Company Overview - Tongda Chuangzhi (Xiamen) Co., Ltd. is a national high-tech enterprise focused on R&D, production, and sales of consumer goods in sports outdoor, home living, and health care sectors [2][3]. - The company was established in 2016 and has built three production bases in Xiamen, Shishi, and Malaysia, utilizing JDM and ODM business models to establish long-term partnerships with global leaders like Decathlon and IKEA [2][3]. Business Strategy - The company aims to become a trusted, sustainable strategic partner for clients, focusing on deepening existing customer relationships and expanding into new markets [4]. - The operational philosophy emphasizes "independence, innovation, efficiency, integration, green development, and win-win" [5]. Client Relationships - Established long-term partnerships with major multinational companies, enhancing order predictability and market share [6][8]. - The company is a key supplier for Decathlon and YETI, and a preferred partner for Wagner and IKEA, ensuring a stable order flow and reduced business risks [9]. Product Range - Main products include: - Sports outdoor: jump ropes, silicone water bottles, ice skates, skateboards, badminton sets, and boxing equipment [10]. - Home living: electric tools, indoor furniture, and various household items [10]. - Health care: electric toothbrushes, oral irrigators, and skincare devices [10]. Manufacturing Advantages - The company employs a multi-process integration production system, enhancing competitiveness by meeting the growing demand for "one-stop" manufacturing services [12]. - Adopts a "sales-driven production" model, aligning production with market demand, and implements smart manufacturing practices to ensure high efficiency and quality [12]. Market Expansion - The company is expanding its global market presence, with expectations of continuous revenue growth from new customer acquisitions and product applications [7].

Group 1: Mobile Communication Market - The company has achieved full coverage of the supply chain in the mobile communication market, focusing on providing new products to existing customers and enhancing market share with core clients [2] - The company maintains a comprehensive layout in power management and signal processing for mobile terminals, with traditional products retaining market position and new product series driving steady growth [2] Group 2: Automotive Electronics Business - The company has established a strong presence in the automotive electronics market, achieving full coverage of top global automotive electronic and new energy vehicle clients [3] - The product line for automotive electronics is expanding, with recognition from major industry clients for various transformer products and power inductors [3] Group 3: Tantalum Capacitor Development - The company has invested in the development of tantalum capacitors, creating new structures that can be applied in high-end consumer electronics, AI data centers, and automotive electronics [3] - High customer recognition and continuous market demand are driving the growth of tantalum capacitor products [3] Group 4: AI Server Products - The company is strategically positioned in the emerging AI server market, providing a complete product solution from primary to tertiary power supplies [4] - Orders related to AI server products are robust, with significant growth in overseas business [4] Group 5: Gross Margin Stability - The company has maintained a competitive average gross margin through continuous R&D investment and management innovation [4] - The focus on high-value products and increased order volume has contributed to stable and high gross margin levels [4] Group 6: Capital Expenditure Plans - The company operates in a capital-intensive industry, requiring ongoing investment to support expansion and new business development [5] - R&D expenditures are expected to continue growing, reflecting the company's commitment to innovation and market competitiveness [5]

Group 1: Business Performance and Market Trends - The gross margin of the company's closed piston compressor business is expected to fluctuate slightly in 2025, with a production capacity utilization rate exceeding 90% [2] - In 2024, the production capacity of closed piston compressors in China increased by 14%, while total industry sales only grew by 2.1%, indicating intensified competition [2] - The domestic sales of closed piston compressors are projected to grow by 3.5% in 2025, while exports are expected to decline by 5.9% due to trade tensions and weak consumer demand [3] Group 2: Future Outlook and Strategic Planning - The industry is anticipated to face increased price competition in 2026, with a focus on enhancing product structure and increasing the proportion of high-value-added products [2] - There are no authoritative forecasts for 2026 yet, but it is generally believed that exports will grow while domestic sales may face downward pressure [4] - The company is actively considering overseas factory plans to adapt to clients' capacity shifts abroad [6] Group 3: Cost Structure and Profitability - Copper constitutes a small portion of the company's raw material costs, thus fluctuations in copper prices have minimal impact on overall profitability [2] - The company aims to improve profitability in its electric vehicle air conditioning compressor segment by focusing on market share expansion rather than immediate profit margins [7] Group 4: Shareholder Returns and Investment Strategy - The company adheres to its three-year shareholder return plan (2023-2025) and will consider factors like annual profit, future funding needs, and shareholder preferences when formulating profit distribution plans [8] - Future mergers and acquisitions will focus on targets that align with the company's existing business for strategic expansion [9]

