"防爆灯可以替代，但系统不可替代。"国内防爆电器领域领先企业华荣股份（603855）总经理李江日前 在接受中国证券报记者采访时反复提到的这句话，道出了一家传统制造企业转型的核心逻辑，即从销售 防爆硬件的工业品公司，向提供安全与效率增量的工业科技服务商彻底蜕变。 但转型并非一蹴而就，需要对行业趋势有着深刻的洞察以及对自身能力保持清醒的认知，这就要求公司 的战略定位必须清晰且有效。在李江的阐述中，一幅"稳、进、立"协同并进的战略图谱跃然纸上。 所谓"稳"，是让持续获取年度订单的内贸基本盘与已占据"半壁江山"的外贸业务，成为抵御市场周期波 动的压舱石；所谓"进"，是在面对油气化等传统下游行业市场需求放缓的背景下，防爆业务进一步顺应 信息化、智慧化发展趋势，让已拓展至15个子系统的"安工智能管控系统"持续进化；所谓"立"，则是依 托资本市场，通过系统性投资与并购，为智能化转型和新兴业务加速注入技术、资产与人才的全新动 能。 面向"十五五"，公司的理想图景是在全球产业版图中成为以智能化系统定义高危及复杂工业环境安全运 行标准的核心参与者。这一谋篇布局，正决定着公司下一个五年核心竞争力的提升与话语权的增长。 ● 本报记者 ...

"防爆灯可以替代，但系统不可替代。"国内防爆电器领域领先企业华荣股份总经理李江日前在接受中国 证券报记者采访时反复提到的这句话，道出了一家传统制造企业转型的核心逻辑，即从销售防爆硬件的 工业品公司，向提供安全与效率增量的工业科技服务商彻底蜕变。 但转型并非一蹴而就，需要对行业趋势有着深刻的洞察以及对自身能力保持清醒的认知，这就要求公司 的战略定位必须清晰且有效。在李江的阐述中，一幅"稳、进、立"协同并进的战略图谱跃然纸上。 所谓"稳"，是让持续获取年度订单的内贸基本盘与已占据"半壁江山"的外贸业务，成为抵御市场周期波 动的压舱石；所谓"进"，是在面对油气化等传统下游行业市场需求放缓的背景下，防爆业务进一步顺应 信息化、智慧化发展趋势，让已拓展至15个子系统的"安工智能管控系统"持续进化；所谓"立"，则是依 托资本市场，通过系统性投资与并购，为智能化转型和新兴业务加速注入技术、资产与人才的全新动 能。 面向"十五五"，公司的理想图景是在全球产业版图中成为以智能化系统定义高危及复杂工业环境安全运 行标准的核心参与者。这一谋篇布局，正决定着公司下一个五年核心竞争力的提升与话语权的增长。 ● 本报记者 乔翔 国内国际 ...

Core Insights - Company reported a revenue of 2.314 billion yuan for the first three quarters of 2025, a year-on-year decline of 5.5%, primarily due to reduced income from the new energy EPC business [1] - The company is focusing on diversifying its business by reducing reliance on traditional markets and exploring new sectors such as grain and oil, pharmaceuticals, and intelligent hazardous chemical parks [1][2] - The foreign trade business has shown significant growth, with revenue reaching 641 million yuan in the first half of the year, a year-on-year increase of 53.7%, and now accounting for 39% of total revenue [2][3] Business Performance - The decline in revenue is attributed to intensified competition in the traditional oil and gas process industry, leading to price pressures [1] - The company has made strategic moves in the Xinjiang coal chemical market, securing early orders that are expected to contribute to performance in 2026 [1] - The company has developed a comprehensive solution capability covering the entire technology chain of "smart factories" with 15 subsystems in its intelligent control system [1] Innovation and Growth - The company is leveraging its strong technical integration and cross-industry capabilities, particularly in the robotics sector, by collaborating with external partners rather than pursuing a fully autonomous supply chain [2] - Significant breakthroughs have been made in medical automation, with successful technology transfer of medical implant forming robots through partnerships with top hospitals and research institutions [2] - The foreign trade business is becoming a vital growth engine, with ongoing expansion of marketing networks in regions such as the Middle East, Europe, Southeast Asia, and plans to enter Africa and South America [2][3] Future Outlook - The company is actively expanding its microgrid business and has successfully obtained qualifications for related projects, while also executing orders for charging stations in logistics parks [3] - The foreign trade department is expected to continue driving future performance, supported by a robust order backlog and the establishment of a joint venture in Saudi Arabia aimed at market expansion [2][3]

