编号：2025-11-002 | 投资者关系 | □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 ☑其他：线上、策略会 | | 活动参与人员 | 麦格理证券、Federated Hermes、国信证券、前海联合基金、金信基金、国任保 | | | 险、Manulife、长城基金、香港方赢投资、香港浩成资产、施罗德投资 | | 时间 | 2025 年 11 月 18 日—11 月 20 日 | | 地点 | 公司、策略会现场 | | 上市公司接待人员 | 董事会秘书、证券事务代表、投资者关系员 | | | 一、基本情况介绍 | | | 2025 年三季报情况介绍 | | | 2025 年前三季度营业收入 22.65 亿元，同比下降 20.70%，实现净利润 3.92 亿元， | | | 同比下降 45.69%，基本每股收益 0.7327 元，同比下降 45.69%，加权平均净资产 | | | 收益率 9.16%，同比下降 9.20%。 | | | 二、产品情况 | | | 公司的主营业务聚焦于压缩机（组）和真空泵两大核 ...

（文章来源：证券日报） 证券日报网讯鲍斯股份11月17日在互动平台回答投资者提问时表示，公司主要产品压缩机、真空泵、液 压泵等，是工业通用基础产品和设备，广泛应用于现代工业的机械制造、石油化工、矿山冶金、纺织服 装、医疗、食品等行业。军工领域不是公司产品主打领域。 ...

Core Viewpoint - The company focuses on the compressor sector, emphasizing continuous research and development to stay at the forefront of industry technology [1] Group 1 - The company specializes in products such as air compressors and vacuum pumps [1] - The company maintains a commitment to ongoing R&D investments [1] - The company is attentive to cutting-edge technologies within the industry [1]

Group 1: Financial Performance - In the first three quarters of 2025, the company reported a revenue of 2.265 billion CNY, a year-on-year decrease of 20.70% [2] - The net profit for the same period was 392 million CNY, reflecting a year-on-year decline of 45.69% [2] - Basic earnings per share stood at 0.7327 CNY, also down by 45.69% compared to the previous year [2] - The weighted average return on net assets was 9.16%, a decrease of 9.20% year-on-year [2] Group 2: Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [2] - These products are widely used in commercial buildings, food cold chain logistics, and heating applications, catering to various customer needs [2] - The company has seen growth in screw and magnetic levitation centrifugal compressors used in data centers during the first half of the year [2] Air Compression Products - The air compressors serve as core equipment in engineering machinery and are crucial in industries such as pharmaceuticals, chemicals, electronics, and road maintenance [3] - The company is expanding its market for oil-free air compressors, which are essential in industries requiring high air quality, such as food and biomedicine [3] Vacuum Products - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [3] - The company has begun small-scale supply to domestic chip manufacturers and is testing new processes with clients [3] Group 3: Other Insights - The company experienced an increase in contract liabilities in the first three quarters, mainly due to a rise in advance payments for new orders [3] - During the investor relations activity, no undisclosed significant information was revealed [3]

Core Viewpoint - The company is steadily advancing its products in the high-end technology sector, including oil-free screw compressors, vacuum pumps, and centrifugal compressors [2] Group 1 - The company responded to investor inquiries on November 6 regarding its product applications [2] - The products mentioned are positioned in high-end technology industries [2] - There is a positive market trend for the company's products, indicating a steady push into the market [2]

Core Insights - The company HanZhong Precision Machinery has been researched by QuanGuo Fund, which has a management asset scale of 23.787 billion yuan and has shown strong performance in its funds [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 2.265 billion yuan, a year-on-year decrease of 20.70% [2]. - The net profit for the same period was 392 million yuan, reflecting a year-on-year decline of 45.69% [2]. - The basic earnings per share were 0.7327 yuan, also down by 45.69% year-on-year, with a weighted average return on equity of 9.16%, decreasing by 9.20% year-on-year [2]. Group 2: Product Overview - The company's main business focuses on two core segments: compressors and vacuum pumps, with the compressor segment further divided into refrigeration and air compression products [3]. Group 3: Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, frozen refrigeration compressors, and heat pump compressors, catering to various market needs [4]. - The company has seen growth in its screw and magnetic levitation centrifugal compressors used for data center cooling in the first half of the year [4]. - Taiwan Dongyuan is a significant partner and customer for the company's refrigeration compressors, indicating stable business relations [4]. Group 4: Air Compression Products - The company's air compressors serve as essential power sources in various industries, including engineering machinery, pharmaceuticals, chemicals, electronics, and more [5]. - The company is expanding its market for oil-free air compressors, which have high gas purity and are suitable for industries with stringent air quality requirements [5]. Group 5: Vacuum Products - The company's vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, chemicals, and other sectors [6]. - The company has begun small-scale supply to domestic chip manufacturers, indicating recognition and demand for its vacuum products [6]. Group 6: Other Developments - The company has seen an increase in contract liabilities, primarily due to a rise in advance payments for new orders [7].

