Group 1: Financial Performance - The company's revenue for the first three quarters of 2025 was 4.472 billion CNY, a year-on-year decrease of 7.45%, with Q3 revenue declining by 6.26%, showing a narrowing decline compared to previous periods [1] - The gross profit margin for the first nine months was 28.51%, an increase of 2.09 percentage points year-on-year, while Q3 gross profit margin was 26.86%, up by 1.52 percentage points [1] - The expense ratio for the first nine months increased by 2.23%, with Q3 expense ratio at 25.28%, reflecting a year-on-year growth of 1.72% [1] Group 2: Retail Channel Strategy - The company has implemented a store efficiency enhancement project, which has significantly improved the performance of pilot stores, leading to a 4.54% year-on-year increase in domestic retail revenue, with Q3 showing a 7.86% increase [2] - Future plans include expanding the store efficiency project to more locations and replicating refined management practices in e-commerce channels to drive growth [2] Group 3: International Expansion - The company is actively pursuing internationalization, increasing strategic investments in overseas markets, and establishing partnerships with local distributors to enhance store and sales network presence [3] - The company is also leveraging mainstream overseas e-commerce platforms to expand online sales channels, despite the long cultivation period for overseas markets [3] Group 4: New Product Development - The launch of new products such as smart bathroom appliances is expected to contribute positively to revenue, although initial contributions may be limited due to the short time since launch [4] - Collaboration with a major smart home ecosystem platform aims to enhance internal operational capabilities and accelerate resource development for future growth in the smart home sector [4]

Group 1: Financial Performance - The company's revenue for the first three quarters of 2025 was 223.37 million yuan, with a net profit attributable to shareholders of 5.65 million yuan in Q3 [5] - The gross profit margin for Q3 was 18.51%, with a net cash flow from operations of 6.22 million yuan [5] - The R&D expense ratio for Q3 was 8.79%, indicating a sustained investment in research and development [5] Group 2: Customer Structure and Market Position - The company has established long-term and stable partnerships with numerous domestic and international automotive manufacturers [5] - The customer structure has improved and become more balanced, reflecting a diversified client base [5] Group 3: Product Development and Innovation - The company’s sensor business is rapidly growing due to increased market demand for advanced driver-assistance systems [5] - The company offers a variety of products, including cameras, radars, and smart antennas, to meet diverse needs of automotive clients [5] - The autonomous vehicle business focuses on cost reduction, business model innovation, and urban experience, covering key areas such as vehicle design and core software/hardware development [5] Group 4: Technical Capabilities - The algorithms used in the company’s products are self-developed, enhancing synergy with the company's autonomous driving capabilities [7] - The core competencies lie in technical collaboration and practical application, leveraging the company's accumulated expertise in intelligent driving [7]

Financial Performance - In the first three quarters of 2025, the company's revenue was 12.02 billion yuan, a year-on-year decrease of 24.01% [3] - R&D expenses decreased by 15.05%, sales expenses decreased by 6.48%, and management expenses decreased by 17.23% [3] - The net profit attributable to shareholders was -2.35 billion yuan, a decline of 39.10% year-on-year [3] - In Q3 2025, revenue was 3.76 billion yuan, down 46.96% year-on-year, with net profit at -1.71 billion yuan, a decrease of 568.00% compared to the same period last year [3] Project and Order Status - Q3 revenue decline was primarily due to slower project progress compared to the same period in 2024 [3] - The total number of signed and pending orders remained stable year-on-year, indicating a potential for recovery [3] - Key industries such as telecommunications and transportation showed revenue growth of 13.14% and 18.73% respectively [3] Cost Management - Total expenses in the first three quarters of 2025 were 12.14 billion yuan, a decrease of 11.13% year-on-year [4] - The company has effectively controlled costs, with a reduction in total expenses compared to previous years [4] Industry Trends and Opportunities - The network security industry is expected to see significant growth driven by new policies and AI technologies [15] - The Chinese network security market is projected to reach $17.8 billion by 2029, with a compound annual growth rate of 9.7% [15] - Key government projects in various sectors are expected to drive demand for security solutions, with budgets ranging from 300 million yuan to 288 billion yuan across different initiatives [4][5][6] Product Development and Innovation - The company’s "Smart Cloud" product line generated 1.29 billion yuan in revenue, accounting for 10.73% of total revenue, with a year-on-year increase of 7.59% [3] - The gross margin improved to 63.62% in the first three quarters of 2025, up from 61.04% in 2024 [3] - The company is focusing on AI-enabled security solutions, with significant investments in quantum security and data protection technologies [18][19] Future Outlook - The company anticipates a recovery in revenue and profitability, with expectations to meet performance targets for employee stock ownership plans [14] - The "14th Five-Year Plan" is expected to create substantial market opportunities in data security and AI applications [13] - The company is actively pursuing strategic partnerships to enhance its capabilities in quantum security and AI-driven solutions [18][19]

