Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year increase of 42% in net profit attributable to shareholders in the first half of 2025, driven by expansion in the Middle East market and deepening layouts in firefighting and marine engineering sectors [5][8] - The company’s revenue for the first half of 2025 was 359 million yuan, representing a year-on-year growth of 24%, with a significant improvement in cash flow [8] - The company is expected to benefit from the growing demand for high-pressure, corrosion-resistant hoses in the oil and gas industry due to deep-sea exploration and shale gas development [8] Financial Performance Summary - In the first half of 2025, the company reported revenue of 359 million yuan (up 24% year-on-year) and a net profit of 52.61 million yuan (up 42% year-on-year) [8] - The company’s revenue from high-pressure large-diameter delivery hoses increased by 36% year-on-year, with overseas market demand driving up gross margins [8] - The company’s projected revenue for 2025 is 736 million yuan, with a year-on-year growth rate of 22.79% [7] - The estimated net profit attributable to shareholders for 2025 is 141 million yuan, with a projected growth rate of 34.25% [9] - The company’s earnings per share (EPS) for 2025 is expected to be 1.07 yuan [9] Market and Strategic Positioning - The company is expanding its global footprint, focusing on emerging markets in South America, the Middle East, and Australia, with subsidiaries established in the UAE, Saudi Arabia, and the USA to enhance overseas delivery response efficiency [8] - The company is also investing in R&D for smart firefighting and marine engineering, with a flexible thermoplastic composite pipe production project in Saudi Arabia expected to enhance competitiveness in the Middle East market [8] - The company’s strategic focus includes emergency rescue, oil and gas extraction, agricultural water conservancy, and mineral development, leveraging product versatility to drive technological innovation and market expansion [8]

Core Insights - The company reported a revenue of 359 million yuan for the first half of 2025, representing a year-on-year growth of 23.81%, and a net profit attributable to shareholders of 52.61 million yuan, up 41.84% year-on-year [1] R&D and Innovation - The company emphasizes R&D innovation as a core driver of development, building a solid and experienced R&D team despite market challenges [2] - The company has successfully mastered several core technologies, including high-pressure RTP connection technology and steel fiber pre-impregnation technology, enhancing product performance and quality [2] - New product development focuses on flexible reinforced thermoplastic composite pipes and steel-lined modified polyurethane wear-resistant pipes, enriching the product line to meet diverse market demands [2] Technological Advancement - The company has achieved significant results in technology R&D, converting innovations into production capabilities that drive industry upgrades and product iterations [3] - By introducing advanced production equipment and processes, the company has improved production efficiency and product quality, solidifying its leading position in the industry [3] - The company has developed a series of high-performance products with independent intellectual property rights in the polymer fluid transmission hose sector, gaining recognition in both domestic and international markets [3] Global Expansion - The company has made notable progress in its global layout, establishing production bases in locations like Saudi Arabia, leveraging local resource advantages and cost benefits [4] - The company’s overseas revenue reached 287 million yuan, reflecting a year-on-year growth of 45.33%, showcasing the success of its international market expansion strategy [4] - Future strategies include continuing to enhance R&D investment and technological innovation while deepening international cooperation to become a global leader in fluid transmission solutions [4]

Group 1 - The company reported a revenue of 358,881,310.07 yuan, representing a year-on-year growth of 23.81% [2] - The net profit attributable to shareholders of the listed company was 52,605,429.72 yuan, showing a year-on-year increase of 41.84% [2]

证券代码：871694 证券简称：中裕科技 公告编号：2025-110 公司本次北交所发行上市向不特定合格投资者公开发行普通股股票 24,100,000.00 股，发行价格为人民币 12.33 元/股，募集资金总额为人民币 297,153,000.00 元，扣除承销费及保荐费 21,024,976.42 元（不含税）后的募集资 金为 276,128,023.58 元，已由东吴证券于 2023 年 4 月 14 日汇入公司在中国农业 银行股份有限公司泰州姜堰支行开立的账号为 10208001040229369 的人民币账 户内；减除其他发行费用人民币 6,692,427.25 元后，募集资金净额为人民币 269,435,596.33 元。上述资金到位情况业经中兴华会计师事务所（特殊普通合伙） 验证，并由其出具"中兴华验字（2023）第 020004 号"验资报告。公司对募集资 金采取了专户存储制度。 二、募集资金管理情况 为规范募集资金管理，保护投资者合法权益，根据《北京证券交易所上市公 司持续监管办法（试行）》《北京证券交易所股票上市规则》等相关规定，以及公 司《募集资金管理制度》的相关要求，公司开立了募集资 ...

证券代码：871694 证券简称：中裕科技 公告编号：2025-107 中裕软管科技股份有限公司 第三届董事会第二十三次会议决议公告 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。 3.会议召开方式：现场 4.发出董事会会议通知的时间和方式：2025 年 8 月 6 日以书面方式发出 5.会议主持人：董事长黄裕中 6.会议列席人员：全体高级管理人员 7.召开情况合法、合规、合章程性说明： 会议召集、召开、议案审议程序等方面符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 8 月 16 日 2.会议召开地点：公司会议室 二、议案审议情况 （一）审议通过《关于<2025 年半年度报告及摘要>的议案》 1.议案内容： 根据上市规则等相关规定，公司编制了《2025 年半年度报告》及摘要，董 事会依职责进行审议。 2.议案表决结果：同意 7 票； ...

