Group 1: Company Strategy and Development - The company aims to upgrade its ecological chain strategy during the "15th Five-Year Plan" period, focusing on internal core capabilities and external collaboration within the industry chain to enhance operational efficiency and core competitiveness [1][2] - The company is adapting to the new generation of consumer demands and lifestyle changes, promoting systematic transformation in strategic positioning, business layout, and operational models [2] Group 2: Targeting Young Consumers - The company is innovating products to meet the emotional and experiential needs of young consumers, focusing on low-alcohol products and new consumption scenarios [3] - New product lines include low-alcohol beverages and innovative items like craft beer and fruit wines, catering to the preferences of younger demographics [3] Group 3: Low-Alcohol Product Advantages - The company has established a strong technical foundation for low-alcohol products, ensuring quality and taste, which are critical for market differentiation [4] - The 38-degree product has gained recognition in key regions, reflecting consumer trust and market validation [4] Group 4: Pricing Strategy for Guojiao 1573 - The pricing strategy for Guojiao 1573 is based on maintaining long-term brand value and stability, avoiding short-term fluctuations in response to market changes [5] - The brand's pricing logic considers both value-conscious consumers and those seeking brand prestige, with a focus on enhancing service quality and consumer experience [5] Group 5: E-commerce Perspective - E-commerce is recognized as a vital channel for market connection, with ongoing development and regulatory challenges in the industry [6] - The company plans to explore compliant e-commerce models while promoting synergy between online and offline channels to support sustainable industry growth [6] Group 6: Industry Sales Outlook - The white liquor industry experienced fluctuations in sales, with a strong start in early 2025 followed by adjustments due to market conditions [7] - Despite short-term challenges, the industry is expected to return to a healthy growth trajectory by focusing on market stability and capturing new opportunities from consumer evolution [7]

股票代码：300010 股票简称：豆神教育 豆神教育科技（北京）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） 参与单位名称 富国基金、银华基金、中银基金、长安基金、兴银基金、 长安基金、西部利得基金、工银瑞信、创金合信基金、 国富人寿保险、长江养老保险、中国人保资产管理、平 安资产管理、野村东方国际证券资管、上海光大证券资 产管理、广东正圆私募基金管理有限公司、上海名禹资 产管理有限公司、磐厚动量（上海）资本管理有限公司、 上海长见投资管理有限公司、上海兆天投资管理公司、 浙商证券、东吴证券、国信证券、中信证券、天风证券 等。 时间 2025 年 12 月 26 日（星期五）15:00 地点 线上电话会 上市公司接待人员 姓名 董事长：窦昕先生 首席技术官（CTO）：阎鹏先生 董事会秘书兼副总裁：崔霄雨先生 投资者关系活动主要内容介绍 一、公司董事长窦昕先生介绍业务情况 （一）学伴机器人 1 机器人的分体式设计（主机可拆卸为穿戴设备）搭配软件端的 ...

Group 1: Business Development and Strategy - The company is enhancing its competitive advantage in the ventilation and air treatment industry through new product and technology development, while also promoting smart transformation and digitalization for high-quality growth [3] - An overseas marketing department has been established to expand into Southeast Asia and Africa, implementing a dual strategy of "setting sail" and "independent sailing" [3] Group 2: 3D Printing Business - Southern Additive currently operates red and green light printing equipment, focusing on materials like stainless steel and titanium alloys for red light, and copper and tungsten for green light [4] - The company is actively exploring applications of 3D printing in sectors such as footwear molds, military, aerospace, and heat dissipation, engaging in sample submissions and business negotiations [4] Group 3: Competitive Advantages and Challenges - 3D printing technology is evolving to meet the increasing demand for heat dissipation efficiency in high-power density and miniaturized manufacturing sectors, despite its higher costs compared to traditional methods [5] Group 4: Talent Development and Financing - The company is enhancing its R&D capabilities through external recruitment and partnerships with universities and research institutions [5] - Currently, there is no financing demand, but the company plans to explore refinancing options in the future based on market conditions and order situations [6] Group 5: Equity Incentives - There are currently no plans for equity incentives, but the company will consider such plans in the future based on strategic needs and market conditions [7]

Group 1: Company Overview - The company primarily provides virtual simulation training solutions, focusing on rail transportation training and emergency safety, with additional involvement in aviation, maritime, and integrated circuit fields. In 2024, rail transportation revenue accounted for 79% of total revenue, while the remaining 21% came from other sectors [2] - In the first three quarters of 2025, the company's revenue grew by 1.97%, and efforts are being made to achieve annual targets [2][3] Group 2: Financial Performance - Despite a relatively high gross margin, net profit has declined due to intensified industry competition affecting product pricing, alongside increased fixed asset depreciation and stock incentive costs [4] - The company is experiencing a decline in the educational market while seeing growth in the railway bureau sector, indicating a shift in order and delivery structure [5] Group 3: Competitive Advantage - The company maintains a competitive edge through its comprehensive R&D capabilities, industry knowledge, and avoidance of price competition, allowing for future profit margins [6] - The rail transportation product solutions cover nine major specialties, supporting multi-role collaborative training, making it the most comprehensive in the industry [6] Group 4: Business Model and Future Directions - The company primarily targets B-end clients, providing tailored solutions and services [7] - Current business ventures in aircraft maintenance training platforms and integrated circuit manufacturing processes are in the early stages, representing future growth opportunities [9] - Plans for international expansion involve following the export of domestic rail transportation standards and providing specialized services to overseas enterprises and educational institutions [9] Group 5: Technological Development - The company is developing a vocational education-focused large model, aiming to integrate artificial intelligence with education, enhancing the training of high-skilled personnel and driving industry safety and efficiency [9]

