Group 1: Investor Relations Activities - The company conducted specific investor research activities, including on-site visits and online meetings, with participation from various financial institutions such as Minsheng Securities and Huatai Asset [2] - The meetings took place between January 6 and January 29, 2026, primarily in the company meeting room and via Tencent Meeting [2] Group 2: Financial Performance and Future Outlook - The company expects a revenue growth of no less than 20% year-on-year for 2025, driven by factors such as domestic sensor replacement demand and new project advancements [3] - Key growth drivers include enhanced R&D investment, product quality improvement, and market expansion in various sectors [3] Group 3: Product Development and Market Expansion - The company has developed a diverse product matrix, including temperature sensors and various pressure sensors, and aims to expand its market share in the automotive and industrial control sectors [3] - In the robotics sector, the company is enhancing its force sensor product offerings and has initiated testing with multiple domestic robotics firms [3] Group 4: Fundraising and Project Financing - The company plans to raise up to CNY 54.44 million through a private placement of A-shares, with funds allocated for pressure sensor expansion and MEMS sensor chip development [5] - The MEMS sensor chip project has a total investment of CNY 57.90 million, with CNY 56.40 million sourced from the raised funds, aiming to produce over 500,000 pressure sensor chip modules annually [6]

证券简称：弘亚数控 证券代码：002833 转债简称：弘亚转债 转债代码：127041 广州弘亚数控机械集团股份有限公司 投资者关系活动记录表 编号：20260203 投资者关系活 动类别 特定对象调研 媒体采访 新闻发布会 现场参观 分析师会议 业绩说明会 路演活动 其他 电话会议 参与单位名称 及人员姓名 兴业证券、华创证券、天风证券、博时基金、融通基金、瑞天 基金、珠江人寿、磐泽资产、第一创业证券、华能贵诚信托有 限公司、博普资产、国联民生证券 时间 2026 年 2 月 2 日 10:00 | 2026 年 2 月 3 日 14:00 地点 德弘重工产业基地、弘亚数控总部会议室 上市公司 接待人员姓名 李茂洪 董事长、总经理 莫晨晓 副总经理、董事会秘书 马 涵 证券部副总监 投资者关系活 动主要内容介 绍 一、参观环节 公司副总经理、董事会秘书莫晨晓先生带投资者参观佛山 顺德基地，了解德弘重工前端结构件加工制造及家具机械装 配、星石机器人项目等公司新产品及新生产基地情况。 二、交流环节 公司董事长李茂洪先生及副总经理、董事会秘书莫晨晓先 生与投资者进行了深入的交流。 Q：公司近期推出股票期权激励计划 ...

Group 1: Market Dynamics - The recent price surge of butadiene rubber is driven by the exit of ethylene cracking capacity in Europe, Japan, and South Korea, leading to a tight global supply of butadiene [1] - Domestic butadiene capacity is highly concentrated among major state-owned enterprises, limiting market supply, especially during the traditional maintenance season from February to April [1] - The company maintains stable operation of its butadiene extraction and oxidative dehydrogenation units, adjusting shipment schedules based on the cost-price gap between butadiene and rubber to ensure cost advantages [1] Group 2: Product Pricing and Production Capacity - The company has seen price increases in key products such as methyl ethyl ketone, maleic anhydride, epoxy propane, and butadiene rubber, with overall plant operating rates maintained above 90% [2] - The company aims to enhance the proportion of high-margin products and strengthen its flexible production capacity to capitalize on the upward industry trend [2] Group 3: Capital Expenditure and Project Development - In 2026, capital expenditure will focus on optimizing and upgrading existing production lines through technological innovation and equipment modifications [2] - The company is advancing an 8,000 tons/year catalytic materials project, which is in trial operation, aiming to enhance self-supply capabilities in high-end catalysts and break foreign technology monopolies [2] Group 4: Industry Outlook - The chemical industry is expected to see a decline in capacity expansion, with an increase in industry concentration [3] - The transition to green and low-carbon practices, along with stricter environmental regulations, will accelerate the elimination of inefficient capacities, benefiting leading companies with technological and scale advantages [3] - The company has established a comprehensive product matrix covering over 30 products, positioning itself well to benefit from the exit of foreign capacities and the gradual clearing of inefficient production [4]

