答：目前下游客户面对的市场需求尚未明显暖，市场新项目有限，竞争也仍旧激烈，增量业务的毛利率依 然处于较低水平。但对于公司而言，我们坚决贯彻 "通过增量占领存量"的竞争策略，只要是具有战略意 义的客户、项目，我们一定会尽全力拿下，所以在部分增量业务项目中有所降价，毛利率较以前确实有所 下滑。目前增量业务毛利率已经处于很低的水平，根据我们的判断，增量业务毛利率再大幅下降的可能性 不大，且随着竞争的加剧，市场向头部企业集中的趋势更明显，有利于公司提升增量市场份额。在现在的 市场环境下，比起增量业务毛利率，公司更看重增量业务能为未来存量业务提供的坚实基础。公司存量业 务的毛利率相对稳定。 证券之星消息，2025年11月28日中密控股（300470）发布公告称南方基金秦乾一 王天瑜 严必行、兴业证 券郭亚男、华福证券邓娴仪、东证资管李疆、华宝基金贺喆、杨国泰基金陈雨、太平养老张凯、华泰资产 丑凯亮、易方达基金郑涛岳、长江资管施展于2025年11月28日调研我司。 具体内容如下： 问：目前行业发展格局处于什么阶段？ 答：机械密封全球市场是一个较集中的市场，竞争格局保持相对稳定，约翰·克兰、伊格尔·博格曼、福斯 三家国际巨 ...

Core Viewpoint - Company reported steady growth in operating performance for the first half of 2025, with revenue increasing by 18.45% year-on-year and net profit rising by 8.1% [2][7] Group 1: Financial Performance - Total revenue for the first half of 2025 reached 858 million yuan, a year-on-year increase of 18.45% [7] - Net profit attributable to shareholders was 187 million yuan, up 8.1% year-on-year, while the net profit excluding the impact of the 2024 restricted stock incentive plan increased by 16.76% [2][7] - The second quarter of 2025 saw revenue of 447 million yuan, a 15.38% increase year-on-year, and net profit of approximately 93 million yuan, up 2.85% [7] Group 2: Business Segments - The mechanical seal segment experienced growth driven by domestic market expansion and the acquisition of KS GmbH, despite intense competition and a decline in new large petrochemical projects [2][3] - The rubber and plastic sealing segment, particularly the subsidiary Youtaike, maintained stable revenue of approximately 74.26 million yuan, with a net profit increase of 13.04% [3] - The special pumps and valves segment saw improved performance, with significant orders secured in various markets, indicating a positive outlook for the year [3] Group 3: International Business Outlook - The company anticipates continued growth in international business, with a notable increase in order volume and brand recognition in recent years [4] - The international business team has matured, enhancing the company's ability to secure orders, although growth rates may slow compared to previous years [4] Group 4: Profitability and Orders - The overall gross profit margin for the first half of 2025 was 44.03%, a decrease of 3.11% year-on-year, attributed to variations in project margins and the consolidation of KS GmbH [5] - The company maintains a high level of orders on hand, with a slight increase in the proportion of new business compared to existing business [6]

Core Viewpoint - The company is experiencing a slight decline in gross margin due to increased competition in the incremental business segment, which is closely tied to the overall economic environment [2][4]. Group 1: Financial Performance - In Q1 2025, the company's main revenue reached 410 million yuan, a year-on-year increase of 21.99% [6]. - The net profit attributable to the parent company was 94.35 million yuan, up 13.84% year-on-year [6]. - The gross margin stood at 44.43% [6]. Group 2: Business Strategy and Market Position - The company is focusing on market expansion, particularly in the oil and chemical sectors, while adapting strategies based on macroeconomic conditions [4]. - The company is optimistic about international market growth, although growth rates may slow due to geopolitical factors [3]. - The company is enhancing its competitive edge by improving product quality and cost control, making its offerings more attractive compared to international brands [3]. Group 3: Industry Trends and Challenges - The mechanical seal market has high customer retention, making it difficult for competitors to replace existing suppliers [6]. - The company is exploring new application areas such as pharmaceuticals, paper-making, and industrial wastewater treatment to increase market penetration [5]. - The overall economic downturn is expected to lead to increased industry concentration, benefiting the company as it gains market share in the incremental market [2].

Core Viewpoint - Company reported steady growth in revenue and net profit for 2024 despite a challenging market environment, driven by strong international business performance and strategic product development across various segments [2][19]. Revenue and Profit Growth - In 2024, the company achieved a revenue increase of 21.99% year-on-year, reaching 4.1 billion yuan, and a net profit increase of 13.84%, amounting to approximately 94.35 million yuan [19]. - The mechanical seal segment saw revenue growth from both incremental and existing markets, with international business revenue reaching 200 million yuan, a 50% increase year-on-year [2]. Segment Performance - The mechanical seal segment maintained stable gross margins despite a slight decline in existing market margins, while the rubber and plastic seal segment experienced a notable net profit increase of 58.67% due to higher-value product sales [2][15]. - The special valve segment secured significant orders in the water conservancy and petrochemical sectors, contributing to substantial revenue and profit growth [2][5]. Research and Development - In 2024, the company focused on several key R&D achievements, including the development of diamond coating technology and a new software for machining rubber and plastic seals [3]. - Future R&D priorities include undertaking national and industry-specific projects, advancing basic technology research, and developing forward-looking products [3]. Cash Flow and Financial Management - The company reported a 3.03% increase in net cash flow from operating activities in 2024, although the first quarter of 2025 saw a negative cash flow due to increased employee costs and higher tax payments [4]. - The company has established a robust system for managing accounts receivable, ensuring low bad debt rates and efficient cash flow management [18]. Market Strategy and Outlook - The company aims for an 11.32% revenue growth and a 5.05% net profit growth in 2025, with strategies focused on market expansion, R&D, and operational efficiency [12]. - The company is actively exploring new markets, including renewable energy and environmental sectors, leveraging its technological advantages [17]. Shareholder Returns - The profit distribution plan for 2024 includes a cash dividend of 5 yuan per 10 shares, reflecting the company's commitment to shareholder returns while considering its growth and capital expenditure needs [14].