1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report focuses on the in - depth research of Do - fluoride. In 2025, the company faced challenges in profitability due to intense industry competition and low product prices. However, it has plans to improve profitability and has positive prospects in some business segments such as the lithium battery segment [26]. 3. Summary According to the Directory 3.1. Research Basic Situation - The research object is Do - fluoride, belonging to the chemical products industry. The reception time was on August 26, 2025, and the listed company's reception staff included the board secretary Peng Chao, the securities department minister Wang Bei, and the investor relations director Guo Ruikuan [16]. 3.2. Detailed Research Institutions - A large number of institutions participated in the research, including securities companies (such as Yangtze Securities Co., Ltd., Tianfeng Securities Co., Ltd.), asset management companies (such as Beijing Yutian), investment companies (such as Boyu Capital), fund management companies (such as Debon), and other types of institutions (such as BYD Co., Ltd.) [17]. 3.3. Research Institution Proportion - No relevant content provided. 3.4. Main Content Data - **Company's First - Half Operating Performance**: In the first half of 2025, the company achieved an operating income of 4328 million yuan, a year - on - year decrease of 6.65%; the net profit attributable to shareholders of the listed company was 51 million yuan, a year - on - year decrease of 16.55%; the basic earnings per share was 0.04 yuan per share. The company will take measures to enhance profitability [26]. - **Business Segment Revenue and Profit Contribution**: In the first half of the year, the revenue proportions of the four major business segments were: fluorine - based new materials 30.39%, electronic information materials 5.55%, new energy materials 34.97%, and new energy batteries 25.30%. The contributions to gross profit of fluorine - based new materials, new energy materials, and new energy batteries (with revenue accounting for more than 10% of the company's total) were 8.62%, 19.53%, and 9.74% respectively [26]. - **Lithium Hexafluorophosphate**: The company's lithium hexafluorophosphate shipments in the first half of the year were about 23,000 - 24,000 tons, and the annual shipments are expected to be about 50,000 tons. The price fluctuated greatly in the first half of the year, with a gross profit margin of about 15% - 20%. The price increase is mainly driven by raw material costs, and the company's profitability in this business is expected to recover in the second half of the year [26][27][28]. - **Lithium Battery**: The battery segment shipped about 3.2 GWh in the first half of the year, and the shipments in the second half are expected to increase by about 50%, with an expected annual shipment of about 8.5 GWh. The "Fuxin" large - cylindrical battery had a single - month shipment of more than 8.8 million in July, and it is expected to exceed 10 million in August. After capacity release, it will significantly improve the company's performance [28][29]. - **Solid - State Battery**: The company focuses on multiple material routes such as polymers and sulfides in the solid - state battery field, has carried out R & D cooperation, and has not yet carried out large - scale industrialization investment [29]. - **Boron Isotope Products**: These products are used in strategic emerging industries such as atomic energy, medical health, and semiconductors. The current profit contribution is relatively small, but it is expected to become an important driver of future performance growth [29][30]. - **Electronic Information Materials**: Affected by the downturn in the photovoltaic industry, the segment is adjusting its business, focusing on expanding semiconductor and chip customers, and has the ability of domestic substitution in the industrial chain [30]. - **Advance Payment Policy**: The company implements a differentiated advance payment policy, mainly in the battery business segment and for long - term overseas orders of lithium hexafluorophosphate [30][31].

