通化金马药业集团股份有限公司 投资者关系活动记录表 | | 专业队伍，打造创新营销模式，保证公司在新药销售的主 | | --- | --- | | | 导性、可控性，充分平衡药品的利润空间和患者可及性， | | | 做好新药上市的定价工作；结合市场的广泛需求，制定精 | | | 准营销策略。同时，现有生产体系已做好充分准备，设计 | | | 产能可满足阿尔茨海默病患者的用药需求，确保新药获批 | | | 后能够快速投入市场，为广大患者提供新的优质治疗选 | | | 择。 | | 关于本次活动是否涉 | 否 | | 及应披露重大信息的 | | | 说明 | | | 活动过程中所使用的 | 无 | | 演示文稿、提供的文 | | | 档等附件（如有，可 | | | 作为附件） | | | 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） 申万宏源证券：张静含、仰佳佳 | | | 建信基金：马牧青 | | | 上市公司： | | 活动参与人 ...

Group 1: Offshore Engineering Orders and Market Outlook - As of June 2025, the offshore engineering segment holds orders worth approximately $5.55 billion, with production scheduled until 2027/2028. Oil and gas orders account for about 70%, while non-oil and gas orders make up 30% [2] - The company focuses on high-quality, high-end equipment orders, primarily in FPSO/FLNG projects, with a gradual increase in high-quality orders [2] - Industry forecasts suggest that delayed offshore oil and gas projects will be released in 2026, with investment in deep-sea projects expected to peak for at least three consecutive years [2] Group 2: FPSO Market Trends and Pricing - FPSO projects are long-cycle and less affected by short-term oil price fluctuations, with stable annual orders historically [3] - Predictions indicate that over 10 new FPSO contracts will be awarded annually from 2025 to 2029 [3] - The price for large new FPSOs exceeds $4 billion due to high technical barriers and complex design requirements [3] Group 3: Competitive Position and Advantages - The company ranks in the first tier of domestic high-end offshore engineering equipment, supported by a skilled workforce of nearly 4,000 employees, including 1,200 in R&D [5] - Core competitive advantages include comprehensive design capabilities and a one-stop delivery system, enhancing manufacturing efficiency and cost control [5] - A responsive global supply chain and collaboration with key equipment suppliers ensure project progress and operational cost reduction [6] Group 4: Drilling Platform Operations and Bidding Strategy - The company has successfully executed rental contracts for offshore assets, including a sixth-generation semi-submersible drilling platform with five well leases signed for 2025 [7] - Focus areas for bidding include the North Sea, Australia, Brazil, the Gulf of Mexico, and the Middle East, with attention to emerging markets in Asia-Pacific and Latin America [8] Group 5: Container Demand Outlook - Long-term container demand is closely linked to global trade volumes, expected to rise due to population growth and increased wealth [8] - The annual demand for containers may increase from the recent baseline of over 4 million units to higher levels in the future [8]

Group 1: Company Overview and Strategic Focus - The company will focus on specialized pipe materials, emphasizing high-end, branded, and segmented product strategies to enhance competitive strength and market presence [2][3] - In the oil well pipe sector, the company aims to promote unconventional oil and gas extraction products, including nickel-based alloy pipes and non-API series [2] - The boiler pipe business will prioritize high-end stainless steel boiler pipes and specialty boiler pipes, enhancing customer service and product value [2][4] Group 2: Market Outlook and Product Development - The boiler pipe market is expected to remain robust due to ongoing demand from coal-fired power generation and gas turbine combined cycle power generation [4] - The company plans to optimize boiler pipe production capacity and product structure to meet market demands [4] - The special materials project is set to be completed by November 21, 2025, with a focus on market expansion and product development in high-end sectors [5][6] Group 3: Production Capacity and Future Plans - The HRSG production line, established in 2010, will continue to operate at full capacity, with plans to enhance production flexibility and develop new products [7] - The company will focus on optimizing production organization based on market demand, aiming to increase competitiveness and product value [7] Group 4: Shareholder Returns and Corporate Governance - The company has maintained a tradition of continuous dividends since its listing in 2010, balancing business growth with shareholder returns [8] - Future returns will be aligned with annual profit levels and capital expenditure needs, ensuring sustainable investment returns for shareholders [8]

