| | 特定对象调研 | | 分析师会议 | | --- | --- | --- | --- | | 投资者关系 | 媒体采访 | | 业绩说明会 | | 活动类别 | 新闻发布会 | | 路演活动 | | | 现场参观 | | 其他 （电话会议） | | | 海富通 | 陈涛 | | | | 富国基金 | 康达 | | | | 永盈基金 | 庄子童 | | | | 申万菱信 | 黄书瀚 | | | | 汇添富 | 郑慧莲 | | | | 华夏基金 | 徐漫 | | | | 诺安基金 | 王月 | | | 参与单位名称及 | 国海富兰克林 | 梁姝雯 | | | 人员姓名 | 宝盈基金 | 李亚凡 | | | | 淳厚基金 | 王萧睿 | | | | 安信基金 | 陈嵩昆 | | | | 源乐晟 | 赵楠 | | | | 长江证券 | 李锦 | | | | 兴业证券 | 张彬鸿 | | | | 广发证券 | 嵇文欣 | | | | 国泰海通 | 蔡昕妤 | | | 时间 | 年 月 2025 12 | 日 10 | | | 地点 | 公司会议室 | | | | 上市公司接待 | | | 董事长 ...

Group 1: Overseas Sales and Market Strategy - The company has seen strong demand for its products from overseas customers, leading to increased bulk sales in international markets. It aims to leverage supply chain advantages to drive growth in operating performance [1]. Group 2: New Product Launches - A new card game product titled "Bomb Girl" is set to launch in early 2026, combining classic bomb battle gameplay with a lightweight nurturing system and collectible card elements, aimed at providing an engaging gaming experience [2]. Group 3: Equipment Lifecycle and Updates - The amusement park introduces new equipment annually to maintain fresh experiences for players. The typical lifecycle of equipment is around 5 years, but may shorten to 2-3 years for less competitive products [2]. Group 4: TCG Business Development - The company launched the "Three Kingdoms Fantasy Battle" TCG card game in October 2025, marking an innovative attempt to combine amusement equipment with TCG cards. The first batch of cards was released at the end of November, and the business is currently in the early operational phase, focusing on player feedback and market response [2].

Group 1: Company Overview - The company introduced its development history, main business, products, and three-year strategic plan, including its sensor investment business [2] Group 2: Strategic Planning and Profitability - The company aims to enhance net profit margin through improved management quality, internal integration, and optimized production processes, targeting a significant increase in net profit margin within three years [3] - Key measures include improving per capita output and production efficiency [3] Group 3: Sales and Market Strategy - The company's sales model primarily involves direct engagement with vehicle manufacturers due to high design demand [3] - Future investment strategies will align with the three-year strategic plan, focusing on companies that can transition from automotive parts to smart machinery components [3] - The company plans to support target companies through capital and market assistance, utilizing equity investments to expand its business footprint [3] Group 4: Accounts Receivable Management - There has been an improvement in accounts receivable periods, with state-owned vehicle manufacturers adhering to their commitments, providing opportunities for optimization [3]

Group 1: Company Overview and Mission - Tangrenshen Group has been focusing on the entire pig industry chain for 40 years, aiming for steady development and projected feed sales of over 1 million tons and pig output exceeding 650,000 heads by 2025 [2][3] - The company's mission is to "enrich farmers, create green food, and improve quality of life," adhering to principles of shared goals and accountability [2][3] Group 2: Business Structure and Strategy - The company operates a "feed - breeding - meat" integrated business model, with feed business accounting for approximately 62% of total revenue, ensuring stable profitability and cash flow [3][8] - Future strategic investments will focus on new meat product categories to enhance overall profitability, aiming to become a sustainable and profitable food enterprise [3][4] Group 3: Cost Management and Efficiency - Since 2023, the company has focused on low-cost breeding, achieving a reduction of 380 RMB per head in total costs, with an average PSY (pigs weaned per sow per year) of 28.06 heads [5] - The company aims to reach a PSY of around 30 heads by 2026, with a target to reduce average costs by an additional 100 RMB per head [5] Group 4: Financial Performance and Cash Flow - As of September 30, 2025, the company had a cash balance of 2.215 billion RMB, indicating a strong liquidity position [8] - The feed business, being the main revenue driver, contributes about 62% to total revenue, with a net cash flow from operating activities of 834 million RMB in the first nine months of 2025 [8][9] Group 5: Market Position and Product Development - The company is expanding its product lines with brands like "Xiangxiang Pig" and "Tang Xiaochu," focusing on high-quality, convenient meat products to meet consumer demand [9] - The "Tang Xiaochu" brand emphasizes innovation across six dimensions, including raw materials and customer experience, positioning it as a key direction for meat product development [9]

