证券代码：000151 证券简称：中成股份 中成进出口股份有限公司 投资者关系活动记录表 编号：2025-02 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 活动参与人员 | 公司董事长朱震敏先生，财务总监、董事会秘书王毅先生，独 | | | 立董事牛天祥先生，证券事务代表于泱博先生 | | 时间 | 2025 年 9 月 15 日下午 15:00-16:00 | | 地点 | "中证网"之"中证路演" | | | (https://www.cs.com.cn/roadshow/yjsmh/) | | 形式 | 网络远程方式 | | 关于本次活动是 | 不涉及 | | 否涉及应披露重 | | | 大信息的说明 | | | 交流内容及具体 | 本次业绩说明会交流内容及具体问答记录详见中成进出口股 | | 问答记录 | 份有限公司《2025 年半年度业绩说明会记录表》（附件 1） | | 活动过程中所使 | 不涉及 | | 用的演示文稿、提 | | | 供的 ...

Group 1: Company Overview and Strategy - The company adheres to a dual business strategy of "chemical new materials + high-end equipment manufacturing" [2] - The company is actively monitoring policies related to the low-altitude economy to enhance its development [1] - The company aims to provide integrated services to global customers and collaborates with downstream clients on product innovation and sustainable development [4] Group 2: Financial Performance and Expectations - The company reported a reasonable asset-liability ratio and strong overall financial performance [2] - The company has not experienced seasonal fluctuations in its main business composition [3] - The company adjusts product prices in response to raw material price fluctuations and implements a "double increase and double reduction" strategy to maintain operational quality [6] Group 3: Market and Investment Insights - The company is focused on enhancing its investment value to provide good returns for investors [2] - The company has not been directly involved in the C919 aircraft manufacturing unit and is currently in the business negotiation phase [1] - The company’s stock price is influenced by various factors, including macro policies, market preferences, liquidity, and market trends [6] Group 4: Production and Capacity - The Zhuhai facility commenced production at the end of June, with a polyester resin production capacity of 320,000 tons [3] - The company is expanding its business scope in the Hefei Economic Circle and the Yangtze River Delta Economic Circle [3] Group 5: ESG and Sustainability Initiatives - The company has established a dedicated energy management team to promote green production and has implemented measures to reduce carbon emissions [4] - The company is committed to sustainable development and collaborates with suppliers that have low carbon footprints [4]

Core Viewpoint - The Hong Kong IPO market has seen a surge in activity, raising HKD 107.1 billion in the first half of 2025, a 22% increase compared to the entire previous year, making it the leading market globally for IPOs [2] - ESG (Environmental, Social, and Governance) considerations have become a significant challenge for companies seeking to list in Hong Kong, with the Hong Kong Stock Exchange (HKEX) implementing stricter ESG reporting requirements [2][3] ESG Reporting Evolution - The HKEX has progressively shifted from voluntary ESG disclosures to mandatory requirements, with the latest upgrade to the ESG Reporting Code set to take effect in 2025, mandating disclosures on greenhouse gas emissions [3][4] - The transition includes a focus on climate-related disclosures, aligning with the International Sustainability Standards Board (ISSB) guidelines, which will enhance the comparability and reliability of ESG data across different regions and industries [4][5] Importance of Governance - The governance aspect of ESG is emphasized as critical for long-term corporate survival, with the board of directors being responsible for setting ESG goals and ensuring accountability [7] - Strong board oversight is essential to prevent superficial ESG practices and to address investor concerns regarding governance quality [7] Comparison of ESG Requirements - The HKEX adopts a "financial materiality" principle, focusing on how ESG risks impact corporate value, while mainland exchanges emphasize a "double materiality" approach, considering both financial impacts and the company's effects on society and the environment [8][9] - The HKEX has established a detailed disclosure framework for ESG issues, while mainland exchanges have a more integrated approach, encouraging companies to embed ESG factors into their governance and strategic decision-making [9][10] Recommendations for A+H Companies - A+H companies are advised to adopt the stricter HKEX standards as a baseline for their ESG reporting, ensuring compliance with both HKEX and mainland requirements to avoid redundant efforts [10][11] - Companies should establish a robust ESG governance structure, conduct stakeholder assessments, and develop a comprehensive data management system for ESG metrics, particularly focusing on greenhouse gas emissions [10][12] Future Trends in ESG Regulation - The HKEX is expected to follow global trends towards mandatory third-party assurance for ESG data, with potential legal consequences for misleading ESG disclosures [13][14] - The regulatory landscape is evolving to include stricter measures against "greenwashing" and false ESG claims, indicating a shift towards more rigorous oversight of ESG practices [14]

