Group 1: Resource and Mining Operations - The company prioritizes resource strategy, aiming to build a globally competitive non-ferrous metal industry chain, with significant holdings in major lead-zinc-silver mines in Asia [1] - As of the end of 2024, the company holds metal resources of 7.13 million tons of zinc, 3.66 million tons of lead, 143,000 tons of copper, 6,607 tons of silver, 90 tons of gold, 92,400 tons of nickel, 717 tons of gallium, 240 tons of germanium, and 16,500 tons of tungsten [1] Group 2: New Materials Sector - The company has entered the high-end new materials sector through internal innovation and external acquisitions, focusing on advanced materials such as high-performance powder materials and energy storage materials [2] - In 2023, the company acquired a leading domestic enterprise in thermal bimetals, rapidly entering the high-end composite metal materials market [2] Group 3: Future Development Strategy - The company adopts a "one body, two wings" strategy, focusing on mastering rich metal resources and developing deep processing industries for various metals and new materials [3] - The strategy emphasizes both external and internal development, aiming to enhance industrial chain layout and optimize product structure for high-quality growth [3] Group 4: Financial Performance (H1 2025) - In the first half of 2025, the company achieved a revenue of 31.089 billion yuan, a year-on-year increase of 1.54%, and a net profit of 559 million yuan, up 3.12% [4] - The company produced 125,400 tons of lead-zinc metal from its mining operations and 447,800 tons of copper-lead-zinc products from its smelting operations during the same period [4]

Group 1: Sales and Inventory Management - The impact of upcoming holidays on terminal sales is minimal due to the nature of the products being optional consumer goods, primarily used in family dining scenarios [1] - Current channel inventory is approximately six to seven weeks, with increased consumer awareness leading to enhanced inventory management [1] Group 2: Mergers and Acquisitions Strategy - The company plans to continue its acquisition efforts, focusing on the compound seasoning segment with companies that have a certain scale and standardization [2] - Post-acquisition management will leverage existing teams for production, R&D, and operations [1] Group 3: Product Development and Marketing - The company has optimized the flavor and process of the radish product line, launching new customized products and receiving positive market feedback [3] - There is an ongoing development of functional products, including healthy and snack-oriented options, with a focus on diverse packaging and customized offerings [5] - The company is innovating in the snack category, with products like "Crispy Small Vegetables" and various flavored peanuts [6] Group 4: Investment Projects and Production Capacity - The company is progressing with fundraising projects, having completed parts of factory frameworks and intelligent production facilities, with gradual production ramp-up based on demand [4] Group 5: Raw Material Cost Management - The price of green vegetable heads is expected to remain stable between 800-1000 RMB per ton, barring extreme weather conditions [7] - The company is increasing its procurement of raw materials to mitigate the impact of price fluctuations [8] Group 6: Dividend Policy - The company emphasizes shareholder returns, maintaining a stable upward trend in cash dividend ratios, with future plans to provide consistent and increasing dividends based on operational performance [9] Group 7: Brand Investment Strategy - The company maintains a consistent brand presence, adjusting marketing investments based on product maturity and market conditions, while focusing on return on investment [10]

Group 1: Home Appliance Components Business - The home appliance components business is the main focus, with key products including electromagnetic valves, micro motors, and electronic water pumps [1] - Revenue contribution from washing machines is approximately 70%, while smart toilets account for about 10% [1] - The company experienced double-digit revenue growth in the first half of the year, benefiting from national subsidy policies [1] Group 2: Automotive Components Business - The automotive components business generated approximately 16 million yuan in revenue in the first half of the year [2] - Products include door panels, pillars, and air conditioning structural components, with successful trial production and bulk shipments for Leap Motor [2] Group 3: Humanoid Robot Related Business - The company invested 30 million yuan for a 30% stake in Guangdong Quality Joint Technology Co., focusing on harmonic reducers and planetary joints [2] - The company retains rights for further investment and acquisitions, with current clients including various domestic and international robotics companies [2] - Investors are advised to be cautious as the current order scale is small and has a limited impact on financial metrics [2] Group 4: Financial Performance and Strategies - Net profit has declined due to increased depreciation from investment projects, rising material costs, and share-based payment expenses [2] - The company has initiated futures hedging to stabilize product gross margins and is implementing cost-reduction measures across procurement, R&D, and management [2]

