| | □分析师会议 □特定对象调研 | | --- | --- | | 投资者关系活 | □媒体采访 ☑ 业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 投资者网上提问 | | 时间 | 年 月 日（星期四）下午 2025 11 20 14:30-17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网络远程的 | | | 方式召开业绩说明会 | | 上市公司接待 | 1、致尚科技 董事长、总经理陈潮先 | | 人员姓名 | 2、致尚科技 副总经理、董事会秘书陈丽玉 | | | 3、致尚科技 财务负责人张德林 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复：主要内容如下： | | | 的合作进展怎么样 1、公司和 senko | | 主要内容介绍 | 尊敬的投资者，您好！具体客户的合作情况，因涉及保密协议约定，公 司不便披露。感谢您的关注！ | | | 2、行业景气度偏好的情况下，而公司为什么会出现季度亏损 | | | 尊敬的投资 ...

Group 1: Business Strategy and Market Positioning - The company is focusing on structural adjustments in the domestic OEM market to enhance high-margin and high-growth business lines while reducing reliance on low-margin segments [3] - The new Anhui factory, operational since September 2025, is expected to solidify order growth by serving major automotive clients like Chery and BYD [3] - The domestic AM market is projected to grow significantly, with the company leveraging digital platforms to explore new business models [3] Group 2: International Expansion and Production Capacity - The second phase of the Thailand factory is set to commence production, targeting overseas OEM clients and benefiting from tariff advantages [4] - The company has established partnerships with key players in Southeast Asia, enhancing its competitive edge in the international market [4] - The dual development model of OEM and AM markets, along with the expansion into motorcycle wheel production, is expected to drive revenue growth [4] Group 3: Product Development and Innovation - The company plans to introduce a forging production line for lightweight and high-strength wheels, with production expected to start next year [6] - The magnesium-aluminum alloy wheels are currently in the product verification stage, with potential for mass production based on market demand [9] - The company is actively investing in robotics technology, with plans to develop core components and expand into high-end equipment manufacturing [7] Group 4: Financial Performance and Market Dynamics - The company employs an aluminum price linkage strategy to mitigate the impact of raw material price fluctuations [6] - The overseas AM market has a higher gross margin due to the diverse product offerings and tariff advantages, making it more profitable than the domestic OEM market [10] - The company anticipates a strong order pipeline for the fourth quarter, aligning with the peak production season [6]

Financial Performance - The company's operating cash flow improved by 269.56% in the first three quarters of 2025, indicating progress in operational efficiency and capital turnover [3] - The company achieved a turnaround to profitability in Q3 2025, driven by scale effects, cost control, and reduced asset impairment impacts [39] Operational Efficiency - The company optimized product design and deepened supply chain collaboration to enhance operational efficiency and reduce material costs [3] - Cost control measures were implemented, including managing expenses and adjusting structures to ensure effective resource utilization [43] Product Innovation - The company launched the 9th generation vehicle power supply platform "Ruihu," which features innovations in components, topology, and design, providing a competitive edge [43] - Continuous investment in R&D for new platform products, focusing on SiC and GaN technologies to enhance product value [6] Market Strategy - The company is actively expanding its overseas market presence and deepening partnerships with leading new energy vehicle manufacturers to secure high-quality orders [4][43] - The company has established strategic collaborations with major automotive manufacturers, including Honda, Hyundai, and Volvo, since 2018 [19] Pricing and Profitability - The pricing of vehicle power supply products is influenced by technology costs, competitive environment, and customization demands, with short-term pressure on prices due to industry competition [5][6] - The gross margin for overseas markets is generally higher than for domestic markets due to less competitive pressure and longer development cycles [7] Future Outlook - The company plans to expand production capacity significantly, with a new factory in Anhui expected to begin trial production in September 2026 [29] - The company is focusing on integrating power supply systems with emerging technologies, including AI and hydrogen fuel cells, to enhance its market position [33][36]

