Group 1: Company Overview and Acquisition - The company is acquiring a 55% stake in ChipShen Technology to enhance its technological layout in LED lighting and control systems [2] - ChipShen Technology specializes in intelligent lighting control products and has over 20 years of experience in the lighting automation field [2] - The acquisition aims to integrate resources and foster innovation in next-generation intelligent control power products, strengthening the company's technological barriers in the LED lighting sector [2] Group 2: Market Outlook and Product Applications - The company primarily produces medium and high-power LED drivers, with outdoor lighting as a core market segment, expected to grow due to increasing global energy-saving demands [4] - The plant lighting sector is anticipated to recover, driven by a new wave of equipment replacement in North America and the introduction of high-efficiency products [4] - The company’s energy storage inverters are mainly applied in Europe, Africa, and South Asia [5] Group 3: Strategic Partnerships and Financial Considerations - The company holds a 6.25% stake in Chongqing Jinggang Transmission, focusing on high-barrier aerospace-grade products [6] - The "Songsheng Convertible Bonds" have not yet triggered early redemption conditions but are under evaluation for potential future action [7] - Current orders for energy storage inverters are strong, with a delivery cycle of approximately 40-50 days [8] Group 4: Future Projections - In the first half of 2025, plant lighting is expected to contribute about 10% to the company's revenue [8] - By 2026, a new wave of equipment replacement in plant lighting is projected, alongside a recovery in demand driven by energy-saving regulations in Europe [8] - The plant lighting market is forecasted to grow significantly, with a potential market size reaching billions of dollars by 2029 and a compound annual growth rate of 9.4% from 2024 to 2029 [9]

Group 1: Company Overview and History - Founded in 1995, the company started with small modulus spiral bevel gears, achieving import substitution and exporting to Germany, Japan, and the USA [3] - From 1998 to 2003, the company entered the supply chain of global top enterprises, establishing long-term partnerships with renowned companies like Bosch and Siemens [3] - The product range expanded from bevel gears to include cylindrical gears, powder gears, and precision mechanical parts, with significant developments in harmonic reducers and other technologies by 2016 [3] Group 2: Business Development and Future Plans - In 2022, the company went public, raising funds primarily for the robotics and new energy vehicle sectors [3] - The focus for 2023 is on equipment investment, while 2024 will emphasize developing new customers, fields, and products in humanoid robots, automotive, marine economy, and low-altitude economy [3] Group 3: Key Product Areas - Robotics: Products include harmonic reducers and planetary reducers, with clients from automotive and robotics industries [3] - Automotive: Development includes gears for fuel and electric vehicles, smart driving components, and differential products for balance adjustment, with clients like BYD and Dongfeng [3] - Marine Economy: Products developed for marine applications include spiral bevel gears, competing with Japanese brands [3] - Low-altitude Economy: Products for flying vehicles, including reducers for vertical take-off and landing mechanisms [3] Group 4: International Expansion - The company has three overseas subsidiaries: 1. A subsidiary in Stuttgart, Germany, leveraging Bosch's influence to secure orders in smart home and new energy sectors [4] 2. A subsidiary in Vietnam, providing customized production services to reduce procurement costs for clients [4] 3. A subsidiary in Malaysia, primarily serving automotive companies [4] Group 5: Investor Relations Activity - The investor relations activity took place on December 25, 2025, at the company's headquarters, involving key personnel and analysts from Huajin Securities [2] - The activity included a risk warning regarding the speculative nature of future business developments [3]

广东潮宏基实业股份有限公司投资者关系活动记录表 证券代码：002345 证券简称：潮宏基 编号：20251224 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 □ 一对一沟通 □其他 参与单位名称 及人员姓名 华创证券、博时基金、国投瑞银、国泰海通、远桥资产、长 江证券、天风证券、国盛证券、信达证券共 12 人 时间 2025 年 12 月 24 日 地点 公司会议室 上市公司接待 人员 公司董事会秘书 林育昊 公司证券事务代表 江佳娜 投资者关系活 动主要内容介 绍 一、 参观企业展厅、臻宝博物馆 二、 参观潮宏基珠宝门店、「臻ZHEN」体验馆 三、 问答环节： 各方就公司开店节奏、海外门店情况、产品结构变化、新 品规划以及黄金税收新政影响等内容进行了交流，可参阅公司 已披露公告、互动平台问答和前次活动记录表之问答。 交流过程中严格按照有关制度规定，没有出现未公开重大 | 附件清单 | 无 | | | | | --- | --- | --- | --- | --- | | 日期 | 信息泄露等情况。 2025 12 日 | 年 | 月 ...

