Core Viewpoint - The report highlights significant growth in the air conditioning pipe business of Sanxiang Technology, driven by the increasing penetration of new energy vehicles, and emphasizes the importance of the company's Thai subsidiary's progress [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 258 million yuan, a year-on-year increase of 22.37%, and a net profit attributable to shareholders of 23.68 million yuan, up 320.92% year-on-year [1]. - For the year 2024, the company reported revenue of 966 million yuan, a growth of 16.59%, but a decline in net profit attributable to shareholders by 23.06% to 64.45 million yuan [1]. - The company adjusted its profit forecasts for 2025-2026, projecting net profits of 72 million yuan and 93 million yuan respectively, with an EPS of 0.74 and 0.95 yuan per share [1]. Business Development - The company is actively expanding its international business and developing new product lines, particularly in the air conditioning and fuel pipe sectors [2]. - In 2024, the company’s total assembly product revenue reached 757 million yuan, a year-on-year increase of 12.65%, while revenue from hose products grew by 46.21% to 192 million yuan [2]. - The new factory of the Thai subsidiary, which began operations in April 2024, is expected to enhance the company's ability to penetrate the U.S., European, and Southeast Asian markets [3]. Market Trends - The new energy business accounted for over 20% of the company's revenue in 2024, with the growth of new energy vehicles significantly driving demand for cooling pipelines [3]. - The company is expanding its production capacity for air conditioning pipes and has introduced a new nylon pipe production line to meet the lightweight requirements of new energy vehicles [3].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has shown strong revenue growth, with Q1 2025 revenue at 258 million yuan, a year-on-year increase of 22.37%, and a net profit of 23.68 million yuan, up 320.92% year-on-year [4] - The company is expected to benefit from the increasing penetration of new energy vehicles, particularly in the air conditioning pipe business, leading to revised profit forecasts for 2025-2027 [4][6] - The company is actively expanding its international business and product lines, with a focus on the North American and European markets [5][6] Financial Summary - The company's total revenue for 2024 is projected to be 966 million yuan, with a year-on-year growth of 16.6% [7] - The net profit for 2024 is expected to be 64 million yuan, a decline of 23.1% year-on-year, but is projected to recover to 72 million yuan in 2025 [7][10] - The gross margin is expected to be around 33.3% in 2025, slightly down from 34.0% in 2024 [7][10] - The earnings per share (EPS) is forecasted to be 0.74 yuan in 2025, with a price-to-earnings (P/E) ratio of 24.2 times [4][7] Business Development - The company is expanding its product offerings, particularly in the air conditioning and fuel pipe sectors, with significant growth in hose product revenue, which increased by 46.21% year-on-year [5] - The new factory in Thailand, operational since April 2024, is expected to enhance the company's ability to serve the U.S., European, and Southeast Asian markets [6] - The company's new energy business is projected to account for over 20% of total revenue in 2024, driven by the demand for cooling pipelines in new energy vehicles [6]

Industry Overview - Rubber hoses are tubular rubber products used for transporting gases, liquids, slurries, or granular materials. The structure typically consists of an inner rubber layer, a reinforcement layer, and an outer rubber layer [1][2][5] - The demand for rubber hoses has been increasing across various sectors, particularly in automotive, aerospace, petrochemical, and construction industries, driven by the acceleration of industrialization in the country [1][7] - China's annual production capacity for rubber hoses has shown a steady upward trend, with production expected to reach approximately 1.86 billion standard meters in 2024, up from 1.4 billion standard meters in 2014 [1][7] Production Sector - The production of rubber hoses is essential for providing stable solutions for liquid and gas transportation in complex environments. The industry has seen a consistent increase in demand due to industrial growth [7] - The upstream supply chain includes raw materials such as natural rubber, synthetic rubber, rubber additives, and metal components, while the midstream involves manufacturing processes [5][7] Import and Export - China's rubber hose products have reached or are close to developed country standards, leading to a significant increase in export volumes, which have outpaced imports. In 2024, the export volume is projected to be 361,800 tons, reflecting a year-on-year increase of 15.87% [9] - The import volume for the same year is expected to be 26,300 tons, showing a decrease of 6.7% compared to the previous year [9] Consumption Sector - The global industrial hose market is expanding, with the market size projected to grow from $12.8 billion in 2019 to $17 billion in 2024, indicating a broad market space for the rubber hose industry [11] - The demand for hydraulic fracturing water treatment system hoses is also on the rise, with the market size expected to grow from $0.69 million in 2022 to $1.29 million in 2024, and potentially reaching $4.53 million by 2028 [13] Competitive Landscape - The rubber hose industry in China is characterized by a large number of small to medium-sized enterprises, with many competing in the low-end product market. There is a noticeable gap in technology and brand recognition compared to leading multinational companies [15][21] - Major international brands like Manuli, Parker, and Gates dominate the global market, leveraging their extensive experience and technological advantages [15][17] Future Trends - The industry is expected to see an increase in concentration, with smaller companies being phased out due to rising quality demands from downstream sectors [21] - There is a growing trend towards domestic production of high-end rubber hoses, as local companies invest in technology and innovation to reduce reliance on imports [22] - Environmental concerns are driving the industry towards greener and low-carbon production methods, with advancements in automation and digitalization enhancing production efficiency and product quality [23]

