Group 1: Company Overview - Chongqing Three Gorges Paint Co., Ltd. is one of the first listed companies in the national paint industry and a large-scale comprehensive paint manufacturer with a complete range of products [1][2] - The company focuses on anti-corrosion paint as its core business, emphasizing technological innovation and quality improvement [2] - It has established production bases in Chongqing, Chengdu, and Xinjiang, achieving nationwide market coverage across 28 provinces [2] Group 2: Development Strategy - The company has proposed a "1+2+3+N" development strategy to adapt to the competitive paint industry [2] - "1" refers to a main line of innovation and self-reliance to promote high-quality development - "2" includes two viewpoints: strengthening the main business and treating products with care - "3" consists of three key approaches: leadership modeling, focusing on R&D and marketing, and returning to market-oriented principles [2][3] - The company acquired a stake in Chongqing Blue Era Energy Technology Co., Ltd. in June 2025, marking its entry into the radiation cooling materials sector [3] Group 3: Service and Product Offerings - The company provides comprehensive custom services from paint formulation design to coating process planning, with notable projects including the Chaotianmen Yangtze River Bridge and large industrial projects [4][5] - It is actively expanding into functional new materials, including thermal insulation and flame retardant materials, particularly in the radiation cooling field [5] Group 4: Environmental Responsibility - The company prioritizes social responsibility and has been recognized as a national "Green Factory" in 2024, reflecting its commitment to environmental protection [5] - It adheres to national environmental standards and aims to align with international best practices through investments in water-based coatings and green production processes [5]

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 时间 2025 年 7 月 9 日 - 2025 年 7 月 17 日 参与单位名 称及人员姓 名 2025 年 7 月 9 日 下午 14:30-15:30 山西证券 2025 年 7 月 15 日 上午 10:00-11:00 JOIN ASSET 2025 年 7 月 16 日 上午 10:00-11:00 建信基金 2025 年 7 月 16 日 下午 14:30-15:30 山西证券 2025 年 7 月 16 日 下午 16:00-17:00 长城基金 2024 年 7 月 17 日 上午 10:00-11:00 摩根 2024 年 7 月 17 日 下午 16:00-17:00 博普资产 地点 电话会议、公司会议室 上市公司接 待人员姓名 董事长助理：黄骏 证券事务专员：徐嘉铭 投资者关系 活动主要内 一、公司情况简介 二、投资者问答介绍 编号：2025-05 | 容介绍 | 问题 1：请问公司怎么看待自身的研发投入？ | | --- | --- | | | 答：在研发投入 ...

Group 1: Overseas Market Strategy - The company views overseas markets as having significant growth potential, with a focus on leveraging technological strength and brand influence for expansion [1] - In Europe, the acquisition of Clínica Baviera S.A. (CB) has led to a revenue of €260 million in 2024, with a network of 137 clinics, nearly doubling since acquisition [1][2] - CB's revenue growth has shown a compound annual growth rate (CAGR) of over 15% since acquisition, with net profit growing at over 20% [2] Group 2: Southeast Asia Expansion - The acquisition of ISEC in Southeast Asia has resulted in a revenue of SGD 74 million in 2024, with 17 clinics established [2] - ISEC has experienced a CAGR of approximately 20% in revenue and nearly 30% in net profit since acquisition [2] - The company is actively seeking opportunities in Southeast Asian markets, which have a population of nearly 700 million, indicating substantial growth potential [2] Group 3: Domestic Growth Potential - The company operates 252 hospitals domestically, with 194 being acquired through funds, indicating a significant existing network [4] - There is considerable growth potential in provincial hospitals, with some generating over CNY 200 million in revenue but still having low penetration rates [4] - County-level hospitals are expected to grow as economic development and public awareness of eye health increase [4][5] Group 4: Cost Reduction and Efficiency - The company emphasizes cost reduction and efficiency improvements regardless of growth rates, aiming for healthier growth [6] - In 2025, the company initiated organizational changes to enhance operational efficiency and attract talent for high-quality development [6] - The focus on patient-centered care and digital transformation aims to convert data and network advantages into new productivity [6] Group 5: Market Opportunities in Presbyopia Treatment - The presbyopia treatment market in China is still in its early stages, with significant growth potential due to low awareness among the elderly [7] - The company plans to develop presbyopia diagnosis and treatment services, including establishing specialized clinics [7] - The European subsidiary has successfully developed presbyopia surgery, indicating a model for future growth in China [7] Group 6: New Technology Promotion - The company maintains a leading position in refractive technology, with new procedures like all-laser LASIK and ICL V5 being introduced [8] - New technologies have improved patient outcomes and helped reverse the trend of declining average prices [8] - The company leverages its network and brand advantages to accelerate the promotion of new technologies in the domestic market [8]

