证券代码：002410 证券简称：广联达 广联达科技股份有限公司投资者关系活动记录表 编号：2025-008 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 活动参与人员 博时基金、华夏基金、工银瑞信、财通资管、泰康资产、广发基 金、银华基金、朱雀基金、天弘基金、东方资管、和谐汇一、高 信百诺 时间 2025 年 10 月 27 日 地点 广联达二期大厦 621 会议室 形式 现场 上市公司接待人 员姓名 董事长、总裁 袁正刚 高级副总裁、财务总监 刘建华 副总裁、董事会秘书 冯健雄 交流内容及具体 问答记录 Q1：当前房地产行业持续调整，公司如何看待建筑行业的未 来前景？新的市场机会在哪里？ 答：当前房地产正处于从大规模增量扩张向存量提质增效的 调整阶段，住宅开发领域确实面临如投资缩减、项目数量下降等 方面的挑战。但房地产的项目只是建筑行业之一，建筑业整体体 量依然庞大，每年拥有数十万亿的产值，其作为国民支柱产业的 地位未发生改变，当前的转型升级也会带来诸多结构性机会。 展望未来的发展，公司依旧会立足建筑 ...

Group 1: Company Overview - Anhui Hangyi Technology Co., Ltd. was established in July 2025 with a registered capital of 50 million RMB, focusing on non-automotive liquid cooling pump R&D, production, and sales [1] - The company aims to become a global core supplier in the IDC liquid cooling pump sector, leveraging over 70 years of thermal management technology from Feilong Automotive Parts Co., Ltd. [1] Group 2: Product Offerings - The product range includes electronic pump series (covering 13W to 40kW) and temperature control valve series, with a focus on platform-based development and customized solutions [2] - Current applications for liquid cooling components include data centers, AI, charging stations, and various emerging fields, with over 80 established client relationships and more than 120 ongoing projects [2][3] Group 3: Market Position and Strategy - The company has four production lines for liquid cooling components and is adjusting equipment from Henan Feilong to meet demand [3] - In the consumer market, the average price of electronic pumps is slightly higher than in the automotive sector, indicating a more lucrative growth potential in the consumer space [3] Group 4: Competitive Advantages - The core competitive advantages include first-mover advantage, customer relationships, and platform-based design, allowing for tailored solutions that meet diverse customer needs [3] - The company is focusing on enhancing product efficiency and expanding its market presence, particularly in the overseas server liquid cooling market [3]

Group 1: Financial Performance - The company achieved a revenue of 17.56 billion CNY in the first three quarters, representing a year-on-year growth of 29.3% [3] - Net profit attributable to shareholders reached 1.45 billion CNY, with a year-on-year increase of 56.8% [3] - The net cash flow from operating activities was 3 billion CNY, with a weighted average return on equity of 13.95% [3] - In Q3 alone, revenue was 5.63 billion CNY, showing a year-on-year growth of 40.2%, and net profit was 430 million CNY, up by 52.0% [3] Group 2: Business Segments Performance - The magnetic materials segment generated approximately 3.7 billion CNY in revenue, achieving double-digit growth with over 160,000 tons shipped [3] - The photovoltaic industry reported revenue of 11.47 billion CNY, a year-on-year increase of 43.6%, with shipments of 19.5 GW, up by about 70% [3] - The lithium battery segment achieved revenue of 1.99 billion CNY, growing by 5.6%, with shipments exceeding 460 million units, a year-on-year increase of 12.3% [4] Group 3: Market Outlook and Challenges - The company anticipates that component prices will not rebound significantly in Q4 and the first half of next year due to a relatively sufficient supply [4] - The impact of U.S. trade investigations on the company's photovoltaic performance is expected to be minimal, with a focus on maintaining sustainable transactions in overseas markets [5] - Global photovoltaic installation demand is projected to decline in 2026, with various regional markets showing different growth potentials [6] Group 4: Strategic Initiatives - The company is focusing on enhancing product capabilities and quality in the lithium battery sector, with plans to adjust product structure in the coming year [15] - There is an emphasis on expanding overseas production capacity in Vietnam and Thailand, with the Vietnamese base already in stable production [12] - The company is actively pursuing the development of non-rare earth alternatives in response to export controls, with progress expected in the coming quarters [14]

