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 ...

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. has announced that its boiler pipes are key products with strong market demand and are leading in production volume, brand quality, and customer recognition in both domestic and international markets [2] Company Overview - The company’s boiler pipe production capacity is currently operating at full capacity, indicating robust market demand [2] - The HRSG (Heat Recovery Steam Generator) product, which is primarily used in gas turbine waste heat boiler power generation, holds a significant market share within the industry [2] - Changbao maintains stable supply relationships with leading domestic and international enterprises [2] Strategic Initiatives - The company plans to enhance internal capacity utilization and structural upgrades for its boiler pipes [2] - There is a focus on strengthening collaborations with leading enterprises to further improve the market competitiveness of its key products [2] - The company is also advancing the market development of new products, including high-end stainless steel boiler pipes [2]