1 国投证券股份有限公司 关于上海卓然工程技术股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关 法律法规的规定，国投证券股份有限公司（以下简称"国投证券"或"保荐机构"） 作为上海卓然工程技术股份有限公司（以下简称"卓然股份"或"公司"）的保 荐机构，对卓然股份进行持续督导工作，并出具本持续督导年度报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度， | 保荐机构已建立并有效执行了持续 | | 1 | 并针对具体的持续督导工作制定相应的工 | 督导制度，并制定了相应的工作计 | | | 作计划 | 划 | | | 根据中国证监会相关规定，在持续督导工 | 保荐机构已与卓然股份签订主承销 | | 2 | 作开始前，与上市公司或相关当事人签署 | 协议，该协议明确了双方在持续督 | | | 持续督导协议，明确双方在持续督导期间 | 导期间的权利和义务，并报上海证 | | | 的权利义务，并报 ...

国投证券股份有限公司 关于上海卓然工程技术股份有限公司 首次公开发行股票并在科创板上市之保荐总结报告书 2021 年 9 月 6 日，上海卓然工程技术股份有限公司（以下简称"卓然股份" 或"公司"）在上海证券交易所科创板上市。国投证券股份有限公司（以下简称 "国投证券"或"保荐机构"，曾用名为"安信证券股份有限公司"）作为卓然 股份的保荐机构，负责卓然股份上市后的持续督导工作，持续督导期为 2021 年 9 月 6 日至 2024 年 12 月 31 日。 截至 2024 年 12 月 31 日，卓然股份首次公开发行股票并上市的持续督导期 限已满，公司首次公开发行股票募集资金尚未使用完毕，国投证券将对其募集资 金使用情况继续履行持续督导义务。 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《上市 公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券 交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法律、法规的 规定，保荐机构出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 （一）保 ...

5月2日，赤道几内亚副总统曼格率政府高级别代表团在访华期间，与卓然股份（688121.SH）举行战略 合作洽谈会。双方围绕能源化工全产业链建设开展了深度交流，并探索了炼油化工、绿色氢能、天然气 处理等核心领域合作的可能性。同时，双方还探讨了资源整合、贸易加工等创新合作模式。 响应"一带一路"倡议 业务覆盖海外16个国家 公开资料显示，卓然股份依托共建"一带一路"倡议，秉持"共商共建共享"原则，实施"深耕本土、辐射 全球"的市场战略。截至2024年底，公司目前业务已覆盖国内27个省级行政区和海外16个国家。 赤道几内亚，凭借其得天独厚的地理位置、丰沛的能源资源与优越的港口条件，始终是区域经济发展的 战略支点。近年来，在奥比昂总统的卓越领导下，该国积极拥抱共建"一带一路"倡议，以开放的姿态深 化与中国的经贸合作，致力于将资源优势转化为产业价值，推动经济多元化与能源主权建设。 作为深耕能源化工产业链数十载的国际化企业，卓然股份有尖端的技术实力、卓越的工程服务能力与前 瞻性的绿色发展理念。此次与赤道几内亚的合作，卓然股份充分发挥其全产业链整合优势，提出以"垂 直整合战略"为核心的协同发展方案：从原油供应端的高效开发， ...

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].