证券代码：002438 证券简称：江苏神通 江苏神通阀门股份有限公司投资者关系活动记录表 编号：2025-012 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □√现场参观 | | | □√其他（电话调研） | | 参与单位名称及 | 中金公司、摩根大通、华福证券、海富通、中信证券、3W Asset、 CLOUD ALPHA、进化论资产、汇添富基金、华泰柏瑞基金、太平洋 | | 人员姓名 | 保险、JP Morgan、Tree Line | | 时间 | 2025 年 7 月 16 日—7 月 17 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总裁：章其强 | | 员姓名 | 证券事务代表：陈鸣迪 | | 投资者关系活动 | 机构投资者就公司生产经营情况、未来发展规划和战略等进行沟 | | 主要内容介绍 | 通交流。 | | 附件清单（如有） | 具体内容详见附件：2025 年 7 月 16 日—7 月 17 日投资者调研会 | | | 议记录 | | 日期 | ...

Fleet Overview - The company controls a total of 52 vessels with a total capacity of 405,000 deadweight tons [1] - Breakdown of vessel types: - 33 domestic chemical tankers with a capacity of 210,000 deadweight tons - 13 product oil tankers with a capacity of 130,700 deadweight tons - 1 liquefied petroleum gas vessel with a capacity of 4,626 deadweight tons - Foreign trade chemical vessels with a capacity of 5,546.80 deadweight tons - There are 5 vessels under construction with a total capacity of 46,700 deadweight tons [1] Contract Execution - The company emphasizes large customer strategies, with COA contract fulfillment steadily increasing, constituting the main source of revenue [3] - Domestic COA contracts account for 70%-80% of annual business, ensuring stable revenue [3] - The company has expanded its foreign trade network, securing COA contracts from major petrochemical companies in countries like South Korea, Japan, and Singapore [3] Market Challenges and Responses - The domestic petrochemical industry is experiencing slowed growth and increased competition, leading to pressure on the hazardous chemical transportation sector [4] - Strategies to address these challenges include: - Deepening cooperation with existing clients and exploring new customers [4] - Updating vessel equipment and pursuing high-value chemical transportation [4] - Maintaining high safety standards and utilizing modern technology for management efficiency [4] - Investing in clean energy waterway transportation and optimizing route designs [4] Legal and Operational Impact - A lawsuit related to a Vietnamese terminal has not significantly impacted operations, as the involved vessel resumed operations in June 2024 [6] - The company has insurance coverage for the case, mitigating financial risks [6] Strategic Planning Post-Control Change - The company has established stable development goals and strategies focused on bulk liquid hazardous goods transportation [5] - Post-control change, management will enhance market development and optimize business layout [5] Performance Outlook - The company does not foresee any impairment risks for the year [7] - Investors are advised to refer to official disclosures for accurate information [8]

Group 1: Competitive Advantages - The company's core competitiveness is a combination of technology development, equipment processes, and ecological environmental protection, which is unique and difficult to replicate [1] - The company is recognized as a "National Key High-tech Enterprise" and has multiple core technologies and patents, enabling rapid customization of products based on customer needs [2] - The company has established long-term partnerships with well-known domestic and international brands, enhancing its customer base and brand reputation [2] Group 2: Production Capacity and Cost Advantages - The company operates 40 production lines, with recent upgrades to improve production efficiency and product quality, while increasing the proportion of water-based and solvent-free production [2] - Stable relationships with upstream raw material suppliers ensure consistent supply and cost control [2] Group 3: Environmental and Sustainability Initiatives - The company adheres to an "environmental first, green development" philosophy, actively developing low-carbon and eco-friendly technologies [2] - Recognized as a "National Green Factory" and has passed international environmental certifications for six consecutive years [2] Group 4: Revenue Breakdown and Profitability - As of May 2025, functional shoe materials and sofa home products account for approximately 70% of total revenue, while other categories make up about 30% [3] - The company employs a made-to-order business model, resulting in varying profit margins across different products, with electronic products and automotive interior materials generally having higher margins [3] Group 5: Growth Prospects - The functional shoe material category is expected to grow significantly in 2025, bolstered by partnerships with major brands like Nike and Adidas [4] - The company is the only qualified supplier of polyurethane synthetic leather for Nike in mainland China, with significant growth potential in this partnership [5] - The company is expanding its production capacity in Vietnam, targeting international sports brands and domestic sofa brands, indicating a broad market opportunity [6]

