Group 1: Business Strategy and Core Focus - The company has established a development strategy focusing on "deepening AiDC and concentrating on power semiconductors" since its listing [2] - It aims to create a smart IDM ecosystem in the power semiconductor industry, covering all key segments of the supply chain [2][4] - The company is one of the few listed firms in China with a complete layout in the core segments of the power semiconductor supply chain, including wafer raw materials, wafer foundry, and chip design [3][8] Group 2: Financial Performance and Challenges - The company is currently in a loss phase due to the long-cycle nature of the semiconductor industry, particularly in capital-intensive areas like wafer foundries [3][4] - Fixed costs such as labor and utilities are high, and significant depreciation expenses are impacting current financial performance [3] - The company is in a healthy expansion phase and aims to achieve positive operating cash flow and profitability as it scales production [4][5] Group 3: Production Capacity and Future Plans - The wafer foundry, Guangxin Microelectronics, is in a ramp-up phase with a planned monthly production capacity of 100,000 6-inch silicon-based power devices [5][8] - Full production is expected to be achieved by the end of 2026 or the first quarter of 2027 [5] - The company plans to enhance production capacity and optimize its process platform to attract more quality design companies [4][5] Group 4: Market and Investor Relations - The company has implemented two rounds of share buybacks since 2024, totaling over 60 million yuan, to maintain company value and support shareholder interests [7][8] - Despite recent stock price declines, the company emphasizes its commitment to transparent information disclosure and maintaining healthy investor relations [7][8] - The company is focused on creating sustainable growth and enhancing shareholder value through strategic business development [7][8]

Group 1: Company Overview and Operations - The company focuses on the research, design, production, and sales of LCD display and touch control products, applied in various fields such as industrial control, IoT, healthcare, and automotive electronics [2] - The company prioritizes innovation and independent research and development, continuously increasing R&D investment to explore cutting-edge technologies [3] - The company is committed to transforming and applying technological achievements based on market demand and industry dynamics [3] Group 2: R&D and Technological Development - The main R&D directions include aligning with policy development, industry characteristics, and market needs to drive innovation [3] - The company has established basic production capacity for electronic paper products and achieved small batch shipments, with plans for continuous technology upgrades [5] - Specific R&D project details can be found in the company's annual report under "Management Discussion and Analysis" [5] Group 3: Market Position and Future Plans - The company aims to enhance core competitiveness through continuous technological innovation and operational efficiency to support market value growth [5] - Future development plans include promoting product technology updates and launching new products in line with industry trends and market demands [4] - The company is exploring acquisition opportunities to strengthen its industry layout and create new profit growth points [3] Group 4: Shareholder and Market Concerns - The company acknowledges that stock price fluctuations are influenced by macroeconomic conditions, industry trends, and investor sentiment [5] - Shareholder reductions are based on personal financial needs, and the company ensures compliance with regulatory requirements during this process [4] - The company is actively managing market value through investor communication, cash dividends, employee stock ownership plans, and potential share buybacks [5]

Group 1: Strategic Investment and Growth - The company has invested in Luoyang Aowite, acquiring an 18% stake, aiming to leverage Aowite's technology and products to penetrate the core components market for robots, fostering new business growth [2][3] - The anticipated sales revenue increase from the investment in Aowite is expected to align with market demand from 2026 to 2028, particularly in high-precision bearings for robotics [2][3] Group 2: Market Performance and Trends - The company has seen a positive trend in orders since Q3 2025, attributed to improved external conditions and strategic capacity planning, which aligns with operational expectations [4][5] - In the North American market, the company has established a strong presence, with revenue from this region accounting for over 80% of total revenue in the first three quarters of 2025, supporting overall performance growth [5] Group 3: Product Innovation and Market Expansion - The company is focusing on the rapidly growing plant lighting market, driven by factors such as policy changes, technological advancements, and increasing demand for local food production [4][5] - The expansion of vertical farming and the legalization of cannabis in several U.S. states have created a robust demand for LED technology in plant lighting, contributing to significant order growth [4][5]

