保荐人名称：中信证券股份有限公司 （以下简称"中信证券"或"保荐人"） 被保荐公司简称：中集环科（301559） 保荐代表人姓名：施丹 联系电话：0755-23835888 保荐代表人姓名：王杰 联系电话：021-20205888 现场检查人员姓名：施丹、王杰 现场检查对应期间：2025 年 1 月 1 日-2025 年 12 月 31 日 现场检查时间：2026 年 3 月 16 日至 2026 年 3 月 17 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： （1）查阅了上市公司最新章程、三会议事规则及会议材料； （2）取得上市公司董事、监事、高级管理人员名单及其变化情况； （3）取得上市公司关联方清单； （4）查阅关于公司控股股东、董事、监事、高级管理人员的信息披露文件及相 关变更决策文件； （5）查看上市公司生产经营场所； （6）对上市公司高级管理人员进行访谈。 1.公司章程和公司治理制度是否完备、合规 是 2.公司章程和三会规则是否得到有效执行 是 3.三会会议记录是否完整，时间、地点、出席人员及会议 内容等要件是否齐备，会议资料是否保存完整 是 4.三会会议决议 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 17.91 [6]. Core Insights - The company reported a revenue of RMB 2.389 billion for 2025, a year-on-year decrease of 28.65%, and a net profit attributable to shareholders of RMB 113 million, down 62.91% year-on-year [1][11]. - In Q4 2025, the company achieved a revenue of RMB 639 million, which represents a year-on-year decrease of 35.78% but a quarter-on-quarter increase of 19.00% [1]. - The company signed new orders worth RMB 2.664 billion in 2025, with Q4 new orders reaching RMB 1.051 billion, a quarter-on-quarter increase of 96.8%, indicating a potential recovery in demand for tank containers [4]. Business Segment Summary - The tank container business generated RMB 1.790 billion in revenue for 2025, a decline of 34.89% year-on-year, primarily due to insufficient operations in the downstream chemical industry and weak logistics demand [2]. - The medical equipment components segment saw revenue of RMB 253 million, reflecting a steady growth of 5.02% year-on-year [2]. - The aftermarket business generated RMB 148 million in revenue, with a slight increase of 0.22% year-on-year [2]. Financial Performance Summary - The company's gross margin for 2025 was 14.00%, down 2.67 percentage points year-on-year, attributed to weak demand in the tank container industry and increased competition [3]. - The total expense ratio for 2025 was 9.21%, an increase of 4.63 percentage points year-on-year, driven by higher foreign exchange losses and financial expenses [3]. - The company forecasts a net profit of RMB 316.83 million for 2026, representing a significant recovery of 181.08% year-on-year [9].

Group 1: Order and Financial Performance - In 2025, the company signed new orders totaling 2.664 billion yuan, a decrease of 11.04% year-on-year [1] - As of December 31, 2025, the company had a backlog of orders amounting to 1.276 billion yuan, an increase of 36.27% year-on-year [1] Group 2: Product Overview - The company offers a full range of tank containers, including standard stainless steel liquid tanks, special stainless steel liquid tanks, carbon steel gas tanks, and carbon steel powder tanks [2] - Standard stainless steel liquid tanks are designed for general chemical transportation, while special tanks are customized based on client needs [2] Group 3: Pricing Strategy - The pricing of tank containers is influenced by current market prices of steel and components, customer specifications, and various cost factors [3] Group 4: Currency Risk Management - The company primarily settles transactions in USD, making it susceptible to exchange rate fluctuations [4] - Future strategies will involve adjusting currency strategies based on Federal Reserve interest rate changes and utilizing financial instruments like forward contracts to manage currency risk [4] Group 5: Competitive Advantages - The company possesses scale, brand, scope, and synergy advantages, enabling effective investment, product upgrades, and cost control [5] - It has established a reliable and intelligent supply chain, enhancing product quality and delivery stability [5] Group 6: Industry Context - In 2025, the chemical industry faced challenges due to high energy prices in Europe, leading to a decline in tank container market demand [7] - Long-term trends indicate a shift towards regionalization and diversification in the global chemical industry, providing growth opportunities for the tank container market [7] Group 7: Medical Equipment Components - In 2025, revenue from medical equipment components reached 253 million yuan, reflecting a year-on-year increase of 5.02% [7] - The company has enhanced its capabilities in high-end medical imaging equipment components, gaining recognition from industry leaders [7]

