证券代码：002376 证券简称：新北洋 山东新北洋信息技术股份有限公司投资者关系活动记录表 编号：2025-08-06 | | ■特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 □新闻发布会 | □业绩说明会 □路演活动 | | 活动类别 | | | | | ■现场参观 | | | | □其他 | | | 参与单位名称 及人员姓名 | 中泰证券：潘世海、苏仪 | | | 时间 | 2025 年 8 月 6 日 11:00-12:00 | | | 地点 | 1、新北洋科技园展厅 2、新北洋科技园会议室 | | | 上市公司接待 | 董事会秘书：康志伟 | | | 人员姓名 | 证券事务代表：倪赛君 | | | 投资者关系活动主 | 一、参观新北洋科技园展厅。 | | | 要内容介绍 | 二、董事会秘书回答投资者的相关问题。 | | | | 公司对相关情况进行了记录和整理，形成了《会谈纪要》。 | | | 附件清单（如有） | 《会谈纪要》详见附件一 | | | 日期 | 2025 年 8 月 6 日 | | 1 附件一：会谈纪要 1、投资者：请介绍公 ...

Group 1: Company Overview - The company was established in 2002 and became part of the Xizi Elevator Group, listed on the Shenzhen Stock Exchange in 2011, and renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [3][5]. - The main business includes waste heat boilers, clean energy power generation equipment, solutions, and spare parts and services [3][4]. Group 2: Nuclear Power Development - The company has over 20 years of experience in the nuclear power sector and holds Class 2 and 3 manufacturing licenses [5]. - It actively participates in supplying equipment for nuclear power plants, with increasing opportunities due to the growth in approved nuclear power installations [5]. Group 3: Future Market Directions - Focus on the renewable energy market, leveraging molten salt storage technology for applications in solar thermal power, user-side energy storage, and zero-carbon parks [6]. - Expansion in the nuclear power market through upgrades at the Chongxian manufacturing base to enhance production capabilities [6]. - Targeting overseas markets, particularly in Southeast Asia, South America, and regions along the Belt and Road Initiative [6][10]. Group 4: Order Situation in 2025 - In the first half of 2025, the company secured new orders totaling CNY 2.784 billion, with specific segments: waste heat boilers (CNY 703 million), clean energy equipment (CNY 281 million), solutions (CNY 1.477 billion), and spare parts and services (CNY 323 million) [7][8]. - As of June 30, 2025, the total orders on hand amounted to CNY 6.119 billion, with a focus on improving order quality and structure [8]. Group 5: Market Opportunities - The company is positioned to benefit from the explosive growth in equipment demand for the Yarlung Tsangpo River downstream hydropower project, with a market forecast exceeding CNY 10 billion [9]. - The subsidiary, Hangzhou Hangguo General Equipment Co., Ltd., specializes in various equipment, including shield machines, and has a strong track record in tunnel excavation projects [9]. Group 6: Product Delivery and Competitors - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for overseas projects [11]. - The company is a leader in the waste heat boiler sector, competing with major domestic boiler manufacturers [12]. Group 7: Market Management and Competitive Advantages - The company emphasizes market value management through operational efficiency, annual cash dividends, employee stock ownership plans, and transparent investor relations [13]. - In the solar thermal sector, the company has a competitive edge due to its early involvement and successful participation in significant projects, such as the Qinghai Delingha 50MW solar thermal power station [13].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.9 billion CNY, a year-on-year increase of 39.21% [3] - Net profit attributable to shareholders was 1.241 billion CNY, up 14.04% year-on-year, with a net profit of 1.231 billion CNY after excluding non-recurring gains and losses, reflecting a growth of 33.90% [3] - The company reported a significant increase in operating cash flow, reaching 3.144 billion CNY, a year-on-year growth of 196.36% [3] Order Acquisition - New orders amounted to 9.881 billion CNY, representing a year-on-year increase of 37.65% [3] - The total backlog of orders reached 12.386 billion CNY, up 34.76% year-on-year [3] Natural Gas Business - The natural gas segment saw a revenue increase of 112.69% year-on-year, with a gross margin growth of 5.61% [5] - New orders in the natural gas sector grew by 43.28% [5] International Expansion - The company operates in over 70 countries, with overseas revenue reaching 3.295 billion CNY, a year-on-year increase of 38.38% [8] - New orders from international markets grew by 24.16% [8] Middle East Market - The Middle East is a key strategic market, with significant recognition and a complete local business chain established [9] - Recent projects include the ADNOC digital well site transformation and the Mansouriya project, both progressing well [9] Cash Flow Management - The company emphasizes cash flow management, achieving a net cash flow from operating activities of 3.144 billion CNY, an increase of 2.083 billion CNY year-on-year [12]