Group 1: Financial Performance Overview - The company achieved a revenue of 13.493 billion CNY for the first nine months of 2025, with 5.140 billion CNY in the third quarter [2] - The net profit attributable to shareholders for the first nine months was 287 million CNY, with 138 million CNY in the third quarter [2] - The company's performance showed fluctuations due to a year-on-year decline in product prices despite stable operations in its yellow feathered chicken and pig farming segments [2] Group 2: Cost Management and Market Outlook - The complete cost of yellow feathered chicken in the third quarter rose to approximately 11.4 CNY/kg due to increased feed raw material costs and prolonged high-temperature weather [3] - The yellow feathered chicken market began to recover from a low point in June and July, with profitability maintained since August [3] - The pig farming segment's production cost was around 12.6 CNY/kg in the third quarter, decreasing to 12.3 CNY/kg in September, with a target of 12 CNY/kg by year-end [3] Group 3: Production Capacity and Strategic Goals - The company has established an annual slaughter capacity of 150 million yellow feathered chickens, aiming for a slaughter target of 100 million chickens in 2025 [3] - Efforts are being made to enhance production efficiency and reduce processing costs while expanding the fresh chicken market [3]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.446 billion CNY, a year-on-year increase of 41.71% [2] - The net profit attributable to shareholders in Q3 was 190 million CNY, up 38.36% year-on-year [2] - Cumulatively, for the first three quarters, the company reported a revenue of 3.609 billion CNY, a growth of 23.93% [2] - The net profit attributable to shareholders for the first three quarters was 446 million CNY, reflecting a year-on-year increase of 24.93% [2] Business Growth Areas - The company's data center and renewable energy sectors are both experiencing growth [2] - The data center business is driven by increased demand from the internet and communication sectors, with collaborations established with major clients like ByteDance, Alibaba, and JD [3] - The company is actively preparing for advancements in AIDC product development and global market expansion [3] AIDC Product Development - The company offers a comprehensive range of data center products, including UPS power supplies, HVDC, temperature control equipment, and batteries [3] - There is a focus on enhancing power capacity and optimizing single-machine power density in power products [3] - The company is developing new AIDC-related products, including new HVDC and SST models, while maintaining close communication with clients regarding product needs [3] Renewable Energy Storage - The renewable energy storage business is identified as a key growth area, with significant demand recovery in the European market since 2025 [4] - The company has seen a surge in orders from major clients in the household storage segment and is experiencing rapid growth in emerging markets [4] - The renewable energy storage sector is expected to remain a primary focus for the company in the coming years [4]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of ¥8,273,220,959.41 and a net profit attributable to shareholders of ¥901,103,576.55 [2] - As of June 30, 2025, the company had unfulfilled contracts for integrated circuit and compound semiconductor equipment exceeding ¥3.7 billion (including tax) [5] Product Development - The company launched its first 12-inch silicon carbide (SiC) substrate processing pilot line on September 26, 2025, marking a significant advancement in domestic equipment development with 100% localization [2][3] - The pilot line covers the entire