Financial Performance - As of September 30, 2025, the company's net profit attributable to shareholders, excluding non-recurring gains and losses, was -23.02 million CNY, an increase of 79.22% compared to the same period last year [2] - R&D investment reached 246 million CNY, accounting for 16.33% of total revenue [3] - Revenue from chip and data services was 471 million CNY, a year-on-year increase of 71.80% [4] Business Strategy - The company has focused on core business since 2020, divesting from non-core automotive electronics to enhance its primary operations [2] - Plans to increase overseas revenue to 50% within 5-8 years, leveraging competitive advantages in performance and pricing [5] Market Position - The market share of high-precision positioning chips exceeds 60% in major domestic segments, with a 28% year-on-year revenue growth [4] - The company is actively engaged in low-altitude economy sectors, benefiting from the rise of flying cars and drones [6] Product Development - TruePoint Technology has launched centimeter-level NRTK services for various sectors, including surveying and agriculture, and is expanding overseas [7] - The company maintains close collaborations with leading clients in the robotic lawnmower market, driving performance growth [9]

Group 1: Industry Outlook - The Chinese liquor industry is undergoing a new adjustment cycle, shifting from "capacity expansion" to "quality improvement, brand influence, cultural expression, and value creation" [2] - Consumer preferences are evolving from "quantity satisfaction" to "quality pursuit," with a focus on product value and brand connotation [2] - Young consumers prefer personalized, lower-alcohol, and enjoyable drinking experiences, along with "light social" scenarios [2] Group 2: Market Strategies - The company is implementing a long-term strategy for market cultivation, focusing on consumer service and sustainable growth in lower-tier markets [2] - Continuous product innovation is prioritized, with a focus on developing 38° products and promoting new drinking methods [3] - The company is reinforcing its core product lines, shifting resources towards mid-to-high-end products and exploring the light bottle liquor segment [3] Group 3: Channel and Marketing - The company is enhancing its digital marketing system to improve the precision of marketing expenditures and increase cost-effectiveness [3] - A comprehensive online and offline marketing network is being established to strengthen direct consumer engagement [3] - The company aims to maintain a balanced pricing strategy across different product tiers to ensure channel health and profitability [3] Group 4: Financial Performance - The company reported stable pricing for its flagship product, Guojiao 1573, maintaining its position in the high-end liquor market [3] - The company’s regional performance is synchronized with overall corporate health, particularly in Southwest, North China, and East China markets [3] - Future marketing expenditures will focus on brand building and consumer engagement while maintaining a reasonable expense ratio [3]

Group 1: Company Performance and Market Position - The company's third-quarter performance declined year-on-year due to project construction delays, affecting revenue recognition [3] - The nuclear ventilation sector is experiencing a positive development phase, with the company holding a high market share [3] - The supply of ventilation products for subways and tunnels is linked to national urbanization and major infrastructure planning [3] Group 2: Product Applications and Innovations - Ventilation equipment is crucial for safety and comfort, with potential applications in controlled nuclear fusion projects [4] - 3D printing technology offers advantages over traditional manufacturing, including high precision, material savings, and design flexibility [5] - The company focuses on providing customized solutions based on client needs, engaging in discussions with clients in various sectors [5][6] Group 3: Future Plans and Financing - Currently, there are no stock incentive plans, but the company will consider them based on strategic needs and market conditions [5] - South Wind Additive is executing expansion plans and has no immediate financing needs, with future financing options to be considered based on market and order conditions [6]

Group 1: Company Overview and Market Strategy - The company focuses on developing overseas markets, aiming for a 50% share in both domestic and international markets [2] - Key overseas markets include North America, the Middle East, Russian-speaking regions, and North Africa [2] - Products are exported primarily through domestic oil and gas engineering service companies and direct sales to overseas clients [2] Group 2: Financial Performance and Growth Drivers - The company has experienced stable revenue and profit growth, attributed to the implementation of the national energy security plan, increasing domestic oil and gas equivalent from 160 million tons to approximately 200 million tons [3] - Growth is also driven by the rise in drilling workload and large-scale development of unconventional natural gas [3] - New market expansions and successful sales of new products, such as oil and gas enhancement services and high-pressure acid fracturing hoses, have contributed to revenue and profit increases [3] Group 3: Market Insights and Future Prospects - The Middle East is viewed as a key market, with the company gradually entering through partnerships and industry exhibitions, despite higher market entry barriers [4] - The company has already achieved bulk deliveries of some products in the Middle East and anticipates rapid growth due to product quality and service capabilities [4] - The company's products and services are also applicable in new energy sectors, including geothermal energy and coalbed methane [5]