Group 1: Technology and Innovation - The company has made significant advancements in technology, particularly with the RUNA - STORM AI smart heating system, which integrates "big data + cloud computing + AI models + hydraulic simulation + digital twin" technology, achieving a reduction in heat consumption and carbon emissions by 10% - 30% and electricity consumption by 30% - 50% [1][2] - The self-developed 100kW magnetic levitation centrifugal compressor fills a gap in waste heat recovery and heating, characterized by low vibration, low noise, long lifespan, and easy maintenance, with a rated thermal efficiency of 6.5 [1] - The RUNA AI system, combined with the DeepSeek large model, enhances decision-making and service personalization in smart heating, transitioning the industry from "experience-driven" to "data-driven" [1] Group 2: Market Opportunities and Policies - Urban renewal and safety lifeline policies positively impact the company's performance, as intelligent heating system upgrades are a key focus of urban renewal, providing a broad market space [2] - The company's smart heating system meets safety requirements through real-time monitoring and predictive maintenance, creating new market opportunities [2] Group 3: AI Applications - The company has developed a unique collaborative intelligent algorithm group for the heating industry, optimizing energy allocation and reducing consumption through various algorithms [3] - AI applications enhance production scheduling, predictive maintenance, and decision-making by analyzing multi-source data and simulating the effects of network modifications [3] Group 4: Contract Energy Management - There is significant interest from heating companies in the Contract Energy Management (EMC) model, which alleviates upfront investment burdens and reduces financial risks associated with upgrading to smart heating technologies [4] Group 5: Accounts Receivable Stability - The stability of accounts receivable is attributed to a customer base primarily consisting of state-owned heating companies, which have strong financial health and payment capabilities, reducing collection risks [5][6] - The company emphasizes accounts receivable collection as a performance metric for business personnel, enhancing proactive collection efforts and shortening payment cycles [6]

Group 1: Company Overview - The company primarily engages in the development, production, and sales of automotive motor technology and fluid technology products, aiming to become a global leader in automotive motor technology solutions [2][3] - The main production base is located in Ningbo, with additional production facilities in locations such as Qingyuan, Shenyang, Wuhan, the USA, and Thailand to serve clients more effectively [3] - In 2024, the company's main business revenue reached 950.51 million CNY, with cleaning business revenue accounting for 46.3%, motor business revenue for 45.6%, and other business revenue for 8.1% [3] Group 2: Harmonic Field Motor Technology - The company has developed harmonic field motor technology, which reduces motor size while maintaining the same output power, leading to significant material cost savings [4][6] - Multiple invention patent applications have been submitted for this technology, establishing a technological moat and competitive advantage [4] - The technology has potential applications in both micro-special motors and large motors across industrial and automotive sectors [4] Group 3: Market Application and Cost Advantages - In the automotive sector, the adoption of new motor technologies is increasing, particularly in high-torque applications, although large-scale production is still limited [5] - The cost advantages of harmonic field motors include reduced size and material costs, but initial production batches may incur higher shared costs, which could affect overall cost structure [6] - As production scales up, economies of scale are expected to improve cost efficiency, supported by the company's capability to manufacture magnetic materials [7] Group 4: Competitive Strategy and Challenges - The company emphasizes innovation-driven development to enhance competitiveness and adapt to market changes [7] - In the robotics sector, the company faces challenges in motor development, including balancing performance, efficiency, reliability, stability, compatibility, and cost control [7] - Despite these challenges, there are significant market opportunities in the robotics field, which the company aims to leverage by addressing its technical shortcomings [7]

