1 | | 展新市场、稳固核心客户，推动实现业务转型升级与高质量发 | | --- | --- | | | 展，为公司贡献增长动力。 | | | 二、未来发展规划 | | | 以产品结构调整与质量提升并行，继续推进"十五五"期间 | | | 高质量发展。一是继续将收并购作为完善产业链布局、实现跨 | | | 越发展的核心战略，秉持"战略协同、优势互补、风险可控"原 | | | 则，聚焦核心主业相关领域挖掘优质标的，加快弥补技术短板、 | | | 拓展市场渠道，强化产业链整合与协同能力。二是同步推进自 | | | 身能力升级，加速智能制造与数字化转型，搭建高效运营管理 | | | 体系，全面提升生产效率、质量管控水平及整体运营效能。三 | | | 是继续深入布局板材、丝材、棒材等深加工领域，同步对接高 | | | 端装备制造领域的材料应用需求，优先聚焦高附加值业务板块 | | | 发力，全力推进高端材料自主可控，持续提升产业链核心竞争 | | | 力与抗风险能力。 | | 附件清单 无 | | | 日期 2026 | 年 1 月 30 日 | 2 浙江久立特材科技股份有限公司投资者关系活动记录表 编号：111 ...

Group 1 - The core point of the news is that Jiu Li Special Materials has seen a stock price increase of 5.15%, reaching 31.65 CNY per share, with a trading volume of 416 million CNY and a turnover rate of 1.43%, resulting in a total market capitalization of 30.93 billion CNY [1] - Jiu Li Special Materials, established on January 8, 2004, and listed on December 11, 2009, specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials [1] - The company's main business revenue composition includes seamless pipes (37.97%), composite pipes (33.57%), welded pipes (13.44%), alloy materials (6.25%), other products (5.54%), and pipe fittings (3.23%) [1] Group 2 - From the perspective of fund holdings, Penghua Fund has a fund that heavily invests in Jiu Li Special Materials, with the Penghua National Steel Industry Index (LOF) A (502023) increasing its holdings by 36,800 shares in the third quarter, totaling 1.3546 million shares, which represents 4.24% of the fund's net value [2] - The current scale of the Penghua National Steel Industry Index (LOF) A fund is 404 million CNY, with a year-to-date return of 1.24% and a one-year return of 34.07% [2]

Company Overview - Jiu Li Special Materials Co., Ltd. is located in Huzhou, Zhejiang Province, established on January 8, 2004, and listed on December 11, 2009. The company specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials, including pipes, fittings, flanges, bars, and prefabricated components [1]. Financial Performance - For the period from January to September 2025, Jiu Li Special Materials achieved a revenue of 9.747 billion yuan, representing a year-on-year growth of 36.45%. The net profit attributable to shareholders was 1.262 billion yuan, with a year-on-year increase of 20.73% [2]. - The company has distributed a total of 3.468 billion yuan in dividends since its A-share listing, with 1.802 billion yuan distributed in the last three years [3]. Stock Performance - As of January 13, the stock price of Jiu Li Special Materials decreased by 2.00%, trading at 29.33 yuan per share, with a total market capitalization of 28.66 billion yuan. The stock has seen a year-to-date increase of 1.31%, a 5-day increase of 1.17%, a 20-day increase of 13.42%, and a 60-day increase of 18.46% [1]. - The number of shareholders as of September 30 was 27,600, an increase of 34.16% from the previous period, while the average circulating shares per person decreased by 25.46% to 34,604 shares [2]. Shareholding Structure - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 23.6468 million shares, a decrease of 20.9903 million shares from the previous period. New entrants among the top ten circulating shareholders include Southern CSI 500 ETF and Dachen Rui Xiang Mixed A [3]. Market Position - Jiu Li Special Materials operates within the steel industry, specifically in the special steel sector, and is involved in various concept sectors including special steel, oil and gas pipelines, pension concepts, nuclear fusion, and social security heavy positions [1].

