证券日报网讯 1月9日，宝光股份（600379）在互动平台回答投资者提问时表示，对于研发项目和产品 应用的具体情况，公司按照《上海证券交易所股票上市规则》及商业规则合规披露相关信息。目前公司 积极推进金属化陶瓷向医疗、军工及高端半导体等领域的研发应用。公司定期报告中所有股东的持股情 况，均按照相关法律法规的要求进行披露。 ...

证券日报网讯 1月9日，宝光股份在互动平台回答投资者提问时表示，2025年公司金属化陶瓷业务在高 端半导体领域的应用处于研发阶段，用于试验的产品有交付客户并形成一定的收入。 （文章来源：证券日报） ...

（记者 王晓波） 宝光股份（600379.SH）1月9日在投资者互动平台表示，公司金属化陶瓷主要原材料为氧化铝粉。公司 与高校合作建立陶瓷联合试验室，开展新型陶瓷材料研究，致力于金属化陶瓷产品的研发和应用拓展。 公司公告信息均以在上海证券交易所及指定媒体正式刊登的内容为准，请您关注公司公告。 每经AI快讯，有投资者在投资者互动平台提问：贵司金属陶瓷在氮化铝粉体及基板连续烧结方面是否 有布局？与贵司业务相当的旭光电子已经在上述领域取得突破，请问贵司是否跟进？ ...

（编辑 丛可心 袁冠琳） 证券日报网讯 12月23日，宝光股份在互动平台回答投资者提问时表示，宝光股份的金属化陶瓷业务与 西电西瓷的业务不存在重叠。宝光股份的金属化陶瓷已经逐步在医疗、军工、高端半导体等领域实现应 用。公司作为央企控股上市公司，拥有完善的治理架构，权责分明、有效制衡、运转高效，能够保障业 务的顺利发展。公司一直重视科技创新和人才培养，拥有从原材料研发、核心零部件制造到真空灭弧室 生产的完整产业链核心技术体系与制造能力。在资金投入方面，公司持续加大研发力度，推动智能化、 数字化产线升级改造工程，实现"降本、提效、保供"三重目标，为业务规模化提供核心支撑。这些都表 明公司在管理架构、人才储备、资金投入等方面具备保障业务发展的能力。公司会根据市场情况和战略 规划，做出合理的业务布局和调整。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company's short-term profitability is under pressure, but there is an expectation for high-margin business to ramp up [5][12] - For the first three quarters of 2025, the company reported a revenue of 950 million yuan, a year-on-year decrease of 18.0%, and a net profit attributable to shareholders of 50 million yuan, down 28.3% year-on-year [2][5] - In Q3 2025, the company achieved a revenue of 310 million yuan, a slight increase of 0.3% year-on-year, but a decrease of 2.1% quarter-on-quarter [2][5] Summary by Sections Revenue Performance - The revenue for the first three quarters of 2025 was 950 million yuan, reflecting an 18.0% decline year-on-year [2][5] - Q3 2025 revenue was 310 million yuan, showing a year-on-year increase of 0.3% but a quarter-on-quarter decrease of 2.1% [2][5] Profitability Metrics - The net profit attributable to shareholders for the first three quarters of 2025 was 50 million yuan, down 28.3% year-on-year [2][5] - The net profit for Q3 2025 was 10 million yuan, a significant decline of 46.9% year-on-year and 33.6% quarter-on-quarter [2][5] Margin Analysis - The gross margin for the first three quarters of 2025 was 19.46%, an increase of 1.29 percentage points year-on-year [12] - The gross margin for Q3 2025 was 19.23%, a decrease of 3.00 percentage points year-on-year and 0.66 percentage points quarter-on-quarter [12] Expense Overview - The total expense ratio for the first three quarters of 2025 was 13.17%, an increase of 2.97 percentage points year-on-year [12] - In Q3 2025, the total expense ratio rose to 14.56%, up 0.57 percentage points year-on-year and 2.85 percentage points quarter-on-quarter [12] Inventory and Cash Flow - As of the end of Q3 2025, inventory reached 292 million yuan, a year-on-year increase of 85.5% [12] - The operating cash flow for the first three quarters of 2025 was -94 million yuan, with Q3 showing -59 million yuan [12] Future Outlook - The company is expected to face short-term profitability pressure due to pricing factors in its medium-voltage vacuum circuit breaker products, but high-margin products are anticipated to show strong market expansion capabilities [12] - The company is projected to achieve a net profit of 65 million yuan in 2025, corresponding to a PE ratio of approximately 65 times [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's short-term profitability is under pressure, but there is an expectation for high-margin business to ramp up [4][5]. - For the first three quarters of 2025, the company reported revenue of 950 million yuan, a year-on-year decrease of 18.0%, and a net profit attributable to shareholders of 50 million yuan, down 28.3% year-on-year [2][4]. - In Q3 2025, the company achieved revenue of 310 million yuan, a slight increase of 0.3% year-on-year, but a decrease of 2.1% quarter-on-quarter [2][4]. Summary by Sections Revenue Performance - The company’s revenue for the first three quarters of 2025 was 950 million yuan, reflecting an 18.0% decline year-on-year [2][4]. - In Q3 2025, revenue was 310 million yuan, showing a year-on-year increase of 0.3% but a quarter-on-quarter decrease of 2.1% [2][4]. Profitability Metrics - The net profit attributable to shareholders for the first three quarters of 2025 was 50 million yuan, down 28.3% year-on-year [2][4]. - The net profit for Q3 2025 was 10 million yuan, a significant decline of 46.9% year-on-year and 33.6% quarter-on-quarter [2][4]. Margin Analysis - The gross margin for the first three quarters of 2025 was 19.46%, an increase of 1.29 percentage points year-on-year [9]. - In Q3 2025, the gross margin was 19.23%, which represents a decrease of 3.00 percentage points year-on-year and 0.66 percentage points quarter-on-quarter [9]. Expense Overview - The total expense ratio for the first three quarters of 2025 was 13.17%, an increase of 2.97 percentage points year-on-year [9]. - In Q3 2025, the total expense ratio rose to 14.56%, up 0.57 percentage points year-on-year and 2.85 percentage points quarter-on-quarter [9]. Inventory and Cash Flow - As of the end of Q3 2025, inventory reached 292 million yuan, a year-on-year increase of 85.5% [9]. - The operating cash flow for the first three quarters of 2025 was -94 million yuan, with Q3 showing -59 million yuan [9]. Future Outlook - The company is expected to face short-term pressure on profitability due to pricing factors in its medium-voltage vacuum circuit breaker products, but high-margin products are anticipated to show strong market expansion and growth potential [9]. - The company’s net profit for 2025 is projected to reach 65 million yuan, corresponding to a PE ratio of approximately 65 times [9].

