证券代码： 301565 证券简称：中仑新材 中仑新材料股份有限公司 投资者关系活动记录表 编号：2025-005 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 参与单位名称及 人员姓名 开源证券 毕挥 时间 2025年12月16日 地点 公司会议室 上市公司接待人 员姓名 董事会秘书 马彬惠 投资者关系活动 主要内容介绍 1、公司产能出海、布局印尼长塑项目主要出于哪些方面的 考量？ 公司布局印尼长塑高性能膜材产业化项目，主要基于三方面 核心考量：一是BOPA膜材凭借优异性能，在食品饮料、药品、日 化用品、软包锂电池等多领域包装中应用广泛，下游需求持续增 长，公司现有生产设备已处于高产能利用率的运转状态，难以充 分满足市场需求，该项目有助于突破产能瓶颈，进一步匹配下游 市场的增长需求；二是公司在BOPA膜材领域已具备龙头地位，同 时公司境外销售收入占比呈上升趋势，而该项目的落地能够完善 海外产能配套，更好地服务东南亚市场并进一步辐射欧洲、北美 洲市场，从而巩固公司的行业领先地位，应对全球市场竞争；三 是当前全球贸易环境日趋复杂，贸易保 ...

据了解，阿联酋不仅是中东最大的原铝生产国，更是预焙阳极核心原材料石油焦的重要产区，原料采购 与运输成本优势突出。预焙阳极作为电解铝生产的关键原材料，每生产1吨原铝约需消耗0.5吨预焙阳 极，EGA自身的庞大产能将为项目提供稳定的本地需求支撑。 索通发展表示，EGA与公司的业务合作近20年，是公司的优质下游客户和国际合作伙伴，EGA作为本 合资项目的共同投资人和客户，将与公司共同拓展海外市场，提高公司应对复杂环境风险的能力。同 时，该合资项目是公司产能出海的重要实践，阿联酋政府多个部门也在积极推动本次合作事项，如合资 项目得以顺利实施，将成为中阿两国政府重点推广的成功典范。项目投产后，产品除供应EGA外，可 辐射中东及欧洲电解铝产能，符合公司战略规划和长远利益。 此前，索通发展接受调研时表示，目前下游电解铝客户盈利较好，预焙阳极需求强劲，同时海外电解铝 将迎来新的建设周期，叠加海外预焙阳极产能更新周期，海外市场空间广阔。同时，公司第四季度预焙 阳极生产运行态势良好。公司当前预焙阳极在产产能为346万吨。2025年预焙阳极销售量力争实现350万 吨。另外，与吉利百矿集团合资建设的广西60万吨项目，已于10月16日 ...

Core Viewpoint - Chinese manufacturing companies are accelerating their overseas expansion and are exploring new strategies to address the common challenge of long production and delivery cycles abroad, with Guangdong Xinbao Electric Co., Ltd. leading the way by building industrial parks in collaboration with core suppliers to achieve proximity and synergy in operations [1] Group 1: Overseas Expansion Strategy - Guangdong Xinbao Electric Co., Ltd. is adopting an "ecological chain co-prosperity" approach, which involves not just individual companies going overseas but collaborating with key suppliers to establish industrial parks [1] - This model aims to significantly shorten order response times by enhancing local support and operational collaboration [1] Group 2: Business Transition and Growth - The company is transitioning from a focus on OEM (Original Equipment Manufacturer) to developing its own brand, seeking to balance its old and new business models [1] - Xinbao is actively searching for new growth avenues while managing the shift in its business strategy [1]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, expecting the industry index to outperform the market index by over 10% in the next six months [38]. Core Insights - The total automotive sales in China for the year are projected to exceed 34 million units, with new energy vehicle (NEV) sales expected to reach 16 million units and exports anticipated to surpass 6.8 million units [26][33]. - The tightening of purchase tax incentives for NEVs starting in 2026 is expected to create a rush in vehicle purchases by the end of 2025, leading to a potential "micro-growth" phase in the domestic market in 2026 [33]. - Export markets are seen as a new growth driver for major automotive companies, transitioning from merely exporting products to establishing local production capabilities abroad [33]. Industry Performance and Valuation - As of December 4, 2025, the Shenyin Wanguo automotive sector index has increased by 1.43% over the past two weeks, outperforming the CSI 300 index by 1.83 percentage points, ranking 7th among 31 industries [10][12]. - Year-to-date, the automotive sector has risen by 17.68%, also outperforming the CSI 300 index by 2.14 percentage points [10][12]. - The current price-to-earnings (P/E) ratio for the automotive sector is 25.38 times, with sub-sectors showing varying valuations: automotive services at 30.71 times, automotive parts at 27.11 times, and passenger vehicles at 23.69 times [16]. Industry Data Tracking - Raw material prices have shown mixed trends: steel prices increased by 0.20%, aluminum by 1.38%, and copper by 2.21%, while lithium carbonate prices decreased by 0.37% and glass prices fell by 0.26% [18][19]. Industry News - In November 2025, retail sales of passenger vehicles in China decreased by 7% year-on-year, while NEV retail sales grew by 20% [21][22]. - The Shanghai government announced that all new or updated public charging facilities must comply with mandatory certification standards starting August 1, 2026 [22]. - The China Automobile Dealers Association reported a rise in the inventory alert index to 55.6%, indicating a decline in the automotive circulation industry's prosperity [23]. Company News - Li Auto launched its first AI smart glasses, priced from 1,699 yuan after subsidies [27]. - Changan Automobile reported November sales of 283,000 units, a 2.3% year-on-year increase, with NEV sales up 23% [28]. - Xiaomi's automotive division has delivered over 500,000 vehicles since its launch [29]. Investment Recommendations - The report suggests focusing on companies that are actively expanding into overseas markets, such as BYD and Seres, as well as those in the intelligent driving supply chain like Fuyao Glass and Joyson Electronics [33][34].

