| | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □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） | | 参与单位名称及 | 华西证券：晏溶；国泰海通证券：李鹏飞、王宏玉、梁琳；光大理财：丁琨 | | 人员姓名 | | | 时间 | 2026 年 1 月 23 日 | | 地点 | 北京 | | 上市公司接待人 | 田文斌、王依涵 | | 员姓名 | | | 1、 | 公司产品下游需求结构？ | | | 答：目前公司产品主要用于汽车（包括新能源汽车）、消费类电子、工业机器人、 | | | 计算机、节能家电、风力发电机、工业电机等领域。 | | 2、 | 稀土原材料价格波动对公司成本的影响机制？ | | | 答：公司产品价格会参考原材料价格等因素与客户协商确定。 | | 3、 | 公司在人形机器人领域是否有布局?目前最新的进展如何? | | | 答：公司主要产品为钕铁硼永磁材料，已应用于工业机器人领域多年。目前人形 | | 投资者关系活动 | 机器人行业尚未实现规模化量产，待 ...

Group 1: eCall Emergency Call System - The technical barriers of the eCall emergency call system include functionality and reliability, requiring various certifications such as collision tests and data protocol standards [1] - The company is a pioneer in the domestic eCall field, having recognized its market potential as early as 2013 and actively participating in the development of EU regulations [2] - In 2019, the company obtained the first EU eCall certification in China and became one of the first globally to pass the UN-R144 standard certification [2] - The company achieved the new generation NG-eCall certification on January 6, 2025, positioning itself among the first globally to obtain this qualification [2] - The NG-eCall certification enhances data transmission capabilities and supports concurrent voice and data transmission, significantly improving emergency response efficiency [2] Group 2: Digital Energy Management Solutions - The digital energy management solution integrates "end and cloud" technology, enabling battery lifecycle traceability and optimization [3] - This solution supports various core scenarios in the battery swapping ecosystem, including vehicle-to-grid interactions and energy digital trading [3] - The company’s products are expected to be configured at a ratio of 2.2-2.5 times the number of vehicles for battery swapping stations, indicating a substantial market demand for digital management solutions [3] - The solution has penetrated key areas such as automotive power batteries and energy storage systems, driving the company’s competitive edge in the energy sector [4] Group 3: Business Expansion and Future Directions - The company plans to leverage its expertise in automotive and communication sectors to explore high-end fields like robotics and commercial aerospace [5] - It aims to expand into industrial IoT and other mid-to-low-end scenarios to drive new revenue growth [5]

Group 1: Current Business Overview - The company specializes in rubber polymer materials, primarily serving the automotive, electrical, aviation, and nuclear protection sectors [2] - The automotive and electrical segments contribute significantly to overall revenue, benefiting from years of technological research and customer accumulation [2] - The company is actively developing its aviation and special equipment business sectors [3] Group 2: Future Business Development Plans - The company aims to maintain its focus on rubber polymer materials while exploring applications in other industries to enhance technological innovation and capabilities [3] - There is a commitment to deepening existing business while seeking potential acquisition targets for rapid external growth [3] - The company expresses optimism about future growth, citing a stable business environment and confidence in its operational capabilities [3]

Group 1: Market Trends and Opportunities - The domestic mini-game market is still in a phase of rapid growth, showcasing significant potential [3] - The strategic value and ceiling of the SLG (Simulation Game) sector continue to break through, with a notable expansion in user base and market value [3] - The long-cycle value of casual games is becoming increasingly evident, driven by fragmented user demands [3] Group 2: Product Development and Strategy - The company has established a leading position in the mini-game market, with multiple mini-games under development, including IP products like "Dou Po Cang Qiong" [3] - The company’s overseas business has maintained stable revenue, with SLG being a core strategic focus, supported by a "lightweight" and "large theme" approach [3] - The company has over 10 self-developed products in its pipeline, focusing on mini-games and SLG development [3] Group 3: AI Integration and Efficiency - The company has achieved over 90% penetration of AI across its operations, significantly enhancing efficiency [4] - AI-driven automatic ad placements exceed 70%, with AI outperforming human operators in various aspects [4] - The company is investing heavily in AI technologies to improve existing business efficiency and secure future strategic advantages [5] Group 4: Talent Development and Organizational Structure - The company is moving towards a younger talent pool, with 80% of its core production team being post-90s generation [4] - The establishment of R&D centers in key talent hubs like Beijing and Shanghai aims to attract top talent and break geographical limitations [4] - The company emphasizes long-term thinking in its product strategies, focusing on longer product lifecycles across various game genres [4] Group 5: Future Goals and Market Positioning - The company aims to return to the top three in the overseas market for Chinese game developers within three years [5] - In the mini-game sector, the goal is to maintain the leading market position while developing headliner products in SLG and casual game categories [5] - The company seeks to achieve industry-leading levels in AI tool capabilities, focusing on unique and refined offerings [5]