证券代码：831195 证券简称：三祥科技 公告编号：2025-040 青岛三祥科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 青岛三祥科技股份有限公司 2024 年年度权益分派方案已获 2025 年 5 月 22 日召开的股东会审议通过，本次实施分配方案距离股东会审议通过的时间未超过 两个月。 现将权益分派事宜公告如下： 本次权益分派基准日合并报表归属于母公司的未分配利润为 329,458,572.26 元，母公司未分配利润为 339,595,822.12 元。本次权益分派共计派发现金红利 19,606,000.00 元。 一、权益分派方案 1、本公司 2024 年年度权益分派方案为： 以公司现有总股本 98,030,000 股为基数，向全体股东每 10 股派 2.00 元人民 币现金。 2、扣税说明 （1）个人股东、投资基金适用股息红利差别化个人所得税政策, 个人股东、 投资基金持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.4 元； ...

北京市金杜（青岛）律师事务所 关于青岛三祥科技股份有限公司 2024 年年度股东会的法律意见书 致：青岛三祥科技股份有限公司 北京市金杜（青岛）律师事务所（以下简称本所）接受青岛三祥科技股份有限 公司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理 委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境 内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中 国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章和规范性文 件以及现行有效的公司章程的有关规定，指派律师出席了公司于2025年5月22日召 开的2024年年度股东会（以下简称本次股东会），并就本次股东会的相关事项出 具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 公司 2023 年第五次临时股东会审议通过的《青岛三祥科技股份有限公司 章程》（以下简称《公司章程》）； 2. 公司 2025 年 4 月 28 日刊登于巨潮资讯网（http://www.cninfo.com ...

证券代码：831195 证券简称：三祥科技 公告编号：2025-038 青岛三祥科技股份有限公司 2024 年年度股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 5 月 22 日 2.会议召开地点：青岛市黄岛区王台镇环台北路 995 号公司会议室 3.会议召开方式：现场投票和网络投票相结合方式 4.会议召集人：董事会 5.会议主持人：董事长魏增祥 6.召开情况合法合规的说明： 本次会议为年度股东会，公司第五届董事会第十三次会议审议通过《关于提 请召开公司 2024 年年度股东会的议案》，会议召集、召开、议案审议程序等方面 符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 4 人，持有表决权的股份总数 50,719,000 股，占公司有表决权股份总数的 51.7382%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 ...