Summary of Conference Call for 中集环科 Company and Industry Overview - The conference call pertains to 中集环科, a company involved in the manufacturing of tank containers and medical equipment, focusing on the tank container industry and its market dynamics [2][3]. Key Points and Arguments Tank Container Orders and Market Dynamics - Tank container orders have significantly rebounded, with new orders accounting for 60%-70% of the market. Starting January 2026, customers are requesting early production, leading to full capacity scheduling for March-April [2][3]. - In Q4 2025, the company secured a large order worth approximately 600 million yuan, with a prepayment ratio of 50%, indicating speculative restocking and asset renewal by leasing companies during low industry conditions [2][11]. - Despite a decline in demand for tank containers due to low operating rates and chemical prices from 2024, a notable increase in demand was observed starting from Q4 2025 [3]. Cost and Pricing Dynamics - Cost pressures are driven by rising steel prices and exchange rate fluctuations, with over 70% of sales denominated in USD. Customers have accepted price adjustments due to these cost increases, with quarterly profit impacts estimated at 20-30 million yuan [2][4][8]. - Recent price increases in tank containers are attributed to rising steel costs and exchange rates, with a notable price surge following new order demands [13][14]. Financial Health and Cash Flow - The company maintains a strong financial position with over 3 billion yuan in cash. A dividend of 1.65 yuan per 10 shares is proposed for 2026, with plans for mid-term dividends in 2027 [2][10]. - The strong operating cash flow in 2025 is primarily due to strict management of order quality and payment collection, with significant prepayments from large orders boosting cash inflow [10]. Market Share and Competitive Strategy - The company aims to maintain a high market share and ensure marginal contributions from every order. It focuses on large orders and effective supply chain management to support profit levels [7]. - The customer base consists of leasing companies and operators, each accounting for approximately 50% of the total, with leasing companies exhibiting more speculative purchasing behavior [12]. Future Outlook for Medical Equipment - Medical equipment is positioned as the "second track" for the company, with gross profit contribution exceeding one-third. Expansion plans are set to begin in 2026, with capacity expected to double by 2027 [2][15]. - The company is actively involved in the medical imaging equipment sector, collaborating with major clients like Siemens and GE, and plans to expand into CT angiography and other areas [9][15]. Aftermarket Services and Growth Potential - The aftermarket business focuses on cleaning, maintenance, and storage services, particularly in coastal chemical parks, benefiting from China's significant share of global chemical production [2][6]. - The company sees substantial growth potential in the aftermarket services, driven by the trend of chemical industry clustering in China [9]. Additional Important Insights - The company is adapting to currency fluctuations by promoting RMB settlement options and managing exchange rate risks through diversified strategies [8]. - The competitive landscape is influenced by geopolitical factors and energy prices, which may affect the chemical industry's recovery and demand for tank containers [11]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic positioning, market dynamics, and future growth prospects in both the tank container and medical equipment sectors.

Group 1: Business Performance - In 2025, the revenue from the medical device components business reached 253 million RMB, an increase of 5.02% year-on-year, indicating continuous improvement in performance [2] - The company signed new orders totaling 2.664 billion RMB in 2025, a decrease of 11.04% compared to the previous year [3] - As of December 31, 2025, the company had a backlog of orders amounting to 1.276 billion RMB, reflecting a year-on-year increase of 36.27% [3] Group 2: Market Conditions - The demand for tank containers decreased in 2025 due to high energy prices in Europe and challenges faced by the chemical industry, leading to a decline in revenue [3] - The global chemical industry is expected to maintain a growth trend, with a shift towards regionalization and diversification in supply chains, providing ongoing growth opportunities for the tank container market [3] Group 3: Financial Management - The company maintains a strong cash flow and a low debt-to-asset ratio, emphasizing a commitment to reasonable returns for investors [4] - The proposed profit distribution plan for 2025 includes a cash dividend of 1.65 RMB per 10 shares, totaling 99 million RMB, which accounts for 87.83% of the net profit attributable to shareholders [4] Group 4: Strategic Initiatives - The company is focused on enhancing its after-market services, including cleaning, maintenance, and inspection of tank containers, to address customer needs and improve service capabilities [2] - A new subsidiary, CIMC Saiwei Tank Service (Nanjing) Co., Ltd., was established in December 2025 to strengthen after-market service capabilities in the Nanjing region [3] Group 5: Currency Risk Management - The company primarily settles its products in USD and is significantly affected by exchange rate fluctuations; it plans to adjust its currency strategy based on Federal Reserve interest rate changes [3]

证券代码：301559 证券简称：中集环科 公告编号：2026-009 中集安瑞环科技股份有限公司 关于举办 2025 年度网上业绩说明会的公告 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。 中集安瑞环科技股份有限公司（以下简称"公司"）《2025 年年度报告》已 于 2026 年 3 月 21 日在巨潮资讯网（www.cninfo.com.cn）上披露。为便于广大投 资者进一步了解公司 2025 年度经营情况，公司将于 2026 年 4 月 2 日举行 2025 年度网上业绩说明会，欢迎广大投资者积极参与。具体如下： 一、年度业绩说明会的安排 （一）召开时间：2026 年 4 月 2 日（星期四）15:00-17:00 （二）出席人员：董事、总裁季国祥先生，副总裁、首席财务官、董事会秘 书张毅先生，独立董事李士龙先生，保荐代表人王杰先生。 （三）接入方式：本次年度业绩说明会将采用网络远程的方式举行，投资者 可登录"价值在线"（www.ir-online.cn）参与本次年度业绩说明会。 二、问题征集 为增进投资者对公司的认同及提升交流的针对性，现就公司 20 ...

