证券代码：301468 证券简称：博盈特焊 编号：2025-036 广东博盈特焊技术股份有限公司投资者关系活动记录表 2、HRSG 的生产周期是几个月？公司具体生产什么产品？ 产品价值量占到余热锅炉的比例？ | ☑ | 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 | | ☑ | 线上调研 | | 参与单位名称及 | 人员名单详见附件 | | 人员姓名 | | | 时间 | 2025 年 12 月 15 日 | | 地点 | 腾讯会议 | | 上市公司接待人 | 1、董事、副总经理、董事会秘书 刘一宁 | | 员姓名 | 2、投资者关系管理专员 谭静怡 | | | 一、董事会秘书刘一宁先生简单介绍公司情况 | | | 博盈特焊成立于 2007 年，以承接北美客户的海洋钻井平台 | | | 焊接业务起步，随后深耕防腐防磨堆焊领域，并于 年 月 2023 7 | | | 成功登陆深交所创业板。自成立以来，公司始终以焊接技术为核 | | | 心，专注于研发、应用与产业化，依托先 ...

Summary of the Conference Call for JuHua Co., Ltd. Company Overview - **Company**: JuHua Co., Ltd. - **Industry**: Refrigerants and Chemical Products Key Points and Arguments Financial Performance - In the first three quarters, JuHua achieved a net profit of 3.251 billion yuan, a year-on-year increase of 160% [3] - In Q3, revenue and net profit reached 1.2 billion yuan, a year-on-year increase of 182%, but a slight quarter-on-quarter decrease of approximately 3.6% [3] Q3 Performance Decline - The decline in Q3 performance was attributed to poor performance in non-direct connection business and chemical PPA business, along with a slowdown in GDP growth [2][4] - Despite rising refrigerant prices, overall sales volume decreased [4] Market Outlook - The company believes that the market showed strong resilience in Q3, laying a good foundation for Q4 [6] - The price of R22 refrigerant has decreased due to seasonal stocking and quota management, but this has minimal impact on the company [7] Demand and Supply Dynamics - Demand for R22 has decreased due to reduced quota supply and weakened maintenance market demand [8] - The company expects demand to stabilize with the adjustment of new business models [8] Industry Trends - The industry is expected to see high concentration in the coming years, with JuHua holding a 45% market share in the R32 refrigerant sector [4][13] - The demand for R32 refrigerants is projected to grow continuously, with major air conditioning manufacturers expected to produce millions of units in 2026, requiring thousands of tons of refrigerants [11] Pricing and Quota Management - Price differences among refrigerant types are determined by functional characteristics and market supply-demand dynamics, and quota adjustments will not lead to price convergence [12] - The company emphasizes the need for reasonable quota adjustments to avoid supply tightness [14] Global Strategy and Export - The importance of global strategic locations is highlighted, with a shift in export production to foreign markets [15] - The company is focusing on enhancing competitiveness in smart machines and optimizing industry structure [16] Research and Development - JuHua invests heavily in R&D to meet future market demands and technological challenges, focusing on developing alternative refrigerants and ensuring patent protection [24][27] - The company is expanding production capacity for YF5 due to high demand and is also developing new refrigerant varieties [23][24] Environmental Initiatives - The company is committed to reducing greenhouse gas emissions and responding to national environmental initiatives, such as the "Three Zero Plan" [26] Future Directions - Future strategies include expanding existing product capacities, increasing investment in new alternative refrigerants, and closely monitoring international market dynamics [27] Additional Important Points - The company is adjusting maintenance schedules to better align with market demand, impacting production and sales [5] - The performance of the fourth-generation refrigerants is being closely monitored, with safety concerns noted regarding flammability and high-temperature decomposition [25]

