Company Overview - Established in 2002, Hainan Strait Shipping Co., Ltd. was initiated by five shareholders including Hainan Port and Shipping Holdings Co., Ltd. and Shenzhen Yantian Port Co., Ltd. [2] - Listed on the Shenzhen Stock Exchange in 2009, the company has expanded its operations significantly since then [2] - In 2021, the company completed the integration of shipping resources in the Qiongzhou Strait, enhancing its service capabilities [2] - As of 2025, the company has acquired 100% of COSCO Shipping Passenger Transport, increasing its roll-on/roll-off vessel fleet to 64 [2] Business Operations - The company primarily operates passenger and cargo transport services in the Qiongzhou Strait and Bohai Bay, with key routes including Haikou to Hainan, Yantai to Dalian, and Sanya to Xisha [2] - Revenue model relies on freight charges from shipping and port service fees, with additional income from tourism products on the Xisha route [2] New Route Launch - The newly opened Haikou to Fangchenggang route covers 157 nautical miles with a travel time of approximately 12 hours [3] - The "Chess Bay" vessel, measuring 129.9 meters in length and 20.4 meters in width, can carry 844 passengers and 69 trucks [3] - This route aligns with the "Western Land-Sea New Corridor" and "Hainan Free Trade Port" strategies, enhancing connectivity between the Beibu Gulf city cluster and Hainan [3] Revenue Breakdown - As of the 2025 mid-year report, revenue distribution is as follows: - Haikou to Hainan route: 72% - Yantai to Dalian route: 10% - Xisha route: 6% - Port services: 5% - Other routes and services: remaining percentage [5] Future Opportunities - The implementation of favorable tax policies in Hainan's free trade port is expected to reduce operational costs and attract more investors [8] - The upcoming full closure operation of Hainan by the end of 2025 will facilitate easier movement of goods, potentially increasing passenger and cargo flow [8] - Infrastructure improvements, such as the completion of the circular island tourism road, are anticipated to boost the company's core business [8] Safety Measures - The company has invested in flat-deck cargo ships for transporting new energy vehicles, addressing safety concerns related to battery fires [4] - These ships feature open deck designs for better ventilation and are equipped with specialized firefighting systems to ensure safety during transport [4] Dividend Policy - The company aims to provide stable dividend returns to shareholders while ensuring sustainable development [6] - Dividend policies will consider profitability, cash flow, future investment plans, and shareholder expectations [6]

Company Overview - Prasis is a data-driven clinical research service provider focused on patient-centered approaches, creating a comprehensive project management system for clinical trials [2] - As of Q3 2025, the company achieved revenue of CNY 219 million, a year-on-year increase of 9.84% [2] - The net profit for Q3 2025 was CNY 33.22 million, a significant increase of 3,322.54% year-on-year, with a non-GAAP net profit of CNY 31.13 million, up 120.72% [2] Operational Highlights - The company has undertaken over 4,200 SMO projects, with 2,538 currently in execution, and employs 4,271 staff [2] - The service network covers over 1,300 clinical trial institutions across multiple cities in China [2] - For the first three quarters of 2025, the profit distribution plan included cash dividends totaling CNY 5.37 million [2] Quality Management - The company has established over 280 standard operating procedures (SOPs) and 40 negative lists to ensure quality control [3] - Continuous training and assessment of employees, along with an internal quality control team, enhance project oversight [3] - No major findings were reported during inspections by national and international regulatory bodies [3] Digital Transformation - The company prioritizes the development and application of digital and intelligent technologies as a key growth strategy [3] - A collaborative clinical trial management platform is being developed, integrating AI and advanced quality management systems for improved efficiency [3] Client Structure and Revenue Recognition - The client base primarily consists of multinational pharmaceutical companies, domestic innovative drug companies, and CROs, with significant collaborations with the top 10 global pharmaceutical companies [3] - Clinical trial project cycles typically last 2-3 years, with revenue recognition influenced by various factors, leading to non-linear income distribution [3] Recruitment and Talent Development - As of September 2025, the company has a workforce of 4,271, with over 4,000 specialized personnel [3] - Recruitment plans are aligned with project needs and are supported by a robust training system to ensure quality [4]

