证券代码：300797 证券简称：钢研纳克 钢研纳克检测技术股份有限公司 投资者关系活动记录表 截至 2025 年 9 月 30 日，公司实现营业收入 80,597.45 万 元，较上年同期增长 11.64%；归属上市公司股东的净利润为 9,969.58 万元，较上年同期增长 15.08%；基本每股收益为 0.2637 元，较上年同期增长 14.95%。 二、具体问题 1、金属材料检测业务的客户结构，涉及到的材料类型结 构，下游各领域需求增长的驱动因素？ 答：金属材料检测业务的客户主要集中在航空航天、轨道 交通、海工船舶、能源核电等质量要求高的应用领域。材料结 构类型来分，高温合金材料检测占到公司全部检测业务一半以 上。未来金属检测领域尤其是高温合金材料检测预计还会持续 保持增长。 2、检测业务定价模式，毛利率未来变化趋势？ 答：公司的服务或产品主要采用成本加成法定价，具体做 法为：以成本核算为基础，根据服务或产品材料成本、人工费 用、制造费用等综合生产成本，同时兼顾考虑市场环境、工序 状况、技术附加值、品牌附加值等因素确定一定比例的利润率， 以成本加成的方法确定销售价格。对于年交易金额较大的客 户，公司与其 ...

Core Viewpoint - Steel Research Nack is a leading enterprise in the domestic metal material testing field, with significant advantages in testing services for military and other sectors [1] Group 1: Business Performance - In Q3 2025, Steel Research Nack reported revenue of 806 million yuan, ranking 8th in the industry out of 21 companies, with the industry leader, China Measurement, generating 4.702 billion yuan [2] - The company's net profit for the same period was approximately 88.17 million yuan, also ranking 8th in the industry, with the top performer achieving 810 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Steel Research Nack's debt-to-asset ratio was 41.13%, an increase from 40.48% year-on-year, which is higher than the industry average of 26.67% [3] - The gross profit margin for the same period was 46.98%, up from 45.95% year-on-year, exceeding the industry average of 43.39% [3] Group 3: Executive Compensation - The chairman, Yang Zhigang, received a salary of 785,100 yuan in 2024, an increase of 99,100 yuan from 2023 [4] - The general manager, Zhang Xiuxin, earned 775,600 yuan in 2024, up from 618,800 yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 32.22% to 25,900, while the average number of circulating A-shares held per shareholder decreased by 23.74% to 14,600 [5] - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 1.5539 million shares, an increase of 538,200 shares from the previous period [5] Group 5: Analyst Ratings and Future Projections - Huatai Securities initiated coverage on Steel Research Nack with a "Buy" rating and a target price of 21.15 yuan, projecting net profits of 180 million, 212 million, and 251 million yuan for 2025 to 2027 [5] - Guangfa Securities also initiated coverage with a "Buy" rating, estimating net profits of 178 million, 212 million, and 250 million yuan for the same period, with a reasonable value of 16.26 yuan per share [5]

Core Viewpoint - Steel Research Nack's stock price has shown significant growth this year, with a year-to-date increase of 53.89%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Steel Research Nack achieved operating revenue of 806 million yuan, representing a year-on-year growth of 11.64% [2]. - The net profit attributable to shareholders for the same period was approximately 99.70 million yuan, reflecting a year-on-year increase of 15.08% [2]. Stock Market Activity - As of October 28, Steel Research Nack's stock was trading at 17.99 yuan per share, with a market capitalization of 6.886 billion yuan [1]. - The stock experienced a decline of 2.02% during the trading session on October 28, with a trading volume of 1.46 billion yuan and a turnover rate of 2.13% [1]. - The company has seen a net outflow of main funds amounting to 16.08 million yuan, with significant selling pressure from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 25,900, a rise of 32.22% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 23.74% to 14,607 shares [2]. Dividend Distribution - Since its A-share listing, Steel Research Nack has distributed a total of 159 million yuan in dividends, with 118 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 1.5539 million shares, an increase of 538,200 shares from the previous period [3].