| 投资者关 | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | 系活动类 | □媒体采访 | □业绩说明会 | | 别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | | | 参与单位 | 民生证券 | | | 名称 | | | | 时间 | 11 月 19 日 | | | 地点 | 线上沟通 | | | 上市公司 | 证券事务代表 宋伟女士 | | | 接待人员 | | | | 姓名 | | | | | 1、公司业绩增长的主要驱动因素？ | | | | 公司前三季度业绩增长主要源于三方面：一是核心膜业务收入的稳健 | | | | 提升；二是国内与国际市场的双轮驱动，收入同步增长；三是产品结 | | | | 构持续优化，高附加值产品销量攀升，成为提升盈利能力的核心动能。 | | | 投资者关 | 2、在海外市场拓展中，公司采取了哪些具体措施来保障海外业务的 | | | 系活动主 | 持续健康发展？ | | | 要内容 | 公司通过构建均衡的全球市场布局，以多元化的渠道与本地化运营降 | | | | 低对单一市场的依赖；同时，凭借持续的 ...

Group 1: Investor Relations Activities - The investor relations activity was held on November 20, 2025, from 14:30 to 17:00 on the "Panorama Roadshow" website [2] - Participants included the Chairman, General Manager, Independent Directors, and other executives of the company [2] Group 2: Business Expansion and Market Strategy - The company plans to deepen localization in existing markets such as the US, Europe, Asia-Pacific, and India, while also exploring emerging markets in Latin America and the Middle East [2][3] - The transition from a hardware provider to a comprehensive solution supplier is underway, focusing on core business areas like smart interactive panels and expanding into new product lines such as LED and STV [2][3] Group 3: Employee Incentives - A share repurchase plan was completed in June 2025, with a total of 2,398,850 shares repurchased, intended for employee stock ownership or incentive plans [4] Group 4: Research and Development Investment - In the first half of 2025, the company invested 89.15 million yuan in R&D, accounting for 6.37% of revenue [6] - The company has established R&D centers in multiple cities and has a strong R&D system focused on key technologies in the education sector [6] - In the first half of 2025, the company obtained 40 domestic patents, 6 foreign patents, 14 domestic trademarks, 3 foreign trademarks, and registered 10 software copyrights [6]

投资者关系活动记录表 | 编号：2025-02 | | --- | | ☐ | 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（2025年度深圳辖区上市公司投资者网上集体接待日活 | | | 动） | | | | 参与单位名称及 | 通过"全景路演"网站远程参与集体接待日活动的广大投资者 | | | 人员姓名 | | | | 时间 | 2025年11月20日（周四）下午14:30-17:00 | | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 上市公司接待人员姓名 | 1、副总经理兼董事会秘书李战 | | | | 2、财务负责人雷冬梅 | | | | 3、董事李文坤 | | | | 4、独立董事李志平 | | | | 5、独立董事郭晋龙 | | | | 6、独立董事曾繁军 | | | | 1、公司与市机器人联盟形成战略伙伴做为二十几家上市 公司是否对应20加一的机器人产业， ...

Group 1: Investment Strategy and Market Positioning - The company is strategically investing in Dongguan Chenglin to penetrate the key segment of the new energy vehicle (NEV) market, aiming to create a new growth curve [2] - The investment allows the company to leverage its advantages in precision processing, material technology, and quality systems to provide integrated solutions in the NEV sector [2] - The acquisition is expected to deepen strategic collaboration with core customers and expand the company's business landscape [2] Group 2: Product Development and Market Opportunities - The company is focusing on expanding its product matrix, particularly in carbon fiber materials, which are increasingly in demand for lightweight applications across various industries [3] - Carbon fiber is recognized as a key material in national strategic emerging industries, supported by policies like "Made in China 2025" [3] - The company has successfully applied carbon fiber products in consumer electronics and is prepared for mass production, indicating a strong market outlook [3] Group 3: Financial Performance and Growth Projections - In the first three quarters of 2025, the company's revenue reached 1.159 billion yuan, reflecting a year-on-year growth of 37.79% [6] - The growth in revenue is primarily driven by functional products, indicating a solid customer base and efficient supply chain [6] - The company plans to continue expanding its presence in the NEV sector while exploring opportunities in smart wearables and other emerging markets [6] Group 4: Research and Development Focus - The company invested 50.1257 million yuan in R&D in the first three quarters of 2025, accounting for 4.32% of its revenue [6] - R&D efforts are concentrated on environmentally protective materials, downstream applications of carbon fiber, and new process enhancements [6] - The company aims to optimize production processes and enhance responsiveness through deep collaboration with customers, ensuring the relevance and practicality of its innovations [6] Group 5: Future Investment and Management Strategy - The company maintains a strategic approach to investment and mergers, focusing on opportunities that align with its long-term development goals [5] - Management emphasizes high-quality development and sustainable growth, actively seeking projects that offer synergistic potential [5] - The company is committed to enhancing management efficiency through digital transformation and cost reduction initiatives [7]

