定 5-6 亿湿吨镍矿资源的供应，并已在印尼建立四大镍原料产业 基地，打通资源、冶炼、材料的垂直一体化产业链生态。 2、对此次镍价上涨周期怎么看？ 答：公司持续完善一体化产业链生态的搭建，LME 镍价上涨 对公司经营利润有积极影响。 3、公司与下游客户的谈价周期和定价机制是什么，是否受 上游金属价格波动影响？ 答：公司与大客户主要签订长期合作协议方式，协议时间至 少三年以上。公司采取"以销定产"的经营策略以及"主要原材 料成本+加工费"的价格传导定价机制，辅以套期保值业务，最 大程度降低原材料价格波动的直接影响。 4、公司 2025 年镍系三元未来增长驱动因素有哪些？ 答：展望未来，基于中国市场对长续航需求提升、单车带电 量提升、固态电池产业化、欧洲新能源车需求向好，未来镍系材 料仍然具备较大市场增长空间。 5、公司磷酸铁锂相关的资源布局、开采情况及成本等信息？ 答：产能布局方面：目前公司在贵州开阳布局了 20 万吨磷 酸铁和 5 万吨磷酸铁锂产能。资源布局方面：磷资源，公司在贵 州开阳掌控优质磷矿资源，磷矿资源量达 9844 万吨，平均品位 25%；规划年开采量 280 万吨，近期即将启动动工；锂资源，公 ...

山东山大电力技术股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系活 动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（ 请文字说明其他活动内容） 形式 线下交流 参与单位名称 及人员姓名 中信建投证券：张玉龙 时间 2025年12月30日 地点 济南市高新区孙村街道飞跃大道3916号 山大电力会议室 上市公司接待 人员姓名 总经理：王剑 副总经理：齐曙光 总工程师：赵传刚 董事会秘书：赫秀梅 证券事务代表：王越 投资者关系活 动主要内容介 绍 1、公司在手订单情况介绍，2026年收入和利润规划？ 答：截至目前，公司电网智能监测和新能源两大业务板块 在手订单情况总体保持稳定。 公司上市后，全面统筹规划未来发展战略与经营目标，将 继续稳步推进各项业务拓展，2026年具体的业绩情况请以公司 后续发布的公告为准。 2、公司产品在变输配电各环节的分布情况？未来各环节的发展 规划如何？ 答：公司电网智能监测产品主要集中在变电侧、输电侧，配 电侧相对低一些。 未来，随着国产化替代、存量市场更新迭代、增量市场、特 高压项目的密集建设、人工智能 ...

Group 1: Corporate Governance and Management - The company has implemented a comprehensive governance structure, establishing the shareholders' meeting as the highest authority and ensuring the board of directors makes scientific decisions while granting the management team operational autonomy within authorized limits [2][3] - A "1+M+N" system has been established to strengthen the board's role in decision-making and ensure effective management, with a focus on internal control and compliance [2][3] - The company has optimized its management processes to enhance decision-making efficiency and compliance management, integrating risk prevention mechanisms [2][3] Group 2: Value Creation and Operational Efficiency - The company is advancing nine major transformations across production, market, and supply chain to build a multi-dimensional value creation system [4] - Continuous improvement in production management has been emphasized, focusing on quality management, cost control, and production efficiency [4] - Digital transformation efforts are aimed at enhancing operational efficiency and reducing costs through data governance and application [4] Group 3: Shareholder Returns - The company prioritizes shareholder returns, distributing cash dividends based on profits, with a total cash dividend of ¥281,853,934.10 distributed to shareholders as of September 30, 2025 [5] - The cash dividend distribution is set at ¥1.00 per 10 shares, with no stock bonuses or capital reserve transfers [5] Group 4: Product Strategy - The company is focusing on consumer demand by implementing a big product marketing strategy, creating a product matrix that includes major brands like Yanjing U8 and Yanjing V10 [6] - A diversified marketing strategy combining beer and beverages is being pursued to optimize the product matrix and enhance market presence [6]

