Company Overview - Jiangsu Dongfang Shenghong Co., Ltd. is a leading energy and chemical enterprise with a focus on new energy, new materials, and petrochemical industries, featuring a fully integrated industrial chain [1] - The company has a refining capacity of 16 million tons/year, methanol-to-olefins (MTO) capacity of 2.4 million tons/year, and propane dehydrogenation (PDH) capacity of 700,000 tons/year, establishing a dual-chain development model [1] Strategic Development - The company is implementing a "1+N" strategy, which includes one core platform and multiple diversified industrial chains in new energy, new materials, electronic chemicals, and biotechnology [3] - Future plans involve strengthening the "1+N" strategy and implementing AI infrastructure to enhance production capabilities in petrochemicals, new energy, and high-end textiles [3] Production Capacity and Market Position - The company has a PX capacity of 2.8 million tons/year and PTA capacity of 6.3 million tons/year, allowing for flexible production strategies based on market dynamics [4] - In Q3 2025, a new PTA project with a capacity of 2.4 million tons/year will be launched, utilizing advanced P8++ technology for lower energy consumption and emissions [5] Financial Performance and Risk Management - The company has shown significant improvement in profitability in the first three quarters, with strategies in place to mitigate risks from oil price fluctuations and chemical cycles [5] - Brent crude oil prices have decreased to $60/barrel, which is favorable for the company's refining projects, allowing for better cost management [6] New Materials and Future Plans - The company produces various new materials, including 900,000 tons/year of EVA, 100,000 tons/year of POE, and 1.04 million tons/year of acrylonitrile, positioning itself as a leader in these markets [6] - The POE facility with a capacity of 100,000 tons/year was completed in Q3 2025 and is currently in the market development phase [6] Capital Expenditure - Most of the company's facilities are already operational, with only a few projects like EVA and polyester filament still under construction; future capital expenditures are expected to decline [6]

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [3] - Products are widely used in various industries such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [3] Group 2: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4] - Successful projects include major data centers for China Mobile, China Unicom, and various international projects in North America and Southeast Asia [4] Group 3: Nuclear Power Industry - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios like nuclear island cooling and heat recovery [6] - It has provided services to multiple nuclear power stations in China, enhancing safety and efficiency in energy utilization [6][7] Group 4: Heat Recovery Steam Generators (HRSG) - The company’s joint venture produces HRSGs for combined cycle gas power plants, with expected revenue exceeding 700 million in 2024 due to strong market demand [8] Group 5: Thermal Management and Carbon Neutrality - The company is committed to carbon neutrality, offering a full range of industrial heat pump services and has been recognized as a national-level "little giant" enterprise [8] - Technologies developed include waste heat recovery and high-temperature heat pumps, which are essential for reducing energy consumption and carbon emissions in high-energy industries [9] Group 6: Aerospace Fuel Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, with a notable product recognized as a major technological equipment project by the National Energy Administration [9] Group 7: Gas Turbine Waste Heat Cooling Technology - The company offers lithium bromide absorption chillers that utilize waste heat from gas turbines to provide cooling, enhancing energy efficiency [9]

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with the decline rate narrowing each quarter; however, the special air conditioning and thermal management segments saw year-on-year growth [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4] - Successful domestic projects include major data centers for national supercomputing and telecommunications companies, while international collaborations span North America, Australia, Southeast Asia, and the Middle East [4] Group 4: Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core scenarios such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient nuclear energy utilization [6] - Notable domestic projects include several nuclear power stations, with the company also winning bids for small modular reactor cooling projects [7] Group 5: Heat Recovery Steam Generators (HRSG) - The joint venture with Yantai Modern Ice Wheel Heavy Industry Co., Ltd. produces HRSGs for combined cycle gas power plants, with expected revenue exceeding 700 million in 2024 [8] Group 6: Thermal Management and Carbon Neutrality - The company is committed to thermal management solutions, focusing on industrial heat pumps and has been recognized as a national-level specialized "little giant" enterprise [8] - The company’s technologies, including waste heat recovery and high-temperature heat pumps, are positioned to support energy-intensive industries in reducing consumption and carbon emissions [9] Group 7: Aerospace Fuel Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, with a notable product recognized as a major technological equipment project in the energy sector [9] Group 8: Gas Turbine Waste Heat Cooling - The company offers lithium bromide absorption chillers that utilize waste heat from gas turbines for combined cooling and power generation, enhancing energy efficiency [9]

