（文章来源：证券日报） 证券日报网讯 12月11日，三和管桩在互动平台回答投资者提问时表示，截至2025年12月10日收盘，公 司登记在册股东户数（含信用账户合并）为32819户。 ...

Overview - The core point of the announcement is that Guangdong Sanhe Pile Co., Ltd. has approved a comprehensive credit limit and provided guarantees for its subsidiaries, including those with high debt ratios [3][4]. Group 1: Guarantee Situation - The company has approved a comprehensive credit limit of up to RMB 745.3 million and USD 9 million for 2025, which can be used cyclically [3]. - The total guarantee amount provided by the company and its subsidiaries is expected to be no more than RMB 245.9 million, with specific allocations for subsidiaries with debt ratios over 70% and those below [3]. - The company will provide guarantees of RMB 64.9 million for subsidiaries with debt ratios exceeding 70% and RMB 181 million for those below this threshold [3]. Group 2: Guarantee Progress - Recently, the company signed a "Maximum Guarantee Contract" with the Industrial and Commercial Bank of China for its subsidiary Suzhou Sanhe Pile Co., Ltd., with a maximum guaranteed debt amount of RMB 11 million [4][6]. Group 3: Guarantee Details - The creditor is the Industrial and Commercial Bank of China, and the debtor is Suzhou Sanhe Pile Co., Ltd., with Guangdong Sanhe Pile Co., Ltd. acting as the guarantor [6]. - The guarantee method is a joint liability guarantee, covering the principal debt and associated costs [6][7]. Group 4: Cumulative Guarantee Amount - As of the announcement date, the total guarantee amount for the company and its subsidiaries is RMB 245.9 million, with a total outstanding guarantee balance of RMB 56.60733 million, representing 20.54% of the company's latest audited net assets [7]. - There are no overdue guarantees or guarantees involved in litigation [7].

Core Viewpoint - The company, Sanhe Pile, reported a steady revenue growth of 3.87% year-on-year for the first three quarters of 2025, driven by an increase in product sales volume and an improved gross margin due to a better product mix and higher sales of value-added products [2] Group 1: Revenue Growth - The cumulative operating revenue for the first three quarters of 2025 increased by 3.87% year-on-year [2] - Sales volume showed significant growth, with a 13.75% year-on-year increase in the first half of the year, which was a key driver for revenue enhancement [2] Group 2: Gross Margin Improvement - The improvement in gross margin is attributed to the continuous optimization of the product structure and an increase in the proportion of high-value-added product sales [2] - The sales growth of differentiated products in new fields such as water conservancy has a higher profitability compared to traditional products [2] - The increase in sales of high-end products, such as large-diameter piles used in major industrial projects, further optimized the overall profit structure [2]

Group 1 - The company is experiencing a successful expansion in its photovoltaic pile business, maintaining a strong growth momentum [2] - In the first half of 2025, the sales volume of photovoltaic piles achieved a year-on-year increase of 50.58%, accounting for 15.63% of the company's total pile product sales, which is an increase of 3.82 percentage points year-on-year [2]

Core Viewpoint - Sanhe Pile (003037) maintains a stable accounts receivable balance that aligns with its sales operations, indicating a controlled credit risk despite a relatively large accounts receivable amount [1] Group 1: Accounts Receivable - The company reported an accounts receivable balance of 1.43 billion yuan as of the end of Q3 2025 [1] - Due to the nature of its business, the company offers certain customers a credit period, resulting in a higher accounts receivable figure [1] - The quality of accounts receivable remains stable, with manageable impairment risks [1] Group 2: Impairment Provisions - For the first three quarters of 2025, the company recorded a net reversal of impairment provisions amounting to 727,300 yuan [1]

Core Viewpoint - The company emphasizes the importance of major national projects and is actively monitoring their planning progress and market demand to assess suitable product solutions and potential participation paths [1] Group 1 - The company is focused on the development opportunities presented by significant national engineering projects [1] - The procurement pace and scale of related projects are still unclear, making it difficult to accurately estimate the demand for pipe piles [1] - The company plans to continue tracking project dynamics and leverage its comprehensive advantages in technology, production capacity, and quality service [1] Group 2 - The company aims to participate in relevant construction projects while aligning with its strategic goals [1] - The company is committed to contributing to national and regional development through its involvement in these projects [1]

Core Viewpoint - Sanhe Pile (003037) has diversified its revenue sources, with over 50% coming from industrial projects, while also expanding into real estate, public construction, and photovoltaic projects [1] Revenue Sources - The company's revenue is primarily derived from industrial projects, accounting for more than 50% of total revenue [1] - Significant contributions also come from real estate, public construction, and photovoltaic projects [1] Emerging Applications - In recent years, the company has been expanding into emerging application scenarios such as photovoltaic, wind power, and water conservancy, leading to an optimized revenue structure [1] - By the first half of 2025, photovoltaic piles accounted for 15.63% of the total sales of pile products, while water and wind power piles represented 3.17% and 0.51% respectively [1] Regional Revenue Distribution - The company's revenue is mainly concentrated in the East China and Central South regions, with East China accounting for 49.27% and Central South for 43.78% of total revenue in the first half of 2025 [1] - The company also has business operations in Northeast, North China, Northwest, and overseas regions [1]

证券日报网12月9日讯三和管桩（003037）在回答调研者提问时表示，公司对第二曲线的拓展，坚持聚 焦主业，在新领域进行审慎探索的原则。市值管理方面，公司始终重视与资本市场的良性互动。近两 年，公司及控股股东已通过股份回购、控股股东增持等实际行动，传递对公司发展的信心。未来公司将 通过持续提升主营业务经营质量、强化核心竞争力，扎实推动内在价值增长，并加强信息披露与投资者 沟通，努力为股东创造可持续回报。 ...

Core Viewpoint - The company is focusing on the construction and production of new domestic production bases to enhance its capacity planning [1] Group 1: Production Capacity - The company has initiated the production of new bases in Taizhou and Huizhou since 2025, which are steadily ramping up capacity [1] - The second phase of the Hefei base project is currently in trial production, which will further meet the market demand in the surrounding regions after full production [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 截至本公告披露之日，公司及子公司对外担保中有对资产负债率超过 70% 的子公司担保。敬请投资者关注担保风险。 一、担保情况概述 广东三和管桩股份有限公司（以下简称"公司"）于 2024 年 12 月 24 日召开 第四届董事会第四次会议，并经 2025 年第一次临时股东大会审议通过了《关于 公司及子公司 2025 年申请银行授信并提供担保的议案》，同意公司及子公司于 2025 年度向银行等金融机构申请不超过人民币 745,300 万元、美元 900 万元（按 照 2024 年 12 月 24 日中国外汇交易中心受权公布的人民币汇率中间价折算，折 合人民币 751,768.84 万元）的综合授信额度，授信额度自公司股东大会审议通过 之日起 1 年。在授信期限和授信额度内，该授信额度可以循环使用。根据申请授 信主体的不同，公司及子公司将为上述综合授信提供预计总担保额度不超过 245,900 万元的担保（担保形式包括但不限于连带责任保证担保、抵押担保等， 具体以授信主合同、担保合同的约定为准）。其中，为资产 ...