编号：2025-11 | | √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： | | 参与单位名称 | 西部证券 孙寅、周安桐、程宵凯，国泰基金 王韶怀，平安 | | 及人员姓名 | 养老 郭松 | | 时间 | 年 月 日（星期四）14:00-15:00 2025 9 18 | | 地点 | 青岛银行股份有限公司总行 6 楼会议室 | | 上市公司接待 | 本行高管、相关部门负责人及工作人员 | | 人员姓名 | | | | 1.青岛银行下半年金融市场业务投资策略如何? | | | 答：上半年，本行加强金融投资规模与收益监控，有效 | | | 应对债市波动，实现了金融市场非息收入的同比增长。2025 | | | 年上半年，投资收益和公允价值变动损益合计 15.10 亿元， | | | 同比增加 2.12 亿元，同比增长 16.37%。下一步，本行将持 | | | 续优化投资交易策略，加强市场研判，精确择时，灵活调仓， | | 投资者关系活 动主要内容 | 提升资产投资 ...

Competitive Advantages - The company focuses on the core strategy of "focusing on the gaming industry," aiming to create high-quality games that meet market demands, supported by a business system of "R&D, publishing, investment + IP" [2] - The company has established an overseas publishing strategy, leading to a continuous increase in overseas revenue over the past three years [2][4] Overseas Business Performance - In 2023, overseas revenue reached 117 million CNY, accounting for 2.71% of total revenue, with a year-on-year growth of 619.54% [4] - In 2024, overseas revenue is projected to be 375 million CNY, representing 7.32% of total revenue, with a year-on-year growth of 221.48% [4] - In the first half of 2025, overseas revenue was 202 million CNY, making up 7.82% of total revenue, with a year-on-year growth of 59.57% [4] Successful Overseas Products - The game "Monster Alliance" launched on March 25, 2025, quickly rose to Top 2 on the App Store free chart in South Korea [5] - "MU Immortal," launched on May 20, 2025, topped the iOS RPG free chart in multiple countries on its release day [5] - "Party Beast Control," launched on May 22, 2025, achieved first place in iOS downloads in Hong Kong and Taiwan on its launch day [6] Information Service Revenue - Information service revenue includes income from game resource distribution, community services, and promotional services, totaling 657 million CNY in the first half of 2025 [7] Unique Features of Legend Box - Legend Box is a vertical community platform focused on the needs of "Legend" game users, integrating game experience, community interaction, and live streaming [8] New Developments in Legend Box - In July 2025, a licensing agreement was signed for "Legend" and "Legend World," allowing for exclusive development and operation of related products [10] - Over 25 high-quality "Legend" games have been integrated into Legend Box, with plans to introduce over 100 more [10] Shareholder Information - As of September 10, 2025, the total number of shareholders is 53,848, showing a recent overall decrease [10] Arbitration and Financial Impact - The company won an arbitration case against Yumeide, but cannot confirm income from the receivable until the payment situation is clear [11] - The increase in the stock price of Century Huatong will enhance the company's net assets but will not affect current profits [12] Commitment to Shareholder Value - The major shareholder and executives have committed to using dividends for share buybacks from 2024 to 2028, with significant amounts already invested [13]

Group 1: Financial Overview - The main financial costs in the 2025 semi-annual report are primarily related to bank loan interest expenses incurred from investments in energy projects [2] Group 2: Business Opportunities - The company focuses on exploring existing markets, particularly in urban renewal projects, such as the historical district renovation in Nanning [2] - In 2023, the company acquired Guangxi Hualan Hydropower Engineering Design Co., Ltd., expanding into water-related construction design and consulting [3] - The company has a Grade B qualification in water conservancy engineering design and is involved in projects like the "Left River System Chongzuo Urban Section River Governance Project" [3] Group 3: New Business Development - The company is developing distributed photovoltaic power generation and energy management services, establishing Guangdong Hualan Energy Development Co., Ltd. and Guangxi Hualan Smart Technology Co., Ltd. [3] - In the first half of 2025, the company signed contracts worth approximately 15.854 million yuan for new EPC projects in distributed photovoltaic power generation [3] - The cumulative contract signing amount for energy management services reached about 20.7 million yuan in the first half of 2025 [3] Group 4: Digital Transformation - The company has developed digital products and services using AI and BIM technology, enhancing its competitive advantage in architectural design and engineering [3] Group 5: International Expansion - The company has established an international business department and opened an office in Cambodia, focusing on markets in Southeast Asia [3] - The company successfully undertook the "Aid Tunisia Gabes Tumor Center Project," marking a breakthrough in foreign aid projects [3] Group 6: Mergers and Acquisitions - The company plans to conduct mergers and acquisitions in a steady manner, aligned with its strategic planning [3] Group 7: Investor Relations - The investor relations activity did not involve any undisclosed significant information [3]

