Group 1: Company Overview and Market Position - Guangdong Boying Special Welding Technology Co., Ltd. was established in 2007, initially focusing on welding services for offshore drilling platforms for American clients, and has since expanded into anti-corrosion and wear-resistant welding fields. The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [1] - The company aims to maintain its leading position in the domestic market while actively exploring overseas markets, establishing overseas subsidiaries to seize international market opportunities [1] Group 2: Business Development and Capacity Expansion - The company has strategically laid out HRSG (Heat Recovery Steam Generator) and composite pipe businesses, with HRSG already having a certain scale of production capacity. The Vietnam production base's first phase has been put into operation, and the second phase is under construction [2] - The Vietnam production base is planned to have a total of 12 HRSG production lines, with the first phase already operational and the second phase expected to start production in the second quarter of next year [5][6] Group 3: Market Demand and Future Prospects - The HRSG market in the U.S. is expected to grow due to structural increases in electricity demand driven by factors such as the rapid expansion of AI data centers and the return of manufacturing, with the U.S. grid load reaching new highs [3] - The overseas waste-to-energy market is projected to be very promising, particularly in developing regions like Southeast Asia and Latin America, where rapid urbanization has led to increased waste generation, making waste incineration a necessary solution [8] Group 4: Order and Revenue Insights - As of June 30, 2025, the company had signed contracts corresponding to approximately CNY 377 million in revenue that had not yet been fulfilled. The order backlog has been growing at over 30% as of September 30, 2025, indicating a robust demand [7] Group 5: Industry Trends and Challenges - The global oil and gas pipeline market is experiencing structural growth, driven by the expansion of natural gas demand and the need for upgrades to aging pipeline networks in developed regions [9][10] - The coal-fired power generation sector in China remains a critical power source, with stable and reliable characteristics, and is expected to see upgrades and renovations driven by policy support and increasing electricity demand [10]

Core Viewpoint - The global oil and gas pipeline market is experiencing structural growth driven by the expansion of natural gas demand, energy construction projects influenced by geopolitical conflicts, and the need for the renovation of aging pipeline networks [1] Industry Summary - The demand for composite pipelines is increasing due to the challenges in oil and gas extraction, including the decreasing availability of easily extractable oil and gas, high concentrations of hydrogen sulfide, and the need for maintenance and replacement of old pipelines [1]

Core Insights - The company BoYing TeHuan announced on November 3 that it has three technical paths for cladding welding: MIG welding, TIG welding, and laser welding [2] - The company is continuously innovating and has developed advanced technologies in the field of digital pulse MIG high-frequency oscillation cladding welding [2] Group 1: Welding Technologies - MIG welding, known as melting electrode inert gas protection welding, is characterized by high efficiency and is suitable for high-temperature and corrosive environments, such as waste incineration furnaces [2] - TIG welding, or non-melting electrode inert gas protection welding, is noted for its high quality and all-position welding capabilities, making it effective for oil and gas pipelines [2] - Laser welding involves adding cladding material to the substrate surface and using a high-energy density laser beam to melt it, achieving high efficiency and applicability in coal powder furnace fields [2] Group 2: R&D and Technological Advancements - The company combines precise pulse arc control with composite high-frequency oscillation to achieve stable arc transition, low heat input, and low dilution rate, resulting in high cladding rates and stability [2] - In addition to consolidating its advantages in digital pulse MIG cladding welding, the company is actively developing and reserving advanced industry technologies, including laser cladding and secondary remelting [2] - The cladding technologies mastered by the company can be applied in complex environments characterized by strong corrosion, wear, high temperature, and high pressure, covering a wide range of industrial fields such as energy conservation, environmental protection, electricity, energy, chemicals, metallurgy, and papermaking [2]

Core Viewpoint - The global gas turbine market is expected to experience sustained growth in the coming years, driven primarily by demand from North America, the Middle East, and Europe [2] Group 1: Market Demand - North America is witnessing a surge in electricity demand due to the rapid expansion of AI data centers, making gas turbine power generation an optimal solution due to its quick construction cycle and stable power output [2] - The Middle East, particularly Saudi Arabia and the UAE, is increasing gas turbine demand as part of their energy transformation plans aimed at creating global AI centers by 2030 [2] - Europe is advancing its energy transition, viewing natural gas as a crucial transitional energy source, which is leading to increased demand for gas turbines as key equipment for natural gas power generation [2] Group 2: Future Outlook - Over the next decade, gas turbines are expected to maintain a dominant position in the power structure, with their flexibility, environmental benefits, and economic viability making them essential for meeting global electricity demands and achieving energy transition [2] - The gas turbine industry is anticipated to have broader development opportunities driven by technological advancements and market demand [2]

证券日报网讯博盈特焊11月3日发布公告，在公司回答调研者提问时表示，根据公司前期的相关公告， 截至2025年6月30日，公司在报告期末已签订合同、但尚未履行或尚未履行完毕的履约义务所对应的收 入金额约为3.77亿元。截至2025年9月30日，公司在手订单增速在30%以上，在手订单充足。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯博盈特焊11月3日发布公告，在公司回答调研者提问时表示，美国加征关税对公司带来的 影响非常小。目前国内公司来自美国市场的订单数量少，营收占比较小。未来公司的美国订单将主要在 越南基地生产，美国对越南加征的关税较低，且越南公司出口至美国的商品关税一般由客户承担。 ...

