Financial Performance - In 2024, the company achieved operating revenue of 2.717 billion yuan, a decrease of 10.86% year-on-year due to significant impairment of goodwill related to Zhongyi Gas [1] - The net profit attributable to the parent company for 2024 was -77.96 million yuan, a decline of 122.27% year-on-year; excluding goodwill impairment, the net profit was 242 million yuan [2] - The city gas segment reported operating revenue of 1.4 billion yuan in 2024, with a net profit of 49.95 million yuan, down 29.30% and 66.02% respectively from the previous year [2] Q1 2025 Financial Analysis - In Q1 2025, the company recorded operating revenue of 718 million yuan, a year-on-year decline of 12.01%, primarily due to a nearly 30% drop in the city gas segment [3] - The net profit attributable to the parent company was 100 million yuan, up 42.83% year-on-year, mainly driven by accelerated order shipments in the equipment segment [3] Strategic Planning (2023-2025) - The company aims to strengthen its position in equipment manufacturing and expand both domestic and international markets, targeting a 20% growth in new orders for 2025 compared to 2024 [4][7] - The city gas segment will focus on stabilizing performance and improving profitability, with expectations of reduced upstream procurement costs and successful pricing adjustments for residential gas [8] - The company plans to embrace new technologies and products in emerging fields such as helium, hydrogen liquefaction, LNG vessels, and energy storage [4] Order Situation - In 2024, the company signed new orders totaling approximately 1.8 billion yuan, a growth of over 25% year-on-year, with domestic orders increasing by over 20% and overseas orders around 600 million yuan [5][6] - The company maintains confidence in achieving a 20% growth in new orders for 2025 based on current market demand and project tracking [7] Market and Competitive Landscape - The company’s orders are primarily distributed in regions such as the Middle East, Central Asia, Southeast Asia, and Africa, with a focus on the Middle East due to ongoing chemical investment trends [9] - The impact of U.S. tariff policies is minimal, as less than 1% of the company's orders are directly exported to the U.S. [10] Customer Relationships - The company has successfully entered the supplier lists of major clients like Saudi Aramco and Total, enhancing its credibility and competitive edge in the international market [12]

中泰股份 2025042320250416 摘要 • 中泰股份 2025 年 Q1 净利润 1 亿元，设备销售贡献超 90%，但海外发货 占比高（1.6 亿元），国内发货同比下降，预计 Q2/Q3 国内发货恢复，全 年海外发货量不低于 5 亿元，保障全年利润。 • 公司预计 2025 年新签订单增长 20%至 23 亿元，虽一季度落地不理想， 但全年目标不变。上游采购价格下降及下游民用气价格调整有望提升利润， 预计全年净利润不低于 2024 年水平。 • 中泰股份已进入几乎所有知名国际工程公司供应商名单，但一季度订单落 地不佳。美国关税影响小，因对美发货占比低，且客户可接受现有关税， 欧盟出口不受中美关系影响。 • 公司在手十几亿出口订单集中在中东、东南亚，北美占比小，关税影响不 大。关注俄语区 LNG 项目，但国内 LNG 项目机会少，因缺乏大型项目业 绩和设计流程。 • 深冷业务拓展至航空航天液氧过冷器、储能液化空气储能等新领域，布局 氦制冷剂技术。贸易战或催生国产乙烷、丁烷、丙烷提取需求，公司有望 受益。 Q&A 请介绍一下中泰股份 2024 年的经营情况以及 2025 年第一季度的表现。 中泰股份在 ...

股票代码：300435 股票简称：中泰股份 杭州中泰深冷技术股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与中泰股份 2024 年度网上业绩说明会的投资者 | | 时间 | 2025 年 04 月 22 日（星期二）下午 15:00-17:00 | | 地点 | "中泰股份投资者关系"微信小程序 | | 上市公司接待人员姓名 | 副董事长兼总经理：章有虎先生 | | | 财务总监：唐伟先生 | | | 独立董事：黄平先生 | | | 董事会秘书：周娟萍女士 | | | 1、问：请问导致业绩大幅下滑的具体原因有哪些？后续有什 | | | 么措施来改善盈利状况？ | | | 答：您好，业绩大幅下滑，主要是因为燃气板块上游行业政策 | | | 调整造成采购成本大幅上升，民用气未能及时顺价，用气需求 | | | 大幅萎缩，政府村村通工 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中泰股份(300435) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com [Table_Author 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24 年受城燃板块计提减值业绩亏损，25Q1 业 绩表现亮眼 [Table_ReportDate] 2025 年 04 月 22 日 [Tabl ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中泰股份(300435) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com [Table_Author 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24 年受城燃板块计提减值业绩亏损，25Q1 业 绩表现亮眼 [Table_ReportDate] 2025 年 04 月 22 日 [Tabl ...

杭州中泰深冷技术股份有限公司 2025年第一季度报告披露提示性公告 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。 证券代码：300435 证券简称：中泰股份 公告编号：2025-021 杭州中泰深冷技术股份有限公司2025年第一季度报告于2025年4月22日在中 国 证 券 监 督 管 理 委 员 会 指 定 的 创 业 板 信 息 披 露 网 站 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 2025 年 4 月 18 日 杭州中泰深冷技术股份有限公司 董事会 ...

