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]

Group 1: Overall Company Performance - In the first half of 2025, the company achieved a revenue of 2.781 billion CNY, a year-on-year decrease of 7.49% [2] - The net profit attributable to shareholders was a loss of 0.135 billion CNY, a year-on-year improvement of 15.88% [2] - The net cash flow from operating activities was 0.335 billion CNY, an increase of 407.48% year-on-year [2] Group 2: Cardiovascular Division Performance - The Cardiovascular Division generated a revenue of 0.695 billion CNY in the first half of 2025, a year-on-year increase of 22.19% [3] - Domestic market revenue increased by approximately 60%, with all major products showing significant sales growth [3] - The division's gross margin recovered to around 65% in the first half of 2025, up from a previous low of 30% due to price negotiations [4] Group 3: Health Protection Division Performance - The Health Protection Division reported a revenue of 1.986 billion CNY, a year-on-year decline of 14.61% [4] - The decline was primarily due to trade policy impacts and product structure issues, particularly affecting PVC and nitrile gloves [5] - The division's production capacity is approximately 50 billion gloves, with five production bases in Shandong and a small factory in Vietnam [5] Group 4: Emergency Rescue Division Performance - The Emergency Rescue Division achieved a revenue of 0.107 billion CNY with a net profit of 11.54 million CNY, contributing stable earnings [6] - The division focuses on various emergency kits, with a production capacity of 20 million sets annually from its facility in Wuhan [7] Group 5: Future Outlook and Strategies - The company plans to enhance product differentiation, particularly in drug-coated balloons and special balloons, to drive future growth [10] - The Health Protection Division is focusing on domestic market expansion, especially in the toC segment, to counteract international competition [6] - The company is actively involved in setting industry standards, which is expected to elevate market entry barriers and reduce competition [7]

Group 1: Company Overview - The company, established in 2003, specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester film materials [1] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - The company aims to expand its product series and application fields while exploring new materials, particularly in high-performance carbon fiber [1] Group 2: Production Capacity and Utilization - The current production capacity utilization rate is maintained at a reasonable level, with stable and orderly operation across production lines [2] Group 3: High-Performance Carbon Fiber Project - The company plans to continuously monitor market dynamics and industry trends to strategically plan product development and avoid oversaturated product categories [2] - High-performance carbon fiber applications have expanded into civil aviation, 3C digital products, low-altitude aircraft, and racing, creating a solid foundation for the industry's scalable growth [2] Group 4: Capital Operation Plans - The company currently has no plans for capital operations, but will consider financing through capital markets based on project progress and funding needs [2]

编号：2025-009 | 投资者关系活动 □ | 特定对象调研 分析师会议 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 □ | | □ | 新闻发布会 ☑ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 华福证券 张俊、胡平 | | 人员姓名 | 华创证券 赵建韬 | | | 农银基金 刘泓铭、梦圆 | | 时间 2025 | 年 月 日 9 18 | | 地点 | 线上交流会 | | 上市公司接待人 | 董事长谢晓林先生，证券事务代表赵晓妮，投资者关系管理经理 | | 员姓名 | 梁馨方 | | | 投资者提出的问题及公司回复情况 | | | Q1：中药配方颗粒业务何时能成为第二增长曲线？ | | | A：尊敬的投资者您好！公司已于 2024 年年末完成中药配方 | | | 颗粒智能化生产线建设工作并已成立中药配方颗粒业务发展中 | | | 心，为公司业务拓展提供坚实保障。目前累计完成研发备案上市 | | | 品种数达 310 个，并在 18 个省份完成挂网备案工作。公司中药 | | 投资者关系活动 | 配方 ...

Group 1: Company Overview - The main business of the company is the research, design, system integration, and investment operation of new energy photovoltaic power plants. In the first half of 2025, the revenue from photovoltaic power plant system integration grew by 44.80%, and the operating cash flow turned positive, increasing by 179.26% year-on-year [2][3]. Group 2: Strategic Opportunities - Following the issuance of the National Energy Administration and Development and Reform Commission Document No. 136, the company sees a strategic opportunity in transitioning to virtual power plants and zero-carbon industrial parks, which presents a differentiated advantage [3]. - The company has completed the development of its energy storage products and commercial vehicle charging and swapping systems, with successful applications in Europe and the Middle East [3]. Group 3: Team and Management - The founding team has nearly 30 years of industry experience, with backgrounds in conventional and renewable energy, providing deep insights into the industry [4]. - The company has implemented organizational changes and refined management practices to enhance operational performance, focusing on revenue, profit, and accounts receivable [4]. Group 4: Strategic Transformation - The company is focusing on several strategic directions, including: 1. **Energy + AI**: Collaborating with Ant Group to develop AI applications in energy management and design [6]. 2. **Energy + Robotics**: Developing intelligent charging and swapping robots and exploring humanoid robots for service applications [6]. 3. **New Energy + Computing Power**: Addressing energy needs for small and medium AIDC and MEC through distributed energy and storage solutions [6]. 4. **New Energy + New Materials**: Seeking developments in new materials related to energy storage and generation [6]. Group 5: Q&A Insights - The company has developed the first domestically owned trackless intelligent charging and swapping robot, currently used in heavy truck charging scenarios [7]. - The collaboration with Ant Group focuses on asset management and electricity trading, with expectations for long-term benefits rather than immediate revenue [7]. - The company plans to enhance the profitability of its distributed photovoltaic power plants in Guangdong by leveraging AI technology from Ant Group [7]. - The company emphasizes value management within legal compliance, aiming to integrate industry and capital for enhanced market value [7].