Group 1: Company Overview and Activities - The company, Ningxia Dongfang Tantalum Industry Co., Ltd., held investor activities on December 29 and 30, 2025, including site visits and meetings with various investment firms [2][3]. - Key personnel involved in the investor activities included the Chairman, Huang Zhixue, and the Deputy General Manager and Secretary of the Board, Qin Hongwu [2]. Group 2: Pricing and Market Dynamics - The company's product pricing is determined through a cost-plus model, considering market demand, inventory structure, customer orders, and resource endowments [4][6]. - There is a lag in the transmission of raw material price changes to finished product sales prices due to factors like pricing models and market competition [4]. Group 3: Future Development and Market Trends - The domestic demand for high-value products such as high-temperature alloys and semiconductor tantalum targets is gradually increasing, driven by the development of high-tech and new infrastructure industries [7]. - The company is focusing on technological upgrades and production capacity expansion to meet the growing domestic demand for high-purity niobium and tantalum products [7][10]. Group 4: Strategic Planning and Investment - The company plans to enhance its core business in tantalum and niobium, emphasizing technological innovation and lean management to achieve scale and quality [9]. - Recent changes in the tantalum and niobium industry necessitate the optimization of product structure and increased investment in new demand areas [10]. - The company is advancing its fundraising project to address outdated production equipment and insufficient capacity in response to market demands for high-temperature alloy products [10].

Group 1: Industry Trends - The PCB industry is projected to grow with revenues and production increasing by 15.4% and 9.1% respectively in 2025, driven by demand for AI data center servers and switches [3] - The compound annual growth rate (CAGR) for high-layer boards and AI HDI boards is expected to reach 22.1% and 17.7% from 2024 to 2029 [3] Group 2: Company Core Competencies - The company leverages innovative R&D models to enhance its competitive capabilities, focusing on segmented markets and application scenarios [4] - Collaborative R&D with downstream PCB industry clients aims to address process challenges and meet advanced manufacturing needs [4] Group 3: Product Developments - The demand for high-layer and high-density PCBs is increasing due to the rise of AI servers and high-speed switches, necessitating higher quality standards for signal integrity [5] - New products, such as a CCD six-axis drilling machine with 3D back drilling capabilities, have been developed and certified by industry leaders for mass procurement [5] - The company is also optimizing laser drilling solutions to meet the high precision requirements for emerging applications in AI smartphones and optical modules [6] Group 4: Market Positioning - The company provides high-reliability processing solutions to meet the increasing demands for thickness ratios, impedance tolerances, and signal integrity in AI server applications [7] - The strategic positioning in production capacity and delivery enhances the competitiveness of downstream clients in the PCB market [7]

Group 1: Company Overview - The company was established in 2003 and focuses on the R&D, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [3] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [3] - The company aims to expand its product range and application fields while exploring new materials, particularly in high-performance carbon fiber [3] Group 2: Carbon Fiber Project Objectives - The purpose of developing carbon fiber projects is to enter a market dominated by a few companies, primarily in the aerospace sector, where prices are high [4] - The strategic goal is to create synergy with existing BOPET film business and enhance R&D and manufacturing capabilities to meet high-end market demands [3][4] Group 3: Carbon Fiber Product Targeting - The focus is on T800 grade and above, M grade high-performance carbon fibers, targeting high-end applications in aerospace and advanced equipment manufacturing [4] Group 4: Capacity Management - The company has a 350-ton capacity for carbon fiber, which aligns with high-performance positioning and high-end market needs [5] - The strategy includes focusing on M grade and T800 products, which cater to customized small-batch demands in aerospace and high-end equipment [5] - High-performance carbon fiber offers significant added value, with profitability driven by performance premiums rather than scale effects [5]

Group 1: Business Segments Overview - The company operates three main business segments: Smart Display, Cultural Tourism, and AI & Spatial Computing [1][3][4]. - The Smart Display segment focuses on comprehensive marketing strategies, enhancing hardware and software integration, and utilizing AI for operational monitoring [1][2]. - The Cultural Tourism segment has participated in 9 out of 20 immersive tourism demonstration cases released by the Ministry of Culture and Tourism, emphasizing night economy and digital exhibition [3][13]. Group 2: International Expansion - Since acquiring Planar in 2015, the company has actively pursued an "outbound" strategy, establishing localized services and channel development to meet diverse overseas market demands [2][6]. - As of 2024, overseas business accounts for 50% of total operations, with a 50% year-on-year increase in new orders in the North American market [6][7]. Group 3: Technological Innovations - The AI & Spatial Computing segment leverages Optitrack motion capture technology, which has applications in various industries including robotics and sports training [4][10]. - The company has developed multiple advanced technologies, such as Lydia motion model and markerless capture, to provide tailored solutions for clients [5][10]. Group 4: Future Strategies and Goals - The company aims to shift its strategic focus from "scale expansion" to "value creation," enhancing technology R&D and global marketing networks [14][15]. - The integration of cultural tourism and night economy initiatives is expected to drive new growth opportunities, supported by government policies to boost consumption [13][14].

