Group 1: Performance Overview - Hisense's stock price has decreased by over 26% since the beginning of the year, while the market index has risen by over 20% [2] - The gap between Hisense's stock performance and the market index has reached 46% [2] - The company's market value management is significantly flawed, impacting its reputation [2] Group 2: Management Response - The management acknowledges that stock price fluctuations are influenced by multiple factors, including market trends and macroeconomic conditions [2] - The company is committed to maintaining investor rights and enhancing market confidence through various measures [2] - There are considerations for using financial resources for stock buybacks to directly benefit investors [2]

Group 1: Accounts Receivable Management - The company has a high provision for bad debts due to the long payment terms influenced by special institutional clients [2][3] - The provision policy for accounts receivable loss is based on historical credit loss experience and future economic forecasts [2][3] - The company will enhance communication with clients to accelerate the collection of existing receivables and increase the proportion of advance payments in future contracts [3] Group 2: Market Performance and Shareholder Value - The company's stock price has been relatively stable in recent years, with management focusing on market value management and strict information disclosure [3] - The company has increased R&D investment to enhance product and technology competitiveness [3] - The aviation industry is gradually recovering, with the company expecting growth in revenue for 2023, 2024, and the first half of 2025 [3][4] Group 3: Financial Health and Future Outlook - The company’s accounts receivable primarily come from high-credit clients, indicating low risk [3] - The significant provision for bad debts in 2024 and the first half of 2025 is expected to impact current profits due to the special client payment policies [3][4] - Management is intensifying efforts to collect receivables to improve profitability [4]

Group 1: Technology Development - The company is developing microchannel liquid cooling plate (MLCP) technology, which is priced 3 to 5 times higher than existing cooling solutions to address high power consumption in AI platforms [2][3] - The MLCP technology is still in the early feasibility discussion stage, with no bulk production orders received yet [3] - The company has a competitive advantage in metal etching processes, which are superior in precision and flatness compared to 3D printing [3] Group 2: Business Strategy and Growth - The company plans to explore potential acquisition opportunities that align with its long-term strategic development while ensuring organic growth [4] - The company has established supplier codes with major clients in the consumer electronics sector, including Apple, Amazon, and Google, as well as in the new energy battery sector with companies like CATL and BYD [6] - The company aims to enhance its international competitiveness by leveraging existing industry resources and increasing investment in technological innovation and R&D [6] Group 3: Financial Performance and Reporting - The company is currently operating normally and will disclose its financial performance in accordance with regulatory requirements [6] - There is no significant undisclosed information related to the company's operations from the recent investor relations activity [6]

Group 1: Company Performance and Market Presence - The company achieved over 90% of its revenue from overseas markets in the first half of 2025 [2] - The South American market showed business growth year-on-year, while the European market experienced a decline [3] - As of August 29, 2025, the total number of shareholders was 41,697 [8] Group 2: Product Development and Innovation - The company is focusing on technology innovation in areas such as AI, edge computing, satellite communication, and smart driving [4] - New products, including IoT smart terminals for electric bicycles, have been developed to comply with new regulations [4] - Low-power technology upgrades have improved product battery life by 20% to 50% [8] Group 3: Strategic Initiatives and Market Expansion - The company is actively exploring mergers and acquisitions that align with its core business and technology [5] - A "Four New Strategy" is being implemented to enhance business recovery through new business layouts, product optimization, and customer expansion [8] - The company is committed to maintaining investor confidence through transparent communication and strategic planning [9] Group 4: Management and Shareholder Actions - The management remains confident in the company's future despite some executives and major shareholders reducing their stakes for personal financial needs [6] - The company emphasizes that stock price fluctuations are influenced by macroeconomic factors and industry competition [9]

编号：2025-9 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 投资者网上提问 时间 2025 年 9 月 19 日 (周五) 下午 14:00~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、董事长谭文钊 2、总经理林登灿 3、董事会秘书郑桂华 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、您是如何看待行业未来的发展？接下来贵司又有怎样的 战略规划？ 尊敬的投资者，感谢您对公司的关注。改性塑料属于工业大 米，应用范围广，未来发展前景广阔。公司除了稳固家用电器、 电线电缆等具有传统优势的领域外，还迅速调整产品结构，侧重 于附加值高的产品，紧跟时代步伐，提升新兴行业产品比重（如 游泳池清洁机器人、自动割草机、扫落叶、扫雪机器人等），后 续公司也会增加特种工程材料、医用材料及电子化学品如 p ...

宏工科技股份有限公司投资者关系活动记录表 编号：2025-004 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他 2025 广东辖区投资者网上集体接待日活动 | | 参与单位名称 | 参加投资者网上集体接待日活动的投资者 | | 及人员姓名 | | | 时间 | 2025 年 9 月 19 日 | | 地点 | "全景路演"网站（http://rs.p5w.net） | | 上市公司接待 | 公司董事长兼总经理罗才华先生、公司财务总监兼董事会秘书 | | 人员姓名 | 何小明先生 | | | 与投资者互动交流的主要内容： | | | 1、公司今年与清研的研发是否顺利，还会有固态设备新 | | 投资者关系活 | 品推出吗？ | | 动主要内容介 | 回复：针对固态电池、干法电极工艺的特殊需求，目前公 | | 绍 | 司研发或联合研发了混合均质一体机、干法研磨机、适用于干 | | | 法电极的双螺杆挤出机、适用于固态电池的全自动吨袋拆包系 | | | 统等 ...

