江苏神通阀门股份有限公司投资者关系活动记录表 证券代码：002438 证券简称：江苏神通 编号：2025-022 | | □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（电话调研） | | | 参与单位名称及 人员姓名 | Citi | | | 时间 | 2025 年 11 月 21 日 | | | 地点 | 公司会议室 | | | 上市公司接待人 员姓名 | 副总裁：章其强先生 | | | 投资者关系活动 | | 机构投资者就公司生产经营情况、未来发展规划和战略等进行沟 | | 主要内容介绍 | 通交流。 | | | 附件清单（如有） | 具体内容详见附件：2025 | 年 11 月 21 日投资者调研会议记录 | | 日期 | 2025 年 11 月 21 日 | | ...

Company Overview - The company is a leading supplier of critical nuclear-grade valves and has made significant progress in product innovation and technology advancement [3] - The company has a market share exceeding 90% for its main products, including nuclear-grade butterfly and ball valves, with 150,000 valves currently online [5] Financial Performance - The total order value for various valves provided to a single nuclear power unit exceeds 80 million RMB, while the order value for nuclear forgings from its subsidiary Wuxi Flange exceeds 20 million RMB [3] Market Competition - The company has established strong market competitiveness and brand influence in the nuclear sector, characterized by complementary and healthy competition with peers [4] - The nuclear valve industry is expected to maintain a healthy competitive state due to the normalization of new project approvals and the promotion of domestic equipment manufacturing [4] Production and Delivery - Orders are typically delivered in batches over a period of 2-3 years after the order is confirmed and production plans are approved [6] - Nuclear valves are designed for a lifespan of 60 years, but preventive maintenance is necessary due to environmental factors [7] Export and International Expansion - The company primarily exports its nuclear valves indirectly through large domestic engineering contractors [8] - The establishment of an international trade department and a professional team is underway to expand export opportunities, focusing on core areas such as oil refining and gas extraction [9] Compliance and Transparency - The investor survey confirmed that there were no significant undisclosed information leaks during the meeting [11]

Group 1: Company Overview and Core Competencies - The company focuses on anti-corrosion and anti-wear welding equipment, specializing in the manufacturing of special equipment and expanding into industrial equipment and high-end structural components [1] - Key competitive advantages include mastery of critical core technologies, comprehensive special equipment production qualifications, and a stable management team with extensive industry experience [1] - The company has established a strong market position with significant production capacity and efficient management, supported by a diverse portfolio of well-known domestic and international clients [1] Group 2: Market Opportunities and Strategic Expansion - The company is committed to both domestic and international markets, maintaining a leading position in China while actively exploring overseas opportunities [2] - The garbage incineration market is expanding, driven by increasing demand for waste management solutions in developing countries, particularly in Southeast Asia and Latin America [3][4] - The coal-fired power generation sector remains a crucial part of China's energy landscape, with ongoing upgrades and modifications needed to meet rising electricity demands [5] Group 3: Production and Revenue Recognition - The company primarily uses the "FOB" (Free On Board) trade model for revenue recognition, confirming income upon completion of production and export procedures [6] - The Vietnam production base has four operational HRSG (Heat Recovery Steam Generator) production lines, with plans to expand to a total of 12 lines [9] Group 4: Competitive Landscape and Product Advantages - In the HRSG market, the company faces competition from manufacturers in North America, South Korea, and Thailand, but holds advantages in production cost and extensive customer experience [7][8] - TIG welding technology offers significant benefits for oil and gas pipelines, enhancing corrosion resistance and extending equipment lifespan [10] Group 5: Future Market Outlook - The global oil and gas pipeline market is expected to grow due to increasing natural gas demand and the need for infrastructure upgrades in developed regions [11] - The company plans to adapt its production strategy to align with market demands, focusing on international production management to strengthen customer relationships [11]

Group 1: Company Overview - The company is Zhejiang Xinhacheng Co., Ltd., with stock code 002001 and abbreviation Xinhacheng [1] - The investor relations activity was recorded under number 2025-014 [1] Group 2: Investor Relations Activity - The activity included a strategy meeting with various investment firms and analysts [2] - Key participants included representatives from Guosen Securities, Qianhai Hezhi, and Huaxia Fund among others [2] Group 3: Project Updates - The Tianjin Nylon New Materials project commenced pile foundation construction in September 2025 and is expected to be completed by 2027 [3] - The company has a solid methionine production capacity of 30,000 tons, with an expansion project of 70,000 tons nearing completion [3] - The Heilongjiang base focuses on bio-fermentation products, including Vitamin C and various amino acids, enhancing overall efficiency through technological upgrades [3] Group 4: New Materials and Product Development - The company aims to be a leader in the new materials sector, focusing on high-performance polymers like PPS, with a current capacity of 22,000 tons and plans for expansion [4] - The fragrance segment produces various products, including linalool and citral, with ongoing projects to enhance product offerings [4] Group 5: Future Plans and Strategic Focus - The company plans to focus on health and high polymer new materials, emphasizing integrated and collaborative development strategies [6] - A share buyback plan is in place, with a total amount of 300 million to 600 million yuan allocated for stock repurchase to enhance investor confidence [6]

