Core Viewpoint - The global oil and gas pipeline market is experiencing structural growth driven by the expansion of natural gas demand, energy construction projects influenced by geopolitical conflicts, and the need for the renovation of aging pipeline networks [1] Industry Summary - The demand for composite pipelines is increasing due to the challenges in oil and gas extraction, including the decreasing availability of easily extractable oil and gas, high concentrations of hydrogen sulfide, and the need for maintenance and replacement of old pipelines [1]

Company Overview - Guangdong Boying Special Welding Technology Co., Ltd. was established in 2007, initially focusing on welding services for offshore drilling platforms for American clients [1][2]. - The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [2]. Market Position and Strategy - The company aims to maintain its leading position in the domestic market while actively expanding into international markets, investing in overseas subsidiaries to seize global opportunities [2]. - The demand for waste incineration and the transformation of the coal-fired power industry present significant growth opportunities, with a broad market potential in chemical, metallurgy, and paper industries [2]. Production Capacity and Expansion - The company has established a production base in Vietnam, with Phase I already operational and Phase II under construction, expected to commence production in the second quarter of next year [3][10]. - The total area of the Vietnam production base is approximately 150,000 square meters, focusing on heat recovery steam generators (HRSG) for gas turbines [3][5]. Revenue and Market Trends - As of September 30, 2025, revenue from waste incineration power generation accounted for approximately 59% of the company's total revenue [3]. - The waste incineration market is experiencing a slowdown in new projects domestically, while overseas markets, particularly in Southeast Asia, show significant growth potential due to urbanization and government support [4]. Technological Advancements - The company employs three main welding technologies: MIG, TIG, and laser welding, each suited for different applications, including high-temperature and corrosive environments [3]. - Continuous R&D efforts have led to innovations in digital pulse high-frequency oscillation MIG technology, enhancing welding efficiency and stability [3]. Order and Financial Outlook - As of June 30, 2025, the company had approximately 377 million yuan in unfulfilled contracts, with a backlog of orders growing at over 30% [8]. - The company anticipates a sustained increase in the global gas turbine market, driven by demand from North America, the Middle East, and Europe [6][7]. Impact of Tariffs and International Strategy - The impact of U.S. tariffs on the company's business is minimal, as the revenue from U.S. orders is currently low, and future orders will primarily be produced in Vietnam, where tariffs are lower [9]. - The company is strategically expanding its international presence through investments in Vietnam and partnerships to explore oil and gas markets [10].

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 Overview and Recent Developments - The joint venture with Wilham has been established and is now operational, with business registration completed and a business license obtained [1] - As of June 30, 2025, the company has signed contracts worth approximately CNY 377 million that are yet to be fulfilled [3] - The Vietnam base is progressing, with contracts signed amounting to approximately CNY 67.37 million, expected to commence production in Q3 2025 [5] Group 2: Financial Performance and Management - Management expenses increased primarily due to costs associated with the Vietnam factory, which has not yet commenced production [4] - The company aims for a revenue growth rate of no less than 10% in 2025, 40% in 2026, and 80% in 2027, based on 2024 revenue figures [6] Group 3: Market Outlook and Strategic Planning - The global oil and gas pipeline market is experiencing structural growth driven by natural gas demand, geopolitical energy projects, and the need to upgrade aging pipelines [2] - The company plans to expand its product range, application fields, and international market presence as part of its core strategy [7][8] - R&D investment in the first half of 2025 was approximately CNY 12.4 million, indicating a commitment to innovation and product development [8]