会议召开时间：2025 年 11 月 26 日（星期三）10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 19 日（星期三）至 11 月 25 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jjhbzqb@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 证券代码：603279 证券简称：景津装备 公告编号：2025-034 景津装备股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 景津装备股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公 司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三 季度经营成果、财务状况，公司计划 ...

Core Viewpoint - The report from Zhongyou Securities indicates that Jingjin Equipment's net profit attributable to shareholders for Q1-Q3 2025 reached 435 million yuan, a decrease of 34.53% year-on-year, with Q3 alone showing a net profit of 107 million yuan, down 47.9% year-on-year. Despite the short-term pressure on performance, there is optimism regarding a rebound in demand driven by lithium battery sector recovery. [1] Company Performance - Jingjin Equipment's net profit for Q1-Q3 2025 was 435 million yuan, reflecting a year-on-year decline of 34.53% [1] - In Q3 2025, the company reported a net profit of 107 million yuan, which is a significant decrease of 47.9% compared to the same period last year [1] - Despite the decline in profits, the company's cash flow has shown growth, with net cash flow from operating activities significantly exceeding overall net profit, which is expected to support dividend distribution [1] Industry Outlook - The report highlights that several companies, including Fulim Precision, Longpan Technology, Hunan Youneng, and Fengyuan Co., have announced expansion plans, indicating a new round of capacity expansion in the lithium battery cathode materials sector [1] - There is an expectation for a reversal in demand within the filter press industry, driven by the recovery in the lithium battery market [1] - The overall sentiment remains positive, maintaining a "buy" rating for Jingjin Equipment based on the anticipated demand recovery [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Views - The company has faced short-term pressure on performance, primarily due to challenges in the new energy sector and product price declines. Revenue for the first three quarters of 2025 was 4.2 billion yuan, a decrease of 10.7% year-on-year, with net profit dropping by 34.53% to 435 million yuan [4][5]. - Despite the performance decline, the company’s operating cash flow has improved, with a net cash flow from operating activities of 658 million yuan, an increase of 11.73% year-on-year, which is expected to support dividend payouts [5]. - The report anticipates a demand rebound in the lithium battery sector, driven by new production expansions in lithium iron phosphate materials, which is expected to positively impact the filter press industry [6]. Summary by Sections Company Overview - Latest closing price: 16.72 yuan - Total shares: 576 million, with a total market capitalization of 9.6 billion yuan [3]. Financial Performance - For Q1-Q3 2025, the company reported a revenue of 4.2 billion yuan, a decrease of 10.7% year-on-year, and a net profit of 435 million yuan, down 34.53% [4][5]. - The gross margin decreased by 4.59 percentage points to 24.47%, while the expense ratio slightly increased to 9.48% [5]. Earnings Forecast and Valuation - Projected revenues for 2025-2027 are 5.55 billion, 6.22 billion, and 6.87 billion yuan, with year-on-year growth rates of -9.43%, 11.95%, and 10.47% respectively. Net profits are expected to be 601 million, 729 million, and 871 million yuan, with growth rates of -29.11%, 21.23%, and 19.49% [7][10]. - The estimated P/E ratios for 2025-2027 are 16.03, 13.22, and 11.06 [7].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3997.56 points, down 0.25%, while the total trading volume reached 20202.05 billion yuan, indicating a mixed performance among stocks breaking through the annual line [1] Group 1: Stock Performance - A total of 52 A-shares have surpassed the annual line today, with notable stocks including Luzhou Laojiao, Qiaoyuan Co., and Jiachuan Vision, which have deviation rates of 6.56%, 5.10%, and 4.86% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Lubnorth Chemical, Phoenix Optical, and Wuzhou Special Paper [1] Group 2: Individual Stock Data - Luzhou Laojiao (000912) saw a price increase of 9.93% with a turnover rate of 2.87%, closing at 4.87 yuan, resulting in a deviation rate of 6.56% [1] - Qiaoyuan Co. (301286) increased by 14.19% with a turnover rate of 9.67%, closing at 30.66 yuan, with a deviation rate of 5.10% [1] - Jiachuan Vision (300264) rose by 5.38% with a turnover rate of 10.65%, closing at 6.27 yuan, leading to a deviation rate of 4.86% [1]

Core Points - The actual controller, chairman, and general manager of Jingjin Equipment Co., Ltd., Jiang Guiting, was previously placed under detention by the Baode County Supervisory Committee for investigation [1] - On November 6, 2025, the Baode County Supervisory Committee issued a notice to lift the detention, allowing Jiang Guiting to resume his duties as chairman and general manager [1] - The company's production and operational activities are reported to be normal following the lifting of the detention [1] Company Announcement - The company assures that the announcement contains no false records, misleading statements, or significant omissions, and takes legal responsibility for the accuracy and completeness of the content [1] - The designated media for information disclosure includes China Securities Journal, Shanghai Securities Journal, Securities Times, Securities Daily, and the Shanghai Stock Exchange website [1]

