Group 1: Company Performance - In the first three quarters of 2025, the company achieved operating revenue of 2.675 billion yuan, a year-on-year decrease of 12%, primarily due to a decline in the main watch business revenue [2] - The company aims to maintain its brand positioning as a high-quality Chinese watch brand with a focus on aerospace and aviation watches, emphasizing product innovation and precise marketing strategies [2] Group 2: Strategic Transformation - The company is actively promoting strategic transformation and upgrading, focusing on enhancing precision manufacturing technology and solutions in the precision technology sector [3] - The precision technology business is expanding into aerospace, medical devices, and robotics, although these areas currently contribute a small proportion to overall revenue [3] Group 3: Acquisition Plans - The acquisition of Chang Kong Gear is ongoing, with the company conducting audits and evaluations; however, the transaction plan has not been finalized and remains uncertain [4] - Chang Kong Gear specializes in precision components and has experience in research, production, and manufacturing, primarily serving aerospace and high-end equipment sectors [3] Group 4: Future Outlook - The company is committed to stabilizing its core watch business while accelerating its transformation and upgrading efforts to enhance overall business performance [4] - The company has implemented four phases of B-share repurchase since 2019, using approximately 279.14 million Hong Kong dollars to repurchase and cancel about 41.06 million B-shares [5]

Company Overview - The company is a key business unit of China Resources Group, focusing on new materials and listed on the Shenzhen Stock Exchange in October 2021 [1] - Main products include PET and PETG, with production capacities of 2.1 million tons and 50,000 tons respectively [1] - The company serves global clients, including Coca-Cola and Evian, and is recognized for its "Hualei" brand in the food-grade polyester segment [1] Industry Insights - The polyester bottle industry is experiencing a shift from quantity to quality, driven by an oversupply of 4.17 million tons of new capacity expected in 2024, leading to a 23% year-on-year increase in total domestic capacity [2] - The company is adapting its business strategies in response to market dynamics and industry trends, showing improvement in the first three quarters of 2025 compared to the previous year [2] Production and Capacity Utilization - Polyester bottle production decreased by approximately 10% in the first three quarters of 2025, with capacity utilization below the previous year's levels [2] - Future adjustments to capacity utilization will depend on market conditions, equipment maintenance, and industry self-regulation [2] rPET Business Development - The company has been developing rPET technology since 2018, achieving production of rPET with 25% recycled content and completing tests for 50% recycled content [2] - Expected rPET exports for 2024 are 17,000 tons, primarily to countries like Vietnam and Kazakhstan, with significant year-on-year growth in shipments for the first three quarters of 2025 [2] PETG Business Performance - Sales revenue for PETG products increased by 10.4% in 2024, with gross profit rising by 111.65% [3] - The company has successfully entered the daily chemical packaging market and achieved bulk sales in 3D printing and medical applications [3] International Sales - The company adjusts its domestic and international sales ratios based on processing margins, with approximately 32% of total sales being international in 2024 and 37% for polyester bottle sales in the first three quarters of the current year [3] R&D Focus - Future R&D investments will concentrate on high-output products, including high-recycled content rPET and high-performance PETG [3]

Group 1: Company Performance - The company achieved a revenue of 867 million yuan in the first three quarters of 2025, a year-on-year decrease of 8.41% [3] - The net profit attributable to shareholders was 8.87 million yuan, marking a year-on-year increase of 120.46% [3] - The company has implemented four phases of equity incentive measures, with the first three phases failing to meet performance requirements, leading to the cancellation of corresponding equity [7] Group 2: Market Trends and Projections - According to DISCIEN, the COB display technology is expected to enter large-scale commercial use in 2024, with a compound annual growth rate of over 20% from 2025 to 2029 [3][10] - By 2028, COB displays are projected to account for 45% of the small and micro-pitch market, with a global terminal market size expected to exceed 30 billion yuan [3][10] - Small-pitch LED displays (≤P2.5) currently occupy over 75% of the LED display market, with P1.2 and below accounting for over 35% [5] Group 3: Strategic Initiatives - The company is focusing on LED core business, continuing technological innovation, and enhancing product ecosystems to improve operational quality and profitability [4][15] - The company plans to expand its market presence by establishing offline experience stores in major cities and optimizing costs to make products more accessible [16] - The company is actively pursuing international market opportunities through a global operational strategy that includes a major client strategy and brand channel strategy [31] Group 4: Product Development and Innovations - The new "HD King Cold Screen Master" product has received positive market feedback, featuring advanced AI low-power cold screen technology [11] - The company is a co-builder of the 275-inch 8K ultra-high-definition Micro LED display for the Milan Winter Olympics, showcasing its capabilities in high-profile events [10] - The company has developed flexible LED screens primarily for large display applications, with no current plans for mobile phone applications [8] Group 5: Investor Relations and Market Perception - The company's stock market value is currently 3.2 billion yuan, raising concerns about potential undervaluation [7] - The company emphasizes the importance of effective communication with investors and compliance with information disclosure to enhance market perception [19][25] - The company has received various awards for its commitment to environmental protection and social responsibility, contributing to its overall market image [30]