Financial Performance - In the first nine months of 2025, the company achieved a revenue of CNY 111.79 billion, a year-on-year increase of 15.52% [5] - The net profit attributable to shareholders reached CNY 14.78 billion, up 41.01% year-on-year [5] - In Q3 2025, the company reported a revenue of CNY 35.33 billion and a net profit of CNY 4.25 billion [5] - The net cash flow from operating activities for the first three quarters was CNY 28.58 billion [5] Debt Management - The company's debt-to-asset ratio was 55.50% at the end of Q3 2025, a decrease from the previous quarter [5] - The total liabilities decreased by approximately CNY 9.8 billion since the beginning of the year [6] - The company has exceeded its initial target of reducing total liabilities by CNY 10 billion for the year [11] - Long-term goal is to reduce the debt-to-asset ratio to below 50% [11] Livestock Operations - The company sold 57.32 million pigs from January to September 2025, a 27.0% increase year-on-year [6] - The cost of pig farming decreased to CNY 11.6/kg in September, down CNY 1.5/kg from January [6] - The number of breeding sows was reduced to 3.31 million by the end of Q3 2025 [6] Slaughtering and Meat Processing - The company slaughtered 19.16 million pigs in the first nine months of 2025, a 140% increase year-on-year [7] - The capacity utilization rate for slaughtering was 88% [7] - The third quarter marked the first profitable quarter for the slaughtering business in recent years [7] Capital Expenditure Plans - Domestic capital expenditure is expected to decrease as most production lines are now fully operational [8] - The company plans to explore overseas markets, including a partnership with BAF Vietnam for a breeding project [8] Future Strategies - The company aims to enhance its service offerings to local farmers through a comprehensive support program [12] - Plans to maintain growth in slaughtering volumes and improve sales and operational capabilities [13] - The company is focused on optimizing cost structures and improving production efficiency [15] Stock Market Developments - The company's Hong Kong stock listing is currently in the regulatory filing stage [16]

Group 1: Company Performance Overview - In the first three quarters of 2025, the company achieved revenue of 14.504 billion CNY, a year-on-year decrease of 25.21% [3] - The net profit attributable to shareholders was -356 million CNY, a year-on-year decline of 132.94% [3] - The non-recurring net profit was -231 million CNY, down 133.81% year-on-year [3] - Following the completion of a significant asset sale, the company's debt-to-asset ratio decreased from 72% to 44% [3] - The disposal of assets resulted in a loss of 516 million CNY for the current period [3] Group 2: Segment Performance - BenTu's revenue for the first three quarters of 2025 was 3.071 billion CNY, a year-on-year decline of 3.31% [3] - BenTu's net profit was 386 million CNY, down 18.58% year-on-year [3] - JiHaiWei's revenue was 812 million CNY, a year-on-year decrease of 21.76%, with non-consumable chip revenue of 359 million CNY, showing a growth of 20.88% [3] - JiHaiWei's net profit was -14 million CNY, a year-on-year decline of 103.88% [3] - The general consumables business generated revenue of 3.964 billion CNY, a year-on-year decrease of 2.74%, with a net profit of -4 million CNY, down 106.88% [3] Group 3: Market Trends and Future Outlook - The company is actively responding to the arbitration initiated by TaiMeng and will disclose updates when conditions are met [3] - The future development trend of the information security market is highlighted by the updated guidelines from the China Information Security Testing Center, which now includes main control chips for printers and AI training inference chips [3] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued a plan emphasizing the reliability of printers and other peripherals, indicating increasing governmental focus on information security [3] - There are indications that the information technology innovation sector may be showing signs of recovery, with relevant business progress to be monitored through regular company announcements [3]

