Group 1: Core Competencies and Technological Advancements - The company has established a complete technology chain from industrial network communication to intelligent controllers, including the world's first AUTBUS bus chip and the first domestic TSN switch chip [2][3] - The Hongdao industrial operating system offers high security, real-time performance, and scalability, supporting flexible deployment and dynamic adaptation to device interconnection and data processing needs [2][3] - The new generation of intelligent controllers utilizes a "software-defined control" concept, allowing for iterative optimization of control logic through software upgrades, enhancing efficiency in intelligent upgrades [3] Group 2: Defense Business Development - The defense business encompasses three core areas: network, control, and audio-video solutions, with a stable development outlook for 2025 [4] - Future plans focus on intelligent and collaborative upgrades of defense equipment, emphasizing the construction of communication networks for data links and unmanned equipment [4] Group 3: Market Expansion and Challenges - New business products include industrial operating systems and intelligent controllers, targeting industries such as semiconductor equipment, robotics, clean energy, and transportation [4] - The introduction of new products requires a lengthy stability verification period before market acceptance, necessitating resource investment in market promotion and customer cultivation [4] Group 4: Robotics Sector Strategy - The company is strategically focused on the underlying electronic architecture of robotics, which is crucial for safe operation and has significant market potential [6] - Investments have been made in robotics manufacturers to integrate the company's electronic architecture into their products, with ongoing adaptation and joint development efforts [6] Group 5: Cross-Domain Application and Modular Design - The core commonality of the electronic architecture solutions lies in the "control + network" foundation and full-stack service capability, addressing digital and intelligent upgrade needs across different fields [6] - Modular design of core technologies like the Hongdao industrial operating system and AUTBUS bus allows for flexible combinations and parameter optimizations, reducing R&D costs and enabling rapid responses to customized demands [6]

Industry Outlook - The company has a cautious outlook on the industry's recovery due to the current international trade environment and consumer sentiment, despite a slight improvement in orders for winter apparel in Q4 2025 [2] - The company remains optimistic about its long-term development prospects, focusing on enhancing brand influence and product competitiveness in the apparel accessories sector [2] Price Competition - The apparel accessories market is highly competitive, with price being one of several factors considered by mid-to-high-end brand clients, who prioritize product development capabilities, delivery times, and service quality [2] Raw Material Costs - Recent increases in metal raw material prices, such as copper, have impacted the company's costs; however, the company employs a cost-plus pricing model to manage these fluctuations [3] - The company is actively pursuing new materials and processes to meet customer demands [3] Customer Growth - Historical data indicates that growth primarily comes from existing customers, as establishing new brand partnerships typically requires years of effort [4] - The company aims to deepen relationships with current clients while also expanding its customer base to ensure stable long-term growth [4] Competitive Advantages - The company differentiates itself from competitors like YKK and Xunxing through its "product + service" approach, emphasizing quality products and comprehensive service [6] - It has developed strong competitive advantages in product diversity, fashionability, and innovation, which are increasingly demanded by downstream apparel brands [6] Overseas Operations - The company's overseas factories in Bangladesh and Vietnam are performing well, with the Vietnam facility showing significant growth since its launch in H1 2024 [7] - Future plans include enhancing global manufacturing capabilities through technological upgrades and strategic production layouts [7] Production and Manufacturing - The typical production cycle ranges from 3 to 15 days, influenced by capacity utilization and specific customer orders [8] - Smart manufacturing is a core strategy, with ongoing investments aimed at achieving global leadership in digital transformation and manufacturing efficiency [9] Financial Performance - The company reported a foreign exchange loss of CNY 22.86 million in the first three quarters of 2025, which is a minor impact on overall profits [10] - Sales expenses are expected to rise as the company continues its direct sales model and global expansion, although the sales expense ratio is anticipated to remain stable [11] Dividend Policy - The company adheres to a sustainable development philosophy, considering annual profits, future needs, and shareholder interests when formulating its profit distribution plan [12]

Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. focuses on the research, production, and sales of automotive soft interior materials, listed on February 16, 2023 [2] - Main products include tufted carpets and needle-punched carpets, primarily serving the complete vehicle assembly market [2][3] - Established stable partnerships with brands such as BMW, Audi, Mercedes-Benz, and NIO, and expanded overseas with subsidiaries in the USA, Singapore, Mexico, and Morocco [2] Product Applications - Products are mainly used in automotive main carpets, luggage compartment carpets, and as surface covering materials for various interior and exterior components [3] Profit Margin Improvement Strategies - The company aims to enhance profit margins by focusing on core business, expanding market space, improving customer structure, increasing R&D investment, and strengthening cost control [3] Overseas Market Expansion - The Mexican factory is in the small-batch trial production phase, with plans for full production by mid to late 2026 [3] - The Moroccan factory is planned with an investment of no more than 100 million RMB, targeting the European automotive carpet market, expected to commence production in late 2026 [4] - Funding for the Moroccan factory will come from the company's own funds, with a low debt ratio and sufficient bank credit, indicating no significant financial pressure [4] Future Expansion Considerations - Currently, there are no plans to establish factories in Southeast Asia, Central Asia, or Russia [4]