Core Viewpoint - The National Grid Energy Research Institute has released its 2024 ESG report, emphasizing the importance of ESG practices for sustainable development and the commitment to transparency and responsibility in the energy sector [1][2]. Group 1: ESG Report Highlights - The report is based on domestic and international standards and policies, focusing on key ESG issues relevant to state-owned enterprises and energy companies [1]. - It introduces a comprehensive framework for implementing ESG principles, including core issues and key performance indicators [1]. - The report includes 30 core quantitative data points across environmental, social, and governance dimensions, aligning with domestic and international ESG disclosure requirements [2]. Group 2: Challenges and Recommendations - The implementation of ESG is described as a long-term and complex process, facing challenges such as inconsistent standards and low-quality information disclosure [2]. - Recommendations include developing a compatible ESG evaluation system that reflects China's development stage and enhancing the incentive mechanisms for ESG information disclosure [2]. - Continuous improvement of the ESG report structure and the establishment of measurable indicators are suggested to position the National Grid Energy Research Institute as a benchmark in the industry [3]. Group 3: Future Directions - The National Grid Energy Research Institute plans to deepen the integration of ESG principles with its think tank strategy, enhancing governance and research capabilities [3]. - Collaboration with various stakeholders is emphasized to create a cooperative ecosystem for sustainable development insights and solutions [3].

Investment Rating - The report indicates a positive outlook for China's foreign greenfield investment, highlighting its importance as a strategic approach for companies to expand globally and enhance competitiveness [6][40]. Core Insights - The global economic landscape is undergoing significant changes, with China's "going out" strategy evolving into deeper localization in operations, making greenfield investment a key method for companies to navigate challenges such as unilateralism and trade friction [6][7]. - China's foreign greenfield investment has shown a recovery in scale, particularly in sectors like new energy vehicles, photovoltaics, and digital infrastructure, which have redefined the international image of "Made in China" [6][40]. - The report outlines three stages of China's foreign greenfield investment, emphasizing the transition from resource acquisition to enhancing supply chain resilience and local operations [48][51]. Summary by Sections Global Greenfield Investment Scale - Global greenfield investment reached a historical high of $1.41 trillion in 2023, with a slight decrease to $1.34 trillion in 2024, marking the second-highest level recorded [20][24]. - The number of global greenfield investment projects increased by 3% in 2024, totaling 19,356 projects [20]. China's Foreign Greenfield Investment Stages - The report identifies three stages of China's foreign greenfield investment: 1. Exploration phase (1990s to 2017) focused on resource acquisition and basic infrastructure [48][53]. 2. Expansion phase (2018 to 2024) driven by the Belt and Road Initiative, emphasizing capacity output and market share [48][55]. 3. Localization phase (from 2025) aimed at enhancing supply chain resilience and deepening local operations [48][51]. Challenges and Strategies - Companies face challenges such as complex international environments, legal compliance, and cultural differences in their greenfield investment endeavors [7]. - The report provides insights into key investment strategies, including precise site selection, tax planning, and ensuring data security, to optimize investment strategies and enhance operational efficiency [7][40]. Sector-Specific Trends - The information and communication technology sector saw a significant increase in greenfield investment, reaching $211 billion in 2024, a 73% year-on-year growth [35]. - Conversely, traditional sectors like energy and mining experienced declines in investment, with energy and natural gas investments dropping by 28% to $273 billion [35][36]. Regional Investment Dynamics - The report highlights that developed regions like the EU and the US continue to dominate global greenfield investment, while China's share increased to 12% in 2023 before declining to 6% in 2024 due to reduced investments in mining [24][30]. - Emerging markets, particularly in Southeast Asia and Latin America, are becoming focal points for Chinese companies seeking to expand their global footprint [66].

