丽臣实业分析师会议 调研日期：2025年10月10日 调研行业：化学制品 参与调研的机构：泰康资产等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ LIST 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | ...

编号：2025-007 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 泰康资产 王铎霖女士 时间 2025年10月10日下午2:00-3:00 地点 湖南丽臣实业股份有限公司办公大楼五楼会议室 形式 现场会议 上市公司接待 人员姓名 董事会秘书 钟诚先生 证券事务代表 刘曾辉先生 投资者关系活 动主要内容介 绍 双方就公司主营业务、技术工艺、采购策略、战略方向等方面进行了 沟通，相关问答记录如下： 1、公司主营业务基本情况？ 公司立足于精细化工领域，主营业务为表面活性剂和洗涤用品的研 发、生产及销售，公司拥有长沙、上海、东莞三大生产基地，表面活性剂 年产能超 60 万吨，洗涤用品年产能约 25 万吨。公司 2024 年度整体产能利 用率为 86%。 2、公司表面活性剂产品的定价逻辑？公司原材料采购策略是如何的？ 表面活性剂产品价格一般参考"主要材料成本+其他成本+合理利润" 的模式进行定价。 公司专门设立了采购部门从事原材料、辅材、包材等物料的采购。公 司实行"供销联动"模式，即产品销售价格与原材料采购价 ...

Core Viewpoint - The textile industry is experiencing a recovery, but Ru Yi Group is facing operational challenges, with a decline in revenue and increased losses in the first half of the year despite overall industry growth [1]. Group 1: Business Performance - Ru Yi Group's core business segments are under pressure, with significant revenue declines in both its worsted woolen fabric and apparel product lines compared to the same period last year [2]. - Both domestic and international sales markets are showing weakness, with a notable decrease in domestic revenue indicating challenges in market expansion [3][4]. Group 2: Technological Innovation - Despite operational challenges, Ru Yi Group is advancing its technology research and innovation, recently launching a new series of 100% polypropylene yarn products that fill a market gap in high-performance yarns [5]. - The new yarn boasts exceptional properties, including low density and high strength, which could open up new innovative applications in downstream markets [6]. Group 3: Future Strategy - The management has outlined future growth drivers, focusing on personalized and team custom orders, technological advancements, and cost reduction to enhance production management [7]. - The company plans to strengthen industry-academia-research integration, particularly in the modification of wool fibers, while currently having no plans for strategic investments or directed share placements to alleviate financial pressures [8]. - Internal governance issues are also a concern, as the controlling shareholder's entire stake is pledged and judicially frozen, with the shareholder listed as a dishonest executor [8]. - Looking ahead, the company is optimistic about improved sales for autumn and winter products, with current orders indicating a more favorable outlook for this season [8].

Group 1 - The company reported a revenue of 3.77 billion yuan for the first half of 2025, representing a year-on-year growth of 19.66% [1] - The gross profit margin decreased to 13.21%, down by 5.3 percentage points compared to the previous year [1] - The net profit attributable to shareholders was 259 million yuan, a decline of 14.83% year-on-year [1] Group 2 - The company's revenue primarily comes from the sales of titanium dioxide, ferrous sulfate, phosphate rock, yellow phosphorus, and iron phosphate, with titanium dioxide accounting for 80.17% of total sales revenue [1] - The current production capacity includes nearly 550,000 tons/year of titanium dioxide, 500,000 tons/year of phosphate rock, 120,000 tons/year of yellow phosphorus, and 100,000 tons/year of iron phosphate [1] Group 3 - The titanium dioxide industry is facing multiple challenges, including a deep adjustment cycle in downstream industries and increased market competition [1] - Despite challenges, there are positive signals such as the consolidation of international leadership and the advantages of leading enterprises, which may accelerate the elimination of old production capacity and help restore profitability [1] - Advances in technology and cross-industry applications are expected to drive the industry's transition to high-quality development [1] Group 4 - The company has a strong focus on research and innovation, with approximately 660 technical personnel and partnerships with renowned academicians for research in key materials for lithium-ion batteries and photovoltaic power generation [2] - The company owns 245 valid patents, including 50 invention patents and 194 utility model patents, and is actively upgrading products and developing new ones [2] - Successful development of various iron phosphate products has been recognized by downstream customers, with some already in bulk supply [2] Group 5 - The company announced the termination of two significant projects related to the non-public issuance of shares, citing a slowdown in downstream market demand and significant changes in supply-demand relationships [3] - The remaining raised funds will be permanently used to supplement working capital for daily operations [3] - The decision was influenced by tight supply and rising prices of key raw materials, which could affect cost control and efficiency post-project completion [3]

