Company Overview - Guangdong Boying Special Welding Technology Co., Ltd. was established in 2007, focusing on welding technology and services, and successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [1][2]. - The company has developed into a globally recognized manufacturer of anti-corrosion and wear-resistant welding equipment, with patented digital pulse welding technology in multiple countries [2]. Market Expansion and Future Plans - The company plans to increase R&D investments in gas boilers, oil and gas pipelines, thermal power generation, and marine equipment, aiming to expand into high-end manufacturing and other large equipment sectors [2]. - Boying aims to capture opportunities in the gas turbine market through its production base in Vietnam and establish a joint venture to enter the oil and gas composite pipe market in the Middle East [2]. Revenue Breakdown - As of September 30, 2025, the top five countries for overseas revenue are the UAE, the USA, Thailand, Brazil, and Japan [2]. - The company’s revenue from the waste-to-energy sector is significant, with other major sectors including chemicals, papermaking, coal-fired power, and gas turbines [6]. - Revenue from the coal-fired power sector accounts for approximately 5.8% as of September 30, 2025 [7]. Industry Trends - The waste-to-energy market is expanding rapidly, particularly in developing regions facing waste management challenges, with government support for waste incineration projects [3]. - The demand for bimetallic composite pipes is increasing due to deeper oil and gas extraction and the presence of corrosive media, with market conditions favoring the adoption of welding technology [4]. - The coal-fired power sector remains a critical part of China's energy landscape, with increasing electricity demand and a need for upgrades to improve anti-corrosion and wear resistance [8]. Specific Market Insights - The HRSG (Heat Recovery Steam Generator) market in the USA is driven by structural growth in electricity demand, particularly from AI data centers and the return of manufacturing [9][10]. - The transition to cleaner energy sources is enhancing the market potential for HRSG, as it improves the efficiency of gas turbines and reduces carbon emissions [10].

Group 1: Company Expansion and Production Capacity - The company is expanding multiple bases due to high order volumes and anticipated capacity shortages, particularly focusing on overseas strategic layout and international market expansion, especially in North America [1][4] - The Vietnam production base has already commenced operations, while the construction of the Daqiao production base is progressing and is expected to be operational next year [2][3] Group 2: Future Growth Drivers - Future growth points include the establishment of the Vietnam production base to enhance international order acceptance and delivery capabilities, and the joint venture with Weir Group to explore oil and gas markets [4][5] - The company aims to enhance product diversity and core competitiveness by investing in the Daqiao production base, which is expected to be operational next year [4][5] Group 3: Market Opportunities and Applications - The biomass power generation market is growing steadily, driven by global carbon neutrality goals, with the company’s anti-corrosion and wear-resistant welding equipment enhancing the performance and lifespan of biomass combustion equipment [5] - The oil and gas market is expanding due to increasing demand for bimetallic composite pipes, particularly in corrosive environments, with the company’s welding technology being a key process [5][6] Group 4: Revenue Sources and Market Presence - As of June 30, 2025, significant revenue sources outside of waste incineration include coal powder boilers, biomass power generation, and thermal power generation [6] - The company’s overseas revenue is primarily from the UAE, the USA, Japan, Brazil, and India [6][7] Group 5: Product Applications and Industry Impact - The company’s products are applicable in deep-sea environments, offshore drilling platforms, and oil pipelines, significantly reducing the risk of leaks and operational accidents [7] - The anti-corrosion and wear-resistant technology can also be applied in various industrial sectors, including energy, chemicals, metallurgy, and paper-making [7]

Group 1: Company Overview and Technology Applications - The company's cladding technology can be applied in controlled nuclear fusion, utilizing metal composite techniques for manufacturing special alloys and high-temperature alloys [1] - The European waste incineration market is expected to maintain stable growth due to mature technology, strict environmental policies, and efficient energy recovery systems [2] - Cladding technology enhances the reliability and lifespan of key components in coal-fired boilers, reducing maintenance costs [3] Group 2: Market Trends and Future Prospects - Coal-fired power generation remains a crucial energy source in China, with increasing electricity demand driven by factors like global warming and the rise of electric vehicles [4] - The oil and gas pipeline market is projected to grow due to increasing demand for bimetallic composite pipes, especially in corrosive environments [6] Group 3: Financial Performance and Cost Management - The company's management costs increased due to expenses related to the yet-to-start production at the Vietnam factory [5] - The company aims to control costs through efficient management and process improvements, enhancing production efficiency and reducing material costs [5] Group 4: Future Goals and Performance Targets - The company has set performance targets for its stock incentive plan, aiming for a revenue growth rate of at least 10% in 2025, 40% in 2026, and 80% in 2027, based on 2024 revenue [7]

Company Overview - Company conducted an institutional research meeting on August 5, 2025, attended by representatives from Qingdao Changming Fund, Baoying Fund, and Western Securities [1] - The company specializes in anti-corrosion and wear-resistant cladding equipment, non-cladding boiler components, pressure vessels, and high-end steel structures [8] Business Operations - The company acquires overseas clients primarily through business negotiations, leveraging its strong technical foundation, excellent manufacturing processes, and product quality to establish a reputable brand image [2] - The management adopts a project-based approach, assigning project managers to oversee execution, ensuring quality control, and providing technical support post-project completion to enhance customer satisfaction [3] Market Opportunities - The company is collaborating with Wilham to establish a joint venture to explore the oil and gas market, particularly in the Middle East, due to increasing demand for bimetallic metallurgical composite pipes in corrosive environments [6] - The market for metallurgical composite pipes is expected to grow significantly as the technology matures and costs decrease, making large-scale applications feasible [6] Industry Competition - The anti-corrosion and wear-resistant industry is experiencing increased competition as more companies enter the market, driven by high profit margins [8] - To address intensified competition, the company plans to enhance R&D investment and innovation, improve product diversity, and optimize management practices to maintain its competitive edge [8] Financial Performance - In Q1 2025, the company reported a main revenue of 106 million, a year-on-year decrease of 14.28%, and a net profit of 13.96 million, down 50.86% year-on-year [8] - The company's debt ratio stands at 6.99%, with investment income of 2.34 million and a gross margin of 25.23% [8] Stock Market Activity - Recent financing data indicates a net inflow of 45.30 million in the past three months, with an increase in financing balance, while there was no net inflow in securities lending [9]

Group 1: Company Overview and Management - The company is one of the earliest in China to engage in industrial equipment anti-corrosion and wear-resistant overlay welding, leveraging strong technical expertise and product quality to build a reputable brand image [1] - The management adopts a project-based approach, with a project manager responsible for overseeing execution, ensuring quality control, and providing technical support post-project completion [2] Group 2: Market Opportunities and Collaborations - The company plans to establish a joint venture with Wilham, focusing on expanding into the oil and gas market, particularly in the Middle East, to set up overseas manufacturing bases [4] - There is a growing demand for bimetallic metallurgical composite pipes in the oil and gas industry due to increased corrosion risks in acidic gas fields, indicating a significant market opportunity [4][5] Group 3: Industry Competition and Strategy - The industrial anti-corrosion and wear-resistant overlay welding market is expanding, driven by the rapid growth of waste incineration power generation in China, attracting more competitors [6] - To address increasing competition, the company will enhance R&D investment and innovation, focusing on new materials, processes, and equipment to improve product diversity and operational efficiency [6]