Core Viewpoint - The report highlights the financial performance and strategic developments of Warom Technology Incorporated Company for the first half of 2025, indicating a stable growth in revenue despite a slight decline in net profit, and a strategic shift towards intelligent system services in the explosion-proof equipment sector [1][3]. Company Overview and Financial Indicators - Company Name: Warom Technology Incorporated Company - Stock Code: 603855 - Total Revenue for H1 2025: CNY 1,638,782,578.84, a 16.93% increase from CNY 1,401,477,959.48 in H1 2024 [2][3]. - Total Profit: CNY 239,142,474.92, up 5.09% from CNY 227,567,715.92 [2]. - Net Profit attributable to shareholders: CNY 197,836,421.61, down 1.15% from CNY 200,145,720.13 [2]. - Net Assets: CNY 1,989,087,790.07, a decrease of 6.15% from CNY 2,119,474,854.81 [2]. Business Performance Analysis - The company’s explosion-proof business remains stable, with a focus on traditional oil and gas markets while expanding into new sectors such as coal chemical, fine chemical, and hydrogen energy [3][4]. - The new energy EPC business saw significant growth, achieving revenue of CNY 2.87 billion, a 126% increase [3]. - International operations are expanding, particularly in the Middle East and Southeast Asia, contributing to a 53.7% increase in foreign trade revenue to CNY 6.41 billion [3][4]. Strategic Developments - The company is transitioning from a manufacturer of explosion-proof equipment to a provider of intelligent system services, leveraging its proprietary "An Gong Intelligent Control System" [3][4]. - The company has established strategic partnerships in the medical automation field, showcasing its technological capabilities [4][5]. - The focus on intelligent manufacturing and automation is expected to enhance operational efficiency and product quality [4][5]. Financial Health and Cash Flow - The net cash flow from operating activities decreased by 143.79% to -CNY 41,689,300, primarily due to increased cash payments for goods and services [2][3]. - Total assets decreased by 7.41% to CNY 4,857,299,847.34 compared to the previous year [2]. Market Position and Future Outlook - The company is well-positioned to capitalize on the expected growth in the coal chemical industry, with projected investments of nearly CNY 700 billion from 2025 to 2028 [3]. - The strategic focus on expanding core user relationships and securing supply agreements with over 100 large clients is expected to stabilize market share in traditional sectors [3][4].

Core Viewpoint - The company has implemented an action plan focused on enhancing quality, efficiency, and shareholder returns, demonstrating a commitment to sustainable development and innovation in its core business areas [1]. Group 1: Business Development - The company is focusing on its core business and has established strategic partnerships with over 100 major clients in the oil and gas sector, stabilizing its market share [2]. - The company is actively tracking new projects in coal chemical, fine chemical, new energy, and hydrogen sectors, with an estimated investment of nearly 700 billion yuan in the coal chemical industry from 2025 to 2028 [2]. - The company has expanded its traditional oil and gas explosion-proof business into smart safety system contracting, increasing revenue from new fields such as food, pharmaceuticals, and military applications [2]. Group 2: Innovation and Technology - The company has completed the layout of a "microgrid" system in the new energy sector, aligning with national green and energy-saving strategies, and is expected to generate revenue this year [3]. - The company has transformed from a manufacturer of explosion-proof equipment to a provider of intelligent system services, achieving 360 million yuan in revenue from safety intelligence business in 2024 [3]. - The company has developed 15 intelligent control subsystems, covering the entire technical chain solutions for "smart factories," and is exploring automation in the medical field [3][4]. Group 3: International Expansion - The company is advancing its global strategy by establishing international operation centers in the Middle East, Europe, and Southeast Asia, with plans to expand into Africa and South America [6]. - The company has initiated a new round of overseas market layout, enhancing local production capabilities and establishing a closed-loop service system for efficient delivery and response [5][6]. Group 4: Financial Performance and Shareholder Returns - The company has maintained a high dividend payout policy, distributing 1 yuan per share in cash dividends for 2024, totaling approximately 337.53 million yuan, with a cash dividend ratio of 73.01% [8]. - Cumulatively, the company has distributed around 1.937 billion yuan in cash dividends since its listing, reflecting its commitment to shareholder returns [8]. Group 5: Governance and Compliance - The company is enhancing its governance structure, ensuring clear responsibilities among the board, management, and committees, and has revised its governance documents to strengthen operational compliance [9]. - The company is focusing on training and enhancing the capabilities of its key personnel, including board members and senior management, to improve risk management and operational effectiveness [9][10].