Market Overview - On September 18, the rubber sector increased by 0.88%, led by Sanwei Equipment, while the Shanghai Composite Index closed at 3831.66, down 1.15% [1] - The Shenzhen Component Index closed at 13075.66, down 1.06% [1] Key Performers in Rubber Sector - Yiwai Equipment (831834) closed at 26.00, up 30.00% with a trading volume of 141,700 shares and a transaction value of 332 million [1] - Kexin New Source (300731) closed at 49.72, up 9.39% with a trading volume of 228,800 shares and a transaction value of 1.122 billion [1] - Sanwei Co. (603033) closed at 13.22, up 6.27% with a trading volume of 299,200 shares and a transaction value of 392 million [1] - Zhenan Technology (300767) closed at 23.70, up 5.52% with a trading volume of 316,300 shares and a transaction value of 754 million [1] Fund Flow Analysis - The rubber sector saw a net inflow of 39.38 million from main funds, while retail investors experienced a net outflow of 116 million [2] - Speculative funds had a net inflow of 76.45 million [2] Individual Stock Fund Flow - Zhenan Technology (300767) had a main fund net inflow of 68.72 million, with a retail net outflow of 64.88 million [3] - Kexin New Source (300731) had a main fund net inflow of 60.62 million, with a retail net outflow of 21.22 million [3] - Sanwei Co. (603033) had a main fund net inflow of 9.68 million, with a retail net outflow of 11.59 million [3]

Market Overview - On September 17, the rubber sector increased by 0.88% compared to the previous trading day, with Sanwei Equipment leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Sanwei Equipment (831834) closed at 20.00, with a significant increase of 29.95% and a trading volume of 194,200 shares, amounting to a transaction value of 373 million yuan [1] - Other notable performers include: - Zhongyu Technology (871694) at 22.36, up 4.24% [1] - Yuanxiang New Materials (301300) at 41.95, up 3.43% [1] - Tongcheng New Materials (603650) at 35.21, up 2.68% [1] Capital Flow - The rubber sector experienced a net outflow of 3.6786 million yuan from institutional investors, while retail investors saw a net outflow of 17.8668 million yuan [2] - Conversely, speculative funds recorded a net inflow of 21.5454 million yuan [2] Individual Stock Capital Flow - Tian Tie Technology (300587) had a net inflow of 21.7146 million yuan from institutional investors, while retail investors faced a net outflow of 7.8641 million yuan [3] - Heimao Co. (002068) saw a net inflow of 21.1115 million yuan from institutional investors, but a significant net outflow of 27.6242 million yuan from retail investors [3] - Other stocks with notable capital flows include: - Fengmao Co. (301459) with a net inflow of 7.9802 million yuan from institutional investors [3] - Longxing Technology (002442) with a net inflow of 1.8542 million yuan from institutional investors [3]

Market Overview - On September 12, the rubber sector declined by 0.61%, with Li Tong Technology leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the rubber sector included: - Yanggu Huatai (300121) with a closing price of 15.74, up 5.85% and a trading volume of 245,100 shares, totaling 372 million yuan [1] - Yuanxiang New Materials (301300) closed at 40.88, up 1.49% with a trading volume of 8,829 shares, totaling 35.86 million yuan [1] - Zhen'an Technology (300767) closed at 22.26, up 1.37% with a trading volume of 142,900 shares, totaling 316 million yuan [1] Fund Flow Analysis - The rubber sector experienced a net outflow of 7.28 million yuan from main funds, while retail funds saw a net inflow of 48.35 million yuan [2] - The overall net outflow from retail investors was 41.07 million yuan [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Yanggu Huatai (300121) had a main fund net inflow of 29.59 million yuan, while retail investors had a net outflow of 24.07 million yuan [3] - Zhen'an Technology (300767) saw a main fund net inflow of 18.52 million yuan, with retail investors experiencing a net outflow of 19.85 million yuan [3] - Longxing Technology (002442) had a main fund net inflow of 4.65 million yuan, while retail investors had a net outflow of 2.56 million yuan [3]

