Group 1: Industry Trends - The company views the trend of "aluminum replacing copper" as significant due to cost advantages, with copper prices exceeding 100,000 CNY/ton while aluminum prices remain stable [2] - The shift from copper to aluminum in heat exchangers for refrigeration in appliances is a key development direction, indicating a broader industry trend [2] - The trend of "aluminum replacing copper" is expanding from the air conditioning and home appliance sectors to high-growth areas such as new energy vehicles and power generation, highlighting its importance for both cost reduction and national resource security [2] Group 2: Automotive Sector - The company's automotive sector primarily collaborates with major clients such as Changan, JAC, Chery, and Songzhi [3] - The recent approval of L3 level conditional autonomous driving vehicles by the Ministry of Industry and Information Technology is expected to create new market demand, providing development opportunities for the company [3] - The company aims to deepen cooperation with existing core clients, leveraging synchronous R&D and quality systems to enhance the value and market share of its automotive components [3] Group 3: Data Center Development - The company is focusing on the research and production of efficient liquid cooling heat exchange equipment for data centers [3] - The global data center market is expected to continue expanding due to the increasing maturity and application of technologies such as artificial intelligence and cloud computing [3] - The company plans to actively seize market opportunities by aligning its technological capabilities and production capacity with industry trends [3]

Group 1: Company Overview and Strategic Plans - The company is planning a Hong Kong IPO to tap into the global electric smart vehicle industry's growth cycle, which is seen as a necessary step for core enterprises in China's supply chain to expand internationally [2][4] - The Hong Kong market offers unique advantages such as high internationalization and diverse investor structures, which can facilitate the company's global business layout [4] - The IPO aims to achieve three core values: building an international capital cooperation platform, enhancing brand international influence, and creating efficient cross-border financing channels [4] Group 2: Business Development and Innovations - The company's autonomous vehicle business focuses on cost reduction, business model innovation, and urban experience, covering key areas such as vehicle design and core software/hardware development [4] - The autonomous driving algorithms are self-developed and integrated with the company's existing technology, showcasing strong capabilities in technical collaboration and practical application [4] - The trend of integrated cockpit and driving systems is becoming more pronounced, with the company's 8775 integrated solution expected to optimize costs and enhance performance compared to non-integrated solutions [4]

Group 1: Wind Power Market Insights - The bidding prices for wind turbine units are expected to rise in 2025 due to the signing of a self-regulatory convention by 12 domestic manufacturers to combat unfair competition and low-price bidding [2] - National meetings have emphasized the need to prevent "involution" competition, leading some owners to adjust their bidding rules [2] - There is a growing preference among owners for high-quality, high-performance turbine units that optimize cost per kilowatt-hour [3] Group 2: Cost Reduction and Profitability Improvement - The company aims to enhance profitability through improved R&D capabilities, product performance, and the development of competitive new products [3] - Key strategies include optimizing critical parameters of wind turbine products, implementing new technologies, and self-research on core components to increase gross margins [3] Group 3: Offshore Wind Power Business Development - The company is focusing on the offshore wind power market in Zhejiang and coastal provinces, aiming to establish a leading position and brand advantage [3] - Investments have been made in offshore wind power assembly bases in Dalian and Wenzhou, creating a strategic layout [3] - The company has successfully bid for several deep-sea project orders in Zhejiang for 2025 [3] Group 4: Future Growth Drivers - Future growth will be driven by continuous policy support for the renewable energy sector [4] - Technological advancements are expected to enhance the strategic position of wind power within the renewable energy landscape [4] - Rapid expansion into domestic and international markets, along with increasing industry recognition and market share, will contribute to growth [4]

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, scroll compressors, industrial heat pumps, energy storage devices, vacuum freeze-drying equipment, and marine refrigeration equipment [3] Group 2: Application Areas - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and special industrial cooling systems [3] - Specific applications include food and pharmaceutical vacuum freeze-drying, energy and chemical cooling processes, and data centers [3] Group 3: Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems and heat exchange devices [4] - Dunham-Bush, a subsidiary, has a 131-year history and offers products recognized in the national green data center technology catalog, including variable frequency centrifugal chillers [4] Group 4: Market Presence and Growth - The company has successfully served numerous domestic data center projects and collaborates with local integrators for international projects in North America, Australia, Southeast Asia, and the Middle East [4] - The market demand for cooling solutions remains high, with significant growth expected in the coming years, particularly for HRSG products, projected to generate over 700 million in revenue in 2024 and approximately 1 billion in 2025 [6]

