Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company achieved revenue of 346 million yuan in the first three quarters of 2025, representing a year-on-year increase of 4.64%, while the net profit attributable to the parent company was 66.13 million yuan, down 3.92% year-on-year [5] - The company is expected to benefit from the expansion of ultra-high pressure equipment, data center liquid cooling hoses, and nuclear power hoses, which are anticipated to drive performance growth [5] - The API 17K marine oil pipe production line is expected to be operational in Q4 2025, with nuclear power and liquid cooling hoses likely to open up new growth opportunities [5][6] Financial Summary - For 2025, the company forecasts net profits attributable to the parent company of 113 million yuan, 138 million yuan, and 164 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.89 yuan, 1.09 yuan, and 1.29 yuan per share [5][8] - The company's total revenue is projected to reach 504 million yuan in 2025, with a year-on-year growth of 4.1% [8] - The gross profit margin is expected to be 41.6% in 2025, with a net profit margin of 22.3% [11] Business Development - In Q3 2025, the company received new orders for 600L ultra-high pressure sterilization equipment, primarily from the juice and beverage industry [6] - The company is advancing the construction of the marine oil hose production line, with equipment for the API 17K marine oil pipe already being installed [5][6] - The company has completed trial production of various nuclear power hoses, with performance tests meeting relevant requirements [5][6]

Core Viewpoint - The Beijing Stock Exchange (BSE) is focusing on optimizing its product system and enhancing market liquidity through the introduction of the North Exchange 50 ETF, which is expected to lower investment barriers and attract more capital into the market [2][6]. Group 1: Market Developments - The North Exchange 50 Index surged by 8.41% on October 29, closing at 1573.71 points, marking a significant increase in market activity with 19 stocks rising over 10% [2][5]. - The trading volume reached 34.9 billion yuan, the highest since September 9, indicating a strong recovery in market sentiment [5]. Group 2: Policy and Structural Changes - The BSE aims to enhance its index system and expedite the launch of the North Exchange 50 ETF, which is seen as a crucial step in improving the exchange's institutional framework [2][4]. - The China Securities Regulatory Commission (CSRC) is promoting high-quality development of the BSE, focusing on supporting innovative small and medium-sized enterprises [3][4]. Group 3: Investor Engagement and Market Liquidity - The introduction of the North Exchange 50 ETF is anticipated to attract passive investment funds, thereby increasing market liquidity and trading volume [2][6]. - The BSE plans to improve its service mechanisms and enhance communication and training to better support market participants [5]. Group 4: New Third Board Reforms - The New Third Board is undergoing reforms to address challenges such as declining financing amounts and reduced trading activity, with a focus on enhancing market structure and transparency [8]. - The BSE is working to strengthen its connection with the New Third Board, promoting a seamless capital market service for innovative SMEs [8].

Core Viewpoint - Lito Technology (920225) experienced a trading halt today, with a daily price increase of 30.00% and a trading volume of 5.36 billion yuan, indicating significant market interest and volatility [1] Trading Activity Summary - The stock had a turnover rate of 16.90% and a price fluctuation of 34.48% throughout the day [1] - Institutional investors net bought 12.42 million yuan, while brokerage seats collectively net sold 61.19 million yuan [1] - The top five trading departments accounted for a total transaction volume of 147 million yuan, with a buying amount of 49.24 million yuan and a selling amount of 98.02 million yuan, resulting in a net sell of 48.78 million yuan [1] Institutional Participation - Among the trading departments, two institutional specialized seats were involved, with a combined buying amount of 20.19 million yuan and a selling amount of 7.77 million yuan, leading to a net buy of 12.42 million yuan [1] - Over the past six months, the stock has appeared on the trading leaderboard five times, with an average price increase of 1.32% the day after being listed and an average increase of 2.23% over the following five days [1]

证券代码：920225 证券简称：利通科技 公告编号：2025-095 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 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 10 月 28 日 活动地点：公司现场、线上交流 参会单位及人员： □业绩说明会 □媒体采访 √现场参观 □新闻发布会 √分析师会议 分析师会议为开源证券组织的电话会议，参会单位有：中信建投基金管理有 限公司、中邮基金管理有限公司、万家基金管理有限公司、圆信永丰基金管理有 限公司、泰康资产管理（香港）有限公司、汇添富基金管理有限公司、创金合信 基金管理有限公司、博时基金管理有限公司、摩根基金管理（中国）有限公司、 华西基金管理有限责任公司、光大保德信管理有限公司、阳光资产管理股份有限 公司、中天汇富基金管理有限公司、朱雀基金管理有限公司、开源证券股份有限 公司、民生证券股份有限公司、联储证券股份有限公司、长江证券股份有限公司 ...

Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company's performance is under pressure due to a decline in overseas orders influenced by US-China trade tensions, with a 16% year-on-year drop in non-recurring profit for the first three quarters of 2025 [2] - The company reported a revenue of 346 million yuan for the first three quarters of 2025, a year-on-year increase of 4.64%, while the net profit attributable to the parent company was 66 million yuan, a decrease of 3.92% year-on-year [2] - The gross profit margin for the first three quarters of 2025 was 41.04%, down 0.58 percentage points year-on-year, and the net profit margin was 19.03%, down 1.73 percentage points year-on-year [2] Financial Performance Summary - For 2025, the company expects total revenue to reach 580.67 million yuan, with a year-on-year growth of 20.01%, and a net profit attributable to the parent company of 137.77 million yuan, reflecting a year-on-year increase of 28.50% [1][10] - The company’s earnings per share (EPS) for 2025 is projected to be 1.09 yuan, with a price-to-earnings (P/E) ratio of 30.40 based on the latest diluted EPS [1][10] - The company’s contract liabilities increased by 31% compared to the beginning of the year, driven by customer prepayments for high-pressure sterilization equipment [3] Business Development and Market Position - The company has significant advantages in the rubber hose industry and is expanding horizontally into liquid cooling, nuclear power, and marine hoses, while vertically integrating high-pressure equipment to enter the food processing sector [4] - The company has completed sample trials for various nuclear power hoses and is in the process of supplying samples for liquid cooling hoses to potential customers [4] - The company is focusing on the high-pressure industry chain and steadily advancing its business layout in high polymer materials and high-pressure equipment [4]

漯河利通液压科技股份有限公司 第四届董事会第二十次会议决议公告 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。 一、会议召开和出席情况 （一）会议召开情况 证券代码：920225 证券简称：利通科技 公告编号：2025-093 5.会议主持人：董事长赵洪亮先生 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 会议的召开符合《公司法》等法律法规和《公司章程》《董事会议事规则》 中关于董事会召开的有关规定。 （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。 董事张勇、董治国、赵永德因在外地以通讯方式参与表决。 二、议案审议情况 1.会议召开时间：2025 年 10 月 24 日 2.会议召开地点：公司会议室 3.会议召开方式：现场与通讯相结合 4.发出董事会会议通知的时间和方式：2025 年 10 月 20 日以书面、通讯方式 发出 本议案无需提交股东会审议。 公司 2025 年三季度报告的编制和审议程序符合法律、法规、《公司章程》和 公司内部管理制度的各项规定，报告的 ...

Core Points - As of October 24, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) is 7.521 billion yuan, a decrease of 25.4384 million yuan from the previous trading day, marking a continuous decline for three trading days [1] - The stocks with the highest margin financing balances include Jinbo Biological, Shuguang Digital Innovation, and Better Energy, with latest financing balances of 380 million yuan, 347 million yuan, and 313 million yuan respectively [1] - A total of 126 stocks on the BSE received net margin purchases on October 24, with 29 stocks having net purchases exceeding one million yuan, led by Litong Technology with a net purchase of 11.2973 million yuan [1][2] Financing and Trading Activity - The average increase in financing balances for BSE stocks on October 24 was 1.74%, with notable gainers including Tongyi Aerospace, Lingge Technology, and Wanyuantong, which rose by 21.97%, 5.74%, and 4.79% respectively [2] - The weighted average turnover rate for stocks with net margin purchases exceeding one million yuan was 4.55%, with Tongyi Aerospace, Shengnan Technology, and Lingge Technology having turnover rates of 28.98%, 17.30%, and 10.74% respectively [2] - The average daily turnover rate for BSE stocks on October 24 was 3.01% [2] Sector Analysis - The sectors with the highest concentration of stocks receiving net margin purchases over one million yuan include machinery equipment, automotive, and electronics, with 5, 4, and 3 stocks respectively [2] - Stocks with the largest increases in financing balances on October 24 include Litong Technology, Lingge Technology, and Tongyi Aerospace, with increases of 11.2973 million yuan, 10.2087 million yuan, and 6.3646 million yuan respectively [3][4]

