Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 168 million yuan in Q1 2025, representing a year-on-year increase of 227.91% but a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, indicating a reduction in losses [5][11] - The company has a total of 5.868 billion yuan in orders on hand, with significant contributions expected from engineering general contracting services in 2025-2026 [11] - The company is focusing on high-end, green, and intelligent development in response to national policies aimed at promoting the chemical industry [11] - The petrochemical equipment market is expected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] - The projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, respectively, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11] Summary by Sections Financial Performance - In Q1 2025, the company's revenue was 168 million yuan, a year-on-year increase of 227.91% and a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, showing a reduction in losses [5][11] Order Book and Revenue Recognition - The company has 5.868 billion yuan in orders on hand, with engineering general contracting services expected to contribute significantly to revenue recognition in 2025-2026 [11] Industry Outlook - The petrochemical equipment market is projected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] Strategic Focus - The company is actively pursuing high-end, green, and intelligent development in alignment with national policies aimed at enhancing the chemical industry [11] Profit Forecast - Projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11]

上海卓然工程技术股份有限公司 第三届监事会第十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海卓然工程技术股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日， 向全体监事发出了关于召开公司第三届监事会第十六次会议通知。本次会议于 2025 年 4 月 27 日以现场表决的方式召开，会议应参加监事 3 人，实际参加监事 3 人。 本次会议召开符合《中华人民共和国公司法》、《上海证券交易所科创板股票 上市规则》等有关法律、行政法规、部门规章、规范性文件和《上海卓然工程技 术股份有限公司章程》的规定，会议召开合法、有效。 证券代码： 688121 证券简称：卓然股份 公告编号：2025-016 表决结果：3 票赞成，0 票反对，0 票弃权。 特此公告。 上海卓然工程技术股份有限公司监事会 2025 年 4 月 29 日 经与会监事认真审议，本次会议审议并通过了以下议案： 一、审议通过《关于<2025 年第一季度报告>的议案》 监事会意见：公司严格按照各项法律、法规、规章等的要求规范运作，公司 ...

Group 1 - The core viewpoint of the articles highlights the significant revenue growth and improving financial performance of Zhuoran Engineering Technology Co., Ltd. in Q1 2025, driven by the global energy equipment renewal cycle and increased project deliveries [1][2] - Zhuoran's Q1 revenue reached 168 million yuan, marking a year-on-year increase of 227.91%, the highest quarterly growth rate in three years, while the net profit loss narrowed to 8.3272 million yuan, indicating continuous improvement in operational quality [1] - The company is a leading player in the modular manufacturing of petrochemical equipment in China, with revenue recognition based on project completion, leading to periodic income recognition [1] Group 2 - The petrochemical industry is currently facing challenges such as oversupply of traditional bulk petrochemical products and weak market demand, while high-end chemical products still require significant imports [2] - Zhuoran emphasizes research and innovation, digital upgrades, and sustainable development to navigate the energy transition, aiming to leverage innovation to initiate a new era in the energy sector [2] - As of December 31, 2024, Zhuoran had accumulated 290 intellectual property rights, including 52 invention patents and 202 utility model patents, showcasing its commitment to technological advancement [2] Group 3 - The company plans to focus on the research and development of hydrogen metallurgy technology and new materials such as high-end polyolefins and high-elastic polymers, aiming to explore low-carbon development pathways and open new growth opportunities [3] - Zhuoran is actively integrating green concepts into its development strategy, focusing on clean energy and building an industrial ecosystem to support the transition of the energy structure [2][3]

