2025 年 8 月 31 日 公司研究 出海拓展积极，充电网业务进入收获期 ——特锐德（300001.SZ）2025 年半年报点评 要点 事件：特锐德发布 2025 年半年报，公司 25H1 营业收入为 62.56 亿元，同比 增长 17%；归母净利润 3.27 亿元，同比增长 69%；扣非归母净利润 2.50 亿 元，同比增长 56%。公司 25Q2 营业收入 41.53 亿元，同比增长 25%，环比增 长 98%；归母净利润 2.62 亿元，同比增长 99%，环比增长 305%；扣非归母 净利润 2.05 亿元，同比增 81%，环比增长 350%。 "智能制造+集成服务"海外拓展高歌猛进。2025 年上半年，公司"智能制造 +集成服务"业务实现营业收入 44.15 亿元，同比增长 20.17%；归母净利润达 3.25 亿元，同比增长 52.15%。公司积极响应国家"一带一路"倡议，2025 年 上半年，海外业务实现合同额约 10 亿元，较去年同期增长 84%。2025 年 1 月，公司成功中标 7 亿元沙特国家电网高压移动式变电站项目，该项目是沙特 "2030 愿景"下优化电网结构、保障能源安全的核心工 ...

央广网北京8月31日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，8月30日下午， 国家主席习近平在天津迎宾馆会见来华出席2025年上海合作组织峰会和纪念中国人民抗日战争暨世界反 法西斯战争胜利80周年活动的缅甸代总统敏昂莱。 双方签署海关、新闻等领域多份双边合作文件。 习近平指出，缅甸是世界反法西斯战争东方战场的组成部分，是上海合作组织重要对话伙伴。中缅 胞波情谊植根于人民，历久弥新。双方要以中缅建交75周年为契机，深化战略合作，加快推进命运共同 体建设，给两国人民带来更多福祉。 蔡奇、王毅、陈敏尔等参加会见。 习近平强调，中方支持缅甸走符合本国国情的发展道路，维护国家主权、安全、发展利益，支持缅 甸震后重建、改善民生，支持缅甸广泛团结国内政治力量，恢复稳定和发展。双方要推进中缅经济走廊 重点项目，促进经贸合作。合力打击跨境犯罪，共同维护中缅边境地区安宁，确保中方在缅人员、机 构、项目安全。弘扬和平共处五项原则精神，共同捍卫以联合国为核心的国际体系。 敏昂莱表示，缅中有着深厚的胞波情谊和对和平稳定的共同追求，都为世界反法西斯战争胜利作出 重要贡献。中国一直是缅甸的好邻居、好朋友，长期以来为缅经济社 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to the absence of EPC contracting business in the same period last year [1] Group 1: Financial Performance - In 2025 H1, the company achieved revenue of 410 million yuan, a year-on-year decrease of 34% [1] - The net profit attributable to shareholders was 16.99 million yuan, down 80% year-on-year [1] - Revenue from various business segments included: rubber wear-resistant products (290 million yuan, -3%), mining metal spare parts (58.05 million yuan, -3%), mineral processing equipment and spare parts (43.15 million yuan, -9%), and mining pipelines (15.26 million yuan, +5%) [1] Group 2: Strategic Developments - The company made significant progress in its overseas strategy, deepening its presence in the "Belt and Road" market [1] - On June 30, 2025, the company announced the signing of two five-year supply contracts with a leading copper producer in Kazakhstan, which produced over 400,000 tons of copper in 2023 [1] - The company has been actively expanding its overseas market, with an average overseas revenue share of 57% over the past five years and a CAGR of 30% [1] Group 3: Industry Trends - The company is enhancing its upstream copper and silver mining development and strengthening industry chain collaboration by acquiring a 22.5% stake in Swiss Virdad Resources [2] - This acquisition will secure development rights for the Alacran copper and silver mine, injecting incremental demand into the traditional mineral processing equipment and spare parts business [2] - The market for wear-resistant spare parts is expected to see long-term growth due to rising copper production and declining copper grades [3] - The penetration rate of rubber wear-resistant spare parts is increasing, as they offer better wear resistance, longer lifespan, and lighter weight compared to metal parts [3] - The company is also expanding into the cylinder market, which presents significant growth opportunities [3] Group 4: Investment Outlook - Revenue projections for 2025-2027 are 980 million yuan, 1.28 billion yuan, and 1.58 billion yuan, with year-on-year growth rates of -12%, 30%, and 24% respectively [4] - Net profit projections for the same period are 90 million yuan, 130 million yuan, and 190 million yuan, with year-on-year growth rates of -26%, 48%, and 48% respectively [4] - The company is expected to maintain a PE ratio of 52, 35, and 24X for the years 2025, 2026, and 2027 [4]

