Core Viewpoint - The company, Boying Special Welding (博盈特焊), highlighted its significant projects and collaborations in the field of waste-to-energy solutions, emphasizing its role in major international projects and partnerships with renowned EPC contractors [1] Group 1: Key Projects - The company has been involved in several representative projects, including the HZI Dubai project, which is the largest waste incineration power facility globally, covering an area of 400,000 square meters [1] - Other notable projects include the HZI Australia Rockingham project, SBE Finland Vantaa project, SBE Germany Ludwigshafen project, and the Westlake Clean Energy (西子洁能) UK Lostock project [1] Group 2: Partnerships - The company has collaborated with prominent EPC contractors such as General Electric (GE), Shimizu Corporation (住重福惠), Oschatz, Babcock & Wilcox (巴威), Hitachi (HZI), Stantec (斯坦米勒巴高克环境), and Mitsubishi [1]

Core Viewpoint - The company, Boying Special Welding (博盈特焊), is focusing on the North American market through its operations in Vietnam, where it has established production lines to meet customer requirements and maintain a competitive edge in production costs compared to overseas competitors [1] Group 1: Market Focus - The Vietnam base primarily targets the North American market [1] - Competitors include several HRSG manufacturers from South Korea, Thailand, and Vietnam [1] Group 2: Company Experience and Capabilities - The company has years of experience in the energy and special equipment sectors [1] - It has a diverse customer base that includes major gas turbine suppliers in North America [1] - The company possesses complete production qualifications for special equipment and has extensive experience in connecting with overseas clients [1] Group 3: Competitive Advantage - The production cost of the company's HRSG products is advantageous compared to overseas competitors [1]

Group 1: Company Overview - The company focuses on anti-corrosion and wear-resistant welding equipment, with applications in energy, chemical, metallurgy, and paper industries [1] - It possesses key core technologies in materials, processes, and equipment, along with comprehensive special equipment production qualifications [1] - The management team has extensive industry experience and a stable core technical staff, contributing to competitive advantages [1] Group 2: Market Opportunities - The waste incineration market shows broad demand, with increasing penetration rates due to downstream upgrades [2] - The coal-fired power generation sector is experiencing a demonstration effect, indicating significant growth potential [2] - The company has strategically positioned itself in HRSG and oil-gas composite pipe businesses, with HRSG already achieving certain production capacity [2] Group 3: Financial Performance - As of September 30, 2025, the waste incineration power generation sector accounts for approximately 58.99% of the company's revenue [4] - The overseas revenue share is about 54.28%, with major exports to Asia, North America, South America, and Europe [4] Group 4: Competitive Landscape - The company has notable representative projects overseas, including the largest waste incineration power facility in Dubai [3] - Key EPC partners include General Electric, Mitsubishi, and others, enhancing the company's international collaboration [3] Group 5: Future Outlook - The domestic coal-fired boiler market is expected to grow due to increasing electricity demand and the need for upgrades [5] - The company's HRSG products are primarily designed for heavy-duty gas turbines, with a production cycle of approximately six months [6] - The Vietnam base is projected to produce about two HRSG units per year, depending on production schedules and resource availability [7] Group 6: US Market Demand - The US HRSG market is driven by structural growth in electricity demand, with significant increases in gas turbine market needs [8] - The transition to cleaner energy sources enhances the market potential for HRSG, as it improves overall power generation efficiency [9]

证券日报网12月17日讯 博盈特焊在12月17日回答调研者提问时表示，公司"以销定产"，HRSG产品定价 由材料预算、工时预算、其它费用和由设定的净利润率计算出的净利润构成。目前越南基地已有多个潜 在客户正在进行生产体系验证流程，HRSG价格将根据市场供求关系适时调整。 （编辑 任世碧） ...

Core Viewpoint - The company, Boying Special Welding, has outlined three main technical paths for cladding welding: MIG welding, TIG welding, and laser welding, each with distinct applications and advantages [1] Group 1: Welding Technologies - MIG welding, or Metal Inert Gas welding, is characterized by high efficiency and is suitable for high-temperature and corrosive environments, such as waste incineration furnaces [1] - TIG welding, or Tungsten Inert Gas welding, offers high quality and all-position welding capabilities, making it effective for oil and gas pipelines [1] - Laser welding involves adding cladding materials to the substrate surface and using a high-energy density laser beam for melting, which is highly efficient and applicable in coal powder furnace fields [1] Group 2: R&D and Innovation - The company is continuously innovating and has developed a digital pulse MIG high-frequency oscillation cladding technology that combines precise pulse arc control with composite high-frequency oscillation, achieving stable arc transition, low heat input, and low dilution rate [1] - In addition to strengthening its advantages in digital pulse MIG cladding, the company is actively developing and reserving advanced industry technologies, having mastered core technologies in laser cladding and secondary remelting [1] Group 3: Application Scenarios - The cladding technologies mastered by the company can be applied in complex environments characterized by strong corrosion, wear, high temperature, and high pressure [1] - The range of application scenarios includes energy conservation and environmental protection, electricity, energy, chemical, metallurgy, and papermaking industries [1]