Summary of Baoguang Co., Ltd. Conference Call Company Overview - **Company**: Baoguang Co., Ltd. - **Date**: November 3, 2025 Key Points Financial Performance - **Revenue Decline**: Revenue for the first three quarters decreased by 18% year-on-year, with total profit down by 25% due to strategic adjustments in energy storage EPC projects, rising raw material costs, and reduced government subsidies [2][3] - **Energy Storage Sector**: Revenue from the energy storage segment plummeted by 95%, resulting in a loss of 1.7 million yuan [2][3] - **Cost Reduction**: The company achieved cost savings of approximately 12 million yuan through the electric assembly procurement system, which helped alleviate some cost pressures [2][5] - **Import and Export Growth**: The import and export segment saw a revenue increase of about 15%, contributing an additional profit of 10-12 million yuan [2][6] - **Kaiser Integration**: Post-acquisition, Kaiser contributed approximately 69.1 million yuan in revenue and less than 4.7 million yuan in profit, with an expected annual revenue of 120 million yuan and a net profit of 7-8 million yuan [2][9] Market Dynamics - **Price Competition**: The electric grid equipment industry is experiencing intense price competition, but it is expected that tender prices from the State Grid will rise after the end of 2026 [2][11] - **Raw Material Costs**: Short-term pressures are primarily from raw material costs, particularly copper, which is becoming increasingly scarce due to AI development [2][12] Product Performance - **High-Margin Products**: Sales of high-margin products such as high-voltage products, oil-immersed tap changers, and vacuum arc extinguishers for high-speed rail are performing well [2][13] - **Export Markets**: Overseas revenue increased by 15%, driven by demand in India, with stable sales in the Middle East, Russia, and parts of Europe, primarily in medium and low-voltage products [2][4][18] Future Outlook - **Energy Storage Projects**: The company is focusing on frequency modulation technology with projects in Shantou and Guangzhou Knowledge City, expecting the Shantou project to start by year-end, contributing 8.3 million yuan monthly [2][19] - **Hydrogen Energy Business**: The hydrogen energy business in Qingyuan saw over 30% revenue growth from January to September, with a conservative growth outlook of 5-10% annually [2][23] - **Ceramic Development**: The company is expanding its metalized ceramic production lines, with a focus on the semiconductor sector, expecting to enter mass production by June 2026 [2][25] Challenges and Risks - **Market Competition**: The traditional medium and low-voltage product market is facing significant competition, with price recovery expected only by the end of next year [2][26] - **Operational Adjustments**: The company is adjusting its operational strategies in response to market conditions and raw material price fluctuations [2][10] Additional Insights - **Kaiser Integration**: The integration of Kaiser is focused on brand and sales channel empowerment, with production planning linked to overall company strategy [2][8] - **Product Development**: The 126 high-voltage product is still in the experimental phase, with limited supply expected until national standards are established [2][14] This summary encapsulates the key financial metrics, market dynamics, product performance, future outlook, and challenges faced by Baoguang Co., Ltd. as discussed in the conference call.