Group 1: Technical Advantages in BOPA Industry - The company has developed significant technical advantages in the BOPA industry, mastering multiple production techniques including mechanical stretching and magnetic levitation linear motor stretching, allowing for flexible customization to meet downstream client needs [1] - The company has established a comprehensive system for masterbatch formulation design and performance optimization, achieving breakthroughs in material blending and co-extrusion processes, enhancing material performance and functionality [2] Group 2: Solid-State Battery BOPA Film Material - The company's solid-state battery BOPA film material is well-suited for the development needs of solid-state batteries, offering advantages such as high energy density, safety, and long cycle life [3] - The soft-pack encapsulation solution using the company's BOPA film material is highly compatible with solid-state battery technology, addressing challenges related to flexibility and internal stress management [3] - The company’s subsidiary, Xiamen Changsu, pioneered the solid-state battery BOPA film material and has collaborated with industry partners to establish standards for aluminum-plastic composite films used in solid-state batteries [4] Group 3: Expansion in Indonesia - The company is establishing a high-performance membrane material project in Indonesia to address capacity bottlenecks and meet growing downstream demand across various sectors [5] - The Indonesian production base offers strategic advantages, including proximity to key markets and favorable tariff policies, enhancing the company's global competitiveness and risk management [5] - The project includes two phases with a total planned capacity of 90,000 tons per year, with the first production line already operational, adding 25,000 tons of overseas capacity [6] Group 4: BOPP Film Production Progress - The first BOPP film production line was launched in November 2025, with a second line expected to be operational in the second half of 2026, focusing on thin and ultra-thin film products [7] - The BOPP film products are positioned for applications in thin film capacitors and battery electrode manufacturing, featuring high self-healing properties and stringent electrical performance standards [7] - The BOPP film industry has high entry barriers due to the technical complexity of production processes and material formulations, which are critical for achieving unique product characteristics [7]

Group 1: Investor Relations Activities - The investor relations activities included a telephone conference held on January 26, 2026, from 13:30 to 14:30, with participation from Yongying Fund and Wanji Fund [2] - Additional telephone conferences were scheduled for January 27 and January 28, 2026, with various investment firms participating [3][4] Group 2: Industry Outlook and Product Pricing - The current industry outlook is positive, with the company's core product, electronic packaging materials, operating at full capacity [4] - The company is monitoring market conditions and may adjust product prices in response to rising costs from downstream customers [5] Group 3: Competitive Advantages - The company has established a strong customer base in the electronic information industry, providing a solid foundation for new product introductions [6] - It is one of the earliest companies in China to develop MLCC (Multi-Layer Ceramic Capacitor) release films, achieving stable supply to major clients [6] - The company has significant technical expertise in precision coating technology, enhancing its competitive edge in the release film market [6] Group 4: Production and Expansion Plans - The Tianjin production base is currently in the equipment debugging phase, with trial production expected to start within the first quarter of 2026 [7] - The company plans to leverage its new facility to enhance supply capabilities to strategic customers in North China, particularly Samsung [7] Group 5: Financial Health and Capital Expenditure - The company maintains sufficient bank credit limits and a normal debt ratio, ensuring financial stability for future capital expenditures [8] - It plans to conduct refinancing in line with the expansion pace of release film production [8] Group 6: Research and Development - The company is actively developing high-end release films for various applications, aiming to break foreign monopolies and achieve domestic substitution [7] - Beijing Critical Field Technology Co., in which the company holds a 22.5% stake, is focused on high-temperature superconductors and is expected to begin trial production mid-year [8]