Group 1: Company Overview and Orders - The company currently has a substantial backlog of orders and sufficient production capacity [3] - Orders are supplied in batches according to the construction progress of projects like nuclear power and subways, affecting revenue recognition timing [3] - The company is actively participating in bidding for related projects to support future revenue growth [3] Group 2: Financial Performance - The company's revenue has shown a growth trend over the past three years, but net profit fluctuated in 2023 due to credit and asset impairment [3] - The company plans to research equity incentive measures based on overall strategic planning and development needs [3] Group 3: 3D Printing Services - South Wind Additive's 3D printing services offer high design freedom, rapid customization, high precision, and environmental friendliness, suitable for complex internal structures [3] - The company has invested 50 million for 3D printing service projects to purchase equipment and expand production capacity, although this investment has not yet been implemented [4] - Current 3D printing technology includes red and green light printing devices, catering to various materials like stainless steel and gold [3]

证券代码：002625 证券简称：光启技术 光启技术股份有限公司投资者关系活动记录表 编号：2025-007 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | ☑ | 现场参观 | | | 其他: | | 参与单位名称 | 申万宏源证券、长江证券、国新证券、深圳市昊燊创业投资有 | | | 限公司、浙江期成投资管理有限公司、华商投资、深圳市紫瑞 | | | 衡裕投资管理有限公司、广东润融私募基金公司、上海道申投 | | | 资管理有限公司、深圳创华投资、湖南汇智融达基金、上海国 | | | 科龙晖私募基金、山金期货有限公司、杭州合信投资管理有限 | | | 公司、中财华沣股权投资等 125 位机构及个人投资者。 | | 时间 2025 | 年 月 日 9 18 14:00-18:30 | | 地点 | 光启顺德 基地 709 | | 上市公司接待人 | 董事长：刘若鹏博士 | | 员姓名 | 董事会秘书：周建林先生 | | | 顺德厂办及董事会办公室工作人员 | | 投资者关系活动 | ...

Group 1: Company Overview - The company specializes in optical new materials and ultra-fine new materials, with a strong industrial chain advantage in the PMMA/MS and synthetic leather industries [2] - The optical new materials segment includes three subsidiaries: Suzhou Double Elephant Optical, Chongqing Double Elephant Optical, and Wuxi Double Elephant Optoelectronics; the ultra-fine new materials segment has one subsidiary: Chongqing Double Elephant Ultra-fine [2] - The company has a total PMMA production capacity of 155,000 tons and MS production capacity of 7,500 tons, currently in a ramp-up phase [3] Group 2: Production and Sales - The company exported over $10 million worth of PMMA products in the first half of the year, with continuous growth expected [3] - The optical materials segment contributed over 100 million yuan to net profit, while the ultra-fine materials segment contributed over 30 million yuan [4] - The company has a competitive edge over foreign enterprises due to over 10 years of experience in the PMMA industry and the ability to produce optical-grade PMMA products that meet international quality standards [3] Group 3: Future Plans and Strategic Insights - The company is focused on releasing production capacity for its Chongqing Double Elephant Optical products, including MS, modified/dyed PMMA, and specialty esters, which are key growth points for future performance [4] - There are plans for further asset injections, although specific details are yet to be disclosed [4] - The company will continue to procure MMA from other enterprises when necessary, but primarily relies on its controlling shareholder for stable supply [3]

Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, operating 35 logistics parks across over 20 major cities in China, forming the largest wholesale market network in the country [1] - The average annual trading volume of the company's wholesale markets exceeds 33 million tons, with an average annual trading value exceeding 250 billion yuan [1] Business Operations - The company covers the entire agricultural product supply chain, including standardized base planting, cold chain processing, wholesale market construction, urban ingredient distribution, brand development, and import-export trade [2] - The company leverages its "national network" advantage to establish quality planting bases and enhance market competitiveness through integrated operations [2] Financial Performance - In the first half of the year, the company achieved a revenue of 3.491 billion yuan, a year-on-year increase of 44.98%, driven by growth in import-export, ingredient distribution, and single product trade [4] Service Capabilities - The company provides a comprehensive range of services across the agricultural product supply chain, including certification, cold chain processing, wholesale trading, food safety testing, brand cultivation, and import-export services [5] - The company has developed a digital payment system, with a total transaction amount exceeding 22.5 billion yuan in the first half of the year [7] Market Dynamics - The development of online retail does not significantly impact the company's core business, as physical wholesale markets remain essential for ensuring urban food security, especially during emergencies [6] - The company has successfully expanded its import-export business, establishing partnerships with countries like Thailand, Vietnam, and Brazil, and introducing various high-quality products [8][9] Brand Development - The company actively promotes its "Deep Agricultural Selection" brand by ensuring product quality through multiple testing standards and participating in promotional activities [9] - It has successfully cultivated several premium products, including Sichuan Yaba Gan, Danzhou Beibei Pumpkin, and others [9] Employee Engagement - The company's employee stock ownership plan for 2024 was completed through a competitive bidding process, reflecting confidence in the company's development and enhancing employee motivation [9]