Group 1 - Company Biao Bang Co., Ltd. has decided to terminate the planning of a change in control due to failure to reach consensus on key terms with the trading party, and will resume trading on November 7, 2025 [1] - Company Su Da Wei Ge plans to acquire 51% of Changzhou Weipu Semiconductor Equipment Co., Ltd. for 510 million yuan, making it a subsidiary [2] - Company Bei Ji Shen Zhou expects its revenue for 2025 to be between 36.2 billion yuan and 38.1 billion yuan, an increase from the previous forecast of 35.8 billion to 38.1 billion yuan [3] Group 2 - Company Hua Hong Semiconductor reported a revenue of approximately 12.58 billion yuan for the first three quarters of 2025, a year-on-year increase of 19.82% [4] - Company Jie Neng Wind Power plans to raise no more than 3.6 billion yuan through a private placement to fund various green power projects [5] - Company Zhen Ai Mei Jia is in the process of transferring control, with trading suspended since November 5, 2025, and expected to remain suspended for up to three trading days [7] Group 3 - Company Xin Hope plans to establish a joint venture with state-owned funds with a total registered capital of 2.87 billion yuan, where Xin Hope will contribute 2.1 billion yuan [8] - Company Yun Nan Ge Ye has approved a project to establish a new semiconductor materials company with an investment of 500 million yuan [8] - Company Tian Ci Materials has signed contracts for the supply of electrolyte products with two major clients, with expected total volumes of 87,000 tons and 72,500 tons for the years 2026-2028 [9][10]

Corporate Announcements - China Aluminum announced the election of He Wenjian as chairman and the appointment of Zhang Ruizhong as general manager, with Zhang holding 147,100 shares of A-shares [4] - Jiangbolong reported that its self-developed main control chip deployment exceeded 100 million units by the end of Q3, with ongoing rapid growth [5] - Asia-Pacific Pharmaceutical received a notice of disapproval for the consistency evaluation application of Diltiazem Hydrochloride Tablets, which will not significantly impact current performance [6] - Fuxiang Pharmaceutical successfully passed the FDA's cGMP inspection, marking the third successful inspection, enhancing its qualification for international market supply [7] - Biaobang Co. terminated its control change planning due to failure to reach consensus on core terms, leading to stock resumption [8] - Jingjin Equipment announced the release of its actual controller and chairman from detention, allowing normal operations [9] - Sand Membrane reported that part of its fundraising account was frozen, amounting to 11.74 million yuan, related to a contract dispute [10] - Renfu Pharmaceutical's subsidiary received approval for clinical trials of HWH217 tablets for treating pulmonary arterial hypertension [12] - Wanye Enterprises will change its stock name to "Xian Dao Ji Dian" effective November 12 [13] - Huahai Pharmaceutical's subsidiary passed the FDA inspection, ensuring compliance with international standards [14] Performance Metrics - Daqin Railway reported a cargo transport volume of 32.51 million tons in October, a decrease of 4.7% year-on-year [19] - Jingji Agriculture announced sales of 233,300 pigs in October, generating revenue of 317 million yuan [20] - Baiyun Airport reported a passenger throughput of 7.64 million in October, a year-on-year increase of 12.04% [21] - Dongfeng Motor's total vehicle production decreased by 23.4% year-on-year in October, with significant declines in commercial vehicle categories [22] - Hongyang Real Estate reported a contract sales amount of 202 million yuan in October [23][24] Shareholding Changes - Xintonglian announced that a shareholder plans to reduce its stake by up to 3% [25] - Tonghua Dongbao conducted its first share buyback, acquiring 0.01% of its shares for 1.29 million yuan [26] - Guoci Materials plans to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 30 yuan per share [27] - Xili Technology announced multiple shareholders plan to reduce their stakes [28] Major Contracts - Dayu Water announced a pre-bid win for a 310 million yuan water conservancy project in Hainan [29] - Zhongjian Technology signed a significant sales contract worth 563 million yuan [30] - Longjian Co. won a bid for a 441 million yuan project for road construction in Heilongjiang [31] - Chongqing Construction's subsidiary won a bid for a 781 million yuan project in Chongqing [32]

Core Points - The chairman of Jingjin Equipment, Jiang Guiting, has had the detention measures lifted by the Baode County Supervisory Committee, allowing him to resume his duties as chairman and general manager [1] - The company announced on June 13 that Jiang Guiting was subject to detention and investigation by the Baode County Supervisory Committee [1] Company Situation - Jiang Guiting is now able to perform his responsibilities normally, indicating that the company's production and operational status is normal [1] - The previous announcement regarding Jiang Guiting's detention highlighted concerns about the company's governance and potential impacts on its operations [1]

Core Points - Jingjin Equipment (603279) announced on November 6 that it received a "Notice of Lifting of Detention" issued by the Baode County Supervisory Committee, which has lifted the detention measures against the company's actual controller, Chairman, and General Manager Jiang Guiting [1] - The company stated that Jiang Guiting is now able to perform his duties as Chairman and General Manager normally, and the company's production and operation are running smoothly [1] - On the same day, Jingjin Equipment's stock rose by 2.43%, closing at 16.01 yuan per share, with a total market value of 9.229 billion yuan [1]