Group 1: Diamond Heat Dissipation Business - The company began its diamond functionalization application layout in 2015, focusing on MPCVD technology to produce heat sinks and optical window pieces, with revenue starting in 2023 primarily from non-civilian sectors [2] - The expected sales revenue from diamond heat dissipation products is projected to exceed 10 million yuan this year, all from non-civilian applications [2] Group 2: Wind Power Bearing Business - The wind power bearing business has seen strong growth this year, driven by downstream demand, with local production of yaw and pitch bearings already achieved [2] - The domestic market share for wind turbine main shaft bearings and gearbox bearings is gradually increasing as domestic replacements are being promoted [2] Group 3: Precision Machine Tool Bearings - The company aims to enter the top tier of the domestic market for precision machine tool bearings, which are currently dominated by foreign brands [3] - The focus for the next two to three years will be on R&D to enhance product performance before expanding into high-end markets [3] Group 4: Robotics Bearings - Robotics bearings have been included in the company's "14th Five-Year Plan," with a future focus on high-value-added products such as crossed roller bearings, thin-walled bearings, and angular contact bearings [3]

Group 1: Major Asset Restructuring - In 2025, the company completed significant asset restructuring, including the sale of all instrumentation and related assets by the end of May 2025 [2] - By the end of September 2025, the company acquired 51% equity in Zijiang New Materials, shifting its business focus to aluminum-plastic film and automotive inspection tools [2] Group 2: Financial Performance Indicators - The third-quarter financial report for 2025 showed substantial year-on-year growth in revenue and profit due to the retrospective adjustments from the asset restructuring [2] - The disposal of the instrumentation asset group resulted in a non-recurring gain of approximately 221.22 million yuan, significantly impacting the financial results [2] Group 3: Industry Insights - Discussion on the current status and future prospects of the solid-state battery industry, highlighting safety advantages and the application of aluminum-plastic films [3] - Exploration of semi-solid batteries and their market significance [3]

Company Overview - Harbin Jiuzhou Group was founded in 1993, focusing on smart distribution networks and energy sectors, and is a leading provider of new power and energy infrastructure [2] - The company is a national key high-tech enterprise and was successfully listed on the Chinese Growth Enterprise Market in 2010 (stock code: 300040) [2] - Jiuzhou Group has established three core business segments: smart distribution networks, new energy, and comprehensive energy services, managed by three business groups with over 40 subsidiaries across various provinces [4] Business Performance - As of Q3 2025, the company achieved total revenue of CNY 9.47 billion, a decrease of 2.75% year-on-year, while net profit attributable to shareholders was CNY 43.12 million, down 41.09% [6] - The company reported a significant increase in non-recurring net profit, which rose by 170.88% to CNY 48.01 million [6] - The comprehensive smart energy segment turned profitable due to operational improvements in biomass heat and power generation [7] Financial Highlights - Operating cash flow improved significantly, exceeding CNY 300 million, a year-on-year increase of 320% [8] - The company received over CNY 200 million in national subsidies this year, with a notable acceleration in payment collection [12] Project Development - As of June 2025, Jiuzhou Group has constructed, controlled, and held new energy power station capacity exceeding 2.7 GW, with an additional 1 GW in projects under construction [5] - The company is actively developing decentralized wind power and heating projects, with over 300 MW of wind power indicators reserved [16] Strategic Goals - The company aims for a 20% revenue growth in the smart distribution network segment, a 10% increase in new energy generation, and a 10% growth in comprehensive smart energy services for 2025 [21] - The management is optimistic about the future of the distribution and transmission industry, anticipating a new growth cycle driven by increased investment and new electricity demands [13] Market Position - Jiuzhou Group is a key supplier for multiple provincial companies under the State Grid, with its products and solutions applied in various industries including power, energy, metallurgy, and urban renovation [4] - The company has received numerous accolades, including being listed among the top 100 private technology companies in China and the top 500 private enterprises in Heilongjiang Province [4] Future Outlook - The company is considering the issuance of new convertible bonds in 2026 to raise project funds, alongside exploring other financing options [22] - Jiuzhou Group is also expanding its overseas business, having recently won a key energy storage project in Central Asia and is exploring investment opportunities in Southeast Asia [23]

