ESG Development - Changan Automobile has established a dedicated department for ESG, aiming to enhance its global ESG strategy and has been recognized as one of the "Top 100 ESG Listed Companies in China," ranking 41st [1] - The company received dual certifications for compliance management systems (ISO 37301:2021 and GB/T 35770-2022) from the British Standards Institution, becoming the first state-owned car enterprise to achieve this [1] - In 2025, Changan will implement comprehensive ESG strategies, including human rights and anti-corruption policies, and has integrated over 700 first-tier suppliers into its product quality planning system [1][2] Robotics Business - Changan's robotics strategy is based on a "1+N+X" framework, focusing on smart automotive robotics technology and human-like robots [2] - The current humanoid robot, named "Xiao An," stands 169 cm tall, weighs 69 kg, and has a speed of 0.8 m/s, featuring 40 degrees of freedom and a battery life exceeding 2 hours [2] Emerging Fields - In the flying car sector, Changan 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 [3] - The company is exploring unmanned commercial vehicles, including cleaning robots and agricultural machinery, and has signed a strategic cooperation agreement with JD Logistics to develop smart logistics vehicles [4] New Product Launch - The Changan Q05, a global urban premium electric SUV, was launched at the Guangzhou Auto Show with a starting price of 79,900 yuan [5] - Key features include a spacious interior (4435*1855*1600 mm), advanced comfort features like seat massage and noise reduction, and a maximum range of 506 km [5][6] Intelligent Safety System - Changan has introduced the "Tianshu Intelligent" brand, expanding its safety concept to include driving, health, psychological, and privacy safety [7] - The intelligent driving assistance system has simulated over 3.3 million kilometers, enhancing its predictive capabilities for risk avoidance [7] - The Tianshu intelligent cockpit has responded to 72.5 million voice commands in the first ten months of the year, integrating AI for seamless user interaction [7]

证券代码：000528 证券简称：柳 工 债券代码：127084 债券简称：柳工转 2 广西柳工机械股份有限公司 投资者关系记录表 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 参与单位名称 及人员姓名 机构投资者、证券分析师等 60 位参会人员： 大成基金、国寿安保基金、国泰基金、国投瑞银基金、华泰柏瑞基金、华夏基 金、鹏华基金、平安基金、浦银安盛基金、银华基金、长信基金、招商基金、 中欧基金、百年保险资管、宁银理财、人保资产、太平资产、招商信诺资管、 中信资管、阿杏投资、和基投资； 中信证券、中信建投证券、中金公司、华泰证券、国泰海通证券、长江证券、 东吴证券、财通证券、诚通证券、光大证券、广发证券、国海证券、国金证券、 国联民生证券、华创证券、华福证券、华鑫证券、申万宏源、信达证券、招商 证券、中泰证券、Merrill Lynch (Asia Pacific) Limited 时间 2025 年 11 月 25 日—11 月 26 日 地点 柳工国际工业园、柳工挖掘机智慧工厂、柳工全球创新中心 上市公司接待 人员姓名 1．董事长：郑津先生 2 ...

证券代码：300394 证券简称：天孚通信 苏州天孚光通信股份有限公司 投资者关系活动记录表 编号：2025-006 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（线上通讯会） 参 与 单 位 名 称 （ 排 名 不 分 先 后） 广发证券、东吴证券、中金财富、华泰证券、华安基金及参与 "创业板系列 ETF 中国行：走进创业板 50 成分股公司一天孚通 信" 的投资者 时间 2025 年 11 月 27 日 13:30-16:30 地点 苏州高新区长江路 695 号 上市公司接待人 员姓名 董事会秘书兼副总经理 陈凯荣 证券部工作人员 投资者关系活动 主要内容介绍 一、参观公司展厅及介绍公司情况 二、投资者交流提问 1.公司光引擎产品未来的市场拓展机会如何？ 答：公司目前已具备 800G 及 1.6T 高速光引擎的量产能力，未 来将依托现有技术优势，持续拓展新客户，把握市场增长机遇。 2. 公司物料供应是否稳定？ 答：目前行业总体需求增长较快，部分物料出现阶段性提产瓶 颈，公司与供应商积极沟通协调，努力提升交付，保障客户 ...

Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997 [1] - The company has built 35 physical agricultural product logistics parks in over 20 major cities across China, forming the largest wholesale market network in the country [1] - The average annual trading volume of the company's wholesale markets exceeds 33 million tons, with an average annual transaction value exceeding 250 billion yuan [1] Business Strategy - The company leverages its "national network" advantage to establish quality planting bases and guides agricultural production based on market demand [2] - It focuses on creating a modern agricultural product circulation ecosystem, aiming for a "digital vegetable basket" strategy to enhance efficiency across the entire supply chain [2] - The company actively participates in promotional activities to enhance brand value and explores import/export opportunities for high-quality agricultural products [2] Revenue Sources - The main revenue sources for the company's wholesale markets include rent, commissions, management fees, and parking fees [3] - Pricing for these services is determined through a market-oriented approach, influenced by local economic conditions and competition [4] Investment Strategy - The company has consistently focused on its core business through direct investments (new establishments and acquisitions) and indirect investments (setting up industry funds) [5] - Investment considerations for agricultural wholesale markets include strategic planning, logistics nodes, urban development, regional competition, and expected returns [6] Management and Operations - The company has accumulated extensive experience and professional management talent in agricultural wholesale market operations over its 36 years of development [7] - The core management teams at various markets are appointed from headquarters, ensuring efficient operations [7] Project Development - The company is actively advancing several projects, including the Southwest Haijixing Smart Industrial Park and the Guangdong-Hong Kong-Macao Greater Bay Area Food Import and Export Center [8] - These projects are in various stages of development, with significant land acquisitions and preparations underway [8] Financial Strategy - The company adheres to a "steady and orderly" principle for capital expenditures, adjusting resource allocation based on project progress and market conditions [9] - It emphasizes long-term stable cash dividends, considering factors such as current and future profitability, cash flow, and investment needs [9]

证券代码：301208 证券简称：中亦科技 北京中亦安图科技股份有限公司 投资者关系活动记录表 编号：2025-008 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | 现场参观 其他 | | 参与单位名称及 | 本见投资：王之鑫 德邦证券：任晓鹏 广发证券：罗时道 弘业基金：江义升 金汇通基金：史恒 九一私募：敖焱杰 | | | 金友基金：李尊 同花顺：史丰瑞 京华山一国际：李雪峰 | | 人员姓名 | 邮储银行：韩昱 中财招商：耿晓波 浙商证券：崔宁 | | | 中信证券：云小虎 | | 时间 | 2025 年 11 月 26 日-11 月 27 日 | | 地点 | 北京市丰台区保利佲悦大都汇 号楼 层会议室 3 12 | | 上市公司接待人 | 副总经理、董事会秘书：乔举 | | 员姓名 | 证券事务代表：何欢 | | | 1、观看公司宣传片、了解公司的基本情况。 | | | 2、公司往年营收和净利一直持续增长，2024 年有所放缓，今年披露的三季报营 | | | 收较去年 ...

Company Overview - Established in 2003, the company specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester films [2] - Main products include color optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - Future focus on expanding product series and application fields, particularly in high-performance carbon fiber projects for sustainable development [2] Carbon Fiber Business - The core production team for the carbon fiber project has extensive industry experience, ensuring advanced technology through iterative upgrades and customized imported equipment [3] - Key performance indicators (KPIs) such as product specifications, yield rates, revenue, and performance are used to assess the core team, ensuring technological implementation and competitiveness [3] Industry Strategy and Pricing - The company plans to reduce capacity for standard films and focus on high-value-added products, with a structural adjustment starting in December [4] - Ordinary transparent film prices have been slightly adjusted, but the company is currently facing a cost inversion where processing fees do not cover depreciation [4] - Commitment to avoid loss-making competition by leveraging core technology patents and certifications to build competitive barriers [4] High Brightness and Optical Base Film Progress - High brightness film has completed R&D and production line debugging, achieving significant yield improvements [5] - Imported coating equipment is ready, enabling the production of optical films, establishing a complete product chain from high brightness films to optical coated films [5] - The series is set for mass production starting in December, with confirmed orders following positive customer feedback on product performance and quality [5]

Group 1: Market Trends and Supply Chain - The company is the second largest independent memory manufacturer globally and the largest in China, establishing long-term direct cooperation with major memory wafer suppliers through Long-Term Supply Agreements (LTA) and Memorandums of Understanding (MOU) to ensure stable supply of memory wafers [3] - AI technology is driving a surge in storage capacity demand, coupled with tight supply of high-capacity HDDs, leading cloud service providers to shift towards NAND Flash, which is expected to see explosive demand [2] Group 2: Pricing and Sales Strategy - The company determines product sales prices based on industry practices and customer characteristics, using framework agreements and order fulfillment, with prices dynamically adjusted according to market conditions [4] Group 3: Product Development and Performance - As of the end of Q3, the company has deployed over 100 million self-developed main control chips, which utilize advanced foundry processes and proprietary algorithms, leading to significant performance and power consumption advantages [5] - The enterprise storage business is experiencing rapid growth, supported by collaborations with major clients in telecommunications, internet companies, and server manufacturers, with the company ranking third in total capacity for enterprise SATA SSDs in China as of H1 2025, and first among domestic brands [6] Group 4: UFS4.1 Product Commercialization - The company is among a few globally capable of developing UFS4.1 products at the chip level, with its UFS4.1 products recognized for superior process, read/write speed, and stability, accelerating the adoption process with major Tier 1 clients [7]