Q3:标的公司的应收账款情况和商誉情况如何？ A： 报告期各期末，标的公司应收账款账龄构成情况如下 单位：万元 | 账龄 | 2025.8.31 | 2024.12.31 | 2023.12.31 | | --- | --- | --- | --- | | 0-3 月 | 74,778.97 | 71,147.16 | 65,885.34 | | 3-6 月 | 5,716.82 | 4,966.31 | 5,452.21 | | 6-12 月 | 1,808.29 | 1,090.82 | 1,206.16 | | 1-2 年 | 672.59 | 902.03 | 448.57 | | 2-3 年 | 267.63 | 287.02 | 128.97 | | 3-4 年 | 157.10 | 115.89 | 75.23 | | 4-5 年 | 95.89 | 70.21 | 106.80 | | 5 年以上 | 460.51 | 390.30 | 283.50 | | 账面余额合计 | 83,957.79 | 78,969.73 | 73,586.79 | | 减：坏账准备 | 1,948.25 | 1 ...

Group 1: Company Overview and Strategy - The company has focused on the fiber sector for over 20 years, becoming a trusted partner for global automotive and tire enterprises, emphasizing innovation as a key driver for sustainable development [2][3] - The transition from "manufacturing" to "intelligent manufacturing" is a critical phase, with ongoing investments in R&D and technology breakthroughs [3] - The company aims to align its transformation with national strategic needs, setting clear goals for technology iteration and industrial upgrading over a five-year strategic cycle [3] Group 2: New Materials Development - Projects in new materials are progressing, focusing on high-performance fibers for applications in composite materials and hydrogen energy [4] - The company has achieved batch sales of PPS long fibers and is testing applications in hydrogen membrane fields [4] - The R&D efforts are concentrated on fiber products, showcasing innovation capabilities in new materials while also making progress in fine chemicals to achieve import substitution and reduce production costs [4] Group 3: Competitive Advantages - The company possesses over 20 years of experience in fiber spinning and modification, establishing a mature technology system in high-end automotive and industrial fibers [5] - It has a full supply chain capability from raw material processing to finished product production, ensuring cost control and quality stability [5] - The company has received certifications from multiple high-end clients, securing a place in core supply chains [5] Group 4: Strategic Projects and Collaborations - The implementation of LCP resin and spinning oil agent projects is a key move in the dual-driven strategy of stabilizing traditional business and seeking growth in emerging sectors [6] - A joint innovation center has been established with Donghua University, enhancing the company's core competitiveness in high-end new materials and promoting the application of research outcomes [7] Group 5: Market Trends and Future Outlook - The industry concentration is expected to increase, with high technical and customer certification barriers in the curtain fabric sector [8] - The rise of domestic new energy vehicles presents growth opportunities for automotive fiber businesses, particularly in safety belt and airbag fibers [9] - The company is expanding production capacity in Vietnam, focusing on polyester industrial yarn and curtain fabric to meet global demand [11] Group 6: Financial and Investment Strategy - The company plans to focus capital expenditures on expanding overseas production bases and industrializing new materials developed by its research institute over the next three years [14] - Investments are being made through an industrial fund to secure high-quality resources in new materials, particularly in high-performance fibers and life sciences [13]

Group 1: Company Overview and Strategy - The company achieved growth in operating performance driven by the dual engines of "steady upgrade of imaging optical business" and "rapid expansion of communication optical business" in 2025 [2] - The company will continue to focus on the optical main track, deepen technological research and development, optimize product structure, and seize market opportunities to deliver better performance to investors [2] Group 2: Production and Supply Chain - The company has completed the construction of the optical isolator product line and is actively expanding capacity through optimization and personnel increases to seize market opportunities and enhance delivery capabilities [3] - The price of optical isolator products is affected by China's rare earth export controls, and the company will closely monitor policies and market dynamics to optimize operational strategies [3] - The supply of Faraday rotators is currently tight due to global supply chain issues and China's rare earth export control policies, which have directly impacted upstream raw material supply [3] - The company recognizes the importance of ensuring stable supply of core raw materials for the successful release of communication optical business capacity [3] Group 3: Market and Product Outlook - The company is optimistic about the development of communication optical products in 2026, driven by the booming demand for AI computing power [4] - The company has completed the expansion of consumer electronics products, and the supply of core products, such as spin-coated optical filters, is stable and gaining market recognition [4] - The company believes that the dual-engine strategy of a stable consumer electronics base and a strong new engine in communication optics will further solidify and elevate overall performance in 2026 [4]