Group 1: Report Overview - Report Date: August 26, 2025 [1] - Research Industry: Chemical Products [2] - Research Object: Meirui New Materials [16] Group 2: Research Institutions - Participating Institutions: CITIC Securities Co., Ltd., Shanghai Shenyin Wanguo Securities Research Institute, Guojin Securities, Huafu Securities Research Institute, etc. [2] - Detailed Institutions and Representatives: Including various securities companies, research institutes, asset management companies, etc., with specific representatives such as Tian Xiancheng, Ren Dan, etc. [17][18] Group 3: Main Content Operating Performance - In H1 2025, the company made progress in functional chemical raw materials, with some production devices in the first - phase project of Meirui Technology's polyurethane industrial park in trial operation and some achieving stable operation and small - batch supply. In the polyurethane new materials segment, it maintained stable sales. [23] - The company achieved operating income of 800.7003 million yuan, basically the same as the previous year, and net profit attributable to the parent company of 39.1221 million yuan, a year - on - year increase of 25.25%. [23] Q&A - **Henan Project**: The first - phase project of the polyurethane new materials in the Henan subsidiary is in trial operation, with some devices stably operating and supplying products in small batches. The sales team has received positive market feedback. [23] - **Self - use of Products**: The company has started using the subsidiary's self - produced products, replacing some raw materials for special new materials production and developing new products with synergistic effects. [23] - **Capital Increase**: The company plans to increase capital in the Henan subsidiary to enhance its capital strength and competitiveness. It is expected not to have a significant impact on the parent company's cash flow. The specific implementation is pending audit and evaluation. [24][25] - **TPU Application in Robots**: TPU can be used for robot skin, but the company's products have no relevant applications yet and will continue to explore opportunities. [26] - **Two Fund - Raising Projects**: Both projects started construction at the end of 2024. The 10,000 - ton expanded thermoplastic polyurethane elastomer project and the 30,000 - ton water - based polyurethane project are in the equipment pipeline installation and electrical instrument construction stage, expected to be completed by the end of June 2026. [27]

Group 1: Report Overview - The report is about the analyst meeting of Huasu Co., Ltd., a company in the chemical raw materials industry, with a research date of August 26, 2025 [1][2] Group 2: Core Viewpoints - The company's revenue decreased by 151 million yuan year-on-year, a decline of 6.46%, mainly due to market demand and price fluctuations of core products like PVC and caustic soda [24] - The company will implement a cost - reduction and efficiency - enhancement plan with 23 measures in 5 aspects, promote differentiated products, and focus on the western market to offset the decline in the eastern market [24] - The company uses idle raised funds to supplement working capital, with 321.3151 million yuan used as of June 30, 2025 [25] - The company has advantages in resources and energy, relying on self - owned mines and a self - built cogeneration system [25][26] - The company's financial expenses increased by 454.24% in the first half of the year, which will gradually decrease as loans are repaid [26] - The company's net profit attributable to shareholders in the first half of 2025 was - 129 million yuan, and it aims to enhance core business competitiveness and achieve profitability in the main business [26] - The company has a complete industrial chain from resources to energy, chemicals, new materials, and environmental protection, and will explore new products to increase future growth points [27] Group 3: Specific Content by Section 1. Basic Research Information - The research object is Huasu Co., Ltd. in the chemical raw materials industry, and the reception time was on August 26, 2025. The reception staff included the chairman, CFO, board secretary, and independent director [17] 2. Detailed Research Institutions - The reception objects included investors and others [20] 3. Proportion of Research Institutions - No specific content provided 4. Main Content Data - **Business and Market Strategy**: The company will continue to implement cost - reduction and efficiency - enhancement measures, promote differentiated products in the eastern market, and focus on the western market's potential from industrial transfer [24] - **Raised Funds**: The company approved using up to 370 million yuan of idle raised funds to supplement working capital in 2024, and 321.3151 million yuan was used as of June 30, 2025 [25] - **Resources and Energy Advantages**: The company relies on self - owned mines and a self - built cogeneration system to ensure raw material supply and reduce costs [25][26] - **Financial Cost**: The company's financial expenses increased by 454.24% in the first half of the year, which will decrease as loans are repaid [26] - **Profitability and Strategy**: The company aims to enhance core business competitiveness,摆脱 over - dependence on non - recurring gains and losses, and achieve profitability in the main business [26][27]