编号：2025-003 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 ■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 人 员姓名 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）参与"2025 年度深圳辖区上市公司投资者网上集体接待日活动"的投资者 时间 2025 年 11 月 20 日 14:30-17:00 地点 全景路演（https://ir.p5w.net） 上 市 公 司 接 待 人 员 姓名 董事长、总经理：梁桂秋 副总经理、董事会秘书：林立 财务总监：游泳 独立董事：曾江虹 投 资 者 关 系 活 动 主 要 内 容 介 绍 本次投资者网上集体接待日活动采用网络远程的方式举行，主要问答内 容如下： 1、请问海外业务的毛利为什么年年下滑？ 您好，感谢您对公司的关注！受进出口关税变动及运输成本增加所致。 谢谢！ 2、董事长好，我是公司小微股民，请问一下，公司的未来五年规划是怎 么安排的？另外，我国已经进入老年化社会，公司在设计，建设，配套医疗 ...

Group 1: Business Performance and Strategy - The company has maintained stable operations and is focused on improving operational efficiency and optimizing product structure [1] - Future business adjustments, including potential mergers and acquisitions, will be conducted in compliance with regulatory requirements [1] - The company is committed to enhancing core technology research and developing innovative AI+ applications to strengthen future business resilience [1] Group 2: Shareholder Concerns and Returns - Shareholder reductions are based on individual financial arrangements, and the company emphasizes a long-term development philosophy [2] - The company has consistently prioritized shareholder returns, with cumulative cash dividends amounting to approximately 19,884.32 thousand yuan, representing 53.18% of net profit from 2022 to 2024 [2] - A share repurchase plan was implemented in 2024, with 157.85 thousand shares repurchased for about 1,504.45 thousand yuan, accounting for 27.23% of the net profit for that period [2]

Group 1: Company Overview - The company is Shenzhen Huayang International Engineering Design Co., Ltd., with stock code 002949 and bond code 128125 [1] - The company is actively engaged in investor relations activities, including participation in the 2025 Shenzhen online collective reception day [2] Group 2: Artificial Intelligence Progress - The company is advancing its digital transformation by leveraging artificial intelligence (AI) in architectural design and engineering cost consulting [2] - It has become a certified partner of Baidu PaddlePaddle, enhancing AI application scenarios in smart building development [2] Group 3: Investment Strategy - The company is exploring investment opportunities in hard technology sectors while ensuring stable growth in its core business [2] - The investment in Shenzhen Zhongtou Xinyao No. 1 Technology Investment Partnership aims to secure long-term returns and facilitate business upgrades [2] Group 4: Financial Performance - In the first three quarters, the company experienced revenue growth primarily from its digital culture business, although profits declined due to significant initial investments [2] - The company has approximately 400 million in convertible bonds maturing by June 2026, with sufficient cash reserves to manage redemption [3] Group 5: Business Transformation Plans - The company is considering business transformation opportunities in new productivity and hard technology sectors while maintaining financial health [3]

Group 1: Company Performance - The company achieved a revenue of 294 million yuan from January to September 2025, representing a year-on-year growth of 11.97% [2][3] - The overall business performance has shown steady growth, primarily due to market expansion in core business areas [3] Group 2: Innovation and Product Development - The company adheres to an innovation-driven development strategy, focusing on research and development in intelligent solutions and green technology [3] - Continuous technological iteration and product upgrades are expected to build long-term market competitiveness and open new growth opportunities [3] Group 3: Acquisition Progress - The acquisition of Silin Technology is progressing normally, with specific details and expected completion time to be disclosed in accordance with regulatory requirements [3]