Market Overview - The rubber sector experienced a decline of 0.34% on September 10, with Sanwei Equipment leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the rubber sector included: - Kexin New Source (300731) with a closing price of 45.01, up 4.38% and a trading volume of 136,100 shares, totaling 613 million yuan [1] - Tiantian Technology (300587) closed at 8.96, up 2.28% with a trading volume of 422,500 shares, totaling 376 million yuan [1] - Significant decliners included: - Sanwei Equipment (831834) which closed at 15.79, down 7.93% with a trading volume of 70,100 shares, totaling 113 million yuan [2] - Quancheng Shares (605183) closed at 20.55, down 3.20% with a trading volume of 29,600 shares, totaling 61.52 million yuan [2] Capital Flow - The rubber sector saw a net inflow of 13.648 million yuan from institutional investors, while retail investors contributed a net inflow of 56.306 million yuan [2] - However, speculative funds experienced a net outflow of 69.9536 million yuan [2] Individual Stock Capital Flow - Kexin New Source (300731) had a net inflow of 49.3875 million yuan from institutional investors, while it faced a net outflow of 23.2366 million yuan from speculative funds [3] - Sanwei Shares (603033) recorded a net inflow of 10.5857 million yuan from institutional investors, with a net outflow of 9.2531 million yuan from speculative funds [3] - Other notable stocks included: - Lian Ke Technology (001207) with a net inflow of 9.0254 million yuan from institutional investors [3] - Shuangjian Shares (002381) faced a net outflow of 1.8029 million yuan from institutional investors [3]

证券代码：871694 证券简称：中裕科技 公告编号：2025-114 中裕软管科技股份有限公司 名称：中裕软管科技股份有限公司 关于完成工商变更登记并取得营业执照的公告 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、基本情况 中裕软管科技股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召开 第三届董事会第二十一次会议、第三届监事会第十八次会议，于 2025 年 6 月 4 日召开 2025 年第二次临时股东会，审议通过《关于减少公司注册资本暨修订<公 司章程>的议案》，具体内容详见公司于 2025 年 5 月 19 日在北京证券交易所指 定信息披露平台（www.bse.cn）披露的《关于减少公司注册资本暨修订<公司章 程>公告》（公告编号：2025-061）。 目前，公司已完成工商变更登记、章程备案等手续并取得变更后的《营业执 照》。本次变更完成后，公司注册资本由 13,284.063 万元变更为 13,208.8476 万 元。除上述变更外，《营业执照》记载的其他登记事项未发 ...

投资者关系活动记录表 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 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 证券代码：871694 证券简称：中裕科技 公告编号：2025-113 中裕软管科技股份有限公司 二、 投资者关系活动情况 活动时间：2025 年 9 月 4 日 14:30-15:20 □分析师会议 活动地点：上海市浦东新区世纪大道 210 号上海浦东丽晶酒店 参会单位及人员：申万宏源研究、兴业证券、江海证券、国元证券、中泰证 券、上海艾叶私募基金管理有限公司、上海滦海啸阳私募基金管理有限公司、上 海君牛私募基金管理有限公司（排名不分先后） 上市公司接待人员：公司董事、副总经理、财务负责人、董事会秘书陈军； 公司投资者关系总监周艳 □路演活动 三、 投资者关系活动主要内容 □其他 本次投资者关系活动的主要问题及公司对问题的回复概要如下： 董事会 回复：公司在中东地区的业务布局持续深化，客户网络稳步扩张。目前， 公司已成功覆盖中东地区多个核心 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [7]. Core Insights - The company achieved a revenue of 359 million yuan in the first half of 2025, representing a year-on-year growth of 23.81%. The net profit attributable to shareholders was 53 million yuan, up 41.84% year-on-year [2][5]. - The overseas business revenue significantly increased, reaching 287 million yuan, which is a 45.33% increase compared to the same period last year, accounting for 79.90% of total revenue [5]. - The company is actively expanding its overseas market presence, with a diverse product lineup including high-pressure large-flow delivery hoses and flexible reinforced thermoplastic composite pipes [5]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a gross margin of 52.45%, an increase of 6.07 percentage points year-on-year, primarily due to higher margins on overseas products and a decrease in procurement costs [5]. - The second quarter of 2025 saw a revenue of 175 million yuan, a year-on-year increase of 5.14%, but a quarter-on-quarter decline of 4.89%. The net profit for Q2 was 22 million yuan, down 5.52% year-on-year and 29.03% quarter-on-quarter [5]. Product Segmentation - Revenue from high-pressure large-flow delivery hoses was 249 million yuan, up 36.09% year-on-year. Revenue from ordinary lightweight delivery hoses was 84 million yuan, a 3.64% increase, while coupling revenue reached 15 million yuan, growing by 51.67% [5]. Earnings Forecast - The company is projected to achieve earnings per share of 0.92 yuan and 1.03 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 24 times and 22 times [6].