1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - In the first half of 2025, the company achieved an operating income of 229 million yuan, a year - on - year increase of 9.66%, and a net profit of 35.29 million yuan, a year - on - year increase of 20.40%. The company is optimistic about the development of the PEEK industry chain, and the market prospects of HAP and HDO in cosmetics raw materials are good. The company's product sales volume and gross profit margin have increased, mainly due to capacity improvement [24]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - Research object: New Han New Materials; Industry: Chemical raw materials; Reception time: August 26, 2025; Listed company reception personnel: Board Secretary Li Xiangfei, Securities Affairs Representative Ge Mingmin, and Financial Controller Wang Zhongyan [16]. 3.2 Detailed Research Institutions - Fund management companies: Harvest Fund (represented by Xu Heyang), Donghai Fund (represented by Zhang Yuantao), CITIC Prudential Fund (represented by Yao Sizhou), Jianxin Fund (represented by Wu Angda), Chunhou Fund (represented by Tian Wentian) [17]. - Investment companies: Shanghai Xishirun Investment (represented by Liu Chongli), Bissell (Shanghai) Investment (represented by Luo Hongyong), Shanghai Jisheng Investment (represented by Liu Qinglin) [17]. - Securities companies: Nanjing Securities (represented by Gu Shiyuan), Shenwan Hongyuan (represented by Li Shaocheng) [17]. - Others: Zhengyuan Private Fund (represented by Liu Jiasuo) [17]. 3.3 Main Content Data - **2025 Semi - annual Brief Analysis**: The company's operating income in the first half of 2025 was 229 million yuan, a year - on - year increase of 9.66%, and the net profit was 35.29 million yuan, a year - on - year increase of 20.40%. The comprehensive gross profit margin and sales net profit margin improved for two consecutive quarters, reaching 27% and 15.41% respectively. The sales volume of the company's main products increased by about 30%, among which the sales volume of DFBP, HAP, and photoinitiators increased by about 25%, and the sales volume of medical and agricultural intermediates increased by more than 50% [24]. - **Question and Answer Session**: - **DFBP sales growth reason**: Due to the continuous exploration of new application fields of PEEK, the number of new customers of PEEK has increased in the past two years. The company has maintained stable cooperation with old customers, and the orders of individual new customers have also increased [24]. - **PEEK industry prospects**: PEEK has excellent comprehensive performance, and its new attempts in fields such as aerospace, human implants, high - end manufacturing, low - altitude aircraft, and robots have added new growth momentum to the market. The company is optimistic about the development of the PEEK industry chain [24][25]. - **Market prospects of HAP and HDO in 2025**: The company's HAP product is mainly used in high - end creams and masks of well - known brands, and the use cases of some new cosmetic categories and new domestic and foreign brands are increasing. The HDO product can be directly used as a cosmetic raw material, with good moisturizing and bactericidal effects, and is used as a new type of preservative additive similar to HAP, targeting the same customer group as HAP [25]. - **Reason for the increase in the sales volume of pharmaceutical intermediates in the first half of 2025**: After the new workshop of the 8,000 - ton project was put into production, the company's production capacity was sufficient to support the development of new customers and markets for this type of product [26]. - **Factors for the recovery of the company's product gross profit margin in the first half of the year**: The main reason is the stable increase in the company's capacity utilization rate, and the fixed cost per unit product has decreased [26].