Group 1: Fundraising and Project Changes - The company announced the termination of the original fundraising project "Expansion of Large-Sized Light Guide Plate Project" to improve the efficiency of fund usage, reallocating the remaining funds to the TAC film project and the reflective polarizing film project [1] - The TAC film and reflective polarizing film projects are aimed at addressing domestic supply chain issues, with both being critical for the future growth of the company [1] Group 2: Market Analysis and Competitive Landscape - The demand for TAC film is projected to reach 1.229 billion square meters by 2025, with over 70% of the panel production capacity located in mainland China [2] - TAC film accounts for over 50% of the cost of polarizing film materials, making it a key component affecting the profitability of polarizing film manufacturers [2] - Currently, 75% of the global market for TFT-grade TAC film is dominated by Japanese suppliers, highlighting the need for domestic production capabilities [2] Group 3: Project Progress and Development - As of June 2025, the construction of the factory for the TAC film project has commenced, with steady progress reported [2] - Major equipment for the project is expected to be delivered and tested in the first half of the current year [2] - Initial test results from the experimental film produced in the laboratory align with the company's own testing, indicating no significant discrepancies [2]

Group 1: Company Performance and Strategy - The company plans to disclose its 2025 annual report on April 9, 2026, detailing specific operational performance [2] - The company aims to strengthen its core product system and enhance brand influence by focusing on traditional products and unique varieties [2] - The company has a reasonable inventory level, with turnover rates aligning with industry standards [5] Group 2: Market Expansion and Investment - The company has been exporting since 1931 and currently sells products in 32 countries, with 1,442 overseas product registrations [4] - In October 2025, the company invested 20 million yuan in KJT Technology Co., Ltd. to enter the radioactive isotope drug sector [5] - The company is committed to enhancing its international strategy and expanding its overseas market share [4] Group 3: Future Development Plans - During the 14th Five-Year Plan, the company will focus on modernizing and internationalizing traditional Chinese medicine [6] - The company aims to optimize production line structures and enhance technological innovation to strengthen its core competitiveness [6]

证券代码： 300249 证券简称：依米康 依米康科技集团股份有限公司投资者关系活动记录表 取重点跟踪、全力获单的策略，倾斜人力、资源予以支撑，持续 拓展阿里、字节跳动等大厂订单。针对海外市场，自 2023 年启 动海外市场拓展战略后，截至目前，业务布局与订单交付已覆盖 国内全部市场及马来西亚、新加坡、泰国、越南、菲律宾、阿曼 等东南亚和中东"一带一路"沿线国家。 2、2025 年度业绩扭亏为盈，主要来源于哪部分的业务？ 答：主要来源于风冷、液冷、风液同源等精密散热产品的增 长：2025 年，公司坚持践行"聚焦信息数据领域战略规划"。 一方面，公司不断投入资源，夯实精密散热产品为核心，整合智 能工程、软件平台与智慧运维的全栈式算力精密散热能力；另一 方面，公司紧跟下游行业对精密散热产品需求不断扩张的市场行 情，确定了"锚定大客户"的经营策略，紧跟国内大厂建设需求， 公司精密散热产品订单持续增长；其次，公司持续加强海外订单 的拓展，精密散热产品海外订单亦大幅增长。 2024 年，公司实现境外收入 4,889.83 万元，占营业收入比 例为 4.27%；2025 年上半年，公司实现境外收入 6,232.14 万元 ...

西子清洁能源装备制造股份有限公司投资者关系活 动记录表 （2026-01-30） 证券代码： 002534 证券简称：西子洁能 编号：2026-003 | 投资者关系活 | ☑特定对象调研 □ 分析师会议 | | --- | --- | | 动类别 | 业绩说明会 □媒体采访 □ | | | □新闻发布会 路演活动 □ | | | ☑现场参观 | | | □其他 | | 参与单位名称 | 长江证券：李想； | | 及人员姓名 | 中加基金：苗超； | | | 申万宏源证券：李冲、胡书捷、田昕、刘建伟、姚远、 | | | 长江养老：杨胜、赵千里、王烨敏、刘杰、刘堃； | | 时间 | 2026 年 01 月 30 日 | | 地点 | 公司会议室 | | 上市公司接待 | 董事长助理：毛一恺； | | 人员姓名 | 董事会秘书：鲍瑾； | | | 投资者关系管理专员：孟雪瑶； | | | 1、 公司基本情况及主要业务介绍？ | | 投资者关系活 动主要内容介 | 公司于 年建厂，2002 年加入西子电梯集团，2011 年深交所挂牌上市， 1955 | | | 2022 年更名为西子清洁能源装备制造股份有限公司。 ...

