Core Viewpoint - Ruihua Technology has received a patent for a method of preparing high-impact polystyrene, indicating potential advancements in their product offerings and market position [2] Company Summary - On November 29, 2025, Ruihua Technology was granted a patent by the Russian Federal Intellectual Property Office for an invention titled "Method for Preparing High-Impact Polystyrene and High-Impact Polystyrene" [2] - The patent number is RU 2851287, and the patent rights are held by Changzhou Ruihua Chemical Engineering Technology Co., Ltd. [2] - The announcement of the patent grant was made on November 21, 2025 [2]

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：920099 证券简称：瑞华技术 公告编号：2025-124 一、基本情况 常州瑞华化工工程技术股份有限公司（以下简称"公司"或"瑞华技术"）于 2025 年 11 月 29 日收到俄罗斯联邦知识产权局下发的 1 项发明专利证书，具体情况 如下： 常州瑞华化工工程技术股份有限公司 发明名称：高冲击强度聚苯乙烯的制备方法及高冲击强度聚苯乙烯 关于取得发明专利证书的公告 二、对公司的影响 本项发明属于聚合物制备领域，通过降低连续相粘度，最大限度地保持了橡胶 的形态结构，从而显著提高聚苯乙烯的冲击强度。同时，本项发明还具有原料获取 简单、生产工艺简单的显著优势，兼具性能提升与成本控制效能。 此外，取得该项发明专利后公司有望进一步扩大公司在冲击高强度聚苯乙烯的 市场份额，支持公司的长期产品多元化与创新发展战略。 三、风险提示 本次专利的取得，不构成对公司经营业绩的承诺，对公司的具体影响以实际情 况为准，敬请广大投资者谨慎决策，注意防范投资风险。 四、备查 ...

Group 1 - The "Implementation Plan" proposes to form three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027, focusing on consumption upgrades to lead industrial upgrades and better meet diverse demands [5][6][10] - The total number of consumer goods in China has reached 230 million, with over 100 categories such as home appliances, furniture, and clothing being the largest in global production [9][10] - The plan identifies key consumption areas including elderly products, smart connected vehicles, and consumer electronics, which are expected to show strong growth momentum and development potential [10][18] Group 2 - The median price-to-earnings (P/E) ratio for the North Exchange's consumer service stocks is -0.48%, with notable increases in stock prices for companies like Zhu Laoliu (+8.30%) and Thunder Technology (+7.46%) [35][41] - The total market capitalization of consumer service companies on the North Exchange decreased from 1097.59 billion to 1093.85 billion, with a median market cap drop from 19.44 billion to 18.97 billion [37][43] - The median TTM P/E ratio for the broader consumer industry decreased from 51.7X to 49.7X, indicating a slight decline in valuation [45][46] Group 3 - Jinbo Bio received a Class D medical device registration certificate in the Philippines, marking a significant achievement for China's high-end implantable medical devices in the international market [54][57] - The report highlights several companies related to the key consumption areas mentioned in the "Implementation Plan," including health products (Yicheng Konjac), cultural IP (Baixinglong), pet food (Lusi Co.), smart home (Shisheng Intelligent), and consumer electronics (Thunder Technology) [33][34]

