分析师 1: 好的。那个各位投资者大家下午好，欢迎大家参加我们今天策略会一个线上交流那么本场 是这个荣盛环保的一个线上交流。我们今天非常有幸的邀请到了公司的董秘胡总，以及财 务总监沈总来跟我们交流。那么首先我们还是想先请胡总，就是您这边能否先简单对我们 25 年或者是说四季度的一个基本面进行一个更新，以及我们以及我们这个 2026 年我们公 司的一些新的一些这个想法。 荣盛环保董秘胡总: 好的，王老师，您好。各位投资者大家下午好，非常感谢华福证券给我们这样一个交流的 平台。那我们公司，主营业务，是主要从事牛皮箱板纸、瓦楞原纸等再生环保纸产品以及 瓦楞纸板纸箱的生产制造，主要处于我们整个行业产业链的一个中游。那应该讲 2025 年 四季度来讲，整个的整体经济形势，就是按照我们 25 年的一个整体的一个趋势，还是大 体趋势是不变的。那具体的，我们在四季度整体的价格上面，还是稍微有一些。略有向好 的一些趋向。所以在整个的一个我们库存管控，第二个我们产品的一个投放市场上面，在 季度整体形势还是相对还是比较乐观的。 大体情况是这样。那这，至于我们 2026 年的一个，我们讲我们公司从整个的经营目标来 讲，我们 25 年 ...

Core Viewpoint - The company reported a strong financial performance for the first half of 2025, with significant growth in revenue and net profit, indicating a positive outlook for its business segments and potential investment opportunities [1][4]. Financial Performance - Total operating revenue for the first half of 2025 reached 9.256 billion, a year-on-year increase of 6.87% [1] - Total profit amounted to 405 million, reflecting a year-on-year growth of 37.01% [1] - Net profit attributable to shareholders was 303 million, up 36.66% year-on-year [1] - The second quarter of 2025 saw operating revenue of 5.098 billion, a 14.41% increase year-on-year [1] - Net profit for Q2 2025 was 152 million, showing a year-on-year growth of 48.86% [1] Business Segments - The new materials and other segments achieved sales revenue of 250 million, a remarkable year-on-year increase of 116.71% [2] - Wind power blade segment generated sales revenue of 3.911 billion, with a year-on-year growth of 39.38%, maintaining a leading position in the domestic market [3] - The automotive parts segment reported sales revenue of 3.393 billion, with the new materials segment in Germany achieving profitability for the first time since its establishment [3] - The rail transit segment generated sales revenue of 959 million, with new orders exceeding 1.26 billion, marking a new high [3] Market Expansion and Strategy - The company is focusing on high-end polyurethane automotive vibration reduction products and has established close cooperation with several well-known domestic enterprises in the low-altitude field [2] - The company is expanding its overseas market presence, with a significant increase in overseas revenue by 300% through collaboration with Nordex [3] - The establishment of a subsidiary in Vietnam is expected to commence production in the first half of 2026 [3] Investment Outlook - The company is expected to see continued growth in its core business areas, particularly in wind power, automotive parts, and rail transit, with new materials business anticipated to contribute significantly to profit growth [4] - Projected net profits for 2025-2027 are estimated at 760 million, 897 million, and 1.087 billion respectively, with corresponding EPS of 0.82, 0.96, and 1.17 [4] - The company is rated as "strong buy" with a target price of 19.2 per share based on a PE valuation method [4]