Group 1: Company Strategy and Market Outlook - The company aims to strengthen its core ceramic business under the strategy of "large tiles, large building materials, and large home furnishings," targeting a long-term goal of becoming a century-old brand [2] - Despite experiencing multiple rounds of market adjustments, the ceramic market still holds significant capacity, with leading companies having relatively low market share, indicating ongoing opportunities [2] - The ceramic industry is expected to continue its development trend into 2025, with no clear signs of stabilization yet [2] Group 2: Financial Stability and Investment Considerations - The company maintains stable cash flow and a reasonable debt-to-asset ratio, with a recent personal stock reduction of 1.47 million shares by a key individual primarily for personal financial needs [3] - Any significant future investments will be disclosed in accordance with legal regulations, ensuring transparency [2] Group 3: Industry Trends and Competitive Landscape - The industry is anticipated to benefit from government policies aimed at boosting domestic demand and consumption, which may provide critical advantages for the struggling ceramic sector [2] - The concentration of the industry is expected to increase, with leading companies likely to grow through mergers, acquisitions, and international expansion [3]

Group 1: Export Capacity and Client Structure - The company's total production capacity is approximately 1.1 million tons, with exportable capacity including: Yangzhou base 250,000 tons, Jinshan base 70,000 tons, and Blue Island base 200,000 tons [2] - Current export clients primarily include Goldwind International, Vestas, and Nordex [2] Group 2: Rocket Storage Tank Business Development - The company began research and technical preparation for the rocket storage tank business at the end of 2024, with the production base project officially initiated by the end of 2025 [2] - The production line for rocket storage tanks is designed for a capacity of 60 tanks, expected to commence production by mid-2026 [2] - The estimated value of a single storage tank ranges from 2.5 million to 5 million yuan, with a single rocket potentially requiring 2 to 6 tanks, thus the total value depends on client design [2] Group 3: Production Line and Equipment - The production line for rocket storage tanks requires new equipment due to significant differences in production processes compared to tower sections [2] - Most large equipment has been acquired, and no significant procurement bottlenecks have been encountered [2] Group 4: Profitability and Market Position - The company is currently unable to provide specific gross margin expectations for the storage tank products as the production line is still under construction [2] - There are no major differences in the manufacturing of reusable and disposable rockets in terms of storage tank production, primarily following client design requirements [2]

Group 1: Investment Activity Overview - The company has terminated the issuance of shares and cash purchase of assets due to changes in the market environment, prioritizing the interests of the company and investors [2] - The decision was made after careful consideration by the board and discussions with the counterparties [2] - The company remains committed to its development strategy in the new materials sector and is optimistic about the target company's future [2] Group 2: Cash Acquisition Plans - The company plans to negotiate the acquisition of part of the target company’s equity through cash, with discussions ongoing [3] - The acquisition price will be based on a new valuation report, as the previous valuation of 1.4 billion has expired [4] - The acquisition will be conducted using self-owned or raised funds, and the company is looking to acquire shares in stages [4] Group 3: Market Position and Product Development - Bomi Technology, the target company, specializes in high-performance polyimide materials, which are crucial for semiconductor manufacturing and advanced packaging [3] - The company’s products include non-photosensitive and photosensitive polyimide materials, which are currently experiencing stable sales [3] - The importance of photosensitive polyimide (PSPI) materials is increasing in advanced packaging and power semiconductor applications [3] Group 4: Regulatory and Procedural Aspects - The cash acquisition plan must comply with the regulations set by the China Securities Regulatory Commission and the stock exchange, requiring board or shareholder meeting approvals based on the transaction amount [4] - The company has been in discussions for over a year regarding the cash acquisition process [4] Group 5: Disclosure and Transparency - The investor relations activity did not involve any undisclosed significant information [5]

Group 1: Company Strategy - The company adopts a "one body, two wings" strategy focusing on resource-rich metal industries and the development of rare and precious metals processing [1] - Emphasis on both "external development" and "internal development" to enhance industry chain layout and optimize product structure [1] Group 2: Mineral Resources and Exploration - As of the end of 2024, the company holds metal resources including 7.13 million tons of zinc, 3.66 million tons of lead, 143,000 tons of copper, 6,607 tons of silver, and 90 tons of gold [1] - The company is a key player in the national copper, lead, and zinc strategic resources, with significant mining operations in Asia [2] Group 3: New Materials Business - The company has entered the high-end new materials sector through innovation and acquisitions, focusing on advanced materials like high-performance powder and energy storage materials [4] - In 2023, the company acquired a leading domestic enterprise in composite metal materials, enhancing its capabilities in the new materials market [4]

