Group 1: Company Overview - Shenzhen Zhaoxin New Energy Co., Ltd. focuses on dual main businesses: "fine chemicals + new energy" for synergistic development [2][3] - The company has established a diversified core product matrix in the fine chemicals sector, including eco-friendly coatings and automotive maintenance products [3][4] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 208 million CNY, with both fine chemicals and new energy businesses contributing 104 million CNY each, indicating a balanced revenue structure [4][5] - The strategic partnership with Zhejiang Yiyang Energy Technology Co., Ltd. aims to innovate a three-in-one development model focusing on resource recovery and new energy production [5][6] Group 3: Strategic Initiatives - The company plans to enhance its strategic layout in the lithium resource sector through a debt-to-equity swap with Qinghai Jintai, which will strengthen its competitive edge [5][6] - The second phase of the employee stock ownership plan targets core technical and business personnel to incentivize contributions to company growth [7][8] Group 4: Management and Governance - The company completed a board restructuring in December 2024, establishing a governance structure with a majority of independent directors and a focus on professional management [10] - The management team adopts a "youthful + flat" dual management model to enhance innovation and operational efficiency [10] Group 5: Market Position and Future Outlook - The new energy sector, particularly solar power, is expected to generate stable cash flow, supported by national subsidies for renewable energy projects [9][10] - The company is exploring opportunities in AI and digital transformation to enhance operational efficiency and identify new business ventures [8][10]

Production and Market Trends - National magnesium production from January to October 2025 reached approximately 818,000 tons, a year-on-year increase of 4.52% [1] - In October 2025, magnesium production was 91,200 tons, with a month-on-month growth of 1.9% and a year-on-year increase of 4.52% [1] - The demand for magnesium alloys in the electric bicycle sector is expected to rise significantly due to new safety standards, with major companies like Aima, Yadea, and Niu adopting magnesium alloys for components [2] Company Operations and Product Lines - The company operates in multiple sectors including magnesium materials, magnesium products, aluminum products, mineral products, and construction templates [1] - The company has established semi-solid magnesium alloy casting lines with capacities of 300 tons, 1,300 tons, 1,500 tons, and 3,500 tons, producing components for automotive and drone applications [3] Future Plans and Market Strategy - Over the next 3 to 5 years, the company aims to enhance production capacity across various bases, focusing on magnesium materials to lead industry development [4] - The company plans to increase the penetration of magnesium metal materials in the automotive market, targeting components like steering wheels and instrument panel supports [4] - A special task force has been established to explore opportunities in low-altitude economy, humanoid robots, electric bicycles, and magnesium hydrogen storage [4] - The company is poised to capitalize on the growing market for magnesium alloy die-casting, aiming for high-quality development and increased market share [4] Compliance and Communication - The company ensured compliance with information disclosure regulations, maintaining the accuracy and timeliness of disclosed information during investor communications [5]

证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 编号：2025-19 2025 年至今，公司发行了四期科技创新债券，这是深入贯彻落实国家加 快实施创新驱动发展战略部署的具体表现，也是作为国家企业技术中心，强化 科技布局、推进战略新兴产业技术研发、提升科技竞争力的具体举措，亦是基 于自身优化债务结构、支持创新发展的综合考量。科技创新债券的发行，是公 司适应市场变化、拓宽融资渠道的新尝试，不仅对优化资本结构、降低融资成 本形成支撑，还为云南铜业持续高质量发展提供有力保障。 5. 公司目前的硫酸生产和销售情况如何？ 硫酸是公司铜冶炼生产环节的副产品，受区域因素影响价格有所不同。今 年以来，主要地区硫酸均价同比有较大幅度上涨，公司积极抢抓市场机遇，实 现了对业绩的积极贡献。 6. 大股东旗下秘鲁铜业今年的生产情况如何，是否存在注入上市公司的 可能性？ 据了解，大股东旗下的秘鲁铜业生产情况正常。2023 年 6 月，中国铜业 | 特定对象调研 | □分析师会议 | ☑ | 投资者关 | | | | | | --- | --- | --- | --- | --- | --- | -- ...

| | 越，具有较高的技术门槛，竞争对手基本为国际跨国企业。 | | --- | --- | | | 3.问：国家出口管制政策对公司或者行业是否有影响？ | | | 答：出口管制是短期干扰因素，产业长期发展还是取决于下游需 | | | 求。 | | | 4.问：公司是否考虑热丝法制备金刚石？ | | | 答：公司从 2015 年开始就主攻做微波等离子体化学气相沉积 法， | | | 目前暂无在热丝法方面进行投入的计划。公司将密切关注金刚 石散 | | | 热方面的技术路线和技术进展，如果实践证明热丝法是生成金 刚石 | | | 散热片的较好方法，公司不排除会在此方向上积极进行布局。 | | | 5.问：高温高压法是否还会继续开发？ | | | 答：会继续开发，一是在结构化应用领域还有新的市场空间； 二 | | | 是生产工艺有改善空间。 | | 关于本次活动 | | | 是否涉及应披 | 否 | | 露重大信息的 | | | 说明 | | | 活动过程中所 | | | 使用的演示文 | | | 稿、提供的文 | 无 | | 档等附件（如 | | | 有，可作为附 | | | 件） | | 编号：2025—02 ...