东吴证券股份有限公司 关于中裕软管科技股份有限公司 2025 年半年度持续督导跟踪报告 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构及时审阅了公司信息披露 | | | 文件。 | | 2、督导公司建立健全并有效执行规则制度的情况 | 保荐机构督导公司建立健全规则制 | | | 度（包括但不限于防范控股股东及 | | | 关联方占用资金管理制度、募集资 | | | 金管理制度、内控制度、内部审计 | | | 制度、关联交易管理制度等），本 | | | 督导期内，中裕科技有效执行了规 | | | 则制度。 | | 3、募集资金使用监督情况 | 保荐机构定期查阅公司募集资金账 | | | 户对账单，核查公司募集资金使用 | | | 情况；每半年度前往公司现场核查 | | | 募集资金使用情况。本督导期内， | | | 中裕科技募集资金存放与使用符合 | | | 相关规定。 | | 4、督导公司规范运作情况 | 保荐机构通过日常沟通、现场核查、 | | | 查阅资料等方式，督促公司规范运 | | | 作；本持续督导内，公司在规范运 | | | 作方面不存在重大违规 ...

证券代码：871694 证券简称：中裕科技 公告编号：2025-111 中裕软管科技股份有限公司 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 （投资者线上交流会） 二、 投资者关系活动情况 参会单位及人员：华源证券、申万宏源研究、东吴证券、东北证券、长江证 券、开源证券、民生证券、国元证券、联储证券、第一创业、工银瑞信、鸿运私 募基金、杭州俊腾私募基金、淳厚基金、大成基金、西部利得基金、同泰基金、 中信建投基金、兴证全球基金、贝寅基金、汇美盈创、滦海资本、平安理财、太 平资产、华夏久盈、安华保险、国晖投资、彬元资产、重阳投资、野村资管、上 海度势投资有限公司、深圳锦壹投资有限公司、Tiger pacific Capital（排名不分先 后） 上市公司接待人员：公司董事、副总经理、财务负责人、董事会秘书陈军； 公司投资者关系总监周艳 三、 投资者关系活动 ...

Investment Rating - The investment rating for Zhongyu Technology is "Buy" (maintained) [1] Core Views - The company's performance in H1 2025 was slightly below expectations due to tariff impacts, but a recovery is anticipated in H2 2025, with the steel-lined polyurethane pipe gradually gaining traction [1][6] - The company reported a revenue of 359 million yuan in H1 2025, representing a year-on-year growth of 23.8%, and a net profit of 52.61 million yuan, up 41.8% year-on-year [6] - The main revenue source remains high-pressure pipes, with significant growth in new products like steel-lined polyurethane pipes [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 717 million yuan, with a year-on-year growth rate of 19.7% [5] - The net profit forecast for 2025E is 127 million yuan, reflecting a year-on-year increase of 21.1% [5] - The gross margin for H1 2025 was 52.4%, an increase of 6.1 percentage points year-on-year, primarily due to the higher revenue share from high-pressure pipes [6] Product and Regional Performance - In H1 2025, high-pressure pipes accounted for 69.3% of total revenue, with a year-on-year growth of 36.1% [6] - Revenue from overseas markets showed significant growth, with a 45.3% increase year-on-year, while domestic revenue declined by 22.1% [6] - The company is expanding its presence in the Middle East, with notable revenue contributions from the UAE and Saudi Arabia [6] Outlook - The company expects a gradual recovery in sales of high-pressure pipes to the U.S. as tariff impacts ease in H2 2025 [6] - The ongoing expansion in the Middle East is projected to continue driving revenue growth, supported by local manufacturing initiatives [6] - New projects are expected to come online in 2026, providing additional growth momentum for the company [6]