Company Overview - The company specializes in the research, development, and application of metal material testing technology, providing services such as testing services, analytical instruments, standard materials, and corrosion protection engineering [2] - It holds a high reputation and credibility in the domestic metal material testing field and is recognized as one of the most comprehensive testing research institutions in China [2] Financial Performance - As of 2024, the company achieved a revenue of CNY 1,097.67 million, a year-on-year increase of 15.60%; net profit attributable to shareholders was CNY 145.02 million, up by 15.37%; basic earnings per share (EPS) was CNY 0.3861, an increase of 15.25% [3] - By September 30, 2025, the company reported a revenue of CNY 805.97 million, a growth of 11.64% year-on-year; net profit was CNY 99.70 million, up by 15.08%; basic EPS was CNY 0.2637, reflecting a 14.95% increase [3] R&D and Workforce - The company has 161 R&D personnel, accounting for approximately 12% of total employees, with 97 holding master's or doctoral degrees [3] - The company emphasizes a positive work culture and long-term talent retention strategies, ensuring stability among core technical staff [3] Business Segments - The company operates three main business segments: testing (50% of revenue), instruments (25%), and standard materials (10%) [3] - The testing segment focuses on metal material testing, expanding into various sectors including traditional industries and emerging fields like aerospace and new materials [3] - The instruments segment offers over 60 types of analytical instruments, enhancing competitiveness through continuous improvement and innovation [4] Client Relationships - The company maintains strong relationships with major clients, focusing on long-term cooperation and meeting their ongoing testing needs [4] Product Development - Some core components of the company's instruments are self-sourced, while others are procured from multiple sources to mitigate supply risks [4] - The company aims to enhance the performance of its high-end products to match international standards through significant R&D investment [4] R&D Investment - The company prioritizes R&D investment to strengthen its technological foundation and core competencies, focusing on high-end scientific instruments and new testing technologies [4]

Group 1: Company Overview and Market Position - The company is a leading player in the intelligent robot industry chain in Guangdong, covering core components, robot bodies, and system applications [2] - It ranks first in the Chinese mainland industrial robot solutions market based on the shipment volume of light-load industrial robots in 2024 [2] - The company is one of the few in China that independently controls three core components: controllers, servo drives, and perception systems [2] Group 2: Technical Capabilities - The company's ultra-high-speed robots have a standard cycle time of only 0.24 seconds and a maximum repeat positioning accuracy of 0.01 mm, both of which are globally leading [2] - The servo drives achieve torque control accuracy of ±1% and speed control accuracy of ±0.1% [3] - The perception system reduces the time from target acquisition to command issuance to less than 0.2 seconds [3] Group 3: Business Model and Applications - The company has engaged with over 200,000 potential customers and served over 15,000 clients by leveraging its experience in smart manufacturing [3] - It identifies high-value industrial application scenarios based on its extensive experience in injection molding and CNC machine tools [3] - The company has developed a comprehensive range of industrial robots, including Cartesian robots, articulated robots, collaborative robots, and humanoid robots [3] Group 4: Product Development and Innovation - The company has launched modular collaborative robots and the humanoid robot "Xiao Tuo," which is the first of its kind in injection molding applications in mainland China [4] - The four-legged robot "Xing Zai" can perform multiple tasks in various application scenarios, including autonomous inspection and forest fire prevention [4] - The X5 control platform is the first in mainland China to integrate cloud-edge-end deployment and perception-computation-control capabilities [4] Group 5: AI and Data Integration - The company is developing AI vertical models to enhance the intelligence of its robots [6] - It has established an end-to-end closed loop for data collection, model training, and online inference and control [6] - A specialized process database has been created by integrating extensive industrial process data, covering multiple fields such as consumer electronics and automotive parts [7] Group 6: Competitive Advantages - The X5 intelligent robot control platform features a flexible cloud-edge-end three-layer computing architecture, addressing the balance between intelligence and real-time performance in industrial environments [7] - The platform's motion control cycle has been reduced to an industry-leading 1 millisecond, meeting stringent requirements for determinism and high real-time performance [7] - It provides over 400 functional interfaces and 500Hz real-time control interfaces, satisfying over 90% of industrial robot needs [7]

