塑科技 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 活动参与人员 东北证券（2 位）、华西证券、天演论投资（2 位） 上市公司接待人员 董事会秘书：单琛雁 证券事务代表：王晖 证券专员：陆锴 时间 2026.1.19—2026.1.21 形式 线下 交流内容及具体问答 记录 公司与投资者就以下问题进行了交流 1、请公司介绍下主营业务情况。 答：公司是中国领先的汽车外饰件系统服务供应商，主营业务聚焦于 汽车保险杠等汽车外饰系统零部件的研发、生产和销售。 公司年汽车保险杠生产能力达 600 万套以上，在无锡、上海、沈阳、 武汉、烟台、墨西哥设有生产基地，在北京、上海及江阴设有研发中心。 参股公司北汽模塑在北京、合肥、重庆、成都、株洲设立生产基地。 2、公司主要客户有哪些？ 答：公司核心客户覆盖全球豪华品牌与新能源车企，主要客户包括宝 马、北京奔驰、上汽通用、吉利、北美知名电动车企、理想、赛力斯、国 内新锐电动车企、蔚来、小鹏等。 3、公司 2025、2026 年毛利率趋势？ 答：毛利率受原材料价格变动 ...

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 616 million CNY, a year-on-year increase of 0.49% [2] - The net profit attributable to the parent company was 1.071 billion CNY, reflecting a year-on-year growth of 6.66% [2] - The non-recurring net profit was also 1.071 billion CNY, up by 6.83% compared to the previous year [2] Group 2: Shareholder Returns - The company has committed to a cash dividend policy, distributing at least 50% of the annual distributable profit as cash dividends [2] - In 2024, the company distributed 676 million CNY in cash dividends, which accounted for 50.09% of the net profit attributable to the parent company [2] - For the first half of 2025, the company plans to distribute 458 million CNY in cash dividends, representing 70.04% of the net profit for that period [2] Group 3: Future Investment and Growth Strategy - The company aims to enhance its investment value by focusing on core business areas and improving operational performance [3] - Future investments will target key areas such as container shipping, coal, iron ore, and new energy vehicles, with a focus on developing specialized port clusters [3] - The company plans to leverage national strategies like the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area to expand its operational footprint [3] Group 4: Operational Efficiency and Profitability - The company is committed to enhancing operational efficiency and profitability through digital transformation and green development initiatives [3] - It aims to diversify its revenue streams by expanding both horizontally in port operations and vertically in related industries [3] - The goal is to establish itself as a modern port investment and comprehensive service operator with significant brand influence [3]

Group 1: Company Overview - The company focuses on urban construction, comprehensive development, and urban services [1] - It aims to accelerate green and low-carbon transformation, establishing ultra-low energy consumption building standards [1] - The company is expanding its business in external construction markets such as Dongguan, Zhaoqing, Ganzhou, and Hainan [1] Group 2: Urban Construction Sector - The company is enhancing the application of construction machinery in engineering, achieving automation in measurement, positioning, and quality inspection [1] - It is promoting the standardized design and intelligent production of prefabricated construction, advancing the application of BIM technology throughout the construction process [1] Group 3: Comprehensive Development Projects - The company is actively advancing several urban renewal projects, including: - The Luohu Jincui urban renewal project, with a demolition area of approximately 34,521 m², which is included in the 2021 Shenzhen major projects [1] - The Longhua Huafu Industrial Zone project, covering about 52,923.4 m², which will include residential and commercial facilities [1] Group 4: Urban Services Sector - The company is developing a smart maintenance system to enhance the management of urban infrastructure [2] - It is involved in land preparation services, with ongoing projects like the Tianjian and Junfu projects [2] - The company is expanding its commercial operation services, including asset management and project planning [2] Group 5: Urban Village Renovation - The company’s subsidiary, Tianjian Chengfa, specializes in urban renewal, providing comprehensive services for over 60 projects [3] - The Luohu Luoling area renovation project is a pilot project under Shenzhen's urban village renovation policy, covering approximately 12.06 hectares [4] Group 6: Research and Innovation - The company emphasizes technological innovation and has established multiple research centers in collaboration with universities and research institutions [5] Group 7: Strategic Development - The company aims to strengthen its core capabilities in urban construction and services, focusing on reform and technological innovation to foster new business models [6]

Group 1: Financial Performance - The company's net profit attributable to shareholders is expected to be between 130 million and 160 million yuan for 2025, representing a year-on-year growth of 74.07% to 114.24% [2] Group 2: Industry Competition - The cable accessory industry exhibits a "pyramid" structure, with a fragmented market in the medium and low voltage segment due to low technical barriers, while the high voltage segment has higher technical barriers leading to increased industry concentration [2] - Major competitors in the high voltage cable accessory market include Changyuan Group, Hanchang Co., Tebian Electric, and foreign firms like Sumitomo and Prysmian [3] Group 3: International Market Development - The company has successfully entered international markets including Italy, the USA, Uruguay, Oman, and Algeria, achieving export sales of its full product range [3] Group 4: Product Innovations - Double River Energy has established advantages in the natural ester insulating oil sector, which is characterized by high flash points, biodegradability, and strong safety features, making it an ideal eco-friendly insulating oil for transformers [3] - The company is involved in a national key technology project for the development of plant-based insulating oils for ultra-high voltage transformers, with plans to deepen technology and market expansion in 2025 [3] Group 5: Aerospace Applications - The company has successfully entered the commercial aerospace sector, introducing materials, cabinets, connectors, and electromechanical products into the aerospace industry, thereby injecting new momentum into future development [3]