Core Insights - Huachuang Securities highlights four major investment directions for the CSI A500 index: technology innovation, cyclical industries, overseas expansion, and the real estate chain [1] Group 1: Investment Directions - Technology innovation focuses on robust growth at the endpoint and the commercialization of ToB, with an emphasis on the need to digest valuations in the tech sector [1] - Cyclical industries are expected to benefit from price elasticity due to supply clearing, particularly in sectors like non-ferrous metals, chemicals, steel, coal, construction materials, and machinery [1] - Overseas expansion aims to enhance global competitiveness, with a focus on electric new energy, machinery, communication equipment, and energy metals [1] - The real estate chain is anticipated to recover from mid-term bottoming out, with high potential in construction, building materials, home furnishings, appliances, and property management [1] Group 2: Market Opportunities - The technology manufacturing sector is seeing a steady increase in return on equity (ROE) amid the transition of old and new growth drivers [1] - Investors are encouraged to consider the CSI A500 ETF (159338), which is leading in the number of accounts among similar products, being more than three times that of the second-ranked fund [1]

36氪获悉，中信证券表示，2025年第一季度至第三季度轻工板块收入、利润承压，但其中造纸、包装印 刷率先修复，符合中信证券年中的判断。展望2026年，"反内卷"、创新与出海将成为轻工行业的发展主 线。国内市场，"反内卷"是主旋律，造纸行业预计底部改善，金属包装行业将迎来春天。AI技术（AI眼 镜、AI玩具等）将为行业注入新活力，而传统赛道的新势能也值得关注，如IP消费、产品的跨界融合与 功能性升级；国际市场，产能出海步入提效阶段，具有性价比优势、技术优势的品牌出海将是重中之 重。 ...

Group 1 - Shandong is becoming a significant hub for the two-way flow of global industrial factors, driven by the "New BRICS" cooperation framework, as highlighted during the "Dialogue on BRICS" event [1] - The event attracted over 400 guests, including representatives from more than 50 business associations and enterprises from over 30 countries and regions, facilitating deeper cooperation between foreign and local companies [1] - The BRICS nations account for nearly half of the world's population, approximately 30% of the global economy, and one-fifth of global trade, indicating substantial cooperation potential for Shandong enterprises [2] Group 2 - In the first three quarters of 2025, Shandong's trade with BRICS countries reached 550.6 billion yuan, accounting for 21% of the province's total imports and exports, with a year-on-year growth of 23% [2] - Shandong's enterprises are increasingly looking to expand overseas, with companies like Youbote focusing on upgrading core technologies and exploring new markets in BRICS countries [3] - The development of advanced manufacturing is a key task for Shandong, aiming to integrate into the global supply chain and support enterprises in their international expansion [4][9] Group 3 - Youbote is advancing its humanoid robot technology, aiming to enhance performance and stability while expanding applications in various sectors, including emergency response and inspection [3] - Fada Flour Group is focusing on expanding its export of noodle products due to restrictions on direct flour exports, targeting markets in the U.S., Japan, South Korea, and Arab countries [4] - The shift in Chinese enterprises' globalization strategy from "product export" to "industrial ecosystem export" reflects a broader trend in international business [4] Group 4 - Decathlon plans to deepen its market presence in Shandong, recognizing the province's industrial advantages and large consumer base, while also promoting sustainable consumption models [7] - Stora Enso, a leading environmental engineering company, has been active in Shandong for over 50 years, focusing on localizing environmental solutions and participating in significant projects [8] - The Shandong government aims to enhance cooperation with BRICS countries in various sectors, including modern agriculture, advanced manufacturing, and digital economy, to foster investment and trade [9]

