| 存货数据为基于时点数，公司整体存货策略未发生变化。 | | --- | | 5、1.6T 光模块出货节奏? | | 公司预计 1.6T 产品在今年 Q4 至明年将处于持续放量的阶段。 | | 6、三季度环比收入看起来变化不大，后面四季度趋势如何，节奏如何？ | | 三季度受到部分产品阶段性出货节奏变化的影响，销售收入略降。从目前 | | 的市场需求及订单情况看，预计 2025 年 Q4 和明年将持续保持高景气度。 | | 7、有一种 VMI 结算方法，虚拟仓货品结算标准，每个客户 VMI 标准一样 吗，会有表外情况么，什么时候确收？ | | 个别客户是 VMI 模式，发到 VMI 时属于公司的存货，不存在表外的情况， | | 以客户从 VMI 提货后确认收入。 | | 8、公司硅光产品的进展？ | | 以目前看到的客户端产品需求及订单情况，预计在明年硅光产品占比是明 | | 显提升趋势。 | | 9、采购节奏如何，目前在原材料较为稀缺下是否更积极采购原材料？采 | | 购环比下降是决策还是短缺？ | | 公司积极备货的既有策略未发生变化，甚至会根据市场需求采取更激进的 | | 策略，公司根据需求下采购订单 ...

Group 1: Business Development and Strategy - The company is leveraging existing resource advantages to expand into automotive new energy components, robotics components, and other precision machining products [1] - The company is conducting feasibility assessments for industries such as new energy, energy storage, new materials, and hydrogen ship technology applications to prepare for future business expansion [1] - The company continues to follow a fan-shaped curve development logic, maintaining stability in its core business while actively seeking transformation and exploring second and third growth curves [2] Group 2: Market Value Management - The company emphasizes the importance of internal value development, integrating market value management with industrial operations and capital operations to enhance core competitiveness and intrinsic value [2] Group 3: Investor Relations - The company ensured thorough communication with investors during the meeting, adhering to regulations for information disclosure to guarantee the accuracy, completeness, and timeliness of the information shared [2]

Group 1: Iodine and Its Applications - Iodine and its derivatives are crucial raw materials in medical, agricultural, industrial, and nutritional fields, widely used in various product formulations as key components or catalysts [2] - The downstream application structure of iodine includes three core areas: X-ray contrast agents, pharmaceutical manufacturing, and LCD panel manufacturing, which together account for approximately 63% of global consumption [2] - Major iodine production is concentrated in Chile, Japan, and the United States, with these three countries accounting for 88% of global sales [2][3] Group 2: Company Product Overview - The company’s inorganic iodide products include potassium iodide, potassium iodate, sodium iodide, hydriodic acid, and cuprous iodide, primarily used in pharmaceuticals, pesticides, feed, and optoelectronic materials [3] - Organic iodide products include trimethylsilyl iodide and methyl iodide, with trimethylsilyl iodide being used as a protecting group in organic synthesis, particularly in the production of antibiotics [3] Group 3: Strategic Developments - The company signed a strategic cooperation framework agreement with a technology partner in October 2025 to enhance the industrialization of sulfide solid electrolyte technology through resource integration and innovation [3] - The company’s 4000 tons/year inorganic iodide production project is expected to be completed by the end of 2025, with a production capacity of 300 tons of lithium iodide upon full operation [3]

Financial Performance - In Q3 2025, the company achieved a revenue of 6.301 billion CNY, a year-on-year increase of 33.25% [1] - The net profit attributable to shareholders reached 966 million CNY, reflecting a significant year-on-year growth of 92.87% [1] Gross Margin Improvement - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced production capacity utilization [2] - The revenue from PCB data center and wired communication businesses continued to grow, contributing to a slight increase in gross margin [2] Business Expansion - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [3] - The packaging substrate business saw a revenue increase in Q3 2025, with notable growth in storage packaging substrates [4] Capacity Utilization - The overall capacity utilization remained high in Q3 2025, with significant improvements in the packaging substrate business due to increased demand [6] Raw Material Price Changes - Key raw materials such as copper and gold salts experienced price increases in Q3 2025 due to fluctuations in commodity prices [7] R&D Investment - R&D investment in Q3 2025 amounted to approximately 464 million CNY, accounting for 7.37% of the company's revenue [8] New Projects - The company is developing new factories, including the Nantong Phase IV and Thailand projects, with the Thailand factory currently in trial production [5]