习近平强调，中方将继续支持马尔代夫维护国家主权、独立和领土完整，探索符合本国国情的发展道 路。愿同马方加强政党、立法机构、政府等各方面交往，增进相互了解和信任，促进两国人民相知相 亲。持续深化务实合作，落实好中马自由贸易协定，开展渔业、海洋科考、环境保护、防灾减灾等合 作。加强沟通和协作，维护共同战略利益和国际公平正义，携手构建人类命运共同体。 穆伊兹表示，祝贺中国即将成功完成"十四五"规划，取得举世瞩目的发展成就。中国有着深厚的文化底 蕴，倡导构建人类命运共同体，在当前动荡国际形势下给世界带来稳定性。马中关系紧密，树立了不同 大小国家平等合作的典范。马方感谢中方长期以来对马经济发展和民生事业的帮助。马方坚定奉行一个 中国原则，愿同中方拓展贸易、投资、住建、旅游等领域合作，加强在上海合作组织等多边机制内的协 调和配合，共建马中命运共同体。 新华社天津8月31日电（记者董雪、杨文）8月31日上午，国家主席习近平在天津迎宾馆会见来华出席 2025年上海合作组织峰会和纪念中国人民抗日战争暨世界反法西斯战争胜利80周年活动的马尔代夫总统 穆伊兹。 蔡奇、王毅等参加会见。 习近平指出，中马两国志同道合、休戚与共。去年我 ...

新华社天津8月31日电（记者刘杨、郭方达）8月31日上午，国家主席习近平在天津迎宾馆会见来华出席 2025年上海合作组织峰会和纪念中国人民抗日战争暨世界反法西斯战争胜利80周年活动的阿塞拜疆总统 阿利耶夫。 习近平强调，双方要保持战略沟通，坚定相互支持。加强发展战略对接，高质量共建"一带一路"，加快 推进贸易和投资自由化便利化，持续提升跨里海国际运输走廊效能，拓展基础设施、农业、能源等传统 领域合作，打造数字经济、绿色发展、人工智能等新兴领域合作增长点。进一步密切教育、科技、文 化、旅游、青年、地方交流，为双边关系发展汇聚资源力量、厚植民意根基。中方支持阿塞拜疆加入上 海合作组织，愿同阿方密切多边协作，维护全球南方共同利益，推动构建人类命运共同体。 阿利耶夫表示，阿中建立全面战略伙伴关系，体现了双边关系的高水平。两国密切高层交往，在涉及彼 此核心利益和重大关切问题上始终相互支持，积极推进各领域合作，贸易快速增长。阿方坚定奉行一个 中国原则，反对"台独"，愿同中方深化经贸、科技、互联互通、旅游等领域合作，为两国人民带来更多 福祉。阿方愿深化同中方在上海合作组织内合作，共同促进地区乃至世界的和平与发展。 习近平指 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 410 million yuan, down 34% year-on-year, and net profit at 16.99 million yuan, down 80% year-on-year, primarily due to the absence of EPC contracting business compared to the same period last year [1] - The company has made significant progress in its overseas strategy, particularly in the "Belt and Road" markets, signing two five-year supply contracts with a leading copper producer in Kazakhstan [1][2] - The company is enhancing its upstream copper and precious metals mining development, securing a 22.5% stake in Swiss company Virdis Resources, which will provide additional demand for its traditional mineral processing equipment and parts [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 410 million yuan, a 34% decrease year-on-year, and a net profit of 16.99 million yuan, an 80% decrease year-on-year [1] - Revenue breakdown by business segments includes: rubber wear-resistant products (290 million yuan, -3%), mining metal parts (58.05 million yuan, -3%), mineral processing equipment and parts (43.15 million yuan, -9%), and mining pipelines (15.26 million yuan, +5%) [1] Strategic Developments - The company has deepened its market presence in the "Belt and Road" region, with overseas revenue averaging 57% over the past five years and a CAGR of 30% [2] - The company is expanding into the upstream copper and precious metals sector, which is expected to drive demand for its mineral processing services [3] Investment Recommendations - The company is positioned as a leading private enterprise in mineral processing equipment, benefiting from overseas demand and product category expansion. Projected revenues for 2025-2027 are 980 million, 1.28 billion, and 1.58 billion yuan, with year-on-year growth rates of -12%, 30%, and 24% respectively. Net profits are expected to be 90 million, 130 million, and 190 million yuan, with corresponding growth rates of -26%, 48%, and 48% [5]

蔡奇、王毅、陈敏尔等参加会见。 责编：张青津、卢思宇 习近平强调，中方将继续支持马尔代夫维护国家主权、独立和领土完整，探索符合本国国情的发展道 路。愿同马方加强政党、立法机构、政府等各方面交往，增进相互了解和信任，促进两国人民相知相 亲。持续深化务实合作，落实好中马自由贸易协定，开展渔业、海洋科考、环境保护、防灾减灾等合 作。加强沟通和协作，维护共同战略利益和国际公平正义，携手构建人类命运共同体。 穆伊兹表示，祝贺中国即将成功完成"十四五"规划，取得举世瞩目的发展成就。中国有着深厚的文化底 蕴，倡导构建人类命运共同体，在当前动荡国际形势下给世界带来稳定性。马中关系紧密，树立了不同 大小国家平等合作的典范。马方感谢中方长期以来对马经济发展和民生事业的帮助。马方坚定奉行一个 中国原则，愿同中方拓展贸易、投资、住建、旅游等领域合作，加强在上海合作组织等多边机制内的协 调和配合，共建马中命运共同体。 新华社天津8月31日电（记者董雪、杨文）8月31日上午，国家主席习近平在天津迎宾馆会见来华出席 2025年上海合作组织峰会和纪念中国人民抗日战争暨世界反法西斯战争胜利80周年活动的马尔代夫总统 穆伊兹。 习近平指出，中马 ...