Core Insights - The company, Steel Research and Testing Technology Co., Ltd. (referred to as "Steel Research"), reported a revenue of 494 million yuan for the first half of 2025, representing a year-on-year growth of 9.24%. The net profit attributable to shareholders was 58 million yuan, with a year-on-year increase of 20.92% [2] Group 1: Performance Drivers - The performance of Steel Research is primarily driven by its focus on metal materials testing, maintaining authority in this field, and expanding into various sectors of the national economy. The downstream application areas include traditional industries such as steel, metallurgy, and non-ferrous metals, as well as emerging sectors like aerospace, high-speed rail, automotive, and new materials, extending into environmental, food, and petrochemical fields [2] - The company is continuously advancing its testing segment's national layout, with new laboratories being established in cities such as Shenyang, Deyang, Xi'an, and Shanghai, which is expected to provide sustained momentum for the testing business's performance [2] Group 2: Technological Advancements - Steel Research's performance is also supported by the continuous enhancement of its core services and product technology levels, maintaining technological leadership and innovation. The company focuses on the research, development, and application of metal materials testing technology, extending to the R&D, production, and sales of testing analysis instruments and standard materials, as well as related services like instrument calibration, capability certification, and training [3] - Internally, the company has formed a collaborative development advantage by integrating testing technology as a platform, promoting synergy among various testing-related businesses. Externally, it meets diverse customer testing needs, reducing management and communication costs, which fosters long-term stable partnerships [3]

Group 1: Research Basics - The research object is Gangyan Nake, belonging to the professional services industry, and the reception time was July 25, 2025. The listed company's reception staff included General Manager Zhang Xiuxin, Board Secretary Xiao Ping, and Investment and Securities Department staff Qu Huayang and Guo Xiaochen [16] Group 2: Detailed Research Institutions - The research institutions include Huachuang Securities, Huaxi Securities, Tianfeng Securities, Cinda Asset, and China Asset Management. The relevant personnel from these institutions are Huo Penghao, Xie Fengyuan, Mo Ran, Wu Sinan, and Hu Bin respectively [17] Group 3: Company Introduction - The company is an innovative enterprise specializing in the research, development, and application of metal material testing technology. Its main services or products include testing services, testing and analysis instruments, reference materials/samples, proficiency testing services, corrosion protection engineering and products, and other extended testing services, which are mainly applied in industries such as steel, metallurgy, non - ferrous metals, machinery, aerospace, high - speed rail, nuclear power, automobiles, new materials, environment, food, and petrochemicals [22] - The company is well - known and credible in the domestic metal material testing field. It is an authoritative testing institution in the domestic steel industry and one of the testing and research institutions with the most comprehensive business categories and the strongest comprehensive strength in the domestic metal material testing field. The National Advanced Steel Materials Industry Measurement and Testing Center approved and established by the company is under construction [23] - As of 2024, the company's operating income was 1,097,674,200 yuan, a year - on - year increase of 15.60%; the net profit attributable to shareholders of the listed company was 145,022,300 yuan, a year - on - year increase of 15.37%; the basic earnings per share was 0.3861 yuan, a year - on - year increase of 15.25%. As of March 31, 2025, the company's operating income was 219,064,000 yuan, a year - on - year increase of 7.18%; the net profit attributable to shareholders of the listed company was 16,081,100 yuan, a year - on - year increase of 33.28%; the basic earnings per share was 0.0428 yuan, a year - on - year increase of 32.10% [23] Group 4: Specific Questions and Answers 1. Company's testing industry layout and future development direction - The company has established testing bases in Beijing, Kunshan, Chengdu, Shenyang, Qingdao, Xi'an, Zhuozhou, and Zhuzhou, covering North, East, Central, Northwest, and Southwest China, mainly for metal material testing. In the future, it will expand testing service categories, build laboratories in key un - covered areas, and extend the testing industry chain [25] 2. Application scenarios in the nuclear power industry - The company's projects in the nuclear power field involve metal material testing in nuclear power construction projects, online metallography and material performance analysis of nuclear power equipment, failure cause analysis of nuclear power turbines, and equivalence evaluation of whether domestic nuclear power materials meet international nuclear power standards [25] 3. Industry distribution of major customers - In the testing business, high - temperature alloy material testing accounts for a relatively high proportion, with customers mainly being COMAC, AECC, and AECC Commercial Aircraft Engine Co., Ltd. In the instrument business, the company's 8 categories and over 60 types of testing instruments serve customers in various industries such as steel, metallurgy, non - ferrous metals, machinery, aerospace, nuclear power, high - speed rail, automobiles, new materials, environment, food, and petrochemicals [25] 4. Instrument products with industry advantages and key development products - The company's instrument products cover 8 categories and over 60 types of scientific instruments. The spark direct - reading spectrometer has won the single - champion product of the Ministry of Industry and Information Technology, and products such as gas analyzers and ICP spectrometers have won the BCEIA Gold Award of the China Association for Analytical Instrumentation, with leading sales in the industry. The company also focuses on the R & D of high - end testing instruments such as non - destructive testing instruments, mass spectrometers, and X - ray fluorescence spectrometers [25][26] 5. Reasons for the rapid growth of the testing business in the past few years - In the past few years, the company's testing business volume has increased due to the rapid development of the new materials industry. The expansion of service categories also contributed significantly to the growth of the testing business [27]

