中南红文化集团股份有限公司 2025 年半年度报告全文 中南红文化集团股份有限公司 中南红文化集团股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人薛健、主管会计工作负责人张弘伟及会计机构负责人(会计主 管人员)陆曙宏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资 者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应 当理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 请投资者注意阅读本报告"第三节管理层讨论与分析"之"十、公司面 临的风险和应对措施"中对公司风险提示的相关内容，敬请广大投资者注意 投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 中南红文化集团股份有限公司 2025 年半年度报 告全文 中南红文化集团股份有限公司 2025 年半年度报告全文 一、载有公司负责人、主管会计工作负责人、 ...

中南红文化集团股份有限公司 财务报表审阅报告书 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 一、审阅报告 二、审阅报告附送 三、审阅报告附件 合并资产负债表 编制单位：中南红文化集团股份有限公司 金额单位：人民币元 项目 注释 期末余额 期初余额 流动资产： 货币资金 附注五、1 252,533,163.88 115,594,025.24 交易性金融资产 附注五、2 850,620,589.75 1,092,806,963.66 衍生金融资产 应收票据 附注五、3 80,899,606.37 55,484,950.87 应收账款 附注五、4 372,844,297.88 305,069,910.34 应收款项融资 附注五、5 8,886,481.06 14,556,623.14 预付款项 附注五、6 72,506,004.00 56,792,854.70 其他应收 ...

Group 1 - The ocean economy is a significant driver of GDP growth, with the national marine production value expected to exceed 10 trillion yuan in 2024, accounting for 7.8% of the GDP, and contributing 11.5% to economic growth [1][8] - The government has highlighted "deep-sea technology" in its reports, indicating its importance alongside commercial aerospace and low-altitude economy, suggesting a rapid development potential in deep-sea equipment and exploration [1][8] - The deep-sea technology sector is identified as a key pillar for building a maritime power, encompassing three main areas: deep-sea materials, deep-sea equipment manufacturing, and deep-sea digital applications [3][17] Group 2 - Various provinces and cities are accelerating the development of marine economy, with policies focusing on high-end, intelligent, and green development, and establishing multi-level industrial systems [2][13] - Shanghai's marine industry development plan (2025-2035) proposes a "3+5+X" industrial system, while Guangdong's regulations emphasize support for eight emerging marine industry clusters [2][14] - The deep-sea materials sector is crucial for deep-sea technology, involving structural and buoyancy materials necessary for the development of marine resources, with a focus on high-performance steel, alloy materials, and composite materials [3][21] Group 3 - The deep-sea equipment sector is essential for supporting deep-sea development, facing challenges from complex underwater environments, with significant growth in China's shipbuilding industry, which saw a 13.8% increase in completed shipbuilding volume in 2024 [4][26] - The deep-sea digitalization and intelligence sector is a vital direction for deep-sea technology development, aiming to create a "digital ocean" that enhances marine decision-making and governance through advanced information technologies [5][17] - The report suggests focusing on marine engineering equipment manufacturing, marine equipment components, and marine observation instruments as key areas for investment [4][26]

Financial Data and Key Metrics Changes - Revenue increased by 7% sequentially to $712 million, with growth in each end market sector led by gas utilities [9][25] - Adjusted gross profit margins were strong at 21.5%, above the target of 21% [10][29] - Adjusted EBITDA was $36 million, or 5.1% of sales, an improvement from the previous quarter [11][30] - Net income from continuing operations was $8 million, or $0.09 per diluted share, compared to a net loss in the previous quarter [30] Business Line Data and Key Metrics Changes - Gas utilities revenue was $273 million, an 8% increase driven by normalized buying patterns and increased capital budgets [26] - Diet sector revenue was $220 million, a 6% increase due to chemical project deliveries and mining activity [26] - PTI sector revenue was $219 million, an 8% increase attributed to U.S. midstream customer projects [26] Market Data and Key Metrics Changes - U.S. revenue was $591 million, a 9% increase, with all end market sectors improving [27] - International revenue was $121 million, down 1% due to reduced diet sector revenue [28] - The outlook for the international segment remains positive, expecting solid revenue growth for the fourth consecutive year [28] Company Strategy and Development Direction - The company is optimistic about the gas utilities business, forecasting strong demand growth and a significant backlog increase [12][34] - A $125 million share repurchase program has been initiated, reflecting confidence in financial strength [8][39] - The capital allocation strategy focuses on maintaining a healthy balance sheet, returning cash to shareholders, and investing in growth opportunities [9][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong sequential revenue improvement in the second quarter, despite macroeconomic uncertainties [23][24] - The gas utilities sector is expected to be resilient, with a backlog increase of 26% year-to-date [34] - The company is monitoring macroeconomic conditions closely, particularly regarding tariffs and oil prices, but has not seen significant changes in customer behavior [32][80] Other Important Information - The company generated $21 million of operating cash flow from continuing operations, reflecting strong working capital management [11][31] - Capital expenditures for the first quarter were $9 million, above historical averages due to ERP implementation [30][38] - The company targets operating cash flow of at least $100 million for 2025 [37] Q&A Session Summary Question: How is inflation tracking in the business today? - The tariff situation is dynamic, with significant impacts on steel and aluminum products, particularly from China [48][49] Question: Did inventory step up in the first quarter? - The company strategically increased inventory in anticipation of tariffs and to prepare for the year [53][54] Question: Any updates on opportunities in gas utilities? - The gas utilities business has returned to growth, with opportunities to increase market share and wallet share [55][56] Question: What is the outlook for the diet sector? - The diet sector backlog increased by 16%, primarily in refining and chemical spaces, with growth in mining initiatives [70][72] Question: How is the PTI business performing internationally? - The company projects growth in the PTI space internationally, particularly in the North Sea and Europe [88][89] Question: What is the impact of lower oil prices on upstream customers? - Lower oil prices may impact activity, but the customer base is resilient and not indicating significant budget reductions [80][81]