Core Viewpoint - The company, Boin Special Welding, reported that as of September 30, 2025, approximately 59% of its revenue will come from waste-to-energy projects, indicating a strong focus on this sector amid a complex economic environment [2]. Industry Summary - The waste-to-energy market is divided into domestic and overseas segments, with a slowdown in new waste incineration boiler projects domestically, although there remains a demand for new and upgraded projects [2]. - The overseas market presents significant growth opportunities, particularly in developing regions such as Southeast Asia, Central Asia, and Latin America, where rapid urbanization has led to increased waste generation and a pressing need for effective waste management solutions [2]. - Countries like Vietnam, Thailand, and Indonesia have prioritized waste incineration as a national strategy, supported by government policies such as waste treatment subsidies and favorable electricity pricing, which are driving the growth of waste-to-energy initiatives [2]. - In developed regions like Europe and North America, the waste-to-energy industry is more mature, with a higher number of existing facilities; however, there is a growing demand for upgrading and retrofitting older waste incineration boilers [2].

Group 1 - The company, Boin Tech Welding, announced on November 3 that its production base in Vietnam covers a total area of approximately 150,000 square meters [2] - The first phase of the factory has been completed and is in operation, while the construction of the second phase is progressing in an orderly manner, expected to commence production in the second quarter of next year [2] - The main product produced at the Vietnam base is the Heat Recovery Steam Generator (HRSG) used in gas turbines, with a delivery cycle of around six months [2]

Company Overview - Guangdong Boying Special Welding Technology Co., Ltd. was established in 2007, initially focusing on welding services for offshore drilling platforms for American clients [1][2]. - The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [2]. Market Position and Strategy - The company aims to maintain its leading position in the domestic market while actively expanding into international markets, investing in overseas subsidiaries to seize global opportunities [2]. - The demand for waste incineration and the transformation of the coal-fired power industry present significant growth opportunities, with a broad market potential in chemical, metallurgy, and paper industries [2]. Production Capacity and Expansion - The company has established a production base in Vietnam, with Phase I already operational and Phase II under construction, expected to commence production in the second quarter of next year [3][10]. - The total area of the Vietnam production base is approximately 150,000 square meters, focusing on heat recovery steam generators (HRSG) for gas turbines [3][5]. Revenue and Market Trends - As of September 30, 2025, revenue from waste incineration power generation accounted for approximately 59% of the company's total revenue [3]. - The waste incineration market is experiencing a slowdown in new projects domestically, while overseas markets, particularly in Southeast Asia, show significant growth potential due to urbanization and government support [4]. Technological Advancements - The company employs three main welding technologies: MIG, TIG, and laser welding, each suited for different applications, including high-temperature and corrosive environments [3]. - Continuous R&D efforts have led to innovations in digital pulse high-frequency oscillation MIG technology, enhancing welding efficiency and stability [3]. Order and Financial Outlook - As of June 30, 2025, the company had approximately 377 million yuan in unfulfilled contracts, with a backlog of orders growing at over 30% [8]. - The company anticipates a sustained increase in the global gas turbine market, driven by demand from North America, the Middle East, and Europe [6][7]. Impact of Tariffs and International Strategy - The impact of U.S. tariffs on the company's business is minimal, as the revenue from U.S. orders is currently low, and future orders will primarily be produced in Vietnam, where tariffs are lower [9]. - The company is strategically expanding its international presence through investments in Vietnam and partnerships to explore oil and gas markets [10].

Core Viewpoint - 博盈特焊 is actively engaging with investors and has a significant revenue stream from waste incineration power generation, indicating a strong position in the industry [1] Company Summary - 博盈特焊's revenue composition for the year 2024 is as follows: waste incineration power generation accounts for 68.46%, while other sources contribute 31.54% [1] - As of the latest report, 博盈特焊 has a market capitalization of 4.7 billion yuan [1] Industry Summary - The company is part of a sector that is increasingly focusing on waste management and energy generation, reflecting a growing trend towards sustainable practices in the industry [1]