Group 1: Regulatory Impact and Business Strategy - The company has achieved a breakthrough in serving the real economy, with financing of CNY 20.276 billion in the first half of 2025, a year-on-year increase of 146.70% [3] - The company is actively supporting technology innovation, assisting two tech companies in IPO applications and completing seven financing projects in the tech sector [3] - The company aims to integrate into the "China-ASEAN Community of Shared Future" and develop distinctive services in wealth management and institutional business [3] Group 2: Research Business Development - The company is establishing a "Five Centers" strategy for its research division, focusing on becoming a leading market-oriented think tank with comprehensive research services [5] - The research team has grown to over 200 employees, positioning itself as a large-scale research institution with significant growth potential [5] - The company is enhancing its brand influence through awards and recognition in authoritative evaluations [5] Group 3: ASEAN Research Institute - The newly established ASEAN Research Institute aims to create an integrated research system, focusing on economic, industrial, policy, and investment environment studies in ASEAN countries [6] - The institute will provide research services to various institutional clients, including public funds, insurance, and private equity [6] Group 4: International Business Layout - The company is aligning its strategies with national initiatives such as the "Belt and Road" and the financial opening of Guangxi towards ASEAN [7] - The company is exploring potential overseas expansion opportunities, leveraging its unique geographical and policy advantages [7]

Group 1: Satellite Communication Business - The company has established a product layout in the satellite communication field, covering three major application scenarios: ground stations, satellite communication payloads, and terminal applications [2][3] - In 2024, the satellite communication business revenue exceeded 40 million yuan, with ground station products achieving small batch deliveries [3] - The company successfully won a procurement project for application terminal equipment in April 2024, further consolidating its market position [3] Group 2: Marine and Mobile Communication Solutions - The company launched two high-performance communication products for marine and mobile scenarios, including a 0.4-meter S-band phased array antenna and a 0.6-meter Ku-band terminal [4] - The S-band antenna can receive signals from 8 satellites and is designed for complex mobile environments, while the Ku-band terminal supports 360° rotation for dynamic signal locking [4] Group 3: AI Model Development - The company has initiated the "Tongyu Antenna AI Model Pilot Project," focusing on integrating AI technology with antenna design to enhance R&D efficiency and reduce costs [5] - The project is currently in the deployment phase, aiming to streamline the design process and support continuous innovation in antenna products [5] Group 4: Optical Module Business Progress - The affiliated company Sichuan Guangwei has made significant breakthroughs in the high-speed optical module sector, successfully delivering the first batch of 800G OSFP 2×DR4 optical modules [6] - These modules utilize advanced silicon photonics technology and low-power design, targeting applications in 800G Ethernet and data centers [6] Group 5: MacroWiFi Product Development - MacroWiFi is designed for outdoor complex network communication, featuring a high-gain dual-beam antenna array with a transmission distance of 2 kilometers and the ability to support over 200 concurrent users [7] - The product has been successfully tested and deployed in Southeast Asia, with growing demand in regions like Russia, the Middle East, and parts of Africa [7] Group 6: Low Altitude Economy and 5G-A Integrated Antenna - The company has made substantial progress in the 5G-A integrated antenna field, developing a low-altitude communication solution that covers up to 600 meters [8] - This solution has been validated through joint testing with operators and is currently in the small batch delivery phase, with market recognition for its performance [8]