Company Overview - The company specializes in the research, development, and application of metal material testing technology, providing services such as testing services, analytical instruments, standard materials, and corrosion protection engineering [2][3] - It has a strong reputation in the domestic metal material testing field and is recognized as one of the most comprehensive testing research institutions in China [2] Financial Performance - As of 2024, the company achieved a revenue of CNY 1,097.67 million, a year-on-year increase of 15.60% [3] - The net profit attributable to shareholders was CNY 145.02 million, up 15.37% from the previous year [3] - For Q1 2025, the revenue reached CNY 219.06 million, reflecting a growth of 7.18% year-on-year [3] - The net profit for the same period was CNY 16.08 million, showing a significant increase of 33.28% [3] Business Development - The company has established testing bases in key regions including Beijing, Kunshan, Chengdu, Shenyang, Qingdao, Xi'an, Zhuozhou, and Zhuzhou, covering various areas in China [3] - Future plans include expanding testing service categories, developing composite material testing, and enhancing integrated solution capabilities [3][4] Industry Applications - In the nuclear power sector, the company is involved in metal material testing, online metallography, material performance analysis, and evaluating the compliance of domestic materials with international standards [4] - High-temperature alloy material testing constitutes a significant portion of the company's client base, with major clients including COMAC and AVIC [5] Instrumentation Products - The company offers over 60 types of scientific instruments across eight major categories, including atomic emission spectroscopy and mass spectrometry [6] - Notable products include spark direct reading spectrometers and gas analyzers, which have received industry awards and are market leaders [6] - The company is focusing on the development of non-destructive testing instruments and high-end detection instruments with promising market prospects [6] Growth Factors - The growth in the company's testing business is attributed to the rapid development of the new materials industry and an increase in service categories [6]

Group 1: Company Overview - The company specializes in the research, development, and application of metal material testing technology, providing services such as testing services, analytical instruments, and corrosion protection engineering [2] - It is recognized as a leading authority in the domestic steel industry and has the most comprehensive testing capabilities in the metal material testing field [2] - As of 2024, the company achieved a revenue of CNY 1,097.67 million, a year-on-year increase of 15.60%, and a net profit attributable to shareholders of CNY 145.02 million, up by 15.37% [2][3] Group 2: Financial Performance - For the first quarter of 2025, the company reported a revenue of CNY 219.06 million, reflecting a year-on-year growth of 7.18%, with a net profit of CNY 16.08 million, an increase of 33.28% [3] - Basic earnings per share for 2024 were CNY 0.3861, showing a growth of 15.25% compared to the previous year [3] Group 3: Industry Growth Factors - The material testing industry has maintained a strong double-digit growth rate, driven by the rapid development of new material industries and increasing demand for testing in sectors like aerospace, rail transportation, and nuclear energy [3] - The demand for metal testing is expected to remain robust due to the high-quality development of major projects and equipment [3] Group 4: Corrosion Protection Business - The company's corrosion protection services primarily cater to clients in marine engineering, port terminals, and energy sectors [3] Group 5: Laboratory Operations - The laboratories established in Shenyang, Deyang, Xi'an, Zhuzhou, and Zhuozhou are now operational, with production capacity currently ramping up [3]

