Core Viewpoint - The company, Changbao Co., Ltd. (002478), emphasizes its strong brand recognition and customer acceptance in the oil and gas pipeline market, particularly in overseas markets, despite current challenges in the North American market due to trade policies [1] Group 1: Market Presence - The company's main products are oil and gas pipelines, which have maintained good brand recognition and customer acceptance in overseas markets over the years [1] - Currently, the North American market is not a business area for the company due to trade policy impacts [1] - The company's business presence in the Latin American market is relatively small at this time [1] Group 2: Market Strategy - The company primarily operates in the oil and gas pipeline market in regions such as the Middle East, Southeast Asia, Africa, and Central Asia [1] - The company plans to adjust its market and product structure based on changes in the oil and gas industry, aiming to enhance competitiveness in overseas markets [1] - There is an intention to expand into new markets and obtain certifications for new products to improve market presence [1]

Core Viewpoint - The company, Changbao Co., Ltd. (002478.SZ), emphasizes its main product, oil and gas casing pipes, which have maintained good brand recognition and customer acceptance in overseas markets over the years [1] Market Presence - The North American market is currently not a business area for the company’s oil and gas casing pipes due to the impact of trade policies [1] - The company has a relatively small business presence in the Latin American market [1] - The primary markets for the company’s oil and gas casing pipes are currently in the Middle East, Southeast Asia, Africa, and Central Asia [1] Strategic Adjustments - The company plans to adjust its offshore market structure and product offerings in response to changes in the oil and gas industry [1] - There will be an increased focus on expanding into new markets and obtaining certifications for new products to enhance competitiveness in overseas markets [1]

Core Viewpoint - Changbao Co., Ltd. reported a mixed financial performance for the first three quarters of 2025, with revenue growth but a decline in net profit, indicating a stable operational status amidst ongoing product development efforts [2] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.284 billion yuan, representing a year-on-year increase of 1.40% [2] - The net profit attributable to shareholders was 392 million yuan, showing a year-on-year decrease of 4.60% [2] - The net profit excluding non-recurring items was 353 million yuan, reflecting a year-on-year growth of 0.80% [2] - The net operating cash flow was 249 million yuan, marking a significant year-on-year increase of 22.60% [2] - In the third quarter alone, the company recorded a revenue of 1.472 billion yuan, up 3.66% year-on-year [2] - The net profit for the third quarter was 138 million yuan, a substantial year-on-year increase of 61.15% [2] - The net profit excluding non-recurring items for the third quarter was 134 million yuan, which is a year-on-year growth of 40.60% [2] Operational Strategy - The company emphasized value and brand management, focusing on the development of key, specialty, and new products [2] - In the oil and gas sector, the company is enhancing product value transformation, increasing efforts in non-API products, unconventional oil and gas extraction, and technical solutions and services [2] - In the electric pipe market, the company is optimizing production organization and capacity utilization to enhance customer satisfaction [2] - The specialty products team is intensifying the cultivation and development of specialty products, with notable increases in the overall proportion of products like 13Cr, HRSG, and oil cylinder pipes [2] - The company is also working on high-end product extensions and preparing for new specialty material product line trials, market expansion, and factory certifications to support its high-end upgrade strategy [2]