Group 1: Business Overview and Product Applications - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers that manage thermal energy across a temperature range of -271°C to 200°C [3]. - Products are widely used in various industries, including food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3]. - The company has successfully served numerous data centers and projects, both domestically and internationally, enhancing its market presence [4]. Group 2: Data Center and Cooling Systems - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and natural cooling integrated systems, recognized in the national green data center technology catalog [4]. - The proportion of centrifugal chillers, especially magnetic levitation types, is increasing in the IDC market, indicating a shift in technology preference [6]. - The company has established a global after-sales service system supported by overseas manufacturing bases, enhancing its competitive edge [6]. Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios such as nuclear island cooling and heat recovery, supporting the safe operation of nuclear power plants [7]. - Recent projects include the supply of cooling systems for various nuclear power stations across China, demonstrating the company’s capability in this sector [7]. Group 4: Heat Recovery and Energy Management - The company’s heat management segment is aligned with national carbon reduction policies, offering industrial heat pump services and innovative technologies for waste heat recovery [8]. - The company has been recognized as a national-level specialized "little giant" enterprise, holding numerous patents and awards for its energy-efficient technologies [9]. - The heat recovery technologies are expected to become essential under new government policies, driving long-term demand [10]. Group 5: Aerospace and Fusion Energy Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, contributing to advancements in space technology [10]. - The helium compressors developed for controlled nuclear fusion applications are critical for maintaining ultra-low temperatures required for superconducting magnets [11]. Group 6: Gas Turbine Waste Heat Recovery - The company manufactures lithium bromide absorption chillers that utilize waste heat from gas turbines to provide cooling, enhancing energy efficiency [12].

Group 1: Business Overview - The company provides a comprehensive industry solution integrating high-precision positioning cloud platforms, equipment, thematic maps, and CORS construction and operation services, targeting multiple industries [1] - The company has developed a full-stack service for safety monitoring and protection applications, utilizing wireless communication, computer technology, and geotechnical sensors to enhance disaster perception and early warning capabilities [2] Group 2: Industry Applications - For the hydrology and water conservancy sectors, the company integrates underwater sonar detection and 3D laser technology to create a comprehensive sensing solution for water resource management and disaster prevention [2] - In the railway sector, the company offers safety protection solutions based on high-precision positioning technology, enhancing operational safety and efficiency through real-time monitoring and intelligent dispatching [3] Group 3: Intelligent Driving and Navigation - The company provides high-precision positioning products and solutions for passenger cars, agricultural machinery, and engineering vehicles, achieving real-time guidance and automatic control with an accuracy of 2.5 cm [4] - By the end of 2025, the company has delivered over 1 million units of intelligent driving high-precision positioning products, with significant growth in revenue from this sector [5] Group 4: International Business Development - The company has expanded its overseas market presence, focusing on Asia, South America, and Europe, benefiting from the "Belt and Road" initiative and competitive pricing of domestic products [5] - Despite a decline in overseas revenue due to intensified price competition, the company has adjusted its marketing strategies and promoted high-margin products to mitigate impacts on profitability [5] Group 5: Financial Performance and Challenges - The company anticipates a net profit loss for 2025, primarily due to a decline in revenue from precision time-space perception equipment and high-precision applications, with an expected decrease of approximately 100 million yuan [6] - Asset impairment losses are projected to increase by about 53 million yuan due to delayed payments in time-space data and information services [6]

