致同会计师事务所（特殊普通合伙） 目 录 漯河利通液压科技股份有限公司 二〇二五年度 审计报告 | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-81 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2026）第 410A005223 号 漯河利通液压科技股份有限公司全体股东： 一、审计意见 我们审计了漯河利通液压科技股份有限公司（以下简称利通科技）财务 报表，包括 2025 年 12月 31 日的合并及公司资产负债表，2025 年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财 务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了利通科技 20 ...

一、企业对内部控制的责任 漯河利通液压科技股份有限公司 二〇二五年度 内部控制审计报告 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 内部控制审计报告 致同审字（2026）第 410A005225 号 漯河利通液压科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了漯河利通液压科技股份有限公司（以下简称利通科技）2025 年 12 月 31 日的财务报告内部控制的有效性。 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效 性是利通科技董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性 发表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止 ...

1 官微二维码 年度报告 （如有） 可视化年报 （如有） 2025 利通科技 920225 漯河利通液压科技股份有限公司 2 公司年度大事记 （或）致投资者的信 图 片 （如有） 事 件 描述 图 片 （如有） 事 件 描述 | 第一节 | 重要提示、目录和释义 4 | | --- | --- | | 第二节 | 公司概况 6 | | 第三节 | 会计数据和财务指标 8 | | 第四节 | 管理层讨论与分析 11 | | 第五节 | 重大事件 33 | | 第六节 | 股份变动及股东情况 35 | | 第七节 | 融资与利润分配情况 38 | | 第八节 | 董事、高级管理人员及员工情况 41 | | 第九节 | 行业信息 45 | | 第十节 | 公司治理、内部控制和投资者保护 46 | | 第十一节 | 财务会计报告 53 | | 第十二节 | 备查文件目录 147 | 第一节 重要提示、目录和释义 【声明】 公司董事、高级管理人员保证本报告所载资料不存在虚假记载、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责任。 公司负责人赵洪亮、主管会计工作负责人杨国淦及会计机构负责人（ ...

Investment Rating - The report does not explicitly provide an investment rating for the hydrogen energy industry or specific companies within it. Core Insights - The hydrogen energy comprehensive application pilot work has been initiated, aiming to reduce the average terminal hydrogen price to below 25 RMB/kg by 2030. This initiative is part of a broader strategy to promote the high-quality development of the hydrogen energy industry through large-scale applications and technological innovations [1][5]. - China is the world's largest hydrogen producer, with an annual production of approximately 33 million tons. The demand for hydrogen is expected to reach 37.15 million tons by 2030 and 130 million tons by 2060, with industrial hydrogen usage accounting for 60% of total demand [1][17]. - The report identifies 13 companies in the hydrogen energy industry chain listed on the Beijing Stock Exchange, covering various sectors such as carbon fiber, silicon materials, and gas distribution [1][32]. Summary by Sections Section 1: Hydrogen Demand and Applications - By 2030, China's hydrogen demand is projected to reach 37.15 million tons, with industrial hydrogen remaining the dominant demand structure. By 2060, industrial hydrogen demand could reach approximately 77.94 million tons [1.2][30]. - The pilot program aims to expand hydrogen applications from fuel cell vehicles to various industrial sectors, enhancing the supply capacity of clean hydrogen [1.1][5]. Section 2: Market Performance - The median price-to-earnings (P/E) ratio for the mechanical equipment industry on the Beijing Stock Exchange is reported to be between 3.68% and 43.4X. The median market capitalization for electronic device companies has decreased from 2.26 billion RMB to 2.08 billion RMB [2][34]. Section 3: Company Announcements - Yintu Network plans to invest in establishing Beijing Hongjing Crystal Energy Technology Co., Ltd., contributing 5.1 million RMB for a 51% stake [4][34]. Section 4: Hydrogen Industry Chain Companies - The report lists 13 companies involved in the hydrogen energy industry chain, including Jilin Carbon Valley, Silane Technology, and Tianli Composite, among others, detailing their business focus and market capitalization [1][32][33].

Investment Rating - The report maintains an investment rating of "in line with the market" for the basic chemical industry [3]. Core Insights - In February 2026, the CITIC Basic Chemical Industry Index rose by 5.91%, outperforming the Shanghai Composite Index by 4.82 percentage points and the CSI 300 Index by 5.82 percentage points, ranking 6th among 30 CITIC primary industries [3][7]. - The report highlights a continued recovery in chemical product prices, driven by geopolitical tensions in the Middle East, which have led to significant increases in oil prices [3][29]. - The investment strategy for March 2026 suggests focusing on two main lines: organic silicon, pesticides, coal chemical, light hydrocarbon chemical, and calcium carbide-based PVC sectors [3]. Market Review - The CITIC Basic Chemical Industry Index has increased by 57.36% over the past year, outperforming the Shanghai Composite Index by 32.01 percentage points and the CSI 300 Index by 36.27 percentage points, ranking 4th among 30 CITIC primary industries [3][7]. - In February 2026, 28 out of 33 CITIC tertiary sub-industries saw price increases, with the phosphate fertilizer and phosphate chemical, inorganic salt, and soda ash industries leading with increases of 12.82%, 12.69%, and 10.59% respectively [9]. - Among 529 stocks in the basic chemical sector, 391 stocks rose while 136 fell, with Jinzhengdai, Baichuan Co., and Honghe Technology leading the gainers [9][11]. Product Price Tracking - In February 2026, international oil prices showed an upward trend, with WTI crude oil rising by 2.78% to $67.02 per barrel and Brent crude oil increasing by 2.53% to $72.48 per barrel [3]. - Among 318 tracked products, 141 saw price increases, with notable rises in products like tetrachloroethylene and lithium carbonate, while 110 products experienced price declines [3]. Industry and Company News - The report notes that the chemical raw materials and products manufacturing industry saw a year-on-year price decline of 5% in January 2026, indicating ongoing challenges in the sector [14]. - The report also discusses the strategic developments in the Inner Mongolia region, aiming to create a trillion-level chemical industry cluster and a modern coal chemical industry chain [19][20]. - The report highlights the successful launch of a commercial silicon-based immersion cooling project by Xin'an Co., showcasing the potential of organic silicon materials in new applications [22][23].