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company adheres to the development mission of empowering global agriculture with biological and digital technologies, focusing on the "biotechnology + digital technology" dual - wheel drive for global agricultural modernization transformation, aiming to become a leading global agricultural technology service enterprise [25][26][28]. - In 2025 H1, the company achieved stable business development, with overall revenue of 684.5976 million yuan, a year - on - year increase of 6.50%. The modern agriculture business achieved revenue of 122.3698 million yuan, a year - on - year increase of 13.31% [28][31][34]. - The company will continue to deepen its global strategic layout, optimize resource allocation, upgrade product structure, and improve operational efficiency to enhance profitability and sustainable development capabilities [31][36]. 3. Summary by Directory 3.1. Research Basic Situation - Research object: Fubang Co., Ltd. - Industry: Fertilizer industry - Reception time: August 26, 2025 - Reception personnel: Company's chairman and general manager Wang Renzong, independent director Guo Fei, deputy general manager and financial controller Wan Gang, deputy general manager and board secretary Yi Min [16] 3.2. Detailed Research Institutions - The reception objects are investors who participated in the company's 2025 semi - annual online performance briefing through the Panorama Network live interactive platform [19]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Agro - chemical Auxiliary Business**: In 2025 H1, the auxiliary business won the title of "No. 1 in global fertilizer auxiliary sales" by Sullivan, achieving revenue of 496.4149 million yuan, a year - on - year increase of 5.62%. The company promotes transformation and upgrading, focusing on R & D of customized products in the domestic market and expanding overseas markets through localization operations [23]. - **Core Technologies and Products**: The company focuses on technological innovation, researching and applying new materials, and launching products and service models in biological and digital agriculture, aiming to build a modern agricultural ecosystem [24]. - **Land Transfer**: The company built a digital agriculture industrial park in Sanhe Town, Yingcheng City, introducing intelligent technologies in facility agriculture [25]. - **Modern Agriculture Business Strategy**: The biological agriculture segment focuses on four product areas and builds a full - chain R & D system. The digital agriculture segment provides full - process products and services, aiming to build a modern agricultural ecosystem [26]. - **Digital Economy Layout**: The company responds to national strategies, introduces advanced technologies, and sets up the "Tomato Commune" as a demonstration park [26][27]. - **Performance of Modern Agriculture Business**: In 2025 H1, it achieved revenue of 122.3698 million yuan, a year - on - year increase of 13.31%. It made progress in R & D, market expansion, and established a new marketing model [28]. - **Digital Agriculture Layout**: The company focuses on "biotechnology + digital technology", and has advantages in digital soil testing, intelligent water and fertilizer management, and orchard yield estimation [29]. - **Sub - company Wuhan Sotu Data Technology Co., Ltd.**: It developed a "soil digital map" and related digital solutions, currently in the demonstration application stage [30]. - **Overseas Cooperative Organization**: The company established Forbon Technology Netherlands Holdings Co. Cooperatief U.A. in the Netherlands in 2015 to promote international cooperation and business development [30]. - **2025 H1 Operating Performance**: The company achieved revenue of 684.5976 million yuan, a year - on - year increase of 6.50%. Domestic revenue was 365.0579 million yuan, a year - on - year increase of 5.10%, accounting for 53.32% of total revenue; overseas revenue was 319.5397 million yuan, a year - on - year increase of 8.16%, accounting for 46.68% of total revenue [31]. - **Exchange Rate Risk Management**: The company uses natural hedging and diversified settlement strategies to reduce the impact of exchange rate fluctuations [32]. - **Auxiliary Business R & D**: The company focuses on R & D of high - efficiency and environmentally friendly auxiliary products and promotes frontier project research [33]. - **Investment in Wuhan Shuanglvyuan Chuangxin Technology Co., Ltd.**: It developed a leading genomic intelligent breeding system based on biological breeding gene chips [33]. - **Market Promotion of Biological Agriculture Products**: The company's products in biological agriculture are in the demonstration and verification stage, and the "Tianshengdan" project is being promoted [34]. - **Reasons for Net Profit Decline in 2025 H1**: The company increased strategic investment, promoted large - scale demonstration projects, and faced impacts from overseas market expansion [34][35][36]. - **Measures to Address Financial Risks**: The company will improve the capital management system, evaluate goodwill regularly, and actively communicate with the market [36].