Group 1: Market Position and Strategy - The company has established a diversified customer base, covering domestic traditional automotive brands, new car manufacturers, and major international car companies [1] - The domestic market partnerships include leading companies such as GAC, NIO, Great Wall, Xiaomi, Xpeng, and others, ensuring stable cooperation [1] - The company aims to leverage its strong customer foundation and brand influence to expand both domestic and international markets, enhancing its core competitiveness in the vehicle power supply business [1] Group 2: Product Development and Technology - The vehicle power supply industry is evolving towards 800V high-voltage architecture, deep integration of "multi-in-one" solutions, and diversification of functions, leading to increased technical complexity and unit value [1] - The application of new technologies, such as third-generation wide-bandgap GaN, is expected to bring significant performance and value breakthroughs [2] - The company plans to drive long-term steady growth in unit value through continuous technological upgrades and product innovations [2] Group 3: Market Expansion and Opportunities - The domestic vehicle power supply sector is primarily supported by third-party independent suppliers, with a stable competitive landscape [3] - The overseas market for new energy vehicles has a low penetration rate, presenting significant growth potential, which is a key focus for the company's future expansion [3] - The company intends to deepen cooperation with established international mainstream car manufacturers to enhance market share [3] Group 4: Production Capacity and Infrastructure - The main production base is located in Huzhou Anji, with the first factory operating at full capacity since its launch in 2021, designed for an annual output of 1.2 million units [4] - The second factory began production in the first half of this year, with increased automation and efficiency through smart logistics and integrated design [4] - An overseas factory is under construction, with the building completed in 2024, and production lines will be developed based on customer demand [4] Group 5: Revenue Growth and Client Relationships - Continued deepening of partnerships with strategic domestic clients supports order growth and stabilizes the domestic business [5] - The launch of overseas client projects and further market expansion is expected to contribute incremental revenue to the overall business [5]

Group 1: Company Performance and Strategy - The company is focused on enhancing its core business and operational quality to improve its intrinsic value and market recognition [2][3] - In Q3 2025, the company achieved a single-store revenue of 2.6456 million, reflecting a 30.77% year-on-year increase, indicating effective channel optimization [3] - The company has launched new product lines, including the "One Life One Love" gold ring series and the "DR Qianjin Crown" wedding gold series, which have received positive market attention [3] Group 2: Market Challenges and Responses - The company acknowledges that stock price fluctuations are influenced by macroeconomic factors, industry policies, and market sentiment [2][3] - The global diamond jewelry industry is facing cyclical adjustments and economic challenges, leading to a soft demand for discretionary consumer goods [3] - The company is committed to maintaining communication with the capital market through various channels to enhance understanding and trust [2][3] Group 3: Future Outlook and Confidence - The management expresses confidence in the company's future, driven by clear strategies and solid operations [4] - The company aims to stabilize its stock price by continuously improving its intrinsic value and operational efficiency [4] - Future performance details will be disclosed in regular reports, encouraging investors to stay informed [3][4] Group 4: Shareholder Engagement and Suggestions - The company is open to suggestions regarding share buybacks and shareholder structure adjustments, but must comply with legal and regulatory requirements [4][5] - The management is actively considering potential investments in the small accessories retail sector to enhance performance [5] - The company emphasizes its commitment to long-term development and creating value for shareholders through improved operational results [4][5]

Group 1: Company Performance and Strategy - The company has experienced annual growth before going public, but performance has been suboptimal post-IPO due to the cyclical nature of the flat panel display industry and capital expenditure fluctuations [3] - Future strategies include focusing on new display technologies, semiconductor equipment, and expanding product categories to enhance market share and competitiveness [3] - The company aims to achieve breakthroughs in flexible OLED production, VR/AR/MR display development, and Mini/Micro LED technology commercialization [3] Group 2: Recent Developments and Orders - In Q3 2025, the company secured projects, but the amounts did not meet disclosure standards [4] - The company’s subsidiary has received orders for micro-assembly equipment applicable to certain optical module components [4] Group 3: Shareholder and Investment Insights - The recent share transfer to Qianji Investment was based on confidence in the company's long-term value, with a commitment to not sell shares for 12 months post-transfer [4] - The company is open to exploring mergers and acquisitions to enhance its strategic position and resource integration [4] Group 4: Market Conditions and Stock Performance - The company acknowledges the recent decline in stock price, attributing it to various external factors, while emphasizing stable operations and ongoing efforts to enhance competitiveness [5] - The company will disclose any stock repurchase plans in a timely manner, encouraging investors to maintain confidence [5]