一、持续督导工作概述 1、保荐机构制定了持续督导工作制度，并针对 2024 年持续督导工作制定相 应的工作计划，主要通过与公司的日常沟通、访谈、查阅相关资料等方式开展持 续督导工作。 2、保荐机构已与公司签订保荐协议，该协议已明确了双方在持续督导期间 的权利义务。 长江证券承销保荐有限公司 关于青岛三祥科技股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定，长江证券承销保荐有限公司（以下简称 "长江保荐"或"保荐机构"）作为青岛三祥科技股份有限公司（以下简称"三 祥科技"或"公司"）向不特定合格投资者公开发行股票并在北京证券交易所上 市的保荐机构，负责三祥科技的持续督导工作，并出具 2024 年度持续督导跟踪 报告。 3、本持续督导期内，保荐机构督促公司严格执行信息披露制度，对公司的 信息披露文件进行事前或事后的及时审阅，并对公司 2024 年度募集资金存放与 使用情况、变更募集资金用途和实施地点及实施主体、募投项目延期及减少投资 总额、使用闲置募集资金购买理财产品、预计日常性关联交易等事项发表了专项 核查意见。 ...

Group 1: Investor Relations Activities - The company held an earnings briefing on May 19, 2025, via an online platform [3] - Key attendees included the Chairman, General Manager, and Financial Director [3] Group 2: AI and Smart Manufacturing - The company is investing in automated production lines to enhance efficiency [5] - Future plans include optimizing smart production processes and improving quality control [5] Group 3: Financial Impact of Currency Fluctuations - The company monitors foreign exchange fluctuations due to its subsidiaries in the US and Thailand [5] - A robust risk management mechanism is in place to address currency volatility [5] Group 4: Revenue from New Energy Business - New energy business revenue is projected to exceed 20% in 2024 [5] - The demand for cooling pipelines in electric vehicles is expected to drive growth [5] Group 5: Growth in Hose Product Revenue - Hose product revenue increased by 46.21% year-on-year in 2024, primarily driven by air conditioning hoses [6] - The rise in demand for air conditioning hoses is linked to the growth of electric vehicles [6] Group 6: Production Capacity and Market Reach - The new factory in Thailand began operations in April 2024, supporting market expansion in the US, Europe, and Southeast Asia [6] Group 7: Raw Material Procurement Strategies - The company does not have long-term procurement agreements due to small purchase volumes [7] - Strategies include new material development and domestic substitution to reduce costs [7] Group 8: Competitive Position in the Market - The company’s products, including brake hoses and air conditioning hoses, are recognized as leading in the domestic market [8] - A full industry chain production model enhances cost efficiency and strategic collaboration [8] Group 9: Market Value Management - The company is focused on maintaining steady performance to support stock price growth [8] - There are currently no plans for share buybacks or increases in holdings by management [8]

Group 1: Market Overview - As of March 31, 2025, there are 11 A-share listed companies in Qingdao West Coast New Area, with a total market capitalization of 197.499 billion yuan, accounting for 24% of the total market capitalization of A-share listed companies in the city [1] - The total assets of these 11 companies reached 201.772 billion yuan in the first quarter, representing a year-on-year growth of 7.8%, and accounting for 10% of the total assets of A-share listed companies in the city [2] - The total operating revenue of these companies was 33.661 billion yuan in the first quarter, with a year-on-year increase of 5.7%, making up 20.5% of the total operating revenue of A-share listed companies in the city [3] Group 2: Company Performance - In the first quarter, the 11 A-share listed companies achieved a net profit attributable to shareholders of 2.996 billion yuan, reflecting a year-on-year growth of 2%, and accounting for 21% of the total net profit of A-share listed companies in the city [5] - Seven companies in the area reported positive growth in net profit, with Qingdao Port and Sailun Tire each exceeding 1 billion yuan in net profit for the first quarter [5] - Notably, Sanxiang Technology reported a significant increase in net profit, with a year-on-year growth of over 320% [5] Group 3: Individual Company Highlights - Hisense Visual achieved an operating revenue of over 13 billion yuan in the first quarter, with a year-on-year growth of 5.3% [4] - Sailun Tire reported an operating revenue exceeding 8 billion yuan, with a year-on-year increase of 15.3% [4] - Huicheng Environmental Protection saw a substantial increase in total assets, with a year-on-year growth of 55% in the first quarter [2]

Group 1 - The A-share automotive parts sector showed strong performance at the beginning of trading, with significant gains in various companies [1] - Disengli reached the daily limit increase, while New Coordinates rose over 9% [1] - Huami New Materials and Sanxiang Technology both increased by over 8%, with Del Shares and Zhengqiang Shares also experiencing upward movement [1]