Group 1: General Information - Research date: August 26, 2025 [1] - Research industry: Internet services [2] - Research object: Meideng Technology [16] - Reception time: 2025 - 08 - 26 [16] - Company reception staff: Board secretary and financial officer Xu Liangyi [16] Group 2: Research Institutions - Securities companies: Dongwu Securities, Guotai Haitong, Changjiang Securities [2][17] - Fund management company: Chuangjin Hexin [2][17] - Futures brokerage company: CITIC Futures [2][17] - Others: Huimei Wealth, Shenzhen Chuangfu Zhaoye Financial Management [17] - Life insurance company: Harmony Health Insurance Co., Ltd. [17] Group 3: Company's Business and Financial Performance - In the first half of the year, the company's overall operation remained stable with an operating income of 75.99 million yuan, a year - on - year increase of 5.49%; the net profit attributable to the parent company was 19.38 million yuan, a year - on - year decrease of 3.99%; the non - recurring profit and loss net profit attributable to the parent company was 17.69 million yuan, a year - on - year decrease of 3.41% [22] - SaaS service revenue increased by 3.89% year - on - year, and e - commerce customer service outsourcing business revenue increased by 10.77% year - on - year [22] - As of June 30, 2025, the company's total assets were 415 million yuan, and the net assets attributable to the parent company were 392 million yuan [22] Group 4: Business - related Questions and Answers - The decline in the gross profit margin of the e - commerce customer service outsourcing business in the first half was due to changes in the customer structure. The company has taken measures such as optimizing supplier management and introducing AI customer service, and expects the gross profit margin to recover in the second half [22] - The company currently does not involve businesses related to stablecoins and blockchain [22] - The reward for the Douyin industrial belt service provider in non - operating income is the incentive obtained by the company's subsidiary as a Douyin platform industrial belt service provider after achieving the platform - set performance targets, including GMV cashback and traffic incentives [23] - The company is open to mergers and acquisitions and continuously pays attention to targets and fields with strong synergy with the existing industrial chain layout and close connection with business or technology [23]

1. Report Industry Investment Rating - No relevant information provided in the content 2. Core View of the Report - The report focuses on the development and prospects of Tianli Technology in the Internet service industry. It discusses various aspects such as the company's business strategies, responses to market competition, and future plans to enhance its core competitiveness and profitability [23][24][32] 3. Summary by Related Catalogs 3.1. 01 -调研基本情况 (Basic Information of the Research) - The research object is Tianli Technology, belonging to the Internet service industry. The reception time was on August 26, 2025. The listed company's reception personnel included independent directors Zhao Hechun and Zhang Jun, and the financial director and board secretary Gu Lanfang [16] 3.2. 02 -详细调研机构 (Detailed Research Institutions) - The reception object was all investors who participated online in Tianli Technology's (300399) 2025 semi - annual performance briefing, and the reception object type was "other" [19] 3.3. 03 -调研机构占比 (Proportion of Research Institutions) - No relevant content provided 3.4. 04 -主要内容资料 (Main Content Information) - **Business Direction and Capital Utilization**: The company's state - owned enterprise reform selects insurance business (70% of the main business) to support the development of new - quality productivity. However, the company uses idle funds to buy bank financial products. The company will increase investment in 5G, large - scale insurance, large - scale health, and AI computing in the second half of the year, and allocate resources according to the development of the main business [23][24] - **Competition Response**: To maintain and increase market share in the face of fierce competition, the company will focus on continuous technological innovation, business transformation and upgrading, and attracting outstanding talents [25] - **Insurance Business Expansion**: The company, an early entrant in the insurance field with full - license solutions, will output scenario - based insurance products and services. It is currently promoting key projects such as the "Yuankang" project in the large - health field, the "Travel Care - free" series in the vehicle ecosystem, and the insurance mall and intelligent claims settlement projects [26][30] - **Dividend Policy**: The company will optimize the dividend policy to provide more returns to investors [27] - **Seizing Industry Opportunities**: The company will promote the development of its main business by increasing R & D investment, improving the marketing network, expanding the partner ecosystem, and optimizing the management system [28][29] - **Current Difficulties**: The company faces difficulties such as sub - optimal business upgrading or transformation, fluctuations in gross profit margin due to market competition, and less - than - expected innovation. It is taking measures to address these issues [31] - **Second - Half Plan**: In the second half of the year, the company will focus on digital transformation and new business development. In terms of business, it will drive gross profit margin improvement through cost - reduction and efficiency - enhancement measures and business transformation. In terms of management, it will improve management