Group 1: Company Overview and Market Position - Shenzhen Keda Technology Co., Ltd. is actively engaging with investors to discuss its business strategies and market outlook [1][2]. - The company has established a comprehensive core product system for AI intelligent computing applications, including high-power integrated power modules and liquid cooling solutions [2][3]. Group 2: Data Center Business Outlook - The company is optimistic about its data center business for the upcoming year, driven by the rapid advancement of AI technology and increased investments in the data center sector [3]. - Orders from overseas ODM major clients have shown steady growth, with expectations of high growth rates in Southeast Asia and North America over the next 2-3 years [3]. Group 3: Energy Storage Business - The company has developed a full range of energy storage products, including large-scale, commercial, and residential solutions, leveraging over 30 years of experience in power electronics [4]. - The energy storage sector is becoming one of the fastest-growing segments for the company, supported by strong demand in emerging markets such as the Middle East, Africa, and South America [4]. Group 4: Production Capacity and Expansion - Current production capacity is sufficient to meet market demand, with no supply gaps reported [4]. - The company's factory in Vietnam is a key part of its overseas capacity strategy, primarily serving the European and North American markets, with the first phase of production already launched [4].

北京钢研高纳科技股份有限公司投资者关系活动记录表 证券代码：300034 证券简称：钢研高纳 编号：2025-004 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 华夏久盈资产:桑永亮 兴业证券:金宁 时间 2025 年 12 月 26 日 地点 钢研高纳会议室 公司接待人员 姓名 财务总监、董事会秘书:刘彬 规划证券投资部:何晓珂 投资者关系活动 主要内容介绍 一、公司对燃气轮机市场有何布局？ 答：公司持续加强对燃气轮机领域产品研发，积极拓展燃气轮机市场， 提升产品竞争力。 二、公司在燃气轮机领域提供哪些产品？ 答：公司在燃气轮机领域提供涡轮盘及叶片等产品。 三、控股子公司西安高纳产能如何？ 答：西安高纳产能情况良好，可充分满足生产经营需求。 1 | | 四、公司 2018 年收购的青岛新力通主要做什么业务？ | | --- | --- | | | 答：青岛新力通主营石油化工业务，技术实力过硬，具备乙烯裂解炉管 | | | 工业化制备技术。 | | | 五、青岛新 ...

Group 1: Company Overview - The company was established in 2003 and launched its first multi-channel sleep monitor in the same year. The first CPAP sleep machine was introduced in 2007, and the company received CE certification in 2008 and FDA certification in 2012. It successfully listed on the Shenzhen Stock Exchange in 2016 [2]. - The company focuses on providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management, and is a leading domestic enterprise in home non-invasive ventilators and masks [2]. - As of June 30, 2025, the company holds 666 valid domestic patents, including 116 invention patents, 404 utility model patents, and 146 design patents. It also has 266 overseas patents, including 45 in the USA and 38 in Europe [3]. Group 2: Market Performance - In the US market, a new noise-free breathing machine began mass entry in July 2025, with significant sales growth observed in the third quarter. The acquisition of a new medical reimbursement code is expected to further boost sales [4]. - The European market has completed the construction of a cloud database platform, connecting over 1,000 primary and secondary agents, which is anticipated to drive growth by transitioning from non-mainstream to mainstream medical insurance markets [4]. Group 3: Sales Strategy and Product Development - The company initiated a shift from online distribution to direct sales at the end of September 2025, with expected gradual impacts on performance starting in the fourth quarter. The new model is projected to enhance gross margins and contribute to net profits [5]. - The portable oxygen concentrator (POC) has completed domestic registration, and a small non-invasive breathing machine has also been registered, which is expected to provide a continuous revenue increase domestically [5]. Group 4: Supply Chain and Cost Management - The company has largely achieved localization of core components, ensuring supply chain security and cost advantages. Future efforts will focus on optimizing domestic industrial chain collaboration to enhance business stability and risk resistance [6]. - The improvement in gross margins is attributed to effective cost control and an increase in the proportion of higher-margin consumables, with a stable upward trend expected in the future [7].

Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [3] - The company has two main development phases: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [3] - The company operates four R&D centers and has established a national-level enterprise technology center [3] Group 2: Subsidiary Information - Zhengzhou Feilong, established in 2013, has over 480 employees and total assets exceeding 600 million RMB [3] - The subsidiary has production capabilities of 1 million electronic water pumps, 2 million temperature control valves, and 1 million integrated modules annually [3] - Anhui Hangyi Technology, founded in July 2025 with a registered capital of 50 million RMB, focuses on liquid cooling pumps for data centers and charging stations [4] Group 3: Product Applications - The company's products are applicable in various fields including automotive, server liquid cooling, AI liquid cooling, and renewable energy sectors [5] - Current production capacity for engine thermal management products includes 8 million mechanical water pumps and 4.5 million exhaust manifolds [6] - The company has over 120 ongoing R&D projects in both automotive and liquid cooling sectors [7] Group 4: Market Presence and Clients - The company supplies products to over 200 domestic and international clients, including major automotive manufacturers like Chery and Geely [8] - Key overseas clients include BorgWarner, Cummins, and Ford, with over 50 international partnerships [6] - The company has established strong relationships with over 40 leading enterprises in the server liquid cooling sector [9] Group 5: Future Strategy - The company aims to solidify its automotive thermal management business while transitioning to a system solution provider [10] - Plans to expand overseas operations, particularly in Southeast Asia and Central Asia, leveraging its production base in Thailand [10] - The strategy includes extending thermal management technology applications to high-tech fields such as robotics and 5G infrastructure [10]

Group 1: Company Overview and Strategy - Beijing Beishuiyuan Technology Co., Ltd. is a leading enterprise in the environmental high-tech sector, focusing on water treatment with a comprehensive industrial chain layout that includes membrane material R&D, manufacturing, and digital water management [2]. - The company is currently in a critical transformation phase towards a strategy termed "12256," emphasizing high innovation, intelligence, and environmental sustainability while balancing quality and efficiency [2]. - Traditional business remains stable, while new business areas such as wastewater resource utilization and high-quality drinking water are showing progress [2]. Group 2: Key Projects and Developments - In industrial water treatment, the company has secured multiple key projects, including the Liaoning Lighthouse Economic Development Zone industrial wastewater treatment project and the Liao Yuan High-tech Zone industrial wastewater plant [3]. - The company has achieved a desalination rate of 99.8% with its "UF-RO" dual membrane integration technology, and its annual production capacity for ultra-pure reverse osmosis membranes has reached 1 million square meters, with a maximum capacity of 3 to 7 million square meters [3]. - The Bohai New Area integrated seawater utilization project has a total investment exceeding 100 million yuan, integrating water intake, pretreatment, seawater desalination, and photovoltaic energy storage systems [3]. Group 3: Emerging Business Areas - The company has made significant advancements in lithium extraction from salt lakes, with projects like the 20,000 tons/year lithium hydroxide project using a titanium-based adsorbent and membrane system [3]. - The pharmaceutical membrane business was officially launched in 2023, focusing on protein separation and virus removal, with a professional team of over 30 members [3]. - Current revenue from the pharmaceutical membrane segment is still small, but the company plans to expand its market presence through continuous technological iterations and promotions [3]. Group 4: Technological Innovations and Market Competitiveness - The company has made key breakthroughs in membrane technology iterations and domestic replacements, including the fifth generation of MBR membrane modules and energy-saving membrane bioreactor technology [4]. - The production speed of conventional reverse osmosis membranes has increased to 20 meters per minute due to intelligent upgrades in production lines [4]. - The company has successfully replaced imported products with domestically produced ultra-pure water reverse osmosis membranes, enhancing its market share and profitability [4]. Group 5: Accounts Receivable Management - The company is actively addressing accounts receivable pressures through various measures, including tailored loss reduction plans for different projects and establishing a specialized collection team [4]. - Recent efforts have shown gradual success in recovering long-term accounts receivable, with ongoing strategies to optimize collection processes and enhance internal controls [4].