Group 1: Company Strategy and Operations - The company has three main strategies to enhance operational performance: building an efficient collaborative mechanism, upgrading processes to improve the entire supply chain efficiency, and exploring innovative product forms to expand development boundaries [2] - The product strategy focuses on core categories such as knives, scissors, and kitchen hardware, emphasizing innovation in products, processes, and technology to strengthen competitive advantages [3] - The company aims to deepen its cultural IP exploration and expand its creative product matrix, positioning the cultural sector as a new growth engine and core competitive advantage [4] Group 2: Financial Performance - The company has achieved dual growth in revenue and net profit over the past two years due to several factors: refined market operations, strategic focus on product development, and enhanced brand image [5] - Key drivers of revenue growth include optimizing the distributor structure, addressing market gaps, and building an integrated distribution model [5] - Continuous improvement in management efficiency and team performance assessment reforms have contributed to sustained growth in overall performance and net profit [5]

证券代码：001391 证券简称：国货航 中国国际货运航空股份有限公司 投资者关系活动记录表 编号：2025-012 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 中泰证券、上海证券、上海思晔投资管理有限公 司、深圳元泓投资管理有限公司、五矿证券、天弘 基金、富国基金、招商基金、易方达基金等机构 总 计 48 人 上市公司人员 董事会秘书：赵婧；证券事务代表：李林；以及相 关工作人员 时间 2025 年 12 月 9 日(周二) 9:00-10:00 地点 国货航综合办公楼 形式 线上电话调研 投资者关系活动主 要内容介绍 公司就投资者在本次现场调研中提出的问题进行了 回复： 问题一：请介绍国货航与空中客车公司签署 A350F 货机购置协议的具体情况，以及购置 A350F 机型有 何具体考虑？ 目前公司已与空客签署 6 架 A350F 货机确认订单， 预计将于 2029-2031 年期间陆续完成交付，另有 4 架 A350F 货机意向订单的购买权，行权最晚期限为 2026 年底。 | 国货航采 ...

Group 1: Company Overview and Business Operations - Shenzhen Huaqiang Industrial Co., Ltd. is a leading authorized distributor of electronic components in China, with a strong focus on storage products [2] - The company has established significant partnerships with major storage manufacturers, including Jiangbolong, Zhaoyi Innovation, and others [2] - The total shipment of storage products in the first three quarters showed a substantial year-on-year growth [3] Group 2: Collaborations and Partnerships - The company is a key authorized distributor for HiSilicon, with notable revenue growth from HiSilicon products in 2024 and the first three quarters of 2025 [3] - As a "Gold Component Partner" of Ascend, the company has developed multiple application solutions based on Ascend chips, enhancing its distribution and technical capabilities [4] Group 3: Market Performance and Consumer Engagement - The "Huaqiangbei" area, known as "China's Electronics First Street," has seen increased foot traffic, with peak daily customer flow exceeding 50,000 [5] - The company is expanding its operations in the fashion electronics sector, focusing on emerging categories such as VR glasses and AI toys, creating an immersive shopping experience [5] Group 4: Corporate Venture Capital (CVC) Initiatives - Since 2019, the company has engaged in CVC investments to build an industrial ecosystem and enhance its influence in the industry [6] - The CVC strategy aims to establish long-term partnerships with investment targets, converting them into suppliers or customers, thereby boosting the company's competitive edge [7] - The company has made minority investments in several promising semiconductor IDM or design firms, aiming to extend its services along the electronic industry chain [7]

