Company Overview - The company focuses on anti-corrosion and wear-resistant welding equipment, specializing in the manufacturing of special equipment and expanding into industrial equipment and high-end structural components [1] - Key competitive advantages include mastery of core technologies, comprehensive production qualifications, and a stable management team with extensive industry experience [1][2] Market Opportunities - The waste incineration market shows broad demand, with downstream upgrades increasing penetration rates [2] - The coal-fired power generation sector is experiencing a demonstration effect, indicating significant growth potential [2] - The company has strategically positioned itself in HRSG and composite pipe businesses, with HRSG already achieving a certain scale of production [2] Financial Performance - As of September 30, 2025, overseas revenue accounted for approximately 54.28% of total revenue, with major exports to Asia, North America, South America, and Europe [3] - The garbage incineration power generation sector represents about 58.99% of the company's revenue, with significant contributions from the chemical, paper, and coal-fired power sectors [3] Industry Trends - The coal-fired power generation industry remains a crucial pillar of China's electricity supply, driven by rising electricity demand due to climate change and technological advancements [4] - Upgrades in coal-fired power plants for low-nitrogen combustion are expected to boost the industrial anti-corrosion and wear-resistant sector [4] Product Specifics - HRSG products are customized based on client specifications, with pricing determined by material costs, labor, and profit margins [5] - The main competitors for HRSG in the Vietnam base are from South Korea, Thailand, and Vietnam, with the company holding advantages in production costs and established client relationships [6] North American Market Insights - The demand for HRSG in the U.S. is driven by structural growth in electricity demand, including the expansion of AI data centers and electric vehicle charging stations [7][8] - The transition to cleaner energy sources enhances the market potential for HRSG, as it improves the efficiency of gas turbines and reduces carbon emissions [8]

Core Viewpoint - The company, Boying Special Welding (301468), focuses on products and technologies primarily used in energy-saving, environmental protection, electricity, energy, chemical, metallurgy, and papermaking industries, particularly in anti-corrosion and anti-wear applications [1] Group 1: Company Applications - The company's products and technologies are applicable in various fields including waste incineration power generation, biomass power generation, and hydropower station operations [1] - During the reporting period, the primary application of the company's technology was in the waste incineration power generation sector [1] Group 2: Industry Context - The company's offerings align with the "14th Five-Year Plan" for renewable energy development and related regulations promoting renewable energy consumption, which include wind power, solar power, conventional hydropower, biomass power, geothermal energy, and ocean energy [1]

Core Viewpoint - The company emphasizes that coal-fired power generation remains a crucial source of electricity in China, serving as a pillar industry in the power sector [1] Industry Summary - Recent trends indicate a rapid increase in electricity consumption in China due to global warming, rising summer temperatures, the growth of artificial intelligence data centers, and the demand for electric vehicle charging [1] - Coal power is recognized for its stability, peak regulation capabilities, and reliability, making it a fundamental support for the stable operation of China's power system [1] - There is a growing demand for upgrades and renovations in the coal-fired power generation industry, particularly for low-nitrogen combustion modifications, which necessitate improvements in boiler corrosion and wear resistance [1] - This upgrade demand is expected to drive the development of the industrial corrosion and wear resistance sector [1]

Group 1: Company Overview - The company focuses on anti-corrosion and wear-resistant welding equipment, with applications in energy, chemical, metallurgy, and paper industries [1] - It possesses key core technologies in materials, processes, and equipment, along with comprehensive special equipment production qualifications [1] - The management team has extensive industry experience and a stable core technical staff, contributing to competitive advantages [1] Group 2: Market Opportunities - The waste incineration market shows broad demand, with increasing penetration rates due to downstream upgrades [2] - The coal-fired power generation sector is experiencing a demonstration effect, indicating significant growth potential [2] - The company has strategically positioned itself in HRSG and oil-gas composite pipe businesses, with HRSG already achieving certain production capacity [2] Group 3: Financial Performance - As of September 30, 2025, the waste incineration power generation sector accounts for approximately 58.99% of the company's revenue [4] - The overseas revenue share is about 54.28%, with major exports to Asia, North America, South America, and Europe [4] Group 4: Competitive Landscape - The company has notable representative projects overseas, including the largest waste incineration power facility in Dubai [3] - Key EPC partners include General Electric, Mitsubishi, and others, enhancing the company's international collaboration [3] Group 5: Future Outlook - The domestic coal-fired boiler market is expected to grow due to increasing electricity demand and the need for upgrades [5] - The company's HRSG products are primarily designed for heavy-duty gas turbines, with a production cycle of approximately six months [6] - The Vietnam base is projected to produce about two HRSG units per year, depending on production schedules and resource availability [7] Group 6: US Market Demand - The US HRSG market is driven by structural growth in electricity demand, with significant increases in gas turbine market needs [8] - The transition to cleaner energy sources enhances the market potential for HRSG, as it improves overall power generation efficiency [9]

Group 1: Company Overview and Market Position - Guangdong Boying Special Welding Technology Co., Ltd. focuses on welding technology and has been operational since 2007, initially serving North American clients in the offshore drilling platform welding sector [1] - The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023, emphasizing its commitment to both domestic and international markets [1] - The company aims to maintain its leading position in the domestic market while actively expanding into overseas markets, particularly through investments in a production base in Vietnam [1] Group 2: Business Performance and Market Demand - As of September 30, 2025, the company's products are primarily used in the waste-to-energy sector, accounting for approximately 58.99% of revenue, with significant contributions from the chemical, paper, coal power, and gas turbine industries [5] - The company's overseas revenue represents about 54.28% of total income, with exports primarily directed to Asia, the USA, South America, and Europe [5] Group 3: Production Capacity and Expansion Plans - The Vietnam production base has four HRSG production lines in its first phase, with plans to expand to a total of 12 lines based on market demand [6] - The second phase of the Vietnam base is under construction and is expected to commence production in the second quarter of the following year [6] Group 4: International Projects and Partnerships - Notable international projects include the HZI Dubai project, which is the largest waste-to-energy facility globally, enhancing the company's visibility and order acquisition capabilities in international markets [3] - The company collaborates with major EPC contractors such as General Electric, Hitachi, and Mitsubishi, strengthening its position in the global market [4] Group 5: Future Market Outlook - The HRSG market in the USA is expected to grow due to structural increases in electricity demand driven by factors such as the expansion of AI data centers and the return of manufacturing [8] - The transition to cleaner energy sources in the USA further enhances the market potential for HRSG, as it improves the efficiency of gas-fired power generation and reduces carbon emissions [8]

Core Viewpoint - The coal-fired power generation remains a crucial power source in China, serving as a pillar industry in the electricity sector, with increasing electricity demand driven by factors such as global warming, AI data centers, and electric vehicle charging [1] Industry Summary - The rapid growth in electricity consumption in China is attributed to rising summer temperatures due to global warming, alongside the demands from AI data centers and electric vehicle charging [1] - Coal power is recognized for its stability, peak regulation capabilities, and reliability, making it a fundamental support for the stable operation of China's power system [1] - There is a growing need for upgrades and renovations in the coal-fired power generation sector, particularly for low-nitrogen combustion modifications, which will enhance the corrosion and wear resistance of boilers [1] - The demand for industrial corrosion and wear protection is expected to rise as coal power plants undergo these necessary upgrades [1]

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]