Company Overview - Company conducted an institutional research meeting on August 5, 2025, attended by representatives from Qingdao Changming Fund, Baoying Fund, and Western Securities [1] - The company specializes in anti-corrosion and wear-resistant cladding equipment, non-cladding boiler components, pressure vessels, and high-end steel structures [8] Business Operations - The company acquires overseas clients primarily through business negotiations, leveraging its strong technical foundation, excellent manufacturing processes, and product quality to establish a reputable brand image [2] - The management adopts a project-based approach, assigning project managers to oversee execution, ensuring quality control, and providing technical support post-project completion to enhance customer satisfaction [3] Market Opportunities - The company is collaborating with Wilham to establish a joint venture to explore the oil and gas market, particularly in the Middle East, due to increasing demand for bimetallic metallurgical composite pipes in corrosive environments [6] - The market for metallurgical composite pipes is expected to grow significantly as the technology matures and costs decrease, making large-scale applications feasible [6] Industry Competition - The anti-corrosion and wear-resistant industry is experiencing increased competition as more companies enter the market, driven by high profit margins [8] - To address intensified competition, the company plans to enhance R&D investment and innovation, improve product diversity, and optimize management practices to maintain its competitive edge [8] Financial Performance - In Q1 2025, the company reported a main revenue of 106 million, a year-on-year decrease of 14.28%, and a net profit of 13.96 million, down 50.86% year-on-year [8] - The company's debt ratio stands at 6.99%, with investment income of 2.34 million and a gross margin of 25.23% [8] Stock Market Activity - Recent financing data indicates a net inflow of 45.30 million in the past three months, with an increase in financing balance, while there was no net inflow in securities lending [9]

Group 1: Company Overview and Management - The company is one of the earliest in China to engage in industrial equipment anti-corrosion and wear-resistant overlay welding, leveraging strong technical expertise and product quality to build a reputable brand image [1] - The management adopts a project-based approach, with a project manager responsible for overseeing execution, ensuring quality control, and providing technical support post-project completion [2] Group 2: Market Opportunities and Collaborations - The company plans to establish a joint venture with Wilham, focusing on expanding into the oil and gas market, particularly in the Middle East, to set up overseas manufacturing bases [4] - There is a growing demand for bimetallic metallurgical composite pipes in the oil and gas industry due to increased corrosion risks in acidic gas fields, indicating a significant market opportunity [4][5] Group 3: Industry Competition and Strategy - The industrial anti-corrosion and wear-resistant overlay welding market is expanding, driven by the rapid growth of waste incineration power generation in China, attracting more competitors [6] - To address increasing competition, the company will enhance R&D investment and innovation, focusing on new materials, processes, and equipment to improve product diversity and operational efficiency [6]

Group 1: Company Overview - The chairman and general manager, Li Haisheng, is a model worker in Guangdong Province and has focused on special metal materials welding since the company's establishment in 1993 [1] - The management team has extensive industry experience, with core technical personnel having 20-30 years of experience in special welding technology [2] Group 2: Product Advantages - The company's anti-corrosion and wear-resistant welding equipment enhances the performance and lifespan of industrial equipment, reducing direct losses from repairs and indirect losses from downtime [3] - The products are designed to operate safely and efficiently in harsh environments, such as high corrosion, wear, high temperature, and high pressure [3] Group 3: Market Expansion - The company is expanding its research and development investments in gas boilers, thermal power, and marine equipment, in addition to waste incineration power generation [4] - Advanced technologies like laser cladding and secondary remelting are being developed to improve production efficiency and product performance [4] Group 4: Impact of Tariffs - Tariffs have a minimal impact on the company's expansion into the U.S. market, as revenue from this market is currently small [5][6] - The company is closely monitoring U.S.-China trade policies and is strategically expanding its product categories and international market presence [6] Group 5: Production and Pricing Model - The company employs a "sales-driven production" model, ensuring efficient production management and quality control [7] - Pricing strategies are based on customer needs, market conditions, and production costs, with expected profit margins set for different projects [8] Group 6: Order Acquisition - The primary customers are energy-saving and environmental protection enterprises, with procurement mainly through bidding processes [9] - The company has established a strong brand image through technical expertise, product quality, and industry reputation, facilitating customer acquisition [10] Group 7: Industry Barriers - High technical barriers exist due to the long development cycle and resource investment required for industrial anti-corrosion and wear-resistant products [11] - Talent barriers are significant, as the industry requires professionals with diverse expertise and extensive experience [12] - Scale barriers are present, as larger companies benefit from economies of scale, impacting cost control and risk management [13] - Customer barriers are high due to stringent evaluation processes by large enterprises in selecting suppliers [13] Group 8: Future Growth Points - Future growth will focus on expanding product types, including high-value manufacturing and boiler components [13] - Diversifying application fields, particularly in biomass power generation and metallurgy, while increasing market penetration through demonstration projects [13] - Accelerating international market development, particularly in Vietnam, to enhance global customer service capabilities [13]

