证券代码： 301311 证券简称：昆船智能 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） 参与单位名称及 人员姓名 广发证券：宋娟 熊耀宁 贺霜虹 栾华兵 王雪梅 张彦霞 个人投资者：刘泰辰 吴颖华 尹林华 王艳媛 潘光友 张礼文 王 祝繁 焦梓峰 李宗莲 李红梅 钱东宏 秦伟 赖霄阳 邹睿 胡志 勇 涂闻娟 方建坤 时间 2025 年 11 月 27 日 （周四） 下午 13:30~15:30 地点 公司会议室 上市公司接待人 员姓名 证券事务代表：唐英杰 董办专员：毕嘉钰 许悦 阮大洲 投资者关系活动 主要内容介绍 公司就投资者在本次说明会中提出的问题进行了回复： 1.请问公司的行业定位是什么？ 回复：尊敬的投资者，您好！作为较早进入智能物流、智能 制造成套装备领域的企业之一，公司历经二十余年专业技术积 累，可为客户提供全产业链一体化的整体解决方案。 公司的经营目标是聚焦智能物流、智能产线的一站式整体解 决方案，成为智能物流及智能制造领域集咨询规划、系统集成、 设备研发制造、运营服务于 ...

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 across three manufacturing bases [2][3] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 4.284 billion, with a net profit attributable to shareholders of CNY 392 million and a net cash flow from operations of CNY 249 million [3] Product Development and Market Strategy - The special material project has been completed and is currently in the market expansion phase, with plans to accelerate the development of high-end products such as stainless steel boiler pipes and nickel-based alloy oil pipes [4][6] - The HRSG product line, established in 2010, has become a key production line, focusing on high-quality, fast delivery, and a variety of small-batch production [5] Future Capacity and Product Planning - The company aims to maintain stable production capacity while enhancing product structure and market segmentation, focusing on high-end and niche products [6] - Plans include increasing the proportion of unconventional oil and gas products in the oil pipe sector and promoting stainless steel and high-temperature alloy products in the boiler pipe sector [6] Digital and Intelligent Development - The company is advancing digitalization and automation in production lines, integrating technologies such as industrial internet and big data to enhance manufacturing efficiency [7] Shareholder Return Strategy - Since its listing in 2010, the company has maintained a tradition of continuous dividends and has established a transparent shareholder return system [9] Global Expansion Plans - The company is committed to a globalization strategy, focusing on international market expansion and brand recognition [10] Talent and Incentive Mechanisms - The company has implemented stock incentive plans in 2021 and 2023 to enhance team motivation and will continue to optimize its performance and compensation systems [11] Business Philosophy and Transformation - The company emphasizes long-term value management and brand development, aiming to enhance its core competitiveness through continuous improvement and innovation [12][13]

Group 1: Business Highlights - The company achieved a strategic breakthrough by entering the Sam's Club system, enhancing brand reputation and premium capability [1] - The snack food business experienced year-on-year growth, with products sold in multiple mainstream snack channels [1] Group 2: Revenue Sources and Growth Strategies - Hot pot meatballs remain the core revenue source, but the company is diversifying into prepared dishes, snacks, baked goods, and abalone processing to ensure sustainable growth [1] - The proportion of hot pot meatballs in overall revenue has decreased as the diversified business matrix continues to form new support for steady development [1] Group 3: Overseas Sales and Market Expansion - Overseas revenue has shown significant growth, although it still represents a relatively low percentage of total revenue; efforts are ongoing to expand international sales through a Hong Kong subsidiary and enhanced overseas customer development [2] - The company plans to deepen existing advantageous channels while focusing on key potential channels such as special channels, catering, enterprises, and snack wholesalers to expand market coverage and improve terminal penetration [4] Group 4: Seasonal Trends and Competitive Strategies - Historically, the fourth quarter is a peak sales season driven by traditional demand and pre-Spring Festival stocking [3] - The company will not engage in purely price competition but will adopt strategic measures such as optimizing product mix, strengthening product-channel differentiation, and enhancing operational efficiency to balance market share and profit levels [4]