Group 1: Business Development - The company has a diverse range of nuclear power products, covering various equipment categories, which presents market opportunities due to the acceleration of domestic production in the nuclear power industry [2] - The company is focusing on timely delivery of nuclear power orders to enhance customer cooperation and is actively exploring new application scenarios in the nuclear power sector [2] - The company aims to optimize resource integration with EBK Company to enhance collaborative efficiency and capture global composite pipe market demand [2] Group 2: Alloy Materials Business - The alloy subsidiary focuses on material research and technological innovation, establishing a comprehensive production control system to ensure product quality stability [3] - The company is supporting the alloy subsidiary's capacity ramp-up through resources in finance, technology, talent, and market channels to facilitate business transformation and high-quality development [3] Group 3: Future Development Plans - The company has clear short-term goals and long-term strategic visions, aiming for scale expansion and quality improvement to create greater value for shareholders [3] - Mergers and acquisitions are a key strategy for enhancing the industrial chain layout and core competitiveness, with a dedicated team established for project selection and advancement [3] - The company plans to accelerate smart manufacturing and digital transformation to improve production efficiency and overall operational management [3]

Group 1: Market Development - The company has a diverse range of nuclear power products, covering various equipment and core products, and is positioned as a key supplier of high-value products like evaporator tubes [2] - The company aims to enhance its research and development efforts in nuclear-grade products and explore new application scenarios in the nuclear power sector [2] - The composite pipe business is focused on resource integration and optimizing synergies, with significant contract deliveries completed this year [2][3] Group 2: Alloy Materials Business - The alloy subsidiary emphasizes material research and technological innovation, ensuring stable product quality through a comprehensive production control system [3] - The company plans to support the alloy subsidiary's capacity ramp-up and market expansion, aiming for business transformation and high-quality development [3] Group 3: Oil Well Pipe Business - Continuous efforts in new customer development and application exploration have led to improved production line utilization and product sales [3] - The company intends to focus on international markets and enhance sales channel expansion to increase global market share for oil well pipes [3] Group 4: Future Outlook - The company maintains confidence in its short-term goals and long-term strategic vision for the "14th Five-Year Plan" period [3] - Plans include deepening core business, advancing smart manufacturing and digital transformation, and overcoming technological innovation bottlenecks [3] - The company aims to strengthen industry chain collaboration and prioritize high-value-added business segments, particularly in high-performance alloy materials [3]

Core Viewpoint - Jiu Li Special Materials has shown significant stock performance with a year-to-date increase of 22.71% and a market capitalization of 26.941 billion yuan as of December 24 [1] Group 1: Stock Performance and Market Activity - On December 24, Jiu Li Special Materials' stock rose by 2.07%, reaching 27.57 yuan per share, with a trading volume of 267 million yuan and a turnover rate of 1.03% [1] - The net inflow of main funds was 12.506 million yuan, with large orders accounting for 30.64% of purchases and 28.40% of sales [1] - Over the past five trading days, the stock has increased by 3.84%, while it has risen by 12.85% over the past 20 days and 24.02% over the past 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Jiu Li Special Materials reported a revenue of 9.747 billion yuan, representing a year-on-year growth of 36.45%, and a net profit attributable to shareholders of 1.262 billion yuan, up 20.73% year-on-year [2] - Since its A-share listing, the company has distributed a total of 3.468 billion yuan in dividends, with 1.802 billion yuan distributed in the last three years [3] Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 34.16% to 27,600, while the average circulating shares per person decreased by 25.46% to 34,604 shares [2] - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 23.6468 million shares, a decrease of 20.9903 million shares from the previous period [3] - New shareholders include Southern CSI 500 ETF and Dacheng Rui Xiang Mixed A, while Fu Guo Xing Yuan and Guangfa Stable Growth Mixed A have exited the top ten circulating shareholders [3]

Core Viewpoint - Jiu Li Special Materials experienced a stock price decline of 2.01% on November 14, with a current price of 25.85 CNY per share and a total market capitalization of 25.26 billion CNY [1] Financial Performance - For the period from January to September 2025, Jiu Li Special Materials achieved a revenue of 9.747 billion CNY, representing a year-on-year growth of 36.45% [2] - The net profit attributable to shareholders for the same period was 1.262 billion CNY, reflecting a year-on-year increase of 20.73% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 34.16% to 27,600, while the average circulating shares per person decreased by 25.46% to 34,604 shares [2] - The company has distributed a total of 3.468 billion CNY in dividends since its A-share listing, with 1.802 billion CNY distributed in the last three years [3] Stock Trading Activity - On November 14, the net outflow of main funds was 12.9762 million CNY, with large orders accounting for 23.00% of purchases and 28.87% of sales [1] - Year-to-date, the stock price has increased by 15.05%, with a recent decline of 1.07% over the last five trading days [1] Business Overview - Jiu Li Special Materials, established on January 8, 2004, and listed on December 11, 2009, specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials [1] - The revenue composition includes seamless pipes (37.97%), composite pipes (33.57%), welded pipes (13.44%), alloy materials (6.25%), and other products (5.54%) [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.83 CNY [3][6]. Core Insights - The company has shown resilience in profitability, with a projected EPS of 1.66, 1.65, and 1.86 CNY for 2025-2027, reflecting adjustments in sales volume for composite pipe products [3]. - The company is strategically positioned in the nuclear fusion sector, which is expected to contribute to future profit growth, particularly through its involvement in the ITER project and the development of key materials [10]. - The controlling shareholder has increased their stake in the company, indicating confidence in future performance and growth potential [10]. Financial Performance Summary - The company achieved a net profit of approximately 1.26 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 20.73% [10]. - Revenue projections for 2025 are set at 12.05 billion CNY, with a growth rate of 10.4% compared to the previous year [5]. - The gross margin is expected to improve from 26.2% in 2023 to 30.6% by 2027, indicating a positive trend in profitability [5]. Financial Metrics - The company’s net profit attributable to the parent company is forecasted to be 1.623 billion CNY in 2025, with a growth rate of 8.9% [5]. - The projected operating profit for 2025 is 1.935 billion CNY, reflecting a growth of 6.7% [5]. - The company’s market capitalization is approximately 24.94 billion CNY, with a current share price of 25.52 CNY [6].