Company Overview - The history of Guojijiangong dates back to the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute in 1958, with the company listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, to provide key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guojijiangong operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management, with applications in aerospace, military, electronics, renewable energy, high-end machine tools, and automotive industries [2][3] - The company has achieved over 2,400 research results and has established 42 national and provincial-level innovation platforms [3] Financial Performance - In the first three quarters of 2025, the company reported a revenue of CNY 2.296 billion, a year-on-year increase of 27% [4] - Gross profit totaled CNY 797 million, up 20% year-on-year, while net profit reached CNY 245 million, reflecting a 15.4% increase [4] Business Highlights Bearing Business - The special bearing segment has shown steady growth, with a 90% supply rate for key aerospace projects [5][6] - Wind power bearing business has been a significant growth driver, with the company developing the first domestically produced 8 MW and 18 MW wind power bearings [5][6] Abrasives Business - The superhard materials segment continues to grow, with key products serving the semiconductor, automotive, and optical industries [6][7] - The company has made breakthroughs in diamond functional applications, which are expected to become a new source of profit [6][7] Strategic Focus - The company aims to strengthen its core business while optimizing its new business layout, focusing on traditional and emerging sectors for dual growth [8] - A comprehensive R&D system is being established to enhance innovation capabilities and drive industry advancement [8] Future Outlook - Guojijiangong plans to deepen its focus on bearings and abrasives, leveraging technological advantages to drive upgrades and breakthroughs [9] - The company aims to maintain a dividend payout ratio of no less than 40%, with a target to rank in the top 70% of listed companies for dividend payments [9][10] Investor Relations - The company emphasizes transparent governance and investor relations, aiming to build a trust system through comprehensive information disclosure and engagement activities [10][11]

编号：2025-011 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 □路演活动 □其他 (请文字说明其他活动内容) 参与单位名称及 人员姓名 兴业证券股份有限公司：姚康 中信建投证券股份有限公司：辛侠平 国泰海通证券股份有限公司：杨冬庭 长江证券股份有限公司：董超 时间 2025 年 12 月 11 日-12 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书：黄敦霞 财务部、运营管理部、董事会办公室相关人员 投资者关系活动 主要内容介绍 现场交流环节主要内容如下： 近期机构调研中公司回答过的问题，本次活动披露文件中 未做重复介绍。 1.请问公司的新项目建设的进度如何？ 公司电子级玻璃纤维生产线设备更新及数智化提质增效 项目，目前整体推进顺利，各项工作均按计划有序开展。项目 现已进入最后的收尾阶段，预计本月中下旬可达到点火条件。 具体投产安排及点火时间，敬请以公司官方发布的宣传信息为 准。 证券代码：301526 证券简称：国际复材 重庆国际复合材料股份有限公司 投资者关系活动记录表 作为国内最早从事电子级玻璃纤维生产的企业，公司持 ...

Group 1: Company Overview and Strategic Goals - The company is transitioning from "independent operation" to "overall collaborative scheduling" to enhance efficiency through a unified quality system and digital mass production platform [1][2]. - The company aims to leverage AI technology for reverse modeling and optimization design of performance parameters, which is crucial for the iterative development and engineering application of metamaterials [2][3]. Group 2: Order Growth and Market Position - In 2025, the company announced an order amount of 3.485 billion CNY, representing a growth of over 125% compared to 1.547 billion CNY in 2024 [2]. - The expansion of orders is driven by the increasing demand for new-generation aerospace equipment, the company's leading technological position, and enhanced mass production capabilities [2][3]. Group 3: Base Development and Production Capacity - The Zhuzhou 905 base is progressing according to plan, with the first phase entering the final preparation stage for production, expected to be operational by mid-January next year [3][4]. - The 905 base is crucial for the company's capacity expansion and aims to support future order growth and delivery needs while enhancing the precision of microstructure lithography [3][4]. Group 4: Non-standard Manufacturing Approach - The company's non-standard manufacturing can be categorized into three levels: design, process, and scale production, each characterized by high customization and complexity [5]. - The manufacturing model combines non-standard products with standardized systems, enabling industrial-grade delivery and creating a competitive advantage in the metamaterials sector [5]. Group 5: Empowerment in Various Fields - The company provides comprehensive solutions for smart equipment and automotive sectors, enhancing testing efficiency and accuracy through advanced detection capabilities and AI technology [6][7]. - In the emerging smart equipment field, the company integrates core metamaterial technologies with AI to empower the manufacturing of low-altitude drones, accelerating their industrialization [7]. Group 6: Competitive Landscape and Risks - Metamaterials represent a foundational technology path that enables multi-dimensional performance requirements through microstructure design, making it a platform rather than a single technology [8]. - The barriers to entry in the metamaterials industry are high, encompassing engineering, scalability, and stable delivery capabilities, which mitigate potential replacement risks [8].

Group 1: Company Overview and Market Position - Guangdong Boying Special Welding Technology Co., Ltd. was established in 2007, initially focusing on welding services for North American offshore drilling platforms and later expanding into anti-corrosion and wear-resistant welding fields. The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [1] - The company aims to maintain its leading position in the domestic market while actively exploring overseas markets, particularly by investing in a production base in Vietnam to seize opportunities in the North American market and HRSG (Heat Recovery Steam Generator) sector [1] Group 2: Business Development and Production Capacity - The company has proactively laid out HRSG and oil-gas composite pipe businesses, with HRSG already having a certain scale of production capacity and ongoing orders. Potential customers are currently undergoing factory audit processes [2] - The new production base in Vietnam has commenced operations for its first phase, with the second phase under construction and expected to be operational next year [2] Group 3: HRSG Product Details and Market Strategy - The HRSG equipment produced by the company primarily matches heavy-duty gas turbines and includes critical components such as economizers, evaporators, superheaters, reheaters, and pressure vessels, with a production cycle of approximately 6 months [3] - The pricing strategy for HRSG products at the Vietnam base is based on a cost-plus model, with adjustments made according to market supply and demand [3] Group 4: North American Market Entry and Future Outlook - To enter the North American HRSG market, the company must obtain various international certifications, including from the American Society of Mechanical Engineers (ASME), and has already achieved ASME certification and some customer production system certifications [5] - The future market outlook for HRSG in the U.S. is promising due to structural growth in electricity demand driven by factors such as the expansion of AI data centers and the return of manufacturing, which increases industrial electricity loads [6] Group 5: Waste-to-Energy Market Insights - The waste-to-energy market is divided into domestic and overseas segments. While new projects in the domestic market have slowed, there remains a demand for upgrades and new installations [8] - The overseas market, particularly in developing regions like Southeast Asia and Latin America, presents significant opportunities due to rapid urbanization and increasing waste generation, with countries like Vietnam and Thailand prioritizing waste-to-energy as a national strategy [8]

