Core Insights - The renovation and building materials sector increased by 0.57% on November 11, with Conch New Materials leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Sector Performance - Conch New Materials (000619) closed at 7.15, up 10.00% with a trading volume of 204,400 shares and a transaction value of 145 million yuan [1] - Youbang Ceiling (002718) also rose by 10.00%, closing at 29.26 with a trading volume of 39,400 shares and a transaction value of 111 million yuan [1] - Other notable performers include ST Nachuan (300198) up 4.62%, Wanli Stone (002785) up 4.45%, and Luopus Gold (002333) up 2.66% [1] Capital Flow - The renovation and building materials sector experienced a net outflow of 201 million yuan from main funds, while retail investors contributed a net inflow of 159 million yuan [3] - Speculative funds saw a net inflow of 42.79 million yuan into the sector [3]

证券代码：603856 证券简称：东宏股份 公告编号：2025-059 山东东宏管业股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 公司在说明会上就投资者关心的问题给予了回答，主要问题及答复整理如下： 1.问：请问公司营收情况如何？ 答：尊敬的投资者您好，感谢您对我公司的关心与支持，就您关心的问题作 出以下说明：2025 年前三季度，公司实现营业收入 17.00 亿元；归母净利润为 1.74 亿元，同比增长 3.25%；扣非归母净利润为 1.63 亿元，同比增长 2.46%。 2025 年第三季度，公司实现营业收入 6.39 亿元，同比增长 8.08%；归属于上市 公司股东的净利润为 7213 万元，同比增长 300.05%；扣非归母净利润为 6821 万 元，同比增长 458.34%。感谢您对我公司的关心与支持！ 2.问：请问公司今年有扩展其他业务的打算吗？ 答：尊敬的投资者您好，感谢您对我公司的关心与支持，就您关心的问题作 出以下说明：根据国家有关政策，公司确立了以管道智能终端为核心，重点布局 新材料、机器人、氢能、海洋等核心技术领域，致力于打造高科技、高市值、国 际化的东宏品牌。感谢您 ...

Market Overview - The renovation and building materials sector increased by 0.45% on November 7, with Huali Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Huali Co., Ltd. (603038) closed at 21.14, up 4.50% with a trading volume of 160,900 shares and a transaction value of 339 million [1] - Donghong Co., Ltd. (603856) closed at 13.56, up 3.27% with a trading volume of 115,400 shares and a transaction value of 157 million [1] - Other notable performers include Keshin New Materials (688119) up 2.00% and Wanli Stone (002785) up 1.47% [1] Fund Flow Analysis - The renovation and building materials sector experienced a net outflow of 211 million from institutional investors, while retail investors saw a net inflow of 159 million [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors are increasing their positions [2] Individual Stock Fund Flow - Wanli Stone (002785) had a net inflow of 28.03 million from institutional investors, but a net outflow of 25.10 million from retail investors [3] - Huali Co., Ltd. (603038) also saw a net inflow of 27.56 million from institutional investors, with retail investors withdrawing 21.48 million [3] - Other stocks like Luopusi Gold (002333) and Zhonggang Luonai (688119) showed varied fund flows, indicating differing investor sentiments across the sector [3]

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：2025-006 | | ■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 | | | 西南证券：笪文钊；英特蒲（海南）投资：王英超、刘会学；东北证券：柴育 | | 参与单位名称 | 文、贾奇；上海长三角上市公司服务中心：李尧；班达（山东）资本：豆存钊； | | 及人员姓名 | 厦门博芮投资：谢佳鑫；上海承风金萍基金：余承、李蓬勃；山东科创投资：刘 晓东；润隆联合：涂成玲；圣熙资产：王峰；信迹投资：宋文略；仙人掌基金： | | | 刘日光；上海九方云：王德慧。（以上排名不分先后） | | 时间 | 2025 年 11 月 6 日上午 10：00-12：00 | | 地点 | 山东东宏管业股份有限公司研发中心会议室 | | | 董事长倪立营 | | | 总裁、财务总监倪奉尧 | | | 董事、总工程师孔智勇 | | | 董事、董事会秘书兼证券事务代表寻金龙 | | 上市公司 ...

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 ...