| | 【请在您选择的方式的"（ ）"中打"√"，下同】 | | | --- | --- | --- | | | （ √）特定对象调研 （ ）分析师会议 | | | 投资者关系活动 | （ ）媒体采访 （ | ）业绩说明会 | | 类别 | （ ）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：刘建伟 煜德投资：管俊玮、冯超 | | | 参与单位名称及 | | | | 人员姓名 | 中加基金：苗超 | | | | 南京证券：李承书 | | | | 长城财富：药晓东 | | | 时间 | 2026 年 2 月 5 日 | | | 地点 | 山推股份办公楼 202 会议室 | | | 上市公司接待 | 肖尧、董建军 | | | 人员姓名 | 一、互动交流 | | | | 1、2026 年国内市场布局方向： | | | | 2026 年公司将聚焦国内市场核心发展方向，多措并举推动经 | | | | 营提质增效： | | | 投资者关系活动 | （1）公司将紧扣重大工程建设、行业电动化升级趋势，丰富 | | | 主要内 ...

Group 1: Company Overview and Market Position - Shenzhen Keda Technology Co., Ltd. has achieved significant growth in its overseas data center business, with overseas revenue slightly exceeding domestic revenue as of 2025 [2] - The company has established stable ODM partnerships with top global power manufacturers, covering key markets in North America, Europe, and Southeast Asia [2] - The company is optimistic about growth in 2026 and beyond, focusing on expanding its presence in North America and Australia while strengthening its existing advantages in Europe and Asia-Pacific [2] Group 2: Energy Storage Business Strategy - The company's energy storage business has developed a three-pronged strategy: "technical support - product matrix - global channels," becoming a core growth driver [3] - In overseas markets, the company targets mature markets like Europe for efficient order delivery and market expansion, while also entering emerging markets in Southeast Asia, the Middle East, and Africa [3] - Domestically, the focus is on commercial energy storage, grid-side storage, and integrated solar-storage charging projects to enhance market position and competitive advantage [3] Group 3: Profitability and Competitive Advantage - The data center business maintains strong profitability due to advantages in technology, product competitiveness, customer structure, and global supply chain [3] - The company has a clear development path to sustain profitability amidst industry competition, including ongoing technology upgrades and expanding into new markets [4] - A strategic focus on deepening ODM customer collaborations and extending from single products to comprehensive solutions aims to enhance customer loyalty and business value [4]

Group 1: Industry Overview - China is the world's largest producer, trader, and consumer of dyes, accounting for approximately 70%-75% of global dye production [1] - Major dye production regions in China include Zhejiang, Jiangsu, and Shandong provinces, with a high industry concentration [1] - The dye industry is characterized by intense competition, with increasing production capacity both domestically and internationally [2] Group 2: Company Performance Forecast - The company forecasts a net profit attributable to shareholders of 600 million to 700 million yuan for 2025, representing a year-on-year growth of 181.05%-227.89% [2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 270 million and 370 million yuan, with a growth rate of 26.75%-73.70% [2] Group 3: Raw Material Pricing and Production - The price of reducing agents, a key raw material for disperse dyes, has been low but has started to rise, currently quoted at around 50,000 yuan per ton [2] - The price of disperse dyes has increased by approximately 3,000 yuan per ton due to rising raw material costs [2] - The company's annual production capacity for reducing agents is about 8,000 tons, primarily for self-use in supporting disperse dye production [2] Group 4: Supply Chain Strategy - The company implements a "backward integration" strategy to extend its supply chain, achieving significant results in securing raw material supply [2] - The dye production system has been established to include a complete supply chain from thermal power, steam, chlorine, caustic soda, to intermediates and dyes [2]