Financial Performance - The company's operating revenue for Q1 2025 was ¥168,389,039.99, representing a 227.91% increase compared to ¥51,351,882.75 in the same period last year[4] - The net profit attributable to shareholders was a loss of ¥8,327,156.77, an improvement from a loss of ¥40,199,670.04 in the previous year[4] - The net profit for Q1 2025 was a loss of ¥3.60 million, compared to a loss of ¥45.49 million in Q1 2024, showing an improvement in performance[18] - The company reported a total comprehensive income attributable to shareholders of the parent company of -¥8.31 million in Q1 2025, compared to -¥40.28 million in Q1 2024, indicating a significant reduction in losses[18] Cash Flow - The net cash flow from operating activities was negative at ¥272,178,144.00, a decrease of 507.74% compared to a positive cash flow of ¥66,752,505.28 last year[4] - The company reported a net cash outflow from operating activities of ¥272.18 million in Q1 2025, contrasting with a net inflow of ¥66.75 million in Q1 2024[21] - Cash and cash equivalents at the end of Q1 2025 were ¥130.68 million, down from ¥195.14 million at the end of Q1 2024[21] Research and Development - Total R&D investment amounted to ¥12,286,917.75, down 69.21% from ¥39,901,049.14 in the previous year[5] - R&D investment as a percentage of operating revenue decreased to 7.30%, down 70.40 percentage points from 77.70%[5] - Research and development expenses decreased to ¥12.29 million in Q1 2025 from ¥39.90 million in Q1 2024, a reduction of 69.1%[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,733,232,902.84, a slight increase of 0.28% from ¥8,709,093,988.78 at the end of the previous year[5] - Total liabilities as of March 31, 2025, were RMB 6,073,026,161.00, slightly up from RMB 6,045,197,696.19[14] - The company's total equity decreased to RMB 2,660,206,741.84 from RMB 2,663,896,292.59, a decline of approximately 0.1%[14] Shareholder Information - The company had a total of 6,432 common shareholders at the end of the reporting period[8] - The top shareholder, Zhang Jinhong, holds 32.31% of the shares, totaling 75,473,668 shares[8] Operating Costs - Total operating costs increased to ¥196.84 million in Q1 2025 from ¥144.12 million in Q1 2024, marking a rise of 36.6%[17] Financial Expenses - The company incurred a financial expense of ¥9.58 million in Q1 2025, down from ¥14.86 million in Q1 2024, indicating a decrease of 35.5%[17] Current Assets - As of March 31, 2025, the total current assets amounted to RMB 4,624,460,271.92, a slight decrease from RMB 4,659,356,647.46 as of December 31, 2024[12] - The company's cash and cash equivalents decreased to RMB 433,940,230.57 from RMB 452,497,202.59, reflecting a decline of approximately 4.1%[12] - Accounts receivable decreased to RMB 1,667,330,956.40 from RMB 1,773,630,076.84, indicating a reduction of about 6.0%[12] - Inventory increased to RMB 559,354,170.61 from RMB 485,376,165.21, representing a growth of approximately 15.2%[12] - Total non-current assets rose to RMB 4,108,772,630.92 from RMB 4,049,737,341.32, marking an increase of about 1.5%[13] Borrowings - Short-term borrowings increased significantly to RMB 748,518,762.37 from RMB 535,902,071.36, reflecting an increase of about 39.6%[14]

证券代码：688121 证券简称：卓然股份 公告编号： 2025-017 上海卓然工程技术股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩暨现金分 红说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 05 月 20 日(星期二) 上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 05 月 13 日(星期二) 至 05 月 19 日(星期一)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 supezet@supezet.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 上海卓然工程技术股份有限公司（以下简称"公司"）已于 2025 年 4 月 ...

Financial Performance - The company reported a basic earnings per share of -0.0400 yuan for Q1 2025, an improvement of 76.47% compared to -0.1700 yuan in Q1 2024, and a significant increase from -0.3800 yuan in Q1 2023 [1] - The operating revenue for Q1 2025 was 1.68 billion yuan, representing a substantial increase of 229.41% from 0.51 billion yuan in Q1 2024 and a rise from 0.55 billion yuan in Q1 2023 [1] - The net profit for Q1 2025 was -0.08 billion yuan, showing an improvement of 80% from -0.4 billion yuan in Q1 2024 and a decrease from -0.78 billion yuan in Q1 2023 [1] - The return on equity for Q1 2025 was -0.33%, a significant improvement from -1.61% in Q1 2024 and -3.96% in Q1 2023 [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 32.9172 million shares, accounting for 23.25% of the circulating shares, with a change of 240,400 shares from the previous period [1] - The largest shareholder, Mali Ping, holds 13.7492 million shares, representing 9.71% of the total share capital, with no change [2] - The second-largest shareholder, a private equity fund, holds 3.7125 million shares, also with no change [2] - The company has not declared any dividend distribution or bonus shares in the current period [3]