Group 1: Company Overview and Strategy - The company adopts a multi-end matrix product strategy, focusing on video, drawing, documentation, and tools, while promoting mobile and AI integration across all product lines [2] - The competitive advantage of the company's AI model, Wanxing Tianmu, is highlighted by its performance in global evaluations, ranking in the top 3 for comprehensive scores and achieving first place in key metrics [2][3] - The company has implemented a "dual-model drive" strategy, balancing self-developed models with high-quality third-party models to meet diverse application needs [3] Group 2: Financial Performance - In the first half of 2025, the company's revenue increased by 7.77%, with a 9.99% growth in the third quarter, indicating accelerating revenue growth [3] - The AI server call volume exceeded 500 million times in 2024, and over 800 million times in the first three quarters of 2025, reflecting a significant increase in user engagement [4] - Despite rising AI server costs, the company's gross margin remains stable above 90%, with a reported gross margin of over 92% in the first three quarters of 2025 [4] Group 3: Product Development and Market Position - The company's video editing product, Wanxing Miaoying/Filmora, was showcased at the 2025 Google Developer Conference, highlighting its "AI one-click video creation" capability and receiving global recognition [3] - The company emphasizes the importance of internal management efficiency, utilizing various AI tools to enhance productivity and reduce sales expense ratios by 5.6 percentage points in the third quarter of 2025 [3] - Over 90% of the company's revenue is derived from overseas markets, with a commitment to global, diversified, and localized marketing strategies [3]

Group 1: Financial Performance - The third quarter gross margin declined due to a shrinking demand in the industry, leading to a performance drop [2] - The company experienced a significant order recovery starting from the second half of the year after a slow first half [2] Group 2: Strategic Measures - The company is focusing on both revenue generation and cost reduction strategies, including exploring new application areas and establishing strategic partnerships with suppliers like Baosteel and Wanhua to lower production costs [2] - The company is actively expanding its overseas market presence, with notable progress in Indonesia and Singapore, utilizing a combination of distribution and direct sales models [2] Group 3: Partnerships and Collaborations - The company provides maintenance materials for Tesla's super factories and energy storage plants, leveraging its prefabricated building advantages [3] - There is a long-standing cooperative relationship with Iceberg Cold Chain, where both companies complement each other's services [3] Group 4: Market Management - The company's product sales exhibit seasonal characteristics, with December typically accounting for 40%-50% of annual sales, which minimizes the impact of order fluctuations on management [3] - The company is currently focused on deepening its development in cold storage and building insulation, while also considering expansion into other industries [3] Group 5: Future Plans - The company is monitoring investment and acquisition opportunities within the industry chain and is actively researching suitable projects [3]

Revenue Structure and Growth Drivers - The company's revenue structure for Q3 2025 indicates that products supporting 10G data transmission, including 6A and above data cables, account for approximately 50% of total revenue. Future growth will focus on high-value products for data centers, automotive data cables, and high-speed internal and external connection products [2][3]. Production Capacity and Expansion - The company is expanding its production capacity in response to the rapid growth of downstream applications such as data centers and artificial intelligence. Domestic production facilities are being upgraded, and new equipment is being procured to enhance capacity [3][4]. - The Thai production base commenced construction in August 2025 and is expected to be operational in the second half of 2026. Current production includes small batches of optical products for data centers and automotive data cables [3]. Customer Orders and Market Demand - There is strong market demand for high-speed products, with orders in a relatively saturated state. The company is actively expanding into European and Southeast Asian markets while maintaining close communication with downstream customers to adjust production and delivery schedules accordingly [3][4]. Industry Challenges and Equipment Readiness - The company has established comprehensive technical reserves and industrial capabilities, ensuring that it can meet the performance requirements of various high-speed cable products. There are currently no equipment bottlenecks affecting production [3][4]. Automotive Project Development - The automotive sector is progressing steadily, with a joint venture established with an Austrian automotive wiring company. Small-scale validation and introduction of automotive data cables are underway, with expectations for customer audits in 2026 [3][4]. Impact of Copper Price Fluctuations - The company monitors copper price fluctuations closely, employing daily pricing for copper-based data cables and adjusting procurement plans to mitigate risks. Overall, the impact of rising copper prices on profitability is considered minimal [4]. Future Business Strategies - The company plans to enhance overall business gross margins through product and technology innovation, targeting mid-to-high-end markets and optimizing product structure [4]. - The optical communication business is in an expansion phase, focusing on both domestic and international markets, particularly in Europe and North America [4]. - The company is actively exploring strategic investments and mergers in emerging fields such as optical products, connectors, and robotics to diversify its business and achieve long-term strategic goals [4].

