| | ☑特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 活动参与人员 | 汇添富基金：刘高晓、高田昊等 | | | 申万宏源证券：邵靖宇、陈陶 | | 时间 | 2026 年 1 月 9 日 | | 地点 | 公司会议室 | | 形式 | 现场交流 | | 上市公司接待人员 | 董事会秘书 刘月刚 | | 姓名 | 证券事务代表 柳青 | | | 互动沟通主要内容如下： 一、介绍公司近期生产经营情况 | | | 近期园区整体生产经营情况正常，公司继续加强生产企业的冬季 安全管控，大力度开展节能降耗、提质增效，规避市场风险，紧跟相 | | | 关政策及行业发展动态，结合公司实际情况动态调整，统筹分析预判 | | | 市场变化，及时调整生产经营策略，发挥园区一体化优势，力争把握 | | 交流内容及具体问答 记录 | 市场机遇，实现经济效益最大化。 | | | 二、沟通了解 2025 年四季度产品市场变化情况 | | | 第四季度，受同行企业及下游企业开工率波 ...

Group 1: Customer Collaboration - The company has been collaborating with customer G for several years, transitioning from consumer electronics to server business, with an order amount reaching hundreds of millions in 2025 [2] - For customer N, the company provides testing services for PCBA motherboards, with mass production expected to begin in 2025, and a projected equipment demand in the low four-digit range for 2026 [2][3] Group 2: Product Development and Progress - The company's liquid cooling module is currently used in testing equipment, with small batch shipments to customer N and plans to integrate it into cabinets [3] - The robotics business is addressing customer T's testing needs, with individual units priced over one million [3] Group 3: Revenue Expectations - In the AI server testing sector, the company anticipates significant growth, with a high revenue contribution from customers G and M in Q3 [3] - The automotive electronics business is expected to account for 20% of revenue in 2025, with continued market demand growth in 2026 [3][4] Group 4: Market Opportunities - In the consumer electronics sector, stable revenue is expected from testing equipment for mobile phones and tablets, with potential growth in AI glasses [4] - The company aims to transition to a component supplier, leveraging insights gained from collaboration with customer N to explore new market opportunities [4]

Company Overview - Aipeng Medical focuses on medical devices, specializing in pain management and upper airway management, while also exploring brain-computer interface innovations [5] - The company has a strategic partnership with Ruishen'an Medical, a leading player in the neuroregulation field in China [5] Product Competitiveness - The "Multimodal ADHD Behavioral Training System" integrates data connectivity between in-hospital and home training environments, addressing both medication and behavioral training as primary treatment options [6] - The system aims to provide a comprehensive training solution, mitigating risks associated with traditional single behavioral training products [6] Clinical Applications - The Persistent Insomnia Anesthesia Treatment System has been implemented in hospitals, showing promising treatment outcomes and attracting interest from sleep and anesthesia specialists [7] - The company’s EEG collection products are essential components of the ADHD treatment system, with relevant pricing established in various provinces [9] Future Investments - Aipeng Medical plans to continue exploring brain-computer interface opportunities aligned with its strategic direction, focusing on sensor technology, signal processing, and clinical applications for mental health disorders [10] - The establishment of an AI and Brain-Computer Engineering Research Institute aims to drive innovation in pain management, anesthesia, and mental health diagnostics [10] Business Progress of Ruishen'an - Ruishen'an has successfully launched several products, including the implantable vagus nerve stimulator and the rechargeable spinal cord stimulator, generating revenue [11] - The first domestic implantation of a closed-loop neurostimulation system for Parkinson's disease is expected to occur by the end of 2025, marking a significant advancement in clinical practice [11]

Market Potential - The global market for all-steel giant tires is expected to reach a production of 358,000 units by 2027, driven by their superior properties compared to giant bias tires [3]. - There are currently 1,615 active large open-pit mines globally, corresponding to approximately 56,000 giant mining trucks [2]. Sales Performance - Sales data for 2024 by rim diameter includes: - 49 inches: 5,974 units - 51 inches: 4,201 units - 57 inches: 5,594 units - 63 inches: 302 units [5]. Competitive Advantages - The company has a strong mining service background and a unique "product + operation" model, which enhances customer loyalty and operational efficiency [6]. - The company has established partnerships with major global mining companies, leveraging its technological and product advantages to expand its market presence [7]. - The competitive landscape shows a clear differentiation, with the company closely following three major international brands in market share and technology [8]. Industry Dynamics - The demand for giant tires is less cyclical compared to the underlying mining products, with no significant seasonal characteristics due to the all-weather operation of dump trucks [4]. - The company has a robust global presence, with operations in dozens of countries, allowing for localized service and rapid market response [7]. Future Development Plans - The company plans to enhance its international market development through a "3+2" strategy, targeting traditional markets in Europe and North America, emerging markets in BRICS and Southeast Asia, and Chinese overseas investments [10]. - Future revenue growth is expected to depend on customer and market development, with overseas market revenue growth projected to exceed 22% from 2022 to 2024 [11]. Financial Outlook - As of July 31, 2025, the company has an order backlog of approximately CNY 1.424 billion for tire sales, excluding mining tire management services [12]. - The company anticipates a potential increase in orders due to ongoing negotiations with several clients, with expected contracts totaling around CNY 2.39 billion [12]. - The company is prepared for potential pressure on profit margins due to increased competition and market supply, but remains optimistic about expanding market share through continuous R&D and operational excellence [13][14].