证券代码：002317 编号：2026-002 广东众生药业股份有限公司投资者关系活动记录表 | | √ □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他（ ） | | 参与单位及人员 | 中信证券股份有限公司、广发证券股份有限公司、宝盈基金管 | | | 理有限公司、上海理成资产管理有限公司分析师、研究员 | | 时间 | 2026 年 1 月 23 日 10:30～11:30 | | 地点 | 众生睿创会议室 | | 形式 | 现场交流 | | 上市公司 | 1、公司副总裁 陈小新 | | 接待人员 | 2、公司董事会秘书 杨威 1、众生睿创与齐鲁制药关于RAY1225注射液的合作情况。 | | | 答：众生睿创与齐鲁制药于 2026 年 1 月 16 日签署《许可 协议》，众生睿创授权齐鲁制药在中国地区（包括中国大陆、 | | | 香港、澳门、台湾，统称"许可地区"）内对 RAY1225 注射液 | | | （以下简称"许可产品"）进行生产与 ...

Group 1: Fundraising and Project Changes - The company announced a change in fundraising strategy, terminating the "Expansion of Large-Sized Light Guide Plate Project" to improve fund utilization efficiency [1] - Remaining funds will be redirected to the TAC film project at Anhui Jiguang and the reflective polarizing film project at Suzhou Yijia [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 panel production capacity located in mainland China [2] - TAC film accounts for over 50% of the cost of polarizing film materials, significantly impacting the profitability of polarizing film manufacturers [2] - Currently, 75% of the TFT-grade TAC film used in mainland China is imported, primarily from Japanese suppliers [2] Group 3: Project Progress and Development - Anhui Jiguang obtained the construction permit in June 2025, and the factory construction is progressing steadily [2] - Major equipment for the TAC film project is expected to be delivered and tested in the first half of this year [2] - Initial test results of trial films sent to downstream polarizing film and panel manufacturers show no significant discrepancies with Anhui Jiguang's internal testing [2]

Group 1: R&D Progress - DR10624 has shown strong lipid-lowering effects and safety in Phase II clinical trials, with results presented at the AHA Scientific Sessions 2025. It has been included as a breakthrough therapy for severe hypertriglyceridemia by the CDE in January 2026 [1][2] - HDM1002, an oral GLP-1 receptor agonist, has completed patient enrollment for its Phase III trial in weight management, with top-line data expected in Q3 2026. The study has shown good overall safety without liver enzyme elevation [3] - HDM2005 has reported positive preliminary results in Phase I trials for mantle cell lymphoma and classical Hodgkin lymphoma, and is also undergoing trials for diffuse large B-cell lymphoma and solid tumors [4] Group 2: Upcoming Data Releases - Key data releases expected in 2026 include: - HDM1002 weight management Phase III top-line data - HDM1005 weight management Phase III 40-week data - HDM2005 solid tumor Phase I preliminary data - DR10624 for MASLD/MASH Phase II top-line data [5] Group 3: New Product Approvals and Market Outlook - The company anticipates new drug approvals in 2026, including edaravone tablets and various biosimilars, which are expected to enhance revenue contributions [6][7] - The innovative products, such as Ailaha® and Huijiaojing®, are projected to maintain rapid growth due to their clinical value and market strategies [9] Group 4: Industrial Microbiology and Pet Medicine - The industrial microbiology sector is expected to continue its rapid growth, supported by expanding overseas markets and commercialized products [12] - The HDM7006 project for managing obesity in cats is addressing a significant market gap, with a reported obesity rate of 28.1% among pet cats in China. This product is positioned as a safe and effective GLP-1/GIP dual-target weight management solution [16] Group 5: Strategic Collaborations and Licensing - The company is actively pursuing licensing agreements for its self-developed products and is optimistic about future collaborations [8] - A strategic partnership with MC2 for skincare products aims to leverage innovative technology for daily skin care solutions in the Greater China region [14][15]