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(电话会议) 参与单位名称 及人员姓名 共计 2 位投资者（排名不分先后）： Point 72：洪瑞祥、Ricky Tsang 时 间 2026 年 1 月 9 日 地 点 总部会议室 上市公司接待人员 姓名 证券事务代表：荣欢 投资者关系活动 主要内容介绍 一、 问答环节： 投资者主要就行业情况、自营店规划、国家宝藏、产品结构、终端 销售情况、分红规划等进行了交流，并参观了公司展厅，可参阅前次活 动记录表之问答和已披露公告。 接待过程中，公司严格按照《信息披露管理制度》等规定，保证信 息披露的真实、准确、完整、及时、公平，没有出现未公开重大信息泄 露等情况。同时，现场调研的投资者已按深交所要求签署承诺函。 附件清单（如有） 无 日期 2026 年 1 月 9 日 周大生珠宝股份有限公司 代码：002867 证券简称：周大生 编号：2026-001 ...

Group 1: Company Core Competencies - The company's core competitive advantage lies in product manufacturing differentiation, supported by a well-established supply chain and supplier system tailored to its business model [1] - The flexible production line allows for "small batch, multiple varieties, and quick response," enhancing equipment utilization and reducing production cycles while ensuring product quality [2] - Significant breakthroughs in product development were achieved by September 30, 2025, with a record number of new high-value product models launched, reinforcing the company's technical leadership in niche markets [2] Group 2: Overseas Expansion - The Thailand factory received IATF16949 certification and U.S. customs recognition in 2024, and successfully passed ISO14001 and ISO45001 certifications in 2025 [3] - Ongoing investments in the Thailand factory are optimizing production layout and strengthening supply chain collaboration, leading to sustained high capacity utilization [3] - The company has established local service capabilities in the North American market, accelerating its global industrial layout [3] Group 3: Robotics Components Production - The company is advancing the mass production of robotics components, including harmonic reducers, actuator modules, and specialized bearings, reaching small batch production stages [4] - The precision component manufacturing advantage aligns with robotics component production, allowing for shared R&D technologies and production equipment [4] - The company plans to leverage its market and mass production experience to achieve technological and quality breakthroughs in robotics components [4] Group 4: Client Engagement in Robotics Components - The company is actively communicating and collaborating with both domestic and international clients regarding robotics components, with progress reported as smooth [5] - Currently, there has been no large-scale market supply for this business, but significant information will be disclosed in accordance with regulations if necessary [5]

Group 1: Company Overview - China Electronics Technology Group Corporation Potevio Co., Ltd. (Potevio Technology) is a high-tech enterprise specializing in public network communication, private network communication, smart applications, and intelligent manufacturing, listed on January 28, 2011, with a registered capital of 680 million CNY [2][3] - The company focuses on sectors such as information communication, large transportation, large energy, large safety, and large manufacturing, aiming to become a leader in ICT integration services in the digital economy era [3] Group 2: Strategic Initiatives - Satellite Internet is a core strategic direction for the company, which is actively developing technology and business layouts around key areas such as terminals, networks, platforms, and computing power [4] - The company has established a joint laboratory with Xi'an University of Electronic Science and Technology to conduct research and talent development in integrated information networks [4] - Potevio Technology is involved in standard-setting organizations to participate in multi-mode collaborative networking research and accelerate the development of low-orbit satellite communication products [4] Group 3: Partnerships and Collaborations - A strategic cooperation agreement was signed with Helios Starlink (Shenzhen) and Beijing Yixin Technology at the Zhijiang Laboratory, establishing a joint R&D center to advance key technologies in satellite Internet and promote commercial applications [5][6] - The joint R&D center aims to enhance transmission rates and stability for inter-satellite and ground-satellite links, addressing the demand for real-time data exchange [6] Group 4: PCB Business - In the intelligent manufacturing sector, the company provides specialized printed circuit board (PCB) products, focusing on high-reliability, customized, and short-turnaround services for various applications [6] - Potevio Technology targets high-reliability sample and small-batch markets, with applications in aerospace, rail transportation, electric power, and high-end communication [6]