Group 1: Breeding and Supply Insights - In 2025, the introduction volume of grandparent white feather broilers in China is approximately 620,000 sets, a year-on-year decrease of over 10% [1] - The company's introduction volume is 266,000 sets, accounting for 43% of the total, with a year-on-year increase, while other companies' introduction volumes have decreased by over 20% [1] - The company’s grandparent broiler stock is over 400,000 sets, indicating a high utilization rate [2] Group 2: Price Trends and Market Outlook - The price of parent stock broiler chicks has been rising monthly since September 2025, reaching over 53 yuan this month [2] - Due to the low introduction volume of grandparent stock, the price of parent stock broiler chicks is expected to continue increasing in 2026 [2] - The supply of quality commercial broiler chicks is expected to be tight due to the reduction in grandparent stock, while downstream demand from breeding farms and slaughterhouses remains strong [2] Group 3: Industry Growth and Future Plans - The white feather broiler industry is anticipated to grow significantly, supported by government initiatives to optimize meat production and expand poultry consumption [6] - The company plans to increase the stock of egg-laying hens following the successful completion of the research and development phase, with high domestic and export demand expected [4] - The slaughter volume of white chickens in 2025 is projected to be approximately 9.3 billion birds, an increase from 2024, with continued growth expected in 2026 [5]

Group 1: Company Overview and Strategic Outlook - The company will continue its long-term global strategy in 2026, focusing on consolidating existing markets while actively expanding into emerging markets [2] - The gradual production of the second phase of the Vietnam factory, initiated in 2025, will enhance overseas supply chain capabilities and support business expansion [2] - The company plans to increase R&D investment to maintain global competitiveness in core solutions and advance research in commercial vehicle autonomous driving [2] Group 2: Autonomous Driving Business Development - The company aims to provide AI solutions for commercial vehicles, focusing on enhancing safety and efficiency, with a pathway from assisted driving to advanced intelligent driving [3] - Existing AI-assisted driving products, such as AEBS, ADAS, and BSD, lay a solid technical foundation for future autonomous driving initiatives [3] - The company will promote the Robobus solution in global markets, targeting applications in public transport, scenic area shuttles, and airport transfers [3] Group 3: Competitive Advantages in Autonomous Driving - The company's competitive edge in the autonomous driving sector stems from over 20 years of industry experience, creating multi-layered commercial and technical barriers [4] - The business covers over 100 countries and regions, with a broad customer base and strong brand recognition in various scenarios, including freight and public transport [4] - The company has developed over 80 mature AI algorithms and established a data closed-loop through a "cloud-edge-end" system [4] Group 4: Financial Management and Risk Mitigation - The company's overseas business has a high sales proportion in USD, and it actively manages foreign exchange risks through timely hedging strategies [5] - The rising prices of storage chips are not expected to significantly impact the company's gross margin due to the low proportion of storage components in overall material costs [6]

Group 1: Company Overview and Business Focus - The company focuses on the research and application of artificial intelligence (AI) technology, developing a comprehensive AI technology system covering intelligent interaction, perception, cognition, and embodiment [2] - Key business areas include intelligent pen interaction, multimodal big data, and AI smart terminals, all of which are progressing steadily [2] - The company plans to optimize cash flow by marketizing certain incubation projects and enhancing technology R&D and project investment [3] Group 2: Financial Strategy and Growth Plans - The company aims to alleviate cash flow pressure through external financing for incubation projects, which will support further R&D and commercialization [3] - The AI smart reading and writing notebook and AI Korotkoff sound blood pressure monitor are prioritized for growth, with significant short-term R&D and sales investments expected [3] - The market for the AI Korotkoff sound blood pressure monitor is promising due to its necessity in health monitoring [3] Group 3: AI Application Achievements - The company has developed AI terminal products that meet both consumer (C-end) and business (B-end) digital needs, including digital painting products and AI-enabled health monitoring devices [4][5] - AI applications include text and image recognition, data extraction, and intelligent data output services, targeting key industries such as justice, finance, and healthcare [5] - The company has initiated a pilot project for smart elderly care monitoring in Beijing, gaining recognition for its innovative solutions [5] Group 4: Capital Market Dynamics - The company is actively monitoring regulatory policies and industry trends, focusing on both organic growth and acquisitions to enhance market capabilities [5] - Previous successful acquisitions occurred in 2016 and 2019, with ongoing efforts to identify potential acquisition targets [5] - The company adheres to strict information disclosure regulations, ensuring transparency and compliance during investor communications [5]

