Group 1: Semiconductor Sector Development - The company is focusing on the domestic semiconductor equipment localization, achieving a revenue of CNY 26,712.22 million in the semiconductor sector, a year-on-year increase of 48.67% [1][2] - The core products in the semiconductor field, including thickness measurement products, OCD equipment, and electron beam equipment, are leading in the domestic industry [2] - Advanced process products have become the main revenue driver, with an increasing proportion in overall revenue and orders [2] Group 2: Display Detection Sector Progress - The flat panel display industry is recovering, with expected investments in large and ultra-large LCDs; OLED technology is maturing, leading to increased application and sales [3] - In Q3 2025, the display segment achieved sales revenue of CNY 56,474.58 million, a 14.67% increase year-on-year, with a net profit of CNY 12,147 million [3] Group 3: Subsidiary Development - Wuhan Jinghong focuses on automatic test equipment (ATE) for semiconductor testing, covering the entire testing process from wafer probing to final testing [4][5] - An investment of CNY 4,000 million was made to enhance Wuhan Jinghong's R&D and production capabilities [5] Group 4: Advanced Packaging Technology - The company is strategically investing in advanced packaging technology by acquiring a 33.6414% stake in Hubei Xingchen, enhancing collaboration with key clients [5] - Hubei Xingchen has established a leading 12-inch integrated circuit advanced packaging R&D line, currently in the customer introduction phase [5] Group 5: Land Acquisition for Expansion - Shanghai Jingce plans to purchase land use rights for a new laboratory expansion project with a total investment of approximately CNY 350 million [6] - This project aims to enhance R&D capabilities and alleviate current production line resource constraints, supporting future business growth [6][7]

| | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □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） | | 参与单位名称及 | 华西证券：晏溶；国泰海通证券：李鹏飞、王宏玉、梁琳；光大理财：丁琨 | | 人员姓名 | | | 时间 | 2026 年 1 月 23 日 | | 地点 | 北京 | | 上市公司接待人 | 田文斌、王依涵 | | 员姓名 | | | 1、 | 公司产品下游需求结构？ | | | 答：目前公司产品主要用于汽车（包括新能源汽车）、消费类电子、工业机器人、 | | | 计算机、节能家电、风力发电机、工业电机等领域。 | | 2、 | 稀土原材料价格波动对公司成本的影响机制？ | | | 答：公司产品价格会参考原材料价格等因素与客户协商确定。 | | 3、 | 公司在人形机器人领域是否有布局?目前最新的进展如何? | | | 答：公司主要产品为钕铁硼永磁材料，已应用于工业机器人领域多年。目前人形 | | 投资者关系活动 | 机器人行业尚未实现规模化量产，待 ...

Group 1: eCall Emergency Call System - The technical barriers of the eCall emergency call system include functionality and reliability, requiring various certifications such as collision tests and data protocol standards [1] - The company is a pioneer in the domestic eCall field, having recognized its market potential as early as 2013 and actively participating in the development of EU regulations [2] - In 2019, the company obtained the first EU eCall certification in China and became one of the first globally to pass the UN-R144 standard certification [2] - The company achieved the new generation NG-eCall certification on January 6, 2025, positioning itself among the first globally to obtain this qualification [2] - The NG-eCall certification enhances data transmission capabilities and supports concurrent voice and data transmission, significantly improving emergency response efficiency [2] Group 2: Digital Energy Management Solutions - The digital energy management solution integrates "end and cloud" technology, enabling battery lifecycle traceability and optimization [3] - This solution supports various core scenarios in the battery swapping ecosystem, including vehicle-to-grid interactions and energy digital trading [3] - The company’s products are expected to be configured at a ratio of 2.2-2.5 times the number of vehicles for battery swapping stations, indicating a substantial market demand for digital management solutions [3] - The solution has penetrated key areas such as automotive power batteries and energy storage systems, driving the company’s competitive edge in the energy sector [4] Group 3: Business Expansion and Future Directions - The company plans to leverage its expertise in automotive and communication sectors to explore high-end fields like robotics and commercial aerospace [5] - It aims to expand into industrial IoT and other mid-to-low-end scenarios to drive new revenue growth [5]

Group 1: Current Business Overview - The company specializes in rubber polymer materials, primarily serving the automotive, electrical, aviation, and nuclear protection sectors [2] - The automotive and electrical segments contribute significantly to overall revenue, benefiting from years of technological research and customer accumulation [2] - The company is actively developing its aviation and special equipment business sectors [3] Group 2: Future Business Development Plans - The company aims to maintain its focus on rubber polymer materials while exploring applications in other industries to enhance technological innovation and capabilities [3] - There is a commitment to deepening existing business while seeking potential acquisition targets for rapid external growth [3] - The company expresses optimism about future growth, citing a stable business environment and confidence in its operational capabilities [3]