Group 1: Company Products and Clients - The company primarily produces and services include drill chucks, precision castings, and components for the electric tool industry, as well as high-end intelligent equipment manufacturing for logistics automation and machine tools, and services in the energy storage lithium battery industry and new energy vehicle battery swap stations. Major clients include Anhai, TTI, Bosch, B&D, and Dongcheng [2] Group 2: Global Expansion Strategy - The company has established subsidiaries in Vietnam and Mexico to implement a global development strategy, addressing global market demands and trade barriers. All overseas companies have commenced production, with capacity expected to increase [2] Group 3: Robotics Sector Involvement - The company has reserved technology for autonomous battery swap stations and has delivered related products in bulk to a leading robotics company. Due to commercial confidentiality, further details on this business area cannot be disclosed [3] Group 4: Investment in Elite - The investment in Elite is based on industrial synergy and is a significant step in the company's diversification strategy, enhancing internal understanding of the robotics industry. Collaboration will focus on battery packs, PCB control boards, and MIM parts, leveraging the Vietnam and Mexico factories to develop related markets [3] Group 5: Competitive Advantages - The company possesses deep technical expertise and strong mass production experience as a manufacturer of electric tool components. Its global capacity layout is reasonable, enabling participation in various competitions. The company has ample cash flow and a robust main business that supports expansion efforts, indicating confidence and capability in achieving success in the development of its second main business [3]

Group 1: AI Technology Applications - The company has completed the filing of its "Edifier Summary Extraction Algorithm" and "Edifier Machine Translation Algorithm" with the National Internet Information Office, with ongoing development of various features for its products [2] - The "Edifier Connect" app and "Man Translation" app enable real-time multilingual voice translation in most of the company's TWS and OWS products [2] - The "AI Meeting Transcription" feature has been launched, allowing real-time audio-to-text conversion and integration into mid-to-high-end headphone products like LolliClip AI [3] Group 2: Open Wireless Sound (OWS) Market - The OWS market is experiencing rapid growth, with the company investing heavily in this direction since 2024 [3] - The company has launched over ten models of OWS products, including the LolliClip AI and Comfo SE, designed for various scenarios such as outdoor sports and commuting [3] - Key features of new models include active noise cancellation, wind resistance up to 28.8 km/h, and innovative sound quality enhancements [3] Group 3: Overseas Market Operations - The company is expanding its online direct sales channels while maintaining exclusive distributor agreements in previous regions [3] - Export sales revenue increased by 14.3% year-on-year in the first half of 2025, with the proportion of export revenue rising from 21.5% at the end of 2024 to 22.9% [3] - The company is leveraging social media and celebrity endorsements to enhance brand presence in key Asian markets [3]

Group 1: Investment and Financial Overview - The company plans to invest a total of 100 million yuan in its wholly-owned subsidiary, Guangdong Hongqing Run Energy Storage Co., Ltd. [3] - As of Q3 2025, the company's cash reserves reached 1.275 billion yuan, indicating a healthy cash flow despite a significant year-on-year decrease of 88.32% in net operating cash flow in the first half of 2025 [3][4]. - The company’s revenue from power line carrier communication products, which accounts for over 64% of total revenue, declined by 19.65% due to reduced bidding volumes and intensified competition [4]. Group 2: Market Demand and Business Strategy - The market demand for stable power supply and energy management is substantial, with industrial electricity consumption in Foshan exceeding 53% in 2024 [3]. - The company aims to transition from selling equipment to providing energy services, leveraging its independent energy storage projects to enhance its market position [17]. - The company has identified four successful independent energy storage projects in Guangdong that operate in a market-oriented manner, indicating a robust commercial outlook for this sector [17]. Group 3: Product Development and Innovation - The company is focusing on integrating PLC communication technology with AI to create a unique competitive advantage in its smart business segment [6]. - The integrated circuit business saw a revenue increase of 12.81% in the first half of 2025, although gross margins declined due to intensified market competition and rising raw material costs [5]. - The company plans to enhance its integrated circuit profitability by optimizing product structure and improving operational management [5]. Group 4: Strategic Initiatives and Collaborations - The establishment of the "Greater Bay Area Smart Power Equipment Innovation Valley" is part of a strategic initiative to enhance resource sharing and brand synergy in the region [11]. - The company is actively pursuing overseas market expansion, particularly in regions like Central Asia and the Middle East, with ongoing projects in smart meter upgrades [13][16]. - The dual headquarters strategy, involving R&D in Qingdao and manufacturing in Nanhai, is progressing towards practical implementation, with collaborative efforts on projects like the independent energy storage initiative [14]. Group 5: Sustainability and ESG Commitment - The company is committed to building a "zero-carbon park," integrating distributed energy sources and energy storage systems to enhance energy efficiency and reduce carbon emissions [21]. - The company has achieved a 40% share of green electricity in its parks through the deployment of distributed photovoltaics, significantly improving energy savings [21]. - The company emphasizes the importance of ESG principles, planning to incorporate these into its technology development and product offerings to enhance sustainable growth [21].