Group 1: Company Overview and Market Insights - The main growth points for the company's core business in LED lighting are expected to come from outdoor lighting, industrial lighting, and emergency lighting, driven by low penetration rates in certain segments and new regulations [2] - The LED plant lighting market is projected to grow to $2.056 billion by 2029, with a compound annual growth rate (CAGR) of 9.4% from 2024 to 2029 [3] Group 2: Energy Storage Business Development - The company's energy storage core component business began mass sales in 2025, achieving a total revenue of 60.09 million yuan in the first three quarters of 2025, with a strong order backlog [4] - The gross margin for the energy storage core component business was 24.84% in the first half of 2025, with potential for significant improvement as production scales up and efficiency increases [5] Group 3: Competitive Advantages in Energy Storage - Over 60% of the employees in the energy storage subsidiary are R&D personnel, with more than 15% holding master's degrees and over 40% having more than five years of industry experience, enhancing the company's innovation capabilities [6] - The company leverages its parent company's smart manufacturing base and extensive operational experience to ensure high product quality and competitive delivery and after-sales service [7] Group 4: Convertible Bond Status - The "Songsheng Convertible Bond" has not yet triggered the conditions for early redemption, and the board will decide on any potential early redemption after December 2025 if conditions are met [7]

Group 1: Financial Performance - The company's non-net profit growth rate significantly outpaced the net profit growth rate in the first three quarters of 2025, primarily due to stable cash flow from core operations like waste-to-energy and the transition of hazardous waste treatment from loss to profit [2][3] - The revenue from the new energy dual-carbon business accounts for approximately 74% of total revenue, with a gross margin of around 37%, maintaining a strong position in the industry [8][9] Group 2: Core Business Segments - The traditional business consists of four main segments: waste-to-energy, hazardous waste treatment, flue gas desulfurization and denitrification, and long-term stable operation of quality environmental projects [3][4] - Waste-to-energy operations have leading industry performance in terms of operational and maintenance rates, ensuring steady and continuous revenue growth [3] Group 3: Strategic Focus and Future Growth - The company aims to focus on high-profit projects, avoiding low-margin and high-capital projects, while leveraging AI and new energy as core growth areas [4] - The strategy includes a dual approach of maintaining traditional business stability while expanding into AI applications in the energy sector, creating a synergy between traditional and new business models [4][7] Group 4: AI Market Insights - The global AI market in the energy sector is projected to reach approximately $120 billion in 2023, with a growth rate of about 38% [5] - The domestic AI market in energy is expected to exceed $500 billion, indicating significant opportunities for growth and investment [5] Group 5: AI Business Positioning - The company's AI business focuses on the "AI + New Energy" sector, targeting the energy and power industry for practical applications [7] - Core customer segments include power grid systems, energy groups, and other industrial clients, each with distinct needs and characteristics [8]

Group 1: eCall Certification and Implementation - The company began tracking eCall legislation since the EU's preliminary research in 2012 and obtained the first EU eCall certification in 2019, followed by certifications from multiple countries including the UK, Israel, and Turkey [2] - As of January 6, 2025, the company became the first in China to receive the next-generation NG-eCall certification from the EU [2] - The company's eCall system has passed the national standard AECS test, making it the first globally to achieve this certification [2][4] Group 2: eCall System Functionality - The eCall system consists of an in-vehicle terminal, mobile network, and PSAP call center, enhancing emergency response times and reducing accident fatalities [3] - It can be triggered automatically by vehicle sensors or manually via an in-car button, transmitting critical data such as location and vehicle information to emergency services [3] Group 3: Competitive Advantages - The company emphasizes the need for strong capabilities in R&D, production management, quality control, and supply chain management to maintain competitiveness [4] - A focus on technological innovation and product optimization is central to the company's strategy for sustaining market leadership [4][5] Group 4: Cost Management - The company maintains a low expense ratio through strict supply chain management and a commitment to technological innovation [5][6] - The platform and modular design approach allows for flexible product configurations, reducing development costs and enhancing market competitiveness [6] Group 5: TBOX Functionality - The TBOX serves as a core controller for in-vehicle information interaction, enabling communication with various vehicle systems and providing connectivity for smart services [7] - It supports multiple communication protocols and high-precision positioning services, essential for smart connected vehicles [7] Group 6: Future Development Plans - The company aims to accelerate the application of its TBOX in 5G-V2X networks, enhancing product value and expanding use cases [8] - Plans include leveraging its eCall expertise to support domestic and international vehicle manufacturers in meeting safety standards [8] - The company is also focusing on digital energy management solutions and expanding into unmanned logistics vehicles [8] - Continuous improvement in governance and compliance is targeted to meet international standards and support global expansion [8]