Core Viewpoint - Dongxing Securities has initiated the recruitment of a chief economist for the first time in six years, aiming to enhance its macroeconomic research capabilities and strengthen the foundation for corporate value exploration [1][2][4]. Group 1: Recruitment of Chief Economist - The recruitment of a chief economist is a significant move for Dongxing Securities, as the previous chief economist left in May 2019, and the position has remained vacant since then [3]. - The company has outlined six qualifications for the role, including a maximum age of 45, over five years of experience in reputable brokerage firms or public funds, and a preference for candidates with experience in macroeconomic policy research [3][4]. - The responsibilities of the new chief economist will include providing investment consulting services to external clients and supporting internal research efforts [3][4]. Group 2: Research Business Challenges - Dongxing Securities' research business has faced a significant decline, with commission income shrinking by approximately 90% from 2020 to 2024, and the number of research personnel decreasing from 111 to 62 [2][4]. - In the first half of 2025, the company's commission income was reported at 3.27 million yuan, a year-on-year decline of 70.59%, ranking 69th in the industry [4]. - The decline in research income is attributed to factors such as the reform of public fund commission rates, which has affected the entire brokerage industry [4]. Group 3: Business Restructuring - Dongxing Securities is undergoing structural adjustments across multiple departments, including the research department and investment banking, to enhance operational efficiency and adapt to competitive pressures [5]. - The company has shifted its investment banking management from a team-based to a project-based approach, aiming for a more streamlined and responsive management system [5]. Group 4: Financial Performance - Despite challenges in the research sector, Dongxing Securities has maintained positive growth in net profit over the past five years, with a reported revenue of 2.25 billion yuan in the first half of 2025, a year-on-year increase of 12.46% [6]. - The wealth management business has been a key driver of growth, with a 19.13% increase, contributing 38.98% to total revenue [6]. - The investment banking segment has also seen substantial growth, with a year-on-year increase of 188.20%, while asset management and trading revenues have declined [6].

Financial Data and Key Metrics Changes - Total sales volume grew by 9.8%, while revenue decreased by 4.4% to $265.2 million [10][11] - Gross profit margin increased by 4 basis points to 1.02%, and net loss narrowed by 38.8% [10][13] - Current ratio improved to 1.54, indicating healthy liquidity, while capital debt improved to -4.44 days [10][13][26] Business Line Data and Key Metrics Changes - Revenue from biofuels saw an impressive increase of 154.7% year-on-year, with volume growth reaching 189.5% [16][17] - Non-container sales (bulk and tanker) accounted for 36.9% of total revenue, reflecting successful diversification efforts [16][41] - Revenue share from top 12 liners increased to 60.1% compared to 45.7% in the first half of 2024 [16] Market Data and Key Metrics Changes - Total seaborne trade grew by 2.5% in 2025, while containerized trade grew by 2.9% [6][7] - CBL serves 9 out of the top 12 global container liners, representing around 16% market share in global container liners [7][10] - Demand for bunkering services surged at alternative ports due to geopolitical tensions and rerouted shipping lanes [8][9] Company Strategy and Development Direction - CBL aims to strengthen its service network, focusing on Asian, Asia-Pacific, and European markets, while exploring sustainable fuels [23][50] - The company plans to further diversify biofuel offerings and strengthen its market position in green marine fuels [17][50] - CBL's growth strategy includes expanding its service network and increasing sales volumes while maintaining strong relationships with current customers [15][48] Management Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical conflicts, tariff wars, and the transition to biofuels, yet emphasized maintaining growth [28][30] - The company is well-positioned to capture demand from rerouted trade flows, particularly in the Eurasian and Asia-Pacific corridors [35][36] - Management expressed confidence in the sustainability of recent improvements in net loss and operational efficiency [32][47] Other Important Information - CBL has obtained ISCC EU and ISCC+ certifications to support the industry's decarbonization initiatives [5][17] - The company launched a share repurchase program and participated in various investor events to enhance investor relations [19][20] - CBL is committed to sustainability development and has initiated multiple steps with fruitful outcomes in ESG [20][21] Q&A Session All Questions and Answers Question: What was the most significant achievement achieved by CBL? - CBL achieved a sales volume growth of almost 10% for the first half of 2025, driven by strategic expansions and partnerships [28][29] Question: What were the key drivers behind the reduction in net loss? - The improvement was due to investments in expanding the port network, customer base, and biofuel operations, along with a 17% reduction in operating expenses [31][32] Question: How is CBL positioned to capture demand from rerouted trade flows? - CBL's extensive supply network allows it to meet increased demand for bunkering services along new trade routes due to geopolitical tensions [35][36] Question: How does CBL plan to maintain or improve gross profit margins? - CBL plans to increase sales volume and explore new sustainable fuels to improve profitability amid market volatility [37][39] Question: How does CBL plan to grow the non-container liner segment? - CBL is actively targeting new customers in the non-container segment while maintaining strong relationships with container liner customers [40][41] Question: What were the primary cost efficiencies achieved in operating expenses? - CBL streamlined operations and rationalized resources, leading to a 17% reduction in operating expenses [43][44] Question: What are the expansion plans for the second half of 2025? - CBL will continue to strengthen its service network and explore sustainable fuels while targeting new customers and segments [46][48] Question: What industry-specific observations and forecasts does CBL see? - CBL is exploring different verticals and horizontal integration opportunities, believing in the future demand for sustainable fuels [51][52] Question: What is the impact of the U.S. new reciprocal tariffs on CBL? - The direct impact is minimal as CBL does not operate in U.S. ports, but the tariffs have redirected cargoes, increasing demand for services in alternative regions [53][55]