Group 1: Business Progress and Product Development - The company has rapidly developed its lithium iron phosphate (LiFePO4) business, with significant increases in shipment volumes, making it a key revenue source. The main products are third and fourth generation, with the fourth generation's share steadily increasing. The fifth generation is expected to enter mass production in the second half of 2026 [2][3] - The company has a total planned production capacity of 300,000 tons for manganese iron phosphate, with the first phase producing 120,000 tons already operational. Due to strong demand in the downstream energy storage market, the company is facing capacity shortages and is actively planning expansions in the southwest region [4] - The global energy storage market's rapid growth positively impacts the company's manganese iron phosphate business, which has become a significant revenue source. The company has established itself as a strategic supplier to major domestic energy storage and power battery manufacturers [5] Group 2: Raw Material Management and Supply Chain - The company closely monitors raw material market dynamics and price fluctuations, establishing long-term strategic partnerships with key suppliers to optimize supply chain management and mitigate cost impacts from raw material price volatility [6] - The company is advancing its resource layout for upstream materials such as phosphorus, lithium, and cobalt, aiming to build a sustainable and cost-effective strategic supply chain [6] Group 3: Customer Base and Market Expansion - The company's manganese iron phosphate materials are in high demand, with products being supplied to major domestic energy storage and power battery clients, including CATL and EVE Energy. The company is also expanding its customer base to meet increasing demand from the new materials industry [6] - The company has signed strategic supply agreements with international clients, contributing to stable growth in its multi-material product sales, with significant increases in international customer sales [11] Group 4: Technological Advancements - The company has made breakthroughs in manganese iron phosphate technology, addressing industry challenges such as manganese leaching, and has achieved small-scale shipments of its products, establishing itself as a benchmark in the industry [7] - The company is developing sodium battery cathode materials and solid-state electrolyte materials, with products entering batch verification stages and meeting diverse customer needs [8][9] Group 5: International Expansion - The company is accelerating the construction of its new materials industrial base in Finland, which is expected to be operational in the second half of 2026, to meet local supply demands and strengthen its international business advantages [12] - The European new materials industrial base project is planned to have a total capacity of 500,000 tons, including 200,000 tons of multi-materials and 300,000 tons of manganese iron phosphate, with phased construction based on market trends and customer needs [13][14]

Group 1: Capital Growth and Financing - The company focuses on balancing dividends and endogenous capital growth to ensure a solid capital foundation for sustainable business development [2] - Endogenous capital is expected to create greater value for the company's development, with a commitment to enhancing performance and providing more returns to shareholders [2] Group 2: Loan Growth and Economic Support - The company has been actively supporting key sectors such as small and micro enterprises, manufacturing, and consumer spending, leading to steady growth in loan scale [2] - Future loan growth is anticipated to be maintained through the release of policy dividends aimed at expanding domestic demand and promoting consumption [2] Group 3: Advanced Capital Measurement - The company is researching and following the regulatory requirements for implementing advanced capital measurement methods as outlined by the National Financial Supervision Administration [2] - The company is closely monitoring regulatory dynamics and the progress of peers in applying for advanced measurement methods [2] Group 4: Investor Communication - The company ensured thorough communication with investors during the meeting, adhering to disclosure regulations and avoiding any leakage of undisclosed significant information [2]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized and innovative" small giant [1] - The mission is to empower through intelligence and create a better future, focusing on customer success, innovation, pragmatism, and quality [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up 0.81% from the previous year [2] Group 2: Business Performance - In the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, a 21.66% increase year-on-year, and a net profit of CNY 180 million, reflecting a 33.95% increase [2] - The company is experiencing a product upgrade wave in the smart transportation sector, with policies promoting the replacement of traditional vehicle recorders with advanced models [2] Group 3: Strategic Initiatives - The company is expanding its "going global" strategy, increasing the number of overseas clients and entering the supply chain of an overseas automotive brand [3] - In the smart sleep terminal sector, the company aims to enhance product functionality based on customer needs and expand its market presence [3] - The company is actively pursuing innovation and application expansion in various fields, including smart campuses, smart cities, and smart offices [3] Group 4: Supply Chain Management - The company has strategically stocked a certain quantity of key raw materials, including storage chips, to meet short-term needs [4] - The impact of rising storage chip prices is limited due to their low proportion in the company's operating costs [4]