Company Overview - Rongqi Industrial Technology (Suzhou) Co., Ltd. focuses on the research, design, production, sales, and technical services of intelligent equipment, primarily targeting the detection and assembly processes in intelligent manufacturing [2][3]. - The core products include intelligent detection equipment and precision assembly equipment, mainly serving the consumer electronics and new energy sectors [2][3]. Financial Performance - In the first three quarters of 2025, the company's operating income experienced a year-on-year decline due to seasonal revenue recognition impacts, with many projects concentrated in the fourth quarter [3]. - As of the end of Q3, the company reported inventory of CNY 375 million, a 176.99% increase from the beginning of the year, and contract liabilities of CNY 75.17 million, up 397.40% [3]. Order Growth and Future Outlook - The increase in order volume this year is attributed to the new energy sector's demand for lithium battery detection equipment and consumer electronics, particularly from Apple [3][4]. - The company anticipates a significant increase in orders for smart glasses assembly equipment from Meta, contingent on Meta's production plans and market performance [4]. - The outlook for lithium battery detection business remains positive, with expected order growth driven by customer expansion plans [4]. Technological Developments - The company is conducting research on solid-state battery detection technologies, leveraging existing lithium battery detection techniques to address the complexities of solid-state battery production [5]. - Collaboration with the Chinese Academy of Sciences aims to develop core detection equipment for solid-state battery effectiveness analysis [5]. Subsidiary Performance - Sichuan Lieneng Company specializes in ultra-high hydraulic machinery, with key products including cold and hot isostatic presses, serving various industries including MLCC and solid-state batteries [7]. - The company has established a strong technical foundation in the isostatic press sector, achieving significant milestones in product development and gaining recognition from major clients [7][8]. Market Applications - Sichuan Lieneng's isostatic equipment is primarily used in MLCC and solid-state battery production, with plans to expand into rare earth materials and food processing applications [8].

Group 1: Company Overview - The company primarily engages in the development and utilization of tungsten mining resources, producing ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and hard alloy products, establishing a comprehensive production system across the tungsten industry chain [1] - The upstream business focuses on tungsten mining resource exploration and selection, with tungsten concentrate as the main product, and by-products including tin and copper concentrates sold externally [1] - The midstream segment produces various specifications of powder products, including ultra-fine, fine, medium, coarse, and ultra-coarse powders, catering to diverse customer needs [2] Group 2: Resource Integration and Procurement - The company has completed the verification report for tungsten resource reserves in the Taoxikeng mining area and submitted the development plan for review by the Ministry of Natural Resources [3] - The company self-produces all tungsten concentrates for its own use and procures additional tungsten concentrates and APT from qualified suppliers to ensure stable raw material supply [4] Group 3: Sales and Market Performance - From January to September 2025, tungsten raw material prices increased year-on-year, leading to a rise in product sales and revenue [5] - The subsidiary, Ganzhou Aoketai, specializes in cutting tools for difficult-to-machine materials, maintaining steady sales growth in the same period [6] Group 4: Future Development Directions - The company aims to enhance the efficient utilization and development of tungsten resources, focusing on high-performance, high-precision, and high-value-added hard alloy products [7] - Plans include increasing exploration efforts for mining rights, optimizing production processes, and developing specialized powder products to meet diverse market demands [7] - The company is committed to building a sustainable development system, promoting green and high-quality growth, and expanding into high-end markets such as aerospace and new energy [7]