Financial Data and Key Metrics Changes - Total sales volume grew by 9.8%, while revenue decreased by 4.4% to $265.2 million [11][12] - Gross profit margin increased by 4 basis points to 1.02%, and net loss narrowed by 38.8% [11][14] - Current ratio improved to 1.54, indicating healthy liquidity, while capital debt improved to -4.44 days [14][27] Business Line Data and Key Metrics Changes - Revenue from biofuels saw a significant increase of 154.7% year-on-year, with volume growth reaching 189.5% [17][18] - Non-container liner sales accounted for 36.9% of revenue, reflecting successful diversification efforts [17][43] - Revenue growth in China was 26%, while other regions saw a 131% increase [11] Market Data and Key Metrics Changes - Total seaborne trade grew by 2.5% in 2025, with containerized trade growing by 2.9% [7] - CBL serves 9 out of the top 12 global container liners, representing around 16% market share [8] - Geopolitical tensions have caused disruptions, leading to increased demand for bunkering services at alternative ports [9][10] Company Strategy and Development Direction - CBL aims to expand its service network, focusing on sustainable fuel solutions and enhancing market share [5][25] - The company is positioned as a pioneer in providing stable biofuel supply during the transition to sustainable fuels [5][18] - Future initiatives include strengthening supplier relationships and exploring new sustainable fuel options like LNG and methanol [19][25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical conflicts and oil price fluctuations but noted a successful growth trajectory [29][30] - The company plans to continue expanding its network and customer base while maintaining operational efficiency [34][50] - Management expressed confidence in capturing demand from rerouted trade flows due to geopolitical tensions [37][56] Other Important Information - CBL has obtained ISCC EU and ISCC+ certifications to support the industry's decarbonization initiatives [5][18] - The company launched a share repurchase program and filed a shelf registration statement for future securities offerings [21][19] - CBL has received multiple awards for its corporate communication and investor relations efforts [22] Q&A Session Summary Question: What was the most significant achievement achieved by CBL? - CBL achieved a sales volume growth of almost 10% and expanded its global service network from 36 to 65 ports [30][29] Question: What were the key drivers behind the reduction in net loss? - The reduction was driven by expanding the port network, increasing sales volume, and streamlining operations, resulting in a 17% decrease in operating expenses [34][14] Question: How is CBL positioned to capture demand from rerouted trade flows? - CBL has targeted increased demand from rerouted vessels and leveraged its extensive supply network to meet these demands [37][10] Question: How does CBL plan to maintain or improve gross profit margins? - CBL plans to improve margins by increasing sales volume, exploring new sustainable fuels, and adopting a cost-plus pricing model [40][41] Question: How does CBL plan to grow the non-container liner segment? - CBL will continue to provide reliable supply arrangements for non-container liner customers while maintaining strong relationships with container liner customers [43][44] Question: What were the primary cost efficiencies achieved? - CBL achieved cost efficiencies through streamlining operations and utilizing office automation and IT systems [46][47] Question: What are the expansion plans for the second half of 2025? - CBL plans to strengthen its service network, grow sales volume, and explore sustainable fuels while maintaining strong customer relationships [50][52] Question: What is the impact of U.S. tariff changes on CBL? - CBL's direct impact from U.S. tariffs is minimal, but the changes have redirected cargoes, increasing demand for services in alternative regions [56][58]