3、请公司介绍目前股东减持情况 证券代码： 301588 证券简称：美新科技 美新科技股份有限公司投资者关系活动记录表 编号：2025-005 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 电话会议 参与单位名称及 人员姓名 建信养老金管理有限责任公司：刘洋； 光大轻工：吴子倩 时间 2025 年 12 月 16 日 (星期二) 下午 15:00~16:00 地点 公司会议室 上市公司接待人 员姓名 1、副总经理、董事会秘书 邹小敏 2、证券事务代表 孙晗笑 投资者关系活动 主要内容介绍 一、 董事会秘书邹小敏介绍公司情况 二、 与投资者沟通交流的主要情况 1、请介绍公司境外销售情况 美新科技主要通过自主品牌"NEWTECHWOOD"进行销售，公司 客户群体涵盖经销商、家居建材超市（含实体店及线上平台）及 少量终端客户，业务覆盖全球五十多个国家和地区，主要包括欧 洲、北美洲、大洋洲和亚洲等，遍布美国、法国、荷兰、澳大利 亚、墨西哥、英国、西班牙、意大利、韩国、爱尔兰、日本、韩 国、泰国、印度等地。 公司在大多数国家设 ...

Group 1: Market Conditions and Pricing - The supply of storage wafers is expected to remain tight, with limited incremental contribution to output in 2026 due to the cautious capacity expansion strategy of major manufacturers [2] - According to CFM's forecast, the price increase for Mobile eMMC/UFS in Q1 2026 is projected to be between 25% and 30%, while LPDDR4X/5X is expected to rise by 30% to 35% [2] - PC DDR5/LPDDR5X prices are anticipated to increase by 30% to 35%, and cSSD prices are expected to rise by 25% to 30% [2] Group 2: Supply Chain and Procurement - The company has established long-term direct cooperation with major global storage wafer manufacturers, ensuring a diversified supply chain and a competitive advantage in wafer supply [3] - Supplier information is disclosed in public documents such as the prospectus [3] Group 3: Product Development and Competitive Advantage - The self-developed main control chip plays a critical role in managing data between storage particles and CPUs, significantly impacting overall performance [3] - The company has deployed over 100 million self-developed main control chips by the end of Q3, with UFS4.1 products gaining recognition from major storage manufacturers and Tier 1 clients [3] - The enterprise storage products have been integrated into the supply chains of leading internet companies, covering various sectors including telecommunications and server manufacturers [3] Group 4: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [3]

Group 1: Financial Performance - The company's gross profit has declined due to increased market competition and reduced project budgets, leading to compressed profit margins [3] - Net profit has significantly decreased primarily due to increased investment in technology innovation and product upgrades, as well as delays in client bidding processes [4] - The company achieved record high new contract amounts and backlog in 2025, indicating confidence in future revenue growth [4] Group 2: Business Segments and Revenue - The digital conference business, a key part of the smart government sector, has a maximum revenue potential of approximately ¥250 million, with significant opportunities in overseas markets [5] - Approximately ¥330 million in orders are attributed to the company's core business, with additional growth from existing industry sectors [9] Group 3: Research and Development - The company invests over ¥40 million annually in AI-related research and development, focusing on practical applications and product innovation [8] - Core technology in AI includes high-speed machine vision and intelligent analysis, which are crucial for real-time quality inspection in manufacturing [10] Group 4: Strategic Initiatives - The company plans to implement a stock incentive plan to promote high-quality development [7] - A comprehensive layout of the machine vision industry chain has been established, including products like intelligent robots and data platforms [11]

Group 1: Company Operations - The company currently operates and has under construction water supply projects with a scale of approximately 4.3 million tons/day, wastewater treatment projects exceeding 12,000 tons/day, and waste incineration power generation projects with a scale of 480 tons/day [2] - The company focuses on integrated water treatment and environmental protection, emphasizing both organic growth and external acquisitions to expand its market presence [3] Group 2: Market Expansion Strategy - The company aims to enhance its market expansion by deepening cooperation within Sichuan province and exploring opportunities in external markets, leveraging economies of scale to create incremental performance [3] - Future strategic initiatives will align with national and local "14th Five-Year" plans, focusing on optimizing business structure and exploring new growth avenues to improve profitability and operational efficiency [3] Group 3: Financial Management - The company has established a dedicated team for managing accounts receivable, actively pursuing collection efforts, and integrating these efforts into performance assessments [5] - Capital expenditures have been significant due to multiple water supply and solid waste projects, but are expected to decrease as these projects become operational, leading to improved free cash flow [6] Group 4: Dividend Policy - The company is considering a sustainable profit distribution mechanism that takes into account operational funding needs, profitability, and cash flow status, with a focus on enhancing dividend levels to improve investor satisfaction [8]