Company Performance - As of August 29, 2025, the stock price of Northern International (000065) closed at 11.46 yuan, down 5.99% from the previous week [1] - The company's total market capitalization is 12.278 billion yuan, ranking 6th in the professional engineering sector and 1553rd in the A-share market [1] - The company reported a year-on-year decline in performance for the first half of the year, primarily due to fluctuations in coking coal market prices [3] Project Updates - The Senj wind power project in Croatia generated 215 million kWh in the first half of the year, representing a 28% increase compared to the same period last year [6][7] - The Bosnian photovoltaic project has a post-tax internal rate of return of 9.68%, with a capital internal rate of return of 17.74% and a payback period of 8.85 years [6][7] - The company is focusing on market development in resource-rich countries in the Asia-Pacific, Central and Eastern Europe, the Middle East, and Central Asia, including Indonesia, Croatia, Bosnia, Uzbekistan, the UAE, and Egypt [6] Strategic Initiatives - The company has submitted an application for a private placement of shares, which has been accepted by the Shenzhen Stock Exchange and is pending approval from the China Securities Regulatory Commission [2][7] - The company emphasizes compliance and steady development, aiming to enhance operational quality and core competitiveness while maintaining investor communication [3][4] - The "Belt and Road" initiative provides clear policy support and long-term direction for the international engineering industry, with a focus on green and intelligent project management and construction [8]

Group 1: Global Economic Landscape - China's macroeconomic policies are focused on expanding domestic demand and maintaining medium to high-speed economic growth, providing essential support for the global economy [1] - Developed economies are facing weakened growth momentum and structural challenges exacerbated by tariff policies, leading to a decline in consumer spending and capital confidence [2][3] - The collective rise of global South countries is contributing significantly to world growth, with their trade accounting for 45% of global goods trade and contributing 80% to global growth [4] Group 2: Challenges in Developed Economies - Developed economies are experiencing a self-reinforcing cycle of decline due to protectionist measures, which fail to address structural economic issues [3] - The U.S. tariff policies have not resulted in the expected manufacturing return, instead increasing production costs and inflation, leading to a drop in personal consumption expenditure growth to 1.4% [2] - Other developed economies, such as Europe and Japan, are also suffering from reduced growth momentum due to their reliance on U.S. exports and supply chain connections [2] Group 3: Resilience of Global South - Global South countries are diversifying their economies and reducing reliance on traditional markets, with a young population providing a robust labor force and consumer market [4] - These countries are actively pursuing industrialization and integration into higher-value segments of global supply chains, enhancing their economic resilience [4] - Strengthened South-South cooperation is providing a robust support system against external risks, with initiatives like BRICS+ and RCEP enhancing regional collaboration [5][6] Group 4: China's Role in the Global Economy - China is emerging as a "stabilizing source" in the global economy, with a growth rate of 5.3% in the first half of 2025, attracting significant foreign investment [7] - The country is committed to high-level opening-up policies, with a 11.7% increase in newly established foreign enterprises, particularly in high-tech manufacturing [8] - China advocates for multilateralism and actively participates in global governance reforms, contributing to a more inclusive international economic order [9]

深刻把握"上海精神"的精髓，才能更好地弘扬"上海精神"。其中，互信，是指超越意识形态和社会 制度异同，摒弃冷战思维和霸权心态，互不猜疑，互不敌视，各国应就各自安全防务政策以及重大行动 展开对话和相互通报，通过各个层次的接触化解疑虑。互利，是指顺应全球化时代世界经济和社会发展 的客观要求，互相尊重对方的安全和经济利益，在实现自身利益的同时不损害对方或公共利益，使彼此 都能从合作中受益。平等，是指国家无论大小强弱都是国际社会拥有同等权利的一员，应相互尊重，平 等相待，不干涉他国内政，推动国际关系民主化。协商，是指通过和平谈判的方式解决争端，并就共同 关心的国际问题进行广泛的沟通和合作，消除矛盾和隐患，预防战争和冲突的发生。另外，尊重多样文 明、谋求共同发展也都生动诠释了"上海精神"的应有之义和时代内涵。 "上海精神"源于中国与俄罗斯、中亚国家在"上海五国"机制下的合作实践，是发展睦邻友好关系的 精准概括。回顾上合组织形成和发展的历史，彰显了"上海精神"的生命力和感召力。1996年中国、俄罗 斯、哈萨克斯坦、吉尔吉斯斯坦和塔吉克斯坦五国在中国上海签署《关于在边境地区加强军事领域信任 的协定》，以此为发端形成"上海五 ...