Group 1: Company Overview and Strategic Focus - The company will focus on specialized pipe materials, emphasizing high-end, branded, and segmented product strategies to enhance competitive strength and market presence [2][3] - In the oil well pipe sector, the company aims to promote unconventional oil and gas extraction products, including nickel-based alloy pipes and non-API series [2] - The boiler pipe business will prioritize high-end stainless steel boiler pipes and specialty boiler pipes, enhancing customer service and product value [2][4] Group 2: Market Outlook and Product Development - The boiler pipe market is expected to remain robust due to ongoing demand from coal-fired power generation and gas turbine combined cycle power generation [4] - The company plans to optimize boiler pipe production capacity and product structure to meet market demands [4] - The special materials project is set to be completed by November 21, 2025, with a focus on market expansion and product development in high-end sectors [5][6] Group 3: Production Capacity and Future Plans - The HRSG production line, established in 2010, will continue to operate at full capacity, with plans to enhance production flexibility and develop new products [7] - The company will focus on optimizing production organization based on market demand, aiming to increase competitiveness and product value [7] Group 4: Shareholder Returns and Corporate Governance - The company has maintained a tradition of continuous dividends since its listing in 2010, balancing business growth with shareholder returns [8] - Future returns will be aligned with annual profit levels and capital expenditure needs, ensuring sustainable investment returns for shareholders [8]

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]