投资者关系活动基本信息 公司指出，特种场景工业巡检是具身智能先发落地的重要方向，钢铁冶金、油气化工、矿山等场景物理 条件恶劣、作业对象复杂，对具身智能需求明确。天创智能依托"天算大模型"，未来有望实现特种机器 人"精确识别-预测分析-自主作业"的具身智能运维闭环。 金洲天创计划于11月底12月初公司主办的全国石油化工企业年度大会上首次大规模公开亮相。目前金洲 管道已覆盖近300家石油天然气及化工客户，合资公司潜在客户入库认证筹备工作预计年末前完成，需 搭建完善的生产、研发及销售体系支撑。 |Col1|投资者关系活动类别|√ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演 活动 □ 现场参观 □ 其他| |---|---| |参与单位名称及人员姓名|华福证券：俞能飞| |时间|2025年11月21日 下午 3：00—4：00| |地点|浙江省湖州市吴兴区八里店区府南路388号二楼会议室| |上市公司接待人员姓名|董 事会秘书：薛俊| 核心业务与战略布局解读 公司基本情况概述 公司主导产品涵盖热浸镀锌钢管、高频焊管、钢塑复合管材管件、不锈钢管材管件、大口径卷制埋弧焊 钢管等系 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the market and operational performance [2][3][6]. Company Overview and Financial Indicators - The company, Zhejiang Kingland Pipeline Technologies Co., Ltd., is listed on the Shenzhen Stock Exchange under the stock code 002443 [2]. - The total revenue for the reporting period was approximately 2.02 billion yuan, a decrease of 13.84% compared to the previous year [3][6]. - The net profit attributable to shareholders was approximately 54.88 million yuan, down 31.35% year-on-year [3][6]. - Basic earnings per share decreased by 41.53% to 0.1111 yuan [3][6]. Management Discussion and Analysis - The company specializes in the research, manufacturing, and sales of welded steel pipe products and is recognized as a high-tech enterprise in the industry [3][4]. - The main products include hot-dip galvanized steel pipes, steel-plastic composite pipes, and various types of welded steel pipes [3][4]. - The company has established a comprehensive product system and technical strength in the oil and gas water transmission pipeline sector, providing solutions for various applications [4][5]. Financial Performance Analysis - The operating costs decreased by 12.70% to approximately 1.80 billion yuan, reflecting efforts to manage expenses amid declining revenues [6][7]. - The company experienced a significant drop in cash flow from operating activities, with a net outflow of approximately 46.90 million yuan [6][7]. - Research and development expenses were reduced by 27.76% to approximately 65.68 million yuan, indicating a potential impact on future innovation [6][7]. Market Position and Competitive Analysis - The company is a leading supplier in the pipeline industry, serving major clients such as PetroChina, Sinopec, and CNOOC [5][6]. - The company has a robust dealer network and emphasizes quality control and service optimization to enhance brand influence [5][6]. - The industry faces low concentration and increasing price competition, which may lead to a trend of market consolidation [10][11]. Risks and Challenges - The company is exposed to macroeconomic fluctuations that can impact demand for its products, particularly in the energy and construction sectors [10][11]. - Significant reliance on raw materials like hot-rolled coils and zinc ingots poses risks if prices fluctuate, affecting production costs [11]. - The company must continuously meet high-tech enterprise criteria to maintain tax benefits and government subsidies, which are crucial for its financial health [11].

Core Insights - The company reported a significant decline in both revenue and net profit for the year 2024, with total revenue at 4.617 billion yuan, down 19.61% year-on-year, and net profit at 201 million yuan, down 29.03% year-on-year [1][4]. Revenue and Profit Trends - Total revenue decreased from 5.743 billion yuan in 2023 to 4.617 billion yuan in 2024, marking a 19.61% decline [4]. - Net profit fell from 284 million yuan in 2023 to 201 million yuan in 2024, representing a 29.03% decrease [4]. - The revenue in 2024 is only 65.5% of the 2021 revenue, which was 7.043 billion yuan [4]. Market Challenges - The company faces significant external challenges, including a weak domestic steel market and a prolonged downturn in the real estate sector, which have directly impacted its core business [4]. - The global economic landscape is undergoing deep adjustments, contributing to the pressures faced by the company [4]. Innovation and Market Expansion - Despite the challenges, the company has made progress in technology innovation and market expansion, participating in the formulation of national standards and achieving notable results in intellectual property with 6 invention patents and 11 utility model patents granted [5]. - The company successfully expanded its customer base, adding 19 direct supply customers in the galvanized pipe business and 23 in the steel-plastic pipe sector, while also forming strategic partnerships in the gas and semiconductor markets [5]. Operational Efficiency - The company has implemented measures to optimize production processes and inventory management, achieving cost reduction and efficiency improvements [6]. - Inventory management efforts led to a 44% reduction in coil inventory and a 30% decrease in steel pipe inventory, along with the adjustment of 5,790 tons of backlog pipe materials [6]. - Innovations in manufacturing processes, such as improvements in welding and coating techniques, have enhanced product quality and operational efficiency [6].