Group 1: Investor Relations Activity - The investor relations activity was conducted via a telephone survey [2] - Participants included CICC and Renqiao Investment [2] - The meeting took place on September 17, 2025, in the Board Secretary's office [2] Group 2: Company Representatives - The meeting was hosted by Mr. Zhang Qiqiang, Vice President and Board Secretary [2] - Ms. Chen Mingdi, Securities Affairs Representative, also attended [2] Group 3: Discussion Topics - Institutional investors discussed the company's production and operational status [2] - Future development plans and strategies were key points of communication [2] - Detailed content can be found in the attachment: September 17, 2025, investor research meeting record [2]

Group 1: Company Overview and Strategy - The meeting was organized by CICC, with the company’s Vice President and Secretary of the Board, Zhang Qiqiang, introducing the company’s basic situation, development strategy, and recent progress [2] - The company emphasizes compliance with commitment letters and regulations regarding information disclosure [2] Group 2: Nuclear Valve Orders and Production - Nuclear valve orders follow a process where production is initiated only after the production plan is approved by the owner, with deliveries typically occurring in the second and third years post-order [3] - Revenue from nuclear valve business is recognized in batches according to actual delivery progress, with a typical revenue recognition cycle of 2-3 years [3] Group 3: Product Development and Market Competition - The company has developed a comprehensive product matrix for nuclear-grade valves and is continuously upgrading its offerings to meet diverse market needs [4] - The nuclear valve industry is expected to maintain a healthy competitive state due to the normalization of new project approvals and the promotion of domestic equipment [5] Group 4: Profitability and Pricing Strategy - The company’s pricing strategy for nuclear valves is based on cost-plus, benefiting from long-term production and delivery experience, with current profit margins being stable [6] - Future profit margins are expected to remain stable as long as there are no significant changes in the business model or market competition [10] Group 5: New Energy Initiatives - The subsidiary, Shentong New Energy, focuses on high-pressure hydrogen valves, covering the entire hydrogen energy industry chain and has gained recognition from numerous domestic hydrogen enterprises [8] - The company has successfully developed 35MPa and 70MPa series products, with the 70MPa combination pressure-reducing valve achieving international leading standards [8] Group 6: Challenges and Strategic Responses - The steel metallurgy sector is experiencing a downturn, leading to reduced demand for valve products; the company is enhancing product R&D and promoting cost-reduction measures [12] - In the energy and chemical sector, the company plans to continue investing in R&D and innovate marketing strategies to improve market share [12] Group 7: International Expansion - The company is actively expanding its export scale and has established an international trade department to facilitate international business development [13] - Future export efforts will focus on core areas such as petroleum refining and oil and gas extraction [13]

Group 1: Business Development Goals - The company aims to enhance quality and efficiency in commercial operations, focusing on organic asset management to provide better living standards for urban and rural residents [2] - Future development targets include establishing logistics hubs for industrial products to rural areas and agricultural products to urban areas, enhancing regional consumption logistics [2] - The overall direction is to create a dual circulation system through commercial operations, trade, and logistics, forming an organic ecosystem [2] Group 2: Innovation and Adaptation - The company is deepening its innovation strategy in supermarket and department store operations, optimizing product structures and focusing on regional specialty foods [4] - Collaboration with platforms like Ele.me, Meituan, and JD.com enhances service efficiency and customer engagement through instant retail [5] - The company is committed to digital membership operations and refined supply chain management to improve market competitiveness [4] Group 3: Logistics Business Model - The logistics business operates on a "trade + logistics" dual-drive model, focusing on building a comprehensive supply chain and logistics hub [6] - Revenue decline in the logistics sector is attributed to poor real estate market performance in the logistics park's location [7] - Future strategies include enhancing logistics efficiency and reducing costs while supporting national strategies for rural revitalization and urban development [7] Group 4: Strategic Partnerships and Growth - The company has integrated into supply chains of major platforms, significantly increasing community group purchase orders, surpassing last year's total by September [8] - Future growth will focus on developing regional specialty products and enhancing supply chain efficiency through data-driven selection [8] - The acquisition of Beijing New Cooperation Commercial Development Company aims to strengthen urban-rural circulation infrastructure and enhance emergency supply capabilities [9] Group 5: Internal Management and Financial Performance - Since May 2024, the company has implemented a "123456" work strategy to enhance economic efficiency and drive business growth [10] - The company reported a revenue of 783 million yuan and a net profit of 5.3251 million yuan in the first half of 2025, achieving profitability [11]