Group 1: Wealth Management Business Development - The company implements a "customer-centric" approach, enhancing capabilities in channels, services, products, digitalization, and refined management [2] - In the first three quarters of 2025, the net income from brokerage fees reached CNY 4.485 billion, a year-on-year increase of 65.55% [2] Group 2: Investment and Trading Business Performance - In the first three quarters of 2025, the company achieved investment income and fair value changes of CNY 12.629 billion, reflecting a year-on-year growth of 57.15% [3] - The FICC segment focuses on deep research and seizing market opportunities, maintaining a strong market presence [3] Group 3: Investment Banking Business Strategy - The company is transitioning from a project-centered to a customer-centered investment banking model, aligning with national policies to support the real economy [3] - It aims to enhance its comprehensive capabilities in capital, pricing, sales, collaboration, risk control, and technology to meet clients' full lifecycle financial service needs [3] Group 4: International Business Layout and Planning - The company has established a fully licensed overseas integrated business platform centered in Hong Kong, extending its services to surrounding overseas markets [3] - It focuses on enhancing core capabilities in wealth management, asset management, and investment banking, while expanding overseas financing and mergers and acquisitions [3]

证券代码：300296 证券简称：利亚德 利亚德光电股份有限公司投资者关系活动记录表 编号：2025-16 | | | | ■特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | --- | --- | | 投 资 者 | 关 | □媒体采访 | | | □业绩说明会 | | 系 活 动 | 类 | | □新闻发布会 | | □路演活动 | | 别 | | ■现场参观 | | | | | | | | □其他（电话会议） | | | | | | 朱宇昊 | | | 国元证券股份有限公司 | | | | 张钧宇 | | | 北京信伟达资产管理有限公司 | | 参 与 单 | 位 | 王鹏 | | | 北京风炎私募基金管理有限公司 | | | | 刘娅琴 | | | 珠海市横琴财东基金管理有限公司 | | 名 称 及 | 人 | 牛金荣 | | | 数算先锋资产管理北京有限公司 | | 员姓名 | | 刘军洁 | | | 北京中泽控股集团有限公司 | | | | 李香雨 | | | 北京最操盘信息技术有限公司 | | | | 董永 | | | 中财招商集团 | | | | 吴春 ...

Group 1: Company Overview - The main business revenue comes from the production and sales of bulldozers, excavators, loaders, road rollers, graders, pavers, milling machines, concrete machinery, and core components such as tracked chassis and transmission parts [2] - The primary production model is based on market forecasts and reasonable inventory, with dynamic production task arrangements [2] - The sales strategy includes a combination of agency distribution for main products and supporting sales for parts, along with diversified business models such as operational leasing [2] Group 2: Global Presence - The sales network spans over 160 countries and regions, with more than 150 overseas distributors and over 520 overseas sales outlets [3] - The company has established 13 overseas subsidiaries, including new ones in Indonesia, Australia, and Nigeria [3] Group 3: Stock Buyback Progress - As of November 30, 2025, the company has repurchased 11,910,472 shares, accounting for 0.79% of the total share capital, with a total transaction amount of ¥111,591,612.24 [4] - The highest and lowest transaction prices during the buyback were ¥10.20 and ¥8.64 per share, respectively [4] - The company plans to continue the buyback based on market conditions and will comply with relevant disclosure obligations [4] Group 4: On-site Visit - The on-site visit included a tour of the new product trial center and the excavator assembly workshop to understand the company's products and application scenarios [5]