3、顺酐产品 2026 年投放的产能多吗？公司顺酐装置当前 的运行情况如何？ 回复：据行业数据披露，2026 年国内顺酐新增产能投放相 对有限，主要来自福建中景石化的一套顺酐装置。2025 年顺酐 行业整体开工率仅有 50%左右，但公司顺酐装置始终保持高负荷 稳定运行。后续公司将持续优化顺酐装置的工艺运行效率，进一 步巩固在区域市场的供应地位；并依托稳定的产品质量与区位优 势，深化与下游客户的长期合作机制。同时，公司将密切关注顺 酐产业链延伸机会，探索高附加值衍生物的开发路径，以提升整 体盈利韧性。 4、国家反内卷政策对于化工行业产能扩张的影响如何？对 公司影响如何？ 回暖的有利契机，加快推进存量优化项目落地，深化产业链上下 游协同，力争在新一轮周期中占据更有利的竞争地位，为股东创 造可持续的价值回报。 2、化工板块上市公司在建工程投资额呈现持续下降的趋 势，公司 2026 年的资本开支情况如何？ 回复：从上市公司披露的三季度在建工程数据中不难发现， 多数企业的资本支出呈现收缩态势，从侧面折射出行业整体正处 于产能消化与投资审慎阶段，新建及扩建项目进度明显放缓，企 业更倾向于聚焦现有产能优化与资本开支管控。 ...

Group 1: Company Operations - The current capacity utilization rate is high, with the company entering a peak stocking period since November 2025, and plans to complete expansion construction based on anticipated order growth, but not more than one year in advance [2] - New products, including tart and bread varieties, have been launched in core supermarket clients ahead of the Spring Festival, with more new products planned for the year [2] - The new national standard cream will be priced higher than the previous cream products due to improvements in quality and formulation, targeting higher-end market segments [3] Group 2: Product Development and Market Response - Blind tests conducted on the new national standard cream showed that most customers could not distinguish it from a European imported product, indicating strong market acceptance and confidence in the product's quality [4] - The sales team will not differentiate between the 360PRO and the new national standard cream, as both products are used in similar applications like cakes and beverages [4] Group 3: Strategic Partnerships and Market Expansion - The joint venture with Feihe aims to develop domestically sourced, deep-processed raw materials, complementing the company's needs for key ingredients like milk fat [5] - The company sees potential in expanding baked goods in buffet settings, enhancing consumer experience while reducing costs for operators [6] Group 4: Financial Performance and Cost Management - Sales and management expense ratios have significantly decreased in the first three quarters of 2025, with expectations for continued cost reduction through scale effects and improved logistics efficiency [7] - The company has reduced the number of external warehouses from over thirty to around ten, improving inventory turnover efficiency [7] Group 5: Industry Trends - Overall baking consumption is still on the rise, with a persistent trend towards domestic substitution of key baking ingredients [9]

Group 1: Company Performance and Market Expansion - The company has shown significant improvement in four areas: overseas market expansion, rapid business growth, potential in the oil and gas composite pipe industry, and strong confidence in creating long-term value for investors [1] - The overseas market demand for waste incineration is broad, driven by downstream transformation and policy support in developing countries, leading to increased penetration rates [1] - The new production base in Vietnam has begun to establish capacity and is entering the ramp-up phase, while the construction of the Daya production base is progressing orderly and is expected to be operational this year [1][2] Group 2: Financial Performance and Shareholder Returns - The company has distributed approximately CNY 100 million in dividends since its listing, enhancing shareholder satisfaction [2] - A share repurchase plan of CNY 400 million is set to be implemented, with all repurchased shares to be canceled, further stabilizing and enhancing the company's investment value [2] - The company emphasizes continuous optimization of profit distribution mechanisms to share development dividends with investors through dividends and buybacks [2] Group 3: Production Capacity and Order Progress - The Vietnam production base has eight HRSG production lines under construction, with four expected to be operational in Q2 and the remaining four in Q4 of this year [2] - The company has received orders for HRSG products, with the production cycle approximately six months, and the first batch of orders is set to enter production soon [2] - The Daya base is planned to have two HRSG production lines, expected to be operational in 2026, primarily serving non-North American market demands [3] Group 4: Market Demand and Pricing Strategy - The demand for HRSG is increasing alongside the rising need for gas turbines driven by the rapid expansion of AI data centers in North America [3] - The pricing of HRSG products is determined by material costs, labor, and other expenses, with recent orders reflecting price increases compared to earlier contracts [3] - The company has obtained ASME certification and is progressing through the necessary production system certifications to enter the North American market [3]