Group 1: LCD Market Insights - The demand for TV products is stimulated by national subsidies and export incentives, leading to an expected increase in annual shipment volume and area, despite fluctuations in demand throughout the year [1] - IT product shipments are anticipated to grow rapidly due to replacement demand, while MNT product shipments are expected to remain flat [1] - The average utilization rate in the LCD industry improved in Q3 but is projected to drop below 80% in Q4, leading to a slight price adjustment for TV products and stable pricing for IT products [2] Group 2: OLED Market Dynamics - The OLED market is experiencing an oversupply despite increased shipments in Q3 and Q4, with a notable rise in low-end Ramless product shipments and heightened competition in the domestic market [3] - The company plans to invest in an 8.6 generation AMOLED production line to enhance its competitiveness in high-end IT products, such as laptops and tablets [4] Group 3: Technology and Competitive Edge - The company has chosen the LTPO backplane technology for OLED, which has been validated in the sixth generation line, supporting high-end applications with comprehensive capabilities [5] - The penetration rate of OLED in high-end IT products remains below 10%, indicating limited market impact from capacity supply in the medium to long term [5] Group 4: MLED Business Development - The MLED business is a key component of the company's "1+4+N" ecosystem, focusing on Mini/Micro LED technology to drive rapid growth [6] Group 5: Financial Outlook and Capital Expenditure - Capital expenditures are expected to peak in 2025 due to significant investments in the 8.6 generation OLED production line, with a decline anticipated from 2027 onwards [8] - The company plans to allocate at least 35% of annual net profit to cash dividends and a minimum of RMB 1.5 billion for share repurchases each year from 2025 to 2027 [10] Group 6: Shareholder Engagement - The company is considering repurchasing minority shareholder equity as a key use of cash flow, particularly as capital expenditures decrease and cash flow improves [9] - A new shareholder return plan aims to establish a stable and predictable return mechanism, reflecting the company's commitment to sharing growth benefits with shareholders [12]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on November 21, 2025, at the Guangzhou Auto Show, featuring a demonstration of the humanoid robot "Xiao An" [1] - Participants included various investment firms such as Guoxin Investment, E Fund, and Morgan Stanley [1] Group 2: Humanoid Robot "Xiao An" - "Xiao An" stands 169 cm tall, weighs 69 kg, and has a speed of 0.8 m/s, with over 40 degrees of freedom and a battery life exceeding 2 hours [2] - The robot can communicate with people, perform martial arts demonstrations, and assist in work tasks, with additional features under development [2] Group 3: Changan Q05 Electric SUV Highlights - The Changan Q05 was launched at the Guangzhou Auto Show, priced starting at 79,900 CNY, and features a spacious design with dimensions of 4435*1855*1600 mm and a wheelbase of 2735 mm [3] - It offers a maximum range of 506 km (CLTC) and includes fast charging capabilities, achieving 30%-80% SOC in just 15 minutes [3] - The vehicle is equipped with advanced safety features, including a unique laser radar system and a comprehensive smart driving assistance solution [3] Group 4: Recent Product Launches - The Changan A06 was launched on November 9, 2025, featuring advanced driving assistance and a spacious design, with over 10,000 pre-orders within 24 hours [5] - The Deep Blue L06 was released on November 18, 2025, achieving over 20,000 orders within the first hour, showcasing cutting-edge technology such as a 3nm automotive-grade chip and a magnetic suspension system [5] Group 5: Tian Shu Intelligent Safety System - The Tian Shu Intelligent system aims to enhance safety by addressing various aspects, including driving, health, psychological, and privacy safety [5] - The system has successfully completed a 3000 km driving challenge with zero accidents, demonstrating its reliability [6] - The intelligent cockpit has responded to 72.5 million voice commands in the past year, showcasing its advanced AI capabilities [6]

常州亚玛顿股份有限公司投资者关系活动记录表 证券代码：002623 证券简称：亚玛顿 答：项目公司亚玛顿玻璃工业有限公司已经注册完成，并且完 成境外投资备案手续。本次海外产能项目的投资建设符合公司 全球化发展战略需要，有利于公司充分利用当地的区位、资源 优势，有效降低公司的生产成本，扩大海内外市场占有率，同 时加快海外光伏玻璃产能布局，以灵活应对复杂多变的国际贸 易环境，辐射中东及欧美、南亚市场，推动公司在国际化市场 的业务发展，从而提升公司国际市场竞争力，实现公司长远发 展目标及提升全体股东的利益。 5、公司在光电显示玻璃行业已经布局多年，公司光电显示玻璃 现阶段情况？ 答：受益于近年消费电子行业复苏，公司光电显示玻璃产品出 货量较往年有所提升。 6、公司钙钛矿电池相关技术进展情况？ 答：公司现已具备 ITO 玻璃量产能力，相较于 FTO 玻璃，ITO 玻 | | 璃具有大尺寸钢化、超轻薄、高导电性、高透光率、高机械性 | | --- | --- | | | 能及表面缺陷少的优点。目前，公司在不断地储备和完善相关 | | | 的技术和经验，并与纤纳光电、协鑫集团等企业保持良好战略 | | | 合作关系，待该 ...

