Group 1: Business Performance - The gross margin difference between incremental and stock business is significant due to different pricing mechanisms and purchasing entities [2][3] - Incremental business pricing is primarily determined by project bidding results, while stock business pricing is negotiated with end-users [2] Group 2: Product Application - The company's mechanical seal products are mainly used in rotating equipment, and there is currently no identified demand for mechanical seals in the nuclear fusion sector [2] Group 3: Mergers and Acquisitions Strategy - Mergers and acquisitions are a long-term strategy for the company, focusing on high-risk investments without short-term targets [3] - The company emphasizes the importance of integration post-acquisition, having developed a suitable integration plan through experience from four previous acquisitions [3] - The company aims to maintain long-term relationships with suitable acquisition targets and will prioritize core competencies in the sealing industry for any cross-industry mergers [3] Group 4: Capacity Investment - The input-output ratio for newly added equipment in the mechanical seal sector is approximately 1:10, excluding land and factory costs [3]

证券代码：300470 证券简称：中密控股 中密控股股份有限公司投资者关系活动记录表 编号：2025-006 | |  特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | | 杭州重湖私募基金管理有限公司：姜华、蔡凯、徐石泉、乐 | | | 彬；中银国际证券：陶波；上海昱奕资产：王海；富国基金： | | | 刘莉莉、曹文俊、方昊、徐颖真、罗松；国泰海通：马潇； | | 参与单位名称及 | 光大永明基金：沈繁呈；浙商证券：李思扬、周向昉、孙二 | | 人员姓名 | 召、李熙、邱元琴；王龙；WCM：茹默涵；宝盈基金：赵国进； | | | 华夏未来资本基金：王钟琪；华安证券：陶俞佳；碧云资本： | | | 虞方卿；国泰海通：黄龙；上海信托：朱佳贤 | | 时 间 | 2025 年 6 月 18 日 | | 地 点 | 公司四楼会议室 | | | 线上会议 | | 上市公司接待人 员姓名 | 董事会办公室主任兼证券事务代表 梁玉韬 | ...

Group 1: Financial Performance - The gross profit margin slightly declined in Q1 due to increased competition and lower market demand, with the incremental business's gross profit margin under pressure [2][3] - The ratio of incremental to existing business remained at 1:1, but the low-margin incremental business in the mechanical seal sector increased compared to the same period last year [2] - The overall economic environment is expected to maintain pressure on incremental business margins, but further declines are unlikely as they are already at low levels [2] Group 2: International Business Development - The company maintains a positive outlook on international market growth, although growth rates may slow in 2025 due to geopolitical factors and increased business volume [3] - The technological gap between the company's products and international brands has narrowed, with some products now surpassing international standards [3] - The company offers competitive pricing and superior after-sales service, enhancing its value proposition in the international market [3] Group 3: Market Strategy and Expansion - The company is focusing on market expansion in existing sectors like petrochemicals while exploring new markets such as pharmaceuticals, paper manufacturing, and industrial wastewater treatment [4] - Continuous optimization of internal management and cost control is being pursued to enhance operational efficiency and support market growth [3] - The company aims to explore new business models and develop differentiated products to increase market penetration [4] Group 4: Risks and Challenges - The mechanical seal market has high customer retention, making it difficult for competitors to replace existing products [5] - The value of mechanical seals is relatively low compared to total project investment, leading to high customer loyalty based on reliability and timely after-sales service [5] - The company is gradually increasing its market share against foreign brands in the existing market due to ongoing domestic technological advancements [5]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 2 billion yuan from international business, marking a year-on-year growth of approximately 50% [3] - The mechanical seal segment saw a year-on-year revenue increase of 17.68% despite a challenging market environment [6] - The net profit of the rubber and plastic sealing segment increased significantly by 58.67% due to enhanced high-value product ratios and cost reduction efforts [7] Group 2: Research and Development - Major R&D achievements in 2024 included the trial production of diamond coatings in the mechanical seal segment and the launch of the UTOSEAL software in the rubber and plastic sealing segment [3] - Future R&D focuses will include undertaking key national and industry research projects, developing market-responsive applications, and enhancing foundational technology research [3] Group 3: Cash Flow and Financial Management - The net cash flow from operating activities increased by 3.03% year-on-year, but the first quarter of 2025 saw a negative cash flow due to increased employee costs and a 21.99% rise in sales revenue [4] - The accounts receivable balance was 160.77% of the net profit, indicating a significant amount of outstanding payments [8] Group 4: Market Strategy and Growth Plans - The company plans to maintain a revenue growth target of 11.32% and a net profit growth target of 5.05% for 2025, with strategies focused on market capture, R&D, and efficiency improvements [6] - The special valve segment is expected to continue its growth trajectory, leveraging strong market demand in oil and gas transportation and water engineering [4] Group 5: Shareholder Returns and Incentives - The profit distribution plan for 2024 includes a cash dividend of 5 yuan for every 10 shares, reflecting the company's commitment to investor returns [7] - The implementation of a restricted stock incentive plan is anticipated to positively impact future performance without diluting shareholder equity [5]