Group 1: L3 Autonomous Driving Approval - Changan Automobile's Deep Blue vehicle received L3 autonomous driving approval on December 15, allowing for automated driving in congested traffic at speeds up to 50 km/h [1][2] - The first L3 autonomous driving license plate "渝AD0001Z" was issued on December 20, marking a significant milestone for China's autonomous driving industry [1][2] Group 2: Practical Value and User-Centric Design - The speed limit of 0-50 km/h was chosen based on user needs and safety considerations, focusing on high-frequency congested driving scenarios [2][3] - The TJP traffic congestion autonomous driving system is designed to meet user demands in urban commuting, with daily conditions in Chongqing supporting its functionality [3] Group 3: Safety Measures and Technology - Changan prioritizes safety, equipping approved models with advanced 4D imaging millimeter-wave radar, which outperforms traditional laser radar in extreme scenarios [4][5] - The TJP system has undergone extensive testing, accumulating over 500,000 kilometers, with no accidents or violations reported during the approval period [5] Group 4: Robotics Business Strategy - Changan's robotics strategy is based on a "1+N+X" framework, focusing on humanoid robots and various applications across different environments [6][7] - The company aims to leverage its automotive industry leadership to integrate robotics technology, covering hardware, software, and service dimensions [7] Group 5: Competitive Advantages in Robotics - Changan's early entry into the robotics sector aligns with national policies, providing a competitive edge in securing support and funding [7] - The company’s technological capabilities position it as a leader in the robotics field, capable of matching and exceeding the functionalities of competitors' products [7]

Group 1: Business Transformation and Diversification - The company is transitioning from heavy asset expansion to a "light and heavy combination" model, focusing on "core business enhancement + new track incubation" [2] - Significant progress in upgrading core categories like gold jewelry and new energy vehicles, enhancing supply chain control and profit margins [2] - The establishment of Wuhan Wushang Commercial Management Co., Ltd. aims to penetrate the provincial sinking market with management, branding, and resources [3] Group 2: New Business Ventures and Digital Transformation - The company has successfully launched two new business lines: duty-free and membership retail, with the first city duty-free store opening in May 2025 [3] - The establishment of Wuhan Jiangtun Digital Technology Co., Ltd. has led to the development of 12 digital systems, achieving five ISO international standard certifications [3] - The implementation of various digital applications has effectively reduced costs and improved efficiency, facilitating the transition from traditional retail to a commercial technology company [3] Group 3: Market Position and Competitive Strategy - The high-end commercial market in Wuhan is characterized by competition among Wushang MALL, Hang Lung Plaza, and Wuhan SKP [4] - Wushang MALL is enhancing its brand image and expanding its luxury brand matrix, including the introduction of brands like Rolex and Celine [5] - The sales of luxury goods and high-net-worth customer traffic have shown a year-on-year recovery, reinforcing Wushang MALL's core position in the Central China high-end market [5] Group 4: Membership Store Performance and Expansion Plans - The WS Jiangtun membership store has shown positive operational trends since its opening in July 2025, focusing on differentiated advantages through quality selection and exclusive rights [5] - The front warehouse network is expanding, with four locations planned for operation, and two new stores are set to open in 2026 [5] Group 5: Project Performance and Future Outlook - The Wushang Dream Era project has achieved double-digit growth in revenue and profit, with a significant increase in the young customer demographic [6] - The Nanchang Wushang MALL has maintained strong growth, with sales, customer traffic, and average transaction value all showing double-digit increases [6] - Plans for 2026 include introducing international luxury pop-up stores and a new high-end hotel to enhance commercial potential [6] Group 6: Dividend Strategy and Financial Planning - The company has increased its dividend payout, with a total of 303 million yuan distributed over the past three years, representing 124.94% of average distributable profits [6] - Future dividend policies will be developed based on operational performance and strategic needs, aiming for sustainable growth and shareholder value enhancement [6] Group 7: Financing Structure and Strategy - The company has successfully issued 360 million yuan in medium-term notes and 1.5 billion yuan in short-term financing bonds, achieving record low interest rates [7] - Future financing activities will be planned based on strategic and operational funding needs, ensuring a balanced asset-liability ratio and debt repayment capability [7]