Group 1: Rare Earth Permanent Magnet Industry - The rare earth permanent magnet industry faced challenges in H1 2025 due to raw material price fluctuations, tariff policies, and market competition, resulting in a year-on-year decline in performance, although new contract amounts increased by 9.9% [2] - The company has a magnetic material production capacity of 12,000 tons, with the AnTai North 5,000 tons high-end rare earth permanent magnet product project currently ramping up production [2] - The company views emerging fields such as humanoid robots and low-altitude economy as key growth areas, focusing on high-performance neodymium-iron-boron magnetic materials essential for robotic joint servo motors [2] Group 2: Tungsten-Molybdenum Industry - In H1 2025, the company faced significant challenges from rising raw material prices and overseas market conditions, achieving new contract amounts of 972 million yuan, consistent with the previous year, while revenue decreased by 18% to 889 million yuan [3] - The net profit was 46.046 million yuan, down 9.4% year-on-year, but the company made strides in high-end medical equipment, achieving a 32.26% increase in new contracts [3] - New product developments in the semiconductor sector showed significant growth, with new contracts for planar display targets and heat sinks increasing by 60.13% and 64.37%, respectively [3] Group 3: Amorphous Industry - The amorphous industry maintained steady growth in 2025, with revenue reaching 508 million yuan, a year-on-year increase of 12.88%, and net profit soaring by 81.8% to 40.64 million yuan [4] - Despite a slight decline in overseas exports, sales of nanocrystalline strip materials continued to grow, with domestic sales of strip materials exceeding 1,800 tons in a single month [4] - The company plans to deepen its focus on the green power distribution field and expand its market share in high-efficiency energy-saving products [4] Group 4: Controlled Nuclear Fusion - In 2025, the company secured contracts for EAST and CRAFT filters, totaling over 100 million yuan, with a significant contract worth 69.9 million yuan for the BEST filter target plate [5] - The company is recognized as a leader in the production of tungsten-copper filters and has a complete closed-loop technology from raw material preparation to final component delivery [5] - The commercial prospects for controlled nuclear fusion are promising, with ongoing global investments and a clear commercialization path, although the timeline is lengthy [5] Group 5: Aerospace Market - The aerospace sector is a strategic emerging industry, with the company maintaining stable orders for its core products, such as tungsten-copper alloys, which are critical for high-temperature structural materials [6] - The company is closely monitoring developments in the commercial aerospace sector but has not yet established any order business in this area [6] - Future plans include providing high-quality materials and solutions for aerospace enterprises as the market evolves [6]

Group 1: Market Demand and Business Strategy - The market demand in the fourth quarter remains relatively weak [2] - The company maintains a cautious attitude towards engineering business, focusing on quality transformation, selective client and project engagement, and strict control of accounts receivable [2] - The retail business is primarily driven by first-time renovations, with significant regional variations in market share [2] Group 2: Business Integration and Product Planning - The integration with Zhejiang Keri is progressing smoothly in terms of business, team, and culture [2] - The waterproof business model is mature, with plans for increased market expansion; the water purification business is still being optimized [2][3] Group 3: Financial Management and Cost Control - Sales expenses have increased due to heightened investment in brand promotion, market expansion, and service improvements, as well as the consolidation of Zhejiang Keri's financials [3] - The company aims to maintain a reasonable expense ratio while continuing necessary investments in brand promotion and market development [3] Group 4: Dividend Policy and Incentives - The company's dividend policy is stable and transparent, with an average payout ratio of 70-80% since its listing, and future plans will consider various factors [3] - The company will continue to implement stock incentive plans to motivate key employees and promote mutual growth [3]

广州智光电气股份有限公司投资者关系活动记录表 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 （请文字说明其他活动内容） 参与单位名称及 人员姓名 一、1 月 7 日 第一场 实地调研 华创证券、中信保诚共 2 人 第二场 实地调研 天风证券、华能贵诚信托、金丰创晟共 4 人 二、1 月 8 日 第一场 电话会议 华西基金共 3 人 时间 2026 年 1 月 7 日-10 日 地点 广州市黄埔区瑞和路（电话会议交流、现场调研） 上市公司接待人 员姓名 公司董事会秘书熊坦、证券事务代表邱保华 | | 国家发改委和国家能源局联合发布的《关于做好2026年电力中长期合 1. | | --- | --- | | | 同签约履约工作的通知》（简称"1502号文"），是否会影响公司独立储 | | | 能电站业务？ | | | 答：公司已经投运的清远一期以及后续将投运的清远二三期、梅州平远一 | | | 二期等电站，主要收入来源都是以调频服务为主，该文件的发布对公司独 | | | 立储能电站业务正常开展没有影响。 | | | 高压级联在效率、安全、构网能力等都具 ...