Group 1: Solid-State Battery Development - The semi-solid state battery has passed customer testing and received orders [2] - Key materials such as oxide electrolytes, ionic conductor membranes, and silicon-based anodes have completed customer sampling and evaluations [2] - The solid-state battery and its key materials have not yet formed stable long-term revenue, thus not significantly impacting overall company performance [2] Group 2: Production Base Progress - The Huizhou solid-state battery materials project production base is still under construction, with no completion date provided [3] - Investors are advised to monitor company announcements for updates on the construction progress [3] Group 3: Investor Communication - The online investor communication was conducted through a text-based format on the "Investor Relations Interactive Platform" [2] - The event did not involve any undisclosed significant information [3]

Group 1: Business Strategy and Optimization - The company focuses on high-efficiency business development, actively abandoning low-efficiency operations to invest in high-yield sectors like medical devices and pharmaceuticals [3] - In 2025, the medical device segment generated approximately CNY 4.986 billion in revenue, establishing a stable scale and professional service barrier [4] - The company aims to enhance overall profitability by optimizing its business structure and improving the operational quality of its subsidiaries [3] Group 2: Market Trends and Opportunities - The pharmaceutical distribution industry is experiencing increasing concentration, with resources shifting towards leading enterprises, which creates favorable conditions for market resource integration [5] - The total sales of seven major categories of pharmaceutical products in China is projected to reach CNY 29.47 trillion in 2024, reflecting a year-on-year growth of 0.6% [5] - The company plans to leverage its scale advantages to actively integrate regional resources while focusing on core sectors of medical devices and pharmaceuticals [5] Group 3: Competitive Advantages - The company’s medical device segment benefits from a sales agency model, collaborating with renowned brands like Boston Scientific and Johnson & Johnson, which enhances its competitive edge [4] - Compared to pharmaceutical operations, the medical device business is less affected by centralized procurement, providing stronger risk resistance [5] - The company emphasizes a flexible decision-making mechanism and customer service orientation, allowing for rapid strategic adjustments in response to market changes [7] Group 4: Innovation and Future Planning - The company is actively exploring innovative business models, including the development of innovative drugs, biopharmaceuticals, and high-margin generic drugs [6] - The innovative drug HW130 has completed Phase I clinical trials and is currently in Phase II, with plans to utilize existing retail channel resources for effective product conversion [7] - The company is committed to enhancing its core competitiveness by optimizing product and service offerings in response to market demand changes [8] Group 5: Regulatory and Industry Position - The company ranks ninth among the top 100 pharmaceutical wholesale enterprises in terms of main business revenue, according to the 2024 report by the Ministry of Commerce [8] - The company adheres to legal regulations regarding information disclosure and actively engages with investors to protect their rights [4]

Group 1: Raw Material Supply and Localization - The company primarily relies on imported suppliers for raw materials, but has made progress in localizing supplies for products like release films and protective films [1] - The company is actively exploring investment opportunities in the polarizer and related fields, particularly in light of the restructuring of state-owned enterprises in Shenzhen [1] Group 2: Business Strategy and Development - The company is aligning with Shenzhen's reform policies and aims to enhance its "14th Five-Year Plan" by expanding existing business and investing in new growth areas [2] - The company is exploring merger and acquisition opportunities in the polarizer sector to support long-term development and enhance corporate value [2] - The company has transitioned from a textile background to focus on high-tech products, specifically liquid crystal display polarizers, while phasing out traditional textile and apparel operations [2]