证券代码：832225 证券简称：利通科技 公告编号：2025-086 漯河利通液压科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 8 月 26 日至 2025 年 8 月 27 日 活动地点：线上会议 参会单位及人员：华源证券、开源证券、天弘基金管理有限公司、中信建投 基金管理有限公司、深圳中天汇富基金管理有限公司、中国人寿资产管理有限公 司、第一创业证券、长江证券、民生证券、上海颐歌资产管理有限公司、富德生 命人寿保险股份有限公司、张家港高竹私募基金管理有限公司、上海临信资产管 理有限公司、深圳市尚诚资产管理有限责任公司、国泰海通证券、西部证券、联 储证券、平安证券、渤海证券、浙商证券、北信瑞丰基金管理有限公司、九泰基 金管理有限公司、光大保德信基金管理有限公司、朝景投资管理有限公司、 ...

New Consumption - The company achieved total operating revenue of 1.769 billion yuan in H1 2025, a year-on-year increase of 30.83% [2][8] - The total profit reached 241 million yuan, up 7.17% year-on-year, while the net profit attributable to shareholders was 186 million yuan, reflecting a growth of 5.21% [2][10] - The main brand, Marubi, maintained its position as the "No. 1 domestic brand in eye care" and the PL brand won the "Most Influential Makeup and Fragrance Brand" award [2][9] Machinery/Building Materials - The company reported operating revenue of 161 million yuan in H1 2025, a significant increase of 51.66% year-on-year, with a net profit of 23 million yuan, up 199.23% [12][15] - The balance machine business showed steady growth, while automation equipment and software information systems contributed significantly to performance [13][15] - The company is recognized as a leader in domestic balance machines, with new orders expected to increase as the company expands into high-end equipment manufacturing markets [15] Transportation - The company achieved approximately 766 million yuan in revenue in H1 2025, a decrease of 8.57% year-on-year, while the net profit was approximately 532 million yuan, an increase of 20.51% [16][17] - The main business of highways remains stable, with a significant increase in net profit in Q2 2025 due to the recovery of previously provisioned losses [16][17] - The company plans to distribute a cash dividend of 0.15 yuan per share, indicating a commitment to shareholder returns [16][18] North Exchange - The company reported revenue of 237 million yuan in H1 2025, a year-on-year increase of 7%, with a net profit of 52.68 million yuan, up 14% [20][21] - The domestic revenue grew by 31%, while overseas revenue faced challenges [21] - The company is actively developing new products in nuclear power and data center sectors, which are expected to drive future growth [21][22] Hydraulic Industry - The company achieved revenue of 344 million yuan in H1 2025, a year-on-year increase of 13%, with a net profit of 67.32 million yuan, up 40% [31][32] - The growth was driven by strong demand for dump truck cylinders and oil-gas springs, with significant improvements in gross margins [32][33] - The company is expanding into new fields such as autonomous driving and industrial robotics, indicating a strategic shift towards innovative applications [34][35]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year revenue growth of 30% in domestic income for the first half of 2025, driven by its research and development efforts in the nuclear power, data center, and offshore engineering sectors, which are expected to promote domestic substitution [5][8] - The company reported a revenue of 237 million yuan in H1 2025, representing a 7% year-on-year increase, and a net profit attributable to shareholders of 52.68 million yuan, up 14% year-on-year [8] - The company is focusing on new fields such as nuclear power hoses and data center liquid cooling hoses, which are anticipated to provide new growth momentum [8] Financial Performance Summary - For 2023, the company is projected to have a revenue of 485 million yuan, with a year-on-year growth rate of 29.5%. The net profit attributable to shareholders is expected to be 134 million yuan, reflecting a 60.78% year-on-year increase [7] - The company forecasts revenues of 555 million yuan in 2025, with