Group 1: Financial Performance - The company's third-quarter revenue increased, primarily driven by steady growth in the network communication market [2] - Net profit declined significantly due to the automotive electronics division still being in the process of advancing key projects and major clients, which have not yet reached breakeven [2] - Customized products require a verification period before mass production and delivery, which is essential for future performance growth [2] Group 2: Product Adaptation and Market Expansion - The company's products are compatible with various fields, including servers, industrial robots, and data centers, and have successfully passed tests and certifications from both international and domestic core clients [2] - This achievement highlights the company's core technological strength and product adaptability, breaking the monopoly of foreign manufacturers in high-end sectors and opening up broader market growth opportunities [2] Group 3: Future Growth and Expansion Plans - The Bay Area industrial park's operation will effectively support the expansion of order scale, continuously meet market growth demands, and further enhance the company's market share, providing strong support for future overall performance growth [3] - The company has initiated overseas expansion efforts, with a factory established in Thailand that has successfully obtained certification and is currently under renovation, expected to be operational in the first quarter of 2026 [3]

Group 1: Company Performance and Market Position - The company's aluminum-plastic film business has achieved a sales scale with a year-on-year growth of over 50% in the first three quarters of 2025 [8] - The company acknowledges that its stock price has been affected by various factors, including market environment, industry competition, and company performance [3][5] - The management team is committed to improving operational efficiency and decision-making quality to enhance long-term development [3][5] Group 2: Research and Development - R&D expenses have increased year-on-year, focusing on high-end medical film materials and electronic film materials, with some products entering the industrialization stage [4] - The company emphasizes the importance of R&D investment for new product development and existing product process iteration [4] Group 3: Sales and Marketing Strategies - The company is actively expanding sales channels and enhancing brand exposure through participation in trade shows [3][6] - Strategies to cope with market competition include improving product competitiveness, expanding new sales channels, and enhancing customer service [6] Group 4: Financial Management and Shareholder Relations - The company has a bank loan approval limit of 180 million, but the actual long-term borrowings reported are only 60 million, raising questions about the remaining 120 million [14] - The management expresses confidence in the company's future performance and is focused on optimizing internal management and resource allocation to improve market value [11][13] Group 5: Future Outlook - The company is closely monitoring industry trends, particularly in the solid-state battery sector, and aims to leverage its technical expertise in packaging materials [7] - The management is committed to enhancing communication with investors and ensuring transparency regarding company operations and strategies [9][11]

Group 1: Company Development Strategies - The company aims to strengthen technological innovation and industry collaboration by increasing R&D investment in optical modules and exploring new pathways in active and passive microwave industries, particularly in commercial aerospace, 6G, and data centers [3] - The company is focused on deepening participation in key projects and domestic substitution, leveraging its full-link key technologies in electrical connectors to engage in major national aerospace projects [3] - The company plans to diversify its product offerings and enhance production capacity, transitioning from a single component supplier to a provider of interconnected system solutions [3] Group 2: Financial Performance Insights - The company reported revenue growth in the third quarter compared to the previous year and quarter, despite a decline in profits primarily due to impairment provisions and rising prices of gold and copper affecting gross margins [3] - The company is committed to expanding market reach and collaborating closely with key customers to explore cooperation potential while maintaining cost reduction and efficiency improvement measures [3] Group 3: Market Value Management - The company has established a market value management system and is working on acquiring Huajing Microelectronics, with plans to carefully consider national policies and industry dynamics in future strategic decisions [4] Group 4: Talent Acquisition and Development - The company is enhancing its talent acquisition strategy by optimizing development plans, broadening recruitment channels, and improving salary competitiveness to attract high-level talent [4] - The company emphasizes talent development and capability enhancement through a structured training system and plans to establish a long-term incentive mechanism to stimulate innovation and creativity among employees [4]

