Group 1: Current Orders and Production - The company currently has a sufficient order backlog, but both orders and operational status have decreased compared to the same period last year [2] - The company actively engages in market sales through bidding and business negotiations [2] Group 2: Revenue Recognition and Financials - Revenue is recognized when the company fulfills its contractual obligations, with specific methods depending on the product type [3] - The delivery cycle for nuclear power products varies, generally taking around 3 years, with a manufacturing cycle of over 2 years [3] - The gross margin of nuclear power products may fluctuate due to various factors, but prices remain relatively stable [4] Group 3: Future Development and Strategy - The company will continue to focus on nuclear power equipment manufacturing and diversify products in energy, petrochemicals, and machinery sectors [5] - The company is involved in the ITER project for nuclear fusion technology, which is a long-term endeavor [6] - Plans to increase R&D investment in non-nuclear products and new materials while expanding market share [7] Group 4: Competitive Landscape and Market Expansion - The competitive landscape is stable, with high entry barriers for new competitors due to licensing requirements [8] - The company aims to strengthen its brand recognition and expand into new regional markets while maintaining existing customer relationships [9]

证券代码：002366 证券简称：融发核电 融发核电设备股份有限公司 投资者关系活动记录表 编号：202501 | | √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活动 | | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他： （请文字说明其他活动内容） | | 参与单位名称 | 国海证券钟琪 | | 及人员姓名 | | | 时间 | 2025 年 5 月 19 日 15:00-16:00 | | 地点 | 烟台市莱山区秀林路2号公司会议室 | | 公司接待人员 | 董事会秘书刘宝江、证券事务代表张炳旭 | | 姓名 | | | 召开形式 | 现场会议 | | | 1、请介绍公司核电、石化板块订单情况如何？ 答：公司目前在手订单相对充足，各订单按照生产计划有序进行中。 | | | 同时公司通过参与招投标、业务洽谈等形式积极开展市场销售，订单详 情请关注公司后续披露的相关信息。 | | 投资者关系活动 | 2、在核电主管道、主泵泵壳、压力容器支承铸件和相关锻件，国内的 | | 主要内容介绍 | 竞争格局？公 ...

Core Viewpoint - Hangyang Co., Ltd. reported a solid financial performance in Q1 2025, with total operating revenue of 3.565 billion yuan, a year-on-year increase of 7.85%, and a net profit attributable to shareholders of 226 million yuan, up 10.82% year-on-year [1] Financial Performance - The company achieved a total operating revenue of 3.565 billion yuan in Q1 2025, representing a 7.85% increase year-on-year [1] - Profit before tax reached 335 million yuan, reflecting a 13.61% year-on-year growth [1] - The net cash flow from operating activities was 424 million yuan, an increase of 46.78% compared to the same period last year [1] Shareholder Structure - Hangzhou Hangyang Holding Co., Ltd., as the largest shareholder, holds 53.33% of the shares, totaling 524,754,485 shares, with no shares pledged, marked, or frozen, indicating strong control and stability [1] Business Overview - Hangyang is a world-class supplier of air separation equipment and low-temperature petrochemical equipment, leading the gas industry in China [1] - The company has established over 60 specialized gas companies domestically and internationally, with an oxygen production capacity of 3.5 million Nm3/h, serving various industries including metallurgy, chemicals, and healthcare [1] Industry Position - Hangyang's air separation equipment business is globally recognized, with a leading market share in low-temperature petrochemical products domestically [2] - The company has a self-sufficiency rate of over 90% for key equipment, showcasing its technological capabilities [2] Strategic Initiatives - The company is focusing on the entire hydrogen energy value chain and carbon neutrality solutions, while also exploring biomass energy utilization and green chemistry [2] - Hangyang aims to innovate its business model and expand its service industry, enhancing its position as an innovative service-oriented enterprise [2] Future Outlook - The company anticipates a recovery in performance following a challenging 2024, supported by abundant gas projects and ongoing developments in coal chemical projects [3] - Hangyang plans to increase its stock holdings through a special loan from China Industrial Bank, reflecting confidence in its long-term investment value [4] - The company aims to create a world-class gas industry enterprise by focusing on market-driven strategies, innovation, quality, service, and cost management [4]

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the information disclosed in its quarterly report, and assumes legal responsibility for any false records or misleading statements [2][7][28] - The first quarter report for 2025 has not been audited [6][28] - The company plans to engage in daily related transactions with associated parties, with estimated amounts for various transactions not exceeding 30 million yuan for certain transactions and 8 million yuan for others [8][9][19] Group 2 - The company intends to provide a counter-guarantee for its subsidiary's financing, with a maximum counter-guarantee amount of 1.275 billion yuan based on a financing limit of 2.5 billion yuan [29][30] - The counter-guarantee is expected to be effective from the date of approval at the annual general meeting until the next annual general meeting [31][32] - The company has no overdue guarantees or litigation-related guarantees as of the announcement date [37][38] Group 3 - The company primarily engages in high-end equipment manufacturing and high-end materials business, serving industries such as nuclear power, hydropower, wind power, petrochemicals, metallurgy, and national defense [45] - The company’s main products include nuclear power main pipelines, reactor coolant pump casings, and various container forgings, which are critical for the safety and reliability of nuclear power plants [46][48][49] - The company has successfully achieved domestic production of key components previously controlled by foreign entities, enhancing its competitive position in the market [48][50]