process from crystal growth to detection, utilizing domestically developed equipment, thus establishing a complete closed loop for 12-inch SiC substrates [3] Capacity Expansion - The company is actively expanding its SiC production capacity, with a project in Shangyu aiming for an annual output of 300,000 SiC substrates and an 8-inch SiC substrate industrialization project in Penang, Malaysia [4] - Additionally, a project in Yinchuan is set to produce 600,000 8-inch SiC substrates annually, enhancing the company's technological and scale advantages in the SiC substrate field [4] Semiconductor Equipment Progress - The company has successfully delivered its self-developed 12-inch atmospheric silicon epitaxy equipment to leading domestic clients, achieving international advanced levels in key performance indicators [6] - The company is also advancing the market promotion of new products such as the 12-inch dry-in-dry-out edge grinding machine and the 12-inch double-sided thinning machine [6] Component and Material Development - The subsidiary, Jinghong Precision, is focusing on the localization of core semiconductor components, enhancing manufacturing capabilities and product quality [8] - In the semiconductor consumables sector, the company has achieved domestic substitution for quartz crucibles, leading the market share and gradually increasing it [10] Client Base and Market Position - The company has established a strong reputation among high-end clients in the semiconductor and photovoltaic industries, maintaining long-term strategic partnerships with notable firms [10] - Major clients include well-known companies such as Longi Green Energy, Tongwei Co., and JinkoSolar, contributing to the company's industry influence [10]

Company Overview - Shandong Sanwei Chemical Group Co., Ltd. is a technology-driven chemical group engaged in chemical and petrochemical technology and product R&D, engineering services, catalyst production, and basic chemical raw material sales [3][4]. - The company is a leading domestic producer of n-propanol and a significant player in the recovery of butanol and n-pentanol [4]. Financial Performance - In Q3 2025, the company achieved total revenue of RMB 692.19 million, a year-on-year increase of 3.61%, while net profit attributable to shareholders was RMB 33.10 million, a decrease of 46.18% [5]. - For the first three quarters of 2025, total revenue reached RMB 1.94 billion, up 14.63%, with net profit of RMB 153.46 million, an increase of 5.14% [5]. Engineering Business - From January to September 2025, the company signed new engineering consulting and contracting orders totaling approximately RMB 1.02 billion [5]. - As of September 30, 2025, the total amount of signed but uncompleted orders in the engineering business was RMB 1.64 billion, indicating a robust order backlog [5]. Shareholder Returns - The company distributed a cash dividend of RMB 1.00 per 10 shares, totaling RMB 64.89 million, based on a total share capital of 648,862,630 shares as of June 30, 2025 [7]. - Cumulatively, since its listing in 2010, the company has distributed cash dividends amounting to RMB 1.29 billion, reflecting its commitment to shareholder returns [8]. Technological Advantages - The company has developed leading technologies in sulfur recovery and low-emission gas purification, with a total of 245 sulfur recovery units designed and contracted, amounting to a total capacity of 1.32 million tons per year [10]. - It holds proprietary technologies in aldehyde synthesis and catalyst production, positioning it as a leader in the industry [10][11]. Future Development Plans - The company aims to enhance investor returns while ensuring sustainable growth, focusing on optimizing costs, improving quality, and innovating across its operations [8]. - It plans to leverage its cash reserves and low debt ratio to explore expansion opportunities cautiously and scientifically [12].

