证券日报网讯常宝股份（002478）11月20日发布公告，在公司回答调研者提问时表示，特材项目是公司 高端化转型的核心项目，也是公司成立至今投资强度最大、技术要求最高、产业链延伸最关键的国产替 代标杆项目，该项目对于公司突破高端管材"卡脖子"技术、拓展高附加值应用场景具有重要价值，将成 为公司未来高端化升级的核心项目。公司即将正式举办常宝特材项目竣工仪式暨产品发布会，向全球客 户展示项目建设成果、核心技术优势，后续项目将逐步正式进入生产运营阶段。特材项目聚焦国产替代 领域，产品技术含量高，生产工艺复杂。公司已通过外部引进与内部培养选拔组建了行业一流的专业技 术与管理团队，为项目落地后生产运行提供核心支撑。项目投产后需经历市场拓展、工艺调试、客户认 证、挂样测试等必要流程，产能释放需一定周期，项目的投产和后续达产是一个逐步释放的过程。公司 将依托多年积累的市场资源、客户基础、品牌知名度，将在现有延伸产品上加快市场开发进度，如不锈 钢锅炉管及HRSG产品、高端换热器用管、镍基合金油管等，同时将有计划地做好海洋脐带缆、EP管等 国产替代产品的开发。公司将集中优势资源和团队力量，争取特材项目早日实现既定建设目标。 ...

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.284 billion CNY and a net profit attributable to shareholders of 392 million CNY, with a net profit excluding non-recurring items of 353 million CNY [2] - The operating cash flow reached 249 million CNY, indicating stable operational performance [2] Product Development - The HRSG product line has become a key feature since its development began in 2010, with increasing production and sales, maintaining a leading market share [4] - The company plans to enhance HRSG product capacity and develop stainless steel and nickel-based products to improve competitiveness and value [4] Strategic Projects - The special materials project is a core initiative for high-end transformation, representing the highest investment and technical requirements since the company's establishment [5] - The project aims to address high-end pipe technology challenges and expand high-value application scenarios, with a completion ceremony planned to showcase achievements [5] Supply Chain Management - The main raw material is special steel pipe blanks, sourced from established partnerships with domestic steel enterprises, ensuring stable supply and quality [7] - A price-locking mechanism is in place to mitigate the impact of raw material price fluctuations on profitability [7] Future Growth Strategies - Over the next 3-5 years, the company will focus on new project implementation, product structure upgrades, international development, and operational efficiency improvements [8] - Emphasis will be placed on expanding the market for special materials and precision pipe projects, while enhancing the proportion of high-value products [8] - The company aims to improve overseas market competitiveness and customer satisfaction, while exploring international opportunities [9]

Core Viewpoint - Changbao Co., Ltd. is making significant progress in its precision pipe and special materials projects, with expectations for completion by the end of the year [2] Group 1: Project Progress - The precision pipe project has successfully advanced market expansion and customer certification, achieving multiple new product bulk orders [2] - The special materials project has passed factory audits from several well-known domestic and international clients, resulting in multiple batches of stainless steel contract deliveries [2] Group 2: Market Development - The company is leveraging existing customer and technical resource advantages to accelerate market development for stainless steel boiler pipes and nickel-based alloy oil pipes in collaboration with leading enterprises [2] - Active technical research and market expansion efforts are being conducted for products such as marine umbilical cables, EP pipes, and hydrogen storage pipes in partnership with domestic and international brand companies [2]

Core Viewpoint - The rapid development of the Blue Water Group's base in Huizhou Port Industrial Park exemplifies the efficiency and growth potential of the marine equipment manufacturing industry in China, particularly in the deep-sea wind power sector [1][2][4]. Group 1: Company Performance - Blue Water Group has significantly reduced the production cycle of deep-sea wind power risers from nearly 80 days to 45 days, showcasing remarkable manufacturing efficiency [1]. - The company holds over 70% market share in the domestic deep-sea wind power riser market, with total orders exceeding 800 million yuan this year [2]. - The monthly production capacity at the base has reached an average of 6 risers, with 6 completed risers ready for shipment and 15 more in production [2]. Group 2: Operational Efficiency - Blue Water Group has optimized its production processes through lean management, innovation, and effective supply chain coordination, ensuring high-quality project delivery [2]. - The company has established an integrated heavy component transfer channel, allowing for the loading of 3 risers within 7 hours and complete shipping processes within 20 hours, setting new operational records [2]. Group 3: Government Support - The Huizhou Port Industrial Park provides a supportive business environment, facilitating rapid project approvals and operational setups for companies like Blue Water Group [3]. - The park employs a dual-track service model, utilizing online platforms and on-site assistance to streamline processes, achieving a project approval timeline of just 212 days [3]. Group 4: Industry Development - The Huizhou Port Industrial Park is attracting significant investments, with projects like the Hengtong Phase II project, which plans to invest approximately 1.5 billion yuan in marine cable manufacturing [4]. - The park is also exploring new development models such as "wind-fish integration" and "wind power + hydrogen storage," aiming to enhance its industrial capabilities [5]. - Blue Water Group is optimistic about future prospects, planning to expand into advanced marine engineering fields and develop high-end equipment clusters covering the entire marine sector [5].

Core Insights - Ningbo has become a focal point for other developed cities in China, particularly in technology innovation, attracting delegations from major cities like Shanghai, Beijing, and Shenzhen for learning exchanges [1][2] - The city's GDP has significantly increased from 0.76 trillion to 1.81 trillion from 2014 to 2024, marking a growth of 10,545 billion [3] - Ningbo is recognized as the first "Champion City" in China, with 104 manufacturing champion enterprises, maintaining the top position for seven consecutive years [4] Economic Growth - Ningbo's GDP growth from 2014 to 2024 is notable, with an increase of 10,545 billion, positioning it as the second city in Zhejiang and aiming for the top ten in the "trillion club" [3] - The city has a strong manufacturing base, with a focus on specialized and high-quality production, contributing to its economic resilience [11][12] Manufacturing Excellence - Ningbo is home to several global leaders in niche manufacturing, such as Sunyu Optical, which supplies one-third of the world's Android phone lenses, and Bode High-Tech, which provides 40% of the world's precision cutting wire [9][10] - The city has made significant strides in critical technology sectors, including semiconductor materials and aerospace components, showcasing its role in national strategic projects [10] Business Environment - The historical business culture in Ningbo, characterized by a strong entrepreneurial spirit and a focus on specialized sectors, has fostered a vibrant private economy, with 97% of businesses being privately owned [11][12] - The government plays an active role in supporting champion enterprises, providing financial incentives and a favorable business environment, ranking fifth nationally for its business climate [19][20] Innovation and Collaboration - Ningbo has established a "big cluster + small specialty" model, promoting collaboration among enterprises within industrial chains, enhancing competitiveness and innovation [17][18] - The city has identified 100 industrial chains, with 18 leading enterprises acting as "chain masters" to drive development and innovation within their sectors [18] Champion Enterprises - The concept of "single champion" enterprises is central to Ningbo's strategy for high-quality development, with significant rewards and support for those achieving this status [22][23] - The city offers substantial financial rewards for national and local champion enterprises, with amounts reaching up to 500 million for national recognition [21]