Company Overview - Guangdong Hongjing Optoelectronics Technology Co., Ltd. specializes in the R&D, design, production, and sales of optical lenses and camera modules since its establishment in 2012 [1] - Main products include optical lenses and camera modules for smart cars and emerging consumer markets, with applications in smart cockpits, intelligent driving, smart homes, and panoramic/sport cameras [1] Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 701.14 million, representing a year-on-year growth of 55.72% [1] - Net profit attributable to shareholders was CNY 75.52 million, with a year-on-year increase of 10.22% [1] - Revenue breakdown: - Panoramic/sport camera business: 49.66% - Smart home business: 22.80% - Smart car business: 18.90% - New business: 7.55% [1] Customer Base - Established a diverse customer base in the smart car sector, supplying to brands like Chery, Changan, Xiaopeng, and SAIC through partners such as Desay SV and Hikvision [2] - In the smart home sector, the company is a key supplier for mid-to-high-end brands like Ring and Blink in the European and American markets [2] - Long-term partnership with Ying Shi Innovation in the panoramic/sport camera field [2] Collaboration with Ying Shi Innovation - Collaboration began in 2015, driven by mutual needs and market potential [3] - In 2022, the company developed a leading 48-megapixel panoramic camera lens and module, which received positive market feedback [3] Profitability Analysis - Overall gross margin for the first half of 2025 was 24.43% [4] - Gross margins by product: - Smart car optical lenses: 25.12% - Emerging consumer optical lenses: 46.06% - Emerging consumer camera modules: 15.48% [4] - Camera modules have lower gross margins due to reliance on externally sourced components [4] Future Development Outlook - The company aims to implement a "3+N" product strategy over the next 3-5 years, focusing on increasing market share in smart cars, smart homes, and panoramic/sport cameras [6] - Plans to expand into emerging fields such as AI hardware, machine vision, industrial inspection, and medical applications [6]

Group 1: Share Repurchase and Stock Performance - The company repurchased 16,267,830 shares, representing 7.25% of the total shares, but this was not included in the top 10 shareholders list due to disclosure regulations [2][3] - The company's stock has declined by 90% over the past four years, prompting concerns from investors about its performance [3] Group 2: Business Strategy and Management - The company acknowledges differences in channel and business structures compared to industry peers, which have contributed to its declining performance [2][3] - Management is committed to improving operational efficiency and internal value to enhance overall performance and shareholder returns [3] Group 3: Real Estate Development - The company has obtained a pre-sale permit for its Guangzhou headquarters project, which is expected to be completed by next year [4] - The project will retain at least 70% of the total building area for self-use, with the remaining 30% available for sale, aimed at optimizing asset structure and increasing cash flow [4] Group 4: Market Conditions and Policy Impact - The company is closely monitoring home furnishing consumption policies and will actively engage in promotional and recruitment activities to mitigate potential impacts from the suspension of national subsidies [5]

Group 1: Financial Performance and Challenges - The company has faced continuous losses, with significant amounts leading to concerns about potential delisting and the possibility of being acquired by more capable institutions [2][3] - In 2025, the company anticipates a recovery in performance, but specific details will be disclosed in future reports [2] - The company reported a 37% year-on-year increase in new orders in the first half of 2025, benefiting from the release of equipment demand under the "14th Five-Year Plan" [3][11] Group 2: Asset Management and Impairment - The company has recognized substantial asset impairments, particularly in the shipbuilding and electronics sectors, with a total goodwill impairment of 1.64 billion yuan from 2021 to 2024 [2][3] - Adjustments to the expected credit loss rate for receivables have been made, increasing the provision for bad debts by 41 million yuan in 2024 [3] Group 3: Strategic Initiatives and Market Position - The company is focusing on improving operational efficiency by leveraging its core military electronics business and optimizing idle ship assets to reduce debt [5][9] - The company has a long history in the microwave circuit and component field, with a competitive edge in flexibility, low costs, and service responsiveness compared to state-owned enterprises [9][10] Group 4: Product Development and Market Expansion - The company has been actively involved in the development of satellite communication products, with applications in various space missions, and has emphasized the importance of domestic production capabilities since the U.S.-China trade tensions began [3][12] - The company is expanding its product offerings in the satellite internet sector, with ongoing projects related to the GW satellite constellation [10][11] Group 5: Corporate Governance and Investor Relations - The company is currently under scrutiny due to the detention of its chairman, which has raised concerns among investors about potential impacts on operations [3][9] - The company has committed to transparency and will disclose any significant developments regarding the chairman's situation and its implications for the business [9][10]

Group 1: Company Overview - The company is West Long Science Co., Ltd., with stock code 002584 [1] - The company specializes in the research, production, and sales of chemical reagents, raw materials, and food additives [2] Group 2: Strategic Layout - The company has established a strategic layout in the semiconductor new materials industry, including wet electronic chemical blending workshops and high-purity reagent production lines [2] - The company offers customized chemical services and has a clean packaging area [2] Group 3: Product Applications - Phosphate lithium cathode materials produced by the company can be used in both power batteries and energy storage batteries [3] - Silver powder produced by the company is applicable in the photovoltaic field [4] - The company's electronic chemicals include general electronic chemicals and functional wet electronic chemicals for PCB applications [5] Group 4: Financial Performance - For the first half of 2025, the revenue from lithium battery cathode materials reached approximately ¥134.61 million, a significant increase compared to the previous year [5] - The company reported an estimated performance compensation amount of ¥115.03 million related to the transfer of subsidiary equity [6] - The company has accounted for a provision of approximately ¥70 million for performance compensation, which will not adversely affect future operational performance [6]