Group 1: Tire Mold Business - The company has established its own mold factory to prioritize testing and production of new tire patterns [1] - The lifespan of tire molds varies based on material, processing technology, and usage, with increasing frequency of pattern updates [1] - Overseas production capacity accounts for approximately 10% of the company's total mold capacity, with facilities in countries like the USA, Thailand, and Hungary [1] Group 2: Large Component Machinery Products - The company has a full order book for large component machinery products, with production lines operating at full capacity [2] - In the first half of 2025, both wind power and gas turbine component businesses experienced significant growth [2] - The company is expanding its casting capacity with a new project of 65,000 tons and an additional 70,000 tons planned, contingent on market conditions [2] Group 3: CNC Machine Tool Business - The CNC machine tool business generated approximately 800 million RMB in revenue from January to September 2025 [3] - The self-produced components in the CNC machine tool business mainly include machine beds and functional parts [3] - The company has seen repeat orders from customers for its CNC products, which include various advanced machining centers [2] Group 4: Cost Structure and Material Usage - In 2024, raw materials accounted for about one-third of the costs in the tire mold business, while in large component machinery products, this figure is around 50% [4] - The primary raw materials for tire molds include forged steel and aluminum ingots, while large component machinery products mainly use pig iron and scrap steel [4] Group 5: Financial and Strategic Considerations - The company plans to optimize its investor return mechanism based on operational performance and shareholder expectations [3] - There are currently no plans to inject related company businesses into the listed company, but any future developments will be disclosed as required [3] - The company engages in foreign exchange hedging to mitigate risks associated with currency fluctuations, primarily involving USD, EUR, and JPY [4]

Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. specializes in the research, production, and sales of automotive soft interior materials, listed on the Shenzhen Stock Exchange on February 16, 2023 [2] - The company’s core business covers the entire industry chain of automotive soft interiors, with main products including tufted carpets and needle-punched carpets, primarily serving the complete vehicle assembly market [2] Product Applications - The company’s products are used in various automotive applications, including trunk carpets, side carpets, and surface covering materials for interior and exterior components such as hat racks and seat backs [3] - Tufted carpets are primarily made from BCF fibers and are widely used in mid-to-high-end fuel vehicles and new energy vehicles, with a higher price point compared to needle-punched carpets [3] Profit Improvement Strategies - The company aims to enhance profit levels by focusing on its core business, expanding market space, improving customer structure, increasing R&D investment, and enhancing product added value [3] - Internal cost control measures will be strengthened to improve overall operational management and increase product gross margin [3] Overseas Market Expansion - The company plans to consolidate existing customers while actively seeking new clients in overseas markets, particularly in the Asia-Pacific region, North America, and Europe [3] - The Mexican production facility is expected to commence formal production in mid-2026, while the Moroccan facility is progressing with administrative approvals and is anticipated to start production in late 2026 [3]

Group 1: Company Overview and Market Position - The company is the largest domestic manufacturer of injection and extrusion automotive glass assembly components, establishing a strong market presence [3] - The company has successfully equipped over ten new energy vehicle models, achieving installation volumes in the hundreds of thousands, with a reputation for "0 oil film" performance [3] Group 2: VOC Phenomenon and Technological Solutions - VOC emissions primarily originate from the coatings on camera substrates and brackets, as well as from plastic materials, which can exacerbate under high temperatures and UV exposure [2] - The company's light-absorbing coating effectively addresses the oil film issue at its source, providing a competitive edge over rivals who cannot resolve VOC emissions in the short term [3] Group 3: Customer Relationships and Trust - The company emphasizes long-term value creation through trust, transparency, and consistent performance, which fosters customer loyalty and reduces the likelihood of switching suppliers [3] - The company has been recognized as an "Excellent Supplier" by Fuyao Glass and received "A-level Supplier" ratings from AGC and Saint-Gobain, highlighting its strong reputation in the industry [3] Group 4: Financial Reporting and Future Plans - Currently, revenue from new nano-coating materials is included in the glass assembly component revenue, but there are plans to separate this in future reports as sales increase [4]

Group 1: Product Pricing and Market Position - Recent price increases in products such as acetone, maleic anhydride, propylene oxide, and rubber are attributed to supply-demand imbalances caused by competitor maintenance, policy adjustments, and raw material price fluctuations [1] - The company’s acetone production capacity is 260,000 tons/year, making it the largest globally, with stable product quality and a leading market share [1] - The maleic anhydride production capacity is 400,000 tons/year, with sales ranking among the top in China [1] - The propylene oxide production capacity is 300,000 tons/year, achieving expected operational targets after technical upgrades [1] - The company aims to optimize production loads and increase the output of high-value-added products to strengthen its competitive position in both domestic and international markets [2] Group 2: Performance Expectations and Industry Outlook - The chemical industry is showing signs of recovery, with policy support and deeper collaboration across sectors driving gradual price increases and market confidence [2] - The company has over 2.6 million tons of annual production capacity and more than 30 product types, establishing a stable customer base and significant market position [2] - The rebound in the chemical cycle is expected to support performance recovery through increased production and market standing [2] Group 3: Capital Expenditure and Strategic Focus - The company emphasizes enhancing core competitiveness and cost control to maintain stability during industry fluctuations and seize market opportunities during recovery [2] - Current capital expenditure plans focus on optimizing existing capacity and transitioning to high-value-added products, with a cautious and pragmatic approach [2] - An 8,000 tons/year catalytic new materials project is nearing completion, which will enhance the company’s self-supply capabilities in high-end catalysts and break foreign technology monopolies [2] - The company plans to launch a series of small investment projects with quick returns in 2026, aligned with its existing industrial structure [2] Group 4: Strategic Positioning by Shandong Energy Group - Shandong Energy Group is shifting the company’s strategic focus from basic chemicals to high-end chemical new materials, accelerating transformation and upgrading efforts [3] - The strategy aims to enhance product value and industry synergy by leveraging the integration of coal, salt, and petroleum chemical industries [3]