Group 1: Revenue Structure - The company's revenue structure for the first half of 2025 shows that transportation business accounts for 78% of total revenue, while warehousing business accounts for 21.32% [3]. Group 2: Credit Policy - The company's credit policy is based on the customer's commercial reputation, business scale, and financial status, categorized into prepayment, batch settlement, and monthly settlement [3]. Group 3: Transportation Business Components - The transportation business includes multimodal transport, agency transport, and self-operated transport [3]. Group 4: Business Interaction - There is a certain interconnection between transportation and warehousing businesses, although warehousing can independently drive business expansion based on brand, location, and qualifications [3].

Group 1: Business Performance - The company's revenue from energy storage and new energy services increased by 23.07% compared to the same period last year [2] - The company is committed to continuous research and development investments to foster the growth of energy storage and new energy businesses [2] Group 2: Virtual Power Plant Development - The company's self-developed virtual power plant technology has been recognized as "internationally leading" by an expert group [3] - The digital virtual power plant project in Yantai has achieved regular operation, demonstrating significant economic and social benefits [3] - Recent government policies supporting virtual power plants have led to increased demand for digital virtual power plant construction [3] Group 3: Overseas Market Expansion - The company has expanded its overseas market presence, covering over 60 countries and regions, including Southeast Asia, the Middle East, and Africa [3] - Significant project wins include the Nicaragua National Power Load Dispatch Center SCADA/EMS project and the digital distribution network project in Azerbaijan [3]

Company Overview - Shandong Sanwei Chemical Group Co., Ltd. is a technology-driven chemical group engaged in R&D, engineering services, catalyst production, and basic chemical raw material sales [2][3] - The company is a leading domestic producer of n-propanol, butanol residue recovery, and n-pentanol sales [3] Engineering Business Performance - In the first half of 2025, the company signed new engineering consulting and EPC contracts worth approximately ¥637.45 million [4] - As of June 30, 2025, the total amount of signed but uncompleted engineering contracts was ¥1.629 billion [4][5] - Major ongoing projects include sulfur recovery installations and technology transformation projects for various clients [4][5] Coal Chemical Projects - The company has undertaken several coal chemical projects, including sulfur recovery installations and catalyst procurement for major energy groups [6][7] - New projects since 2025 include a 2 billion cubic meters/year coal-to-natural gas project and various sulfur recovery technology services [7][8] Chemical Business Model - The chemical business operates on a flexible production model, adjusting production based on market demand and raw material prices [8][9] - The company has a complete "aldehyde-alcohol-acid-ester" industrial chain, allowing for flexible production adjustments [9] Future Development Plans - The company is advancing projects to enhance the production of cellulose derivatives and high-quality octanoic acid, targeting an additional capacity of 50,000 tons/year [10] - Plans include integrating R&D resources to promote green and high-end product development [10] Shareholder Returns - The company plans to distribute a cash dividend of ¥1.00 per 10 shares, totaling ¥64.89 million, based on the total share capital of 648,862,630 shares as of June 30, 2025 [12] - Cumulative cash dividends since 2010 amount to ¥1.225 billion, reflecting the company's commitment to shareholder returns [12] Financial Position - The company maintains a strong cash reserve and low debt ratio, positioning itself for potential expansion opportunities [13][14] - Plans to enhance production efficiency and explore high-value downstream chemical products are in place [14]

Group 1: Company Performance and Market Strategy - The company emphasizes its commitment to market value management despite a stagnant market value over the past ten years, focusing on strategic areas such as lightweight, electrification, and intelligent connectivity [2][3] - Since its listing in 2013, the company has distributed nearly 4.7 billion CNY in cash dividends, stock dividends, and share repurchases, reflecting a commitment to shareholder returns [3] - The company has secured 141 new orders in the first half of the year, with a projected lifecycle revenue of 32.05 billion CNY, of which 73.9% comes from the new energy sector [4][5] Group 2: Challenges and Responses - The company acknowledges the impact of external factors such as macroeconomic conditions and market sentiment on stock performance, which may not fully reflect the company's actual value [3][7] - Management recognizes the significant undervaluation compared to industry peers and is actively working to improve this perception through solid operations and enhanced communication with investors [7][8] - The company is addressing challenges in various business segments, with notable growth in suspension systems and new energy sectors, while also managing risks in traditional markets [4][5] Group 3: Investor Relations and Communication - The earnings presentation serves as a crucial platform for the company to communicate its operational results and future outlook, aiming to reduce information asymmetry with investors [6] - Continuous performance growth is seen as a key driver for attracting long-term investors, with the company committed to transparent communication regarding its intrinsic value [6][8] - The management is focused on improving investor relations by addressing concerns and showcasing the company's growth potential and operational strengths [6][8]

