调研速递|伟星新材接待摩根基金等3家机构调研 竞争优势多元 平均分红率70%-80%

Core Insights - Zhejiang Weixing New Materials Co., Ltd. (Weixing New Materials) held an investor relations activity on December 25, 2025, engaging with institutions such as Morgan Fund, Huaxia Fund, and Huayuan Securities to discuss key topics including manufacturing philosophy, competitive advantages, pricing strategies, industry demand outlook, and dividend policies [1][2][4] Group 1: Manufacturing and Competitive Advantages - The company attributes its advanced manufacturing automation to two main factors: a corporate culture focused on "long-term sustainable development" and a high demand for quality products driven by market competition [3] - Weixing New Materials has developed strong core competitiveness over more than 20 years, characterized by excellent brand operation, strong marketing capabilities, robust R&D strength, and a solid corporate culture with an outstanding management team [3] Group 2: Pricing Strategy and Sales Channels - The company employs a diversified retail strategy, selling through home decoration companies, project managers, and direct purchases by homeowners, with varying channel proportions across regions [3] - The pricing strategy is based on a "three high positioning" approach, emphasizing that price reductions are not the optimal choice for market expansion, and the company aims to maintain a difficult yet correct strategic path [3] Group 3: Financial Performance and Future Outlook - Sales expenses have increased due to intensified market competition and higher marketing and service investments, along with the impact of the acquisition of Zhejiang Keri, but the company plans to optimize its expense ratio in the medium to long term [3] - The company acknowledges weak market demand in Q4 and maintains a cautious outlook for industry demand in 2026, linking retail business demand to economic conditions and consumer confidence, while also noting potential positive impacts from policy changes in the new five-year plan [3] Group 4: Business Development and Dividend Policy - The company has over 1,000 first-level distributors and more than 30,000 terminal marketing outlets, indicating a stable channel network [3] - Weixing New Materials has consistently implemented cash dividends since its listing, with an average payout ratio of 70%-80%, and will continue to follow its profit distribution plan based on various factors [3] Group 5: Strategic Business Focus - The waterproof business model is mature, and the company plans to increase market expansion efforts, while the water purification business is still in the optimization phase [3] - The company has fully recognized goodwill impairment of 21.261 million yuan for Guangzhou Hexin in 2024 and has decided not to increase investment in Dongpeng Heli Fund, planning to exit once existing projects conclude [3]