Group 1: Business Development - The company’s nuclear power products cover levels 1-3 and non-nuclear equipment, focusing on production, quality control, and delivery to enhance customer loyalty [2] - Continuous integration with EBK Company to enhance resource synergy, leading to efficient contract delivery and market channel expansion for composite pipes [2] - The alloy materials subsidiary emphasizes R&D innovation, establishing a comprehensive production control system to meet high-end market demands [2][3] Group 2: Future Development Plans - The company aims to adjust product structure and improve quality during the 14th Five-Year Plan, focusing on mergers and acquisitions to enhance industry chain layout and market channels [3] - Accelerating smart manufacturing and digital transformation to improve operational efficiency and quality control [3] - Expanding into deep processing fields such as plates, wires, and bars, while prioritizing high-value business segments to enhance core competitiveness and risk resistance [3]

Group 1: Nitrogen Industry Chain - The company has established a "salt-alkali-fertilizer" industry chain, focusing on synthetic ammonia, ammonium chloride, and ammonium nitrate, enhancing its product offerings in compound fertilizers and other end products [2][3] - The 700,000-ton synthetic ammonia project at the Yingcheng base aims to improve self-sufficiency in nitrogen fertilizer raw materials, strengthening upstream raw material security [3][5] Group 2: Phosphorus Utilization Chain - The company has developed a phosphorus utilization chain from wet-process phosphoric acid to refined phosphoric acid, water-soluble monoammonium phosphate, industrial-grade monoammonium phosphate, iron phosphate, and compound fertilizers, optimizing product structure and increasing resource utilization [4] - The company is enhancing its phosphorus resource self-sufficiency through ongoing projects, which will lower production costs and improve operational resilience [6] Group 3: Compound Fertilizer Business Strategies - The company is implementing a "Five Forces Marketing" strategy to expand its compound fertilizer market share, focusing on product formulation improvements and technical upgrades [4] - The launch of the "Yuntu" brand, along with enhanced service support for primary distributors and expanded coverage for secondary distributors, aims to strengthen channel competitiveness and brand recognition [4] Group 4: Production Technology and Project Progress - The synthetic ammonia project utilizes advanced water-coal slurry gasification technology, which offers advantages in carbon conversion rate, overall energy efficiency, and environmental protection [5] - The company is progressing with the construction of the Aju Luogua phosphorus mine and the Niuniuzhai East section mine, which are crucial for the supply of raw materials for its phosphorus and new energy materials businesses [6]

Group 1: Financial Performance - The company expects to achieve a net profit attributable to shareholders of RMB 1.025 billion to 1.5 billion in 2025, a significant improvement compared to 2024, marking a turnaround from losses [2] - The overall profitability of the company has improved compared to 2024 due to various measures taken in response to the declining prices of crude oil and petrochemical products [3] Group 2: Production Capacity and Products - The company has a crude oil processing capacity of 16 million tons per year and produces a variety of chemical products, including 600,000 tons/year of sulfur, which has seen a price increase benefiting the company's operations [3] - The company has significant production capacities in the aromatics chain, including 2.8 million tons/year of PX, 6.3 million tons/year of PTA, and over 1 million tons/year of benzene, positioning it among the top in the domestic market [4] Group 3: New Materials and Future Plans - The company has a diverse range of new materials with capacities such as 900,000 tons/year of EVA and 100,000 tons/year of POE, which are leading products in the domestic market [5] - Future plans include focusing on new energy materials and low-carbon green industries, aiming to build a diversified industrial chain [5] Group 4: Market and Industry Trends - The company is actively responding to national policies aimed at reducing internal competition and is participating in industry discussions to maintain market order [3] - The exit of overseas chemical capacities due to high energy prices and demand decline is expected to significantly impact the global chemical supply-demand landscape, presenting opportunities for the company [7]