Group 1: Tire Mold Business - The tire mold business has a systematic pricing mechanism that considers specifications, processing difficulty, complexity, and order cycle, with a gross margin of 40.21% in H1 2025, down by 1.00 percentage point year-on-year due to product structure changes and an increase of over 1,000 personnel [1] - The overseas production capacity for tire molds accounts for approximately 10%, with subsidiaries established in countries including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia [1] - The lifespan of tire molds is influenced by usage and design updates, with increasing frequency of pattern updates [2] - Raw materials constitute about one-third of the cost in the tire mold business, primarily consisting of forged steel and aluminum ingots [4] Group 2: Wind Power and Gas Turbine Business - The company can adjust production capacity between wind power and gas turbines, particularly in casting and precision machining [2] - The large component machinery products are currently operating at full capacity, with significant growth in both wind power and gas turbine components in H1 2025 [2] - Major clients for the gas turbine business include GE, Mitsubishi, Siemens, Shanghai Electric, Dongfang Electric, and Harbin Electric [2] - A new 65,000-ton casting expansion project has been initiated, with an additional 70,000-ton casting capacity planned, subject to market conditions and order changes [2] Group 3: CNC Machine Tool Business - Since launching in 2022, the CNC machine tool products have seen repeat orders, with a revenue of approximately 800 million yuan from January to September 2025 [3] - The CNC machine tool business includes self-produced components such as machine beds and functional parts like cradle turntables [3] - The product range includes vertical five-axis machining centers, precision machining centers, ultra-hard tool five-axis laser machining centers, and horizontal five-axis machining centers, serving industries like electronics, automotive, precision molds, and semiconductors [3] Group 4: General Observations - The company is actively enhancing its global production service system to better respond to market demands and provide localized services [1] - Future business growth may be influenced by market changes, supply-demand relationships, and policy dynamics [2]

Group 1: Company Overview - Yantai Shichuan Sealing Technology Co., Ltd. is focused on the automotive industry, particularly in the application of metal-coated boards for sealing and noise reduction in brake systems [2][3] - The company’s metal-coated boards are high-performance composite materials made from stainless steel and rubber, used in various automotive sealing applications [2][3] Group 2: Market Demand and Orders - The company reports a stable order situation, continuing the positive trend from the previous year, with efforts to expand market share and develop new customers [4] - The automotive sector, including both new vehicle production and the maintenance market for existing vehicles, presents significant growth opportunities, with millions of new cars and a maintenance market of several hundred million vehicles [3][4] Group 3: Competitive Advantages - The company has maintained a leading position in the sealing gasket sector through advanced technology and consistent product quality, which has helped increase market share [5] - The performance of the metal-coated boards is nearing international standards, and the company offers competitive pricing compared to imported products, enhancing its value proposition [5] Group 4: New Energy Vehicle Segment - The company is actively engaging with leading new energy vehicle manufacturers, with growth in sealing business for hybrid and extended-range models, although the revenue contribution remains low due to lower unit value [6] Group 5: Impact of Project Delays - The delay in the "Sealing Gasket Technology Upgrade and Expansion Project" has not adversely affected the company’s overall performance, as it focuses on optimizing existing capacity and enhancing product competitiveness [7] Group 6: Export and International Market Expansion - The company has been expanding its international market presence, with direct exports to well-known manufacturers like Cummins (USA) and Doosan (South Korea), and anticipates significant growth in direct export revenue this year [8][9] - The company is also developing relationships with overseas clients in countries such as Russia, India, South Korea, and Italy, which is expected to support future performance [9]