Group 1: Market Analysis and Trends - As of December 2024, the number of online live streaming users in China reached 833 million, a year-on-year increase of 17.37 million, accounting for 75.2% of the total internet users, up 0.5 percentage points from the previous year [2] - E-commerce live streaming is leading the sector, driving the number of professional streamers to grow 1.5 times year-on-year to 38.8 million [2] Group 2: Company Strategy and Development - The company has established a long-term strategy of "AI + Video" for the new three-year development plan (2025-2027), focusing on AI technology research and video product innovation [4] - The company aims to become a globally recognized provider of intelligent video solutions, enhancing product competitiveness and optimizing talent structure [4] Group 3: Financial Performance and Orders - As of September 30, 2025, the company had a total of approximately 550 million yuan in hand orders and bid amounts, with orders being executed as planned [5] - In the film sector, new signed orders amounted to approximately 272 million yuan, a year-on-year increase of 132.74% [7] - In the advertising sector, new signed orders reached approximately 119 million yuan, a year-on-year increase of 360.66% [7] Group 4: Competitive Advantages - The company has a strong focus on technological innovation, with 929 valid patents and software copyrights as of June 30, 2025, including 192 invention patents [8] - The company has successfully applied its solutions in over 70% of the world's busiest international airports and more than 4,000 communication operator outlets [9] - The brand "AOTO" has been recognized for its outstanding performance in the LED film screen sector, being selected as a "Single Champion Enterprise" in Shenzhen's manufacturing industry [9]

Group 1: Robot Business Overview - The company introduced its robot business strategy focusing on "1+N+X" layout for intelligent automotive robotics, collaborating with leading partners to develop humanoid robots and core technologies [1] - The humanoid robot named "Xiao An" stands 169 cm tall, weighs 69 kg, has a speed of 0.8 m/s, features 40 degrees of freedom, and a battery life exceeding 2 hours [2] - The company plans to release prototype models of humanoid robots starting next year, with continuous iterations [1] Group 2: Recent Product Launches - The Changan Qiyuan A06, launched on November 9, features advanced driving assistance and a spacious design, achieving over 10,000 pre-orders within 24 hours [2] - The Qiyuan Q05, set to debut on November 21, boasts a range of 506 km and includes cutting-edge features like laser radar and a new generation 4nm chip [2] - The Deep Blue L06, released on November 18, received over 20,000 orders in the first hour, featuring a 3nm automotive-grade chip and magnetic suspension technology [2] Group 3: Emerging Fields and Collaborations - The company aims to launch its first manned flying car by 2026 and achieve mass production by 2028, targeting applications in low-altitude tourism, road rescue, and energy operations [2] - In the unmanned commercial sector, the company is exploring autonomous cleaning vehicles, agricultural machinery, and exoskeletons, while also entering the unmanned logistics market [3] - A strategic partnership with JD Logistics was signed in October 2025 to develop smart logistics vehicles, enhancing operational efficiency and promoting industry standards [3]

Group 1: Financial Performance and Growth - The automotive industry experienced a revenue growth of 28.36% in the first three quarters of 2025, with the company achieving significant breakthroughs in technical certification and project implementation [2] - As of September 30, 2025, the company had 46,393 shareholders, indicating a stable investor base [4] Group 2: Technological Advancements - The company has developed an integrated solution covering automotive cockpit research and development, full-domain testing, and vehicle road testing, achieving the highest level of road vehicle functional safety certification (ISO 26262 ASIL-D) [2] - The company has established an artificial intelligence laboratory in collaboration with Harbin Institute of Technology and has developed various AI tools, including FarAIGPTCoder for intelligent programming and FarAIGPTBrain for data analysis [3] Group 3: International Expansion - The company has successfully established subsidiaries in Malaysia and Indonesia, and has made personnel arrangements in key markets such as Thailand and Vietnam, enhancing its international presence [4] - The company has signed significant clients in Singapore and achieved breakthroughs in digital banking projects in Southeast Asia, positioning international expansion as a key growth driver [4] Group 4: Shareholder Engagement and Returns - The company is committed to providing reasonable returns to investors while ensuring sustainable development, considering factors like future profit scale and cash flow for profit distribution plans [3] - The reduction in shareholding by certain employee stock platforms is aimed at meeting employees' financial needs while maintaining motivation and engagement [4] Group 5: Stock Buyback and Market Strategy - The company emphasizes strengthening its core competitiveness and creating value for investors, stating that it will fulfill information disclosure obligations for any significant matters [5]