Group 1 - The domestic production of wet electronic chemicals is accelerating, with semiconductor cleaning agents leading the breakthrough [3][14][26] - Wet electronic chemicals, also known as ultra-pure reagents, are critical materials used in the wet processing of microelectronics and optoelectronics, with high purity and cleanliness requirements [14][19] - The market size of wet electronic chemicals in China reached 22.5 billion yuan in 2023, a year-on-year increase of 27.12%, and is expected to grow to 29.275 billion yuan by 2025 [3][31] Group 2 - Jin Hua New Materials has successfully developed electronic-grade hydroxylamine aqueous solution products, which are comparable in quality to BASF's products and have been validated by several chip manufacturers [4][32] - Wuxi Jinghai's amino acid products are suitable for microelectronic cleaning, particularly in environmentally friendly and precision cleaning scenarios, with plans to expand their application in the microelectronics field [4][36] Group 3 - The North Exchange chemical new materials sector saw an increase of 1.03% this week, with textile manufacturing and battery materials leading the gains [5][42][46] - The chemical products price trends indicate fluctuations in various categories, with notable changes in MDI and TDI prices [49][50] Group 4 - Zhongyu Technology signed a procurement contract for steel-lined wear-resistant pipes worth approximately 48.81 million yuan, marking market recognition of its products [6][77] - The company has established a long-term strategic plan to enhance its operational performance without creating dependency on any single client [6][77]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company has recently secured a new order for wear-resistant pipes worth approximately 48.81 million yuan, indicating market recognition of its products and services [5] - The new product, steel-lined modified polyurethane wear-resistant pipes, is expected to enhance the company's operational performance and contribute positively to its long-term development [5] - The company maintains its profit forecasts for 2025-2027, projecting net profits of 122 million yuan, 147 million yuan, and 171 million yuan respectively, with corresponding EPS of 0.93 yuan, 1.11 yuan, and 1.30 yuan [5] - The current stock price corresponds to a P/E ratio of 23.7, 19.8, and 17.0 for the years 2025-2027 [5] Financial Summary - The company reported a revenue of 668 million yuan in 2023, with a projected increase to 909 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10% [11] - The gross margin is expected to remain stable around 47.8% to 48.8% over the forecast period [11] - The net profit margin is projected to improve from 19.0% in 2023 to 18.8% in 2027 [11] - Return on equity (ROE) is expected to increase from 17.0% in 2023 to 14.4% in 2027 [11]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has signed a significant order worth 48.81 million yuan for steel-lined wear-resistant pipes, which is expected to enhance revenue and profit growth in 2026 [7] - The new product, steel-lined modified polyurethane wear-resistant pipes, has entered a growth phase, with applications in various mining and dredging scenarios [7] - The company is expanding its market presence in overseas regions such as the Middle East, South America, and Australia, with a focus on high-end markets [7] - The financial forecasts indicate a steady growth in revenue and net profit from 2025 to 2027, with corresponding P/E ratios decreasing over the years [7] Financial Forecasts - Total revenue is projected to be 599.27 million yuan in 2024, increasing to 910.32 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 19.56% [1] - Net profit attributable to the parent company is expected to decline to 104.83 million yuan in 2024, then recover to 165.31 million yuan by 2027, with a CAGR of 18.79% [1] - The latest diluted EPS is forecasted to rise from 0.79 yuan in 2024 to 1.25 yuan in 2027 [1] - The company’s P/E ratio is projected to decrease from 26.65 in 2024 to 16.90 in 2027, indicating an improving valuation over time [1]

证券代码：920694 证券简称：中裕科技 公告编号：2026-001 中裕软管科技股份有限公司签订重要合同的公告 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、 合同签署概况 （一） 基本情况 三、 合同主要内容 （一）合同标的：管路系统。 （二）合同价格：人民币 48,807,820.50 元（大写：肆仟捌佰捌拾万零柒仟 捌佰贰拾元伍角整）。 （三）合同生效：合同自双方法定代表人或授权代表签字并加盖合同专用 章或公章之日起生效。 （四）合同条款中已对合同标的、数量、质量、价格、付款方式、供货期 及验收、售后服务等方面进行了约定。 四、 合同履行对上市公司的影响 中裕软管科技股份有限公司（以下简称"公司"）的控股子公司江苏中裕能 源装备有限公司近日与客户 A（因涉及商业秘密，客户名称以"客户 A"代替） 签订了《管路系统采购合同》， 合同总价款人民币 48,807,820.50 元（大写：肆 仟捌佰捌拾万零柒仟捌佰贰拾元伍角整）。 （二） 审批情况 上述合同为公司日常经营合同，根据《公司章程》， ...

中裕软管科技股份有限公司 证券代码：920694 证券简称：中裕科技 公告编号：2025-129 关于募集资金专项账户完成销户的公告 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。 三、本次募集资金专项账户注销情况 公司于 2025 年 12 月 9 日召开了第三届董事会第二十五次会议，于 2025 年 12 月 25 日召开了 2025 年第四次临时股东会，分别审议通过了《关于募投项目 结项并将节余募集资金永久补充流动资金的议案》，为提高募集资金使用效率， 公司将募投项目结项后的节余募集资金永久补充流动资金。 截至本公告披露之日，公司在中国农业银行股份有限公司泰州姜堰支行（银 行账号：10208001040229369）、交通银行股份有限公司泰州姜堰支行（银行账号： 701066010013000054475）、招商银行股份有限公司泰州姜堰支行（银行账号： 523901199310858）、控股子公司江苏中裕能源装备有限公司在交通银行股份有限 公司泰州姜堰支行（银行账号：701066010013000 ...