Group 1: Company Overview - The report covers Huabao New Energy (301327.SZ), a global leader in portable energy storage, which has been growing rapidly since its establishment in 2011, focusing on consumer-grade green energy solutions [2][5] - As of H1 2025, the company's business has expanded to over 50 mainstream countries and regions, with a CAGR of 38.9% in revenue and 47.3% in net profit from 2014 to 2024 [2][5] - The portable energy storage industry is expected to maintain double-digit growth from 2024 to 2029, with trends towards larger capacity, higher safety, and lightweight products [2][5] Group 2: Market Position and Product Development - The company has regained the top market share in key channels such as Amazon in the US and Japan for the period from January to October 2025, thanks to its lightweight and cost-effective new products [2][5] - New product categories like mobile home storage and balcony solar storage are expected to drive a second growth curve, with the global home energy storage market showing significant potential [6][7] - The balcony solar storage product, HomePower2000Ultra, has demonstrated advantages in high power, plug-and-play functionality, and cost-effectiveness, contributing to a 106.4% year-on-year revenue growth in Europe for the first half of 2025 [6][7] Group 3: Financial Projections - The projected net profits for Huabao New Energy from 2025 to 2027 are 230 million, 500 million, and 790 million CNY, with year-on-year growth rates of -3.8%, +117.7%, and +57.2% respectively [7] - The price-to-earnings (PE) ratios corresponding to these profits are expected to be 43, 20, and 12 times [7] Group 4: Company Overview of Ruihua Technology - Ruihua Technology (920099.BJ) is recognized as a "small giant" in chemical process package technology, focusing on the domestic replacement of imported equipment [8][9] - The company is projected to achieve a revenue of 555 million CNY in 2024, reflecting a year-on-year growth of 40.74% [9][10] - The domestic production of styrene is expected to grow from 15.64 million tons in 2023 to 19.70 million tons by 2028, with a CAGR of 3.75% from 2024 to 2028 [8][9] Group 5: Competitive Advantages and Future Outlook - Ruihua Technology has successfully delivered overseas clients with styrene process packages and equipment, showcasing its core competitive advantage in self-developed complete technology [10][11] - The company has a solid patent portfolio with 72 authorized patents as of June 30, 2025, and is focusing on continuous innovation in its core technologies [10][11] - Future growth is anticipated as the company expands its overseas market presence and continues to innovate in technology and service offerings [11]

常州瑞华化工工程技术股份有限公司 关于全资子公司常州瑞凯化工装备有限公司 海外剩余设备交付的公告 证券代码：920099 证券简称：瑞华技术 公告编号：2025-123 本次瑞凯装备海外设备的顺利交付，不仅标志着关键海外合同的按期履行， 更是公司自主聚苯乙烯工艺包的成功应用，实现了从关键技术到核心设备的完整 输出，为公司后续国际化发展树立了重要里程碑。 二、风险提示 合同的后续履行还将受到客户履约、项目执行进度的影响，敬请投资者注意 投资风险。 三、备查文件 《专有设备销售合同》 特此公告。 常州瑞华化工工程技术股份有限公司 董事会 2025年11月26日 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、交易概述和设备交付情况 2024年7月29日，常州瑞华化工工程技术股份有限公司（以下简称"公司"或 "瑞华技术"）的全资子公司常州瑞凯化工装备有限公司（以下简称"瑞凯装备"） 与海外客户就PS-250项目（25万吨/年聚苯乙烯）签署了《专有设备销售合同》， 约定交货方式为FCA（货交承运人），交货 ...

常州瑞华化工工程技术股份有限公司 合计持股 5%以上股东权益变动触及5%整倍数的提示性公告 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。 证券代码：920099 证券简称：瑞华技术 公告编号：2025-121 | | | 本次权益变动前持有股 | | 本次权益变动后持有 | | | --- | --- | --- | --- | --- | --- | | 股东名称 | 股份性质 | 份 | | 股份 | | | | | 股数（股） | 占总股本 | 股数（股） | 占总股本 | | | | | 比例 | | 比例 | | 江苏中小企业发展 | 持有股份 | 1,726,097 | 2.2% | 1,314,055 | 1.6761% | | 基金（有限合伙） | 其中：无限 | 1,726,097 | 2.2% | 1,314,055 | 1.6761% | | | 售条件股份 | | | | | | 江苏省现代服务业 | 持有股份 | 1,726,062 | 2.2% | 1,307,588 | ...