Business Overview - The overall strategy of the company is "orderly expansion against the trend," indicating a planned approach to growth despite industry pressures [2] - The network security industry is currently under pressure but is believed to be at the bottom of the cycle [2] Market Performance - Significant progress in the operator market, with the company winning bids for network security products from major telecom operators [2] - In the financial market, there was a recovery with a projected rapid growth in 2025, following a slight delay in 2024 [2][3] - Continued investment in the power and energy sectors, with stable government market expectations [3] Financial Data - In the first half of 2025, revenue reached 551 million CNY, a year-on-year increase of 9.59% [3] - Sales expenses decreased by 3.77%, while R&D expenses increased by 2.87% [3] - Net profit remained stable at 52 million CNY, with a significant improvement in Q2 net profit, which grew by 40.20% [3] Product and Market Strategy - Focus on AI integration in products to enhance security capabilities and operational efficiency [4] - Emphasis on domestic product replacement trends, with increasing demand for localized products in high-security industries [4] - Targeting valuable markets with a focus on improving personnel efficiency and optimizing internal structures [3][4] Market Expansion - The company is committed to investing in existing valuable industry clients while expanding into new sectors such as steel, automotive, and energy [5] - Plans to strengthen its presence in regulatory markets and enhance overall market growth [5] Q&A Insights - The company is leveraging AI to improve operational efficiency, with potential efficiency gains of over 10 times in certain scenarios [6] - The financial market's growth is attributed to the release of pent-up demand and ongoing domestic product replacement processes [6][7] - The company is positioned to capitalize on the ongoing trend of domestic product procurement across various industries [7]

Group 1: Company Overview and Market Position - The automotive industry is undergoing a transformation, with pure electric vehicles (EVs) expected to capture a significant market share by 2025 [1] - Despite the growth of the EV market, hybrid and traditional fuel vehicles still hold a notable position due to their fuel economy and range advantages, especially in areas with underdeveloped charging infrastructure [2] - Traditional fuel vehicles continue to enhance their competitiveness through technological upgrades and smart features, catering to specific consumer needs [2] Group 2: New Business Directions - The company is focusing on the development of modified high-performance polymer materials, particularly PEEK, which offers excellent properties such as high-temperature resistance and self-lubrication [3] - PEEK is anticipated to become a core material in high-end precision manufacturing, with increasing penetration across various industries due to rising lightweight demands [3] - A joint venture, Zhejiang Hengbo Primis High-Performance Materials Co., Ltd., has been established to leverage over 30 years of experience in modified materials and the company's precision manufacturing capabilities [4] Group 3: Market Expansion and International Strategy - The company has set up a wholly-owned subsidiary in Hainan, aiming to expand its business internationally and enhance its role in technology innovation and international trade [4] - The subsidiary will serve as a platform for overseas market engagement, facilitating deep layouts in technology and investment management [4] - The company is actively engaging with leading domestic clients and sending samples to both domestic and international customers as part of its market research efforts [4]

Group 1: Business Opportunities in Smart Energy - The company identifies significant opportunities in the smart energy sector due to the complex trading scenarios in the electricity market, which require enhanced digital and informational support [2] - Key areas for improvement include AI-based power forecasting, load forecasting, and multi-energy collaborative trading decisions [3] Group 2: Employee Incentives - The company emphasizes the importance of a long-term incentive mechanism to attract and retain talent, considering various factors before launching a new equity incentive plan [4] Group 3: AI Technology Improvements - AI has been integrated into product development and operational efficiency, enhancing code generation, review, and automated testing, leading to improved work efficiency over the past year [5] Group 4: Business Layout in the AI Era - The company has developed a comprehensive AI platform, integrating various models and creating intelligent applications to facilitate digital transformation for clients in the energy sector [6][7] Group 5: Financial Performance and Future Outlook - The company has experienced a decline in performance in 2024 and Q1 2025 due to increased R&D investments, but plans to strengthen its market position and explore non-energy sectors to mitigate risks [7] Group 6: Blockchain Business Development - The company has established a robust blockchain technology platform and plans to continue investing in this area, focusing on innovation and ecosystem collaboration [8] - Although the company has not yet implemented RWA business, its blockchain technology is poised to support asset verification and traceability in this field [8]