Group 1: Company Overview and Investor Engagement - The investor relations activity involved a site visit to Hefei BOE Solar Technology Co., Ltd. on November 27, 2025, attended by various investment firms [1][2] - The event included discussions on the company's advantages in perovskite solar cells and their production capabilities [2][4] Group 2: Advantages of Perovskite Technology - Perovskite solar cells are recognized for their high efficiency, lightweight, and flexibility, making them suitable for various applications [2] - The company has achieved a record of 38 days from the start of the pilot line to the first sample output, showcasing its manufacturing efficiency [2] Group 3: Performance Metrics - Rigid component efficiency reached 27.3% in the glove box, 23.49% in the experimental line, and 20.01% in the pilot line, placing them in the industry's top tier [3] - Flexible component efficiency improved to 20.11% in the experimental line and 17.7% in the pilot line, with 4T stacked component efficiency reaching 28.42% in the experimental line and 25.36% in the pilot line [3] Group 4: Future Development Focus - The company is concentrating on enhancing the efficiency and lifespan of perovskite products, aiming to resolve industrialization challenges [4] - Plans include building demonstration power stations and third-party outdoor testing stations to evaluate the stability of perovskite applications [4] Group 5: Production and R&D Strategy - The company will increase R&D investment to further improve conversion efficiency, stability, and lifespan of perovskite modules while accelerating the transition from pilot to mass production [6] - Collaboration with global partners is emphasized to create a comprehensive ecosystem for the perovskite industry, covering materials, equipment, products, applications, and standards [6]

Group 1: Company Overview - Shanghai Nenghui Technology Co., Ltd. is a leading provider of renewable energy technology and product services, offering solutions in photovoltaic energy, new energy storage, commercial vehicle charging, and intelligent computing centers [2] - The company was founded by three alumni from prestigious universities, with over 30 years of experience in the energy sector, transitioning from traditional thermal power to renewable energy [2] Group 2: Business Development - The company has established a "four-in-one" business layout encompassing renewable energy R&D, technical services, product manufacturing, and investment operations [3] - Recent advancements include the development of autonomous charging robots and a comprehensive charging ecosystem that integrates equipment, software, and operational services [7] Group 3: Technological Integration - The company is pursuing a comprehensive strategic transformation by integrating renewable energy with AI, robotics, and computing power [3][4][5] - **Energy + AI**: Collaboration with Ant Group to develop AI-driven design and operational solutions for distributed photovoltaic power stations [3] - **Energy + Robotics**: Development of humanoid robots for energy operations, maintenance, and inspection [4] - **Energy + Computing Power**: Solutions for optimizing energy use in medium and large AIDC and MEC applications [5] Group 4: Market Expansion - The company is actively exploring overseas markets for large-scale energy storage, focusing on Europe and the Middle East, and has established a subsidiary in Amsterdam [7] - Recent contracts include a projected total value of ¥10,014.63 million for new energy battery assembly, expected to enhance market competitiveness in the charging and swapping business [7]

Cost Management - The total cost of pig farming in October 2025 is approximately 11.3 CNY/kg, showing a decrease of nearly 0.3 CNY/kg from the previous month, primarily due to reduced period expenses and improved production metrics [4] - About one-third of the company's production lines have costs below 11 CNY/kg, indicating a feasible path to further cost reduction [5] - The company aims to replicate successful management practices across different production lines to minimize cost variance and enhance overall efficiency [5] Slaughtering and Meat Processing - The company slaughtered over 22 million pigs from January to October 2025, with an expected year-on-year doubling of slaughter volume [6] - The meat processing segment is experiencing increased customer loyalty and service capability, contributing to stable product pricing [6] - Future plans include expanding slaughter capacity, optimizing customer structure, and enhancing operational efficiency through digital management [6] Disease Prevention - A comprehensive disease prevention system has been established, including physical barriers and smart monitoring technologies to ensure pig health [7][8] - The company emphasizes standardized processes and staff training to enhance disease control measures [8] Market and Pricing Outlook - Government policies and market adjustments are improving the supply-demand situation in the pig market, promoting stable and reasonable pricing in the long term [9] - The company focuses on cost leadership to maintain positive cash flow during potential low-price periods, ensuring long-term operational stability [9] Piglet Sales and Costs - The cost of weaned piglets has decreased from approximately 270 CNY/head at the beginning of the year to around 230-240 CNY/head recently [10] - The company plans to innovate piglet sales strategies based on market demand and customer needs, aiming for stable supply and competitive pricing [11]