Core Insights - Hanwei Technology (300007.SZ) is actively pursuing capital expansion, including acquiring a controlling stake in Chongqing Stabao Technology Co., Ltd. for over 45.97 million yuan [2][4] - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand recognition [3][6] - Hanwei Technology's revenue for the first half of 2025 reached 1.177 billion yuan, a year-on-year increase of 5.67%, with net profit of 59.07 million yuan, up 14.47% [3][7] Investment in Chongqing Stabao - Hanwei Technology will invest approximately 27.98 million yuan to acquire 25.699% of Chongqing Stabao and an additional 18 million yuan for capital increase, resulting in a total investment of 45.976 million yuan [4][5] - After the transaction, Hanwei will hold 35.39% of Chongqing Stabao, and together with its partners, will control 52.72% of the company [4] - Chongqing Stabao has established the first domestic production line for thin-film platinum thermal sensitive chips, with an annual capacity of 10 million units, addressing the domestic market's reliance on imports [4][5] Strategic Goals and Market Position - The acquisition aims to strengthen Hanwei's position in the high-end temperature sensor market and enhance its competitive edge [2][5] - The thin-film platinum thermal sensitive chip is crucial for various applications, including automotive, home appliances, and healthcare, indicating a growing market demand [5] - Hanwei Technology's overseas revenue reached 52.48 million yuan with a gross margin of 54.42%, reflecting a year-on-year increase of 5.32 percentage points [3][8] Global Expansion Plans - The company is initiating plans for an H-share issuance to deepen its global strategy and accelerate overseas business development [3][6] - Hanwei has established subsidiaries in Singapore and Malaysia to further expand its international market presence [7] - The company aims to create a diversified capital operation platform to enhance its capital strength and overall competitiveness [3][6]

Group 1 - The company plans to invest $70 million through its wholly-owned subsidiary, Inco Medical International Co., Ltd., in the Warburg Pincus Global Growth 15, L.P. fund [1][2] - The target fundraising size for the partnership is $17 billion [1][2] - This transaction is classified as a related party transaction but does not exceed 5% of the company's most recent audited net assets, thus it does not require shareholder approval [1][2] Group 2 - The investment aims to optimize the investment structure and enhance the global strategic layout of the company [1][2] - The company intends to leverage a specialized investment management team to improve its revenue levels and promote long-term strategic development [1][2]

Core Viewpoint - In order to optimize its investment structure and enhance its global strategic layout, the company has decided to invest in Warburg Pincus Global Growth 15, L.P. through its wholly-owned subsidiary, aiming to improve its revenue levels and long-term strategic development [1] Group 1 - The company held its 11th meeting of the 4th Board of Directors on October 20, 2025, where it approved the proposal to invest in Warburg Pincus Global Growth 15, L.P. [1] - The investment will be made by the company's subsidiary, Inco Medical International (Hong Kong) Limited, which will sign a subscription agreement to invest in the fund [1] - The target fundraising size of the partnership is set at $1.7 billion, with the company committing to contribute $70 million as a limited partner [1]

Core Viewpoint - The company plans to invest $70 million in the Warburg Pincus Global Growth 15, L.P. partnership, which aims to raise a total of $17 billion [1] Group 1: Investment Details - The investment will be made by the company's wholly-owned subsidiary, Yingke Medical International (Hong Kong) Limited [1] - The transaction is classified as a related party transaction but does not exceed 5% of the company's latest audited net assets, thus not requiring shareholder approval [1] Group 2: Strategic Objectives - The investment aims to optimize the company's investment structure and enhance its global strategic layout [1] - The company seeks to leverage a specialized investment management team to improve its revenue levels and long-term strategic development [1]

Core Viewpoint - Songyuan Industrial plans to establish an advanced integrated packaging system (OPS) production facility in Saudi Arabia, reinforcing its global strategy and commitment to the polyolefin industry [1] Group 1: Investment and Expansion - The new factory is expected to be completed by 2028 and will be wholly owned by Songyuan, producing a range of SONGNOX OPS high-performance additive mixtures [1] - This investment aims to enhance local production capabilities and ensure shorter delivery times for high-quality OPS products to customers in Saudi Arabia [1] Group 2: Market Strategy - The factory will support the growing polyolefin market in the Middle East by expanding local capacity and improving supply chain flexibility [1] - The CEO of Songyuan emphasized that this investment is a significant step in expanding the global OPS business and aligns with Saudi Arabia's Vision 2030 [1] Group 3: Operational Excellence - The new facility is strategically located to complement the existing production network and enhance service capabilities for customers in Saudi Arabia [1] - The commitment to operational excellence and sustainable development is highlighted by the regional manager for the Middle East, Africa, and India [1]

