曲阜东宏技术创新研究院有限公司是山东省济宁市首家正式注册成立的技术创新研究院，其落地运营标 志着曲阜市在培育新兴产业、提升"2+3"产业集群能级方面迈出关键一步。一直以来，曲阜市委、市政 府全力当好"护航者"与"贴心人"，持续优化营商环境，聚焦企业需求，强化要素保障，以"有事必应、 无事不扰"的服务，支持包括东宏在内的所有企业心无旁骛做精主业、做大事业。 曲阜东宏技术创新研究院有限公司将以推动管道行业技术革新与产业升级为使命，致力于技术研发、产 品创新与成果转化，为发展新质生产力、助力制造强国建设提供支撑。 本报讯(记者王僖)1月10日上午，山东东宏管业股份有限公司(以下简称"东宏股份（603856）")全资子公 司曲阜东宏技术创新研究院有限公司(以下简称"曲阜东宏技术创新研究院")启动会议在东宏科技园研发 中心举行。曲阜东宏技术创新研究院的落地为当地的创新发展注入了强劲的"科技动能"。 东宏股份总裁倪奉尧在致辞中表示，曲阜东宏技术创新研究院是国内唯一专注于管道智能终端与宏道系 统全方位研发的专业机构，本公司将以此为契机，聚焦管道智能终端、新材料及连接系统三大方向，强 化技术攻关与人才培养，努力将该研究院打造 ...

据悉，曲阜东宏技术创新研究院有限公司是济宁市首家正式注册成立的技术创新研究院，其落地运营标 志着曲阜在培育新兴产业、提升"2+3"产业集群能级方面迈出关键一步。长期以来，曲阜市委市政府持 续优化营商环境，聚焦企业需求，强化要素保障，以"有事必应、无事不扰"的服务，支持包括东宏在内 的所有企业心无旁骛做精主业、做大事业。 中证报中证网讯(记者张鹏飞)2026年1月10日上午，曲阜东宏技术创新研究院有限公司启动会议在东宏 科技园研发中心举行。曲阜东宏技术创新研究院的落地，为曲阜市乃至济宁市的创新发展注入了强劲 的"科技动能"。 东宏股份表示，曲阜东宏技术创新研究院有限公司将以推动管道行业技术革新与产业升级为使命，致力 于技术研发、产品创新与成果转化，为发展新质生产力、助力制造强国建设提供支撑。 东宏股份（603856）总裁倪奉尧在致辞中表示，曲阜东宏技术创新研究院是国内唯一专注于管道智能终 端与宏道系统全方位研发的专业机构，公司将以此为契机，聚焦管道智能终端、新材料及连接系统三大 方向，强化技术攻关与人才培养，努力将研究院打造成为企业"二次创业"的核心引擎和行业技术进步的 重要推动力。 ...

2026年1月10日上午，曲阜东宏技术创新研究院有限公司启动会议在东宏科技园研发中心举行。曲阜市 政府副市长蒋永进，曲阜市科技局局长任勤，小雪街道党工委书记孔晓飞，东宏股份董事长倪立营、总 裁倪奉尧等领导参加活动。 曲阜东宏技术创新研究院有限公司是济宁市首家正式注册成立的技术创新研究院，其落地运营标志着曲 阜在培育新兴产业、提升"2+3"产业集群能级方面迈出关键一步。一直以来，曲阜市委、市政府全力当 好"护航者"与"贴心人"，持续优化营商环境，聚焦企业需求，强化要素保障，以"有事必应、无事不 扰"的服务，支持包括东宏在内的所有企业心无旁骛做精主业、做大事业。 曲阜东宏技术创新研究院有限公司将以推动管道行业技术革新与产业升级为使命，致力于技术研发、产 品创新与成果转化，为发展新质生产力、助力制造强国建设提供支撑。（齐和宁） （文章来源：证券时报网） 启动仪式上，与会领导与东宏股份共同见证曲阜东宏技术创新研究院有限公司的正式启动。曲阜东宏技 术创新研究院的落地为曲阜市乃至济宁市的创新发展注入了强劲的"科技动能"。 倪奉尧在致辞中表示，研究院是国内唯一专注于管道智能终端与宏道系统全方位研发的专业机构，公司 将以此为 ...

