杭州天地数码科技股份有限公司 投资者关系活动记录表 编号：2025-005 证券代码：300743 证券简称：天地数码 | 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） | | 华安基金 | 王斌；国元证券 唐小强；燕园资本 张德坤；华福证券 魏 | | 参与单位名称及人员姓名 | 群；上海拓牌基金 李小鹏。 | | 时间 | 2025年9月16日（星期二） | | 地点 | 杭州天地数码科技股份有限公司会议室 | | 上市公司接待人员姓名 | 副总经理、董事会秘书：吕玫航 | | 投资者关系活动主要内容 | | | | 1.2025年上半年公司营业收入达4.31亿元，同比增长19.58%，归 母净利润为6,260.79万元，同比增长32.37%。从业务结构来看，条码 | | | 碳带作为占营业收入88.67%的核心产品，其营收增长主要源于销量提 | | 介绍 | 升还是价格调整？ | | | 答：2025年上半年公 ...

Group 1: Company Overview - The company is a leading comprehensive water and environmental service provider in China, integrating investment, research and development, design, construction, and operation, with a complete industrial chain [2] - Main business segments include water supply, wastewater treatment, reclaimed water utilization, environmental protection, and engineering services, with environmental protection covering waste incineration power generation, leachate treatment, sludge disposal, and kitchen waste disposal [2] Group 2: Project Updates - In the first half of 2025, new projects put into operation include Chengdu Xiwayan Reclaimed Water Plant, Chengdu First City Sewage Sludge Treatment Plant (Phase III), and Qionglai Kitchen Waste Disposal Plant [3] - Ongoing projects include Chengdu Water Supply Plant (Phase III) with a remaining capacity of 400,000 tons/day in trial operation, and several other projects expected to be operational within 1-2 years [3] Group 3: Waste-to-Energy Projects - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons/day, sludge co-processing capacity of 800 tons/day, and kitchen waste processing capacity of 800 tons/day, expected to be operational in 2026 [3] Group 4: Market Expansion Strategy - The company focuses on deepening its presence in the Chengdu market while actively integrating water and environmental resources in surrounding areas, leveraging scale effects to create incremental performance [4] - Plans to expand nationally through mergers and acquisitions, enhancing industry layout and development momentum [4] Group 5: Capital Expenditure and Dividends - The company has significant capital expenditures due to multiple water supply and solid waste projects, with most projects expected to be operational within 1-2 years, leading to a gradual decrease in capital expenditure [5] - The company emphasizes shareholder returns, with anticipated increases in free cash flow as projects come online, aiming to enhance dividend levels while meeting operational funding needs [5]

Group 1: Company Overview and Market Position - COFCO Biotech is the only company approved to produce D-Alulose using specific enzymes in China, indicating a unique market position [1][2] - The company is actively expanding its D-Alulose market presence through self-built capacity and third-party collaborations [1][4] Group 2: Financial Performance and Stock Issuance - The non-public offering price is set at 9.38 CNY per share, while the current market price is 6.14 CNY, reflecting a significant discount [2][7] - The company aims to enhance shareholder value through strategic collaborations that exceed the capital value, compensating for the dilution of existing shareholders' equity [2][7] Group 3: Project Development and Future Plans - Current projects include a new starch sugar production facility with an annual capacity of 550,000 tons and a 30,000-ton lactide project, with ongoing expansions in Chengdu [2][7] - The D-Alulose project is expected to enter the food application market, with ongoing updates provided through regular reports and interactive platforms [1][4] Group 4: Regulatory and Market Environment - The company's strategy aligns with national policies promoting a unified market and reducing competition through technological upgrades rather than price competition [5][6] - The company has established a market value management system to enhance investment value and protect investor rights amid a significant market cap reduction of 5.9 billion CNY over seven years [7]