Group 1: Fundraising and Project Adjustments - The company announced a change in fundraising strategy, terminating the "Expansion of Large-Sized Light Guide Plate Project" to enhance the efficiency of fund usage [1] - Remaining funds will be redirected to the TAC film project at Anhui Jiguang and the reflective polarizing film project at Suzhou Yijia [1] - The company aims to extend its business from light guide plates to adjacent fields, establishing a second growth curve through these optical films [1] Group 2: Market Analysis and Competitive Landscape - The demand for TAC film is projected to reach 1.229 billion square meters by 2025, with over 70% of panel production capacity located in mainland China [2] - TAC film constitutes over 50% of the cost of polarizing film materials, significantly impacting the profitability of polarizing film manufacturers [2] - Currently, the TFT-grade TAC film used in mainland China is heavily reliant on imports, with Japanese suppliers holding approximately 75% of the global market share [2] Group 3: Project Progress and Development - Anhui Jiguang obtained the construction permit for its factory in June 2025, with steady progress in construction [2] - Major equipment for the TAC film project is expected to be delivered and tested in the first half of this year [2] - Initial test results of trial films sent to downstream polarizing film and panel manufacturers show no significant discrepancies from internal testing results [2]

证券代码：001233 证券简称：海安集团 海安橡胶集团股份公司 投资者关系活动记录表 编号：2026-009 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 活动参与人员 参与单位名称 及人员姓名 参与单位名称及人员姓名（排名不分前后）： 景顺长城基金管理有限公司：王开展、范顺鑫、曹雅倩 国泰海通证券股份有限公司：刘威、李沁人、张元 上市公司接待人员姓名： 董事会秘书 林进柳 证券事务代表 郑伟达 时间 2026 年 1 月 28 日 地点 公司会议室、线上视频会议 形式 线上交流 交流内容及具 体问答记录 1、未来行业需求发展趋势如何？全钢巨胎市场空间有多大？ 答：全钢巨胎作为重型矿用自卸卡车（负载 90 吨以上）的核心消耗品 之一，根据加拿大 Syncrude 公司的研究，对于一个大型露天矿山中的车辆 运营费用，轮胎消耗成本占比约为 24%，其市场需求与全球采矿业的发展紧 密相连。现行全球主要矿产资源探明储量及开采总量多年来保持增长趋势 （如铁矿石、铜矿石等），直接拉动了对全钢巨胎的配套需求。另国家政策 鼓励加大矿 ...

Group 1: New Retail Channel Development - The company has successfully entered the Sam's Club retail channel and launched customized products, enhancing brand image and product value [1] - The collaboration with new retail channels is based on a customized model, which helps avoid direct price competition and improve brand image [1] - Future plans include deepening cooperation with leading retailers and exploring more customized, high-quality product lines [1] Group 2: Market Recovery Expectations - The company observes a clear trend of consumers pursuing cost-effectiveness, with stable demand for low-priced products [2] - Overall market recovery is expected to be gradual, with the company closely monitoring changes in the dining and retail sectors to adapt product and channel strategies [2] Group 3: Core Development Plans for the Next 2-3 Years - The company’s development plans focus on four main areas: optimizing hot pot products, expanding deep processing of aquatic products, developing snack food categories, and exploring baking-related businesses [3] - The realization of these plans depends on positive progress in market and channel factors, which introduces uncertainty [3] Group 4: Cost Control and Financial Management - The increase in sales expense ratio is attributed to a contraction in revenue scale, leading to a higher expense proportion [4] - Future plans include enhancing detailed management and budget control of expenses, ensuring efficient allocation of marketing and channel investments [4] - The company aims to improve expense ratios as new channels and products gradually scale up, making cost control a continuous operational focus [4] Group 5: Product Development Challenges - The company is focusing on new product development in the hot pot category, emphasizing quality and optimizing existing products while developing exclusive new products based on channel needs [5] - Continued investment in research and development is prioritized to achieve breakthroughs in product formulation and technology, enhancing product competitiveness [5]