Core Viewpoint - The company, Meihao Medical, announced adjustments to its fundraising projects to optimize its global strategic layout and enhance overseas market delivery capabilities [1] Group 1: Fundraising Projects - Meihao Medical plans to reallocate part of the equipment purchased with raised funds for its overseas medical device production and sales platform project [1] - As of June 30, 2025, the two projects have utilized raised funds of 615.30 million yuan and 231.05 million yuan, accounting for 98.05% and 102.78% of the adjusted total investment respectively [1] - The expected transaction amount for the equipment adjustment is no more than 5 million yuan, with the purchasing entity being Miman (Malaysia) Ltd. using its own funds [1] Group 2: Strategic Reasons - The changes are primarily driven by the need to meet the demands of overseas strategic customers and improve the efficiency and return on investment of the raised funds [1] - The adjustments are based on current market changes and operational development needs [1]

Core Insights - The acquisition of Merck Group's surface solutions business (SUSONITY) by Global New Materials International is the largest overseas merger in China's pearlescent materials industry, completed with a transaction value exceeding 5.5 billion RMB [1][3] - The acquisition is strategically significant, allowing Global New Materials to enhance its global presence and integrate advanced technologies and international branding into its operations [1][4] Company Overview - Global New Materials International, established in 2011, has become the largest producer of pearlescent pigments in China by 2019 and was successfully listed on the Hong Kong Stock Exchange in July 2021 [3] - The company reported a total revenue of 1.662 billion RMB for 2024, reflecting a year-on-year growth of 51.15%, and a net profit attributable to shareholders of 242 million RMB, up 33.37% [3] Acquisition Details - The acquisition involves seven subsidiaries of Merck located in Germany, Japan, and the United States, covering 18 countries and primarily targeting the coatings, cosmetics, and industrial surface solutions markets [4] - The financial performance of Merck's surface solutions business shows revenues of 433 million EUR (approximately 3.636 billion RMB), 405 million EUR (approximately 3.401 billion RMB), and 402 million EUR (approximately 3.376 billion RMB) for the years 2022 to 2024, respectively [4] Strategic Goals - The ultimate goal of Global New Materials is to create a "global surface materials ecosystem platform," leveraging SUSONITY's established cross-border e-commerce channels and localized service systems to enhance international market penetration and sales growth [4] - Post-acquisition, the company aims to achieve synergies in raw material collaboration, capacity optimization, process integration, and cost control, thereby improving operational efficiency and profitability [4][5]

Group 1: Wind Power Installation Projections - The domestic wind power installation scale is expected to continue growing in 2025, driven by the dual carbon goals and the "14th Five-Year Plan" development objectives [1] - The company plans to actively expand overseas markets and accelerate its global strategic layout [1] Group 2: Profitability Improvement Strategies - The company aims to enhance profitability through improved R&D capabilities, product performance, and the development of competitive new products [1] - Key technological advancements include optimizing critical parameters of wind turbine products, applying new technologies, and improving cost competitiveness [2] Group 3: Market Pricing and Competition - Wind turbine prices are influenced by product types, market conditions, and project requirements, with a focus on maintaining fair competition in the industry [2] - The company anticipates that the bidding prices for wind turbines will stabilize as the industry emphasizes quality and reliability [2] Group 4: Offshore Wind Power Development - The company is committed to leading the offshore wind power sector, with investments in offshore wind power bases in Dalian and Wenzhou [2] - Plans include leveraging local resource advantages and implementing several near and far sea wind power projects [2] Group 5: Overseas Business Growth - The company has seen over 100% year-on-year growth in overseas bidding capacity in 2024, maintaining a doubling growth trend for two consecutive years [2] - The company aims to enhance its global strategic layout and increase the scale of overseas orders to drive future profitability [2]