证券代码：300073 证券简称：当升科技 北京当升材料科技股份有限公司 投资者关系活动记录表 北京当升材料科技股份有限公司 投资者关系活动记录表 机、eVTOL 低空飞行器等市场中也具有广阔的应用前景，磷酸（锰） 铁锂则主要应用在中低续航电动车和储能领域。随着新能源锂电行 业的发展，三元材料和磷酸（锰）铁锂未来都有着广阔的市场前景。 公司作为高端锂电池正极材料供应商，已完成三元材料和磷酸（锰） 铁锂的多元化产品布局。三元材料持续放量，多项产品作为行业标 杆深度融入全球高端新能源车企及一线品牌动力电池供应链，磷酸 （锰）铁锂产品销量同比实现跨越式大幅提升，连续月度出货量近 万吨，深度绑定中创新航、中汽新能、瑞浦兰钧、宜春清陶、Power Co 等国内外客户，在动力、储能及 EV 领域实现应用。公司今后将 努力提升在这两个细分领域的市占率，谢谢。 二、公司如何展望 2025 年及未来的市场前景？ 答：您好，2025 年上半年，公司锚定年度经营业绩目标，在技 术创新突破、客户开发、产能建设提速等方面取得了显著成果，实 现营业收入 443,249.77 万元，同比增长 25.17%；实现归属于上市 公司股东的净利润 ...

Group 1: Company Overview - Yidao Information is a provider of smart electronic products and solutions, focusing on product definition and R&D design [2] - The company’s main business segments include rugged smart terminals and consumer smart terminals, with applications in smart manufacturing, transportation, energy exploration, and public utilities [2] Group 2: Business Performance - In the first half of 2025, the company achieved a revenue growth of 19.24% year-on-year [3] - The rugged smart terminal business grew by 24.71%, smart hardware by 16.27%, and XR and AIoT business by 27.60% [3] - R&D expenses increased by 2.71% year-on-year [3] Group 3: R&D Focus - The company is increasing R&D investments in AI, spatial computing, and native hardware to align with the AI+ industry development trend [3] - New R&D projects and patent applications have increased, leading to breakthroughs such as AI industry terminals, AI enterprise workstations, and AI glasses [3] - The establishment of Yidao Research Institute in January 2024 aims to collaborate with universities and research institutions to advance research in AI, perception technology, cloud computing, and spatial intelligence [3]

Group 1: Company Overview - The main business revenue comes from the production and sales of bulldozers, excavators, loaders, road rollers, graders, pavers, milling machines, concrete machinery, and core components like track chassis and transmission parts [2]. - The sales model includes a combination of agency distribution for main products and a mix of supply and agency sales for parts, along with expanding into operational leasing services [2]. Group 2: Excavator Business Development - The excavator market has seen significant growth in the first half of the year due to a combination of policy stimulation, infrastructure resilience, and inventory clearance [3]. - The company completed a strategic merger with Shandong Heavy Industry in December 2024, enhancing resource integration in R&D, manufacturing, sales, and service for excavators [3]. - The product range for excavators spans from 1.5 tons to 200 tons, achieving a market coverage rate of over 98%, with industry-leading technology in electronic control systems, noise reduction, and energy efficiency [3]. Group 3: H-Share Issuance - In July 2025, the company’s board approved the issuance of H shares and listing on the Hong Kong Stock Exchange [4]. - The company received approval from its controlling shareholder for the H share issuance and submitted the application to the Hong Kong Stock Exchange on August 28, 2025 [4]. - The proposed issuance will not exceed 15% of the total share capital post-issuance, amounting to a maximum of 264,731,100 shares, with pricing determined through market-based methods [4].

Group 1: Financial Performance - The company's gross profit margin decreased in the first half of the year due to changes in product revenue structure, intensified market competition, cost reduction pressures, and fluctuations in capacity utilization [2][3] - The gross profit margin is expected to improve as new orders are gradually produced and delivered, leading to a steady increase in capacity utilization [2][3] Group 2: Product Development - The company has made progress in solid-state/dry process equipment, with orders for various equipment being delivered to clients, including dry multi-roller film systems and ceramic twin-screw fiberization equipment [3] - The company has accumulated substantial technical reserves and validation data in its dual-line strategy for dry and wet processes, achieving order fulfillment across multiple equipment processes [3] Group 3: Future Strategy - The company aims to promote the industrial application of new materials, focusing on advanced coating technology and continuously developing micron and nanometer-level coating processes and equipment [3] - The core products are currently applied in lithium batteries, perovskite solar cells, display panels, and energy storage, with plans to enhance flexible production capacity and adjust product structure according to downstream industry cycles [3]