Group 1: Market Position and Product Pricing - The pickled vegetable industry is currently in a stock competition market, with little change in overall market demand and numerous companies targeting different consumer groups and regions. The company's product positioning is in the mid-to-high end of the industry, primarily focusing on city-level markets, accounting for approximately 70% of total revenue [1] - The last price increase for the company's main products occurred at the end of 2021, and there have been no further price adjustments since then. Overall, the product prices remain stable [1] Group 2: Profit Margin Outlook - The company's profit margins have been stable in recent years, and with the price of raw materials (pickled vegetables) remaining stable, costs are generally controllable. However, since 2024, the company has accelerated the launch of new products, which currently have lower gross margins than pickled vegetable products and are smaller in scale. The increased promotional expenses for these new products have had a certain impact on overall profit margins [2] Group 3: Sales Channels - The company's sales channels are divided into three main categories: online e-commerce, which has a volume of around 100 million; the catering channel; and the family consumption channel, which serves as the primary distribution channel [3] Group 4: Dividend Considerations - The company considers dividends primarily in response to shareholder requests and in line with current regulatory encouragement, aiming to share company benefits with shareholders and protect investor interests. Future dividend amounts will gradually increase based on capital expenditure plans and the company's actual situation [4] Group 5: Self-Funded Capital - The company currently has approximately 3 billion in self-owned funds, which will be primarily used for future planned mergers and acquisitions, product research and development, promotion, and brand advertising to support the execution of the company's medium- to long-term strategic plans [5]

Group 1: Project Progress and Business Development - The "No. 1 Project" of the reflective waveguide golden line is currently in a critical phase, with key process optimization underway, exceeding initial expectations [2][3] - The coating filter business has entered stable mass production, with market share targets for 2025 expected to be met, and a growth phase starting in 2026 [2][4] - The company is accelerating infrastructure construction for the second phase of its factory in Taiwan to ensure capacity meets customer demand [2][4] Group 2: Technology Pathways in AR Glasses - Reflective and diffractive waveguide technologies are both essential for the AR glasses industry, with no absolute replacement relationship, but rather a collaborative advancement [3] - The company focuses on large-scale production breakthroughs in reflective waveguide technology while also developing diffractive waveguide holographic solutions [3] Group 3: Product Supply and Market Position - The company has completed a diverse product layout in the AR glasses sector, with various optical components in different stages of mass production [4] - The reflective waveguide golden line is currently in a critical construction phase, while other products have achieved batch supply to downstream manufacturers [4] Group 4: Future Business Growth Guidance - Key growth drivers include stable performance in the North American market for optical film panels and the transition of production lines to Vietnam [5][6] - The company aims to maintain its position as a primary supplier for micro-prism business and increase market share in coating filter products [5][6] - Engagement with multiple end customers in the AR optical field is ongoing, with positive market feedback on reflective waveguide solutions [6]

Group 1: Recent Business Performance - The company has seen a positive trend in order intake recently, benefiting from winter clothing replenishment, although overall industry sentiment requires further observation, particularly regarding future winter consumption [2] - The operational performance of the Vietnam industrial park has improved significantly this year and is within the company's expectations, with a positive outlook for future development, although capacity ramp-up will take time [2][3] Group 2: Product Development and Market Strategy - The company's product development model includes two main approaches: designing new products based on market trends for client selection and collaborating with clients to develop products according to their clothing styles [2] - The market capacity for webbing products is substantial, with the company positioning it as a key component of its auxiliary materials strategy, aiming for it to become one of the company's pillar categories [3] Group 3: Impact of External Factors - The direct impact of tariff adjustments on the company's business is limited, as the volume of products exported directly to major markets like Europe and the U.S. is very low; however, changes in consumer sentiment and international trade environments can affect the textile and apparel industry [2] - The capacity utilization rate of the Bangladesh industrial park is continuously improving but is unlikely to reach domestic levels in the short term due to cultural and technological differences [3] Group 4: Future Outlook and Shareholder Relations - The company maintains a commitment to sustainable development and win-win principles, considering annual profit conditions, future development needs, and shareholder preferences when formulating annual profit distribution plans [3] - The company anticipates that the growth rate of zippers will exceed that of buttons, as zippers have a broader application range [3]

Group 1: Recent Business Performance - The company has seen a positive trend in recent orders, benefiting from winter clothing replenishment, although overall industry sentiment requires further observation, particularly regarding future winter clothing consumption [2] - As of the first half of 2025, the company's overseas production capacity accounts for 18.48% of total capacity, with operations in Bangladesh and Vietnam [2] Group 2: Production and Capacity Insights - The company has not significantly relocated production capacity due to the diverse product categories and complex processes in apparel accessories, which require high standards for supply chain support and employee skills [2] - The operational situation in the Vietnam industrial park has improved significantly this year, with a positive outlook for future development, although capacity ramp-up will take time [2] Group 3: Client and Market Dynamics - The company has observed better performance from outdoor sports clients among its downstream brand customers [2] - The market share of the company's zipper business remains relatively small, as the apparel accessories sector is a niche within the textile and apparel industry, with limited statistical data available [3]