编号：2025-017 | | □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 | | 通过全景网"投资者关系互动平台"（https://ir.p5w.net）参 | | 人员姓名 | 与本次业绩说明会的广大投资者 | | | 时间 | 2025 年 10 月 30 日 | | | 地点 | 公司总部 1006 会议室 | | | | 董事、总裁吴建新先生 | | | | 副总裁、董事会秘书章其强先生 | | | 上市公司接待人 | 财务总监林冬香女士 | | | 员姓名 | 独立董事肖潇女士 | | | | 审计总监洪学超先生 | | | | 证券事务代表陈鸣迪女士 | | | 投资者关系活动 | 公司介绍了 2025 | 年三季度生产经营情况以及未来发展趋势等。 | | 主要内容介绍 | | | | 附件清单（如有） | 具体内容详见附件：2025 年 10 | 月 30 日投资者调研会 ...

Financial Performance - The company's revenue for Q3 2025 was 163,753.09 million, representing a year-on-year growth of 0.22% [4][9] - The net profit attributable to shareholders for the same period was 23,433.94 million, with a year-on-year increase of 2.86% [4][9] - The net cash flow from operating activities reached 54 million, showing a significant year-on-year growth of 846.22% [13] Nuclear Power Orders and Delivery - In 2024, the company secured new nuclear power valve orders worth 1.102 billion, a 37% increase year-on-year, with deliveries locked in for 2025-2027 [3] - The delivery of nuclear valves for 2025 will primarily come from orders placed in 2022 and 2023, ensuring stable revenue growth for the year [3] Strategic Development and Market Positioning - The company aims to strengthen its core business in high-end valves while expanding into new sectors such as nuclear chemical, hydrogen fuel power, and semiconductor equipment [6][15] - The high-end valve intelligent manufacturing project is expected to generate an additional annual output value of 300-400 million once fully operational [16] - The company maintains a competitive edge in the nuclear power sector by continuously investing in R&D and developing products that meet advanced nuclear technology requirements [14][20] Accounts Receivable Management - As of Q3 2025, accounts receivable stood at 1.297 billion, representing a significant portion of revenue [11] - The company has implemented measures to manage accounts receivable effectively, including credit evaluations and legal collections, to mitigate bad debt risks [11] Production Capacity and New Projects - New production capacity from the high-end valve intelligent manufacturing project is expected to be released gradually starting in early 2026 [7][21] - The current production capacity is sufficient to meet existing nuclear valve order demands, with plans to adjust based on market needs [24] International Market Expansion - The company has made significant progress in expanding its export market access and certification, laying a solid foundation for future international orders [22]

Company Overview - Lisheng Yundong (Shanghai) Sports Technology Co., Ltd. is a leading automotive sports service provider in China, focusing on the marketization of sports events and the digital upgrade of the sports industry [2]. - The company’s main business includes sports event management, venue operation, marketing services, sports club management, and sports equipment manufacturing and sales [2]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 380 million, a year-on-year increase of 14.34% [2]. - The net profit attributable to shareholders reached CNY 22.02 million, up 56.07% year-on-year [2]. - In Q3 2025, the company reported a revenue of CNY 109 million, a slight decline of 1.07% year-on-year, while the net profit attributable to shareholders surged by 1482.24% to CNY 6.70 million [2][3]. Business Dynamics - Revenue fluctuations in Q3 2025 were attributed to the seasonal distribution of events, with fewer races compared to Q2 2025 and Q3 2024 [3]. - Venue operations experienced a decline due to adjustments and suspensions of certain venue operations since Q3 2024, but overall growth was maintained in the first three quarters of 2025 [3]. Growth Drivers - The growth of the core event business is driven by multiple factors, including increasing the number of event IPs, enhancing event participation, and boosting ticket sales through improved event influence [4]. - The gross margin of event operations is expected to improve as the value of events increases, indicating potential for further enhancement [4]. Future Prospects - The company is optimistic about the commercialization of its golf events, which are still in the early stages of operation, and anticipates significant growth in the future [5]. - The national push for a CNY 7 trillion sports industry and the encouragement of event economy integration with cultural tourism are seen as beneficial for the company’s strategic direction [6]. Strategic Initiatives - The company has invested CNY 184 million in the construction of the Hainan International Circuit, expected to contribute revenue by 2027 [7]. - Future growth will focus on expanding event categories and investing in related sectors such as sports marketing, venue management, and sports technology [8].