Group 1: Market Overview and Growth Potential - The global plastic-wood market is projected to exceed $12.598 billion by 2030, with a compound annual growth rate (CAGR) of 10.62% [2][3] - Key drivers for growth include environmental benefits, diverse application scenarios, technological advancements, and supportive policies for green industries [3] Group 2: Company Development Strategy - The company aims to leverage the rapid growth of the global plastic-wood market, focusing on overseas markets as a core growth engine [3] - Domestic market strategy involves a "dual brand matrix + full-channel penetration" approach to enhance market influence and share [4] Group 3: Product and Brand Strategy - High-end product "Meixin Chao Yue Mu" targets premium outdoor wood products, while the mid-range brand "Regreen Wei Qing Mu" focuses on cost-effective solutions for the mid-tier market [4][5] - The company is enhancing its product portfolio to cover both high-end and mid-range markets, aiming to meet diverse consumer needs [4] Group 4: Production Capacity and Automation - The company's new environmental plastic-wood profile industrialization project is in the equipment installation phase, expected to increase overall production capacity to 130,000 tons [3] - The company has established a highly automated production system, significantly improving production efficiency and product quality [5] Group 5: Market Position and Competition - China is the largest producer and exporter of plastic-wood composite materials, with significant growth potential in domestic consumption [6][7] - The company views mergers and acquisitions as a strategic means to enhance competitiveness and expand product offerings [8] Group 6: Management and Governance - The management team, led by Chairman Lin Dongrong, is stable and focused on long-term sustainable development [9] - The company has implemented a stock incentive plan to attract and retain key talent, aligning with its long-term strategic goals [10]

Group 1: Company Overview - The company introduced its innovative drug pipeline, focusing on Alzheimer's disease and related research [1] - The Alzheimer's II/III clinical trial is the largest key registration study in China, designed scientifically with dual endpoints (ADAS-Cog and ADCS-ADL) to evaluate cognitive function and daily living abilities [2] Group 2: Alzheimer's Disease Research - The clinical trial employs a multi-center, randomized, double-blind design with placebo and positive drug controls, assessing the drug's impact on disease progression and biomarkers [2] - The drug Huperzine A is a cholinesterase inhibitor showing potential benefits in anti-inflammation, cholinergic regulation, neuroprotection, mitochondrial protection, and antioxidant stress [2] - The controlled-release formulation of Huperzine A aims for rapid onset, reduced adverse reactions, and improved patient compliance with once-daily dosing [2] Group 3: ALS (Amyotrophic Lateral Sclerosis) Development - The company is developing WP205 for ALS, which has received orphan drug designation from the FDA and is patent pending [3] - The company plans to explore the multi-target mechanism of Huperzine A in ALS treatment and has patented core compounds for drug development targeting MCR [3]

Group 1: Financial Performance and Contributions - The Ministry of Finance allocated a budget of 46.183 billion CNY for renewable energy price subsidies, with biomass power generation receiving 3.942 billion CNY. The company has already received multiple subsidy payments, positively impacting Q3 profits [3]. - The company’s cash flow from operating activities is strong, indicating potential for profit growth in the future through various factors including project upgrades and improved receivables [4]. Group 2: Business Operations and Development - The average selling price for steam supplied from the company’s waste-to-energy plants is over 200 CNY per ton, with new contracts signed for a price starting at 205 CNY per ton [3]. - In the first half of 2025, the company’s seven waste-to-energy plants supplied 50.86 GJ of heat [3]. Group 3: Project Updates - The taurine project, with an annual capacity of 40,000 tons, began construction in June 2024 and is expected to rank among the top three in China upon completion. The project adheres to high standards and will utilize advanced production processes [4]. - The Xiamen Ruiji Hotel project has completed its main structure and is currently undergoing interior renovations, with plans for completion and trial operations by the end of 2026 [6]. Group 4: Marketing and Product Development - The company has established a dedicated marketing team for its taurine products, launching various "taurine+" products across different food categories, with sales strategies implemented both online and offline [5].