Core Viewpoint - The recent financial report of Kaile Co., Ltd. (301070) indicates a decline in total revenue but a significant increase in net profit, highlighting improved profitability metrics despite overall revenue challenges [1]. Financial Performance - Total revenue for the first half of 2025 was 137 million yuan, a decrease of 17.89% year-on-year [1]. - Net profit attributable to shareholders reached 10.92 million yuan, an increase of 280.42% compared to the previous year [1]. - In Q2 2025, total revenue was 99 million yuan, down 17.0% year-on-year, while net profit was 16.09 million yuan, up 31.98% [1]. - Gross margin improved to 44.39%, reflecting a year-on-year increase of 15.76% [1]. - Net margin rose significantly to 6.77%, a year-on-year increase of 1708.28% [1]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 43.32 million yuan, accounting for 31.64% of revenue, a slight increase of 2.02% year-on-year [1]. - Earnings per share (EPS) increased to 0.12 yuan, up 281.13% year-on-year [1]. - Operating cash flow per share improved to -0.24 yuan, a 59.3% increase year-on-year [1]. Business Overview - The company specializes in the research, production, sales, installation, and related technical services of HVLS fans (High-Volume, Low-Speed fans), primarily used in large spaces requiring ventilation and cooling [3][4]. - The company has developed several core patented technologies, including permanent magnet synchronous motor technology and innovative blade designs, positioning itself as a leader in the domestic HVLS fan market [4]. Market Position and Strategy - In 2024, the company achieved total revenue of 331 million yuan, with HVLS industrial fans contributing 244 million yuan, representing 73.76% of total revenue [4]. - The company has a competitive edge in the international market, with overseas revenue accounting for 23.31% in 2024, and is actively pursuing international expansion through subsidiaries in India, Mexico, and Singapore [4].

Core Viewpoint - New Qianglian (300850.SZ) has significantly improved its performance in the first half of 2025, reporting a revenue of 2.21 billion yuan, a year-on-year increase of 108.98%, and a net profit of 400 million yuan, recovering from a loss of 101 million yuan in the same period last year [1][4]. Financial Performance - In the first half of 2025, New Qianglian achieved a revenue of 2.21 billion yuan, up 108.98% year-on-year [1][4]. - The net profit for the same period was 400 million yuan, compared to a loss of 101 million yuan in the previous year [1][4]. - The company's non-recurring net profit reached 335 million yuan, a staggering increase of 2200.56% compared to 14.57 million yuan in the previous year [1][4]. Product and Market Development - The revenue from wind power products in the first half of 2025 was 1.676 billion yuan, reflecting a year-on-year growth of 135.53%, with a gross margin of 30.5% [4]. - New Qianglian's product portfolio includes wind power bearings, shield machine bearings, offshore equipment bearings, and construction machinery bearings, positioning the company to expand its market share and enhance competitive advantages [4]. Research and Development - In the first half of 2025, the R&D expenses amounted to 84.83 million yuan, an increase of 75.96% year-on-year [1][6]. - The company holds a total of 148 patents, including 31 invention patents, showcasing its strong capabilities in technology research and innovation [6]. - New Qianglian's self-developed 14-meter diameter ultra-large shield machine spindle bearing has filled a domestic gap and reached an advanced level compared to international counterparts [6].

Group 1 - The company, New Special Electric (301120), is a domestic professional provider of variable frequency power supply system solutions [1] - The company has a long-term focus on technological research and product innovation in the field of power electronics [1] - The company is currently conducting technical research and development on solid-state transformers, which is in the R&D stage [1]

Core Viewpoint - The restructuring of state-owned enterprises aims to strengthen the new energy sector, presenting more opportunities than challenges for Deep Blue Automotive [1][2]. Group 1: Restructuring and Opportunities - The restructuring involves the separation of the Weaponry Equipment Group, with several subsidiaries related to automotive business becoming independent state-owned enterprises [1][2]. - Deep Blue Automotive, as a core sub-brand of Changan Automobile, is expected to receive preferential resource allocation following the restructuring [3]. Group 2: Deep Blue's Growth and Market Position - Deep Blue has achieved significant sales milestones, delivering over 480,000 vehicles within three years, making it the leading state-owned new energy brand in terms of cumulative sales [8]. - The brand has demonstrated rapid growth, reaching its first 100,000 units in just 14 months and achieving subsequent milestones even faster [9]. Group 3: Strategic Goals and Future Plans - Changan plans to invest 200 billion yuan in new energy and smart technology, with Deep Blue positioned as a pioneer in technology implementation [7]. - By 2025, Deep Blue aims to achieve annual sales of 500,000 vehicles and expand its market presence to 90 countries across five continents [11]. Group 4: Product Development and Innovation - Deep Blue's latest model, the S09, has received strong pre-sale interest, with over 21,000 orders and a focus on safety and smart technology [12]. - The brand has been recognized for its innovative technologies, including a significant number of patents and awards in electric vehicle safety [14][15]. Group 5: Commitment to Research and Development - Deep Blue is committed to investing at least 10% of its sales revenue in R&D annually, with a total planned investment exceeding 1 trillion yuan by 2030 [17].

