Core Points - The company completed a share buyback program, repurchasing a total of 2,818,700 shares at a maximum price of 41.28 CNY per share and a minimum price of 33.18 CNY per share, with a total transaction amount of 104,200,187.35 CNY [1] - Following the buyback, the total share capital decreased from 208,171,277 shares to 207,961,737 shares due to the cancellation of 209,540 shares [3][6] - The company’s major shareholder, Sichuan Chuanji Investment Co., Ltd., retained its shareholding of 45,970,265 shares, with a negligible change in ownership percentage [6] Buyback Implementation - The buyback was conducted through centralized bidding for the purpose of implementing employee stock ownership plans or equity incentive plans [1][2] - The total number of shares repurchased in the second buyback was 1,993,840 shares, with a total amount of 71,433,281.44 CNY [2] Share Cancellation Process - The company held board meetings to approve the cancellation of the unused shares from the buyback, which was completed on July 11, 2025 [2][6] - The cancellation of shares complies with relevant laws and regulations, and the company will proceed with necessary changes to its business registration and articles of association [6] Post-Cancellation Share Structure - After the cancellation, the share structure was updated, with the total share capital now at 207,961,737 shares [3][6] - The shareholding structure remains largely unchanged for major stakeholders, with the overall impact on ownership percentages being minimal [6]

证券代码：300470 证券简称：中密控股 公告编号：2025-029 中密控股股份有限公司 关于回购股份注销完成暨股份变动公告 根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关法律法规规定，现就本次回购股份注销完成暨股份变 动的具体情况公告如下： 一、回购股份的实施情况 1、公司于 2022 年 4 月 24 日至 2023 年 4 月 23 日期间实施公司股份回购， 采取集中竞价交易方式回购公司 A 股普通股股份，用于实施公司员工持股计划或 股权激励计划，累计回购股份数量为 2,818,700 股，最高成交价为 41.28 元/股， 最低成交价为 33.18 元/股，成交总金额为 104,200,187.35 元（不含交易费用）， 具体内容详见公司于 2023 年 4 月 26 日刊登在中国证监会指定的创业板信息披 露媒体巨潮资讯网（http://www.cninfo.com.cn）的《关于回购股份实施结果暨 股份变动的公告》。 2、公司于 2024 年 4 月 23 日至 2024 年 7 月 31 日期间实施公司股份回购， 采取集中竞价交易方式回购公司 A ...

Group 1: Business Performance - The gross margin difference between incremental and stock business is significant due to different pricing mechanisms and purchasing entities [2][3] - Incremental business pricing is primarily determined by project bidding results, while stock business pricing is negotiated with end-users [2] Group 2: Product Application - The company's mechanical seal products are mainly used in rotating equipment, and there is currently no identified demand for mechanical seals in the nuclear fusion sector [2] Group 3: Mergers and Acquisitions Strategy - Mergers and acquisitions are a long-term strategy for the company, focusing on high-risk investments without short-term targets [3] - The company emphasizes the importance of integration post-acquisition, having developed a suitable integration plan through experience from four previous acquisitions [3] - The company aims to maintain long-term relationships with suitable acquisition targets and will prioritize core competencies in the sealing industry for any cross-industry mergers [3] Group 4: Capacity Investment - The input-output ratio for newly added equipment in the mechanical seal sector is approximately 1:10, excluding land and factory costs [3]

