编号：2025-007 证券代码：002255 证券简称：海陆重工 苏州海陆重工股份有限公司 投资者关系活动记录表 投资者关系活动类 别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人 员姓名 银华基金：罗婷、张珂、张伯伦 华泰证券：王龙钰、田莫充 时间 2025 年 11 月 26 日 10:00-11:00 地点 公司会议室 上市公司接待人员 姓名 董事会秘书张郭一 投资者关系活动主 要内容介绍 一、公司主营业务简单介绍 公司主营业务未发生变化，为工业余热锅炉、大型 及特种材质压力容器及核安全设备的制造销售；固废、 废水等污染物处理及回收利用的环境综合治理服务；光 伏电站运营。 二、核电业务介绍 公司核电设备供应堆型包括二代+堆型、三代堆型 （华龙一号、国和一号、AP1000、VVER、EPR）、四代 堆型（高温气冷堆、钠冷快堆、钍基熔盐堆）以及热核 聚变堆等国内外主要核电机型。 公司核安全设备包括：安注箱、堆内构件吊篮筒体、 堆内构件吊具、乏燃料冷却器、硼酸冷却器、冷凝液冷 却器、再生式热交换器、非能动余 ...

Core Insights - The Colombian Ministry of Mines and Energy plans to review regulations on natural gas transportation to potentially reduce costs by approximately 50% for routes such as Bogotá and Cartagena [1] Group 1 - The initiative is part of the "Life Corridor" plan aimed at promoting fair transition, industrial restructuring, public service improvement, and environmental governance [1] - The government will invest a total of 433 billion pesos (approximately 112 million USD) to support these efforts [1]

Core Viewpoint - The Beijing Fourth Intermediate People's Court is promoting ecological restoration through innovative judicial measures, addressing various pollution issues and enhancing public awareness of environmental protection laws [1] Group 1: Case Summaries - Case 1 involves a car company that, after being penalized for exceeding emission limits, agreed to install 100 electric vehicle charging stations in Beijing as a form of ecological restoration [2] - Case 2 marks the issuance of Beijing's first "environmental injunction," preventing a construction company from continuing harmful practices until effective environmental measures are implemented, alongside a compensation of over 890,000 yuan for ecological damage [3] - Case 3 highlights a situation where individuals responsible for illegal sand mining were allowed to offset their ecological service compensation by covering the costs of cleaning up garbage on the affected land, promoting proactive restoration efforts [4] - Case 4 features a water company that, after multiple violations, committed to establishing a 100,000 square meter natural conservation area and investing 30,000 yuan annually for three years in its management [6] - Case 5 involves a tourism company that, after causing environmental damage, was required to undertake reforestation efforts with compensation funds specifically allocated for local greening projects [7] - Case 6 discusses a chemical company that reached an ecological damage compensation agreement, which was judicially confirmed, providing a framework for public oversight and enforcement of the agreement [8] Group 2: Judicial Innovations - The court has adopted innovative judicial approaches to enhance ecological restoration, including alternative remediation methods and preventive measures to protect the environment [2][3][4][6][7][8] - The court's focus on mediation and resolution has led to a significant percentage of cases being settled amicably, demonstrating effective conflict resolution and ecological restoration [8]

Group 1 - The core viewpoint is that digital technologies, especially artificial intelligence (AI), are fundamentally transforming the global approach to environmental challenges [1][2] - The United Nations Environment Programme (UNEP) emphasizes the importance of integrating digital technology and AI into clean air and climate action strategies, as demonstrated in countries like Indonesia, Malaysia, and the Philippines [1] - Beijing serves as a model for improving air quality through strong leadership, technological innovation, and long-term planning, achieving 290 days of good air quality by 2024 [1] Group 2 - UNEP is committed to exploring the opportunities presented by digital technology and AI in addressing environmental crises while also monitoring the environmental impacts of these technologies [2] - The statement highlights the necessity of international cooperation in combating air pollution, which transcends national borders [2] - The future vision includes ensuring that digital transformation aligns with environmental sustainability to create cleaner air, a more stable climate, and a more resilient world [2]