Core Viewpoint - Bojun Technology (300926.SZ) has successfully listed its stock through a simplified procedure, raising nearly 300 million yuan to enhance its production capacity and technological advantages in the automotive precision parts sector [1][2]. Group 1: Fundraising and Project Details - The company issued 14,684,287 shares at a price of 20.43 yuan per share, with the total fundraising amount close to 300 million yuan [1][2]. - Approximately 80% of the raised funds, amounting to 240 million yuan, will be allocated to the Guangdong Bojun automotive parts production project, which has a total investment of 400 million yuan and a construction period of two years [2][3]. - The project aims to introduce advanced intelligent and automated production equipment to expand the production capacity and enhance the design and R&D capabilities of automotive parts [2]. Group 2: Financial Performance - Since 2018, the company has consistently achieved double growth in revenue and net profit, with Q1 2025 revenue reaching 1.1 billion yuan, a year-on-year increase of 37.78%, and net profit of 149 million yuan, up 47.98% [1][7]. - For the year 2024, the company reported revenue of 4.227 billion yuan, a 62.55% increase, and a net profit of 613 million yuan, reflecting a 98.74% growth [6][7]. - As of Q1 2025, the total assets of the company reached 6.992 billion yuan, a year-on-year increase of 36.62% [8]. Group 3: R&D and Innovation - The company has significantly increased its R&D investment, with total R&D expenses from 2020 to 2024 amounting to 354 million yuan, reflecting a commitment to technological innovation [5][7]. - Bojun Technology holds 5 registered trademarks, 17 invention patents, and 77 utility model patents, indicating its strong focus on R&D and innovation [7]. Group 4: Client Base and Market Position - The company has established a strong client base, including major automotive parts suppliers and manufacturers such as Thyssenkrupp, Magna, BYD, and Changan Ford [1]. - The production project is strategically located in Zhaoqing, which is part of a region with significant automotive industry presence, including companies like Xpeng Motors and BYD [2].

Core Viewpoint - The report highlights the ongoing supervision of Zhejiang Shuangyuan Technology Co., Ltd. by Minsheng Securities, indicating no major issues found during the supervision period, while also outlining various risks and financial performance metrics [1][2][12]. Group 1: Risk Factors - Core competitiveness risks include the need for continuous technological innovation and product development to meet market demands, with potential negative impacts on profitability if not addressed [3]. - The risk of key technical talent loss is significant, as the company relies on skilled personnel for the development of high-precision sensors and AI technology applications, which could hinder new product launches and market competitiveness [4]. - Operational risks arise from the concentrated nature of the lithium battery supply chain, where changes in competition or client difficulties could adversely affect the company's operations [5]. - Financial risks include a potential decline in gross profit margins due to the varying profitability of different product categories, particularly if lower-margin products gain a larger share of sales [6]. - The company faces risks related to accounts receivable and contract assets, as increasing sales and a growing share of revenue from the lithium battery sector may lead to longer collection periods and potential bad debt losses [7][8]. - Inventory risks are present due to the customized nature of products and longer acceptance cycles, particularly in the lithium battery sector, which could lead to increased inventory write-downs [9]. - Industry risks include potential overcapacity in the lithium battery and photovoltaic sectors, which could slow investment and limit growth opportunities if the company fails to expand into new application areas [10]. - Macro-environmental risks are associated with reliance on imported components, where fluctuations in supply and prices could impact production costs and availability [11]. Group 2: Financial Performance - For the 2023-2024 period, the company reported operating revenue of 386.23 million yuan, a decrease of 10.01% year-on-year, primarily due to a slowdown in the new energy sector and reduced order intake [13]. - The net profit attributable to shareholders was 86.86 million yuan, down 34.92%, with a significant drop in net profit after deducting non-recurring gains and losses, reflecting increased competition and slower customer payment processes [14]. - The net cash flow from operating activities was 46.73 million yuan, a decline of 53.90%, attributed to reduced net profit and slower customer payment progress [14]. Group 3: Core Competitiveness - The company possesses a strong technological research and development advantage, with expertise in various fields such as nuclear physics and embedded data processing, leading to significant technological achievements in core components and software [15]. - The company has a strong capability for expanding its technology and product applications across multiple industries, leveraging its accumulated expertise to meet diverse customer needs [16]. - The ability to provide integrated measurement and control solutions distinguishes the company from competitors, enhancing customer efficiency and reducing operational costs [17]. - The company has extensive project management experience, ensuring effective installation and operation of systems tailored to client specifications [18][19]. - A rich client resource base, including partnerships with leading companies in various sectors, supports the company's ongoing business performance [20]. Group 4: R&D Investment - R&D expenditure for 2024 is projected at 41.51 million yuan, a 30.14% increase from 2023, reflecting a commitment to enhancing research capabilities and expanding project scopes [20]. - The company is actively pursuing multiple R&D projects, including advancements in optical measurement and defect detection technologies for semiconductor processes [21].