HONGLU(SZ:002541) Jin Rong Jie·2026-01-12 10:03Core Viewpoint - Honglu Steel Structure reported positive operational performance for 2025, with significant production and sales growth, while actively pursuing smart manufacturing upgrades to enhance capacity and product quality [1][9]. Group 1: Production and Sales Performance - In 2025, the company produced approximately 5.02 million tons of steel structure products, representing an 11.30% increase year-on-year [1][9]. - The total new signed sales contracts amounted to approximately 29.10 billion yuan, reflecting a year-on-year growth of 2.84% [1][9]. - The company currently has a saturated order book and normal production operations [1][9]. Group 2: Smart Manufacturing Initiatives - The company is advancing its smart manufacturing initiatives, having introduced various advanced equipment such as intelligent laser cutting machines and welding robots [1][5]. - Approximately 3,000 self-developed and integrated welding robot workstations have been deployed across ten production bases [5][6]. - The "Honglu Master Riveting Detection Robot" has been introduced in limited quantities to enhance production quality [5][6]. Group 3: Capacity and Market Strategy - The total production capacity for steel structure products reached 5.20 million tons in 2025, with a focus on optimizing management processes to strengthen core competitiveness [1][7]. - The company has been gradually increasing its indirect export business, primarily serving domestic clients, while considering future overseas market expansion based on demand [1][7]. Group 4: Pricing and Financial Management - The pricing model for product sales is based on "material cost + processing fee," with a focus on improving product quality and service delivery to enhance customer satisfaction [2][7]. - The company is evaluating the potential adjustment of convertible bond conversion prices based on its operational status, macroeconomic conditions, and stock price trends [2][8].