Group 1: Company Research - Hengshuai Co., Ltd. focuses on cleaning services (46.3%) and motor business (45.6%), with plans to expand into in-car motors and chassis fields, particularly in high-torque harmonic brushless motors [1] - The traditional cleaning market is highly competitive with price wars, while the micro-motor market is compact with less competition [1] - DS active sensing cleaning system has secured clients like Waymo, with an annual production capacity of 250,000 units for gas-liquid mixed cleaning systems [1] - The thermal management system business has achieved mass production, with future plans to develop more clients [1] - The company aims to expand into industrial automation and humanoid robot markets [1] Group 2: Industry Insights - Zhongmi Holdings holds a market share of over 20% in the domestic petrochemical sector, with a market share of 60%-70% in the incremental market [1] - International projects have higher requirements, longer construction periods, and greater personnel and language demands compared to domestic projects [1] - Gross margins for incremental international business are slightly higher than domestic, while gross margins for existing domestic business are expected to remain high [1] - The gross margin for domestic incremental business is already low, with limited potential for further decline, indicating market concentration towards leading enterprises [1] Group 3: Fund Performance - Baoying Fund, established in 2001, has an asset management scale of 80.372 billion yuan, ranking 66th out of 210 [2] - The non-monetary public fund asset management scale is 51.118 billion yuan, ranking 74th out of 210 [2] - The fund manages 122 public funds, ranking 63rd out of 210, with 18 public fund managers, ranking 73rd out of 210 [2] - The best-performing public fund product in the past year is Baoying New Sharp Mixed A, with a latest unit net value of 2.58 and a growth of 43.17% in the past year [2]

Market Position - The domestic market size for mid-to-high-end mechanical seals is approximately 6 to 7 billion, with the petrochemical sector accounting for about 25% of this market [2] - The company's market share in the domestic petrochemical sector is slightly over 20%, while it can reach 60% to 70% in large projects within the incremental market [2] Project Differences - Key differences between overseas and domestic projects include higher technical and process requirements for overseas projects, longer construction periods, higher personnel quality requirements, and language proficiency [3] Profit Margins - The overall gross margin for incremental business in international markets is slightly higher than that in domestic markets, with the company adopting a strategy of "capturing incremental to occupy stock" [3] - Domestic incremental business margins are under pressure due to reduced downstream capital expenditure and increased competition, leading to lower margins [3] - The company anticipates that the gross margin for incremental business will not decline significantly further, as market trends favor leading enterprises [3]

Core Insights - The company, Zhongmi Holdings, has celebrated its 10th anniversary since its listing on June 12, 2015, with a market capitalization growth from 2.657 billion yuan to 7.627 billion yuan, indicating not only scale expansion but also continuous accumulation of technical strength [1][5] - The company has maintained a stable growth momentum in recent years, despite the overall market fluctuations [1] Business Overview - Zhongmi Holdings specializes in the design, research and development, manufacturing, and sales of various mechanical seals, providing comprehensive technical services including consulting, training, installation, and maintenance [3] - The main products include mechanical seals and dry gas seals along with control systems, with mechanical seals accounting for the highest revenue share at 30.17%, followed by dry gas seals and control systems at 26.59% [3] Financial Performance - In 2015, the company achieved a net profit attributable to shareholders of 82 million yuan, which increased to 392 million yuan by the end of the latest complete fiscal year in 2024, representing a cumulative profit growth of 378.08% [3] - The company has not reported any losses in the past ten years, with net profit growth occurring in 8 out of those years, equating to an 80% success rate [3] - Revenue has shown steady growth, increasing from 924 million yuan in 2020 to 1.567 billion yuan in 2024, with a double-digit compound annual growth rate [3] - Net profit has also shown an upward trend, rising from 211 million yuan in 2020 to 392 million yuan in 2024, with the most significant increase occurring in 2021 [3] Market Capitalization - Since its listing, Zhongmi Holdings' market capitalization has increased by 1.87 times, reflecting investor confidence in the company's long-term development [5] - The peak market capitalization reached 11.419 billion yuan on February 18, 2021, with the stock price rising to 54.85 yuan, while the latest closing price on June 11 was 36.64 yuan, resulting in a current market capitalization of 7.627 billion yuan [5][6] - Compared to its peak, the market capitalization has decreased by 3.792 billion yuan, representing a 33.20% decline [6]

证券代码：300470 证券简称：中密控股 公告编号：2025-028 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。 中密控股股份有限公司（以下简称"中密控股"或"公司"）于近日收到由 中华人民共和国国家知识产权局颁发的6项专利证书，获得形式为原始取得，所 涉及技术与公司主要技术相关，具体情况如下： | 序 | 名称 | 类型 | 专利号 | 专利权人 | | 申请日 | | 期 限 | | 授权公告日 | | 备注 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | | | | | （年） | | | | | | | | 干式机械密 | 实用 | ZL 2024 2 | | 2024 | | 年 | | 2025 | 年 | 05 | 证书号第 | | | 1 | 封的布气结 | 新型 | | 中密控股 | 08 | 月 | 01 | 10 | | | | | | | | | | 1852018.X | | ...