Financial Performance - The company achieved a net profit of approximately CNY 360 million to CNY 430 million for the year 2025, representing a growth of 42.92% to 70.71% compared to the previous year [2] Cloud Business Development - The company has completed the foundational phase of its cloud business and is entering a new stage of deepening its business model and accelerating scale construction, with over 300 node data centers established across nearly 200 key cities, serving around 800,000 terminals and providing high-quality computing power of 50,000 routes [3] Product Development - The "Shunwang Family Bucket" integrates nearly 10 products, forming a comprehensive service ecosystem that addresses operational pain points in the internet café industry [4] - The "Shunwang E-sports Cloud Computer CITY Edition" was launched in December 2025, designed for low-latency scenarios and adaptable to various digital consumption environments [5] Brand and IP Development - The company plans to leverage the "ChinaJoy" brand to enhance its influence and focus on innovative brand promotion and product experience for younger consumers, while expanding its global cooperation network [6][7] Game Development - "Three Kingdoms: Hundred Generals Card" is in the testing phase and has received a game license, with updates to be provided through official channels [8] AI Integration - The company has implemented AI technology to enhance operational efficiency and is developing a complete AI technology research and development system, providing AI-driven marketing services to clients [9] Shareholder Returns - The company is committed to boosting investor confidence through sound operations and governance, with plans for dividends aligned with strategic development [10]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - For the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, up 21.66%, and a net profit of CNY 180 million, an increase of 33.95% [2] Group 2: Growth Strategies - Continuous product innovation and expansion of application scenarios are key long-term growth strategies for the company [2] - The company has established stable partnerships with well-known enterprises in various IoT sectors, contributing to steady revenue and profit growth [2] - The strategy of "going global" is identified as a major growth point for future revenue, with a focus on markets in Africa, Southeast Asia, and South America [3] Group 3: Product Diversification and Innovation - The company has expanded its product offerings from commercial vehicle monitoring to various IoT applications, including smart transportation, smart sleep, and mobile payment [3][4] - The core capability for product diversification stems from the company's experience in communication, positioning, storage, and AI technologies [4] - The business model emphasizes "module base + AI drive + cloud service + intelligent terminal," providing competitive solutions for different IoT application scenarios [4] Group 4: Market Expansion and Client Collaboration - The company has established stable collaborations with clients in the smart sleep terminal sector, with sales areas continuously increasing [4] - The domestic market promotion of smart sleep terminals is based on information disclosed by the company in legal media and client announcements [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] - Specific applications include data centers, nuclear power, and industrial heat management, showcasing the versatility of the company's offerings [4][6][10] 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 integrated natural cooling systems, with successful projects in major data centers across China [4] - The market for data center cooling is robust, with a shift from screw-type to centrifugal chillers, particularly magnetic levitation types, indicating a trend towards higher efficiency [6] - The company has established a global after-sales service system supported by overseas manufacturing bases [6] Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, including cooling systems and heat recovery solutions, to support the safe and efficient operation of nuclear power plants [7] - Recent projects include supplying cooling systems for multiple nuclear power stations in China, reflecting the company's strong position in this sector [7] Group 4: Heat Recovery and Energy Management - The company is actively involved in heat recovery technologies, with a focus on industrial heat pumps and energy management solutions, aligning with national carbon reduction policies [8][10] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, holding numerous patents and contributing to significant energy-saving technologies [8][9] Group 5: Future Growth and Market Trends - The company anticipates revenue growth in its joint venture producing heat recovery steam generators (HRSG), projecting revenues of over 700 million in 2024 and approximately 1 billion in 2025 [8] - The demand for energy-efficient technologies is expected to increase due to government policies promoting urban renewal and carbon neutrality, positioning the company favorably for future opportunities [10] Group 6: Specialized Technologies - The company has developed specialized equipment for liquefying gases used in aerospace applications, including hydrogen and oxygen, demonstrating its technological capabilities [11] - Innovations in cryogenic technology, such as helium compressors for superconducting magnets, highlight the company's role in cutting-edge scientific research [11]