Group 1: Financial Performance - In the first three quarters of 2025, the company reported a revenue of 2.265 billion CNY, a year-on-year decrease of 20.70% [2] - The net profit for the same period was 392 million CNY, reflecting a year-on-year decline of 45.69% [2] - Basic earnings per share stood at 0.7327 CNY, also down by 45.69% compared to the previous year [2] - The weighted average return on net assets was 9.16%, a decrease of 9.20% year-on-year [2] Group 2: Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [2] - These products are widely used in commercial buildings, food cold chain logistics, and heating applications, catering to various customer needs [2] - The company has seen growth in screw and magnetic levitation centrifugal compressors used in data centers during the first half of the year [2] Air Compression Products - The air compressors serve as core equipment in engineering machinery and are crucial in industries such as pharmaceuticals, chemicals, electronics, and road maintenance [3] - The company is expanding its market for oil-free air compressors, which are essential in industries requiring high air quality, such as food and biomedicine [3] Vacuum Products - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [3] - The company has begun small-scale supply to domestic chip manufacturers and is testing new processes with clients [3] Group 3: Other Insights - The company experienced an increase in contract liabilities in the first three quarters, mainly due to a rise in advance payments for new orders [3] - During the investor relations activity, no undisclosed significant information was revealed [3]

Group 1: Financial Performance - The company's gross profit margin significantly improved in Q3 compared to H1 due to enhanced cost control and optimized production efficiency [2] - Continuous improvement in capacity utilization effectively reduced fixed costs, leading to an overall cost structure upgrade [2] Group 2: Production Capacity and Supply Chain - In addition to the Meizhou production base, the company has reserved capacity for liquid cooling modules in its self-built park in Suzhou and purchased a factory in Thailand to meet overseas customer demands [3] - Land has been acquired in Vietnam for future factory construction, aiming to enhance global supply chain flexibility and reduce external uncertainties [3] Group 3: Product Focus and Clientele - The company's liquid cooling products primarily target the network communication and server sectors, with key products including liquid cooling plate modules and comprehensive liquid cooling solutions [3] - Domestic collaborations have been established with leading manufacturers like ZTE, while the company has also secured sample qualifications from major North American clients [3] Group 4: Strategic Direction and Investor Confidence - The company plans to continue focusing on its core business and enhancing competitiveness, with liquid cooling modules identified as a key growth area [3] - Management is committed to improving shareholder confidence through steady operations, excellent performance, stock buybacks, and cash dividends to reward investor trust [3]

Group 1: Product Lifecycle and Collaboration - The industrial membrane product replacement cycle is typically three years under stable operating conditions, but can be shortened due to upstream system abnormalities [2] - The company is actively expanding business cooperation with Longyuan Environmental Protection to promote domestic product application within the National Energy Group [2] - The company is responding to the national policy advocating for the localization of key materials, seizing market opportunities for domestic products, and enhancing its competitive edge [2] Group 2: Membrane Separation Engineering Business - The membrane separation engineering business allows the company to better understand market demands, develop new membrane technology applications, and promote innovation in membrane products [3] - Undertaking model engineering projects will further facilitate the expansion of the membrane materials market [3] - The company remains optimistic about the future development of this business segment, particularly in relation to the circular economy [3]

平安银行股份有限公司投资者关系活动记录表 | | 2025年9月末，我行个人存款余额12,796.30亿元，较上年末下 | | --- | --- | | | 降0.6%；1-9月个人存款日均余额13,075.79亿元，较去年同期增长 | | | 4.2%，其中个人活期存款日均余额较去年同期增长15.8%；9月末代 | | | 发及批量业务带来客户存款余额3,835.58亿元，较上年末增长7.9%； | | | 1-9月个人存款平均付息率1.87%，较去年同期下降37个基点。我行 | | | 重点加强存款期限结构管控，并挖掘以投资理财、代发工资、支付 | | | 结算为主的核心交易场景，深化数字化经营，推动活期存款沉淀， | | | 个人存款规模保持平稳，结构及成本持续优化。 | | 6. | 请问贵行对公业务具体打法？ | | | 我行对公业务聚焦"做精行业、做精客户、做精产品"，在产 | | | 业金融、科技金融、供应链金融、跨境金融、普惠金融方面重点发 | | | 力，持续加大实体经济支持力度。我行始终坚持以客户为中心，培 | | | 育并做强一批战略客群，并持续升级公私融合经营机制，释放一体 | | ...