Group 1: Financial Performance - The net profit margin of Ruitefei in the first three quarters of 2025 has slightly improved compared to the same period in 2024 [2] - Revenue from Ruitefei's official website in September has surpassed that of Amazon, indicating a significant brand effect in the U.S. fitness sector [2][3] Group 2: Growth Expectations - Ruitefei has optimistic growth expectations, with plans to expand into the European market starting from the German Amazon site [3] - The company aims to achieve a growth target of approximately 63% in revenue from its Vietnam operations in the first half of 2025 compared to the same period last year [4] Group 3: Product Strategy - Ruitefei's product pricing has slightly increased due to tariff adjustments, with a price range from several hundred to several thousand dollars [3] - The company focuses on providing solutions for small-area gyms, with a product structure that adapts to various consumer needs [3] Group 4: Market Expansion - The company is not solely focused on the German market but aims to cover the entire European market through its German Amazon site [4] - Efforts are being made to expand into non-U.S. markets, including the establishment of offices in the UK and Australia [4] Group 5: Domestic Business Development - The domestic IP cultural and creative business is being developed through partnerships with companies like Heiyi Capital and Tianluoxing [4][5] - The domestic creative team has nearly 100 members, focusing on optimizing personnel configuration and enhancing professional capabilities [5] Group 6: Resource Allocation - The company is prioritizing resource allocation towards the domestic cultural and creative market while maintaining steady growth in the export creative business [5] - Ruitefei's sports fitness business is a key focus area, with a team size nearing 130 members and a strong emphasis on independent operations and revenue management [5]

Financial Performance - Q3 revenue reached 227 million CNY, a year-on-year increase of 14.6%, with a cumulative revenue of 626 million CNY for the first nine months, up 7.4% year-on-year [2] - Net profit attributable to shareholders for Q3 was 53.59 million CNY, with a cumulative net profit of 149 million CNY for the first nine months, reflecting an increase of 11.6% and 8.8% year-on-year respectively [2] - R&D expenses in Q3 amounted to 13.29 million CNY, marking a record high for a single quarter, with a cumulative R&D expense of 33.22 million CNY for the first nine months [2] Product Performance - PMC Ultra Bright series saw a revenue increase of 53.7% year-on-year in Q3, while the 1.71 series grew by 13.7% [3] - The newly upgraded 1.74 series achieved a remarkable sales growth of 112.4% year-on-year in Q3, with a cumulative growth of 171.5% for the first nine months [3] - Sales of the Xiaomi AI glasses collaboration reached 6.51 million CNY by the end of September 2025, with a gross margin of 78.6% for smart glasses lenses [3] Strategic Initiatives - The company is focusing on the high-end market with the launch of the Tianji series, targeting the 5-8 score market segment, which is currently underserved [8][9] - The company is actively expanding its presence in the medical channel, collaborating with leading eye care institutions to enhance product distribution [10] - The gradual introduction of progressive multifocal lenses is seen as a significant growth opportunity, especially as the population ages [6] Market Trends - The demand for high-quality products is increasing, with consumers willing to invest in better options, reflecting a trend of consumption upgrade [4] - The aging population in China, particularly those over 45 years old, is expected to drive demand for progressive lenses, with a potential market size of nearly 700 million people [6][12] - The company is committed to maintaining its brand positioning and product quality amidst industry price wars, focusing on long-term growth strategies [11] Future Outlook - The company is optimistic about the industry’s growth potential, driven by domestic market expansion and the shift towards premium products [12] - Strategic changes implemented in product, channel, and customer service are beginning to show positive results, with expectations for continued improvement [12] - The company aims to leverage its technological advancements and market positioning to capture emerging opportunities in the smart eyewear segment [4][5]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 4.865 billion CNY and a net profit attributable to shareholders of 40.465 million CNY, reflecting an increase of 1.083 billion CNY in revenue compared to the first half of 2025 [2] - Despite the revenue increase, net profit decreased due to rising costs, expenses, and taxes, but overall performance shows steady recovery since the first loss in 2024 [2] - The operating revenue is approaching the level of the same period in 2023 [2] Business Development - The company is increasing investment in database, data elements, and artificial intelligence (AI), implementing the "one body, two wings, three engines" strategy [2] - In the first three quarters of 2025, the subsidiary, Electric Science and Technology JinCang, signed contracts with a growth of over 100% compared to the same period last year, with revenue growth of nearly 50% [2] - The AI business has successfully entered multiple central enterprise markets, establishing a solid foundation for transformation [3] Product and Market Strategy - The company has launched products such as trusted data space, intelligent hub, and low-code development platform, actively participating in major AI projects [3] - The subsidiary Electric Science and Technology JinCang has seen significant market expansion, winning contracts in various sectors, including healthcare and transportation [3] - The company has signed contracts nearing 3 billion CNY in the new trust business, occupying advantageous positions in multiple provinces [4] Technological Advancements - The company is focusing on time-series data, optimizing its database to handle high real-time demands and integrating various models for better data processing [3] - The strategy includes deep integration of heterogeneous computing power to enhance product offerings and improve user experience [4]