Group 1: Company Growth and Capacity - The company is currently able to meet existing production order demands and has plans to expand capacity based on future market demand and order conditions [2] - The company has over 30 years of experience in the data center industry, which strengthens its competitive advantages [3] Group 2: Market Position and Competitive Advantages - The company has a comprehensive product range and reliable quality, enhancing its brand value and customer coverage across well-known enterprises in finance, telecommunications, and the internet [3] - The company aims to seize market opportunities during the expansion phase of computing centers [3] Group 3: Financial Practices and Transparency - The company adheres to prudent accounting practices and will confirm impairment data through auditing [3] - The company ensures that information disclosure is accurate, complete, and timely, following established regulations [3]

Group 1: Production Capacity - The company has established a lithium iron phosphate production capacity of 225,000 tons, with 75,000 tons currently under construction, distributed across three bases in Zaozhuang, Yuxi, and Anqing [2] - The effective capacity utilization rate is currently high, driven by sustained demand in the downstream market starting from Q4 2025 [2] Group 2: Oxalic Acid Business - The company has developed a total production capacity of 100,000 tons per year for industrial oxalic acid, refined oxalic acid, and oxalic acid derivatives, utilizing advanced processes that ensure high yield and low energy consumption [3] Group 3: Industry Trends - The global market for power batteries and energy storage batteries is showing positive growth, creating significant opportunities for the lithium battery cathode materials industry [3] - The company aims to enhance overall operational efficiency and profitability through deepened cooperation, cost optimization, and improved management practices [3] Group 4: Customer Cooperation - The company focuses on strengthening long-term relationships with existing core customers through joint R&D, improved service efficiency, and enhanced product performance stability [3] - There is an active effort to engage with other leading enterprises in the downstream sector to optimize the customer structure for sustainable business development [3] Group 5: Investor Communication - The company adhered to information disclosure regulations during the investor communication process, ensuring no significant undisclosed information was leaked [3] - Any forecasts or strategic plans discussed should not be interpreted as commitments or guarantees regarding the company's future performance [3]

Financial Performance - The company achieved a net profit of 132.87 million CNY in the first three quarters of 2025, representing a 23.40% increase year-on-year [1] - The non-recurring net profit reached 129.97 million CNY, marking a 26.33% growth compared to the previous year [1] Business Operations - The company provides intelligent equipment, software systems, and key chemical materials for the civil blasting industry, and is involved in the development of various types of industrial robots [2][3] - The company is actively participating in the Western Development strategy, optimizing products and services to increase market share in the western region [2] Market Presence - Domestic revenue for the first half of 2025 was 752.66 million CNY, accounting for 91.25% of total revenue, while overseas revenue was 72.14 million CNY, making up 8.75% [4] - The overseas revenue increased by 701.73% compared to the same period last year [4] Strategic Focus - The company is focusing on high-end intelligent manufacturing and the development of core control technologies for industrial robots [3][4] - It aims to expand its market presence in the robotics sector and enhance its technological capabilities in motion control and visual recognition [3] Shareholder Engagement - The company has established a market value management system and has implemented two share repurchase plans since its listing [4] - It emphasizes cash dividends to investors and is committed to enhancing overall performance and intrinsic value [4]

Group 1: Wealth Management Business - The company focuses on high-quality development and digital transformation in wealth management, emphasizing high-quality client groups and efficient online operations [2] - It aims to enhance its asset allocation capabilities and improve the comprehensive service system for institutional clients [2] - The company is committed to compliance and risk management, ensuring that operations are conducted within regulatory boundaries [2] Group 2: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, with a focus on building a diverse product supply system [3] - As of September 2025, the public fund management scale of Guangfa Fund and E Fund ranks third and first in the industry, respectively, excluding money market funds [3] - The company is enhancing its research and management capabilities to optimize its business structure [3] Group 3: Derivatives and Investment Banking - The company is a primary dealer in the OTC derivatives market, focusing on pricing, trading, and client service capabilities [3] - It aims to support the real economy and enhance direct financing services while strengthening its position in key markets like the Greater Bay Area and Yangtze River Delta [3] - The company is advancing its digital transformation and risk management strategies to ensure stable development [4]