Group 1: Business Strategy and Development - The company focuses on a strategic framework of "technology reuse, ecological extension, and full-space coverage," aiming to build a comprehensive equipment system across "sea, land, air, and space" [5] - The company is expanding into high-potential, high-value strategic emerging fields while consolidating its core business in the aviation sector [6] - The company plans to acquire Tianjin Yuefeng to enter the commercial aerospace sector, leveraging its core technology in composite materials [7][8] Group 2: Market Position and Competitive Advantage - The commercial aerospace sector is experiencing explosive growth, with significant demand for rocket launches and enhanced payload capabilities [7] - Tianjin Yuefeng is a leading supplier in the commercial aerospace structural components market, known for its high reliability and rapid customization capabilities [9] - The company has established deep strategic partnerships with industry leaders like Gongda Satellite, positioning itself as a core supplier for key components in major domestic rocket models [10] Group 3: Financial Performance and Risk Management - The company has developed multi-dimensional strategies to address profit fluctuations, including optimizing order structures and enhancing production efficiency [12] - Long-term profitability is expected to improve as new production capacity is fully utilized and the order structure is continuously optimized [12] - The company aims to maintain compliance and ensure sustainable business development despite recent leadership challenges [12]

Group 1: Company Overview and Market Expansion - The company has seen rapid growth in overseas business, with a 47% year-on-year increase in Amazon channel performance in the first half of the year [2] - The company achieved a 26% year-on-year growth in its IKEA business, successfully integrating its self-developed silicone pressure-sensitive adhesive materials into IKEA's supply chain [2][3] - Future plans include expanding into emerging markets such as Canada, Europe, and Southeast Asia to accelerate global business development [3] Group 2: Research and Development Focus - The company prioritizes R&D innovation, focusing on three main areas: attracting high-end talent, building advanced laboratories, and collaborating with academic institutions [3] - The company is the exclusive supplier of compression bags for China's manned space program, with products used in 29 space missions [3] - New technologies developed include a waste collection system for microgravity environments and a biological culture box cover for astronauts, utilizing advanced nano-materials [3] Group 3: Product Development and Market Strategy - The company is enhancing its safety protection product line, particularly in cut-resistant gloves, while increasing efforts in the consumer market [3] - A comprehensive supply chain has been established, providing both core materials and finished products for safety protection [3] - The company is focusing on the robotics industry, developing ultra-thin cut-resistant materials suitable for industrial and domestic robots [5] Group 4: Cost Management and Operational Efficiency - The company plans to improve operational efficiency through AI and digital tools to manage costs effectively [5] - Emphasis will be placed on core differentiated products with market competitiveness to enhance profitability [5] - The strategy includes streamlining the product matrix to reduce waste and focus resources on high-growth areas [5]

Group 1: Company Overview and Business Model - The company focuses on high-end liquid packaging equipment, providing comprehensive solutions for various industries including beverages, edible oils, and daily chemicals [4] - The business model combines machinery manufacturing and engineering construction, with revenue recognition based on the transfer of control as per accounting standards [5] Group 2: Financial Performance - In H1 2025, the domestic gross margin was approximately 24.06%, while the overseas gross margin was about 30.88%, attributed to product cost advantages and market dynamics [3] - The company has a robust order backlog, indicating a tight short-term capacity, with plans to enhance assembly efficiency post facility expansion [4] Group 3: Market Expansion and Trends - The Southeast Asia and South Asia beverage markets are in a rapid expansion phase, driven by urbanization and rising incomes, leading to a diversified consumption structure [3] - The company actively expands its international marketing channels to increase order volume and quality in overseas markets [2] Group 4: Product Development and Innovation - The company has made significant advancements in sterile filling technology, mastering both wet and dry sterilization processes, and has achieved breakthroughs in high-speed bottling lines [4] - Sterile filling equipment is applicable for a wide range of beverage products, including functional drinks and bottled water, with growing demand expected in international markets [4] Group 5: Competitive Advantages - The company has identified key competitive advantages in health-oriented and low-calorie beverage segments, responding to consumer trends for natural and functional products [3] - The product lineup includes industry-leading equipment such as the fully automatic high-speed PET bottle blowing machine, which fills domestic technology gaps [4]