Summary of Jinbei Electric's Conference Call Company Overview - **Company**: Jinbei Electric - **Industry**: Electrical Equipment Manufacturing Key Financial Performance - **Revenue Growth**: In the first three quarters, revenue increased by 11.72% year-on-year, reaching 147.69 billion yuan in Q3, with a growth of 15.92% [2][3] - **Net Profit**: Net profit remained stable compared to the previous year, with a slight increase of 8.73% in Q3, totaling 4.64 billion yuan [3] - **ROE**: Return on Equity (ROE) improved to 11.23%, marking a historical high, indicating enhanced operational quality [2][3] - **Gross Margin**: Gross margin maintained above 10% throughout the first three quarters, although it decreased by 0.15 percentage points year-on-year due to rising copper prices [2][12] Cash Flow and Working Capital - **Operating Cash Flow**: The company reported a negative operating cash flow of 1.2 billion yuan in Q3, attributed to expanded sales scale, prolonged collection cycles, and increased inventory and accounts receivable due to rising copper prices [4][5] - **Future Cash Flow Plans**: A detailed collection plan has been established, with expectations for positive cash flow in Q4 [4][5] Business Segment Performance Battery Wire Industry Center - **Revenue**: Achieved 5.815 billion yuan in revenue, a 21% increase year-on-year, with net profit rising by 58% to 321 million yuan [6] - **Drivers of Growth**: Growth driven by stable orders in high and ultra-high voltage transformers, increased demand for new energy vehicles, and breakthroughs in the industrial motor market [6] Cable Business - **Revenue**: Generated 8.870 billion yuan, a 13% increase year-on-year, with Q3 net profit growing over 25% [7] - **Customer Strategy**: Focused on major clients in power, energy, and transportation sectors, with direct sales revenue increasing from 28% to 36% of total cable revenue [7] Emerging Market Developments - **New Areas**: The company is actively expanding into offshore wind, shield tunneling machines, and charging piles [8] - **Growth in Offshore Wind**: Shipment of offshore wind transformers and flat battery wires increased by 87% year-on-year [8] - **Charging Pile Cables**: Industrial cables for charging piles saw a 200% increase in shipments [9] International Expansion - **Czech Project**: Significant progress in the Czech project, with land and factory purchase agreements signed, aiming for partial production in 2026 and full production by mid-2027 [4][10][18] Dividend Policy - **New Dividend Policy**: The company amended its articles to ensure annual cash dividends of no less than 50% of distributable profits, signaling a commitment to shareholder returns [11][21] Future Outlook - **2025 Performance Expectations**: Projected revenue growth of approximately 10% and net profit growth of about 11% for the full year [16] - **2026 Projections**: Optimistic outlook for traditional power distribution and new energy vehicle sectors, with expected growth rates of 20%-30% [16][17] Market Dynamics - **Copper Price Impact**: The company has implemented hedging strategies to mitigate the impact of copper price fluctuations on profitability [12] - **European Market Pricing**: European prices for flat electromagnetic wires are over 50% higher than domestic prices, with a significant supply shortage in the region [26][27] Conclusion Jinbei Electric demonstrates robust financial health with strategic growth in key segments, proactive cash flow management, and a commitment to shareholder returns, while navigating challenges in the supply chain and market dynamics.

