证券代码：002314 证券简称：南山控股 深圳市新南山控股（集团）股份有限公司投资者关系活动记录表 编号：2025-007 | | | 特定对象调研□分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访□业绩说明会 | | | 类别 | □新闻发布会□路演活动 | | | | □现场参观 | | | | □其他（ ） | | | 参与单位名称 | 创华投资、国银资本 | | | 时间 | 2025 年 12 月 12 日 | | | 地点 | 公司 26 楼会议室 | | | 上市公司接待人 | 证券事务部 副总经理、证券事务代表 刘逊 | | | 员姓名 | 投资者关系经理 戴晶 | | | | 1、请问公司是否考虑业务出海？ | | | | 答：公司制造业业务近年来持续加强创新能力建设和经营效益 | | | | 提升，加大海外市场开拓力度，在扩大市场份额提升竞争力上取得进 | | | | 展，2025 年上半年，公司境外制造业收入达到 9.30 亿元。不动产开 | | | | 发和运营相关业务当前仍以国内市场为核心，聚焦长三角、粤港澳大 | | | | 湾区等区域 ...

长江商报消息 ●长江商报记者 汪静 元力股份（300174.SZ）拟通过收购进一步实现业务出海、走向国际化。 12月7日晚间，元力股份发布公告称，公司全资子公司拟以自有资金2556万美元（约合人民币1.81亿 元）收购Clarimex,S.A.de C.V（下称"Clarimex"或标的公司）的49%股权。 元力股份是国内规模最大、综合实力最强的木质活性炭生产企业，连续多年产量、销售量、出口量位居 全国第一。而Clarimex是跨国企业Norit全球活性炭业务布局的重要组成部分，也是元力股份在墨西哥的 重要客户。 元力股份称，拟通过本次收购实现业务出海，开启美洲市场业务布局，进一步巩固公司在全球木质活性 炭行业的市场地位。 长江商报记者注意到，2025年上半年，元力股份实现境外收入1.5亿元，营收占比16.01%，同比增长 2.47%。 拟收购美洲一活性炭企业 根据最新公告，元力股份全资子公司南平元力活性炭有限公司与Norit Americas, Inc（下称"Norit"）签署 了股权购买协议（SPA），拟以自有资金2556万美元，向Norit购买其持有Clarimex的49%股权。交易完 成后，南平元力活 ...

本次交易前，Clarimex是跨国企业Norit全球活性炭业务布局的重要组成部分，也是公司在墨西哥的重要 客户。Clarimex具备成熟的活性炭产线，销售网络已经实现对北美洲、拉丁美洲、南美洲的有效覆盖， 与元力股份在技术、市场、人才方面存在明显的互补性。本次交易完成后，公司成为Clarimex的战略股 东，通过与Clarimex在技术、市场、人才方面的强强联合、优势互补，可以更顺利实现活性炭业务的出 海布局。 通过本次收购，公司实现在墨西哥本土的落地扎根，可以充分利用墨西哥丰富的木屑原材料资源，实现 对美洲市场的深度拓展，进一步巩固公司在全球木质活性炭行业的龙头地位。 元力股份（300174）(300174.SZ)发布公告，2025年12月，公司全资子公司南平元力与Norit签署股份购 买协议(SPA)，拟以自有资金2556万美元整购买Norit持有的Clarimex49%股权。公司拟通过本次收购 Clarimex49%股权的交易实现业务出海，开启美洲市场业务布局，进一步巩固公司在全球木质活性炭行 业的市场地位。 ...

第一，本次交易前，Clarimex是跨国企业Norit全球活性炭业务布局的重要组成部分，也是公司在墨西哥 的重要客户。Clarimex具备成熟的活性炭产线，销售网络已经实现对北美洲、拉丁美洲、南美洲的有效 覆盖，与元力股份在技术、市场、人才方面存在明显的互补性。本次交易完成后，公司成为Clarimex的 战略股东，通过与Clarimex在技术、市场、人才方面的强强联合、优势互补，可以更顺利实现活性炭业 务的出海布局。 格隆汇12月7日丨元力股份(300174.SZ)公告，2025年12月，南平元力与Norit签署股份购买协议(SPA)， 拟以自有资金2556万美元整购买Norit持有的Clarimex49%股权。本次交易已经公司第六届董事会第十一 次会议审议通过。本次交易不构成关联交易，也不构成重大资产重组，无需提交公司股东会审议。 公司拟通过本次收购Clarimex49%股权的交易实现业务出海，开启美洲市场业务布局，进一步巩固公司 在全球木质活性炭行业的市场地位： 第二，通过本次收购，公司实现在墨西哥本土的落地扎根，可以充分利用墨西哥丰富的木屑原材料资 源，实现对美洲市场的深度拓展，进一步巩固公司在全球木质 ...

Core Viewpoint - Yuanli Co., Ltd. announced the acquisition of a 49% stake in Clarimex, S.A. de C.V. from Norit Americas, Inc. for $25.56 million, aiming to strengthen its market position in the global activated carbon industry and establish a foothold in Mexico [1] Group 1 - The acquisition will result in a new ownership structure where Adminvest holds 51% and Yuanli Co. holds 49% of Clarimex [1] - The transaction has been approved by the company's board and does not constitute a related party transaction or a major asset restructuring [1] - This move is part of the company's strategy to expand its business internationally and solidify its presence in the local Mexican market [1]

Core Viewpoint - Yuanli Co., Ltd. announced the acquisition of a 49% stake in Clarimex, S.A. de C.V. from Norit Americas, Inc. for $25.56 million, enhancing its market position in the global activated carbon industry [1] Group 1 - The acquisition will result in a new ownership structure where Adminvest holds 51% and Yuanli Co., Ltd. holds 49% of Clarimex [1] - The transaction has been approved by the company's board and does not constitute a related party transaction or a major asset restructuring [1] - This move is aimed at establishing a foothold in Mexico and expanding the company's international business operations [1]

