Core Viewpoint - Donghong Co., Ltd. is a leading domestic manufacturer of plastic pipes, with a full industry chain advantage and experience in multiple national key engineering projects [1] Group 1: Business Performance - In Q3 2025, Donghong's revenue reached 1.7 billion yuan, ranking third among seven companies in the industry, with the top company, Gongyuan Co., Ltd., generating 4.408 billion yuan [2] - The main business composition includes sales of pipes and fittings at 882 million yuan, accounting for 83.15% of total revenue, while other sales contributed 161 million yuan (15.20%) and pipeline engineering installation brought in 17.45 million yuan (1.65%) [2] - The net profit for the same period was 173 million yuan, ranking second in the industry, with the top company, Weixing New Materials, reporting a net profit of 539 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Donghong's debt-to-asset ratio was 25.54%, down from 40.34% in the same period last year, which is lower than the industry average of 46.99%, indicating good debt repayment capability [3] - The gross profit margin for the period was 19.89%, slightly up from 19.18% year-on-year, but still below the industry average of 23.04% [3] Group 3: Executive Compensation - Chairman Ni Liying's salary for 2024 was 546,500 yuan, a decrease of 14,600 yuan from 2023, while President Ni Fengyao's salary for 2024 was 496,100 yuan, down from 508,300 yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 37.90% to 15,200, while the average number of circulating A-shares held per household decreased by 20.23% to 18,500 [5] - In Q3 2025, the company achieved total revenue of 639 million yuan, a year-on-year increase of 8.08%, and a net profit of 72 million yuan, a significant year-on-year increase of 300.05% [5] Group 5: Future Outlook - The company is expected to see significant increases in quality project orders due to favorable policies, leveraging its full industry chain advantage and experience in national key engineering projects [5] - The projected earnings per share (EPS) for 2025 to 2027 are 0.72 yuan, 0.87 yuan, and 1.08 yuan, with corresponding price-to-earnings (PE) ratios of 18x, 14x, and 12x [5]

证券代码：603856 证券简称：东宏股份 公告编号：2025-058 山东东宏管业股份有限公司 二、说明会召开时间、地点 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： 召开时间：2025 年 11 月 10 日（星期一）上午 10:00-11:00 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 召开方式：上证路演中心视频录播和网络互动 投资者可于 2025 年 11 月 3 日(星期一)至 11 月 7 日(星期五)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 dhguanyezqb@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。 山东东宏管业股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日在 上海证券交易所（以下简称" ...

Summary of Donghong Co., Ltd. Conference Call Company Overview - **Company**: Donghong Co., Ltd. - **Industry**: Pipeline and materials manufacturing Key Financial Highlights - **Q3 2025 Revenue**: 639 million CNY, up 8.08% YoY [2][3] - **Net Profit**: 72.13 million CNY, up 300.05% YoY [2][3] - **Net Profit (Excluding Non-recurring Items)**: 68.21 million CNY, up 458.34% YoY [2][3] - **Accounts Receivable**: Decreased by 7.66% to 1.131 billion CNY [2][5] - **Debt Ratio**: Reduced from 36.41% to 25.54% [5] - **Operating Cash Flow**: 99.24 million CNY [5] Market and Regional Developments - **Rapid Growth in Western Regions**: Particularly in Xinjiang, with over 50% annual growth in shipment volume [2][4][7] - **Establishment of Xinjiang Donghong Company**: To enhance market presence in Xinjiang [4][7] - **Focus on Major Projects**: Secured large-scale projects, including a 819 million CNY project and a 300 million CNY water supply project [7] Competitive Advantages - **Full Industry Chain Advantage**: Offers anti-corrosion powder, polymer materials, and complete pipeline connection components, leading to higher profit margins compared to competitors [2][8][9] - **Limited Competition in Xinjiang**: Few competitors in large-diameter anti-corrosion metal pipelines, allowing for a strong market position [8][10] Future Plans and Strategic Focus - **Core Technology Areas**: Plans to focus on new materials, robotics, hydrogen energy, and marine engineering [3][14] - **Nuclear Power Projects**: Actively participating in nuclear projects, including a 100 million CNY contract with China General Nuclear Power Group [12][13] - **Marine Engineering Market**: Plans to enter marine sectors such as offshore photovoltaics and deep-sea oil exploration [14] Urban Infrastructure Development - **Investment in Urban Lifeline Safety Projects**: Aligning with national plans to construct and upgrade over 700,000 kilometers of underground infrastructure [14][15] - **Smart Pipeline Solutions**: Developing intelligent monitoring systems for real-time detection and alerts [16][20][21] Challenges and Market Dynamics - **Government Funding Pressures**: Despite financial constraints, government support for urban pipeline projects remains strong [17][18] - **Increased Quality Standards**: Rising expectations for heat and corrosion resistance in urban infrastructure materials [15] Conclusion Donghong Co., Ltd. is positioned for significant growth with a strong financial performance, strategic market expansions, and a focus on innovative technologies in the pipeline industry. The company is leveraging its competitive advantages in the Xinjiang market and is well-prepared to capitalize on emerging opportunities in nuclear and marine engineering sectors.