Group 1: Business Development - The company has a diverse range of nuclear power products, covering various equipment categories, which presents market opportunities due to the acceleration of domestic production in the nuclear power industry [2] - The company is focusing on timely delivery of nuclear power orders to enhance customer cooperation and is actively exploring new application scenarios in the nuclear power sector [2] - The company aims to optimize resource integration with EBK Company to enhance collaborative efficiency and capture global composite pipe market demand [2] Group 2: Alloy Materials Business - The alloy subsidiary focuses on material research and technological innovation, establishing a comprehensive production control system to ensure product quality stability [3] - The company is supporting the alloy subsidiary's capacity ramp-up through resources in finance, technology, talent, and market channels to facilitate business transformation and high-quality development [3] Group 3: Future Development Plans - The company has clear short-term goals and long-term strategic visions, aiming for scale expansion and quality improvement to create greater value for shareholders [3] - Mergers and acquisitions are a key strategy for enhancing the industrial chain layout and core competitiveness, with a dedicated team established for project selection and advancement [3] - The company plans to accelerate smart manufacturing and digital transformation to improve production efficiency and overall operational management [3]

Group 1: Company Overview - The company is Shandong Boyuan Pharmaceutical Chemical Co., Ltd., with stock code 301617 and abbreviation Boyuan Co., Ltd. [1] Group 2: Production Capacity - The current production capacity for iodide products is 4,100 tons/year, with trial production at 4,000 tons/year [2] - Inorganic iodides include potassium iodide, potassium iodate, sodium iodide, hydriodic acid, and cuprous iodide; organic iodides include trimethyl iodide and iodomethane [2] Group 3: Applications and Market Distribution - Iodine and its derivatives are crucial raw materials in medical, agricultural, industrial, and nutritional fields, with applications in X-ray contrast agents, disinfectants, pharmaceuticals, LCD and LED screens, and more [2] - The three core application areas—medical manufacturing and LCD panel manufacturing—account for approximately 63% of global iodine consumption [3] - Major iodine production is concentrated in Chile, Japan, and the USA, which together account for 88% of global sales [3] Group 4: Market Trends - The procurement price of iodine has shown an upward trend in recent years, with prices rising from 2020 to 2023 and stabilizing at relatively high levels without significant declines [3] Group 5: Financial Status - The company currently has a strong financial position, with healthy cash flow that adequately covers daily operations and project investments, indicating no financial pressure [3]

Sales Performance - The sales situation for the first three quarters of the year has been disclosed in the Q3 report, with the fourth quarter being a peak sales season for the company. The autumn and winter products have received positive market feedback, and sales are better than expected across various brands and channels [3]. - The Hush Puppies adult footwear category has started self-operated sales, contributing additional revenue, although its sales proportion remains low as it is still in the early stages [3]. Children's Clothing Strategy - The company maintains a pricing strategy for its children's clothing brands, including Hush Puppies, Water Kids, and Haggis. This strategy has impacted revenue growth but has preserved brand value and targeted the right consumer base. Future plans include continuous product and service upgrades and enhancing store image [3]. Adult Footwear Development - The adult footwear business for Hush Puppies began self-operation in Q4 2025 after the expiration of the previous online authorization on June 30. Although current sales are small, the growth trend is positive, with plans to open more independent stores in the future [3]. - The main price range for Hush Puppies adult shoes is between 900 RMB and 1700 RMB [3]. Marketing and Sales Expenses - The company plans to maintain stable sales expenses in the short term while focusing on product upgrades. Marketing activities will include collaborations, online promotions, and offline advertising as the brand develops [4]. - In the medium to long term, the company may increase promotional investments to enhance brand recognition and accumulate brand momentum [4]. Dividend Policy - The company aims to maintain a relatively stable dividend ratio as part of its commitment to return value to investors. With improving profitability and in the absence of significant capital expenditures, there is potential for increasing the dividend ratio in the future [4].