a net profit of 122 million yuan, indicating a 13.93% year-on-year growth [7] - The earnings per share (EPS) is projected to be 0.96 yuan in 2025, with a price-to-earnings (P/E) ratio of 28.37 [7] Business Segments and Growth Drivers - The company's fluid segment has seen steady growth, with total revenue from hose assemblies and supporting pipe fittings increasing by 8% year-on-year in H1 2025 [8] - The company has made significant progress in the R&D of high-pressure hoses and has been included in the first-level supplier system of China National Petroleum Corporation, which may unlock growth potential in high-pressure drilling hoses [8] - The company is actively exploring diversified business models in its high-pressure equipment segment, aiming to reduce customer usage thresholds and expand applications across various industries [8]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company achieved a revenue of 237 million yuan in H1 2025, representing a year-on-year growth of 7.29%, and a net profit attributable to the parent company of 53 million yuan, up 13.87% year-on-year [3] - The company is actively expanding its product offerings in high-pressure equipment, data center liquid cooling hoses, and nuclear power hoses, which are expected to drive future growth [3][4] - The company has been included in the first-level supplier system of China National Petroleum Corporation, which is expected to enhance its market presence [3] Financial Summary - Revenue projections for 2025-2027 are adjusted to 113 million yuan (previously 122 million yuan), 138 million yuan (previously 147 million yuan), and 164 million yuan (previously 175 million yuan) respectively, with corresponding EPS of 0.89, 1.09, and 1.29 yuan per share [3][6] - The company’s total market capitalization is 3.202 billion yuan, with a circulating market capitalization of 2.089 billion yuan [3] - The company’s gross profit margin is projected to be 41.6% in 2025, with a net profit margin of 22.3% [6][8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's main business of rubber hoses benefits from the recovery of the domestic machinery industry, although Q2 performance declined due to tariff impacts [2] - The company has successfully expanded its product offerings in nuclear power, liquid cooling, and marine hoses, which opens up new growth opportunities [4] - The company is focusing on high-pressure equipment and polymer materials, enhancing its service offerings in various sectors [4] Financial Performance Summary - In H1 2025, the company achieved revenue of 237 million yuan, a year-on-year increase of 7%, and a net profit of 53 million yuan, up 14% year-on-year [2] - The revenue from domestic and overseas markets was 125 million yuan and 112 million yuan, with a year-on-year growth of 31% and a decline of 11% respectively [2] - The gross profit margin increased by 1.19 percentage points to 41.9%, and the net profit margin rose by 1.24 percentage points to 22.13% [2] - The company’s main products, including hose assemblies and hydraulic hoses, showed stable growth in revenue and gross profit margins [3] Product and Market Expansion - Hose assemblies and related fittings accounted for nearly 50% of total revenue, with a gross margin of 52.59% [3] - The company is expanding into high-performance international brand replacements and is set to benefit from the demand for oil extraction and the replacement of old hoses [4] - The company has completed sample trials for various nuclear power hoses and is in the process of supplying samples for liquid cooling hoses [4] Earnings Forecast and Valuation - The forecasted net profits for 2025 to 2027 are 138 million yuan, 173 million yuan, and 210 million yuan respectively, with corresponding P/E ratios of 23, 18, and 15 [4]