证券代码：920099 证券简称：瑞华技术 公告编号：2025-122 常州瑞华化工工程技术股份有限公司 简式权益变动报告书 上市公司名称：常州瑞华化工工程技术股份有限公司 股票简称：瑞华技术 股票代码：920099 股票上市地点：北京证券交易所 信息披露义务人 1：江苏毅达成果创新创业投资基金（有限合伙） 执行事务合伙人：江苏毅达股权投资基金管理有限公司 通讯地址： 中国(江苏)自由贸易试验区南京片区滨江大道 396 号扬子江 新金融创意街区 5 号楼 1-402 室 信息披露义务人 2：江苏省现代服务业发展创业投资基金（有限合伙） 执行事务合伙人：南京毅达股权投资管理企业(有限合伙) 通讯地址： 中国(江苏)自由贸易试验区南京片区滨江大道 396 号扬子江 金融创意街区 5 号楼 1-401 室 信息披露义务人 3：江苏中小企业发展基金（有限合伙） 执行事务合伙人：江苏毅达股权投资基金管理有限公司 通讯地址： 南京市浦口区慧成街 3 号 权益变动性质：因股份减持导致持股比例下降至 5%以下 签署日期：二〇二五年十一月二十日 信息披露义务人及其一致行动人声明 一、本报告书系信息披露义务人根据《中华人民共和国 ...

证券代码：920099 证券简称：瑞华技术 公告编号：2025-120 常州瑞华化工工程技术股份有限公司 关于取得发明专利证书的公告 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 专利号：ZL 2023 1 1561428.9 常州瑞华化工工程技术股份有限公司（以下简称"公司"或"瑞华技术"）于 近日收到国家知识产权局下发的1项发明专利证书，具体情况如下： 发明名称：一种BDO精制过程中脱水反应除缩醛的方法及系统 专利申请日：2023年11月21日 专利权人：常州瑞华化工工程技术股份有限公司 授权公告日：2025年11月11日 授权公告号：CN 117645586 B 上述专利系公司自主研发取得。 二、对公司的影响 本项发明能够更节能有效地脱除BDO产品中多种缩醛，有助于提升BDO（1, 4-丁二醇）产品纯度与提高生产装置的经济效益。同时，本项发明与脱氢除缩 醛工艺相比具有设备投资更低、反应条件更温和、分离更简单以及催化剂使用 寿命更长的显著优势。 此外，本成果也提升了公司BDO工艺包 ...

Core Viewpoint - A block trade of 133,800 shares of Ruihua Technology (920099) occurred on November 17, with a transaction value of 4.1906 million yuan, indicating a slight premium over the closing price of the day [2] Summary by Category Trading Activity - The block trade had a transaction volume of 133,800 shares and a transaction price of 31.31 yuan, which is a 0.03% premium relative to the closing price of 31.30 yuan [2] - The buyer was Huatai Securities Co., Ltd. from the Shanghai Gonghe New Road Securities Business Department, while the seller was Caixin Securities Co., Ltd. from the Hangzhou Qingchun Road Securities Business Department [2] Stock Performance - On the same day, Ruihua Technology's stock closed at 31.30 yuan, down 0.86%, with a daily turnover rate of 2.20% and a total transaction amount of 27.0294 million yuan [2] - Over the past five days, the stock has experienced a cumulative decline of 0.95% [2] Company Background - Changzhou Ruihua Chemical Engineering Technology Co., Ltd. was established on April 24, 2007, with a registered capital of 783.99998 million yuan [2]

Core Viewpoint - A significant block trade occurred for Ruihua Technology (stock code: 920099) on November 17, 2025, at a closing price of 31.3 yuan per share, indicating active trading interest in the company [1]. Summary by Categories Trading Activity - A block trade was executed at a price of 31.31 yuan per share, with a total volume of 133,800 shares, resulting in a transaction value of 4.1906 million yuan, reflecting a premium of 0.03% [1]. Participants - The buying brokerage was Huatai Securities Co., Ltd., specifically the Shanghai Gonghe New Road Securities Branch, while the selling brokerage was Caixin Securities Co., Ltd., from the Hangzhou Qingchun Road Securities Branch [1].