Market Overview - The rubber sector increased by 0.95% on October 20, with Yuanxiang New Materials leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Yuanxiang New Materials (301300) closed at 39.30, up 6.02% with a trading volume of 18,400 lots and a transaction value of 71.7095 million yuan [1] - Other notable performers include: - Kexin New Source (300731) at 41.73, up 3.50% with a trading volume of 58,600 lots [1] - Litong Technology (920225) at 31.90, up 2.90% with a trading volume of 108,800 lots [1] - Yongdong Co., Ltd. (002753) at 7.10, up 2.45% with a trading volume of 53,700 lots [1] Capital Flow - The rubber sector experienced a net outflow of 64.8746 million yuan from institutional investors, while retail investors saw a net inflow of 61.5242 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Notable net inflows and outflows for specific stocks include: - Sanwen Co., Ltd. (002068) with a net inflow of 6.0209 million yuan from institutional investors [3] - Tongcheng New Materials (603650) saw a net outflow of 4.51893 million yuan from institutional investors [3] - Yuanxiang New Materials (301300) had a net inflow of 1.4385 million yuan from institutional investors [3]

Group 1 - The report highlights the implementation of export controls on superhard materials by the Ministry of Commerce and the General Administration of Customs, affecting products such as synthetic diamond powders and CVD equipment [2][11]. - China's superhard materials industry is globally leading, with a production share of over 95% in industrial diamonds, supported by a monopolized supply chain in Henan and a significant market share in diamond wire saws [3][16]. - The future development of the superhard materials industry will focus on high-end and specialized applications, with an emphasis on technological independence and green transformation [3][23]. Group 2 - The report notes a decline of 3.59% in the chemical new materials sector on the North Exchange, with only the rubber and plastic products sector showing an increase [4][30]. - Key companies in the sector, such as LITONG Technology and HUIFENG Diamond, have shown significant stock performance, with LITONG Technology increasing by 39.83% [4][37]. - The report provides insights into the financial performance of MINSHIDA, which reported a 28.88% year-on-year increase in net profit for the first three quarters of 2025 [5][74]. Group 3 - The superhard materials industry is experiencing a trend towards high-end and diversified applications, extending from traditional industrial processing to high-value sectors like semiconductors and aerospace [13][19]. - The report outlines the core demands for various applications of superhard materials, including high hardness for industrial processing and high thermal conductivity for semiconductor applications [14]. - The competitive landscape of the superhard materials industry will increasingly focus on eliminating outdated production capacity and supporting specialized enterprises [23][26].

Group 1 - Lito Technology (920225) experienced a significant increase of 15.46% in its stock price, with a trading volume turnover rate of 20.06% and a total transaction amount of 486 million yuan, showing a price fluctuation of 18.51% [1] - The stock was listed on the North Exchange due to its daily turnover rate reaching 20.06%, with a net buying amount from brokerage seats totaling 79.79 million yuan [1] - The top five brokerage seats accounted for a total transaction amount of 180 million yuan, with a buying transaction amount of 130 million yuan and a selling transaction amount of 50.23 million yuan, resulting in a net buying of 79.79 million yuan [1] Group 2 - The largest buying brokerage was Guohai Securities Co., Ltd. Shanghai Century Avenue branch, with a buying amount of 50.39 million yuan, while the largest selling brokerage was Yuekai Securities Co., Ltd. Shenzhen Shennan Avenue branch, with a selling amount of 10.39 million yuan [1] - Detailed buying and selling amounts from the top five brokerage seats were provided, indicating strong buying interest in Lito Technology's stock [1]