Group 1: Market Development - The company has a diverse range of nuclear power products, covering various equipment and core products, and is positioned as a key supplier of high-value products like evaporator tubes [2] - The company aims to enhance its research and development efforts in nuclear-grade products and explore new application scenarios in the nuclear power sector [2] - The composite pipe business is focused on resource integration and optimizing synergies, with significant contract deliveries completed this year [2][3] Group 2: Alloy Materials Business - The alloy subsidiary emphasizes material research and technological innovation, ensuring stable product quality through a comprehensive production control system [3] - The company plans to support the alloy subsidiary's capacity ramp-up and market expansion, aiming for business transformation and high-quality development [3] Group 3: Oil Well Pipe Business - Continuous efforts in new customer development and application exploration have led to improved production line utilization and product sales [3] - The company intends to focus on international markets and enhance sales channel expansion to increase global market share for oil well pipes [3] Group 4: Future Outlook - The company maintains confidence in its short-term goals and long-term strategic vision for the "14th Five-Year Plan" period [3] - Plans include deepening core business, advancing smart manufacturing and digital transformation, and overcoming technological innovation bottlenecks [3] - The company aims to strengthen industry chain collaboration and prioritize high-value-added business segments, particularly in high-performance alloy materials [3]

Group 1: Company Overview - The company showcases its overall scale, factory layout, entrepreneurial history, industry positioning, and core application areas of its products [2] - The exhibition includes a display of production equipment, testing devices, research outcomes, management systems, and humanistic care [2] Group 2: Market Development Progress - The product system includes seamless pipes, welded pipes, composite pipes, fittings, and flanges, focusing on high-performance materials for key energy sectors like oil and gas, nuclear power, and aviation [2] - The nuclear power business covers various equipment and piping products, with the company positioned as a major supplier of high-value products like evaporator tubes [3] Group 3: Composite Pipe Business - The company is enhancing resource integration with EBK, achieving high-quality and efficient contract fulfillment, positively impacting the composite pipe business [3] - Ongoing internal projects in high-performance pipe materials align with long-term strategic planning and customer needs, supporting future growth [3] Group 4: Alloy Materials Business - The subsidiary focuses on material research and technology innovation, ensuring product quality through a comprehensive production control system [3] - The company aims to support the alloy subsidiary's capacity ramp-up and market expansion, enhancing core customer relationships [3] Group 5: Oil Well Pipe Business - Continuous efforts in new customer development and application exploration have led to improved production line utilization and sales [4] - The company plans to enhance its global market share for oil well pipes through expanded sales channels [4] Group 6: Future Outlook - The company maintains confidence in its short-term goals and long-term strategic vision for the "14th Five-Year Plan" period [4] - Focus areas include technological innovation, especially in high-temperature and corrosion-resistant materials, and strengthening the supply chain [5] - The company aims to maximize the synergy of its business segments and solidify its long-term development foundation [5]

Group 1: Company Overview and Production Capacity - Dongguan Lihang Electronic Materials Co., Ltd. has established an annual production capacity of 10,000 tons for polishing liquids, covering semiconductor and consumer electronics sectors [2] - The company has achieved significant breakthroughs in domestic FAB orders for its core product, tungsten polishing liquid, indicating substantial progress in meeting high-performance and stability demands [2] Group 2: Competitive Advantages - The company focuses on addressing critical pain points in domestic chip manufacturing, particularly in CMP polishing liquids, filling technological gaps in the industry [3] - A strong technical team with over 20 years of experience in semiconductor polishing liquids enhances the company's ability to overcome industry barriers and develop a self-controlled core technology system [3] - Compared to foreign products, the company offers cost advantages that align with FAB manufacturers' needs for supply chain optimization and cost reduction [3] Group 3: Downstream Applications and Key Clients - The company's business spans various downstream applications, including 3C consumer electronics, automotive manufacturing, semiconductor chip production, and aerospace [3] - Key clients include major players such as Foxconn, Changying Precision, BYD, and China CRRC [3] Group 4: Future Strategies and Investments - The company plans to leverage its public financing capabilities to actively pursue mergers and acquisitions within the industry, aiming to expand its business layout in new materials and high-end intelligent equipment sectors [4] - Future strategies include deepening strategic collaborations with key clients to enhance product penetration and market share, ensuring steady business growth [3]

Group 1: Financial Performance - The company's accounts receivable recovery has been positively impacted by the active debt reduction measures implemented by various levels of government in Guangxi, enhancing cash flow management [2] - In Q3 2025, the increase in design-related business revenue was driven by project progress due to government debt reduction efforts [2] - The photovoltaic business saw a significant increase in revenue due to a substantial rise in power generation compared to the same period last year, following the completion of distributed photovoltaic projects in the first half of 2025 [2] Group 2: Business Development - As of June 30, 2025, contracts from outside Guangxi accounted for 22% of the company's total business, supported by 20 branch offices outside the region [3] - The company has established an international business division and opened an office in Cambodia to expand into Southeast Asian markets, including Laos [3] - The company is also developing business in countries like Pakistan and Kazakhstan, with plans to intensify its international expansion efforts [3] Group 3: Business Direction - The company's primary focus is on architectural design, with additional services in land spatial planning and municipal design [3] - Recent expansions include water conservancy and electrical design services, with the company obtaining relevant qualifications to support these new business areas [3]