Financial Performance - In the first three quarters of 2025, the company reported a revenue of 2.265 billion yuan, a year-on-year decrease of 20.70% [2] - The net profit for the same period was 392 million yuan, reflecting a year-on-year decline of 45.69% [2] - Basic earnings per share stood at 0.7327 yuan, also down by 45.69% compared to the previous year [2] - The weighted average return on net assets was 9.16%, a decrease of 9.20% year-on-year [2] Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [2] - These products are widely used in commercial buildings, food cold chain logistics, and heating applications, catering to various customer needs [2] - There has been growth in the use of screw and magnetic levitation centrifugal compressors for data center cooling in the first half of the year [2] - Taiwan's Dongyuan is a key partner and customer, with stable business relations in the refrigeration compressor sector [2] Air Compression Products - The company's air compressors serve as core power sources in engineering machinery and are crucial in industries such as pharmaceuticals, chemicals, electronics, and road maintenance [3] - The company is expanding its market for oil-free air compressors, which are essential in industries requiring high air quality, such as food and biopharmaceuticals [3] Vacuum Products - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium battery manufacturing and other sectors [3] - The company has begun small-scale supply to domestic chip manufacturers and is testing new processes with clients [3] Other Information - The company has seen an increase in contract liabilities in the first three quarters, mainly due to a rise in advance payments for new orders [3] - During the investor relations activity, no undisclosed significant information was revealed [3]

Core Insights - The company's main revenue source is compressor products, while vacuum products are experiencing short-term revenue decline due to the photovoltaic industry's oversupply [1] - The company focuses on two core segments: compressors and vacuum pumps, with compressors further divided into refrigeration and air compression series [1] - The refrigeration product matrix is extensive, and data center construction is expected to drive refrigeration demand [1] - The company has established a partnership with important clients like Dongyuan Electric, which is expanding into the AI business, potentially benefiting the company as a major supplier of compressors [2] - The air compression products are essential for various industries, with a strategic focus on oil-free compressors for high-purity applications [2] - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with potential growth in other sectors like lithium batteries and pharmaceuticals [3] - The company anticipates a significant increase in net profit from 7.14 billion to 9.34 billion from 2025 to 2027, with a "recommended" rating [4] Segment Summaries Compressor Products - Compressor products generated revenue of 1.077 billion with a growth of 12.21% in the first half of 2025 [1] - The refrigeration segment includes commercial central air conditioning compressors, frozen and refrigerated compressors, and heat pump compressors [1] - The company’s compressors are increasingly used in data centers, with growth in screw and magnetic levitation centrifugal compressors expected in 2025 [1] Vacuum Products - Vacuum product revenue was 276 million, showing a decline of 60.12% due to the oversupply in the photovoltaic sector [1] - The company is expanding its vacuum product applications into semiconductors and other industries, with initial supply agreements with domestic chip manufacturers [3] - The semiconductor industry’s growth is expected to drive future demand for vacuum products [3] Air Compression Products - Air compression products are critical for various sectors, including pharmaceuticals and electronics, with a focus on expanding oil-free compressor applications [2] - The company is actively developing oil-free compressors, which are essential for industries requiring high air quality [2]

Group 1: Financial Performance - In the first half of 2025, the company reported a revenue of 1.489 billion CNY, a year-on-year decrease of 18.86% [2] - The net profit for the same period was 257 million CNY, down 42.90% compared to the previous year [2] - Basic earnings per share were 0.4813 CNY, reflecting a decline of 42.90% year-on-year [2] - The weighted average return on net assets was 5.99%, a decrease of 5.63% year-on-year [2] Group 2: Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [2] - The refrigeration compressors are widely used in commercial buildings, food cold chain, and heating applications, catering to various customer needs [3] - The company has seen growth in screw and magnetic levitation centrifugal compressors used in data center cooling during the first half of the year [3] Air Compression Products - Air compressors serve as core equipment in engineering machinery and are crucial in various industries such as pharmaceuticals, chemicals, and electronics [3] - The company is expanding into oil-free air compressor markets, which have significant potential in industries requiring high air quality [3] Vacuum Products - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [3] - The company has begun small-scale supply to domestic chip manufacturers, indicating a growing recognition of its vacuum products [3] - Although the current contribution of vacuum products to overall performance is limited, the accelerating domestic semiconductor industry presents a promising growth opportunity [3]

Core Insights - The article highlights Wuhan's strategic development as a logistics hub, focusing on the integration of various transportation modes to enhance international trade efficiency [1][2][3] Group 1: Transportation and Logistics - The introduction of a seamless "water-to-rail" transport model at Xianglu Mountain Station has established it as the second-largest starting point for China-Europe (Central Asia) freight trains in Hubei [1] - Ezhou Huahu International Airport has implemented an "air-to-air" transfer method, reducing customs clearance time for international cargo to 5 hours, with expedited processes for exports and imports [1][2] - Wuhan has developed a dual-hub system with Tianhe International Airport focusing on passenger transport and Ezhou Huahu International Airport on cargo, aiming to create an "air outlet" for global trade [2] Group 2: Economic Growth and Trade - Wuhan's import and export value reached 214.27 billion yuan in the first half of the year, marking a year-on-year increase of 22.3%, which is 13.6 percentage points higher than the same period last year [3] - The city has established a series of measures to facilitate cross-border trade, including a digital platform for international trade and a set of 21 specific initiatives to enhance customs efficiency and reduce trade costs [3] - Wuhan is focusing on building a multi-faceted global trade network and enhancing regional cooperation to strengthen its position in the global economy [3]