Industry and Market Overview - In the LCD sector, total shipment volume and area are expected to see slight year-on-year growth in 2025 [1] - TV product shipments and area are projected to increase, driven by demand for small-sized TVs in emerging markets, while the trend towards larger sizes is temporarily slowing [1] - IT products, particularly NB and TPC, are anticipated to experience rapid growth due to replacement demand, while MNT shipments are expected to remain flat [1] - Seasonal effects show a divergence, with TV product shipments influenced by national subsidies and export demand, leading to noticeable fluctuations throughout the year [2] Company Performance - In Q3 2025, the company maintained a strong position in the semiconductor display sector, with LCD shipments across smartphones, tablets, laptops, monitors, and TVs ranking first globally [4] - The company’s OLED shipments reached approximately 40 million units in Q3, with expectations for double-digit growth for the year [5] - Revenue distribution for display devices in the first three quarters was as follows: TV (28%), IT (37%), LCD mobile and others (12%), and OLED (23%) [5] Future Outlook - The average utilization rate in the industry is expected to decline to below 80% in Q4 2025, following an increase in Q3 [2] - LCD product prices are projected to show differentiation, with a slight adjustment in TV prices and stable IT product prices in Q4 [2] - The global OLED shipment volume is forecasted to reach approximately 670 million units in 2025, with an increase to 720 million units in 2026 [9] - The company aims for a double-digit growth in actual shipments, building on a base of 140 million units from the previous year [11] Investment and R&D - The company emphasizes the importance of R&D, maintaining an annual R&D expense ratio of approximately 6%-7% of revenue [8] - Future capital expenditures are expected to decline after 2025, with significant investments in the Chengdu 8.6 generation OLED production line [10] - The company is actively pursuing partnerships for IT and automotive products, with ongoing R&D efforts showing promising progress [11] Market Challenges - The competitive landscape in the OLED market is intensifying, particularly in the low-end segment, which poses challenges for maintaining margins [6] - The average size growth in the LCD business has not met expectations, with a notable lack of growth in Q3 despite a 45% year-on-year increase in North America for products over 85 inches [12]

Group 1: Retail Business Outlook - The demand for retail business is closely linked to economic conditions and consumer confidence, with rigid demand being less affected while improvement demand remains suppressed [2] - If economic conditions improve, it is expected that the suppressed improvement demand will gradually be released [2] Group 2: Competitive Strategy - The company believes that lowering product prices is not the best way to boost sales; instead, it emphasizes brand image and value [2] - The company is focusing on a "three high" positioning and a "win-win" philosophy, enhancing product and service quality to improve consumer experience [2] Group 3: Business Model Upgrade - The upgrade of the business model is highlighted by the launch of "Weixing Whole House Water Ecology," which integrates four subsystems: water supply, drainage, waterproofing, and heating [2] - This shift aims to create a safe, comfortable, green, and intelligent water environment for users [2] Group 4: Competitive Advantages in Home Decoration Channels - The company has several advantages in home decoration channels, including high product quality, a complete product range, and a robust marketing and service system [3] - The "product + service" model effectively addresses the pain points of home decoration companies [3] Group 5: Renovation Market Insights - The probability of renovation for second-hand houses is significantly influenced by the age of the renovation, with a higher likelihood for those over 10 years old [3] Group 6: Engineering Business Development - The main goal for the engineering business this year is quality improvement, focusing on high-quality clients and innovative service to enhance customer experience [3] - The company adheres to strict risk control principles, particularly in managing accounts receivable [3] Group 7: Distribution Network - The company currently has over 1,000 primary distributors and more than 30,000 terminal marketing outlets, indicating a stable distribution network [3] Group 8: Retail Sales Channels - The primary sales channels for retail business include home decoration companies, project managers, and self-purchasing by homeowners, with varying sales proportions across different regions [3] Group 9: Channel Expansion - The company is actively expanding its channels by developing more distributors in underrepresented areas and penetrating into county and town markets to increase market share [3] - There is also a focus on accelerating market expansion for new businesses like waterproofing and system services [3]

Sales Performance - The company achieved significant growth in Q3 2025, particularly in categories such as pots, kettles, electric appliances, and maternal and infant products, with notable increases in sales performance [2][3] - The net profit margin saw a substantial year-on-year increase due to strategic adjustments in operations and organizational structure, which were reformed into five business units [2][3] Growth Strategy - The company plans to adjust its growth strategy, focusing on overseas markets like Japan, Southeast Asia, and Europe, despite short-term uncertainties in the U.S. market [4][5] - In the domestic market, the company aims for quality improvement rather than scale growth, leveraging consumer subsidies to enhance performance [4] Overseas Expansion - Overseas development is a key focus, with efforts to expand brand recognition in Southeast Asia, particularly in Vietnam, and utilizing platforms like Amazon and TikTok for market penetration [5][6] - The company aims to collaborate with local partners to enhance channel expansion and brand influence in international markets [5] Product Development - Increased investment in maternal and infant product development is planned, with a focus on launching popular products and enhancing brand image [7] - The company intends to optimize its product structure and streamline SKU numbers to focus on high-end flagship products, improving brand image and profit margins [8][9] Marketing and Branding - The company will enhance its marketing capabilities and focus on user experience, aiming to create value through product and service excellence [8][9] - A comprehensive brand upgrade strategy is in place to reshape brand image and establish a systematic brand management framework [9] Organizational Development - The company is committed to upgrading its organizational structure, performance management, and incentive mechanisms to foster innovation and competitiveness [9] - Digital transformation initiatives will continue, leveraging AI technologies to enhance operational efficiency and organizational capabilities [9]