Group 1: Market Trends and Opportunities - The domestic mini-game market is still in a phase of rapid growth, showcasing significant potential [3] - The strategic value and ceiling of the SLG (Simulation Game) sector continue to break through, with a notable expansion in user base and market value [3] - The long-cycle value of casual games is becoming increasingly evident, driven by fragmented user demands [3] Group 2: Product Development and Strategy - The company has established a leading position in the mini-game market, with multiple mini-games under development, including IP products like "Dou Po Cang Qiong" [3] - The company’s overseas business has maintained stable revenue, with SLG being a core strategic focus, supported by a "lightweight" and "large theme" approach [3] - The company has over 10 self-developed products in its pipeline, focusing on mini-games and SLG development [3] Group 3: AI Integration and Efficiency - The company has achieved over 90% penetration of AI across its operations, significantly enhancing efficiency [4] - AI-driven automatic ad placements exceed 70%, with AI outperforming human operators in various aspects [4] - The company is investing heavily in AI technologies to improve existing business efficiency and secure future strategic advantages [5] Group 4: Talent Development and Organizational Structure - The company is moving towards a younger talent pool, with 80% of its core production team being post-90s generation [4] - The establishment of R&D centers in key talent hubs like Beijing and Shanghai aims to attract top talent and break geographical limitations [4] - The company emphasizes long-term thinking in its product strategies, focusing on longer product lifecycles across various game genres [4] Group 5: Future Goals and Market Positioning - The company aims to return to the top three in the overseas market for Chinese game developers within three years [5] - In the mini-game sector, the goal is to maintain the leading market position while developing headliner products in SLG and casual game categories [5] - The company seeks to achieve industry-leading levels in AI tool capabilities, focusing on unique and refined offerings [5]

Group 1: Partnership and Financial Aspects - The collaboration between Zhongsheng Ruichuang and Qilu Pharmaceutical involves a licensing agreement for the RAY1225 injection, allowing Qilu to produce and commercialize the product in China, while Zhongsheng retains all intellectual property rights [1][3]. - Zhongsheng will receive an upfront payment of RMB 200 million and may earn up to RMB 800 million in milestone payments based on development and sales achievements [3]. - After the first commercial sale of the licensed product, Zhongsheng is entitled to a double-digit percentage of net sales in the licensed regions [3]. Group 2: Innovation and Drug Development - Zhongsheng focuses on innovative drug development, particularly in metabolic diseases and respiratory diseases, with two projects already approved for market and several others in clinical trials [6][8]. - The RAY1225 injection is a novel dual-agonist peptide drug with potential for bi-weekly administration, targeting type 2 diabetes and obesity, currently undergoing multiple Phase III clinical trials [10][11]. - The company is also developing ZSP1601, a treatment for metabolic dysfunction-related fatty liver disease (MASH), which has shown promising results in early clinical trials [6][12]. Group 3: Market Strategy and Future Outlook - The partnership aims to leverage both companies' strengths to enhance commercialization efficiency and market reach, while reducing operational costs related to production and marketing [3]. - Zhongsheng remains committed to exploring overseas markets and does not intend to limit its international expansion despite the current focus on the Chinese market [4]. - The company is actively pursuing innovative solutions to meet unmet clinical needs, particularly in the treatment of MASH, which currently lacks approved therapies in China [12].

Group 1: Fundraising and Project Changes - The company announced a change in fundraising strategy, terminating the "Expansion of Large-Sized Light Guide Plate Project" to improve fund utilization efficiency [1] - Remaining funds will be redirected to the TAC film project at Anhui Jiguang and the reflective polarizing film project at Suzhou Yijia [1] Group 2: Market Analysis and Competitive Landscape - The demand for TAC film is projected to reach 1.229 billion square meters by 2025, with over 70% of panel production capacity located in mainland China [2] - TAC film accounts for over 50% of the cost of polarizing film materials, significantly impacting the profitability of polarizing film manufacturers [2] - Currently, 75% of the TFT-grade TAC film used in mainland China is imported, primarily from Japanese suppliers [2] Group 3: Project Progress and Development - Anhui Jiguang obtained the construction permit in June 2025, and the factory construction is progressing steadily [2] - Major equipment for the TAC film project is expected to be delivered and tested in the first half of this year [2] - Initial test results of trial films sent to downstream polarizing film and panel manufacturers show no significant discrepancies with Anhui Jiguang's internal testing [2]