Core Viewpoint - Sinopec has taken a significant step in the professional and industrial development of environmental governance by establishing Sinopec Environmental Technology Co., Ltd. in Guangzhou, Guangdong on September 9 [1] Group 1: Company Overview - Sinopec Environmental Technology Co., Ltd. has a registered capital of 1 billion RMB and is formed by the investment of Sinopec Refining Engineering Group, operating in integration with Sinopec's Fifth Construction Company [1] - The company's business scope includes environmental governance technology services, environmental engineering design consulting and implementation, environmental pollution detection and monitoring, decommissioning of petrochemical facilities, and resource recovery and utilization [1] Group 2: Business Development - The company will also engage in investment, construction, and operation of environmental governance facilities, as well as emergency rescue tasks for sudden environmental incidents, aiming to develop into a "specialized, refined, unique, and innovative" enterprise that integrates technology, engineering, and capital [1] - Sinopec has accumulated over 1,000 environmental governance invention patents and more than 10 related research projects, with some research outcomes reaching domestic leading and international advanced levels [1] Group 3: Industry Impact - In the field of soil and groundwater pollution remediation, Sinopec's Fifth Construction Company was the first to enter the soil remediation sector in 2010, successfully completing several large-scale soil remediation projects, including the Beijing Coking Plant, providing replicable and promotable practical examples for the industry [1] - In 2024, the establishment of the Soil Governance Center of Sinopec Refining Engineering Group and the Key Laboratory for Soil and Groundwater Pollution Prevention and Green Remediation will create a complete industrial chain characterized by "regular monitoring, precise remediation, and specialized disposal" [1]

Core Viewpoint - Feinan Resources (301500) reported significant growth in revenue and net profit for the first half of 2025, with total revenue reaching 6.543 billion yuan, an increase of 18.14% year-on-year, and net profit attributable to shareholders at 159 million yuan, up 90.39% year-on-year [1] Financial Performance - Total revenue for the second quarter of 2025 was 3.5 billion yuan, reflecting a year-on-year increase of 7.6% - Net profit for the second quarter was 154 million yuan, showing a decline of 2.8% year-on-year - Gross margin decreased to 7.54%, down 12.17% year-on-year, while net margin improved to 2.7%, an increase of 64.91% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 229 million yuan, accounting for 3.5% of revenue, a year-on-year increase of 4.26% [1] Key Financial Metrics - Earnings per share (EPS) increased to 0.4 yuan, up 90.1% year-on-year - Operating cash flow per share dropped significantly to 0.06 yuan, down 93.62% year-on-year - The company's net asset value per share rose to 11.54 yuan, an increase of 3.28% year-on-year [1] Changes in Financial Items - Accounts receivable decreased by 57.68% due to collections from previous sales - Inventory increased by 9.22% as production and sales expanded - Short-term borrowings rose by 11.58% to support increased financing needs [3] - Contract liabilities surged by 174.79% due to increased prepayments from expanded sales [3] Investment and Cash Flow Analysis - The company's return on invested capital (ROIC) was 3.18%, indicating weak capital returns - Historical data shows a median ROIC of 19.97% since listing, with the lowest ROIC recorded in 2024 [4] - Cash flow ratios indicate potential liquidity concerns, with cash and cash equivalents representing only 7.26% of total assets [4][5] Fund Holdings - The largest fund holding Feinan Resources is the Environmental Governance LOF, with 292,600 shares, which has seen a recent increase in value [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 58.80 [7][8]. Core Views - The company reported a revenue of RMB 423 million for H1 2025, representing a year-on-year increase of 18.81%, while the net profit attributable to shareholders decreased by 57.50% to RMB 49 million [1]. - The decline in net profit is attributed to high investment income from acquisitions in H1 2024, with a notable performance in new business areas such as copper extractants and ammonium rhenate, which are expected to drive revenue growth [1][4]. - The company is focusing on environmental governance, resource recovery, and new materials, with significant project wins in environmental governance totaling over RMB 400 million [4]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of RMB 423 million, with a net profit of RMB 49 million, reflecting a decline in profitability due to previous high investment returns [1]. - The revenue for Q2 2025 was RMB 253 million, showing a year-on-year increase of 0.34% and a quarter-on-quarter increase of 48.37% [1]. Business Segments - The operational services and reagent sales segments saw significant growth, with revenues of RMB 201 million and RMB 166 million, respectively, marking increases of 53.02% and 41.84% year-on-year [2]. - The company’s business structure is continuously optimizing, with operational services and reagent sales gaining a larger share of total revenue [2]. Cost and Profitability - The gross margin for H1 2025 was 35.01%, with a net profit margin of 12.36%, both showing declines compared to the previous year [3]. - Increased expenses and impairment losses have pressured short-term profits, but ongoing business optimization is expected to improve profitability in the future [3]. New Business Development - The company is expanding into new business areas, including ammonium rhenate, copper extractants, sodium sulfide, and flotation agents, which are anticipated to enhance revenue growth [4]. - The production line for ammonium rhenate has been completed, and the company has successfully synthesized high-purity sodium sulfide, with new customer orders for copper extractants exceeding 50% [4]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 201 million, RMB 241 million, and RMB 300 million, respectively [5]. - The report assigns a PE ratio of 28 times for 2025, reflecting the company’s diversified business model and expected growth in various sectors [5].