Group 1: Financial Performance - The company's overall gross margin for the first three quarters of 2025 is 24.23%, remaining stable compared to the first half of 2025. The gross margin for the panoramic/sports camera business improved due to better product yield, while the smart home and smart automotive businesses saw slight declines due to changes in product shipment structure [1]. - The company achieved a revenue of 1,197.52 million yuan in the first three quarters of 2025, representing a year-on-year growth of 51.65%. The new business focused on machine vision experienced the highest growth, with revenue increasing by over 400% compared to the same period last year [1]. Group 2: Business Segments - The main products in the machine vision sector are camera modules, which have successfully entered the supply chains of well-known domestic brands, applied in products like lawn mowing robots and motion-sensing game consoles [2]. - In the smart automotive sector, the company has established a rich customer base, supplying to brands like Chery, Changan, Xiaopeng, and SAIC through partners such as Desay SV and Hikvision [3]. Group 3: Production Capacity - The total production of optical lenses and camera modules increased year-on-year in the first half of 2025, with camera module production seeing a significant rise of over 80%. The company has also accelerated capacity release by adding new implementation sites for the "Optical Lens and Module Capacity Expansion Project" in the third quarter [5]. Group 4: Innovation and Customer Solutions - The company maintains its supply share in innovative optical solutions by mastering core technologies in optical lenses and camera modules, providing customized production equipment for major clients, and offering integrated solutions [4].

Financial Performance - In the first three quarters of 2025, the company achieved a total revenue of 6.413 billion CNY, a year-on-year increase of 19.01% [1] - The net profit attributable to shareholders reached 273.53 million CNY, reflecting a significant year-on-year growth of 273.53% [1] - For Q3 2025, the revenue was 2.260 billion CNY, with a year-on-year growth of 18.30%, while the net profit was 42 million CNY, up 167.66% year-on-year [1] Cost and Profitability Challenges - The decline in Q3 profitability was primarily due to increased period expenses, including higher sales and R&D costs, alongside significant financial expenses from exchange rate fluctuations [2] - The company plans to enhance cost control and focus on high-end product structure transformation to improve profitability [2] Market Position and Outlook - The company holds a core supplier position in the wind power materials sector, with over 30% of its production capacity dedicated to wind power products [3] - The global wind power market is expected to add 150 GW of new capacity in 2025, which is anticipated to drive demand for glass fiber [3] - National policies are expected to create new opportunities in the wind power market, with a target of no less than 12 million kW of new installed capacity during the 14th Five-Year Plan [3] Overseas Operations - The company has established production bases in Brazil, Bahrain, and Morocco, with trade subsidiaries in the USA, Netherlands, and Hong Kong, maintaining stable relationships with overseas clients [4] - As of the first three quarters of 2025, the Brazilian operation has significantly reduced losses but has not yet achieved profitability due to market demand decline and production fluctuations [4] Future Projects and Industry Trends - The company is progressing on a new fine yarn project, aiming for completion and production by the end of 2025 [5] - The glass fiber industry is responding to national "anti-involution" policies, promoting supply-demand balance and high-quality development, despite challenges from trade barriers and rising manufacturing costs [5]