Sales Performance - The sales situation for the fourth quarter is better than expected, with competitive performance in the autumn and winter product lines [2] - The adult shoe category under Hush Puppies has started self-operation, contributing additional sales revenue, although its current sales proportion remains low [2] Future Planning - The company plans to focus on classic casual styles for Hush Puppies' adult clothing and will continue to optimize products around family and vacation leisure scenarios [2][3] - Hush Puppies' adult shoe business will expand through independent stores and quality channels, despite its current small sales proportion [3] Channel Strategy - The company is optimizing offline channels by opening stores in high-traffic shopping centers and closing underperforming locations [3] - Future development will emphasize direct sales channels for adult clothing and shoes, while also supporting franchise expansion [3] Team Structure - The company has established independent teams for men's and women's clothing and shoes, with the adult shoe team still in the early stages of development [3] Pricing and Discounts - Sales discounts for various brands will remain stable, with slight adjustments based on market conditions and promotional strategies [3] Design and Collaboration - Most products are designed by in-house teams, with some collaborations with well-known designers or design teams [3] Dividend Policy - The company aims to maintain a stable dividend ratio, with potential increases as profitability improves and without significant capital expenditures [4]

Group 1: Supermarket Business Adjustments - As of now, over 10 stores have undergone adjustments, including 合家福高新购物广场店 and 马鞍山路购物中心店 [1] - Sales at the adjusted 高新购物广场店 increased by 47.5%, with a 17.81% rise in customer traffic and a 12.4% increase in average transaction value [1] - From January to October, adjusted stores like 丹霞翠微店 and 天鹅湖店 saw customer traffic increases of 10.25% and 10.56% respectively, with all adjusted stores achieving double-digit growth in sales and traffic [2] Group 2: Own Brand Development - Since 2024, the company has focused on developing its own brands, creating a matrix that includes 合家鲜, 柔小百, and 佳小百 across various categories [3] - By November 2025, the number of own brand SKUs reached 476, with sales exceeding 40 million yuan, marking a 92% year-on-year growth [3] Group 3: Appliance Sales and Policy Impact - The adjustment of national subsidy policies has affected offline appliance sales, but a new round of consumer subsidies was launched on November 21, 2025 [4] - The subsidy covers major appliances with a maximum of 10% off the sales price, capped at 1,000 yuan, and digital products with a maximum of 500 yuan [4] - From January to October 2025, the company sold over 100,000 appliances under the old-for-new policy, benefiting from nearly 90 million yuan in national subsidies, which drove sales of 486 million yuan [4] Group 4: Retail Store Overview and Future Plans - As of September 2025, the company operates 228 retail stores, including 24 department stores, 177 supermarkets, and 27 appliance stores [5] - The company has closed underperforming supermarkets, primarily in southern and northern Anhui, impacting net profits [5] - Future plans include store renovations for department and appliance stores, while maintaining a steady pace of new supermarket openings [5] Group 5: Partnership with JD Outlet - The first JD Outlet flagship store opened on April 30, 2025, in the 百大心悦城 shopping center, covering 6,700 square meters and featuring over 100 brands [5] - The store achieved over 300,000 yuan in sales on its first day and nearly 1 million yuan during the May Day holiday, with a 30% increase in customer traffic [6] - Following the success, the company introduced the JD Outlet project in 宣城台客隆超市府山店, marking the first high-end discount store in the city [6] Group 6: Accounts Receivable and Investment - As of September 30, 2025, accounts receivable increased by 28.84% to 256 million yuan, primarily due to increased group purchase amounts and expanded business at 合家康 [7] - The company has invested 222.5 million yuan in various funds targeting key industries such as integrated circuits and biomedicine [7] - Current investments include projects in companies like 长鑫科技 and 讯飞医疗科技 [7]

Group 1: Investment Strategy and Business Focus - The company emphasizes a dual-driven business model combining proprietary investment and client services, enhancing asset allocation efficiency across various asset classes including domestic and international stocks, bonds, and commodities [2][5]. - The proprietary investment business aims to diversify profit models, focusing on dividend, value, and growth investment strategies while expanding non-directional investment areas [2][3]. - Future business focus includes wealth management transformation, targeting small and medium-sized innovative enterprises, and enhancing comprehensive service capabilities through agile teams [4][6]. Group 2: Asset Management and Product Development - The asset management business is centered around fixed income products, with a continuous expansion of product lines including quantitative, derivative, and fund of funds (FOF) products to meet diverse investor needs [8]. - The company aims to strengthen its investment banking services by focusing on small and medium-sized innovative enterprises, maintaining a top 10 position in the North Exchange [9]. Group 3: Corporate Governance and Shareholder Relations - The major shareholder's equity transfer is actively progressing, with ongoing communication with government and regulatory bodies [7]. - The company does not set direct performance indicators for management but emphasizes market competitiveness and compliance risk management in evaluations [11]. - A robust market-oriented mechanism for talent acquisition is in place, particularly in high-market areas like investment banking and IT, while also nurturing internal talent [10]. Group 4: International Expansion and Market Positioning - The company is preparing to establish a subsidiary in Hong Kong to capitalize on the integration of mainland and Hong Kong markets, having completed preliminary research and board approval [11]. - The company prioritizes enhancing its market value management capabilities as a key focus for 2025, implementing a comprehensive value management mechanism [11].