Group 1: Financial Performance - The company reported a net profit of -92.99 million in the first half of 2025, with a PE ratio of -208 times, raising concerns about its profitability [6] - Operating cash flow for the first half of 2025 was -788 million, indicating liquidity challenges [6] - The company aims to achieve a revenue of 1.2 billion from the Shenze Wind Power Project, which is still under construction [7] Group 2: Business Segments and Revenue Sources - The software business has a gross margin of 10.99%, significantly below the industry average of 18% [3] - Financial technology business revenue accounted for 30% of total revenue in the first half of 2025 [3] - Huawei cooperation accounts for over 54% of the company's business [3] Group 3: Strategic Initiatives and Partnerships - The company is actively involved in the development of the HarmonyOS ecosystem and has formed a dedicated development team [9] - Collaboration with Huawei spans multiple sectors, including smart cities and digital transformation for state-owned enterprises [10] - The company is focused on enhancing its AI capabilities and has developed over 100 joint solutions with Huawei [10] Group 4: Market Position and Competitiveness - The company’s revenue from financial clients was 30% of total revenue in the first half of 2025, despite facing competition [8] - The company does not consider itself marginalized in the AI computing field, providing infrastructure and services [8] - The stock price has increased by 5% in the first half of 2025, lagging behind the average increase of 18% in the innovation sector [6]

Group 1: Company Overview - The Chongqing enterprise group was established in 2009, officially commenced production in 2011, and began the second phase of construction in 2018, with the second phase starting production in 2020. The area covers approximately 800 acres, including a chicken farm of about 670 acres [1] - The Hangzhou enterprise group is located in Linping District, Hangzhou, covering around 200 acres, involving oil refining, packaging oil production, rice processing, and central kitchen operations [1] - The company has built a total of 83 production bases nationwide [1] Group 2: Health Products and Innovations - The company’s health products are primarily upgrades of existing products, including low GI rice and plant sterol products from the Taizhou factory, and low GI rice varieties from the Langfang central kitchen [2] - Future plans include launching more health-functional products [2] Group 3: Business Growth and Trends - The Chongqing enterprise group's flour business has shown good growth despite a slight decline in overall flour consumption in the industry, attributed to a refined product classification strategy [2] - The central kitchen food park in Chongqing is performing well, with ongoing negotiations for new clients and partnerships with local advantageous companies to enhance competitiveness [2] Group 4: Central Kitchen Operations - The central kitchen's design is standardized, with a height of approximately 8 meters, allowing flexibility to meet diverse production needs of food enterprises [2] - Clients in the central kitchen are responsible for procuring their own equipment, while the company provides raw materials, logistics, and supply chain services [2] Group 5: Egg Production and Sales - The egg production business is advantageous due to low market concentration, utilizing existing feed resources and sales channels, with a focus on high food safety standards [2] - The Chongqing chicken farm has a current stock of 750,000 hens, with sales channels including traditional supermarkets and local chains [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved a net profit of 41.1285 million CNY, an increase of 62.71% compared to the same period last year [2] - The company aims for sustainable growth in the second half of 2025 by leveraging competitive advantages established in the first half [2] Group 2: Product Applications and Advantages - Carbon dioxide polyether has applications in various fields, including automotive composite foam, polyester foam, and eco-friendly products, offering superior mechanical strength and chemical resistance compared to traditional polyethers [3] - The unique properties of carbon dioxide polyether allow it to replace imported specialty polyester polyols, enhancing performance while supporting green and low-carbon initiatives [3][4] Group 3: Technical Advantages - The carbon dioxide polyether product features a block structure of polycarbonate and polyether segments, improving stability and maintaining hydroxyl activity, classified as a green and efficient technology by the state [4] - The polyurethane materials made from carbon dioxide polyether exhibit excellent physical and chemical properties, making them suitable for a wide range of applications [4] Group 4: Market Potential - The carbon dioxide polyether project targets a broad market, including automotive composite foam, synthetic leather, and water-based polyurethane dispersions, driven by the demand for green and low-carbon products [5] - The global chemical industry is experiencing a shift towards green and low-carbon transformation, with significant growth expected in the market for green chemical products due to stricter carbon reduction policies [5][6] Group 5: Project Status and Future Plans - The carbon dioxide polyether project is currently under construction, with an expected completion and production start in the fourth quarter of 2025, subject to project progress and regulatory approvals [6] - The company has initiated a simplified procedure for issuing shares to specific investors, with ongoing updates to be disclosed as required [6]