友发集团（601686.SH）2025 年半年报点评 管材销量持续增长，扎实推进全国布局 2025 年 08 月 19 日 ➢ 事件：公司发布 2025 年半年报。2025H1，公司实现营收 248.88 亿元，同 比减少 5.81%；归母净利润 2.87 亿元，同比增加 160.36%；扣非归母净利 2.64 亿元，同比增加 211.50%。2025Q2，公司实现营收 134.86 亿元，环比增加 18.27%，同比减少 13.96%，归母净利润 1.54 亿元，环比增加 16.17%，同比增 加 41.67%；扣非归母净利 1.39 亿元，环比增加 10.36%，同比增加 45.12%。 ➢ 点评：管材销量持续增长 ① 量：管材销量同环比增长。2025H1，管材销量654.77万吨，同比增加4.18%。 2025Q2，管材销量约 360.55 万吨，环比增加 22.54%。 ② 价利：毛利率同比增长。2025Q2，唐山带钢、焊管、镀锌管价格分别下跌 3.44%、4.29%、3.56%，管带价差 265 元/吨，环比下降 5 元/吨，仍处于偏高 位置。2025Q2，公司毛利率为 3.18%，环比减少 0.1 ...

Group 1 - The core viewpoint of the article highlights the growth of Hebei Henggong Precision Equipment Co., Ltd. as a representative of China's manufacturing upgrade, showcasing its achievements in intelligent manufacturing and market share in key components [1][2] - Henggong Precision has achieved a domestic market share of 63% in core components like air compressor screw rotors, breaking foreign monopolies [1] - The company has accumulated 120 patents and has maintained a research and development investment ratio exceeding 3% for three consecutive years, indicating a strong commitment to innovation [1] Group 2 - The transformation of Cheng'an County from a traditional agricultural base to an industrial powerhouse is emphasized, with a focus on the development of a metal pipe and equipment industry cluster [2] - In 2024, the industrial cluster in Cheng'an is expected to consume nearly 10 million tons of steel, generating a main business income of 40 billion yuan [2] - The local government has facilitated the growth of high-tech enterprises through targeted services, resulting in the establishment of 3 national "little giant" companies and 75 high-tech enterprises [2] Group 3 - Henggong Precision is investing in a "Smart Equipment Industrial Park" aimed at high-end fields such as robotic reducers and new energy equipment, with an expected annual production of 5 million precision components [3] - The strategic layout of Henggong aligns with the county's designation as a "provincial industrial transformation and upgrading pilot demonstration county," fostering innovation among 42 provincial-level specialized and innovative enterprises [3] - Cheng'an County is working on optimizing its business environment and developing a collaborative development map for industrial clusters, focusing on platforms for supply chain collaboration, shared manufacturing, technological innovation, and green low-carbon initiatives [3]