Company Overview - Donghong Co., Ltd. (SH 603856) announced an investor meeting scheduled for October 29, 2025, where company executives, including the board secretary, will address investor inquiries [1] - As of the report, Donghong's market capitalization stands at 3.6 billion yuan [1] Revenue Composition - For the first half of 2025, Donghong's revenue composition is as follows: - Sales of pipes and fittings account for 83.15% - Sales of materials contribute 15.14% - Pipeline engineering installation represents 1.65% - Other businesses make up 0.06% [1]

证券代码：603856 证券简称：东宏股份 山东东宏管业股份有限公司 投资者关系活动记录表 记录表编号：2025-004 | | □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：电话会议 | | 参与单位名称 | 西南证券：笪文钊；万家基金：李黎亚；建投基金：公伟；国金基金：王勃 | | 及人员姓名 | 轩；西南自营：杜好清；银华基金：张伯伦；新华基金：黄泓鉴；混沌投资：董 | | | 远涵。（以上排名不分先后） | | 时间 | 2025 年 10 月 29 日上午 10：00-11：00 | | 地点 | 电话会议 | | | 董事、董事会秘书兼证券事务代表寻金龙 | | 上市公司接待 | 副总裁孔令彬 | | 人员姓名 | 证券部部长刘建宁 | | | 一、公司概况介绍环节 | | | 1、公司基本情况 | | | 山东东宏管业股份有限公司是一家以管道智能终端研发制造为主营业务的国 | | | 家级高新技术企业，始终服务于国家大型长输管线、城市生命线安全工程等重大 ...

证券代码：603856 证券简称：东宏股份 山东东宏管业股份有限公司 投资者关系活动记录表 记录表编号：2025-005 1、公司整体感觉三季度哪些重点工程、哪些重点区域有加速现象？ 答：从区域来看，西部地区（新疆、贵州）、华中、华北等区域业务增长明 显；在重点领域方面，水务、水利、化工、核电等领域的项目推进速度加快，带 动公司三季度业绩提升。 2、公司目前现金流及应收账款情况？ 答：公司持续加强应收账款管理，采取多项措施加速资金回笼，目前应收账 款处于有效管控状态，回款情况稳步改善。截至 2025 年三季度末，公司经营活 动现金流为 9,924 万元，应收账款金额为 11.31 亿元，较期初下降 7.66%。 3、国家重视西部地区发展情况，公司在新疆、西藏地区有什么重点项目， 当地的竞争格局和利润率是怎样的？ 答：近年来，国家持续加大对西部地区，尤其是新疆、西藏在能源管网、城 市基础设施等领域的投资建设力度，为相关产业带来了广阔的市场空间。公司围 绕管道智能终端研发制造核心业务，积极布局新疆、西藏等西部市场，中标多个 亿元级重点供水工程项目。在新疆成立全资子公司，辐射西藏、青海、甘肃、宁 夏、内蒙等地区，联 ...

Core Insights - Donghong Co., Ltd. (603856.SH) reported a total operating revenue of 1.7 billion yuan for Q3 2025, a decrease of 469 million yuan or 21.64% compared to the same period last year [1] - The net profit attributable to shareholders was 174 million yuan, with net cash inflow from operating activities amounting to 99.25 million yuan [1] Financial Performance - The latest debt-to-asset ratio stands at 25.54% [3] - The gross profit margin is 19.89%, ranking 17th among disclosed peers, with a decrease of 0.19 percentage points from the previous quarter [3] - Return on equity (ROE) is 6.43%, down 0.71 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.65 yuan, a decrease of 0.01 yuan or 1.52% compared to the same period last year [3] - Total asset turnover ratio is 0.46 times, down 0.11 times or 19.64% year-on-year [3] - Inventory turnover ratio is 3.50 times, a decrease of 1.78 times or 33.73% compared to the same period last year [3] Shareholder Structure - The number of shareholders is 15,200, with the top ten shareholders holding 190 million shares, accounting for 67.48% of the total share capital [3] - Major shareholders include Shandong Donghong Group Co., Ltd. with 46.5 million shares and Ni Liying with 11 million shares [3]

Core Points - The company has ensured the authenticity, accuracy, and completeness of the quarterly report, taking legal responsibility for any false records or significant omissions [2][7][27] - The board of directors approved the third-quarter report for 2025 during the meeting held on October 28, 2025, with unanimous support from all attending members [8][9] - The company has decided to make provisions for impairment, which aligns with accounting standards and reflects the financial status and operational results more accurately [13][14] - Several internal governance systems have been revised to enhance operational standards and compliance with legal regulations [16][18][22] Financial Data - The financial statements for the third quarter of 2025 have not been audited [3][6] - The report period refers to the three months from the beginning to the end of the quarter [3] Shareholder Information - There are no changes in the major shareholders or the status of shares available for trading compared to the previous period [4] Other Important Information - The company has not identified any significant operational issues during the reporting period that require investor attention [5]

Group 1 - Donghong Co., Ltd. (SH 603856) announced the convening of its 22nd meeting of the fourth board of directors on October 28, 2025, which was held in a hybrid format of in-person and telecommunication [1] - The meeting reviewed the proposal to amend the "President's Work Guidelines" among other documents [1] - For the first half of 2025, Donghong's revenue composition was as follows: sales of pipes and fittings accounted for 83.15%, sales of materials accounted for 15.14%, pipeline engineering installation accounted for 1.65%, and other businesses accounted for 0.06% [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market transformation [1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1]

Core Insights - Donghong Co., Ltd. reported a revenue of 639 million yuan for Q3 2025, representing a year-on-year increase of 8.08% [1] - The net profit for Q3 reached 72.13 million yuan, showing a significant year-on-year growth of 300.05% [1] - For the first three quarters of 2025, the net profit amounted to 174 million yuan, reflecting a year-on-year increase of 3.25% [1] - The substantial increase in net profit is primarily attributed to the recovery of accounts receivable and a reduction in the provision for bad debts during the reporting period [1]