Financial Performance - In Q3 2025, the company achieved a significant increase in performance, with revenue growing by 23.76% year-on-year and net profit attributable to shareholders increasing by 456.47% compared to the same period in 2024 [2] - The company has maintained a steady growth trajectory despite market fluctuations, focusing on long-term strategic goals and enhancing core business capabilities [2] Market Expansion - The company has made significant strides in both domestic and international markets, achieving key milestones in market penetration and product orders [2] - Domestic market growth is driven by the normalization of the cultural and tourism market, with increasing investment and diverse operational structures [4] - Internationally, the company is expanding into emerging markets such as Southeast Asia, the Middle East, and Latin America, while also targeting high-end markets in Europe and North America [6] Technological Innovation - The company has successfully developed and delivered new products, including a new type of launch coaster, showcasing its technological advancements and filling gaps in the domestic market [7] - Continuous investment in AI and robotics is aimed at enhancing product offerings and expanding into new market segments [7] Strategic Partnerships - The company has formed a partnership with Shanghai Matrix Super Intelligence to explore AI and robotics applications in the cultural and tourism sectors, enhancing its product development capabilities [8] - Future investments will focus on key technologies, core components, and application scenarios to strengthen the company's market position [8]

Group 1: Financial Performance - The company achieved a revenue of 1.419 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 25.81% [2] - Revenue from drug development and commercialization reached 1.179 billion yuan, with a year-on-year increase of 34.91% [2] - The net cash flow from operating activities significantly improved to 543 million yuan, up 187.74% year-on-year, indicating enhanced operational efficiency [2] Group 2: Client and Market Development - Revenue from multinational pharmaceutical companies (MNCs) reached 514 million yuan, growing by 68% year-on-year, accounting for 36% of total revenue [3] - New orders in the CDMO sector increased by 15%, with orders for peptides and ADCs growing over 100% [2] - The company is focusing on deepening collaborations with leading global pharmaceutical companies, enhancing client retention [2] Group 3: Capacity and Technology Investments - The 503 workshop was launched in February 2025, adding a capacity of 190 m³, with expectations to reach full utilization by 2026 [3] - The company plans to expand its TIDES research team to approximately 100 members by the end of 2025 and is constructing a new R&D building [5] - Capital expenditures will focus on expanding new molecular capacities, integrating low-carbon chemical technologies, and strategic overseas site development [5] Group 4: Cost Management and Future Outlook - Total sales, management, R&D, and financial expenses for the first three quarters of 2025 were 283 million yuan, a decrease of 9.88% year-on-year [4] - The company anticipates a rise in R&D expenses due to ongoing investments in AI pharmaceuticals and continuous flow chemistry [4] - The outlook for global CDMO demand remains optimistic, driven by favorable market conditions and increased investment in next-generation therapies [4] Group 5: Geographic Revenue Distribution - Approximately 70% of total revenue comes from overseas markets, with North America contributing about 50% and Europe around 15% [8] - Domestic market revenue accounts for about 30%, with a notable increase in demand from domestic biotech companies [8] - The company expects strong growth potential from the domestic biotech sector due to improved financing conditions and accelerated new drug approvals [8]

Financial Performance - The company achieved a sales revenue of 15.838 billion CNY in the first three quarters, representing a year-on-year growth of 12.36% [3] - Net profit decreased by 30.89% due to a decline in gross margin, which was 29.70%, down approximately 6.9 percentage points year-on-year [3] - In Q3 alone, sales revenue was 4.654 billion CNY, with a net profit of only 290 million CNY, indicating significant declines compared to previous periods [3] Business Segments - The civil sector showed significant contributions, with revenue growth rates exceeding 50% in both the new energy vehicle and data center businesses [3] - The defense sector's orders and planned volumes increased year-on-year, with inventory reaching 5.7 billion CNY, a growth of over 20% since the beginning of the year [3] Strategic Outlook - The company plans to enhance internal resource allocation to capitalize on growth opportunities in the automotive sector, particularly in new energy vehicles [3] - There will be a focus on accelerating cash flow from defense sector clients and improving overall performance through cost reduction and efficiency enhancement measures [3] Accounting Policy Changes - The company is changing its accounting policy for cost allocation and product valuation methods to improve precision in cost management and support better pricing strategies [4] - The new accounting policies will take effect on January 1, 2026, in response to the need for more accurate cost accounting due to a complex external environment [4] Future Business Prospects - The civil business is expected to perform strongly, while the defense business is showing signs of recovery in planned volumes and orders [5] - The company anticipates continued growth in the new energy vehicle sector, with a year-on-year growth rate exceeding 50% [12] Impact of Material Costs - The rise in gold prices is estimated to impact the defense business's gross margin by approximately 1%-2% [10] - The company is actively managing the effects of commodity price fluctuations through cost control initiatives and process optimizations [10] International Expansion - The company aims to become a global leader in interconnection solutions, facing challenges in international business expansion due to current geopolitical and supply chain dynamics [13] - Efforts will be made to enhance global resource allocation and integrate into the global supply chain while promoting local strategies in key regions [13]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 13.61 billion, a 4% increase year-on-year [2] - Net profit attributable to shareholders was CNY 412 million, a decrease of 27.2% compared to the same period last year [2] - Basic earnings per share stood at CNY 0.3, with a weighted average return on equity of 5.76% [2] - In Q3 2025, revenue was CNY 4.764 billion, down 6.49% year-on-year, and net profit was CNY 73.46 million, a decline of 74.58% [2] Operational Metrics - Total asset value as of September 30, 2025, was CNY 16.817 billion, a decrease of 4.25% from the end of the previous year [2] - The company’s net assets attributable to shareholders increased by 2.21% to CNY 7.17 billion [2] - Feed business sales volume reached 2.12 million tons, a 3.62% increase year-on-year, with Q3 sales at 776,000 tons, up 11.8% [2][3] - The company slaughtered 2.2823 million pigs in the first three quarters, a 6.46% increase year-on-year, with Q3 slaughtering at 754,100 pigs, up 1.58% [3] Cost Management - The comprehensive cost of pig farming in Q3 was CNY 12.78/kg, down from CNY 13/kg in the first half of the year [4] - The cost reduction was primarily due to lower feed, medicine, and piglet prices [4] - In Gansu, the cost dropped to CNY 12.25/kg in September, attributed to improved management and production efficiency [4] Production Capacity - The company maintained a stable breeding sow population of around 140,000, with a planned reduction of 3% in line with national policies [5] - The annual slaughter target was initially set at 3.5-4 million pigs, now expected to be around 3.3 million [5] Production Indicators - The current PSY (Pigs per Sow per Year) is approximately 27, with a fattening survival rate of 96% and an annual production cycle of 2.2 [6] - In the first nine months, the total pig slaughter included 357,000 piglets, with Q3 figures showing 83,600 piglets [7] Feed Business Insights - Q3 feed sales increased significantly, with pig feed sales at 462,300 tons (up 18%) and poultry feed at 165,500 tons (up 8%) [8] - The company anticipates challenges in the fourth quarter due to a rapid decline in pig prices, but aims to enhance production efficiency and reduce costs [8]

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 ...