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - It aims to become a global expert in IoT intelligent application solutions, adhering to the mission of "empowering everything with wisdom" [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up by 0.81% [2] - For the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, a 21.66% increase year-on-year, and a net profit of CNY 180 million, reflecting a 33.95% growth [2] Group 3: Product Strategy - The company’s product strategy focuses on "meeting customer needs and solving industry pain points," with a core emphasis on "Internet of Everything" [2] - Key products include intelligent sleep terminals, intelligent vehicle terminals, smart travel components, and intelligent payment hardware, all based on core technologies of communication and positioning [2] Group 4: Business Model and Technology - The company has developed a multi-faceted business system comprising "module base + AI drive + cloud services + intelligent terminals" [3] - The self-developed wireless communication module is crucial for the reliability and competitiveness of the company's terminal products [3] Group 5: International Expansion - As of Q3 2025, the intelligent vehicle terminal products have been sold to dozens of countries and regions, including Africa, Central Asia, and South America [4] - The company has entered the qualified supplier list of a foreign automotive brand, indicating successful international collaboration [4] Group 6: Future Growth and Innovations - The intelligent sleep terminal focuses on enhancing sleep quality through smart bed covers, with revenue reported under other intelligent hardware for confidentiality reasons [5] - The company is committed to deepening customer relationships and expanding product categories to drive revenue growth [5] - AI algorithms are being applied across various products, including intelligent transportation and smart sleep, with plans to develop a "visual AI" product ecosystem [5]

Group 1: Company Overview - Shanxi Huhua Group Co., Ltd. primarily produces industrial detonators, explosives, and initiation devices, widely used in mining, transportation, hydropower, construction, oil exploration, and defense engineering [2] - The company operates 1 detonator production base and 6 explosive production bases, offering a comprehensive range of products to meet diverse market demands [2] - Huhua Explosives, a wholly-owned subsidiary, holds dual-level qualifications for engineering blasting and mining engineering contracting, serving various infrastructure projects [2] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 970 million, representing a year-on-year growth of 24.64% [3] - The net profit attributable to shareholders reached CNY 146 million, up 40.53% year-on-year, while the net profit after deducting non-recurring gains and losses was CNY 142 million, reflecting a 52.78% increase [3] Group 3: Industry Context - The civil explosives industry, encompassing industrial detonators and explosives, plays a crucial role in mining, metallurgy, transportation, hydropower, electricity, and construction [4] - From January to November 2025, civil explosive production enterprises reported a total production and sales value of CNY 35.443 billion and CNY 35.210 billion, respectively, showing declines of 5.79% and 5.04% year-on-year [4] - The total revenue from civil explosive services increased by 15.75% year-on-year, amounting to CNY 35.306 billion [4] Group 4: Product Market Share and Strategy - Huhua Group's core products, including industrial detonators and explosives, rank among the top in domestic sales [6] - The company plans to enhance its market share by focusing on both domestic and international markets, ensuring product quality, and maintaining competitive advantages [6] - The company aims to provide integrated services covering design, construction, safety assessment, and supervision in blasting operations [6]