Industry Overview - The global oil and gas pipeline market is experiencing structural growth driven by the expansion of natural gas demand, particularly in the Asia-Pacific and emerging markets, as well as energy construction projects driven by geopolitical conflicts and the need to upgrade aging pipeline networks in Europe and the United States [2] Company Strategy - The company plans to adapt its production locations to be closer to market demand, implementing an international production management model and establishing solid business relationships by producing based on sales [2] Market Demand - There is an increasing demand for composite pipelines due to the declining ease of oil and gas extraction, higher hydrogen sulfide concentrations, and the need for maintenance and replacement of aging pipelines [2]

Core Viewpoint - The company, Boying Special Welding (博盈特焊), specializes in producing HRSG (Heat Recovery Steam Generator) equipment, primarily for heavy-duty gas turbines, and has established a strong presence in the energy and special equipment sectors [1] Group 1: Product and Market Position - The HRSG equipment produced by the company is a key component of heat recovery systems, focusing on pressure-bearing parts [1] - The company has extensive experience in the energy sector and has developed a customer base that includes major gas turbine suppliers in North America [1] - The company possesses complete production qualifications for special equipment and has rich experience in connecting with overseas clients [1] Group 2: Competitive Advantage - The company has established a production line in Vietnam, which meets customer requirements for supplier selection, thereby enhancing its order acquisition capabilities [1] - The HRSG products manufactured by the company have a cost advantage compared to overseas competitors [1]

证券日报网12月17日讯 博盈特焊在12月17日回答调研者提问时表示，首先，美国电力需求的结构性增 长构成HRSG的市场基本盘。在人工智能数据中心集群的迅猛扩张、美国制造业回流带来的工业用电负 荷攀升，以及电动汽车充电桩普及等因素的推动下，美国电网负荷达到新高。美国燃气轮机的市场需求 显著提升。作为燃气轮机的核心换热设备，HRSG能够高效回收燃气轮机排放的高温废气，同时产生蒸 汽，驱动二次发电，提升电厂的发电效率，成为满足美国市场电力需求的可靠技术选择。其次，能源清 洁化转型的需求，进一步提升HRSG的市场空间。在美国持续推进碳中和目标的背景下，天然气作为低 碳过渡能源的地位日益凸显。相较于煤电，燃气发电的碳排放强度显著降低。HRSG通过提升燃气轮机 的整体发电效率，间接降低每度电的碳排放和废气排放，满足美国能源清洁化转型的需求。 （编辑 任世碧） ...

Group 1: Company Overview and Competitive Advantages - The company focuses on special equipment manufacturing, particularly anti-corrosion and anti-wear welding equipment, with applications in energy, chemical, metallurgy, and paper industries [1] - It possesses key core technologies across materials, processes, and equipment, along with comprehensive production qualifications, including national and international certifications [1] - The management team has extensive industry experience and a stable core technical staff, contributing to the company's competitive edge [2] Group 2: Market Opportunities - The demand for waste incineration is increasing due to national strategies promoting ecological civilization and waste reduction, leading to a need for upgrading existing incinerators [4] - The coal-fired power generation sector is showing a demonstration effect, indicating significant growth potential [2] - The company is strategically expanding into overseas markets, with a focus on establishing subsidiaries to capture international opportunities [2] Group 3: Technology and Innovation - The company employs three welding techniques: MIG, TIG, and laser welding, each suited for different industrial applications [3] - Continuous R&D efforts have led to innovations in digital pulse MIG high-frequency oscillation welding technology, enhancing efficiency and stability [3] - The company is developing advanced technologies in laser welding and secondary remelting, broadening its application scope [3] Group 4: Specific Market Insights - The domestic waste incineration market is characterized by both stock and incremental demand, driven by urbanization and the need for modern facilities [4] - The global oil and gas pipeline market is experiencing structural growth, with increasing demand for composite pipelines due to challenges in oil and gas extraction [5] - The HRSG (Heat Recovery Steam Generator) equipment is primarily compatible with heavy-duty gas turbines, providing a competitive cost advantage over international counterparts [6] Group 5: Future Outlook - The HRSG market in the U.S. is expected to grow due to structural increases in electricity demand and the transition to cleaner energy sources [8] - The company is positioned to benefit from the rising demand for HRSG as it enhances the efficiency of gas turbines, contributing to lower carbon emissions [8]

Core Viewpoint - The company is expanding its production capacity in Vietnam, with plans to establish a total of 12 HRSG production lines to meet market demand [1] Group 1: Production Capacity - The first phase of the Vietnam production base includes 4 HRSG production lines [1] - The second phase of the Vietnam production base is progressing steadily and is expected to commence production in the second quarter of next year [1] - The company has adjusted its capacity planning for the Vietnam production base based on current market demand [1] Group 2: Domestic Operations - The company has laid out 2 HRSG production lines at its domestic Diao production base, primarily serving customers outside of North America [1]