capabilities to support new business development [32][33][34]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The company has made progress in R & D pipelines, including in the fields of oncology, cardiovascular and cerebrovascular diseases, gynecology and pain, and urinary system diseases [19]. - The company has achieved breakthroughs in the secondary development of listed products, such as the multiple effects of Kuntai Capsules, the high - level evaluation of Kushen Gel and Ningmitai Capsules [20][21]. - The company increased investment in Huilun Pharmaceutical due to its innovation ability, R & D achievements, and commercialization capabilities [22][23]. - The company's main products are currently not affected by the centralized procurement policy, and it will take measures to deal with potential impacts [24]. - The company's short - term business performance decline is affected by raw material price increases, R & D investment, etc., and it will take corresponding measures to deal with it [25][26]. - The company believes that traditional Chinese medicine innovation is an important part of the development of the pharmaceutical industry and will balance short - and long - term R & D investment [26][28]. 3. Summary According to the Directory 3.1 Research Basic Situation - Research object: Xintian Pharmaceutical - Industry: Traditional Chinese medicine - Reception time: August 26, 2025 - Reception personnel: Wang Guangping (Director, Deputy General Manager, Secretary of the Board of Directors), Liang Yongsong (Securities Manager) [16] 3.2 Detailed Research Institutions - Fund management companies: Morgan Stanley Fund, Caitong Fund, Guohai Franklin Fund, Morgan Fund, Zhongou Fund - Other types: Xianghe Investment, Ruiyi Investment - Securities companies: Orient Securities Self - operation, Hua'an Securities, Zhongyou Securities [17] 3.3 Research Institution Proportion No relevant information provided. 3.4 Main Content Data - **R & D pipelines**: In the oncology field, a 2.3 - class improved new drug submitted an IND application in July 2025; in the cardiovascular and cerebrovascular field, two 1.1 - class traditional Chinese medicine innovative drugs are in the process of process research; in the gynecology and pain field, classic famous prescriptions are preparing for NDA application; in the urinary system diseases field, a 1.1 - class traditional Chinese medicine innovative drug project is being advanced [19]. - **Secondary development of listed products**: Kuntai Capsules have multiple effects on perimenopausal syndrome and reproductive health; Kushen Gel was rated as Class A in clinical value and won a science and technology progress award; Ningmitai Capsules were certified as Class A in clinical comprehensive evaluation and are undergoing a multi - center clinical trial [20][21]. - **Investment in Huilun Pharmaceutical**: Huilun Pharmaceutical has a strong R & D system and commercialization experience. The company increased its investment in Huilun Pharmaceutical by 40 million yuan in August 2025 [22][23]. - **Centralized procurement policy**: The company's main products are currently not affected by the centralized procurement policy. It will increase OTC market investment and control costs [24]. - **Business performance**: The decline in business performance is affected by raw material price increases and R & D investment. The company will adjust marketing strategies and manage raw material procurement [25][26]. - **Innovation drug strategy**: Traditional Chinese medicine innovation is an important part of the company's development. The company will balance short - and long - term R & D investment [26][28].

Group 1: Research Basic Information - The research object is Zhongji Certification and Inspection Co., Ltd., and the reception time is August 26, 2025. The listed company's reception staff includes the chairman, general manager, independent director, board secretary, chief accountant, and sponsor representative [16] Group 2: Detailed Research Institutions - The reception object is all investors who participated in the company's 2025 semi - annual online performance briefing online, and the reception object type is others [19] Group 3: Main Content Business Strategy and Achievements - The company has constructed a "3 + 1+3" business strategic layout. In business layout, it continues to strengthen its original businesses, builds key testing bases, promotes business development in regions like the Greater Bay Area, and makes strategic investments in new fields and promotes green services. In terms of technology innovation, it has 7 provincial - level scientific and technological innovation platforms, participates in standard - making, and has a large number of patents and software copyrights [23][24] Response to Industry Standards - The National VII emission standard has not been officially released. The company will continue to follow the standard - setting process and strive to participate in technical discussions [23] Artificial Intelligence and Technology Application - The company has accumulated testing technologies in fields such as driverless vehicles and intelligent connected vehicles and has achieved application, especially having R & D penetration testing and regulatory testing capabilities in the intelligent connected vehicle information security field [25] Business Revenue and Profit - In the first half of 2025, the company's operating income was 388.0468 million yuan, a year - on - year increase of 1.46%, and the net profit attributable to shareholders of the listed company was 73.1521 million yuan, a year - on - year increase of 7.24%. The faster profit growth is mainly due to the increased