Group 1: Company Products and Applications - Current product applications include functional shoe materials, sofa home furnishings, automotive interiors, and consumer electronics, with a focus on mid-to-high-end markets [1] - Future growth expected in high-performance, multifunctional, and eco-friendly materials across emerging sectors such as high-end sports, new energy vehicles, consumer electronics, and healthcare [1] - Water-based and solvent-free products accounted for approximately 22% of sales in 2024, with plans to increase this share in the next two to three years [5] Group 2: Production Capacity and Operations - Anli Vietnam plans to establish four production lines, with two already operational since late 2022, aiming for an annual production capacity of 18 million meters of eco-functional polyurethane synthetic leather and composite materials [2] - The company's sofa home furnishings business is influenced by the real estate market, leading to fluctuations in demand, but strategic customer expansion has improved brand recognition [3] Group 3: Strategic Partnerships and Market Position - Anli is the only qualified supplier of polyurethane synthetic leather and composite materials for Nike in mainland China, with significant growth potential in procurement share [6] - The company aims to enhance its market share through a "four-pronged" strategy focusing on specialization, branding, scale, and internationalization [8] Group 4: Growth Targets and Internal Goals - Annual production and operational targets are set based on industry trends and internal strategies, but these are aspirational and not commitments to investors [4]

Group 1: Innovative Solutions in Elderly Care - The company proposes two innovative solutions in the elderly care sector: the "University Elderly Care" model and the AI smart home care system, focusing on both mental and physical health needs of the elderly [2][3][6] - The "University Elderly Care" model allows seniors to engage in lifelong learning and intergenerational communication within a university environment, promoting a sense of purpose and happiness [3][6] Group 2: Integration of AI and Physical Elderly Care - The company emphasizes the dual approach of integrating physical elderly care with AI smart systems, which enhances service efficiency and user experience [7][9] - This strategy is designed to meet the dominant demand for home-based elderly care in China, leveraging real data feedback to continuously improve AI systems [7][9] Group 3: Core Competencies and Market Position - The company's core competitive advantage lies in its deep industry insights and operational experience, particularly through the "University Elderly Care" project [8][11] - The collaboration with Fuzhou University of Technology provides a unique talent support system, enhancing innovation and business expansion capabilities [8][11] Group 4: Financial Performance - The company reported a 55% year-on-year increase in net profit for Q1 2025, with a remarkable 345% quarter-on-quarter growth, marking a historical high [12] - The company anticipates a continued strong performance, projecting a 60%-100% increase in net profit for the first half of 2025 [12]

Group 1: LCD Market Insights - The industry is adopting a "demand-driven production" strategy, adjusting production rates based on market demand changes [2] - In Q1 2025, the LCD TV panel prices increased due to strong export demand and "trade-in" policies, while in Q2, demand cooled, leading to adjustments in production rates [2][3] - As of July 2025, LCD TV prices for certain sizes have slightly decreased, while prices for MNT and NB panels remain stable [3] Group 2: AMOLED Business Development - The company has established a strong presence in the flexible AMOLED market, covering major smartphone brands and increasing the proportion of high-end products like LTPO and foldable displays [4] - The 8.6 generation AMOLED production line in Chengdu began equipment installation four months ahead of schedule, transitioning to operational phase [6] Group 3: Industry Production Rates - The average production rate in the LCD industry has been above 80% since Q1 2025, but saw a decline in Q2 due to reduced demand [5] Group 4: Revenue Structure and Future Trends - In 2024, the revenue structure for display devices is projected as follows: TV (26%), IT (34%), LCD mobile and others (13%), OLED (27%) [7] - The trend towards larger TV sizes and high-end IT products is expected to continue, while flexible AMOLED products are gaining market penetration in smartphones and other applications [8] Group 5: New Business Initiatives - The company is actively pursuing perovskite solar cell technology, achieving a conversion efficiency that ranks among the industry leaders [9] - The "AI+" strategy has been launched to enhance production efficiency and innovation across various business areas [9] Group 6: Financial Outlook and Shareholder Returns - The company plans to allocate at least 35% of its net profit to cash dividends annually from 2025 to 2027, with a minimum of RMB 1.5 billion for share buybacks [14] - The company has completed a stock buyback valued at nearly RMB 1 billion and is progressing with its 2024 profit distribution plan [14]