Core Insights - Jiu Li Special Materials (久立特材) reported significant revenue growth in Q3 2025, achieving 9.7 billion yuan in revenue, a 36.45% year-on-year increase, and a net profit of 1.26 billion yuan, up 20.73% year-on-year [1] - The company attributes its growth to increased R&D investment and expansion into both domestic and international high-end markets, particularly in composite and seamless pipes [1][2] - The demand for stainless steel pipes in the oil and gas sector continues to drive market growth, with emerging applications in hydrogen energy storage and solar thermal power systems further increasing demand [2] Financial Performance - For the first three quarters of 2025, the company reported a net cash flow from operating activities of 598 million yuan, a 61.63% increase year-on-year [1] - In Q3 alone, revenue reached 3.64 billion yuan, marking a 57.46% increase year-on-year, while net profit was 434 million yuan, up 8.29% year-on-year [1] - High-value products in high-end equipment manufacturing and new materials accounted for approximately 20% of total revenue, generating 1.22 billion yuan, a 15.42% increase year-on-year [2] Market Position and Product Development - Jiu Li Special Materials has established itself as a benchmark enterprise in the domestic industrial stainless steel pipe sector, with an annual production capacity of 200,000 tons of finished pipes [3] - The company’s core products, composite pipes and seamless pipes, generated revenues of 2.05 billion yuan and 2.32 billion yuan respectively, with year-on-year growth rates of 219.26% and 11.63% [3] - The company has successfully broken foreign technology monopolies in high-end products, filling domestic market gaps and enhancing its technological leadership in special stainless steel materials [3] Strategic Partnerships and Global Reach - The company has built strong partnerships with major domestic and international clients, including China National Petroleum Corporation and Saudi Aramco, with overseas revenue reaching 3.22 billion yuan, a 92.94% increase year-on-year [4] - Jiu Li Special Materials is actively participating in nuclear fusion projects, focusing on the development of key materials like PF conduits, aiming to support advancements in controlled nuclear fusion research [6] Industry Trends and Future Outlook - The global stainless steel pipe market is projected to reach 41.74 billion USD by 2025, with a compound annual growth rate (CAGR) of 4.6% expected until 2035 [2] - The nuclear fusion market is anticipated to grow significantly, with estimates suggesting it could exceed 647.5 billion USD by 2035, highlighting the potential for Jiu Li Special Materials to capitalize on this emerging sector [5][6] - The company’s proactive approach in R&D and collaboration with research institutions positions it well to capture future technological innovations and market opportunities [6]

Core Viewpoint - Jiu Li Special Materials experienced a stock price decline of 2.03% on October 28, with a current price of 25.54 CNY per share and a market capitalization of 24.957 billion CNY. The company has seen a year-to-date stock price increase of 13.67% [1] Financial Performance - For the period from January to September 2025, Jiu Li Special Materials achieved a revenue of 9.747 billion CNY, representing a year-on-year growth of 36.45%. The net profit attributable to shareholders was 1.262 billion CNY, reflecting a year-on-year increase of 20.73% [2] - The company has distributed a total of 3.468 billion CNY in dividends since its A-share listing, with 1.802 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 34.16% to 27,600, with an average of 34,604 circulating shares per shareholder, a decrease of 25.46% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 23.6468 million shares, a decrease of 20.9903 million shares from the previous period. New entrants among the top ten circulating shareholders include Southern CSI 500 ETF and Da Cheng Rui Xiang Mixed A [3] Stock Market Activity - On October 28, the stock saw a trading volume of 226 million CNY, with a turnover rate of 0.92%. The net outflow of main funds was 26.3194 million CNY, with significant selling pressure observed [1]