Core Viewpoint - The Ministry of Industry and Information Technology has officially announced the ninth batch of national-level manufacturing single champion enterprises, with RIFENG Group Co., Ltd. winning the title for its PP-R healthy drinking water pipeline system, highlighting its core competitiveness and contribution to housing quality upgrades and national housing construction [1] Group 1: Recognition and Achievement - RIFENG has been recognized as a "national-level manufacturing single champion enterprise," a prestigious honor in China's manufacturing sector, aimed at companies that excel in specific sub-sectors and achieve international advanced levels in production technology or processes [1] - The title reflects RIFENG's long-term focus on the pipeline industry and its leading market share in the PP-R pipe segment, which is crucial for the innovation and development of the manufacturing industry [1] Group 2: Product Innovation and Safety - RIFENG has dedicated nearly 30 years to the pipeline sector, emphasizing user safety and health, leading to continuous product innovation and systematic upgrades [3] - The PP-R ceramic core antibacterial pipe features a patented technology that addresses traditional pipe issues, ensuring smooth water flow and long-term use without scaling [3] - The antibacterial technology, verified by the Guangdong Microbiology Analysis Testing Center, shows a 99.9% antibacterial rate against Staphylococcus aureus and Escherichia coli, meeting high safety standards [3][6] Group 3: Smart Manufacturing and Sustainability - RIFENG is embracing digitalization and green transformation, integrating advanced technologies like 5G, big data, and AI into its production processes to enhance quality and efficiency [4][5] - The company has established a dynamic monitoring and comprehensive management system for pollution sources, adhering to green building standards in its facilities [5] - RIFENG is committed to clean production, implementing solar power systems and waste heat recovery systems to significantly reduce emissions of CO, SO2, and particulate matter [5] Group 4: Future Focus - Moving forward, RIFENG aims to continue focusing on key technological advancements in health drinking water and building pipeline sectors, enhancing quality management, smart manufacturing, and green low-carbon levels [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 13.50 [7][8]. Core Views - The company reported a revenue of RMB 1.061 billion for H1 2025, a year-on-year decrease of 32.78%, and a net profit attributable to shareholders of RMB 102 million, down 32.31% year-on-year. The decline in revenue is attributed to slower construction progress and significant price competition in the pipeline industry [1][2]. - Despite the challenges, the demand for engineering pipelines is expected to improve due to the rapid implementation of major water conservancy projects and urban renewal initiatives [1][4]. - The company has a sufficient order backlog, and as key engineering projects progress in the second half of the year, the order backlog is expected to be released [2]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 1.061 billion, with a Q2 revenue of RMB 539 million, reflecting a year-on-year decline of 42.23% and a quarter-on-quarter increase of 3.37%. The net profit for Q2 was RMB 59.04 million, down 40% year-on-year but up 37.84% quarter-on-quarter [1][2]. - The gross margin for H1 2025 was 20.08%, a slight increase of 0.55 percentage points year-on-year. The gross margins for pipe sales and pipeline engineering installation were 23.4% and 45.0%, respectively [2]. Cost and Cash Flow - The operating expense ratio for H1 2025 was 12.34%, an increase of 2.93 percentage points year-on-year. The company effectively controlled accounts receivable, which decreased by 5.27% compared to the beginning of the year [3]. - The net cash flow from operating activities was RMB 41 million, a year-on-year increase of 125.60%, primarily due to increased cash received from sales of goods and services [3]. Industry Outlook - The company is positioned to benefit from national policies promoting the construction of water and gas pipelines, as well as urban infrastructure upgrades. This presents a significant opportunity for the pipeline industry [4]. - The company plans to leverage its comprehensive pipeline industry chain advantages and adopt a dual sales model to enhance its market position [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been revised downwards due to ongoing price competition in the short-cycle pipeline industry. The expected net profits for 2025, 2026, and 2027 are RMB 153 million, RMB 177 million, and RMB 224 million, respectively [5][11]. - The company is assigned a PE valuation of 25 times for 2025, leading to an adjusted target price of RMB 13.50, reflecting a favorable outlook based on its strategic positioning and market conditions [5].

Core Viewpoint - The infrastructure investment in China is entering a new growth cycle, driven by policy support and the acceleration of special long-term bonds, benefiting leading companies in the pipeline industry like Qinglong Pipeline [1][2]. Policy and Investment Landscape - In 2025, the National Development and Reform Commission will issue a list of "two重" construction projects worth 800 billion yuan, focusing on water conservancy and municipal sectors, including major irrigation area renovations and urban underground pipeline construction [2]. - A total of 1.3 trillion yuan in special long-term bonds will be issued, with 800 billion yuan directly supporting "two重" construction, which, combined with coordinated fiscal and monetary policies, is expected to push infrastructure investment growth above 6% [2]. - National water conservancy construction investment is projected to reach a historical high of 1.35 trillion yuan in 2024, with an estimated total investment demand of about 4 trillion yuan for underground pipeline renovations over the next five years [2]. Company Strategy and Market Position - Qinglong Pipeline is enhancing its national presence through a "Eastward and Southward" strategy, having established 19 production bases for prestressed concrete pipes (PCCP) across major economic regions [3]. - The company has a plastic pipe production capacity of 165,000 tons per year, leading in market share in the northwest region, with a significant order growth of 101.52% in Xinjiang for 2024 [3]. - The company has achieved 100% self-production in all processes within the PCCP industry, optimizing production technology and equipment to ensure superior product performance [3]. Technological Advancements - Qinglong Pipeline has developed smart monitoring pipelines for cross-regional water diversion projects, enabling real-time data transmission and risk alerts [3]. - The company has established a robust R&D framework, collaborating with local technology centers and universities, leading to over 20 technological achievements and recognition through industry awards [3]. Future Outlook - Qinglong Pipeline plans to focus on three main areas: filling market gaps to increase national market share, enhancing R&D in smart pipelines and eco-friendly materials to meet carbon neutrality goals, and deepening participation in major national water network projects [4]. - Analysts believe that with the support of "two重" projects and special long-term bonds, infrastructure investment growth will remain high, positioning the pipeline industry in a prolonged boom cycle [4]. - Qinglong Pipeline is expected to achieve dual improvements in performance and valuation, further solidifying its leading position in the industry [4].