Market Overview - The company's technology and products are applicable in various industrial fields, primarily in waste-to-energy power generation, which accounted for 68.46% of revenue in 2024, totaling 315 million CNY [1] - Domestic market demand for waste-to-energy power generation remains stable compared to last year, while international demand, particularly in developed regions like Europe, is increasing [1][2] Financial Performance - The company's revenue and profit declined in 2024 due to complex international political and economic conditions, increased domestic economic pressure, and intensified competition in the waste-to-energy sector [3] - The overseas revenue share reached 55% in 2024, with exports primarily to Europe, Asia, and the United States [5] Production and Delivery - The company has a sufficient order backlog, with a production cycle of approximately 3 months for customized equipment and 6 to 7 months for installations [3] - The construction of the Da'ao production base is progressing well, while the first phase of the Vietnam production base is completed and expected to commence operations within the year [3] Strategic Development - The company aims to expand its product range, application fields, and international market presence, focusing on special welding technology [8][9] - Future plans include enhancing technology and application upgrades in sectors such as coal-fired power generation, papermaking, and chemical industries [9]

Core Viewpoint - 博盈特焊's performance in 2024 was significantly impacted by market demand fluctuations and international environmental changes, leading to a substantial decline in revenue and profit [1][4]. Group 1: Financial Performance - The company reported total revenue of 460 million yuan in 2024, a year-on-year decrease of 23.76% [1]. - The net profit attributable to shareholders was 69 million yuan, down 47.02% year-on-year [1]. - The non-recurring net profit was 46.94 million yuan, reflecting a decline of 61.67% compared to the previous year [1][5]. Group 2: Business Operations - 博盈特焊 specializes in the research and application of core technologies in special welding, with key products including anti-corrosion and wear-resistant welding equipment [4]. - The company faced significant changes in the waste-to-energy sector, primarily due to market demand fluctuations and policy adjustments, which adversely affected revenue [4]. - Despite having a competitive edge in anti-corrosion and wear-resistant welding equipment, the company's heavy reliance on a single market has weakened its risk resilience [4]. Group 3: Cost and Investment - The company's net profit decline highlights pressures in cost control, with sales expenses increasing by 188.06% as efforts were made to expand market presence [5]. - Investment in fixed assets, intangible assets, and other long-term assets increased by 884.56%, adding financial pressure in the short term [6]. - The company is constructing production bases in Daqiao and Vietnam, which are expected to support future growth but currently strain profit margins [6]. Group 4: Future Outlook - 博盈特焊 aims to enhance market expansion and technical innovation, focusing on diversifying product types and entering international markets [6]. - The management emphasizes the importance of increasing research and development investments to improve product competitiveness [6]. - Balancing market expansion with cost control will be crucial for the company to enhance profitability in a challenging market environment [6].

股票简称：博盈特焊 股票代码：301468 广东博盈特焊技术股份有限公司 Pourin Special Welding Technology Co., Ltd. （广东省江门市鹤山市共和镇共盈路 8 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 二〇二三年七月 特别提示 广东博盈特焊技术股份有限公司（以下简称"公司"、"本公司"、"发行人"或 "博盈特焊"）股票将于 2023 年 7 月 24 日在深圳证券交易所上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临较大 的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因素， 审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《广东博盈特焊技术股份 有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招股说明书"） 中的相同。 第一节 重要声明与提示 一、重要声明 本公司提醒广大投资者注意，凡本上市 ...

之 上市公告书 股票简称：博盈特焊 股票代码：301468 广东博盈特焊技术股份有限公司 Pourin Special Welding Technology Co., Ltd. （广东省江门市鹤山市共和镇共盈路 8 号） 首次公开发行股票并在创业板上市 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 二〇二三年七月 特别提示 广东博盈特焊技术股份有限公司（以下简称"公司"、"本公司"、"发行人"或 "博盈特焊"）股票将于 2023 年 7 月 24 日在深圳证券交易所上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临较大 的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因素， 审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《广东博盈特焊技术股份 有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招股说明书"） 中的相同。 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人 ...

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不 确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 广东博盈特焊技术股份有限公司 Pourin Special Welding Technology Co., Ltd. （广东省江门市鹤山市共和镇共盈路 8 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 1-1-1 创业板投资风险提示 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-2 ...

创业板投资风险提示 声明 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不 确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 广东博盈特焊技术股份有限公司 Pourin Special Welding Technology Co., Ltd. （广东省江门市鹤山市共和镇共盈路 8 号） 首次公开发行股票并在创业板上市 招股意向书 （北京市朝阳区安立路 66 号 4 号楼） 1-1-1 保荐人（主承销商） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-2 ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不 确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 广东博盈特焊技术股份有限公司 Pourin Special Welding Technology Co., Ltd. （广东省江门市鹤山市共和镇共盈路 8 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说明书不具 有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书 作为投资决定的依据。 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 1-1-1 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行 ...