4、面对铜等原材料价格上涨，在成本控制方面采取了哪些有效措施？ 公司始终秉承稳健经营理念，坚持精细化运营管理，提升运营效率和管理效能。公司 建立完善的供应链管理系统，与主要供应商通过合作共赢的模式，加强对供应链的管控， 不断提升企业盈利能力。公司将密切关注全球新能源经济形势及行业政策，继续落实降本 增效策略，结合自身技术优势提高成本效益。 投资者关系活动记录表 编号：2026-001 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（请备注） 参与单位 名称及人 员姓名 景顺长城；泰康资产；鹏华基金；南方基金；国联民生证券等 时间 2026年1月19日 地点 线上交流 上市公司 接待人员 姓名 董事会秘书姚兴存、投资者关系经理杨逍 投资者关 系活动主 要内容介 绍 1、公司主要业务线发展情况。 作为领先的可再生能源领域智能化配电设备提供商，公司主要从事应用于可再生能源 （含风能、光伏、储能）、新型基础设施（含数据中心、智能电网）等领域的输配电及控 制设备的研发、生产和销售，以智能变压器、箱式变电站、智能成套开关设备为核心产 ...

Group 1: Production Capacity and Market Demand - The current production capacity for aramid fibers is 16,000 tons each for meta-aramid and para-aramid [2] - Global demand for aramid paper is approximately 10,000 tons, with supply significantly exceeding this demand [3] - The market for aramid paper has a high barrier to entry due to technical challenges and supply chain constraints [3] Group 2: Profit Margins and Industry Trends - The profit margins for both types of aramid fibers have seen a slight decline this year [2] - The global supply of aramid fibers is around 150,000 to 160,000 tons combined [2] - The company plans to first increase the utilization rate of existing capacity before considering further expansion [3] Group 3: Applications and Market Segmentation - Approximately 80% of aramid paper is used for insulation applications [3] - The use of aramid materials in new energy and commercial aerospace is currently low but has potential for growth [4] - The company is exploring applications for smart fibers in various sectors, including automotive interiors and wearable technology [5] Group 4: Challenges and Innovations - The company is facing challenges in the production of spandex, which is currently operating at a loss [4] - Innovations in green dyeing technology aim to reduce wastewater and CO2 emissions during the dyeing process [4] - The development of thermal conductive films (POD films) is being pursued, with potential applications in mobile devices [5]

Company Overview - Established in 2003, the company specializes in the research, production, and sales of differentiated, functional biaxially stretched polyester film materials [2] - Main products include color optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - Future focus on expanding product series and application fields, particularly in high-performance carbon fiber projects for sustainable development [2] Carbon Fiber Product Insights - Target customers for carbon fiber products are high-end enterprises in aerospace, high-end equipment manufacturing, and high-end industrial applications [3] - The company will actively engage with potential clients and advance product sampling and performance validation to facilitate cooperation [3] Certification and Market Strategy - The certification process for carbon fiber products will be flexible, aligning with industry norms and specific client needs [3] - Plans to leverage external collaborations and industry integration to shorten certification cycles and accelerate market entry [3] Team Incentives - The company has established a diverse incentive system for the carbon fiber technology team, covering both short-term and long-term dimensions [4] - Incentive plans will be dynamically adjusted based on performance targets to maximize innovation and project advancement [4]

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 编号：2026-001 | 投资者关系活 | ☑特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 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） | | | 高盛、淡水泉投资、安本投资、Eastspring Investments、BNP Paribas Asset | | 参与单位名称 | Management、东方证券自营、禾其投资、中投公司、Kadensa Capital、Capital | | 及人员姓名 | Group、VG Investment、Ariose Capital、Marshall Wace、摩根士丹利投资 | | | 管理、Schonfeld Strategic Advisors、Ishana Capital、East Capital | | 时间 | 2026 年 1 月 16 日 15:30-16:30 | | 地点 | 公司会议室 | | 上市公司接待 | 董事会秘书兼财务总监 杨哲嵘先生 | | 人员 ...

