常宝股份(002478) - 002478常宝股份投资者关系管理信息20251219

Group 1: 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 [3] - Key products include oil pipes, alloy high-pressure boiler pipes, HRSG ultra-long pipes, and U-shaped pipes for heat exchangers, which have high brand recognition and core competitiveness [3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 4.284 billion, net profit attributable to shareholders of CNY 392 million, and a net operating cash flow of CNY 249 million [3] - The company maintains a stable operational performance with a focus on long-term value management and brand development [3] Group 3: Product Strategy and Development - The company aims to strengthen its product planning by focusing on high-end, brand-oriented, and specialized products, particularly in the oil pipe and boiler pipe sectors [4][5] - HRSG products have become a key focus, with production capabilities for ultra-long, ultra-thin, and high-grade products, contributing to energy efficiency in gas turbine power generation [5] - The Changbao special materials project is a milestone for high-end upgrades, with production starting on November 21, 2025, aimed at overcoming technical bottlenecks and expanding high-value applications [6][7] Group 4: Capital Expenditure and Investment - Recent capital investments have been directed towards high-end project construction, production line upgrades, and automation to enhance competitiveness [8] - The company plans to continue investing in technology upgrades and automation to respond flexibly to market demands [8] Group 5: Employee Incentives and Shareholder Returns - The company values talent development and has implemented stock incentive plans in 2021 and 2023 to enhance team cohesion [9] - It maintains a tradition of continuous dividends since its listing, balancing business growth with shareholder returns while considering capital expenditure needs [10][11]