Group 1: Impact of Tariff Policies - The details of the latest U.S. tariff policies on Vietnam and Indonesia are not fully clarified, and the company will closely monitor these developments [2] - Historically, tariffs have been borne by brand clients (importers), ultimately affecting consumer prices; clients evaluate cost optimization across various dimensions if retail price increases impact competitiveness [2] - Since the announcement of the "reciprocal tariff" policy in April, many clients have not discussed the cost implications with the company [2] Group 2: Supply Chain and Material Sourcing - In 2024, over 50% of the raw materials needed by the company's Vietnam factory will be sourced locally, while the proportion from mainland China has decreased to about 30% [3] - The company has seen a gradual shift of raw material manufacturers to Southeast Asian countries, with many Chinese manufacturers also establishing factories in Vietnam [2][3] Group 3: Sales Distribution and Market Performance - The U.S. market accounts for approximately 40% of the company's sales revenue, as reported in the annual report [4] - There are noticeable differences in sales performance across regions, with some brands having a higher market share in the U.S. while others perform better in Europe [5] Group 4: Profit Margins and Operational Efficiency - The gross profit margin declined in Q1 2025 due to the rapid increase in new customer orders and the need for new factory setups, which affected overall efficiency [6] - The company expects operational efficiency to improve as new employees become more skilled and factory processes are optimized [6] Group 5: Capital Expenditure and Future Investments - The company plans to maintain an active capacity expansion strategy, with capital expenditures projected to be between 1.1 billion to 1.7 billion RMB annually from 2022 to 2024 [9] - New factories will be established in Indonesia and Vietnam, with accelerated automation upgrades [9] Group 6: Dividend Policy and Shareholder Returns - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit, and 2022 and 2023 dividends at 43% and 44% respectively [10] - By the end of 2024, the company expects to have accumulated approximately 10.4 billion RMB in undistributed profits, allowing for potential increased dividends while meeting capital expenditure needs [10]

Group 1: Company Overview - Hangzhou Guangli Microelectronics Co., Ltd. is a leading supplier of integrated circuit software and wafer-level electrical testing equipment, focusing on improving chip yield and rapid monitoring technology [1] - The company provides a comprehensive solution for yield enhancement throughout the entire product cycle of integrated circuits, from design to mass production [1] Group 2: Industry Opportunities - The company recognizes the importance and urgency of domestic EDA software development due to changes in the international trade environment, adopting a dual approach of "independent research and development + incubation and acquisition" to accelerate product layout [2] - The strategy includes expanding manufacturing EDA while rapidly advancing key design EDA development, with a focus on DFM, DFT, and simulation products [2] Group 3: Product Applications - The company's products are applicable in various chip product scenarios, including automotive electronics, supporting functional safety testing and data analysis for automotive chips [3] - Hardware products like WAT testing machines and reliability testing machines cater to the testing needs of automotive chips [3] Group 4: DFM Product Development - DFM (Design for Manufacturability) serves as a bridge between R&D and production, effectively shortening development time, reducing manufacturing costs, and enhancing product reliability [4] - The company has developed a range of DFM tools, including CMPEXP, Virtual Yield, LayoutInsight, and others, which can be seamlessly integrated to create complex solutions [5] - Core DFM tools are currently being trialed by several leading enterprises, with CMPEXP already securing business orders [5]

