Financial Performance - The company's Q3 2025 revenue reached 1.04 billion yuan, representing a year-on-year growth of 1.09% [1] - Net profit attributable to shareholders was 104 million yuan, an increase of 37.44% year-on-year [1] - The company holds trading financial assets amounting to 833 million yuan and cash flow is reported as very healthy, providing a solid foundation for future R&D and market expansion [1] Market Segmentation - As of September 30, 2025, 58.99% of the company's revenue comes from the waste-to-energy sector [3] - Other significant revenue contributions are from the chemical, paper-making, coal-fired power generation, and gas turbine industries [3] International Business Development - The company's overseas revenue was approximately 200 million yuan, accounting for about 54.28% of total revenue [4] - Key export markets include Asia, the United States, South America, and Europe, with business development primarily through negotiations [4] Market Opportunities - The domestic waste incineration market is experiencing a slowdown in new projects, but there remains a demand for upgrades and renovations [5] - The overseas market, particularly in developing regions like Southeast Asia and Central Asia, presents significant growth potential due to increasing waste generation and the inadequacy of traditional landfill methods [6] - In developed regions like Europe and North America, there is a growing need for upgrading existing waste incineration facilities [6] Gas Turbine Market Insights - The global gas turbine market is expected to grow, driven by demand from North America, the Middle East, and Europe [7] - The North American market is experiencing a surge in electricity demand due to the rapid expansion of AI data centers [8] - The company's products for gas turbines, particularly heat recovery steam generators (HRSG), are primarily supplied to the North American market [8] Order Status - As of the end of the reporting period, the company had signed contracts with an unfulfilled revenue amount of approximately 377 million yuan [8] - The company reports a healthy order backlog, with a high capacity utilization rate and good operational conditions [8]

Group 1: Company Overview and Achievements - The company has notable overseas projects, including the largest waste-to-energy facility in Dubai, covering an area of 40,000 square meters, significantly enhancing its international visibility and order acquisition capabilities [1] - Key EPC partners include renowned companies such as General Electric (GE), Mitsubishi, and Hitachi (HZI) [2] Group 2: Product and Technology - The company specializes in producing heat recovery steam generators (HRSG) and related components, with a comprehensive capability in R&D, design, and manufacturing [3] - It holds various industry certifications, including the A-level boiler production license and ASME certification [3] Group 3: Market Expansion and Applications - The company is actively expanding its applications beyond the power energy sector into industries such as papermaking and metallurgy, securing high-quality clients like Nine Dragons Paper and Zijin Mining [4] - Its products are utilized in energy-saving and environmental protection across multiple sectors, including chemical and metallurgical industries [5] Group 4: Market Outlook - The overseas waste-to-energy market is projected to grow significantly, driven by rapid urbanization in developing regions, which increases waste generation and necessitates effective waste management solutions [5] - In developed regions, there is a rising demand for upgrading and retrofitting existing waste incineration facilities, further boosting market needs [5]

Group 1: Company Overview and Operations - The company specializes in anti-corrosion and wear-resistant technology applicable in various industries, including energy, chemical, metallurgy, and paper manufacturing [1][3] - As of June 30, 2025, the company has signed contracts worth approximately CNY 377 million that are yet to be fulfilled [4] Group 2: Revenue and Market Presence - As of June 30, 2025, the company's overseas revenue is approximately CNY 145 million, accounting for about 55% of total revenue [2] - The primary export markets include Asia, the United States, South America, and Europe [2] Group 3: Product Applications and Delivery - The company's products are mainly used in waste incineration power generation, with significant revenue contributions from coal-fired and biomass power generation [3] - The delivery cycle for customized equipment typically takes around 3 months, while products with installation obligations may take 6 to 12 months [5] Group 4: Future Growth Strategies - Future growth will focus on expanding overseas operations, particularly in the North American gas boiler market, and establishing manufacturing bases abroad [6] - The company is also investing in domestic production capabilities to enhance product diversity and core competitiveness [6] - Plans include broadening product applications in sectors such as coal power, oil and gas pipelines, and chemical industries [6]

Financial Performance - In 2024, the company's total revenue was ¥460,310,746.80, with a net profit attributable to shareholders of ¥69,420,729.62 [1] - Revenue and net profit decreased by 23.76% and 47.02% year-on-year, respectively, primarily due to complex international political and economic conditions, increased domestic economic pressure, and intensified competition in the domestic waste incineration power generation industry [2][3] Market Impact and Strategy - The company exports primarily to Asia and Europe, with limited revenue from the U.S., indicating that the U.S.-China trade war has a minimal impact on overall income and profit [1] - To mitigate risks from market fluctuations and policy adjustments in the waste incineration power generation sector, the company plans to enhance R&D efforts, expand product types, and develop new customer bases while maintaining existing ones [2][3] International Expansion - The construction and equipment procurement for the Vietnam factory are progressing as planned, with production expected to commence in 2025, which will enhance overseas production capacity and customer development [4] - The Vietnam factory is anticipated to serve as a demonstration base for overseas production, improving the company's ability to serve global clients [4] Future Growth Drivers - Future profit growth will be driven by continuous R&D around core welding technologies, expanding product applications, and entering new markets [5] - The company aims to extend its product range into industrial equipment manufacturing, high-end structural components, and other large-scale equipment manufacturing [5] Industry Outlook - The industrial anti-corrosion and wear-resistant market is expected to grow, driven by both incremental and existing project demands, with increasing competition in the sector [6][7] - The industry is crucial for energy conservation and the development of a circular economy, with significant potential for technological advancements and cost-effective solutions [6][7]