Group 1: Company Overview - Aipeng Medical focuses on medical devices, particularly in pain management and upper airway management, while also exploring brain-computer interface (BCI) innovations [3] - The company has a strategic partnership with Ruishen'an Medical, a leading player in the domestic neuroregulation field [3] Group 2: Product Registration and Classification - The company has obtained three Class III medical device registration certificates for its perioperative brain state monitoring product [6] - The multi-modal ADHD behavior training system includes two Class II medical device registration certificates for its hospital and home versions [6] Group 3: Pricing and Reimbursement - The non-invasive BCI adaptation fee is set at 966 RMB per session in regions like Hubei, Zhejiang, and Jiangsu [7] - New regulations from the National Medical Insurance Administration have established a "green channel" for innovative medical products, including BCIs, to expedite clinical practice and application [7] Group 4: Technology and Market Strategy - The company prioritizes the commercialization of non-invasive BCI technologies while considering the strategic integration of high-barrier invasive technologies [5] - The company’s product offerings include a comprehensive system for treating stubborn insomnia, which integrates diagnostic, treatment, and monitoring solutions [8][9] Group 5: Commercialization and Research Initiatives - The ADM series anesthesia depth monitoring products have been launched, but revenue remains modest [10] - Aipeng Medical has established an AI and BCI research institute to drive technological innovation and clinical application in pain management, anesthesia, and mental health [10]

Group 1: Business Performance - In the first half of 2025, the tire mold business achieved revenue of 2.628 billion CNY, a year-on-year increase of 18.56% [2] - The large component machinery products generated revenue of 1.947 billion CNY, with a year-on-year growth of 32.94% [2] - The CNC machine tool business reported revenue of 1.451 billion CNY, reflecting a year-on-year increase of 5.06% [2] Group 2: Profitability and Margins - The gross margin for the tire mold business in the first half of 2025 was 40.21%, a decrease of 1.00 percentage point year-on-year, primarily due to changes in product structure and an increase in personnel [2] Group 3: International Expansion - The company has established subsidiaries in multiple countries including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, enhancing its global production service system [3] - Currently, overseas production capacity accounts for approximately 10% of the total mold capacity [3] Group 4: Product Development and Market Trends - The company’s large component machinery products are operating at full capacity, with strong order volumes [3] - Future growth may be influenced by market changes, supply-demand relationships, and policy dynamics [3] - Wind power product prices have been volatile, while gas turbine product prices remain relatively stable [3] Group 5: Innovation and Employee Engagement - The company promotes a culture of innovation, encouraging all employees to contribute to improvements and fostering an environment that tolerates failure [4] - Three phases of employee stock ownership plans were implemented in 2022, 2023, and 2025, with future plans to be determined based on comprehensive considerations [5]

Group 1: Company Overview and Product Development - The company is focusing on the transformation of oil casing products to meet the increasing demand for high-performance materials in oil and gas extraction, with a full range of API steel grades and proprietary series [2][3] - The company has developed unconventional oil and gas extraction pipes, including 13Cr oil casing and special thick small oil pipes, to cater to high-temperature, high-pressure, and corrosive well conditions [3] Group 2: Boiler Pipe Market Outlook - Boiler pipes have become the largest revenue contributor for the company, with a strong brand reputation established in the small-diameter boiler pipe sector [4] - The company anticipates sustained demand in the coal-fired power generation sector and stable growth in the HRSG pipe market due to increasing gas turbine installations [4] Group 3: HRSG Product Capacity Plans - The HRSG product line has seen a steady increase in production and sales, with plans to optimize production organization and enhance capacity based on market demand in 2026 [6] - The company aims to develop stainless steel and nickel-based HRSG products to adapt to market changes and enhance competitiveness [6] Group 4: Project Progress and Market Strategy - The Changbao Special Materials project was completed on November 21, 2025, and is currently in the production phase, focusing on market development for high-end products [7] - The company plans to accelerate the market development of stainless steel boiler pipes and HRSG products, as well as domestic substitutes for marine cable pipes and EP pipes [7] Group 5: Dividend Policy - The company has maintained a dividend payout ratio above 30%, balancing current and long-term development needs [8] - The financial health and cash flow are stable, and the company aims to optimize profit distribution while ensuring reasonable returns for shareholders [8]

| | 民品市场规模。 | | --- | --- | | | 交流过程中，公司与投资者进行了充分的交流与沟通，并 | | | 严格按照公司《信息披露管理制度》等规定，保证信息披露的 | | | 真实、准确、完整、及时、公平。 | | 附件清单（如有） | 无 | | 日期 | 2025年12月25日 | | 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 | | 新闻发布会 | □路演活动 | 别 | | 现场参观 | | | | 其他（请文字说明其他活动内容） | | | | 国融证券 | 刘聪 | | | 浙商证券 | 孙旭鹏 | | | 浙商证券 | 夏伟耀 | | | 浙商证券 | 汪海洁 | | | 国金证券 | 陈矣骄 | | | 国金证券 | 杨晨 | | | 富国基金 | 董治国 | | | 平安资管 | 徐聪 | 参与单位名称及人 | | 平安资管 | 张锡璐 | 员姓名 | | 平安资管 | 张尧中 | | | 平安资管 | 陈秋恺 | | | 南土资产 | 李辻 | | | 聚鸣投资 | 贺 ...