Group 1: Company Performance - The company's performance in the first half of 2025 improved due to increased sales and prices of certain products, as well as cost reduction and efficiency gains [2] - The overall agricultural pesticide industry is showing signs of improvement, with some companies reporting better performance, although competition remains fierce and prices are still low [2] Group 2: Future Strategies - The company plans to enhance performance by completing key projects on time, optimizing existing processes, improving product quality, and reducing production costs [3] - Strengthening strategic customer cooperation and accelerating the registration and development of new products are also key measures [3] Group 3: Market Outlook - The company remains optimistic about the future of glyphosate prices, despite current market competition, and aims to steadily expand market share [3] - The market for refined glyphosate is expected to grow as more companies obtain product registrations and improve production technologies [3] Group 4: Project Developments - The 20,000 tons/year enzymatic refined glyphosate project in Jinshi, Hunan, has been put into production and is operating normally [3] - The company is actively constructing production facilities for chlorantraniliprole, with significant market layout efforts already made [3] Group 5: Shareholder Changes - The company is in communication with its controlling shareholder regarding potential changes, which will require a series of operations and government approvals [3] - The second-largest shareholder's reduction in holdings is primarily based on investment return considerations, and updates will be disclosed according to regulations [4]

Group 1: Coal Supply and Pricing - The company's main coal suppliers include State Power Investment Corporation Inner Mongolia, Shenhua Energy Northeast Trading Company, and Huaneng Hohhot Energy Development Company, with long-term contracts accounting for approximately 90% of coal supply [1] - Long-term coal prices are executed according to the National Development and Reform Commission's pricing policy, while market coal prices are determined through bidding or negotiation based on market fluctuations [1] Group 2: Power Generation and Market Mechanisms - All heating units of the company are cogeneration units that participate in market transactions [1] - The cross-provincial electricity market trading mechanism in Jilin Province is smooth, with inter-provincial trading plans organized by the Beijing Trading Center [2] - Currently, bilateral trading accounts for a relatively large proportion of the electricity market in Jilin Province [2] Group 3: Future Plans and Financial Metrics - The company will focus on "new energy+" and "green hydrogen-based energy" as dual tracks to continuously improve operational performance and promote high-quality development [2] - The company's basic requirement for project IRR is 8%, which will be determined based on market changes and project conditions [2] - The company plans to conduct dividends in the second half of 2025 and the third quarter, with cash dividends not exceeding 10% of the net profit attributable to shareholders for the corresponding period, provided that the company maintains profitability and positive undistributed profits [2]

Group 1: Business Overview - The company has a strong presence in metal packaging and plastic packaging, primarily serving the chemical, lubricant, and food industries, with a complete product series and specifications [8][12] - The company has established long-term stable relationships with major clients, including Shell and ExxonMobil, and has received multiple awards for quality and service [4][12] Group 2: Financial Performance - The gross margin for plastic packaging is approximately 17%, which is considered reasonable for the manufacturing industry [4] - The company anticipates significant revenue growth in battery precision structural components in 2025, although it will still represent a low percentage of overall revenue [3] Group 3: Market Strategy - The company is cautious about expanding its battery precision structural components market due to current market conditions, but expects to see growth in 2025 compared to 2024 [3] - The company is actively exploring overseas market opportunities, particularly in Southeast Asia, and has established a presence in Singapore [9] Group 4: Production and Automation - The company's production lines are highly automated compared to industry standards, with over 100 technical staff dedicated to equipment automation and smart upgrades [10] - The current capacity utilization rate for the company's new energy sector is around 60% [3] Group 5: Supply Chain Management - The company has strategic partnerships with major suppliers like China Baowu Steel Group for raw materials, ensuring favorable procurement prices [5][6] - The company has a robust cost transfer mechanism with clients, allowing it to manage fluctuations in raw material prices effectively [5] Group 6: Future Plans and Innovations - The company plans to enhance its technological innovation and product development capabilities, focusing on customer-specific needs and market trends [12] - The company is considering mergers and acquisitions in high-end intelligent manufacturing sectors, such as semiconductor processing and robotics [16]