Group 1: Market Competition and Product Strategy - The company acknowledges 11 competitors for the Loxoprofen Sodium Gel Patch, including its subsidiary, and plans to actively respond to competition by leveraging its complete industrial chain to control costs and ensure product quality [2] - The company has established a comprehensive channel coverage system, particularly in the outpatient market, which has become a new growth engine, with plans to increase investment for greater market share [2] - The company aims to enhance its "Jiuyue" brand through first-mover advantages, channel advantages, and cost advantages to solidify its leading position in the transdermal drug delivery field [2] Group 2: Financial Performance and Projections - For 2025, the company expects a revenue growth of 10-20% year-on-year, with a similar increase in net profit excluding non-recurring items, subject to market conditions and other uncertainties [3] - The company emphasizes the importance of risk awareness among investors regarding its operational plans and sales forecasts [3] Group 3: Strategic Initiatives for Growth - To achieve its annual goals, the company will focus on promoting new products, enhancing market penetration through education and product positioning, and increasing efforts in the outpatient market [4] - The company plans to deepen its presence in chain pharmacies and community clinics to tap into the growth potential of the outpatient market [4] - Brand building will be accelerated to enhance the recognition of core brands like "Jiuyue," driving market share expansion [4] Group 4: Product Sales Characteristics - The company reports that its product sales do not exhibit significant seasonality or cyclicality [5] Group 5: Innovation and Development - The company is developing a Class 1 innovative drug, the Pepper Seven Pain Relief Gel Patch, and has entered into a technology transfer agreement for antibacterial and anti-inflammatory peptides to support innovative drug development [6] - The company is actively recruiting talent for innovative drug research and development to strengthen its future capabilities [6] Group 6: Market Outlook for Specific Products - The sales channels for the anti-inflammatory pain relief patch will primarily focus on OTC channels, with strategies to enhance sales through resource sharing and product matrix expansion [7] - The company holds an optimistic view on the market prospects for the anti-inflammatory pain relief patch, anticipating growth in the chronic pain patient population due to societal aging, which will further drive demand for transdermal products [7]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.22 billion yuan, a year-on-year increase of 88.45% [2] - The net profit attributable to shareholders was 1.17 billion yuan, up 325.88% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses reached 508.65 million yuan, reflecting a growth of 9,930.10% year-on-year [2] Business Segments - The pharmaceutical preparations segment generated sales revenue of 4.21 billion yuan, marking a 54.23% increase year-on-year [3] - The veterinary raw materials segment saw sales revenue of 3.33 billion yuan, with a significant growth of 199.01% compared to the previous year [3] - The sales revenue from the raw material drug business increased its proportion by 15 percentage points compared to the previous year [6] Research and Development - The company invested 31.53 million yuan in R&D in the first half of 2025, an increase of 19.16% year-on-year [4] - A total of 19 new veterinary drug registration certificates were obtained, including 4 in the first half of 2025 [4] Pet Medicine Development - The company has established a dedicated R&D team for pet medicines and received 7 product approvals during the reporting period [5] - The pet medicine segment includes products for deworming, analgesics, dermatological treatments, internal diseases, and functional health products [5] Future Growth Strategies - The company aims to enhance profitability by focusing on technology-driven strategies and increasing R&D investments [7] - Plans include expanding the pet medicine segment, ensuring stable raw material supply, and exploring overseas markets to mitigate domestic business cycle impacts [8]