Group 1: Company Overview and Market Position - Fawer Automotive Parts Co., Ltd. is a leading domestic supplier of suspension damping systems, with a significant market share in the electronic damping system sector [2][3] - The revenue from electronic damping systems is projected to grow fivefold year-on-year in 2024, driven by early market positioning and strong product quality [2][3] Group 2: Subsidiary and Technological Advancements - Fawer Automotive Electronics Co., Ltd., a subsidiary, focuses on intelligent cockpit, autonomous driving, and connected technology, achieving rapid growth in revenue and market presence [4] - The company has established a robust R&D foundation, obtaining multiple certifications and awards, including a ranking of 22nd in the 2024 Chinese automotive intelligent supplier revenue list [4] Group 3: Strategic Direction and Investments - The company is committed to its core business in automotive parts, with no immediate plans to expand into the robotics sector due to significant differences in application and technology [5] - Fawer has invested 100 million yuan in the Qizhi Fund to explore emerging business opportunities, particularly in the flying car sector, aiming to establish a foothold in a trillion-yuan market [6]

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of history, established in 1952, focusing on thermal management system solutions [1] - The company has two development phases: - Before 2017: Focused on automotive thermal management components like mechanical water pumps and turbocharger housings [1] - Since 2017: Expanded into non-automotive sectors while continuing to develop automotive thermal management products [1][2] Product Development and Market Reach - The company has established four R&D centers in Shanghai, Wuhu, Nianxiang, and Xixia, focusing on new energy thermal management components [1][2] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] Investment and Product Strategy - The company is integrating thermal management technology with various sectors, including AI, 5G, and renewable energy [3] - No additional investments in domestic automotive engine thermal management products are planned, aside from the existing subsidiary in Thailand [3] New Energy Vehicle Products - Supplies electronic pumps, temperature control valves, and integrated modules for pure electric vehicles, and exhaust manifolds for hybrid vehicles [4] Manufacturing and Supply Chain - The self-manufacturing rate of electronic pump products exceeds 90%, with key components produced in-house [5] - Major clients for new energy thermal management integrated modules include Chery, Nanjing Automobile, and Geely, with increasing orders year-on-year [5] Competitive Advantages and Market Position - The company holds a unique market position in the liquid cooling sector due to its first-mover advantage and customer-centric platform design [6] - Focuses on customized development to meet diverse client needs, offering high-performance, lightweight, and cost-effective products [6] Global Strategy and Risk Management - The company is enhancing its global strategy by establishing a production base in Thailand to mitigate risks from U.S. tariff policies [7] - The first overseas smart factory in Thailand was completed on June 26, 2025, aimed at expanding into Southeast Asia and North America [7]

Group 1: Global Expansion and Investment - The company plans to invest approximately 440 million CNY in production bases in Malaysia, Vietnam, and Mexico, enhancing its global industrial layout [2] - The Vietnam factory was expanded in 2024, and the Mexico factory is set to commence production in 2025, ensuring supply for North American clients [2] - The company is establishing a production base in Malaysia and a subsidiary in Thailand, expected to achieve small-scale production by the end of this year [2] Group 2: Robotics Core Components - The company has developed a comprehensive motion control system solution, including hollow cup motors, precision gearboxes, and linear actuators [3] - Strategic partnerships have been formed with companies like Nanjing Blue Technology for four-legged robots, and the company has been recognized as an excellent supplier by ZhiYuan Robotics [3][4] Group 3: Automotive Components Growth - The company has begun mass production of laser radar motors for clients such as TuDatong and BYD, and is developing industrial-grade laser radar motors [5] - Other products like air conditioning compressor motors and head-up display motors are also progressing well in mass production [5] - Future focus will be on new technologies and applications in the new energy vehicle sector, particularly in smart driving and smart cockpit areas [5] Group 4: Profitability Enhancement Plans - The automotive components sector is currently in a capacity ramp-up phase, which is temporarily affecting gross margins due to high fixed costs [6] - The company anticipates that improved capacity utilization will enhance gross margins through economies of scale [6] - Future strategies include increasing the sales proportion of high-value-added products to optimize the overall product structure and elevate average gross margin levels [7]