Group 1: Strategic Transformation and Business Progress - The company is transitioning to become an "intelligent computing service solution provider," with the new business (intelligent computing services) accounting for over 84% of its core competitiveness and order progress [2][3] - The company has developed several systems and applications, including a computing power scheduling management and operation system, AI intelligent platform, and search enhancement system, based on open-source technology [2][3] - A core R&D team has been established in the large model application field, focusing on algorithms, solutions, and application development, with ongoing technical exchanges and collaborations with the Zhongguancun Artificial Intelligence Research Institute [3] Group 2: Business Models and Revenue Streams - The intelligent computing service solution business primarily adopts a direct sales model, with order acquisition methods including bidding, competitive negotiation, direct consultation, and single-source procurement [3] - The traditional security business remains a major revenue source, providing integrated security solutions for financial clients, including video surveillance and intrusion alarm systems [4] Group 3: Technological Advancements and Competitive Advantages - The company’s digital watermark technology, Viewmark, is recognized for its security, robustness, and low impact on video quality, having won provincial and ministerial awards and received international certifications [6][7] - The integration of digital watermark technology with artificial intelligence is supported by national policies, establishing a regulatory framework for its application in AI-generated content [8] Group 4: Research and Development Investments - Current R&D efforts focus on artificial intelligence applications, general large model platforms, and video command service systems, aimed at upgrading intelligent solutions and fostering industry innovation [8] Group 5: Corporate Governance and Capital Operations - The company is actively progressing with the acquisition of a 51% stake in Anhui Yilu Weixing Technology, with ongoing due diligence, auditing, and evaluation processes [9][10]

Financial Performance - As of the end of Q3 2025, the company achieved a total revenue of 1.47 billion CNY, a decrease of 2.75% year-on-year, while the net profit attributable to shareholders was 9.47 million CNY, down 41.09% year-on-year. However, the net profit excluding non-recurring items increased by 170.88% to 48.01 million CNY [3] - In Q3 2025, the company reported a revenue of 261 million CNY, an increase of 12.77% year-on-year, and a net profit of 4.92 million CNY, up 104.38% year-on-year [3] - The operating cash flow improved significantly, exceeding 300 million CNY, representing a year-on-year growth of 320% [3] Business Segments Comprehensive Smart Energy - The comprehensive smart energy segment is expected to grow due to the launch of the "distributed wind + heating" business and improvements in biomass power generation [8] - The company has secured over 300 MW of distributed wind power indicators and is in the process of developing five heating project assets [8] New Energy - The company has over 1 GW of projects under construction and an additional 2-3 GW in the development phase, ensuring sustained growth for the new energy segment over the next 3 to 5 years [10] - The company received over 200 million CNY in national subsidies this year, with approximately 1 billion CNY in outstanding subsidy receivables [4] Manufacturing Sector - The smart distribution network business orders are expected to grow by over 20% year-on-year in 2025, driven by increased market demand and strategic investments [5] - The company aims for a 20% revenue growth target for the smart distribution network business in 2025 [11] Strategic Initiatives - The company is open to investments in the power electronics sector and is considering potential mergers and acquisitions to enhance synergy [3] - A new R&D center was established in Jiangsu to improve product competitiveness and reduce transportation costs [5] Market Outlook - The management holds an optimistic view on the future of the power distribution industry, anticipating a new growth cycle due to increased investments in the national grid and rising demand for clean energy projects [5] - The company is actively exploring overseas business opportunities, particularly in Central Asia and ASEAN countries, with a focus on wind and solar power projects [13] Shareholder Actions - The controlling shareholder's planned reduction in holdings is a normal behavior to repay stock pledge debts and will not affect the company's governance structure [14]

Group 1: Financial Performance - The company's operating income and net profit attributable to shareholders decreased year-on-year in the first three quarters, but the decline narrowed compared to the first half of the year. In Q3, both operating income and net profit showed significant growth compared to the previous quarter and year-on-year [2][3] - The company's asset-liability ratio remains low, and cash reserves have increased, indicating strong financing and debt repayment capabilities [2][3] Group 2: Growth Drivers - Key growth drivers include product structure optimization, with civil pipe sales acting as a stabilizing force, and the industrial pipeline sector expected to grow due to national pipeline renovation projects [3][4] - The company is focusing on cost reduction and efficiency improvement, enhancing management of procurement costs and expenses, which has led to improved turnover efficiency and reduced bad debt risks [3][4] Group 3: Market Opportunities - The National Development and Reform Commission plans to invest 5 trillion yuan in the construction and renovation of 700,000 kilometers of underground pipelines during the 14th Five-Year Plan, with nearly 90% of the investment directed towards water supply, drainage, and gas pipeline networks [4] - The pipeline manufacturing industry is expected to grow at an annual rate of over 8%, driven by policy mandates for digital transformation of pipeline networks [4] Group 4: Hydrogen Pipeline Development - The company has made substantial progress in long-distance hydrogen pipeline projects, securing a 20-kilometer order for the pipeline from Daqiaoqi to Baotou, with a total of 2,400 kilometers planned for three national-level hydrogen pipelines [5] - By 2030, China aims to establish the world's largest energy pipeline network, with significant investments in hydrogen pipeline infrastructure [5] Group 5: Strategic Initiatives - The establishment of a joint venture with Tianchuang Intelligent focuses on expanding the application of special robots in the oil and gas, municipal water, and other sectors, leveraging the market resources of the company [6][7] - The company plans to adopt a dual-wheel strategy for its second main business, prioritizing high-growth sectors and leveraging mergers and acquisitions to enhance market presence [8]