元力股份公告称，2025年12月，其全资子公司南平元力拟以2556万美元自有资金，购买Norit持有的 Clarimex 49%股权。交易完成后，南平元力将持有Clarimex 49%股权。截至2025年8月31日，Clarimex资 产总额4.03亿元，2025年1-8月营收2.88亿元、净利润2125.15万元。本次交易已获公司董事会通过，不 构成关联交易和重大资产重组。收购有助于公司业务出海、拓展美洲市场，提升营收规模和盈利能力。 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the domestic market and the need for operational optimization [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.69 billion yuan, down 22.52% year-on-year, and a net profit attributable to shareholders of 134 million yuan, down 69.32% [1]. - In Q3 2025, the revenue was 445 million yuan, a decrease of 26.66%, with a net loss of 55 million yuan compared to a profit of 80 million yuan in the same period last year [1]. Industry Challenges - The domestic market is facing phase-specific pressures, including: 1. Centralized procurement affecting the pricing of certain medical products [2]. 2. Adjustments in terminal charging policies that may pose risks of price reductions for non-procurement projects [2]. 3. Changes in diagnostic-related groups (DRG) impacting overall testing volumes in hospitals [2]. Company Initiatives - In response to market pressures, the company is actively optimizing its operations by: 1. Strengthening cash flow management [2]. 2. Divesting from less profitable business segments [2]. 3. Implementing operational reforms to enhance efficiency and organizational vitality [2]. 4. Aligning its core product matrix and channel layout with policy directions to capitalize on market opportunities in grassroots testing capabilities [2]. International Expansion - The company’s international business is entering a phase of realization, with steady growth in Q3 2025, driven by: 1. The introduction of new technology platforms and instruments in key markets [3]. 2. Expansion into mid-tier markets through various new business lines [3]. 3. Localizing supply chains and operations, including the establishment of overseas subsidiaries and plans for forward warehouses [3]. - The U.S. subsidiary is focusing on integrating research, production, and sales in the North American toxicology market, with local production capabilities established [3]. Future Growth Prospects - The respiratory business is expected to contribute significantly to revenue growth, with long-term supply agreements signed with major U.S. clients [4]. - Projections for net profit attributable to shareholders for 2025-2027 are 160 million, 330 million, and 400 million yuan, respectively, with corresponding price-to-earnings ratios of 60, 30, and 25 [4].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [23]. Core Insights - The company's domestic business is experiencing temporary pressure, while its overseas operations are entering a phase of realization of results. For the first three quarters of 2025, the company reported a revenue of 1.69 billion yuan, a decrease of 22.52%, and a net profit attributable to shareholders of 134 million yuan, down 69.32% [1][7]. - In Q3 2025, the company recorded a revenue of 445 million yuan, a decline of 26.66%, and a net loss of 55 million yuan, compared to a profit of 80 million yuan in the same period last year [1][7]. Financial Performance Summary - Total revenue for 2024 is projected at 3,065 million yuan, with a year-on-year growth rate of 10.8%. However, for 2025, revenue is expected to drop to 2,223 million yuan, reflecting a decline of 27.5% [3]. - The net profit attributable to shareholders is forecasted to be 562 million yuan in 2024, with a significant drop to 162 million yuan in 2025, representing a year-on-year decrease of 71.2% [3]. - The earnings per share (EPS) is expected to decrease from 1.20 yuan in 2024 to 0.35 yuan in 2025 [3]. Business Strategy and Market Position - The company is actively optimizing its operations in response to domestic market pressures, including cash flow management and divesting from less profitable segments. It aims to enhance operational efficiency and align its product matrix with policy directions to capture market opportunities in grassroots testing capabilities [7]. - The international business is gradually entering a growth phase, with steady contributions from the international department and the U.S. subsidiary. The company has established a local production capacity in the U.S. and is focusing on expanding its market share in North America, particularly in toxicology and respiratory testing [7]. Valuation and Price Target - The report estimates the company's overall valuation at 13.1 billion yuan, corresponding to a target price of approximately 28 yuan per share, based on a discounted cash flow (DCF) model [7].

Core Viewpoint - The company has shown significant recovery in its financial performance following the divestiture of its IVD business, with a strong growth trajectory in revenue and net profit for the first three quarters of 2025 [1][2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 186 million yuan, an increase of 17.45% year-on-year, and a net profit attributable to shareholders of 18 million yuan, up 362.49% [1]. - In Q3 2025, the company achieved revenue of 76 million yuan, reflecting a growth of 40.34%, and a net profit of 16 million yuan, which is a 187.43% increase [1]. Business Strategy and Developments - The impact of the IVD business divestiture has been fully realized, leading to a positive trend in overall performance. The company experienced a revenue decline of 63.01% and a net loss of 185 million yuan in 2023, but has since turned profitable in 2024 with a net profit of 17 million yuan [2]. - A significant overseas collaboration was established with global biotech giant Chr. Hansen, involving a five-year agreement worth 73.06 million euros (approximately 600 million yuan) for dairy product testing. This partnership is expected to drive future growth in international markets [3]. - The company is expanding its business in both B2B and B2G sectors, with notable collaborations in the cold chain and retail sectors, as well as successful bids for government projects in various provinces [4]. Future Outlook - The company anticipates continued growth, projecting net profits of 25 million yuan, 50 million yuan, and 70 million yuan for 2025 to 2027, with year-on-year growth rates of 44.9%, 100.3%, and 40.2% respectively [4]. - A DCF model estimates the company's overall valuation at 5.9 billion yuan, with a target price of approximately 15 yuan per share, maintaining a "recommended" rating [4].