proportion of testing business revenue with higher gross profit margins [23][29] Carbon - related Business - The company has carried out carbon - related services such as enterprise greenhouse gas verification and carbon neutrality evaluation, can provide customized carbon - peak and carbon - neutral action plans, and has built relevant certification technology platforms [26] Accounts Receivable - Affected by the current automotive market environment, the company has made bad debt provisions for accounts receivable of some enterprises in the industrial chain. It will strengthen accounts receivable management and promote collection [27] Low - altitude Economy - The company obtained drone testing qualifications in 2022. It is implementing a smart emergency equipment testing industrial park project in Yanqing, Beijing, with an investment of about 580 million yuan, aiming to build a high - end testing and verification platform for the low - altitude economy [27] Zero - carbon Factory Certification - The company is involved in the standard construction of the industry's carbon - neutral ecosystem, has been included in relevant service provider lists, and has the ability to provide integrated green services [28] Stock Price - The company focuses on its main business, and its operating conditions are normal. The asset - liability ratio is 23.21%, and the financial situation is relatively stable [29] Mergers and Acquisitions Plan - In 2024, the company established an investment management department and plans to make strategic investments in new fields and regions to build an integrated service capacity [29]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report is about the institutional research on Sinopec Machinery. The company attaches great importance to the collection of accounts receivable and has increased the cash received from selling goods and providing services. It will continue to enhance its operating performance, focus on high - end, intelligent, green and service - oriented development, and strive to reward shareholders with excellent performance. In 2025 H1, the company achieved good results in orders, new orders in the international market, and new orders in the hydrogen energy equipment business [23][25][26] 3. Summary According to the Catalog 3.1 Research Basic Situation - Research object: Sinopec Machinery - Industry: Special equipment - Reception time: August 26, 2025 - Reception personnel: Chairman Wang Junqiao, Independent Director Guo Wei, Financial Controller Wei Gang, Secretary of the Board Wang Wuhong [16] 3.2 Detailed Research Institutions - The reception object is all investors who participated in the company's 2025 semi - annual performance briefing online, and the reception object type is "other" [19] 3.3 Research Institution Proportion - No relevant content provided 3.4 Main Content Data - **Accounts receivable**: The company has formulated a special action plan for improving accounts receivable management (2025 - 2027), established a special action working group, and formed a multi - department collaborative working mechanism. In the first half of 2025, the cash received from selling goods and providing services increased by 530 million yuan year - on - year [23][24] - **Corporate responsibility**: As a state - owned enterprise, the company is responsible to the country, society and shareholders. It will continue to enhance its operating performance, focus on high - end, intelligent, green and service - oriented development, and strive to reward shareholders with excellent performance [25] - **Order situation in H1 2025**: The company achieved orders of 4.94 billion yuan, a year - on - year increase of 14%. Among them, oil drilling and production equipment was 1.8 billion yuan, drilling tools were 550 million yuan, steel pipes were 900 million yuan, and gathering and transportation equipment was 350 million yuan [26] - **Hydrogen energy equipment business**: In H1 2025, the new orders of the hydrogen energy equipment business reached 75 million yuan, a year - on - year increase of 21%. The company is involved in national and local hydrogen energy projects, has won multiple orders, and has the ability to mass - produce hydrogen - transporting steel pipes [29] - **International market**: In H1 2025, the new orders in the international market reached 1.21 billion yuan, a year - on - year increase of 15%. The company's drilling and production equipment has obtained batch orders in the Asian and African markets, and high - end equipment has been applied in the African market [28][29] - **Production line transformation**: The company has introduced robot welding production lines, digital processing production lines and advanced MES manufacturing systems to enhance production manufacturing capabilities [30] - **Accounts receivable increase reason**: The increase in accounts receivable in H1 is mainly due to the increase in accounts receivable within one year, which is a normal business activity. The company has a strict credit management policy [30] - **Incentive target and market value management**: The company will strive to achieve the annual operating target, and whether the equity incentive target can be achieved depends on the operating conditions of benchmarking enterprises. In terms of market value management, the company will improve information disclosure quality and strengthen investor relations management on the basis of improving operating performance [31] - **Q3 performance**: Specific performance needs to be concerned about the subsequent disclosure of the 2025 Q3 report [32] - **Daye cave hydrogen storage project**: The company has won the bid, and the contract is being signed [33]