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]

Revenue Performance - Medical services segment achieved revenue of 2.018 billion CNY, a year-on-year decrease of 13.88% due to adjustments in medical insurance payment policies [2] - Pharmaceutical segment reported revenue of 238 million CNY, down 60.46% year-on-year, primarily impacted by centralized procurement of the "Duyiwai" series products [2] Cost Management - Sales expenses decreased by 35% year-on-year, mainly due to reduced sales expenses in the pharmaceutical segment following price drops from centralized procurement [3] - Management expenses fell by 23% year-on-year through strict budget management and performance reforms [3] - Drug cost ratio was 36%, down 4 percentage points year-on-year, while effective revenue ratio increased by 3 percentage points [3] Operational Adjustments - Bed occupancy rate was nearly 80%, slightly down year-on-year, as the company adjusted patient admission strategies in response to ongoing medical insurance payment reforms [6] - Plans to add over 2,000 beds, representing a 30% increase, with new facilities under construction [6] Future Outlook - The company aims to stabilize and improve pharmaceutical segment performance through refined sales strategies and market coverage [7] - Anticipates significant recovery in performance starting from September, driven by proactive measures and strategic investments [8] - Focus on enhancing "health technology" positioning and exploring innovative business segments for future growth [8]

Group 1: Financial Performance - As of September 30, 2025, the total assets of the company reached 42.968 billion CNY, a year-on-year increase of 7.25% [2] - The operating revenue for the first three quarters of 2025 was 3.9 billion CNY, a decrease of 4.6% compared to the previous year [2] - The net profit attributable to the parent company was 1.027 billion CNY, an increase of 2.86% year-on-year [2] - Basic earnings per share were 1.0206 CNY, a decrease of 0.33% year-on-year [2] - In Q3 2025, operating revenue was 1.459 billion CNY, a year-on-year increase of 24.52% [3] - The net profit for Q3 2025 was 323 million CNY, a year-on-year increase of 9.93% [3] Group 2: Business Development and Strategy - The company aims to become a leading environmental protection industry group, focusing on technological and industrial innovation [2] - The business layout is structured as "1+2+N," emphasizing wastewater treatment, sludge disposal, and recycled water utilization [3] Group 3: Financial Management and Challenges - The current asset-liability ratio is 72.07%, a decrease of 1.15 percentage points from the end of 2024, aligning with the company's strategic development [4] - The company is actively working to reduce financial costs through debt replacement and optimizing financing methods [4] - Measures include replacing high-interest debt and utilizing low-cost financing tools like bank acceptance bills and perpetual bonds [4] Group 4: Future Outlook and Investor Relations - The company plans to continue focusing on its core business and expanding into quality projects based on market conditions [4] - Future dividend policies will consider operational performance, cash flow, funding needs, and investor demands [4]

Group 1: Market Dynamics and Material Performance - The potential for samarium iron nitrogen and cerium iron boron to replace neodymium iron boron is limited due to high prices of praseodymium and neodymium. Current samarium iron nitrogen on the market is primarily adhesive type, with sintered types still in R&D, making it less competitive [2][3] - In high-end applications such as consumer electronics and new energy vehicles, neodymium iron boron remains irreplaceable due to its superior performance characteristics, despite the introduction of lower-cost alternatives [3] Group 2: Production Capacity and Customization - The company’s products are highly customized and non-standardized, making it impossible to directly convert production capacity into neodymium iron boron equivalents. Capacity planning is based on specific order requirements and product characteristics [3][4] - The company has achieved small-scale delivery of magnetic materials for humanoid robots, which require high precision and dynamic response, but the overall impact on company performance is currently minimal [3] Group 3: Development of Rare Earth Alternatives - Two main approaches exist for reducing the content of regulated elements like dysprosium and terbium in magnetic materials: one through formulation design and process optimization, and the other via grain boundary diffusion techniques [4] - The company has successfully mass-produced N50SH materials and is in the small-scale validation phase for N52SH materials, with ongoing R&D for other high-performance rare earth-free materials [4]

Financial Performance - The company achieved operating revenue of 116,760.22 million yuan in the first three quarters of 2025, a year-on-year increase of 7.88% [2] - Net profit attributable to shareholders reached 18,497.91 million yuan, up 10.16% from the previous year [2] - Net profit excluding non-recurring gains and losses was 16,696.56 million yuan, reflecting a growth of 10.09% [2] Market Strategy - The company is actively participating in the "Twenty-Three Provinces" blood dialysis consumables alliance procurement, which has achieved nationwide coverage [3] - The company is focusing on the procurement of its innovative product, the "wet membrane" dialyzer, to enhance its market position [3][5] - The company plans to issue convertible bonds to raise up to 530 million yuan for expanding production capacity and R&D projects [3] Product Development - The wet membrane dialyzer is a domestically developed product that improves patient experience by reducing allergic reactions [6] - The company is advancing the clinical trials of its integrated artificial blood vessel project, which is crucial for dialysis patients [11] - The disposable dialysis catheter has gained market acceptance and won procurement qualifications, offering a competitive price advantage over imported products [12] Market Trends - The blood dialysis market is expected to grow steadily due to the increasing number of end-stage renal disease patients [7] - The domestic market is seeing a shift towards the localization of blood dialysis products, enhancing the competitiveness of domestic manufacturers [10] - The recent healthcare service price reforms are expected to standardize pricing and improve treatment quality in the industry [8][9] International Expansion - The company is accelerating its internationalization strategy, successfully registering products in countries like Indonesia and Mexico [13] - Focus on emerging markets along the "Belt and Road" initiative, which have significant population bases and growth potential [13]