Group 1: Market Performance and Product Pricing - The price of erythromycin thiocyanate has remained stable, consistent with the same period last year, due to stable market demand and supply in 2024 [2] - The prices of 6-APA and industrial salt for penicillin products have returned to near five-year historical lows, with expectations for a price rebound as outdated production capacity is phased out [3] - The overall price of cephalosporin products has shown minor fluctuations since the beginning of the year, with future adjustments based on market demand and production capacity [4] Group 2: AI Applications in Production - AI-controlled fermentation tanks have shown a 3%-5% increase in yield compared to traditional methods, with ongoing data iterations expected to further enhance production efficiency [3] - The AI system can predict fermentation trends in real-time, allowing for proactive adjustments to maintain production stability and reduce fluctuations [3] Group 3: Revenue and Order Projections - Revenue from synthetic biology products reached CNY 48.8 million in the first three quarters of 2025, with improved order conditions compared to the same period last year [4] - Future revenue is expected to significantly improve as production capacity increases and market expansion continues [4] Group 4: Cost and Expense Management - Overall expenses increased by 26% year-on-year in the first three quarters of 2025, primarily due to R&D costs associated with new product development [6] - Anticipated cost reductions in the fourth quarter due to the absence of one-time expenses and decreasing trial production costs [6] Group 5: Raw Material and Energy Costs - The price of corn, a primary raw material, is projected to be CNY 1.9-2.0 per kg (excluding tax), reflecting an increase compared to last year [6] - Energy costs, primarily from coal, are expected to remain stable over the next two years despite regional influences [6] Group 6: Profit Margin Trends - The overall gross margin for the first three quarters of 2025 was 32.8%, a decrease of 3.1% compared to the first half of the year, influenced by price and cost fluctuations [7] - Anticipated recovery in gross margins in the fourth quarter due to increased market demand during the peak season [8]

Group 1: Financial Performance - The company achieved a revenue of 1.808 billion CNY in the first three quarters of 2025, with Q3 revenue reaching 685 million CNY, marking a historical high with a year-on-year growth of 6.55% [2][3] - Net profit for the first three quarters was 173 million CNY, with a non-recurring net profit of 142 million CNY [2] - The main products, fish and meat products, showed steady growth, while quail eggs faced challenges due to industry demand fluctuations and channel changes [2] Group 2: Product Development and Market Strategy - The core product, deep-sea anchovy, holds a leading position in its category, with ongoing investments in product innovation and brand enhancement [3] - The company is focused on a multi-channel development strategy, enhancing product display and increasing brand exposure in the snack channel, which has seen over 50% year-on-year growth [4][3] - New product launches, such as "Jingmen Explosive Belly," and customized products based on channel needs are part of the strategy to enrich the product SKU [2] Group 3: Cost and Profitability - The company's gross margin has slightly decreased due to changes in channel structure, with lower margins in new media channels and increased operational costs in offline snack channels [4][5] - The main raw material, anchovy, has uncertain costs due to ongoing procurement cycles, while other materials like soybeans and oil remain stable [5] - Sales expenses have increased primarily due to brand promotion and personnel costs, with plans to maintain market investment to enhance profitability [6]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.284 billion CNY, a year-on-year increase of 1.40% [2] - The net profit attributable to shareholders was 392 million CNY, a year-on-year decrease of 4.60% [2] - The net profit excluding non-recurring items was 353 million CNY, a year-on-year increase of 0.80% [2] - The net operating cash flow was 249 million CNY, a year-on-year increase of 22.60% [2] - In Q3 2025, the revenue was 1.472 billion CNY, a year-on-year increase of 3.66% [3] - The net profit attributable to shareholders in Q3 was 138 million CNY, a year-on-year increase of 61.15% [3] Product Development and Market Strategy - The company focuses on value and brand management, enhancing the development of key, specialty, and new products [3] - In the oil and gas sector, the company is increasing efforts in non-API products and unconventional oil and gas extraction [4] - The boiler pipe market remains strong, with the company maintaining full capacity and a leading market share in HRSG products [5][6] - The variety pipe business covers multiple segments, with ongoing new product development and market expansion [7] Project Progress and Capital Expenditure - As of Q3 2025, the precision pipe and specialty material projects are progressing well, with several new products receiving orders [8] - The company has a cash balance of 3.059 billion CNY, indicating strong financial health and risk resistance [9] - Future capital expenditures will focus on production line upgrades and automation to respond flexibly to market demands [9] International Expansion and Strategic Planning - The company is committed to a global strategy, enhancing international market presence and brand recognition [11] - A production base has been established in Oman to improve service capabilities in the Middle East [11] - The company aims to adapt to external changes and seize overseas market opportunities [11] Corporate Philosophy and Transformation - The company adheres to long-termism and value management, focusing on building core competencies through niche branding [12] - The ongoing transformation emphasizes high-end, branded, and segmented product strategies to meet market demands [12]