Group 1: Company Strategy and Vision - The company aims to empower quality ecology through technology, focusing on sustainable development and innovation [2] - It targets emerging fields such as new energy, dual carbon, and biomedicine, establishing a three-pronged approach of "technology breakthroughs, industry aggregation, and capital drive" [2] Group 2: Automotive Testing Services - The company has entered the automotive testing sector through the acquisition of Guanbiao Testing, providing services for new energy vehicles and components [2] - It has obtained third-party testing qualifications from major automotive manufacturers, including Jianghuai, Geely, and Chery, significantly expanding its service capabilities [2] Group 3: Consumer Goods Testing and Certification - The company is expanding its consumer goods testing through Chongqing Shiyi, covering a wide range of products including home appliances, electronics, and food [2] - It aims to create a comprehensive service system integrating testing, certification, auditing, inspection, and digital compliance for both export and domestic markets [2] Group 4: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [2]

Group 1: Investor Relations Activity Overview - The investor relations activity was organized by Beijing Stock Exchange and Anhui Securities Regulatory Bureau, with a theme of "Direct Service for Rational Investment" [3] - The event took place on July 18, 2025, in the company meeting room, attended by 23 participants from Zhongyou Securities and individual investors [3] - Company representatives included Senior Vice President Luo Dan and Securities Affairs Representative Wang Jian [3] Group 2: Future Business Growth Plans - The company plans to expand horizontally in specialized fields, leveraging existing project experience and customer resources to tap into new specialized units [4] - There is a focus on deepening engagement in the commercial aerospace sector, enhancing ground station network construction and data service capabilities [4] - The development of a digital space cloud platform is underway, aiming to create a comprehensive product system for space management [4] Group 3: Collaboration with Controlling Shareholder - The company maintains operational independence from its controlling shareholder, with no overlapping core business areas, and a steady decline in related party transactions [5] - Future collaborations will be pursued in compliance with regulations, leveraging synergies in resources and technology for mutual growth [5] Group 4: Personnel Expansion Strategy - The company will cautiously optimize personnel structure and scale in line with business development and market conditions, avoiding blind expansion [6] - A balance between business growth and cost control will be prioritized to ensure sustainable value creation for shareholders [6]

Group 1: Financial Performance - The company's net profit for Q1 decreased by 87.86% compared to the same period last year, primarily due to rising raw material costs, which led to a 2.67% decline in product gross margin [4] - The reduction in tax benefits amounted to 2.042 million yuan compared to the previous year, further impacting profitability [4] Group 2: Market and Competitive Environment - Key factors affecting profitability include raw material price fluctuations, intensified market competition, and changes in demand [4] - The company aims to strengthen partnerships with suppliers to stabilize procurement prices and improve production efficiency [4] Group 3: Research and Development Focus - The company is focusing on developing customer-specific products, improving existing product performance, and reducing product costs [5] - There is an emphasis on expanding into international markets to increase market share and reduce production costs through economies of scale [5] Group 4: Production Capacity and Projects - The new environmental additive production project is progressing, with some new product processes already in production [6] - The company plans to prioritize the release of new product capacities and market expansion to enhance operational efficiency [6][7] Group 5: Customer Base and Industry Focus - The company's clients are primarily in the plastic industry, with over 3,000 domestic and international customers [9] - The company maintains long-term stable relationships with many clients by providing consistent products and technical services [9] Group 6: Risks and Challenges - Fluctuations in raw material prices, particularly palm oil, significantly impact production costs and profit margins [10] - The company faces risks in overseas market expansion, including slow ramp-up of production in Indonesia and certification challenges [10] - Plans to mitigate risks include diversifying suppliers and engaging in hedging activities to manage raw material price volatility [10]

Group 1: Company Strategy and Development - The company is shifting its development philosophy from "large and strong" to "specialized and precise" [2] - Key initiatives in the past six months include enhancing supply chain resilience and accelerating global sourcing, particularly direct supply from sources [2][3] - The company has adjusted its product structure to focus on technical research and innovation in specialty oils and new chemical materials [2][3] Group 2: New Business Ventures - The establishment of a wholly-owned subsidiary in Wuxi for liquid cooling is based on the explosive growth in national computing power demand [4] - The liquid cooling subsidiary aims to provide comprehensive solutions for IDC and AIDC intelligent computing center liquid cooling management systems [4] - The subsidiary is currently in its initial stage, with team building and business development progressing in an orderly manner [4] Group 3: Financial and Market Position - The company is the only private refinery operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] - The company has received acceptance notification from the Shenzhen Stock Exchange for a private placement of shares, pending further regulatory approvals [5] - The company is monitoring its stock price closely, with potential triggers for early redemption of convertible bonds based on specific price thresholds [6]