2024 Environmental, Social and Governance Report Craft quality with ingenuity, Pioneer extraordinary through innovation Contents | About the Report | 01 | | --- | --- | | Introduction | 02 | | Management Message | 02 | | About SNS | 03 | | ESG Management | 09 | | Appendix | 48 | | ESG Performance Indicators | 48 | | Indicator Index Table | 53 | | Reader Feedback | 54 | 01 Building a Robust Operation Foundation | Corporate Governance | 12 | Environmental Management System | 18 | | --- | --- | --- | --- | | B ...

Investment Rating - The report highlights the deep-sea technology sector as a strategic emerging industry, with a projected global market size exceeding $500 billion by 2025, growing at an annual rate of over 15% [1][4]. Core Insights - The report emphasizes the rapid development of the global deep-sea technology market, with significant investment opportunities in sub-sectors such as deep-sea equipment manufacturing, resource exploration, and deep-sea biomedicine [1][4]. - The Chinese deep-sea economy is expected to reach approximately $3.25 trillion by 2025, accounting for 25% of the total marine economy, with a growth rate exceeding 20% [43][44]. Summary by Sections Industry Overview - The deep-sea technology sector has been recognized as a key area for strategic development, with the Chinese government prioritizing its growth in the 2025 Government Work Report [1][4]. - The global deep-sea technology market is projected to surpass $500 billion by 2025, with a compound annual growth rate (CAGR) of over 15% [1][4]. Industry Status - The report indicates that the global deep-sea technology market is experiencing rapid growth, with the deep-sea oil and gas sector remaining a cornerstone, while emerging fields like underwater mining and underwater vehicles are also expanding significantly [37][39]. - The underwater mining market is expected to grow from approximately $3.7 billion in 2024 to $15.9 billion by 2029, with a CAGR of 33.7% [37][39]. Investment Strategy - The report suggests focusing on investment opportunities in extreme environment equipment that relies on high-strength titanium alloys, nanocomposite materials, and intelligent control systems [4][37]. - Short-term strategies include capitalizing on domestic replacements driven by policy support, while long-term strategies should focus on breakthroughs in materials and core components [4][37]. Industry Chain and Key Enterprises - The report categorizes the industry chain into upstream (materials and technology), midstream (precision components and complete equipment), and downstream (applications and commercialization scenarios) [52][53]. - Key players in the upstream segment include companies like Western Materials and BaoTi Co., while midstream players include China Shipbuilding and China Heavy Industry [52][53].

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 5 yuan per 10 shares to shareholders, based on the adjusted total share capital after excluding repurchased shares [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on May 7, 2025, and will be based on the total share capital after deducting shares held in the repurchase account [2]. - The total share capital is 208,171,277 shares, and after excluding 209,540 shares in the repurchase account, the effective share capital for distribution is 207,961,737 shares [1][2]. Cash Dividend Calculation - The total cash dividend amount is calculated as follows: 207,961,737 shares multiplied by 5 yuan divided by 10 shares, resulting in a total of 103,980,868.5 yuan [1][2]. - The per-share cash dividend, based on the total share capital, is approximately 0.4994967 yuan per share [1][4]. Key Dates - The record date for the profit distribution is set for June 12, 2025, and the ex-dividend date will follow on June 13, 2025 [3]. Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their respective securities companies or custodians [4]. Taxation Details - Different tax rates will apply to individual and institutional shareholders based on their holding periods, with specific provisions for Hong Kong and mainland investors [2][3].