Group 1: R&D Progress - DR10624 has shown strong lipid-lowering effects and safety in Phase II clinical trials, with results presented at the AHA Scientific Sessions 2025. It has been included as a breakthrough therapy for severe hypertriglyceridemia by the CDE in January 2026 [1][2] - HDM1002, an oral GLP-1 receptor agonist, has completed patient enrollment for its Phase III trial in weight management, with top-line data expected in Q3 2026. The study has shown good overall safety without liver enzyme elevation [3] - HDM2005 has reported positive preliminary results in Phase I trials for mantle cell lymphoma and classical Hodgkin lymphoma, and is also undergoing trials for diffuse large B-cell lymphoma and solid tumors [4] Group 2: Upcoming Data Releases - Key data releases expected in 2026 include: - HDM1002 weight management Phase III top-line data - HDM1005 weight management Phase III 40-week data - HDM2005 solid tumor Phase I preliminary data - DR10624 for MASLD/MASH Phase II top-line data [5] Group 3: New Product Approvals and Market Outlook - The company anticipates new drug approvals in 2026, including edaravone tablets and various biosimilars, which are expected to enhance revenue contributions [6][7] - The innovative products, such as Ailaha® and Huijiaojing®, are projected to maintain rapid growth due to their clinical value and market strategies [9] Group 4: Industrial Microbiology and Pet Medicine - The industrial microbiology sector is expected to continue its rapid growth, supported by expanding overseas markets and commercialized products [12] - The HDM7006 project for managing obesity in cats is addressing a significant market gap, with a reported obesity rate of 28.1% among pet cats in China. This product is positioned as a safe and effective GLP-1/GIP dual-target weight management solution [16] Group 5: Strategic Collaborations and Licensing - The company is actively pursuing licensing agreements for its self-developed products and is optimistic about future collaborations [8] - A strategic partnership with MC2 for skincare products aims to leverage innovative technology for daily skin care solutions in the Greater China region [14][15]

Group 1: Company Performance - In 2025, China's heavy truck market total sales reached 1.145 million units, a year-on-year increase of 27% [1] - The company maintained a strong growth trend in production and sales compared to the previous year, with a healthy order backlog [1] - The company continues to hold a leading market share in the heavy truck industry through enhanced product competitiveness and market expansion [1] Group 2: Natural Gas Heavy Trucks - In 2025, cumulative sales of natural gas heavy trucks reached 198,700 units, reflecting a year-on-year growth of 12% [2] - Technological advancements are narrowing the performance gap between natural gas and diesel trucks [2] - The company remains optimistic about the natural gas heavy truck market and plans to enhance product competitiveness and long-term strategic positioning [2] Group 3: New Energy Heavy Trucks - In 2025, cumulative sales of new energy heavy trucks in China reached 231,100 units, a significant year-on-year increase of 182% [3] - In December 2025 alone, sales of new energy heavy trucks totaled 45,300 units, up 189% year-on-year [3] - The new energy heavy truck market is experiencing rapid growth driven by policy support and technological innovation, with the company committed to deepening its involvement in this sector [3] Group 4: Subsidiary Operations - The axle company, a subsidiary, is 51% owned by the company and supplies products to the group's vehicle production units, ensuring stable market demand and revenue [3] - The aftermarket company, a wholly-owned subsidiary, focuses on truck aftermarket services, including parts, oil products, and after-sales services [3] Group 5: Export Performance - The company leverages the international division of the group for its export business, maintaining the industry’s leading position in exports for 21 consecutive years [5] - The export business continues to show good growth, with a market presence in over 150 countries and regions, primarily in Africa, Southeast Asia, Central Asia, and the Middle East [5]

Business Overview - The company has established four core business modules: Engine, Automotive Electronics, Brake Systems, and Hydrogen Energy [2][3]. - In the Engine sector, the company has a leading position with steady growth in cylinder sleeve production and a significant increase in piston sales in 2025 [2]. - The Automotive Electronics segment has seen a rising market share for turbocharger electronic actuators and expansion into air suspension management units [2]. - The Brake Systems focus on bi-metal composite brake drums, leveraging technology and performance advantages to expand product variety [2][3]. - The Hydrogen Energy sector has developed a comprehensive product line including fuel cell engines and compressors, with mass production already underway [3]. Acquisition Strategy - The company plans to acquire 59% of Zhongyuan Jikean, a joint venture established in 2005, to capitalize on the growing AIDC backup power market and shipbuilding industry [3][4]. - Post-acquisition, Zhongyuan Jikean will become a wholly-owned subsidiary, enhancing the company's capabilities in high-end cylinder sleeves and strengthening its competitive edge in the global market [4]. Product Development and Capacity Expansion - The company’s bi-metal brake drums offer superior durability and lightweight design, addressing the automotive industry's shift towards lighter vehicles [5]. - The current annual production capacity for brake drums is 1.6 million units, with plans for further expansion based on market demand [5]. - The Thailand factory has established production lines for cylinder sleeves and is expected to contribute revenue starting in 2026 [6]. Robotics Collaboration - The Shanghai subsidiary is collaborating with Ningbo Puzhi to develop specialized electronic actuators for humanoid robots, leveraging its expertise in automotive electronic systems [6][7]. - This partnership aims to transition from automotive components to a dual focus on automotive and robotics, aligning with industry trends [7]. Shareholder Returns and Risk Management - The company is committed to optimizing profit structures and enhancing shareholder returns through diversified methods, including cash dividends [7]. - There are risks associated with the humanoid robot joint venture, as the product is still in development and has not yet generated revenue [7].