Group 1: Alotose Sugar Project Overview - Alotose sugar is developed in collaboration with the Nutrition Research Institute, utilizing fructose syrup as the main raw material, with an industry-leading conversion efficiency after 8 years of research [1] - The project has a three-phase capacity layout: Phase 1 involves rapid production using equipment from a Shandong enterprise; Phase 2 includes the renovation of idle equipment in Yushu, expected to be operational in 2026; Phase 3 reserves a capacity of 10,000 tons in the Northwest [1] Group 2: Competitive Advantages - The technical barriers include raw material advantages, as COFCO is a major domestic supplier of fructose syrup, providing low-cost and stable quality [2] - The company is developing immobilized enzyme technology, expected to reduce catalytic costs by application in the second half of 2026 [2] - The application research capability is supported by clinical trials conducted by COFCO Biotechnology and the Nutrition Health Research Institute [2] Group 3: Market Application and Customer Feedback - Alotose sugar is primarily used in beverages and milk tea, with clients like Mengniu experimenting with a usage ratio of about two-thirds of traditional sugar [3] - Limitations include a high Maillard reaction rate and a recommended daily intake limit of 20 grams as per national health regulations [3] - The company is collaborating with partners to promote small-dose products to gradually educate consumers on health positioning [3] Group 4: Cost Advantages - The company benefits from significant raw material cost advantages due to self-supply of fructose syrup, which reduces costs compared to competitors [4] - Overall cost advantages are also derived from the effective utilization of by-products, minimizing waste [4] Group 5: Lactide Project Progress - The lactide project has been relocated from Yushu to Bengbu, Anhui, with a planned capacity of 30,000 tons and is expected to be completed on schedule [5] - The technology used is from Germany, ensuring quality stability above the domestic industry average [5] Group 6: Strategic Focus and Market Share - The company's strategy focuses on starch sugar business, aiming to become the industry leader with a strong market share [6] - Current market presence includes Northeast, North China, East China, Central China, and Southwest regions, with plans to enhance capacity in Northwest and South China [6] - The company aims to extend high-value product lines like alginate and cyclodextrin to improve profit structure [6] Group 7: R&D Support Policies - COFCO Group encourages R&D investments, allowing R&D expenses to be added back to profit calculations, with additional incentives for performance [7] - The company is also exploring emerging business directions, including biodegradable applications of biomass materials and sustainable fuel ethanol [7]

Group 1: Company Overview - The company, Shandong Boyuan Pharmaceutical Chemical Co., Ltd., has an existing production capacity of 4,100 tons/year for iodide products, with a trial production project of 4,000 tons/year [2] - The main inorganic iodides include potassium iodide, potassium iodate, sodium iodide, hydriodic acid, and cuprous iodide, while the organic iodides include trimethyl iodide and iodomethane [2] Group 2: Applications and Market Distribution - Iodine and its derivatives are crucial raw materials in medical, agricultural, industrial, and nutritional fields, widely used in various product formulations [2] - The major applications of iodine include X-ray contrast agents, biocides, preservatives, pharmaceutical intermediates, LCD and LED screen polarizers, chemicals, organic compounds, and pigments [2] - According to SQM's 2024 annual report, the core application areas of iodine account for approximately 63% of global consumption, with significant production concentrated in Chile, Japan, and the USA, which together account for 88% of global sales [3] Group 3: Financial Performance - The company's net profit decreased year-on-year in the first nine months of 2025, primarily due to rising upstream material prices, which increased product cost pressures [3] Group 4: Production Processes and Innovations - The production of lithium iodide utilizes raw materials such as hydriodic acid, lithium carbonate, formic acid, activated carbon, and lithium hydroxide, involving processes like neutralization, vacuum concentration, cooling crystallization, filtration, and vacuum drying [3] - The company is conducting research and product development on the application of iodides in perovskite batteries, with related R&D projects currently in progress, but no products have been sold as of the report date [3]

Group 1: Pricing Strategy and Market Position - The company aims to implement a "high-quality positioning" and "co-creation and win-win" philosophy to stabilize its pricing system amidst intense industry competition [2] - The retail business primarily relies on home decoration companies, project managers, and individual consumers, with varying sales channel proportions across different regions [2] Group 2: Business Development and Market Trends - The waterproof business model is mature, with plans for increased market expansion, while the water purification business is still being optimized [2] - The plastic pipe industry is highly competitive, with increasing brand competition leading to the survival challenges for small and medium enterprises, resulting in higher industry concentration [2] Group 3: Consumer Behavior and Impact - Despite the trend of consumer downgrade, essential functional products like pipes and waterproof materials remain in demand, as their procurement costs are relatively low compared to overall renovation expenses [3] Group 4: International Strategy and Financial Policies - The company plans to accelerate its international strategy, including production base layout, market expansion, and establishing overseas R&D and investment platforms [3] - The dividend policy is stable and transparent, with an average payout ratio of 70-80% since listing, adhering to the company's articles of association and future shareholder return plans [3] Group 5: Operational Insights - The company is focusing on quality transformation in its engineering business due to weak market demand and intense competition, emphasizing selective client and project engagement [3] - Capital expenditures are primarily directed towards production base expansion and equipment upgrades, averaging around 300 million yuan annually [3]