Business Overview - The textile carding equipment is a key business for the company, maintaining a leading position in the domestic market and planning to expand overseas, where current overseas revenue is relatively low [2][3] - The company has intensified its efforts in the home appliance sector for stainless steel decorative panels, collaborating with well-known brands to develop high-end products [3][4] Special Steel Wire Products - Special steel wire has diverse applications, including springs, rivets, fishhooks, automotive parts, and textile equipment. The external supply of steel wire has surpassed internal needs, leading to a saturated order volume and insufficient production capacity [3][4] - A high-end special steel wire project is underway, with construction completed and equipment installation in progress, aimed at alleviating capacity constraints [3][4] Equipment Manufacturing - The equipment manufacturing business focuses on metal wire rod rolling equipment, with a strong growth trend and the ability to replace imports. The demand for flat wire processing equipment is increasing due to advancements in electric vehicle motors and ultra-high voltage transformers [4][5] Market and Shareholder Management - The company aims for high-quality development to enhance operational performance and market value, while also improving investor relations and information disclosure [4][5] - The company has initiated its first share buyback in line with provincial government guidelines and is considering the feasibility of using repurchased shares for equity incentives [5] - The original controlling shareholder's reduction of holdings is ongoing, which may impact stock prices, but the company believes its long-term investment value will be recognized as it continues to develop healthily [5]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a total operating revenue of CNY 314.18 billion, representing a year-on-year increase of 2.50% [1] - The net profit attributable to shareholders for the same period was CNY 7.15 billion, showing a decline of 14.83% year-on-year, primarily due to pressure on the gross margin of certain projects [1] - The net operating cash flow improved significantly to -CNY 7.91 billion, attributed to the receipt of prepayments for new projects and effective project fund management [1] Group 2: Order Situation - From January to September 2025, the company secured 801 new orders across various sectors, including highways, municipal projects, maintenance, construction, and port navigation, with a total order value of CNY 665.69 billion, marking a year-on-year growth of 20.20% [1] - Recent major projects won include segments of the Hangzhou to Shangrao Expressway and other significant highway projects, indicating a positive order acquisition trend [1] Group 3: Maintenance Business - The company's maintenance business encompasses traditional construction and maintenance, consulting, and supply chain services, with a focus on county-level maintenance, leading to strong professional and scale advantages [2] Group 4: Future Investment and Acquisition Plans - The company plans to expand its infrastructure business through acquisitions related to upstream and downstream industries, aiming to enhance its industry chain and create new profit growth points [2] - Key focus areas include new infrastructure, new technologies, and new materials to improve core competitiveness [2] Group 5: Cash Dividend Plan - A three-year dividend plan has been established, with a proposed cash dividend of CNY 1.25 per share for 2024, totaling CNY 3.34 billion, which is 25.48% of the annual net profit attributable to shareholders [2] - The company aims to enhance dividend stability and predictability while considering shareholder feedback, especially from minority shareholders [2] Group 6: Future Development Strategy - The company is actively planning its "14th Five-Year" development strategy, focusing on five major business sectors: transportation infrastructure, urban construction, comprehensive maintenance, transportation manufacturing, and related industries [2] - The goal is to become a leading enterprise in new infrastructure, optimizing business composition and enhancing overall development capabilities [2]

Group 1: Company Overview - The company operates in the fine chemical sector, focusing on the R&D, production, and sales of surfactants and cleaning products, which are core ingredients for personal care and household cleaning items [1] - The surfactant production capacity utilization rate has remained high, reaching 86.00% as per the 2024 annual report [2] Group 2: Risk Management - Direct materials account for over 90% of production costs, prompting the company to strengthen strategic partnerships with core suppliers and implement a pricing strategy that links product sales prices to raw material costs [2] - The company enhances its decision-making capabilities through in-depth industry research to manage raw material price fluctuations effectively [2] Group 3: Capacity Expansion - The new production capacity at the Shanghai base will enhance supply capabilities to the Yangtze River Delta, Southwest, Hebei, and international markets [3] - The company aims to establish the Shanghai base as a model for scientific innovation and smart manufacturing, contributing to stable and continuous growth in performance [3] Group 4: Customer Advantages - The company has developed long-term strategic partnerships with major clients, becoming a key supplier of surfactants to well-known domestic and international daily chemical enterprises [4] - The company focuses on technological innovation and responds to market demands by developing a diverse and high-value product system, enhancing customer loyalty [4]