北京市盈科（苏州）律师事务所 法律意见书 北京市盈科（苏州）律师事务所 关于中裕软管科技股份有限公司 2025 年第三次临时股东会的 法律意见书 北京市盈科（苏州）律师事务所 地址：江苏省苏州市工业园区苏州大道东265号现代传媒广场21楼 电话：0512-68700889 传真：0512-68700889 邮编：215000 北京市盈科（苏州）律师事务所 法律意见书 北京市盈科（苏州）律师事务所 关于中裕软管科技股份有限公司 2025 年第三次临时股东会的 一、本次股东会的召集、召开程序 （一）本次股东会的召集 公司董事会于 2025 年 7 月 21 日召开第三届董事会第二十二次会议，审议通 过《关于召开 2025 年第三次临时股东会的议案》，决定于 2025 年 8 月 6 日召开 2025 年第三次临时股东会。 法律意见书 致：中裕软管科技股份有限公司 北京市盈科（苏州）律师事务所（以下简称"本所"）接受中裕软管科技股份 有限公司（以下简称"公司"）的委托，指派本所律师出席公司 2025 年第三次临 时股东会。本所律师依据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下 ...

（一）会议召开情况 1.会议召开时间：2025 年 8 月 6 日 2.会议召开地点：公司会议室 证券代码：871694 证券简称：中裕科技 公告编号：2025-105 中裕软管科技股份有限公司 2025 年第三次临时股东会决议公告 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、会议召开和出席情况 3.会议召开方式：现场投票和网络投票相结合方式 4.会议召集人：董事会 5.会议主持人：董事长黄裕中 6.召开情况合法合规的说明： 会议召集、召开、议案审议程序等方面符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 7 人，持有表决权的股份总数 98,324,278 股，占公司有表决权股份总数的 74.4382%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0.00%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 1.公司在任董事 7 人，出席 7 人； 2 ...

Market Overview - On August 6, the rubber sector rose by 2.28%, with Kexin Innovation leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Key Performers in Rubber Sector - Kexin Innovation (300731) closed at 47.12, up 19.99% with a trading volume of 296,500 shares and a transaction value of 1.345 billion [1] - Zhen'an Technology (300767) closed at 16.70, up 14.78% with a trading volume of 488,200 shares and a transaction value of 780 million [1] - Litong Technology (832225) closed at 21.83, up 7.96% with a trading volume of 83,300 shares and a transaction value of 177 million [1] - Fengmao Co., Ltd. (301459) closed at 49.87, up 5.41% with a trading volume of 50,900 shares and a transaction value of 252 million [1] Fund Flow Analysis - The rubber sector saw a net inflow of 146 million from institutional investors, while retail investors experienced a net outflow of 3.8161 million [2] - Kexin Innovation had a net inflow of 127 million from institutional investors, but a net outflow of 67.6904 million from speculative funds [3] - Zhen'an Technology recorded a net inflow of 70.9139 million from institutional investors, with a net outflow of 54.3564 million from speculative funds [3]

Group 1 - In the past month (from July 6 to August 5), 23 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 96 institutions [1] - The types of institutions conducting the research included 20 brokerages, 9 funds, 8 private equity firms, and 3 insurance companies [1] - The companies that received the most institutional attention were Minshida, Xingtum Control, Taihu Snow, and Yuanhang Precision, with 96, 37, 36, and 23 institutions participating in their investigations, respectively [1] Group 2 - The most frequently investigated companies included Xingtum Control, Hanwei Technology, and Hengli Drill Tools, each receiving two rounds of institutional research [2] - Companies that were investigated by institutions saw an average stock price increase of 8.93% over the month, with notable gainers including Hengli Drill Tools (up 172.72%), Guangxin Technology (up 14.15%), and Sanwei Equipment (up 13.68%) [2] - The average market capitalization of all companies on the BSE was 3.136 billion yuan, while the average market capitalization of the companies that received institutional research was 3.609 billion yuan [2] Group 3 - A detailed list of companies investigated includes Minshida, Xingtum Control, Taihu Snow, and others, with their respective number of institutions involved, research frequency, latest closing prices, and percentage changes in stock prices [3] - The highest stock price increase was recorded by Hengli Drill Tools, while other companies like Guangxin Technology and Sanwei Equipment also showed significant gains [3]

Market Overview - On July 29, the rubber sector increased by 0.05% compared to the previous trading day, with Zhongyu Technology leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Stock Performance - Zhongyu Technology (871694) closed at 21.71, up 3.83% with a trading volume of 30,500 shares and a turnover of 64.55 million yuan [1] - Litong Technology (832225) closed at 21.07, up 2.48% with a trading volume of 35,600 shares and a turnover of 73.97 million yuan [1] - Kexin Innovation Source (300731) closed at 29.66, up 2.10% with a trading volume of 59,600 shares and a turnover of 173 million yuan [1] - Other notable stocks include Yangnian Agricultural Committee (300121) with a closing price of 15.20, up 1.74%, and Nongan Technology (300767) with a closing price of 13.64, up 0.81% [1] Fund Flow Analysis - The rubber sector experienced a net outflow of 68.40 million yuan from main funds, while retail funds saw a net inflow of 20.03 million yuan [2] - The main funds' net inflow and outflow for specific stocks include: - Lian Ke Technology (001207) with a net inflow of 10.69 million yuan from main funds [3] - Yanggu Huatai (300121) with a net inflow of 7.84 million yuan from main funds [3] - Sanwei Shares (603033) with a net inflow of 7.81 million yuan from main funds [3] - Conversely, stocks like Longxing Technology (002442) and Yuanchuang New Materials (301300) saw net outflows from main funds of 1.28 million yuan and 2.19 million yuan, respectively [3]