Group 1: Vehicle Acquisition and Costs - The company follows a periodic principle for purchasing its own vehicles, which will be approved and acquired in phases based on business development needs [2] - The average cost of a complete operational vehicle is approximately 1.1 million RMB [2][3] Group 2: Clientele and Market Focus - The company is expanding its client base beyond traditional electronic component customers to include high-end, high-value sectors such as new energy, new materials, and large equipment [2] - Business orders fluctuate based on industry cycles, customer production and sales plans, and policy adjustments [3] Group 3: Investment and Growth Strategy - The company believes in a combination of internal and external growth for development, maintaining an open and cooperative attitude towards acquiring high-quality resources that are synergistic or complementary to its main business [3] - The company is considering the potential of auxiliary autonomous driving technology to reduce driver employment costs, but acknowledges challenges due to current technology maturity and infrastructure limitations [3] Group 4: Accounts Receivable - The average accounts receivable period varies by customer type, with most accounts concentrated in a range of 45 to 90 days [3]

Group 1: Policy Impact and Market Opportunities - The recent national policy on the capacity pricing mechanism for power generation presents significant opportunities for the company, enhancing the investment attractiveness of independent energy storage projects [2] - The policy establishes a long-term framework for a new electricity market, integrating energy quantity, auxiliary services, and capacity, which is expected to boost the independent storage investment market [2] Group 2: Business Model for Independent Storage - The company offers a comprehensive power trading management service for independent storage stations, leveraging a predictive model to optimize trading strategies based on peak and valley electricity prices [3] - The independent storage stations will achieve profitability through multiple channels, including power trading, auxiliary services, and capacity price compensation, as the market evolves [3] Group 3: Core Advantages in Power Trading - The company possesses significant advantages in decision-making support, precise intelligent control, and comprehensive operational assurance services in the independent storage power trading sector [4] - Utilizing a self-developed predictive model and AI algorithms, the company can accurately forecast energy output, load, and electricity prices, enhancing trading strategy effectiveness [4] Group 4: AI Model Development and Applications - The company has invested heavily in R&D, focusing on the "Kuangming" AI model, which has evolved to improve long-term trend analysis and extreme weather response capabilities [6] - The AI model is applied in power forecasting and grid management, significantly enhancing prediction accuracy and operational efficiency in various business scenarios [6] Group 5: Strategic Investment Considerations - The investment in Sanas Zhihui (Qingdao) Electric Power Co., Ltd. is driven by complementary business focuses, allowing for a full-service offering from construction to operational strategy and revenue realization for renewable energy projects [6]

Financial Performance - The company expects a net loss of 11.1 to 13.1 billion CNY for 2025, with a net profit loss (excluding non-recurring items) estimated at 12.5 to 14.5 billion CNY [1] - The total number of pigs sold in 2025 is projected to be 6.6635 million, an increase of 11.21% year-on-year (8.7% excluding piglets) [1] - The average selling price of pigs in 2025 is expected to be 14.65 CNY/kg, a decrease of 17.85% compared to the previous year [1] - Interest expenses are estimated at approximately 3.5 billion CNY, with additional costs from unutilized or vacant pig farms around 3.25 billion CNY, totaling a profit reduction of about 6.75 billion CNY [1] Cost Management - The complete cost of fattening pigs for 2025 is projected to drop to 13.31 CNY/kg, a decrease of 1.89 CNY/kg year-on-year [3] - In December 2025, the fattening cost is expected to be 12.92 CNY/kg, and 12.6 CNY/kg after excluding vacant costs [3] - The company aims to improve capacity utilization and reduce fixed costs through restructuring and optimizing production capacity [3][5] Operational Strategy - The company anticipates a net cash flow from operating activities of 8.5 to 9.5 billion CNY for 2025 [4] - The restructuring process is aimed at alleviating historical debt burdens, optimizing debt structure, and enhancing operational efficiency [4][5] - The company plans to enhance the quality of its breeding operations and improve asset utilization to address financial constraints [7] Product Development and Market Expansion - The food processing segment is expected to see a sales increase of approximately 55% in 2025, achieving profitability [6] - The slaughtering business is still ramping up and has not yet reached profitability [6] - The company has established stable partnerships with major clients and expanded its presence in well-known supermarkets, enhancing its consumer market reach [6] Quality Assurance and Certifications - The company emphasizes traceability in its pork products, ensuring safety and quality for consumers [8] - It has received various certifications, including a no-antibiotics certification and qualifications for exporting fresh meat to Hong Kong [8] - The company has implemented product improvements, such as reducing salt, fat, and sugar, while minimizing the use of additives [8]