Group 1: Company Overview and Core Focus - Zhejiang Fu Holding Group focuses on controllable nuclear fusion, with its subsidiary Zhejiang Fu Nuclear Power as the core entity [2] - The company is concentrating on three key areas: development of ultra-high heat load components, research on key equipment for cooling systems, and manufacturing of critical components like shielding blocks [2][3] Group 2: Project Progress and Achievements - Core projects are progressing smoothly, with significant advancements including the development of process plans and prototypes for ultra-high heat load components [3] - The lithium-lead pump prototype is in the testing phase, with ongoing optimization of performance indicators [3] - The shielding block prototype has passed acceptance tests, and the company has joined the Anhui Province Fusion Industry Alliance [3] Group 3: Competitive Advantages - The company possesses deep technical expertise as a core supplier for the "Hualong One" control rod drive mechanism, allowing for the transfer of precision manufacturing technology from fission to fusion reactors [3] - Strong collaborative advantages through partnerships with top research institutions and participation in industry alliances enhance resource coordination and accelerate technology transfer [3] Group 4: Industry Trends and Strategic Measures - The controllable nuclear fusion sector is viewed as a future ultimate energy source, with significant growth expected in the bidding market starting in 2026 [3] - The company plans to increase R&D investment, strengthen collaborations with research institutions, and prepare production capacity to meet the demands of large-scale industry development [3]

Group 1: Company Strategy and Industry Chain - The company focuses on an integrated strategy for nitrogen and phosphorus resources to enhance cost control and risk resistance, promoting stable business development [2] - The nitrogen industry chain is based on salt mine resources, forming a "salt-alkali-fertilizer" integration, with a 700,000 tons ammonia project underway to improve self-sufficiency in nitrogen fertilizer [2] - The phosphorus industry chain leverages phosphorus ore resources, with ongoing projects to enhance comprehensive utilization and product value, including the Lei Bo phosphorus mining project and the Yicheng phosphorus chemical green cycle project [2][3] Group 2: Phosphorus Resource and Production Capacity - The company owns three phosphorus mines in Leibo County, with a total resource reserve of approximately 549 million tons [4] - Aju Luogya mine: 139 million tons, with a 2.9 million tons/year mining project under construction [4] - Niuniuzhai East section: 181 million tons, with a 4 million tons/year mining project in progress [4] - Niuniuzhai West section: 229 million tons, currently in the exploration-to-production phase [4] - The company also holds a 49% stake in the Sichuan Mabi Erba lead-zinc mine, with a phosphorus reserve of 29.27 million tons [4] Group 3: Phosphoric Acid and Related Projects - The company utilizes wet-process phosphoric acid technology, producing various grades of phosphoric acid and related products, with an annual sulfuric acid production capacity of 2.95 million tons [5] - The Yicheng base green cycle project aims to enhance the phosphorus industry chain, with a 600,000 tons/year sulfuric acid project already operational and several other projects in progress [5] Group 4: Yellow Phosphorus Business and Applications - The company has an annual production capacity of 60,000 tons of yellow phosphorus, primarily sold externally [6] - Yellow phosphorus is used in the production of thermal phosphoric acid and phosphorus trichloride, with applications in pesticides, new energy batteries, and phosphorus-based flame retardants [6][7] - The use of self-mined phosphorus ore for yellow phosphorus production is expected to reduce costs and enhance profitability [7]