审议通过《关于公司 2025 年第一季度报告的议案》 监事会成员认真审阅《杭州中泰深冷技术股份有限公司2025年第一季度报告的 议案》后认为：《杭州中泰深冷技术股份有限公司2025年第一季度报告的议案》内容 真实、准确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：300435 证券简称：中泰股份 公告编号：2025-023 杭州中泰深冷技术股份有限公司 第五届监事会第十三次会议决议的公告 本公司及监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。 杭州中泰深冷技术股份有限公司（以下简称"公司"）第五届监事会第十三次会 议于 2025 年 4 月 18 日在公司研发楼会议室以现场会议的方式召开。本次监事会会 议经全体监事一致同意豁免会议通知期限要求。会议应到监事 3 名，实到监事 3 名， 由监事会主席高云主持，本次会议的召集、召开及表决程序符合《中华人民共和国公 司法》等有关法律法规及《公司章程》的相关规定，会议形成的决议合法、有效。现 将有关会议决议情况公告如下： 具体内容详见巨潮资讯网(http://www.cninfo.com.cn/)。 表决结果 ...

证券代码：300435 证券简称：中泰股份 公告编号：2025-022 杭州中泰深冷技术股份有限公司 董事会成员认真审阅《杭州中泰深冷技术股份有限公司2025年第一季度报 告》后认为：《杭州中泰深冷技术股份有限公司2025年第一季度报告》的内容真 实、 准确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏，全体董事 同意对 外披露《杭州中泰深冷技术股份有限公司2025年第一季度报告》。 《杭州中泰深冷技术股份有限公司2025年第一季度报告》的具体内容详见巨 潮资讯网（http://www.cninfo.com.cn/）。 公司董事会审计委员会已审议通过了该议案。 表决结果：9票赞成，0票反对，0票弃权。 特此公告。 杭州中泰深冷技术股份有限公司 董事会 2025年4月18日 第五届董事会第十四次会议决议的公告 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。 杭州中泰深冷技术股份有限公司（以下简称"公司"）第五届董事会第十四 次会议于2025年4月18日在公司研发楼会议室以现场和通讯的方式召开，本次董 事会会议经全体董事一致同意豁免会议通知期限要求，与会的各位 ...

Financial Performance - The company's revenue for Q1 2025 was ¥718,143,876.96, a decrease of 12.01% compared to ¥816,137,780.95 in the same period last year[5]. - Net profit attributable to shareholders increased by 42.83% to ¥100,226,980.90 from ¥70,174,056.83 year-on-year[5]. - Basic and diluted earnings per share rose by 44.44% to ¥0.26 from ¥0.18 in the same period last year[5]. - The net profit for the current period is 100,937,673.83, an increase of 46% compared to 69,022,744.26 in the previous period[20]. - The total profit for the current period is 120,084,179.05, up from 89,822,849.57, reflecting a growth of approximately 34%[20]. - The operating profit increased to 113,667,885.16, compared to 88,237,455.97 in the previous period, marking a rise of about 29%[20]. - The total comprehensive income for the current period is 100,927,467.69, compared to 69,031,691.98 in the previous period, representing an increase of about 46%[20]. Cash Flow - The net cash flow from operating activities surged by 147.22% to ¥130,713,095.67, compared to ¥52,874,208.46 in the previous year[5]. - The cash flow from operating activities generated a net amount of 130,713,095.67, significantly higher than 52,874,208.46 from the previous period[21]. - The company reported a decrease in cash flow from investing activities, resulting in a net cash flow of -108,466,910.27, compared to a positive 74,286,674.31 in the previous period[22]. - The company received cash inflows from operating activities totaling 735,278,036.22, compared to 777,122,790.95 in the previous period, reflecting a decrease of approximately 5%[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,432,424,265.46, a decrease of 2.42% from ¥4,542,305,105.91 at the end of the previous year[5]. - Total liabilities decreased to ¥1,285,422,321.67 from ¥1,498,493,494.28, a reduction of 14.2%[17]. - The company's total equity increased to ¥3,147,001,943.79 from ¥3,043,928,261.47, reflecting a growth of 3.4%[17]. - The equity attributable to shareholders increased by 3.43% to ¥3,079,894,357.11 from ¥2,977,798,327.05 at the end of the previous year[5]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 20,842[9]. - The largest shareholder, Zhejiang Zhongtai Steel Group Co., Ltd., holds 31.48% of the shares[9]. Research and Development - Research and development expenses increased to ¥18,667,968.02, up 19.9% from ¥15,608,688.55 in the previous period[19]. - The company has not disclosed any new product developments or market expansion strategies in this report[5]. Inventory and Cash Equivalents - Inventory at the end of the period was ¥368,422,956.72, slightly down from ¥371,994,487.63[15]. - Cash and cash equivalents at the end of the period were ¥821,017,179.04, an increase from ¥800,013,034.03 at the beginning of the period[15]. - The cash and cash equivalents at the end of the period stand at 761,869,428.62, down from 1,964,910,886.46 in the previous period[22]. Non-Recurring Items - Non-recurring gains and losses totaled ¥4,717,832.91, with significant contributions from government subsidies and asset disposals[6]. Share Lock-Up - The company plans to release 25% of the locked shares annually as per the management lock-up commitment[12].

中泰股份（300435）公告，2025年第一季度营业收入7.18亿元，同比下降12.01%。净利润1亿元，同比 增长42.83%。 ...