Company Overview - The company specializes in the research, development, and application of metal material testing technology, providing services such as testing services, analytical instruments, standard materials, and corrosion protection engineering [2] - It has a strong reputation in the domestic metal material testing field and is recognized as one of the most comprehensive testing research institutions in China [2] Financial Performance - As of 2024, the company achieved a revenue of 1,097.67 million yuan, a year-on-year increase of 15.60%; net profit attributable to shareholders was 145.02 million yuan, up 15.37%; basic earnings per share were 0.3861 yuan, an increase of 15.25% [2][3] - For the first quarter of 2025, revenue reached 219.06 million yuan, a 7.18% increase year-on-year; net profit was 16.08 million yuan, up 33.28%; basic earnings per share were 0.0428 yuan, a 32.10% increase [3] Service Coverage and Product Advantage - The company has established a nationwide testing base layout, effectively meeting customer needs across various locations including Beijing, Kunshan, Chengdu, and others [3] - The instrument business includes over 60 types of scientific instruments across 8 categories, with leading products recognized by industry awards, such as the spark optical emission spectrometer [4] Market Opportunities - The domestic market for testing and analytical instruments is expanding, with a favorable long-term outlook despite short-term pressures due to international conditions [5] - The company aims to leverage opportunities from the rapid development of new materials and high-quality growth in key sectors like aerospace and nuclear power [6] Future Development Directions - Future focus areas include expanding testing services to non-metal and composite materials, enhancing management efficiency, and increasing automation in testing processes [6][7] - In the instrument sector, the company plans to improve product quality and expand market share in high-end scientific instruments [7] Shareholder Returns - The company emphasizes shareholder returns with a consistent dividend policy, maintaining a cash dividend ratio exceeding 30% of net profit in recent years [7]

Company Overview - The company specializes in the research, development, and application of metal material testing technology, providing services such as testing services, analytical instruments, standard materials, and corrosion protection engineering [2] - It is recognized as a leading authority in the domestic steel industry and has the most comprehensive testing capabilities in the metal material testing field [2] - As of 2024, the company achieved a revenue of 1,097.67 million CNY, a year-on-year increase of 15.60%, and a net profit of 145.02 million CNY, up by 15.37% [3] Financial Performance - For the first quarter of 2025, the company reported a revenue of 219.06 million CNY, reflecting a 7.18% increase year-on-year, and a net profit of 16.08 million CNY, which is a 33.28% increase [3] - Basic earnings per share for 2024 were 0.3861 CNY, up by 15.25%, while for Q1 2025, it was 0.0428 CNY, an increase of 32.10% [3] Business Growth Drivers - The growth in testing services is influenced by both industry demand and research and development needs, with industry-related business volume slightly higher [3] - The company has a natural advantage in material research-related testing due to its roots in China Steel Research [3] Product Structure and Market Position - The company offers over 60 types of analytical instruments, including spectrometers and electron microscopes, applicable across various sectors such as steel, aerospace, and food [4] - The high-end analytical instrument market presents challenges due to significant investment and long R&D cycles, but the company welcomes healthy competition to enhance product quality [4][5] Strategic Focus - The company aims to enhance the quality of conventional analytical instruments and develop more champion products while increasing automation and intelligence [5] - It seeks to balance long-term development with short-term profits by maintaining R&D intensity and continuously upgrading products to meet market demands [5]