Group 1: Operational Scale and Composition - As of June 2025, the company's operational installed capacity is 19.9255 million kW, with wind power accounting for approximately 19.75% and solar power for about 79.24% [1] Group 2: Financial Performance - In the first three quarters of 2025, the company received a total of 1.888 billion yuan in renewable energy subsidies [1] Group 3: Investment Strategy - Following the issuance of Document No. 136, the company is adopting a more cautious investment strategy in new energy projects, focusing on investment returns and optimizing its industrial structure [1] - The company is steadily advancing its "two transfers" strategy, shifting investments from solar to wind power and from the northwest to the central and eastern regions [1] Group 4: Future Planning - The company is actively working on its "14th Five-Year" planning research and will disclose information after completing relevant decision-making procedures [1] Group 5: Energy Storage Projects - The company has invested in various energy storage projects, including a 50,000 kW project in Xinjiang and a 20,000 kW project in Inner Mongolia, in addition to a 17,000 kW project in Qinghai [2] - The company emphasizes the importance of energy storage and thermal projects in its investment layout to address industry challenges [1][2] Group 6: Green Energy Trading - The company actively participates in green electricity and green certificate trading to enhance revenue, aligning with the national "dual carbon" strategy [2]

编号：2025-011 | | 特定对象调研 □分析师会议 | | --- | --- | | | 媒体采访 □业绩说明会 | | 调研活动类别 | □新闻发布会 □路演活动 | | | 现场参观 其他 | | 参与单位名称 | 康曼德资本、中泰证券、人保资产、国信证券 | | 时 间 | 2025 年 11 月 20 日下午 14:00-16:00 | | 地 点 | 公司会议室 | | 上市公司接待 | 董事会秘书：黄玉婷 | | 人员姓名 | 证券事务代表：周德伟 | | | 一、内容提要： | | | 1、厂区参观 | | | 2、会议室座谈 | | | 二、主要关注的问题与回复如下： | | | 1、公司的海外市场拓展方向和策略介绍。 | | | 国际市场拓展，公司目前主要聚焦东南亚、中东非、欧洲、 | | | 美洲、印度新澳五大区域，推动高质量销售与服务落地，依托行 | | | 业稀缺的整体解决方案能力、高性价比服务及渠道优势拓展客户。 | | 交流内容 | 后续欧洲、美洲区域订单与业绩有望实现逐步突破，中东非、 | | | 东南亚区域已取得阶段性突破性成果，整体海外业务已进入快速 | | ...

Group 1: Company Overview - New Lai Clean Application Materials Co., Ltd. specializes in the research, production, and sales of clean application materials and high-purity materials, primarily serving the food safety, biomedicine, and semiconductor industries [2][3] - The company has developed a complete technical system for clean application materials and high-purity materials over more than 20 years [3] Group 2: Financial Performance - In Q3 2025, the company experienced a year-on-year revenue increase, attributed to the domestic semiconductor industry's localization trend and accelerated domestic substitution processes [4] - Despite growth, overseas business faced a decline due to geopolitical conflicts and adverse international economic conditions [4] Group 3: Product Competitiveness - The company's products in the semiconductor vacuum application field are widely recognized and used by domestic and international clients [5][6] - The "AdvanTorr" product line includes high and ultra-high vacuum components, meeting stringent requirements for various semiconductor processes [7][8] Group 4: Food Business Outlook - The food business is expected to remain stable, with no significant improvement in downstream demand in the short term [17] Group 5: Liquid Cooling Business - The company operates a liquid cooling business through a 70% owned subsidiary, focusing on CDU and related components, leveraging its expertise in sealing and corrosion resistance [18] Group 6: Future Strategic Focus - The company aims to capitalize on the domestic substitution trend in the semiconductor sector, anticipating high growth in this business segment [19] - In the food safety sector, the "equipment + packaging" business model will be maintained to enhance customer loyalty and market share [20] Group 7: Impact of International Economic Environment - The company has performed well in the semiconductor industry, benefiting from the localization trend and effective risk management strategies [21] - It plans to strengthen cooperation with domestic wafer manufacturers and equipment suppliers to enhance supply chain stability [21]