Core Viewpoint - Lituo Technology reported steady growth in the first half of 2025, with significant increases in revenue and net profit, while making breakthroughs in technology research and market expansion, laying a solid foundation for long-term development [1]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 237 million yuan, a year-on-year increase of 7.29% - The net profit attributable to shareholders was 52.68 million yuan, up 13.87% year-on-year, indicating improved cost control and product profitability - The net cash flow from operating activities was 63.68 million yuan, an increase of 18.72% year-on-year, reflecting continuous optimization of cash flow management - As of the end of June, total assets amounted to 881 million yuan, with net assets attributable to shareholders reaching 701 million yuan, a growth of 4.03% from the beginning of the period - The asset-liability ratio decreased to 20.52%, down 3.38 percentage points from the end of the previous year, indicating a more robust financial structure and enhanced risk resistance [1]. Research and Development - R&D was a core highlight for the company in the first half of the year, focusing on fluid technology, polymer materials, and ultra-high pressure equipment - R&D expenses amounted to 12.50 million yuan, a year-on-year increase of 14.84% - The company established strategic cooperation in polymer materials application technology at its Qingdao R&D base, strengthening its technical barriers and core competitiveness - The company completed sample trials for various nuclear power hoses, with performance meeting requirements, and initiated preparations for trial use in nuclear power units [2]. Market Expansion - The company was officially included in the first-level material supplier system of China National Petroleum Corporation, with approved products covering high-pressure drilling hose series - Participation in 8 exhibitions in the first half of the year, including 3 domestic and 5 international, effectively broadened customer channels - Experts from a Shanghai nuclear engineering research institute and related units recognized the company's strength in the design and development of non-metallic hoses and components during a project review meeting - The company aims to provide comprehensive efficient solutions for fluid transportation, nuclear power pipelines, shale oil and gas drilling pipelines, and other applications, while continuing to enhance core competitiveness and move towards becoming a comprehensive service provider [3].

Group 1 - The company, Litong Technology, announced the appointment of Ms. An Lulv as the securities affairs representative during the 19th meeting of the fourth board of directors scheduled for August 22, 2025 [2]

Core Viewpoint - Litong Technology announced that it will hold its first extraordinary shareholders' meeting of 2025 on September 10, 2025, to review multiple proposals, including the cancellation of the supervisory board and amendments to the company's articles of association [1] Group 1 - The extraordinary shareholders' meeting is scheduled for September 10, 2025 [1] - The agenda includes the proposal to cancel the supervisory board [1] - The company will also discuss amendments to its articles of association and related business registration changes [1]

证券代码：832225 证券简称：利通科技 公告编号：2025-069 漯河利通液压科技股份有限公司 董事会秘书工作细则 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 审议及表决情况 漯河利通液压科技股份有限公司于 2025 年 8 月 22 日召开第四届董事会第十 九次会议审议通过了《关于制定及修订公司部分内部管理制度的议案》之子议案 3.01《关于修订<董事会秘书工作细则>的议案》，表决结果：同意 7 票，反对 0 票，弃权 0 票。 该议案无需提交股东会审议。 二、 分章节列示制度主要内容： 漯河利通液压科技股份有限公司 董事会秘书工作细则 第一章 总则 利通液压科技股份有限公司章程》（以下简称《公司章程》）的有关规定，制定本 工作细则。 第二章 董事会秘书的任职 第二条 公司设立一名董事会秘书，每届任期三年，可以连聘连任。 董事会秘书为公司高级管理人员，对董事会负责。法律、行政法规、规范性 文件及《公司章程》对公司高级管理人员的有关规定，适用于董事会秘书。 第一条 为进一步提高漯河利通液 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：832225 证券简称：利通科技 公告编号：2025-079 漯河利通液压科技股份有限公司 董事、高级管理人员持股变动管理制度 一、 审议及表决情况 漯河利通液压科技股份有限公司于 2025 年 8 月 22 日召开第四届董事会第十 九次会议审议通过了《关于制定及修订公司部分内部管理制度的议案》之子议案 3.12《关于修订<董事、高级管理人员持股变动管理制度>的议案》，表决结果： 同意 7 票，反对 0 票，弃权 0 票。 该议案无需提交股东会审议。 二、 分章节列示制度主要内容： 漯河利通液压科技股份有限公司 董事、高级管理人员持股变动管理制度 第一章 总则 第一条 为规范漯河利通液压科技股份有限公司（以下简称公司）董事、高 级管理人员等主体所持公司股份及其变动的行为，维护市场秩序，保护投资者合 法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称《证 券法》）《上市公司收购管理办法》《上市公司董事和高级管理人员所持本公司股 ...