Company Overview - Founded in 1955, joined Xizi Elevator Group in 2002, and listed on the Shenzhen Stock Exchange in 2011 [4] - Main business includes waste heat boilers, clean energy equipment, solutions, and spare parts/services [4] - Key clients are from high energy-consuming industries such as power, steel, and cement [4] Order and Financial Performance - In 2025, the company achieved new orders totaling CNY 5.998 billion, with breakdowns as follows: - Waste heat boilers: CNY 1.967 billion - Clean energy equipment: CNY 0.632 billion - Solutions: CNY 2.688 billion - Spare parts and services: CNY 0.711 billion [5] - As of December 31, 2025, the company had an order backlog of CNY 5.916 billion [5] - The gross margin for waste heat boilers was 29.68% as of mid-2025 [7] - The company reported a net profit of CNY 220 million to CNY 280 million for 2025, a significant increase of 53.3% to 95.11% year-on-year [9] Market Position and Competitive Advantages - Holds over 50% market share in the domestic waste heat boiler sector, recognized as a leader [6] - Key projects include those for the Beijing Olympics and major energy stations [6] - Established a strong presence in international markets, particularly in Southeast Asia and South America, with significant projects in Pakistan and Nigeria [6][10] Nuclear Power Sector - Over 20 years of experience in the nuclear power sector, with licenses for civil nuclear manufacturing [8] - Focus on key equipment for nuclear islands and partnerships with major players like China General Nuclear Power Group [8] - Aims to expand into third and fourth generation nuclear power projects [8] Strategic Collaborations - Signed a strategic cooperation agreement with Beijing Qingwei Intelligent Technology Co., Ltd. to develop AI data centers and energy solutions [10][11] - The collaboration aims to integrate energy and computing capabilities, enhancing sustainability and efficiency [11] Future Outlook - Plans to enhance order quality and optimize order structure to drive high-quality business growth [5] - Focus on expanding global market presence and increasing competitiveness of "Xizi Manufacturing" in international markets [6]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 141,205.37 million CNY, a year-on-year increase of 0.52% [2] - The net profit attributable to shareholders for the same period was 4,639.62 million CNY, with a net profit of 6,164.40 million CNY after excluding share-based payment impacts, reflecting a growth of 12.96% year-on-year [2] - The net profit excluding non-recurring gains and losses was 5,822.06 million CNY, marking a year-on-year increase of 13.35% [3] Group 2: Development Plans - The company is focused on "large-capacity refrigerators + commercial cold chain" and aims to expand upstream in the industry chain and into global markets [4] - In 2024, a new subsidiary, Wuliang Intelligent, will be established, focusing on PCBA processing and electronic component support [4] - The company plans to enhance its core competitiveness through business synergy and will continue to expand its overseas market presence [4] Group 3: Shareholder Matters - The 5% shareholder, Anhui Zhidao Investment Co., Ltd., plans to reduce its holdings due to personal funding needs, but this is not expected to significantly impact the company's governance or ongoing operations [5] - The company emphasizes shareholder returns and plans to balance operational development with shareholder benefits [9] Group 4: Project Updates - The company has completed two fundraising projects: the "annual production of 1 million embedded refrigerators" and the "R&D center construction project" [7] - The "refrigerator component self-manufacturing capability enhancement project" has been changed to the "Electronic Technology Park and High-end Smart Home Industrial Park Project," which is currently progressing normally [8] Group 5: Market and Sales - The company’s overseas business revenue grew by approximately 20% in the first three quarters of 2025, with international sales accounting for about 45% of total revenue, up from 18.81% in 2022 [14] - The company is actively expanding into new markets and plans to continue product innovation to meet diverse customer needs globally [14] Group 6: Risk Management - To mitigate the impact of exchange rate fluctuations, the company has established a foreign exchange hedging management system and engages in various foreign exchange derivative transactions [15] Group 7: Long-term Value Management - The company aims to enhance its intrinsic value through innovation, product development, and effective communication with investors [16] - It plans to maintain a regular dividend mechanism to improve investor recognition and align market perception with the company's value [16]

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 参与单位名称及 人员姓名 中欧基金管理有限公司 息荣雪 中邮证券有限责任公司 费晨洪 河南克瑞德基金管理有限公司 王凯、刘毅 杭州沨华私募基金管理有限公司 高冬 时间 2026 年 2 月 5 日 地点 长华化学科技股份有限公司 上市公司接待人 员姓名 董事会秘书：顾倩 证券事务代表：张丽 投资者关系活动 主要内容介绍 互动交流： 1.公司二氧化碳聚醚项目什么时候投产，26 年达产情况预 计如何？ 答：公司年产 8 万吨二氧化碳聚醚装置现已基本建设完成， 正在做调试与试生产手续相关工作，计划今年一季度试生产。本 套二氧化碳聚醚装置是新产品、新工艺的全球首次落地，同时在 各类下游应用中需要测试流程及培育的过程，达产方面预计需要 一定的爬坡期，为此公司特设了 Carnol 聚醚全球事业部负责海 内外市场开发，已经做了一系列市场拓展的部署工作。从中长期 战略方面，公司计划先夯实，以全球首套低温低压制备年产 8 万吨二氧化碳聚醚的项目的技术壁垒，筑牢首阶段市场口碑；再 扩张，以一期产能为支点， ...