Group 1: Company Strategy and Market Position - The company is establishing a BOPA film material project in Indonesia to address high demand across various sectors, including food, pharmaceuticals, and lithium batteries, as current production capacity is insufficient to meet market needs [1] - Indonesia's strategic location and tariff policies enhance the company's ability to serve local and regional markets while expanding its reach to Europe, thereby strengthening its global business presence and competitive edge [2] - The company aims to solidify its leading position in the BOPA film sector, with overseas sales increasing, and the project will support capacity expansion to meet growing market demands [1][2] Group 2: Production Capacity and Investment - The Indonesian project consists of two phases with a total planned capacity of 90,000 tons per year, with the first production line already operational since January 2026, adding 25,000 tons of overseas capacity [2] - The company plans to raise funds through convertible bonds to finance the Indonesian project, which is expected to enhance production capabilities and operational efficiency [3] - The first BOPP new energy film production line was launched in November 2025, with a second line expected to start production in the second half of 2026, focusing on thin and ultra-thin film products with an annual capacity of approximately 2,400 tons [4] Group 3: Product Development and Competitive Advantages - The company's PHA lithium battery film serves as a protective layer for soft-pack lithium batteries, requiring high flexibility, puncture resistance, and impact resistance [5] - The company has successfully developed a solid-state battery-specific BOPA film and contributed to the drafting of industry standards for aluminum-plastic composite films used in solid-state batteries, which were published in September 2025 [5]

Financial Performance - The company forecasts a net profit of between CNY 145 million and CNY 152 million for 2025, representing a year-on-year growth of 27.17% to 33.30% from CNY 114 million in the previous year [2][3] - The increase in performance is attributed to improved internal management, technological innovation, and market expansion [2][3] Product and Market Position - The production capacity ratio for black, white, colored masterbatches, and other products is approximately 6:2:1:1 [4] - The company holds over 30% market share in the domestic chemical fiber masterbatch industry, maintaining a strong competitive position through continuous innovation and market expansion [5] Research and Development - The company focuses on functional, green, and diversified product development, expanding into membrane and plastic applications while reinforcing its traditional strengths [6] - The company’s R&D efforts are aimed at enhancing product performance and expanding into new growth areas [6] Customer Base and Sales Structure - Approximately 60% of sales are to leading chemical fiber enterprises, while around 15% are to non-fiber applications such as automotive and film sectors [7] - The company’s core products are primarily used for coloring and functional modification of chemical fiber raw liquids, with a growing presence in non-fiber applications [7] International Expansion - The Turkish production base has been operating smoothly since its launch, focusing on local and overseas masterbatch markets, with plans for product line expansion and capacity enhancement in 2026 [8] - The company aims to leverage its Turkish base for further growth in the polyester and nylon masterbatch markets [8] Competitive Landscape - There is a trend of downstream chemical fiber companies establishing their own masterbatch production, but they lack the technical expertise and customization capabilities of specialized masterbatch suppliers [9] - The company plans to maintain its growth through technological upgrades and enhanced environmental performance [9] Strategic Projects - The Xiamen Luyi project, which optimizes and adds 20,000 tons of capacity, is running smoothly and is expected to enhance market share in South and East China [10][11] - The membrane and plastic division is focused on developing new functional films for diverse applications, achieving significant breakthroughs in key technical indicators [11] New Material Development - The subsidiary YaoKe New Materials is preparing for the production of 200 tons of COFs materials, with ongoing project approvals and facility preparations [11] - The project aims to achieve cost control through optimized processes and is focused on customer feedback for technical adjustments [11]