Group 1: Company Overview - The main business of the company is the research, production, and sales of bearing rings, with major clients including Schaeffler, SKF, NSK, NTN, and JTEKT [1] - The company is enhancing production efficiency and reducing costs through self-developed high-precision machine tools [1] - The company is expanding its domestic customer base and has established good cooperation with companies like Renben Group, Guangyang Co., and Cixing Group [1] - A global factory project in Mexico is expected to start production in the second half of 2026 [1] Group 2: Screw Rod Business - The company plans to produce 500,000 sets of screw rod components, with production lines nearly in place [2] - Sales revenue from screw rod products is currently low and is not expected to significantly impact overall company performance in the short term [2] - The processing technology for screw rod components overlaps by 60% to 70% with existing bearing ring operations, indicating a manageable transition [2] Group 3: Insulated Bearing Rings - The company is developing insulated bearing rings to prevent electrical corrosion, which is a major failure mode in variable frequency motors [2] - The insulated bearing rings are designed to be cost-effective compared to existing solutions dominated by foreign companies [2] - The first production line for insulated bearing rings, with an annual capacity of 2 million units, has been completed, but revenue generation is still pending [2] Group 4: Competitive Advantages - The company has integrated its production processes, covering high-speed forging, precision cutting, heat treatment, and precision grinding, which enhances product quality and production efficiency [2] - Strong customer relationships have been built with leading international and domestic bearing companies, facilitating joint product development [2] - The company aims to leverage its technological and process advantages to explore new industries and markets while enhancing automation and intelligence in production [2]

Group 1: Digital Currency Business - Chutianlong is a pioneer in the digital RMB ecosystem, providing integrated solutions covering user, acceptance, issuance, and system sides [1] - The company has established a comprehensive product matrix and service system, implementing numerous industry benchmark cases [1] - Focus on cross-border payment scenarios and operational services, leveraging blockchain and smart contract technologies [2] Group 2: AI Business Development - Chutianlong has integrated advanced technologies like large models and AI digital humans to create a complete product system [3] - Successfully won the Chongqing social banking cooperation project, which includes multiple modules such as AI service terminals and operational services [3] - By the end of 2025, the company has established benchmark cases in various locations, enhancing service efficiency for enterprises and the public [3] Group 3: Cross-Industry Applications - The company has accumulated a wealth of experience in digital security and services across finance, social security, communication, and transportation [4] - Developed the first interconnectable digital currency co-branded wallet in the transportation sector and implemented various digital currency applications in multiple cities [5] - Achieved precise fund distribution in the government sector through smart contracts [5] Group 4: Future Outlook - In 2026, the industry is at a critical juncture of digital transformation, presenting both opportunities and challenges [6] - Despite short-term performance pressures, the company remains confident in its technological capabilities and industry prospects [6] - Plans to focus on embedded security products, smart hardware, and software services, as well as digital RMB business, to enhance operational performance [6][7][8]

Group 1: Company Overview and Performance - In 2025, the company achieved a net profit of approximately 240 million to 290 million CNY, representing a year-on-year growth of 105.32% to 148.09% [6] - The expected operating revenue for 2025 is about 4.156 billion CNY, an increase of approximately 13.46% compared to 2024 [7] - The company’s overseas revenue reached approximately 3.193 billion CNY, growing by about 8.94%, while domestic revenue was around 963 million CNY, with a year-on-year increase of approximately 31.56% [8] Group 2: Technological and Market Strengths - The company has invested significantly in R&D, holding multiple patents, with products like the COB curved screen and virtual studio setting industry benchmarks [3] - The brand value is estimated at 16.6 billion CNY, and the company has been recognized as a top management company by Deloitte for four consecutive years [4] - The company has established a "patent + talent + demand" R&D model, collaborating with universities to quickly convert customer needs into innovative products [4] Group 3: Future Development Plans - In 2026, the company will focus on three core areas: deepening technology implementation, capturing incremental markets, and optimizing global layout [5] - The company aims to accelerate the application of AI + display scenarios in commercial and cultural tourism sectors [5] Group 4: Competitive Advantages - The company maintains a leading position in technology through continuous innovation and product performance enhancement [11] - A robust service system has been established, providing comprehensive support from consultation to maintenance [12] - The company has built a cost advantage by optimizing production processes and supply chain management [12] - A global sales network with over 6,000 partners covers more than 140 countries, enhancing market penetration [12] - The organizational culture emphasizes collaboration and efficiency, fostering a cohesive work environment [12]