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 年第四次临时股东会的 法律意见书 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 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 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 年第四次临 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》（以下简称"《证券法》"）及《中裕软管科技股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，对公司本次股东会的召 集和召开程序、出席会议人员和会议召集人的资格、会议的表决程序及表决结果的 合法性、有效性进行审查并出具本法律意见书。 为出具本法律意见书，本所及经办律师依据《证券法》《律师事务所从事证券 法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本 法律意见书出具日以前已经发生或 ...

证券代码：920694 证券简称：中裕科技 公告编号：2025-127 中裕软管科技股份有限公司 2025 年第四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 （一）会议召开情况 1.会议召开时间：2025 年 12 月 25 日 2.会议召开地点：公司会议室 3.会议召开方式：现场投票和网络投票相结合的方式 4.会议召集人：董事会 二、议案审议情况 （一）审议通过《关于预计 2026 年度申请金融机构综合授信的议案》 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） ...

Group 1 - The report highlights the performance of the North Exchange in 2025, indicating a significant rise in the North Index 50 to around 1400 points, with three distinct phases of market movement: rapid increase, oscillating rise, and a correction phase [2][12][15] - In the rapid increase phase (January 1 - March 11, 2025), the North Index 50 surged from 1,037.81 to 1,418.65 points, achieving a cumulative return of 36.70%, while the specialized index rose from 1,683.33 to 2,421.50 points, with a return of 43.85% [15][16] - The oscillating rise phase (April 7 - September 5, 2025) saw the North Index 50 increase from 1,044.07 to 1,647.01 points, yielding a cumulative return of 58.70%, and the specialized index from 1,759.64 to 2,806.39 points, with a return of 66.72% [16][17] Group 2 - The correction phase (September 15 - December 19, 2025) stabilized the North Index 50 and specialized index around 1400 and 2400 points, respectively, with the North Index 50 declining to 1,445.84 points and the specialized index to 2,440.21 points, resulting in cumulative returns of 39.32% and 44.96% [17][23] - The report emphasizes the performance of small-cap stocks, indicating that companies with market capitalizations of 0-20 billion, 20-40 billion, 40-80 billion, and above 80 billion had average returns of 54.08%, 38.60%, 18.26%, and 30.59%, respectively [26][31] - The report identifies that national and provincial-level "little giant" companies outperformed non-little giant firms, with average returns of 48.26%, 38.06%, and 39.19% for national, provincial, and non-little giants, respectively [27][29] Group 3 - The report highlights that national and provincial-level single champion companies achieved average returns of 59.27% compared to 39.61% for non-single champion companies [32][34] - In terms of industry performance, high-end equipment and new chemical materials sectors showed higher returns, with average returns of 50.20%, 28.67%, 48.49%, 40.43%, and 43.56% for high-end equipment, information technology, new chemical materials, consumer services, and biomedicine, respectively [34][36] - The report also notes that companies with new productive forces, ESG attributes, high scarcity, and high dividends had average returns of 50.49%, 48.44%, 49.14%, and 57.51%, respectively, indicating a strong performance in these categories [37][43]

东吴证券股份有限公司 关于中裕软管科技股份有限公司募投项目结项并将节余募 集资金永久补充流动资金的核查意见 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为中裕软管 科技股份有限公司（以下简称"中裕科技"或"公司"）向不特定合格投资者公开发 行股票并在北京证券交易所（以下简称"北交所"）上市的保荐机构，根据《证券 发行上市保荐业务管理办法》《北京证券交易所股票上市规则》《北京证券交易所 上市公司持续监管指引第 9 号——募集资金管理》等相关规定，对中裕科技募投 项目结项并将节余募集资金永久补充流动资金事项进行了核查，核查意见如下： 一、募集资金基本情况 按照中国证券监督管理委员会《关于同意中裕软管科技股份有限公司向不特 定合格投资者公开发行股票注册的批复》（证监许可〔2023〕536 号），并经北京 证券交易所同意，公司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 ...

证券代码：920694 证券简称：中裕科技 公告编号：2025-124 中裕软管科技股份有限公司 关于募投项目结项并将节余募集资金永久补充流动资金的公告 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。 中裕软管科技股份有限公司（以下简称"公司"或"中裕科技"）于 2025 年 12 月 9 日召开了第三届董事会第二十五次会议，审议通过了《关于募投项目结 项并将节余募集资金永久补充流动资金的议案》，鉴于公司募集资金投资项目"柔 性增强热塑性复合管量产项目（安徽优耐德）"、"柔性增强热塑性复合管量产项 目（沙特）"、"钢衬改性聚氨酯耐磨管量产项目"和"检测中心项目"（以下简称 "募投项目"）已达到预定可使用状态，拟对募投项目进行结项并将结项后的节 余募集资金永久补充流动资金。现将相关情况公告如下： 一、募集资金基本情况 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 ...