Group 1: Strategic Growth Initiatives - The bank's strategic layout for the coming years will focus on non-interest income as a core growth engine, optimizing asset-liability structure, and exploring new growth points [2] - Key areas of focus include wealth management, investment banking (bond underwriting, asset securitization), and expanding supply chain finance [2] - The bank aims to enhance its digital banking capabilities and apply digital RMB, while maintaining strict risk control to ensure sustainable value creation for shareholders [2] Group 2: Credit Policy and Loan Quality - The bank's new credit policy for business loans prioritizes support for stable cash flow entities and merchants with good development prospects [3] - The proportion of collateralized and credit-based business loans is being monitored, with collateralized loans focusing on high-quality real estate [3] - Despite a decline in property prices, the bank assesses that the overall asset quality of business loans remains controllable due to rigorous pre-loan assessments and ongoing risk management [3]

Group 1: Mergers and Acquisitions - The company is considering acquiring Weizimei to enter the compound seasoning market, aiming for product and channel complementarity [1] - Discussions on the acquisition agreement have not reached consensus, leading to the project's suspension, but the company will continue to monitor future opportunities [1] Group 2: Product Strategy - The company aims for a diversified product matrix to meet growing consumer demands for quality and variety, while maintaining overall profit margins [2] - Products like radish and pickles are positioned in the mid-range market, leveraging the "Wujiang" brand for consumer recognition and support for new product promotions [3] Group 3: Brand Promotion - The company invests in brand promotion regularly, tailoring strategies based on product launch phases and utilizing various platforms for targeted advertising [4] Group 4: New Channels and Revenue Contribution - The company has partnered with new retail channels like Hema and Sam's Club, developing customized products, but long-term revenue contributions are still uncertain [5] - E-commerce channels are being utilized for live streaming and targeted advertising, providing quicker consumer feedback and supplementing traditional channels [5] Group 5: International Market Expansion - The company has an international division focusing on overseas markets, which have shown slight growth, primarily in the US, Japan, Canada, Europe, and Southeast Asia [6] Group 6: Market Competition - The company operates in a highly competitive environment with ongoing price wars, but emphasizes a quality-driven strategy to attract consumers [7][8] - The company plans to enhance raw material storage capacity and quality control to mitigate price fluctuations and lead the industry away from low-price competition [8]

Group 1: Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., is involved in the wind power industry, focusing on the development of gearboxes and speed increasers for wind turbines [2]. - As of October 31, 2025, the total investment in the wind power speed increaser smart factory project reached CNY 1,321.11 million, with the first phase entering a critical stage of construction [2]. Group 2: Market Opportunities - The market-oriented reform of renewable energy generation is expected to significantly boost the company's core business, with the "Beijing Wind Energy Declaration 2.0" stating that the average annual new installed capacity for wind power during the 14th Five-Year Plan should not be less than 120 million kW [2]. - The company aims to deepen its core business and optimize product structure to seize industry opportunities and ensure steady performance growth [2]. Group 3: Product Advantages - The wind power speed increaser is considered a crucial component in wind turbine manufacturing, known for its high technological content [3]. - The company's speed increaser features include smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and cost-effectiveness, achieved through advanced materials and processing techniques [3]. Group 4: Industry Barriers - Key barriers in the wind power speed increaser industry include high technical requirements, significant capital investment, stringent supplier entry standards, and the need for brand reputation and skilled talent [3]. Group 5: Cost Reduction Strategies - The company is implementing multi-faceted cost reduction measures, including: - **Technical Optimization**: Enhancing internal structure design to reduce material consumption while maintaining output power and torque [4]. - **Intelligent Production**: The smart factory is in the ramp-up phase, with automation in key processes to improve precision and reduce waste [4]. - **Supply Chain Efficiency**: Establishing a mature supplier evaluation system and focusing on high-margin self-manufacturing while outsourcing low-margin components [4]. - **Operational Synergy**: Streamlining internal management to reduce delivery losses and expanding market reach to lower unit operating costs [4]. Group 6: Investor Communication - The company ensured that all communications with investors adhered to the regulations of the "Information Disclosure Management System," maintaining the accuracy and completeness of disclosed information [4].