Core Insights - The Kuwait Environmental Remediation Program (KERP) oil lake crude oil recovery project, involving China's Jereh Group, has completed its first equipment operation test, marking the official execution phase of the project [1][2]. Group 1: Project Overview - KERP is one of the largest land environmental remediation projects globally, aimed at addressing oil pollution and war-related issues caused by the Gulf War [1]. - The project amount is approximately 100 million RMB (around 14 million USD) [1]. Group 2: Company Involvement - Jereh Group is responsible for the overall solution and core equipment provision for the oil lake crude oil recovery project [1]. - The company emphasizes its role in enhancing the efficiency of crude oil recovery and advancing the project towards ecological restoration and vegetation reconstruction [1]. Group 3: Diplomatic and Environmental Significance - The success of Jereh Group's project demonstrates China's strength in environmental protection equipment and engineering technology on an international scale [2]. - The project is seen as a significant step for Kuwait in achieving environmental governance and sustainable development [1].

Group 1 - The core viewpoint of the articles emphasizes the successful implementation of rural revitalization and the creation of civilized villages in Liaoning Province, showcasing improvements in both the environment and community spirit [1][6][7] - The environmental governance initiatives have led to significant transformations in rural areas, with communities actively participating in maintaining cleanliness and enhancing their living conditions [2][3] - The integration of cultural and economic development is highlighted, with examples of villages leveraging local resources and tourism to boost income and foster a sense of community pride [6][7] Group 2 - The establishment of community norms and regulations has played a crucial role in promoting civilized behavior and enhancing the quality of life in rural areas [4][5] - Innovative governance methods, such as the "points supermarket" system, have encouraged community involvement and ownership in local affairs, leading to a more engaged citizenry [5][6] - The articles illustrate how the combination of ecological, cultural, and economic strategies is creating sustainable growth and revitalization in rural communities, making them attractive for both residents and visitors [6][7]

Group 1 - The establishment of Bo Xing County Che Jing Environmental Technology Co., Ltd. has been registered with a capital of 10 million RMB, fully owned by Fujian Che Jing Water Environment Co., Ltd. [1] - The company is involved in various environmental services including technology services, pollution prevention, ecological restoration, and environmental monitoring equipment manufacturing [1][1] - The registered address of the company is located in Qiaozhuang Town, Liu Wang Village, 950 meters east, Binzhou City, Shandong Province [1] Group 2 - The company operates in the water conservancy, environmental, and public facilities management industry, specifically focusing on ecological protection and environmental governance [1] - The business scope includes a wide range of services such as soil pollution remediation, water pollution control, and environmental emergency management [1][1] - The company is classified as a limited liability company with a natural person investment or holding structure, and its business license allows for self-initiated operations [1]