证券代码：002478 证券简称：常宝股份 江苏常宝钢管股份有限公司投资者关系活动记录表 编号：2025-010 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □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 电话会议 | | 时间 | 2025 年 12 月 12 日 下午 15:00-17:00 | | 参与单位名称 | 中金公司 张树伟 | | 及人员姓名 | 东方证券 刘洋 | | | 东方证券 黄雨韵 | | | 天倚道投资 胡佳 | | | 容光私募 黄沛然 | | | Monolith（砺思资本）苏晟宇 | | 地点 | 公司会议室 | | 上市公司 | 董事会秘书刘志峰 | | 接待人员姓名 | | | | 一、公司介绍、工厂参观 | | | 二、问答交流 | | | 1、公司未来的产品规划情况？ | | | 回复：公司将聚焦特种专用管材细分领域，践行高端化、 | | | 品牌化、细分化产品战略，以做强做精特色优势产品，攻坚突 | | 投资者关系活动 | 破高端产品，拓展布局新市场新领域为核心方向，全 ...

Company Overview - Jiangsu Changbao Steel Tube Co., Ltd. specializes in the research, manufacturing, and service of special pipes, established in 1958 and listed on the Shenzhen Stock Exchange in 2010 [2][3] - The company focuses on small-diameter special seamless pipes, with an annual production capacity of 1 million tons across three manufacturing bases [2][3] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 4.284 billion, with a net profit attributable to shareholders of CNY 392 million and a net cash flow from operations of CNY 249 million [3] Product Development and Market Strategy - The special material project has been completed and is currently in the market expansion phase, with plans to accelerate the development of high-end products such as stainless steel boiler pipes and nickel-based alloy oil pipes [4][6] - The HRSG product line, established in 2010, has become a key production line, focusing on high-quality, fast delivery, and a variety of small-batch production [5] Future Capacity and Product Planning - The company aims to maintain stable production capacity while enhancing product structure and market segmentation, focusing on high-end and niche products [6] - Plans include increasing the proportion of unconventional oil and gas products in the oil pipe sector and promoting stainless steel and high-temperature alloy products in the boiler pipe sector [6] Digital and Intelligent Development - The company is advancing digitalization and automation in production lines, integrating technologies such as industrial internet and big data to enhance manufacturing efficiency [7] Shareholder Return Strategy - Since its listing in 2010, the company has maintained a tradition of continuous dividends and has established a transparent shareholder return system [9] Global Expansion Plans - The company is committed to a globalization strategy, focusing on international market expansion and brand recognition [10] Talent and Incentive Mechanisms - The company has implemented stock incentive plans in 2021 and 2023 to enhance team motivation and will continue to optimize its performance and compensation systems [11] Business Philosophy and Transformation - The company emphasizes long-term value management and brand development, aiming to enhance its core competitiveness through continuous improvement and innovation [12][13]

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]

Financial Performance - The company achieved a net profit attributable to shareholders of 3.92 billion CNY for 2025 [2] - In the first three quarters of 2025, the company reported an operating income of 42.84 billion CNY and a net profit of 3.53 billion CNY after deducting non-recurring gains and losses [2] - The operating cash flow net amount was 2.49 billion CNY, indicating stable production and sales [2] Strategic Development - The company focuses on long-termism, value management, and brand management to build core competencies in niche markets [2] - Future strategies include advancing high-end, brand-oriented, and segmented development, with an emphasis on product and market structure transformation [2][3] Market Expansion Plans - The company aims to strengthen its position in the special-purpose pipe segment, particularly in high-end products like nickel-based alloy oil pipes and high-end stainless steel boiler pipes [4] - Plans to target high-tech markets such as new energy, fine chemicals, and marine equipment, while promoting high-end products with stringent technical requirements [4] Employee Incentives - The company has implemented restricted stock incentive plans in 2021 and 2023, along with an employee stock ownership plan in 2023 to enhance team motivation [5] - Future optimization of incentive mechanisms will be considered in line with development strategies and regulatory requirements [5] Product Development and Market Position - The HRSG (Heat Recovery Steam Generator) product line has become a key feature, with a leading market share in the industry [7] - The company plans to enhance HRSG product capacity and structure, focusing on stainless steel and nickel-based products to improve competitiveness [7] Capital Expenditure and Dividend Plans - Future capital expenditures will focus on technology upgrades and automation to respond flexibly to market demands [7] - The company maintains a tradition of dividends and aims to balance business development with shareholder returns, guided by a three-year shareholder return plan from 2024 to 2026 [7]

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]

Group 1: Company Performance Overview - In the first half of 2025, the company maintained stable production and sales despite a challenging domestic and international environment, showing resilience in operations [2] - Although the company's performance declined year-on-year due to intensified competition and changes in the foreign trade market, there was a significant improvement in the second quarter compared to the first quarter [2] Group 2: Business Strategy and Development - The company focuses on optimizing product and market structures, emphasizing collaboration with brand clients and industry leaders to enhance core competitiveness [3] - Continuous upgrades and adjustments to production lines are implemented to ensure product quality and production efficiency, adapting to market demands [4] Group 3: Product and Market Expansion - The company aims to advance high-end transformation in its oil pipe business, targeting niche markets and key clients, with a focus on promoting nickel-based alloy pipes and 13Cr products [5] - In the boiler pipe sector, the company has upgraded its product range from carbon and alloy steel to stainless steel, enhancing its competitiveness and customer recognition [5] Group 4: New Projects and Future Plans - New projects are progressing as scheduled, with successful deliveries and approvals from major domestic and international clients in the specialty materials sector [6] - The company is committed to a shareholder return plan for 2024-2026, balancing investor returns with growth potential [6] Group 5: Capital Expenditure and Global Strategy - The company has established a production base in Oman and plans to seize overseas market opportunities while monitoring external uncertainties [6] - Ongoing efforts include optimizing product structures and upgrading production lines to enhance core competitiveness [6]