Group 1: Company Performance - In 2025, China's heavy truck market total sales reached 1.145 million units, a year-on-year increase of 27% [1] - The company maintained a strong growth trend in production and sales compared to the previous year, with a healthy order backlog [1] - The company continues to hold a leading market share in the heavy truck industry through enhanced product competitiveness and market expansion [1] Group 2: Natural Gas Heavy Trucks - In 2025, cumulative sales of natural gas heavy trucks reached 198,700 units, reflecting a year-on-year growth of 12% [2] - Technological advancements are narrowing the performance gap between natural gas and diesel trucks [2] - The company remains optimistic about the natural gas heavy truck market and plans to enhance product competitiveness and long-term strategic positioning [2] Group 3: New Energy Heavy Trucks - In 2025, cumulative sales of new energy heavy trucks in China reached 231,100 units, a significant year-on-year increase of 182% [3] - In December 2025 alone, sales of new energy heavy trucks totaled 45,300 units, up 189% year-on-year [3] - The new energy heavy truck market is experiencing rapid growth driven by policy support and technological innovation, with the company committed to deepening its involvement in this sector [3] Group 4: Subsidiary Operations - The axle company, a subsidiary, is 51% owned by the company and supplies products to the group's vehicle production units, ensuring stable market demand and revenue [3] - The aftermarket company, a wholly-owned subsidiary, focuses on truck aftermarket services, including parts, oil products, and after-sales services [3] Group 5: Export Performance - The company leverages the international division of the group for its export business, maintaining the industry’s leading position in exports for 21 consecutive years [5] - The export business continues to show good growth, with a market presence in over 150 countries and regions, primarily in Africa, Southeast Asia, Central Asia, and the Middle East [5]

Business Overview - The company has established four core business modules: Engine, Automotive Electronics, Brake Systems, and Hydrogen Energy [2][3]. - In the Engine sector, the company has a leading position with steady growth in cylinder sleeve production and a significant increase in piston sales in 2025 [2]. - The Automotive Electronics segment has seen a rising market share for turbocharger electronic actuators and expansion into air suspension management units [2]. - The Brake Systems focus on bi-metal composite brake drums, leveraging technology and performance advantages to expand product variety [2][3]. - The Hydrogen Energy sector has developed a comprehensive product line including fuel cell engines and compressors, with mass production already underway [3]. Acquisition Strategy - The company plans to acquire 59% of Zhongyuan Jikean, a joint venture established in 2005, to capitalize on the growing AIDC backup power market and shipbuilding industry [3][4]. - Post-acquisition, Zhongyuan Jikean will become a wholly-owned subsidiary, enhancing the company's capabilities in high-end cylinder sleeves and strengthening its competitive edge in the global market [4]. Product Development and Capacity Expansion - The company’s bi-metal brake drums offer superior durability and lightweight design, addressing the automotive industry's shift towards lighter vehicles [5]. - The current annual production capacity for brake drums is 1.6 million units, with plans for further expansion based on market demand [5]. - The Thailand factory has established production lines for cylinder sleeves and is expected to contribute revenue starting in 2026 [6]. Robotics Collaboration - The Shanghai subsidiary is collaborating with Ningbo Puzhi to develop specialized electronic actuators for humanoid robots, leveraging its expertise in automotive electronic systems [6][7]. - This partnership aims to transition from automotive components to a dual focus on automotive and robotics, aligning with industry trends [7]. Shareholder Returns and Risk Management - The company is committed to optimizing profit structures and enhancing shareholder returns through diversified methods, including cash dividends [7]. - There are risks associated with the humanoid robot joint venture, as the product is still in development and has not yet generated revenue [7].

Company Overview - The history of Guoji Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guoji Precision 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 a strong technological innovation capability, with over 2,400 research achievements and 1,076 national and industry standards established since its inception [3] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 2.296 billion, a year-on-year increase of 27%, primarily driven by the growth in wind power bearing business [3][4] - Gross profit totaled CNY 797 million, a 20% increase year-on-year, while net profit reached CNY 245 million, up 15.4% from the previous year [3][4] Business Highlights Bearing Business - The special bearing segment has shown steady growth, contributing significantly to profit, with a 90% supply rate for key products in aerospace applications [4] - The wind power bearing business has been a major growth driver, with successful development of high-capacity products [4] Abrasives Business - The superhard materials segment continues to grow, with significant advancements in technology and market position, including the development of high-efficiency processing tools for the semiconductor industry [5] - The company has achieved breakthroughs in diamond functional applications, which are expected to become a new source of profit [5] Strategic Focus and Future Outlook - The company aims to consolidate its existing advantages in bearings and abrasives while exploring new high-growth areas, including commercial aerospace and humanoid robotics [8] - A long-term shareholder return plan is in place, targeting a dividend payout ratio of no less than 40% [8][9] - The company emphasizes transparency in governance and investor relations to enhance value recognition among stakeholders [9] Innovation and Talent Development - Guoji Precision is enhancing its R&D capabilities through an integrated system that combines research institutes and industrial units [6] - The company has a robust talent development framework, with over 800 technical personnel, including 700 with master's degrees or higher [7]