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 证券代码：920225 证券简称：利通科技 公告编号：2026-003 漯河利通液压科技股份有限公司 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2026 年 3 月 3 日 活动地点：线上会议 参会单位及人员：由天风证券组织的线上会议，具体参会单位有：天风证券、 东方红资产管理、摩根基金管理（中国）有限公司、东方证券资产管理有限公司、 上海歌汝私募基金管理有限公司、光大证券资产管理有限公司、星石投资管理有 限公司、上海勤辰私募基金管理合伙企业、源乘私募基金管理有限公司、南土资 产管理有限公司、弘洛私募证券基金管理有限公司、水璞私募基金管理中心、陆 家嘴国际信托有限公司、富安达基金管理有限公司、国泰基金、德邦基金、浙商 资管、汇丰晋信、东方基金、工银安盛人寿保险有限公司、中邮基金、横琴人寿 保险有限公司、北京诚旸投资 ...

证券研究报告·北交所公司点评报告·橡胶 利通科技（920225） 2025 业绩快报点评：外部不利因素冲击致短 期业绩承压，新业务布局孕育长期增长潜力 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 485.40 | 483.84 | 464.01 | 512.60 | 602.40 | | 同比（%） | 29.50 | (0.32) | (4.10) | 10.47 | 17.52 | | 归母净利润（百万元） | 133.71 | 107.21 | 82.43 | 93.45 | 114.88 | | 同比（%） | 60.78 | (19.82) | (23.12) | 13.38 | 22.93 | | EPS-最新摊薄（元/股） | 1.05 | 0.84 | 0.65 | 0.74 | 0.91 | | P/E（现价&最新摊薄） | 29.80 | 37.17 | 48.35 | 42.64 | 3 ...

漯河利通液压科技股份有限公司 2025 年年度业绩快报公告 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。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 二、经营业绩和财务状况情况说明 证券代码：920225 证券简称：利通科技 公告编号：2026-002 单位：元 项目 本报告期 上年同期 变动比例% 营业收入 464,014,204.35 483,838,122.87 -4.10% 利润总额 97,147,243.31 124,263,212.03 -21.82% 归属于上市公司股东的净利润 82,425,763.49 107,214,151.56 -23.12% 归属于上市公司股东的扣除非经常性 损益的净利润 64,535,870.60 101,475,628.39 -36.40% 基本每股收益 0.65 0.84 -22.62% 加 ...

Group 1 - The core focus of Litong Technology (stock code: 920225) in the past week (February 6 to February 12, 2026) has been on the increased activity in financing transactions and stock price volatility [1] - On February 9, the net financing inflow for Litong Technology reached 1.5165 million yuan, with a cumulative net financing inflow of 1.8748 million yuan over the past three days, indicating high market attention [1] - As of February 12, the financing balance has increased for nine consecutive days, with a recent five-day increase of 0.07 billion yuan (9.20% growth), and a margin difference of 0.88 billion yuan in the two financing balances [1] Group 2 - On February 12, the stock price increased by 3.44%, closing at 30.10 yuan, with a five-day price fluctuation range of 0.30% and a volatility of 8.30%, indicating heightened short-term fluctuations [1]

Investment Rating - The industry is rated as "Overweight," indicating an expected increase in performance exceeding the market benchmark index by more than 10% over the next 6-12 months [40]. Core Insights - The North Exchange market has reached a significant milestone with the number of qualified investors surpassing 10 million, marking a net increase of nearly 2 million compared to the same period last year, which lays a solid foundation for long-term healthy market development [3][34]. - Despite recent market adjustments, the long-term allocation value of the North Exchange remains recognized by institutions, with a slight decrease in margin financing indicating a reduction in market risk appetite [3][36]. - The acceleration of new stock issuances is expected to provide new supply to the market, with five new stocks issued in January and more expected in the coming weeks [3][36]. Summary by Sections Market Overview - The average daily trading volume of all A-shares on the North Exchange reached 20.48 billion yuan, a decrease of 28.7% week-on-week [8]. - The North Exchange 50 index fell by 0.70% during the week, with an average turnover rate of 2.13% [8]. Key News and Policies - A joint release by ten departments introduced the "Low Altitude Economy Standard System Construction Guide (2025 Edition)," focusing on five core areas including low-altitude aircraft and safety regulation [20]. - The Shanghai Gold Exchange adjusted the trading margin levels and price fluctuation limits for certain gold and silver contracts [24]. Core Driving Factors - The North Exchange's market construction has reached a new stage, with a significant increase in qualified investors, indicating enhanced market attractiveness and investor ecosystem development [34]. - Structural differentiation is evident in the industry, with active performance in energy and technology sectors, while the overall valuation shows signs of convergence [35]. - Market sentiment is cautious, with a slight retreat in margin financing indicating reduced risk appetite among investors [36]. Investment Recommendations and Strategies - Attention is recommended on the upcoming adjustments to the North Exchange 50 constituent stocks, which may create passive allocation demand for index funds [37]. - Focus on sectors with clear industrial trends such as AI, commercial aerospace, and semiconductors, as well as leading companies in the new energy sector that align with new productivity directions [38]. - A bottom-up approach is suggested to identify stocks with matching performance and valuation, especially those with potential for exceeding earnings expectations [38].