编号： 2026-001 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □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） | | 参与对象 | 新华资产 姜新月、刘婷 | | | 中邮资管 孟东晖 | | 时间 2026 | 年 月 日 点 分 1 5 14 00 | | 地点 | 公司三楼会议室 | | 上市公司接待人 | 副总经理/董事会秘书 宁星华 | | 员姓名 | 证券事务部部长 许青山 | | | 一、组织开展交流会议 | | | 1.请问公司小型制导火箭的产品系列有哪些？ | | | 公司小型制导火箭围绕"系列化、多平台化"发展思路， | | | 围绕客户需求牵引，在基本型的基础上开发了破甲型、增强型、 | | | 等多款系列化产品，从而满足不同客户的差异化需求。 | | 投资者关系活动 | 2.请问小型制导火箭产品的销售范围、定价模式及毛利率 | | 主要内容介绍 | 情况如何？ | | | 目前，公司小型制导火箭产品主要为军贸产品，产品定价 | | | ...

| | ☑ 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 | | | 创华投资 李军辉 | | | 创华投资 刘海雄 | | 活动参与人员 | 赛马资本 杨海勇 | | | 个人投资者 林木胜、王楠 | | | 副总经理、董事会秘书、财务负责人 冯岩 | | 活动接待人员 | 副总经理 于海洋 | | | 证券事务代表 向茜茜 | | 时间 | 2026 年 1 月 7 日 15:00—17:00 | | 地点 | 深圳市福田区华强北路群星广场 A 座 31 楼公司会议室 | | 形式 | 现场会议 | | | 公司副总经理、董事会秘书、财务负责人冯岩向投资者介绍了深 | | | 圳赛格股份有限公司（以下简称"深赛格"或"公司"）基本情况， | | | 随后与投资者进行了现场交流，投资者提问及回复情况如下： | | | 1.公司几家检验检测子公司在服务区域上是否有限制？ | | | 答：尊敬的投资者您好！检验检测业务特性存在一定的区域性， | | | 公司已形 ...

Group 1: Industry Overview - The ceramic industry in 2025 continues the development trend of 2024, with no significant stabilization observed, and market share of leading companies remains low [2] - In 2026, national policies will focus on boosting domestic demand, which is expected to benefit the ceramic industry under pressure [2] - Urbanization, renovation, and public building decoration will maintain significant market demand, leading to structural adjustments in the ceramic industry [2] Group 2: Company Brand Positioning - The company specializes in high-quality building ceramic products, with brands including "Mona Lisa," "QD," and "Meierqi," and is a leader in large ceramic slabs and rock slabs [2] - The brand philosophy emphasizes that "every home deserves a Mona Lisa," integrating brand culture into product quality and customer service [2] - Continuous focus on product innovation, quality enhancement, and service optimization is essential for increasing brand attractiveness and consumer choice [2] Group 3: Financial Performance and Strategy - The company has seen a gradual improvement in gross margin, with ongoing cost reduction and efficiency enhancement measures [3] - Future cost reduction will become more challenging, leading to a greater focus on quality improvement and efficiency [3] - The management prioritizes cash flow and profitability, implementing lean management and enhancing brand value transmission [3] Group 4: Investment and Growth Strategy - The company aims to strengthen its core ceramic business while pursuing a "big tile, big building materials, big home" strategy [3] - Current investments are limited in impact on overall performance, with a focus on maintaining risk control [3] - Any significant future investments will be disclosed in accordance with legal regulations [3]

Group 1: Company Overview and Strategic Initiatives - The company is entering the small modular reactor (SMR) sector as a strategic extension into emerging power and clean energy services, leveraging its experience in data centers, oil and gas field development, and industrial electricity [2][3] - The SMR-related equipment will utilize modular design, enhancing the company's production capabilities and complementing existing business lines to create competitive integrated energy solutions [3] Group 2: Natural Gas Market Dynamics - The rapid growth in natural gas orders is attributed to a reshaped global supply landscape, with diverse supply networks emerging in North America, the Middle East, North Africa, and Asia, making natural gas a strategic energy security goal for many countries [4] - The demand for clean energy is rising, positioning natural gas as an efficient and economical bridge in the global energy transition, especially as it fills electricity gaps and stabilizes power grids [4] Group 3: Future Outlook for Power Generation - The company plans to focus on three key areas: data centers, industrial energy, and new power systems, emphasizing technological innovation and product iteration to enhance clean energy equipment's smart and large-scale applications [5] - Integrated solutions will be provided for power equipment supply, intelligent operation control, and lifecycle maintenance support, ensuring efficient collaboration from energy production to electricity assurance [5] Group 4: Supply Chain and Delivery Assurance - The company is building a global supply chain to enhance resilience, establishing strategic partnerships with manufacturers like Siemens and Kawasaki Heavy Industries to ensure reliable delivery of gas turbine equipment [6][7] - Capacity expansion in the U.S. will support the production of various equipment types, ensuring that domestic and international capacities can be adjusted based on actual order demands [7] Group 5: Collaboration with Kawasaki Heavy Industries - A strategic cooperation agreement was signed with Kawasaki Heavy Industries for gas turbines, enhancing existing collaboration and establishing a joint market development mechanism [7]