中集安瑞环科技股份有限公司 2025年度董事会工作报告 2025年度，中集安瑞环科技股份有限公司（以下简称 "公司"）董事会严格 按照《公司法》《证券法》《深圳证券交易所上市公司自律监管指引第2号—— 创业板上市公司规范运作》等法律法规及《公司章程》《董事会议事规则》的规 定和要求，积极落实股东会各项决议，推进公司治理水平的提高和公司各项业务 的发展，推动公司实现高质量发展，积极履行董事会的各项职责。现就2025年度 工作情况报告如下： 一、2025年度公司经营情况 （一）业绩概述 2025年，公司实现营业收入238,943.05万元，同比下降28.65%，其中：罐式 集装箱营业收入178,950.00万元，同比下降34.89%；医疗设备部件营业收入 25,300.67万元，同比上升5.02%；后市场业务营业收入14,755.36万元，同比上升 0.22%。2025年，公司归母净利润11,272.03万元，同比下降62.91%。 2025 年公司下游化工行业开工不足，导致化工物流需求下降，原有罐箱资 产利用率下降，新造罐箱需求下降，行业竞争加剧，罐式集装箱价格和销量有所 下降，公司2025年营业收入同比下降。 ...

证券代码：301559 证券简称：中集环科 公告编号：2026-007 中集安瑞环科技股份有限公司 关于推动落实"质量回报双提升"行动方案的公告 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。 为践行"要活跃资本市场、提振投资者信心""要大力提升上市公司质量和投 资价值，要采取更加有力有效措施，着力稳市场、稳信心"的指导思想，结合公 司发展战略、经营情况及财务情况，为维护公司全体股东利益，增强投资者信心， 促进公司长远健康可持续发展，公司制定"质量回报双提升"行动方案等，详见《关 于质量回报双提升行动方案的公告》（公告编号：2024-020）、《关于推动落实 "质量回报双提升"行动方案的公告》（公告编号：2025-007）。2025 年以来，公 司采取多项举措落实方案内容，具体进展情况如下： 公司主要从事罐式集装箱行业的设计研发、生产制造和销售，并衍生出医疗 设备部件业务。公司是全球领先的液体、液化气体（常温）集装箱化物流装备制 造企业和全生命周期服务商。 公司主要产品包括全系列罐式集装箱，涵盖标准不锈钢液体罐箱、特种不锈 钢液体罐箱、碳钢气体罐箱、碳钢粉末罐 ...

证券代码：301559 证券简称：中集环科 公告编号：2026-004 一、适用对象 公司全体董事（含独立董事）、高级管理人员。 二、适用期间 2026 年 1 月 1 日至 2026 年 12 月 31 日 三、薪酬发放标准 （一）公司独立董事 中集安瑞环科技股份有限公司 关于 2026 年度公司董事及高级管理人员薪酬方案的公告 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。 中集安瑞环科技股份有限公司（以下简称"公司"）根据《上市公司治理准则》 《公司章程》《董事会薪酬与考核委员会工作规则》等相关规定和公司制度，结 合公司经营规模等实际情况并参照行业薪酬水平，拟定 2026 年度公司董事及高 级管理人员薪酬方案如下： 独立董事每人每月 8,000 元（税前），担任董事会专门委员会主任的独立董 事每人每月额外发放 1,500 元（税前）。 （二）在公司任职的非独立董事（含职工董事）、高级管理人员 1、在公司任职的非独立董事（含职工董事）、 高级管理人员薪酬的发放依 据公司人力资源相关制度与方案执行，一定比例的绩效薪酬在年度报告披露和绩 效评价后发放，绩效评价 ...

证券代码：301559 证券简称：中集环科 公告编号：2026-005 中集安瑞环科技股份有限公司 2025 年度募集资金存放、管理与使用情况专项报告 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。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》《深圳证券交易所创业板上市公司自律监管指南第 2 号——公告格式： 第 21 号上市公司募集资金年度存放、管理与使用情况的专项报告格式》等相关 法律法规及规范性文件等规定，现将中集安瑞环科技股份有限公司（以下简称"公 司"）2025 年度募集资金存放、管理与使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 本公司经中国证券监督管理委员会《关于同意中集安瑞环科技股份有限公司 首次公开发行股票注册的批复》（证监许可〔2023〕1317 号）同意注册，由主 承销商中信证券股份有限公司通过深圳证券交易所系统采用余额包销方式，向社 会公开发行了人民币普通股（A 股）股票 9,000 万股，发行价为每股人民币 24.22 元，共计募集资金总额为人民币 217,980. ...