Group 1: Company Overview and Financial Performance - Jinlu Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), focusing on the automotive electronics sector since 2016, particularly in the new energy vehicle market [2][3] - In the first three quarters of 2025, the company achieved a revenue of CNY 146,170.75 million, representing a year-on-year growth of 25.55%, and a net profit attributable to shareholders of CNY 6,145.79 million, with a growth of 7.93% [2] Group 2: Production Capacity and Utilization - As of the end of 2024, the company has a production capacity of 700,000 square meters across its two main production bases in Guangdong and Hubei, with plans to add a new base in Sichuan [3] - The current capacity utilization rate is high, particularly in the Qingyuan base, which has been operating at full capacity, while the Hubei base has reached expected utilization levels after ramping up [3] Group 3: Market Dynamics and Customer Structure - The company is experiencing a shift in customer structure, reducing reliance on trading customers and expanding its client base in the automotive sector, including vehicle manufacturers and Tier 1 suppliers [4] - The visibility of orders is currently around 1-2 months, influenced by the customized nature of products and fluctuations in raw material prices [3] Group 4: Raw Material Costs and Strategies - Rising prices of key raw materials, such as copper and gold, have increased procurement costs, impacting profit margins; the company is negotiating price adjustments with clients and optimizing product structures to mitigate these effects [5] - If raw material prices continue to rise significantly, the inability to fully pass on costs to customers may further erode profits [5] Group 5: Future Market Outlook - The penetration rate of new energy vehicles in China is expected to reach or approach 50% by 2025, with the "three electric systems" being major contributors to growth during the 14th Five-Year Plan [9] - The promotion of advanced intelligent driving and smart cockpits, driven by AI, is anticipated to be a new growth driver for the automotive PCB market in the upcoming 15th Five-Year Plan [9]

Group 1: Business Strategy and Structure - The company is focusing on reducing the proportion of traditional construction business while enhancing high-value detection sectors such as automotive and food safety testing, aiming for a diversified growth model [2] - The strategy includes a "detection+" model to deepen service chains in high-growth areas and expand cross-industry collaboration [2] - The company has adopted a three-dimensional merger strategy focusing on regional penetration, track expansion, and qualification enhancement to achieve precise acquisitions [3] Group 2: Automotive Testing Sector - The automotive testing business is primarily conducted through the subsidiary Guanbiao Testing, which has gained third-party testing qualifications from major automotive manufacturers [2] - Despite a slight decline in net profit in 2024, the company expects improved performance in 2025 due to enhanced order conversion and market penetration [2] Group 3: International Expansion - The company is pursuing a phased global expansion strategy, initially targeting countries along the "Belt and Road" initiative, with plans to establish localized operational teams [3] - The long-term goal is to create a globally coordinated testing service network, with existing operations in countries like Vietnam, Thailand, and Indonesia [3] Group 4: Future Development Directions - The company aims to optimize its business structure and enhance capabilities through a "curve growth" strategy, focusing on traditional and emerging high-value sectors [3] - Plans include significant resource investment in new energy, automotive, and advanced manufacturing sectors to develop comprehensive solution capabilities [3]

Group 1: Company Overview and Strategic Direction - Guangzhou Yichang Technology Co., Ltd. is focusing on the rapid development of the new energy vehicle and energy storage industries, emphasizing technological innovation as a core competitive advantage [2]. - The company has established a comprehensive technology innovation system and is committed to increasing R&D investment to enhance its core technology layout [2]. - The new controlling shareholder aims to transform Yichang Technology into a more innovative and technologically strong listed company, providing substantial resource support [3]. Group 2: Business Expansion and Collaborations - Yichang Technology has signed strategic cooperation agreements with Hubei Guanggu Dongzhi and West Lake Robot Technology to enhance its capabilities in humanoid robots and related components [3]. - The company is expanding its business in the humanoid robot sector, focusing on structural components and design, leveraging its core capabilities in molds and injection molding [3]. - The company has successfully integrated into the domestic automotive ecosystem, supplying parts to well-known automotive manufacturers [6]. Group 3: Financial Performance and Market Position - As of the first half of 2025, the combined revenue from automotive and new energy businesses exceeded 60%, with new energy business revenue increasing by 177.09% year-on-year [11]. - The company turned a profit in 2024, achieving a net profit of CNY 0.95 billion, with a year-on-year growth of 193.37% in net profit for Q3 2025 [11]. Group 4: Technological Advancements - Yichang Technology has entered the battery liquid cooling management sector through the acquisition of Wuhu Huizhan, mastering key technologies such as flow channel design and high-reliability welding [12]. - The company has established a full range of liquid cooling plate production lines, solidifying its position in the high-growth segment of the new energy market [12]. Group 5: Shareholder Transition and Governance - The new controlling shareholder will adjust the board and senior management to include key personnel with industry collaboration capabilities and relevant professional backgrounds [7]. - The transition aims to stabilize the management team while enhancing the company's strategic leadership and execution capabilities [8]. - The new shareholder's funding sources include self-owned and self-raised funds, backed by a strong financial foundation from the state-owned capital operation [10]. Group 6: Regulatory and Approval Processes - The share transfer has received approval from the state-owned assets supervision authority and is pending further regulatory approvals, with an estimated completion timeline of around four months [12].