Core Viewpoint - The company, Zhuoran Co., reported a decline in revenue and net profit for the fiscal year 2024, while emphasizing its commitment to innovation and strategic growth despite the challenges faced in the petrochemical industry [1][2]. Financial Performance - The company's total revenue for 2024 reached 2.838 billion yuan, a year-on-year decrease of 4.07% - The net profit attributable to shareholders was 95 million yuan, down 38.46% compared to the previous year - Total assets increased to 8.709 billion yuan, reflecting a growth of 13.86% from 2023 - Operating cash flow turned positive at 236 million yuan [1]. R&D and Innovation - Zhuoran Co. invested 113 million yuan in R&D for 2024, marking a 21.52% increase from the previous year - The proportion of R&D investment relative to revenue rose by 0.84 percentage points to 3.99% - The company holds a total of 290 intellectual property rights, including 52 invention patents and 202 utility model patents, with 18 new invention patents granted in 2024 [2][3]. Business Model Transformation - The company has transitioned from traditional manufacturing to modular intelligent manufacturing, enhancing production efficiency through parallel processing of different modules - A comprehensive quality control system has been established, supported by smart manufacturing equipment and certifications such as ISO9001, ISO14001, and OHSAS18001 [3]. Market Strategy and Expansion - The global petrochemical equipment market is projected to reach 235 billion USD by 2025, with a compound annual growth rate of 4.8% - Zhuoran Co. aims to capitalize on this growth, focusing on deepening its domestic presence while expanding globally, currently covering 27 provinces in China and 16 countries overseas - The company has established long-term partnerships with major domestic energy firms and has been recognized as an excellent supplier by international engineering companies [4]. Digital Transformation - Zhuoran Co. is exploring digital transformation through collaborations, such as with Shanghai Puhua Technology Development Co., to create a full lifecycle project management platform - The implementation of a smart task management system and a big data-based project forecasting model has improved operational efficiency and decision-making quality [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 2.838 billion yuan for 2024, a year-on-year decrease of 4.07%, and a net profit attributable to shareholders of 95 million yuan, down 38.46% year-on-year [2][6] - The fourth quarter of 2024 saw a revenue of 911 million yuan, a year-on-year decline of 24.87%, but a quarter-on-quarter increase of 60.29% [2][6] - The company has a total of 5.868 billion yuan in orders on hand, with significant contributions expected from the engineering general contracting services in 2025-2026 [12] Summary by Sections Financial Performance - In 2024, the company's operating income was 2.838 billion yuan, with a net profit of 95 million yuan and a non-recurring net profit of 81 million yuan, reflecting declines of 38.46% and 49.51% respectively [2][6] - The fourth quarter results showed a net profit of 61 million yuan, marking a year-on-year decrease of 36.93% but a quarter-on-quarter turnaround [2][6] Order Book and Future Outlook - The company’s revenue from refining equipment sales accounted for 5.18% of total revenue, while petrochemical equipment sales contributed 21.77%, and engineering general contracting services made up 37.02% [12] - The company is expected to see an increase in the proportion of engineering general contracting services as these orders are confirmed in the coming years [12] Industry Position and Growth Potential - The petrochemical equipment market is projected to grow at a compound annual growth rate (CAGR) of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [12] - The company is actively pursuing high-end, green, and intelligent development strategies in response to national policies aimed at promoting sustainable industrial practices [12]

证券代码： 688121 证券简称：卓然股份 公告编号：2025-009 根据上述通知要求，公司对现行的会计政策进行相应变更，并按该规定的生 效日期执行。本次会计政策变更是公司按照国家统一的会计制度要求进行的变 更，无需提交股东大会审议。 (二) 本次会计政策变更的主要内容 1.本次会计政策变更前，公司执行财政部颁布的《企业会计准则——基本准 则》和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告及其 他相关规定。 上海卓然工程技术股份有限公司 关于公司会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 上海卓然工程技术股份有限公司（以下简称"公司"）根据中华人民共 和国财政部（以下简称"财政部"）发布的《企业会计准则解释第18号》（财会 〔2024〕24号）变更相应的会计政策。本次会计政策变更是公司根据法律法规和 国家统一的会计制度的要求进行的变更，不会对公司财务状况、经营成果和现金 流量产生重大影响。 公司于2025年4月20日召开第三届董事会第十七次会议、第三届监事会第 十 ...

上海卓然工程技术股份有限公司 关于会计师事务所履职情况评估报告 上海卓然工程技术股份有限公司（以下简称"公司"）聘请信永中和会计师 事务所（特殊普通合伙）（以下简称"信永中和"）作为公司 2024 年度财务报 表及内部控制审计机构。 根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务 所管理办法》，公司对信永中和 2024 年审计过程中的履职情况进行评估。经评 估，公司认为信永中和作为公司 2024 年度年报审计机构在年度审计工作当中， 遵守职业操守，勤勉尽责，较好地完成公司及下属子公司 2024 年度财务报告审 计工作。并对公司内部控制等事项进行认真核查，出具了标准无保留的财务审计 报告及内部控制审计报告。具体情况如下： 一、 资质条件 1. 基本信息 截止 2024 年 12 月 31 日，信永中和合伙人（股东）259 人，注册会计师 1,780 人。签署过证券服务业务审计报告的注册会计师人数超过 700 人。 信永中和 2023 年度业务收入为 40.46 亿元，其中，审计业务收入为 30.15 亿元，证券业务收入为 9.96 亿元。2023 年度，信永中和上市公司年报审计项目 364 ...