Financial Data and Key Metrics Changes - Total sales volume grew by 9.8%, while revenue decreased by 4.4% to $265.2 million, primarily due to a decrease in marine fuel prices [11][12] - Gross profit margin increased by 4 basis points to 1.02%, and net loss narrowed by 38.8% from $1.62 million to $0.99 million [14][26] - Current ratio improved to 1.54, indicating healthy liquidity, while capital debt improved to -4.44 days, highlighting excellent cash cycle management [11][14] Business Line Data and Key Metrics Changes - Revenue from biofuels saw a significant increase of 154.7% year-on-year, with volume growth reaching 189.5% [17][18] - Non-container liner sales accounted for 36.9% of revenue, reflecting successful diversification efforts [41] - Revenue share from the top 12 liners increased to 60.1% compared to 45.7% in the first half of 2024 [17] Market Data and Key Metrics Changes - Seaborne trade grew by 2.5% in 2025, with containerized trade growing by 2.9%, indicating steady growth in global trade [7][8] - CBL serves 9 out of the top 12 global container liners, representing around 16% market share in global container liners [8][11] - Geopolitical tensions have caused disruptions, leading to increased demand for bunkering services at alternative ports [9][10] Company Strategy and Development Direction - CBL aims to expand its service network, increase sales volumes, and integrate sustainable fuel solutions to meet evolving market needs [5][24] - The company is focused on strengthening relationships with suppliers and customers while exploring sustainable fuels like biofuels, LNG, and methanol [19][50] - CBL's strategy includes targeting new customer segments and enhancing operational efficiency through technology and automation [27][46] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical conflicts and oil price fluctuations but emphasized the company's ability to maintain growth and reduce losses [29][30] - The company plans to continue expanding its network and focusing on sustainable fuel segments to align with regulatory changes and market demand [50][51] - Management expressed confidence in navigating economic uncertainties and capturing demand from rerouted trade flows [36][55] Other Important Information - CBL has obtained ISCC EU and ISCC+ certifications to support the industry's decarbonization initiatives [5][18] - The company launched a share repurchase program and participated in various investor events to enhance communication with stakeholders [20][21] - CBL's commitment to ESG practices includes a focus on sustainability, employee well-being, and community engagement [22][23] Q&A Session All Questions and Answers Question: What was the most significant achievement achieved by CBL? - CBL achieved a sales volume growth of almost 10% for the first half of 2025, driven by strategic expansions and partnerships despite geopolitical challenges [28][30] Question: What were the key drivers behind the improvement in net loss? - The improvement was driven by investments in expanding the port network, customer base, and biofuel operations, alongside a 17% reduction in operating expenses [32][33] Question: How is CBL positioned to capture demand from rerouted trade flows? - CBL's extensive supply network allows it to meet increased demand for bunkering services along new trade routes due to geopolitical tensions [36][37] Question: How does CBL plan to maintain or improve gross profit margins? - CBL plans to improve margins by increasing sales volume, exploring new sustainable fuels, and leveraging a cost-plus pricing model [38][40] Question: How does CBL plan to grow the non-container liner segment? - CBL aims to provide reliable supply arrangements for non-container liner customers while maintaining strong relationships with container liner customers [41][42] Question: What were the primary cost efficiencies achieved? - Cost efficiencies were achieved through streamlining operations, utilizing office automation, and focusing on advanced technologies for continuous improvement [44][46] Question: What are the expansion plans for the second half of 2025? - CBL plans to strengthen its service network, grow sales volume, and explore sustainable fuels while maintaining strong relationships with current customers [47][50] Question: What is the impact of U.S. tariff changes on CBL? - CBL's direct impact from U.S. tariff changes is minimal, but the company is leveraging shifts in trade flows to meet increased demand for its services [54][55]

MSCI认可其在清洁技术、碳排放管理、劳动力管理及公司治理等方面的表现。小鹏汽车表示，将继续 把可持续发展理念贯穿于产品研发、供应链、生产及服务全流程，推动智能电动出行的绿色转型。 经济观察网2025年9月16日，国际指数公司MSCI近日公布最新ESG评级结果，小鹏汽车 (NYSE:XPEV/HKEX:9868)连续三年获得"AAA"最高评级，位列全球汽车行业前列。 ...