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 575 million yuan in Q3 2025, a year-on-year increase of 1.4%, but the net profit attributable to shareholders dropped by 82.5% to 15 million yuan, primarily due to increased expenses [3] - The decline in profit is attributed to capacity transfer and tariff impacts, with a gross margin of 27.5% in Q3 2025, down approximately 5.5% year-on-year [3] - The company is expected to benefit from improved capacity utilization and stabilized expense ratios in the future, leading to a gradual release of profits [3][4] Summary by Sections Financial Performance - In Q3 2025, the company experienced a revenue of 575 million yuan, with a net profit of 15 million yuan, reflecting a significant decline in profitability due to increased management and sales expenses [3] - The management expenses rose by 93% to 45 million yuan, while sales expenses increased by over 20% to 63 million yuan, largely due to the addition of personnel overseas [3] - The company's fixed assets reached 1.61 billion yuan, with a quarter-on-quarter increase of 1.23 billion yuan, mainly from the construction of a super factory in Malaysia [3] Market Position and Growth Potential - The company has established strong partnerships with major retailers such as Lowe's and The Home Depot, contributing to a stable revenue base [5] - The company’s products are expected to benefit from a recovery in downstream demand, particularly in the North American market following interest rate cuts [4] - The introduction of a smart nursing robot product is anticipated to open new growth avenues, with the product recently included in a national promotion directory [4] Dividend Policy and Financial Health - The company maintains a high dividend payout ratio, with a total dividend of 210 million yuan in 2024, representing 83.4% of its profits [5] - The company’s revenue is predominantly from exports, with over 90% of its income derived from international markets, ensuring a strong cash flow position [5] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted, with projected revenues of 2.15 billion yuan, 2.69 billion yuan, and 3.46 billion yuan respectively, and net profits of 210 million yuan, 350 million yuan, and 430 million yuan [6] - The price-to-earnings (PE) ratios for 2025-2027 are projected to be 31.5, 18.8, and 15.1 times respectively, maintaining a "Buy" rating based on the current stock price of 25.5 yuan [6]

Investment Rating - The report maintains a "Positive" investment rating for the industry [16]. Core Insights - Africa is identified as a fertile ground for the outbound capacity of building materials, presenting a second growth curve market. The analysis highlights investment opportunities in Africa from perspectives of development potential, representative countries, and construction companies. Economic growth in Africa is expected to accelerate against a backdrop of a weakening US dollar [5][11]. - Key local leaders in the African building materials sector include Huaxin Cement, West Cement, Keda Manufacturing, and Leshushi, which are experiencing rapid growth and high profitability. The low market share of these companies is attributed to the later timing of their international expansion and the significant asset nature of cement, glass, and tiles, making market positioning crucial for achieving favorable competitive dynamics and profitability [5][12]. Summary by Sections Market Potential in Africa - Africa is the second-largest continent with 54 countries and a population of 1.4 billion. The UN projects that the population in sub-Saharan Africa will grow from 1.24 billion in 2024 to 2.09 billion by 2050, contributing over half of the global population increase. The African Development Bank forecasts GDP growth rates of 3.2%, 3.9%, and 4.0% for 2024-2026 [11][29]. Representative Countries - Outbound enterprises are focusing on underdeveloped regions in West and East Africa. Ghana serves as a significant port and distribution center in West Africa, impacting a market of 430 million people. The East African Community, comprising eight member states, is projected to have a total population of approximately 331 million by 2024 [11][50]. Construction Company Landscape - Chinese companies have a strong presence in Africa, with infrastructure projects accounting for 31.4% of total project value in 2020. Major players like China State Construction, China Railway Construction, and China National Materials are expanding their projects in Africa, indicating a positive outlook for the construction industry over the next 2-3 years [12][16]. Growth Characteristics of African Building Material Leaders - The outbound capacity of building materials is essential, with local leaders like Huaxin Cement and Keda Manufacturing showing rapid growth and high profitability. The expected cement demand in Africa for 2024 is 250 million tons, with a production capacity of 440 million tons. Huaxin Cement's capacity in Africa is 20.6 million tons, holding a market share of about 5% [13][14]. Keda Manufacturing and Leshushi - Keda Manufacturing is recognized as a rare building materials platform in Africa, with overseas revenue growing from 800 million yuan in 2018 to 4.7 billion yuan in 2024. Leshushi, a brand specializing in hygiene products, ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6%, respectively [14][15].