Group 1 - The company conducted a specific investor survey on September 18, 2025, with institutions including Western Securities and Penghua Fund, discussing business layout and performance responses [1] - The company's high-temperature alloy business is categorized into casting alloy products, deformation alloy products, and new alloy products, with military products accounting for approximately 60% of revenue and civilian products for about 40% [1] - The company aims to solidify its leading position in the domestic petrochemical market while accelerating international market expansion, with current domestic and overseas business scales each accounting for 50% [1] Group 2 - The Xi'an subsidiary achieved an operating income of 116 million yuan and a net profit of 27.29 million yuan in the first half of 2025, having completed equipment automation upgrades, while the Shenyang subsidiary generated 46.05 million yuan in revenue [1] - The company has not yet established partnerships with overseas engine manufacturers [1] - To address performance decline risks, the company is implementing systematic management improvement measures focusing on market development, capital management, operational optimization, technology enhancement, and cost reduction [1]

编号：2025-002 证券代码：300034 证券简称：钢研高纳 北京钢研高纳科技股份有限公司投资者关系活动记录表 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 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 西部证券:温晓 鹏华基金:张卓然 时间 2025 年 9 月 18 日 地点 钢研高纳会议室 公司接待人员 姓名 财务总监、董事会秘书:刘彬 规划证券投资部:何晓珂 投资者关系活动 主要内容介绍 一、公司高温合金业务主要分为哪几类？ 答：公司高温合金业务主要分为三大类别，分别是铸造合金制品、变形 合金制品和新型合金制品，其中新型合金制品包含粉末高温合金、精细 高温合金、金属间化合物等。 二、公司民品和军品的收入占比大概是多少？ 答：从收入结构上看，公司军品业务收入占比约 60%左右，民品业务收 入占比约 40%左右。 三、请介绍下控股子公司青岛新力通未来发展 答：青岛新力通以"专业化、品牌化、国际化"为核心导向，聚焦战略 性新兴业务突破，不仅持续稳固国内石化市场龙头地位，更着力加快国 际市场布局步伐。20 ...

分红方面，钢研高纳A股上市后累计派现7.60亿元。近三年，累计派现2.77亿元。 机构持仓方面，截止2025年6月30日，钢研高纳十大流通股东中，富国中证军工龙头ETF（512710）位 居第三大流通股东，持股919.17万股，相比上期增加329.92万股。香港中央结算有限公司位居第四大流 通股东，持股911.65万股，相比上期增加255.28万股。国泰中证军工ETF（512660）位居第七大流通股 东，持股555.40万股，相比上期增加100.96万股。南方中证1000ETF（512100）位居第九大流通股东， 持股441.69万股，为新进股东。易方达创业板ETF（159915）退出十大流通股东之列。 责任编辑：小浪快报 融券方面，钢研高纳9月17日融券偿还1900.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量11.66万股，融券余额189.24万元，超过近一年80%分位水平，处于高位。 资料显示，北京钢研高纳科技股份有限公司位于北京市海淀区大柳树南村19号，成立日期2002年11月8 日，上市日期2009年12月25日，公司主营业务涉及从事航空航天、电力、汽车、冶金、玻璃制 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.817 billion yuan in the first half of 2025, representing a year-on-year increase of 5.07%, while the net profit attributable to the parent company was 63.81 million yuan, a significant decline of 64.52% year-on-year [1][8] - The decline in net profit is primarily attributed to the volatility in raw material prices and the price reductions of some products entering mass production [8] - The company has made strategic moves to enhance its core capabilities in high-temperature alloys, including a directed issuance of shares to its controlling shareholder and an investment in a new forging base [8] Financial Summary - The company’s total revenue is projected to grow from 3.408 billion yuan in 2023 to 5.294 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.44% [1][9] - The net profit attributable to the parent company is expected to increase from 319.13 million yuan in 2023 to 375.87 million yuan in 2027, with a notable recovery in growth rates after 2025 [1][9] - The earnings per share (EPS) is forecasted to rise from 0.40 yuan in 2023 to 0.47 yuan in 2027, reflecting an improving profitability outlook [1][9] Market Data - The closing price of the company's stock is 17.90 yuan, with a market capitalization of approximately 14.27 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 46.18 for the current price and latest diluted earnings [1][5] Operational Insights - The company’s gross margin decreased from 31.90% in the previous year to 24.05% in the first half of 2025, primarily due to rising raw material costs and price concessions [8] - The company’s operating cash flow showed a net outflow of 267 million yuan in the first half of 2025, which is a narrowing of 39.43% year-on-year, indicating improved sales collection [8][9]