Group 1: Company Development Highlights - The installed capacity of the company reached 225.725 MW by October 2025, with approximately 50 MW under construction and another 50 MW planned [3][6] - The company achieved a renewable energy sales volume of 25.44 billion kWh in the first three quarters of 2025, saving 20.70 million tons of standard coal and reducing CO2 emissions by 53.82 million tons [3] - The company was awarded the "Best Practice Case for Sustainable Development" by the Association of Listed Companies in 2025 [3] Group 2: Future Outlook - The company plans to continue focusing on green, market-oriented, integrated, and intelligent strategies to enhance efficiency and effectiveness [5] - The National Energy Administration's recent guidelines aim to promote the integration of renewable energy, establishing a multi-level consumption and regulation system by 2030 [4] Group 3: Financial Performance - The company experienced a revenue decline of approximately 4.38 billion CNY, leading to a 25.54% year-on-year drop in revenue due to the exclusion of natural gas operations from consolidation [6] - The cash flow from operating activities reached 1.228 billion CNY in the first three quarters of 2025, a 39.21% increase year-on-year [6] Group 4: Strategic Projects - The Kunming Anning 350 MW compressed air energy storage project has a total investment of 1.87167 billion CNY and is expected to enhance the company's renewable energy ecosystem [8] - The project aims to provide grid peak regulation and facilitate large-scale integration of renewable energy [9] Group 5: Market Position and Competitive Advantage - The company benefits from favorable policies and geographical advantages, with wind power utilization hours consistently above the national average [11][12] - The financing cost is currently controlled within 3%, ensuring robust financial health [9]

编号：2025-012 | | □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 | 东方财富证券：梅宇鑫；建信基金：吴昂达；汇丰基金：王家怡 | | | 人员姓名 | 鹏华基金：杨浩；中信建投自营：彭卓栋 | | | 时间 | 2025 年 11 月 日 15:30—16:00 | 21 | | 地点 | 电话会议 | | | 上市公司接待人 | 副总经理、董事会秘书：沈一涛 | | | 员姓名 | | | | | 董事会秘书沈一涛简要介绍了公司在胶粘剂与特种树脂新材料、电子 | | | | 信息材料、电子科技等领域的布局；并对控股子公司大连齐化环氧树脂 | | | | 稀释剂产能等相关情况进行介绍。 | | | | Q1:请问公司子公司大连齐化环氧稀释剂产能如何？ | | | | A：公司控股子公司大连齐化新材料有限公司的环氧树脂稀释剂（特种 | | | | 活性稀释剂）产能为 4000 吨/年（单班） ...

Financial Performance - The company's net profit for the first three quarters of 2025 increased nearly 10 times compared to the previous year, with revenue growth exceeding 51% [2] - The sales volume of the core product, cough tablets, reached 64% of the same period in 2023, while revenue recovered to 96.69% of the same period [4] Marketing and Sales Strategy - The company transitioned from a pure agency model to a hybrid model of self-operated and promotional services, which initially caused a temporary decline in performance but has since shown recovery [3] - The marketing reform initiated in 2024 has begun to yield results, contributing significantly to the performance growth in 2025 [3] Product Performance - In Q3 2025, cough tablets sold 104 million pieces, generating revenue of 69.62 million yuan [4] - The cough tablets have a clinical effectiveness rate of 73% and a total effectiveness rate of 93%, demonstrating significant therapeutic advantages [10] Market Potential - The aging population in China is projected to increase by 13 million people aged 60 and above in 2024, expanding the patient base for respiratory diseases [4] - The company has identified ample market expansion opportunities due to the previous regional agency sales model, which left many markets untapped [4] Online Sales Strategy - The company has successfully launched the brain-quieting capsules online, achieving sales of over 13 million yuan by Q3 2025 [6] - Future plans include enhancing online exposure through content marketing and expanding presence on platforms like Douyin and Xiaohongshu [6] New Product Development - The company has established an independent marketing team to promote skin disease blood detox pills and blood sugar comfort pills, leveraging existing channels from cough tablets for market entry [8] - The skin disease blood detox pill and blood sugar comfort pill are positioned as strategic products with significant market potential, supported by favorable policies and clinical research [12] Overall Strategy - The company aims to achieve annual sales of 100 million boxes of cough tablets within 3-5 years post-marketing reform [4] - The "1+N" product development strategy focuses on enhancing the core product while nurturing a portfolio of complementary products to drive long-term growth [13]