Group 1: Strategic Overview - Qianfang Technology is transitioning from "intelligent transportation expert" to "AI + transportation" leader, focusing on autonomous logistics as a key strategic move [3] - The establishment of Qianshu Technology aims to become a leading provider of autonomous logistics services in China, with a focus on L4 level unmanned heavy trucks [3][4] - The project is set to take three years, utilizing a "test bureau" model for rapid technology iteration in real-world scenarios [3] Group 2: Market Dynamics - The logistics industry is experiencing a historic window for automation, driven by urgent market demand, supportive policies, and technological advancements [3] - The annual freight volume in China exceeds 10 billion tons, with a market size of approximately 4 trillion yuan, highlighting the urgency for automation to address issues like driver shortages and rising costs [3][11] - Recent government policies encourage the application of autonomous driving in logistics, paving the way for commercial operations [3][9] Group 3: Competitive Advantages - Qianshu Technology's success relies on a closed-loop system of "technology + scenario + resources," leveraging deep technical expertise and a robust operational framework [3][5] - The company has a unique advantage with its integrated "road, cargo, and data" ecosystem, facilitating access to testing licenses and operational permits [5][6] - A well-established logistics operation system with over 2 million capacity resources supports the deployment of unmanned fleets, enhancing cost efficiency and operational effectiveness [6][7] Group 4: Financial and Operational Plans - Approximately 956 million yuan from the 2020 non-public stock issuance will be redirected to support key technology development for unmanned logistics [7] - The commercial path includes diverse revenue streams such as transportation service income, high-margin SaaS subscription fees, and hardware sales [7][12] - The goal for 2026 is to achieve approximately 300 million yuan in revenue, with a compound annual growth rate of no less than 150% over the next three years [15] Group 5: Technological Development - The technical approach focuses on single-vehicle intelligence as the foundation, supplemented by vehicle-road collaboration to enhance safety and efficiency [16] - Key challenges include sensor integration and real-time data acquisition for predictive traffic management, with expectations for regular operations by the second half of 2026 [17][18] - The company plans to utilize existing infrastructure for minimal additional investment while developing cloud computing and AI capabilities for logistics operations [20]

Group 1: Company Performance - In 2025, the company achieved a total revenue of 2.675 billion CNY, representing a 12% year-on-year decline due to a drop in watch sales [2] - The company anticipates continued uncertainty in the consumer market for 2026 and plans to strengthen its operational management and accelerate transformation efforts [2] Group 2: Brand Strategy - The "Fiyta" brand focuses on high-quality Chinese watches with an emphasis on aerospace-themed products, aiming to maintain a leading position in the domestic market [3] - Future product development will prioritize the creation of women's watches that incorporate Chinese cultural and aesthetic elements [3] Group 3: Luxury Watch Business - The luxury watch market in China saw a 12.7% year-on-year decline in Swiss watch exports from January to November 2025 [4] - The company’s luxury watch segment, "Hengjili," is committed to high-quality development and expanding partnerships with top brands while enhancing operational management [4] Group 4: Precision Manufacturing - The precision manufacturing segment focuses on producing components for lasers and optical communications, maintaining stable business scale but with a small revenue share [5] - Plans include strengthening internal capabilities and optimizing the production system, as well as acquiring a controlling stake in Chang Kong Gear Company to enhance technical capabilities [5][6] Group 5: Acquisition Plans - Chang Kong Gear Company, established in 1969, is recognized as a leading manufacturer of precision gears and reducers, primarily serving aerospace and high-end equipment sectors [6] - The acquisition process is ongoing, with no finalized transaction details yet, and updates will be provided through company announcements [7]

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]