Group 1: R&D Progress and Market Position - The LZM012 project has completed Phase III clinical trials for psoriasis and ankylosing spondylitis, with a formal market application expected next month for psoriasis and in the first half of next year for ankylosing spondylitis [2][3] - LZM012 is the first domestic Phase III study targeting psoriasis with PASI100 as the primary endpoint, showing superior efficacy compared to existing treatments, with fewer administration cycles and lower overall costs [2][3] - The JP-1366 tablet of the P-CAB product has been submitted for market approval, with the injection form entering Phase II clinical trials, capitalizing on the growing P-CAB market projected to reach approximately CNY 1.25 billion in 2024, an 81% year-on-year increase [3][4] Group 2: Strategic Product Development - The company is focusing on the schizophrenia long-acting injection market, with the recently approved aripiprazole microsphere being the first of its kind in China, included in the 2025 guidelines for schizophrenia treatment [4][5] - The company is advancing a new generation KCNQ2/3 activator, NS-041, which is a first-class new drug with unique molecular design, targeting both epilepsy and depression indications [5] - The company has established a comprehensive product pipeline for GnRH-a long-acting release formulations, with the approval of the first microsphere product and plans for further submissions, enhancing treatment options for various conditions [6][7] Group 3: Financial Health and Strategic Acquisitions - The company maintains a robust cash reserve, allowing for dividends, buybacks, daily operations, R&D investments, and potential strategic acquisitions [8][9] - A planned acquisition of a Vietnamese company is underway, marking the first acquisition of a Vietnamese pharmaceutical company by a Chinese enterprise, with ongoing compliance with local regulations [9] - The company aims to focus on strategic partnerships in areas such as digestion, mental health, cardiovascular, metabolic, and autoimmune diseases, targeting projects with patent barriers and commercialization potential [9]

Company Overview - The company focuses on ODM (Original Design Manufacturer) in high-performance audio and innovative audio fields, leveraging its full-chain capabilities from technology R&D to manufacturing [3][5]. - The company has a diverse customer base and aims to develop its own brand business while continuing to support brand clients [3][4]. Financial Performance - In 2023, the company experienced a significant decline in revenue and profit due to reduced consumer demand and inventory destocking, particularly in Europe and North America [5]. - The company anticipates a strong rebound in 2024 as market conditions stabilize and customer purchasing patterns normalize [5]. Revenue Structure - Revenue is split approximately 50% between personal and non-personal scenarios, with home scenarios accounting for about 80% and commercial scenarios for about 20% [5]. - The company expects the share of commercial scenarios to increase in the future [5]. Profitability - The company maintains a high gross margin due to its strong reputation and ability to provide high-value ODM solutions, allowing clients to focus on branding and marketing [6][7]. AI Integration - The company is integrating AI technology into its new product development, enhancing the compatibility of audio products with AI models [8]. - AI applications are being explored to create commercially viable functionalities [8]. Brand Development - The company's own brands include Tivoli Audio, Primare, and Platin, with ongoing collaborations with JD.com for both online and offline retail experiences [9]. Production and Pricing Strategy - The company is expanding production in Vietnam to mitigate tariff impacts and has adjusted pricing strategies in response to changing tariff policies [10]. - Recent tariff adjustments are expected to create a favorable environment for business expansion in the U.S. market [10]. Governance and Management - The company emphasizes professional governance with an international management team and robust internal controls to minimize personal influence on decision-making [12]. Strategic Direction - The company is positioning itself as an AIoT (Artificial Intelligence of Things) company, integrating audio, video, and IoT technologies to provide comprehensive solutions [13]. - Future growth is expected to come from both internal development in AIoT and potential acquisitions to enhance the supply chain [12][14]. Market Collaboration - The company is open to collaborating with major domestic firms on AIoT projects, focusing on high-quality growth rather than just revenue expansion [15][16].

京东方科技集团股份有限公司 投资者关系活动记录表 编号：2025-031 | 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 | | | 参与单位名称 | 国盛电新：杨润思、胡文新 | | | | 国盛证券：朱迪 | | | | 宏道投资：季巍 | | | | 深圳华杉投资：李洲 | | | | 富国基金：李可伦 | | | | 西部利得基金：黄浦 | | | | 基明资产：区晓 | | | | 广发基金：李雅哲 | | | | 浦泓投资：彭聪 | | | | 国泰海通资管：张晨洁 | | | | 信达澳亚基金：陆毅楷 | | | | 长江养老：刘堃 | | | 时间 | 2025 年 11 月 27 日 | | | 地点 | 合肥京东方光能科技有限公司 | | | 上市公司接待人员姓名 | 寇建龙 合肥京东方光能总经理 | | | | 罗文捷 证券事务代表 | | | | 于含悦 董事会秘书室工作人员 | | --- | --- ...