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]

Group 1: Company Overview - The company, established in 2003, specializes in the research, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [2] - Main products include color optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - The company aims to expand its product series and application fields while exploring new materials, particularly in high-performance carbon fiber projects for sustainable development [2] Group 2: Industry Challenges - The impact of industry internal competition on BOPET films is being addressed through a steady price adjustment strategy, focusing on differentiated and functional film products to enhance product value [3] - The company is actively avoiding low-end product price competition by emphasizing core competitiveness in product differentiation [3] Group 3: Carbon Fiber Project Progress - The carbon fiber project is progressing with preparations for trial production in the spinning phase, with all tasks being carried out in an orderly manner [3] - Carbon fiber products are categorized based on performance indicators, with tensile strength and elastic modulus as core classification standards [3] - The T series and M series are significant product categories, with M series having higher production complexity and added value compared to T series [3] Group 4: Shareholder Engagement - The company is considering a stock incentive plan based on market conditions, development strategy, and shareholder interests, with timely information disclosure as required [3]

Group 1: Investor Relations Activity - The investor relations activity was categorized as a specific object survey [2] - The meeting took place on January 21, 2026, at the headquarters [2] - Only one investor, from the Fuqua Fund, participated in the meeting [2] Group 2: Discussion Topics - The investor engaged in discussions regarding industry conditions, company strategy, brand matrix, and product development [2] - The company adhered to its information disclosure management system, ensuring the information shared was true, accurate, complete, timely, and fair [2] - No significant undisclosed information was leaked during the meeting [2] Group 3: Compliance and Documentation - The participating investor signed a commitment letter as required by the Shenzhen Stock Exchange [2] - No attachments were provided for this meeting [2]

证券代码：002028.SZ 证券简称：思源电气 思源电气股份有限公司投资者关系活动记录表 Q5：如何评价2025年思源电气在国网招标的表现？ A5：2025 年公司在国网的中标量有所提高，公司非常感谢客户的信任，同时 又感到责任重大。公司将努力按照客户的要求生产制造产品并履约交付，用 良好的交付表现回馈客户的信任。 编号：2026-002 | 投资者关系活 | ☑特定对象调研 □媒体采访 | □分析师会议 | | | --- | --- | --- | --- | | 动类别 | □业绩说明会 | □新闻发布会 | □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） | | | | 参与单位名称 | 招商证券、华泰证券、Franklin Templeton、上银基金、同德磐石资管、光 | | | | | 大资管、浙商证券、山西证券、爱建证券、乘安资产、华西证券、益理资产 | | | | | 管理、中信证券、玖鹏资产、东吴证券、景商私募基金、驼铃资产、建信保 | | | | 及人员姓名 | 险资管、朱雀基金、水璞基金、国联民生证券、森锦投资、国金基金、国海 | | | | | 证券、弥远投资 ...

Group 1: Fundraising and Project Adjustments - The company announced a change in fundraising strategy, terminating the "Expansion of Large-Sized Light Guide Plate Project" to improve fund utilization efficiency. Remaining funds will be allocated to the TAC film project and the reflective polarizing film project [1] - The TAC film and reflective polarizing film projects are aimed at addressing domestic supply chain issues, with TAC film currently monopolized by Japanese suppliers and reflective polarizing film primarily supplied by American and Japanese companies [2] Group 2: TAC Film Project Progress - As of June 2025, Anhui Jiguang has obtained the construction permit for the factory, and construction is progressing steadily [3] - Major equipment for the TAC film project is expected to arrive and undergo testing in the first half of 2026 [3] - Laboratory test samples have been sent to downstream polarizer and panel manufacturers for evaluation, with results aligning closely with Anhui Jiguang's internal assessments [3] Group 3: Financing and Stakeholder Support - Anhui Jiguang has received support from various stakeholders, including Sanlipu (representing the polarizer segment) and Beijing Electric Control Investment (representing panel manufacturers), ensuring comprehensive industry participation [4] - The company has secured multiple rounds of financing and government subsidies, resulting in sufficient funding for project advancement [4] Group 4: Production Capacity Planning - The first phase of the TAC optical film production line is designed to produce approximately 60 million square meters annually [4] - Future expansion plans will depend on the progress of the initial project phase [4]