江苏常宝钢管股份有限公司投资者关系活动记录表 证券代码：002478 证券简称：常宝股份 编号：2025-007 3、公司特材项目的进展和产能预期？ 回复：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，同时将有计划的做好海洋脐带缆、EP 管等国 ...

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]