Core Insights - Yangzhou Huitong Technology Co., Ltd. engaged in a specific investor survey with Ruihua Capital on November 28, 2025, discussing key topics such as gross margin, hydrogen peroxide business prospects, production and customer acquisition models, overseas market expansion, and core competitive advantages [1][2]. Company Overview - Established in 1998, Yangzhou Huitong Technology was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in January 2025. The company specializes in high-end chemical engineering equipment and comprehensive technical solutions, focusing on polymer materials and hydrogen peroxide production [2]. - The company offers integrated solutions across various industries, including high-performance nylon (PA66), bio-based nylon (PA56), biodegradable materials (PBAT/PBS), polyester (PET), and hydrogen peroxide (H₂O₂) [2]. Gross Margin Influencing Factors - The company indicated that gross margins vary across its main business segments, which include equipment manufacturing, design consulting, and engineering contracting. Factors affecting gross margin include labor costs, raw material price fluctuations, market competition, business structure, and product sales prices [3]. Hydrogen Peroxide Business Opportunities - The company has made significant R&D breakthroughs in the hydrogen peroxide sector. A policy from the Ministry of Emergency Management in March 2024 mandates that new or expanded hydrogen peroxide projects must use fluidized bed technology, with existing non-fluidized bed production facilities required to upgrade by 2029. This policy is expected to create more market opportunities for the company [4]. Production and Customer Acquisition Strategies - The company has established three main operational models: equipment manufacturing, design consulting services, and engineering contracting (EPC). It employs an "order-based" procurement model tailored to customer needs. Sales primarily occur through direct sales, utilizing both technical and brand marketing strategies [5]. Overseas Market Expansion Plans - The company has incorporated overseas market development into its long-term strategy, having established a dedicated international business department to oversee market research, channel development, and customer relationship building. Progress in expanding overseas business is being made steadily [6]. Core Competitive Advantages - The company's core competitive advantages lie in technological innovation, customer resources, R&D and intellectual property, qualifications, and industry standards. It has received several honors, including being recognized as a national-level "specialized and innovative" key enterprise and a national intellectual property advantage enterprise [8].

| ☑特定对象调研 | | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系 | □新闻发布会 | □路演活动 | | 活动 类别 | □现场参观 | □其他 | | 参与单位名称 | 睿华资本：范从正、李萌萌 | | | 及 人员姓名 | | | | 时间 | 2025年11月28日 14:00-15:30 | | | 地点 | 公司会议室 | | | 上市公司接待 | 董事、副总经理、董事会秘书：陈廷飞 | | | 人 员姓名 | 证券部副经理、证券事务代表：王欢 | | | | 一、简要介绍公司情况 | | | | 公司成立于1998年，于2025年1月在深交所创业板上市，是一家 | | | | 专业的化学工程高端装备及产品整体技术方案提供商，主要从事高 | | | | 分子材料及双氧水生产领域的设备制造、设计咨询和工程总承包业 | | | | 务，服务于高性能尼龙（PA66）、生物基尼龙（PA56）、生物降解 | | | | 材料（PBAT/PBS）、聚酯（PET）和双氧水（H2O2）等行业，拥有 | | | | 化工石化医药行业（化工 ...

Core Viewpoint - 惠通科技 reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its business operations and financial health [1][2]. Financial Performance - The company achieved operating revenue of 361 million yuan, a year-on-year decrease of 28.90% [1][2]. - Net profit attributable to shareholders was 22.46 million yuan, down 74.67% compared to the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was 20.25 million yuan, reflecting a decline of 76.58% year-on-year [1][2]. - The net cash flow from operating activities was -29.69 million yuan, a significant drop from 204 million yuan in the same period last year, representing a decrease of 114.53% [1][2]. Fundraising and Use of Proceeds - 惠通科技 raised a total of 414.42 million yuan from its public offering, with a net amount of 353.72 million yuan after deducting issuance costs, which was 48.74 million yuan less than originally planned [3]. - The funds are intended for projects including the intelligent upgrade of high-end chemical equipment production lines and the establishment of a technology research center [3]. Issuance Details - The company issued 35,120,000 shares at a price of 11.80 yuan per share, accounting for 25% of the total share capital post-issuance [1][2]. - The total issuance costs amounted to 60.70 million yuan, with underwriting fees constituting 33.23 million yuan [4].

Group 1 - The company, Huitong Technology (301601.SZ), has stated that it is currently not involved in any CCUS (Carbon Capture, Utilization, and Storage) related business [1] - There are no corresponding research and development investments, technical reserves, or application project layouts related to CCUS at this time [1]

Core Viewpoint - The company, Huitong Technology (301601.SZ), has stated that it is currently not involved in any CCUS (Carbon Capture, Utilization, and Storage) related business, and there are no corresponding R&D investments, technological reserves, or application project layouts [1] Group 1 - The company has no current engagement in CCUS related business activities [1] - There are no R&D investments allocated towards CCUS technologies [1] - The company lacks technological reserves and application projects in the CCUS field [1]

Group 1: Company Performance - On November 12, Huitong Technology's stock fell by 0.85%, with a trading volume of 21.87 million yuan [1] - For the period from January to September 2025, Huitong Technology achieved operating revenue of 361 million yuan, a year-on-year decrease of 28.90% [2] - The net profit attributable to the parent company for the same period was 22.46 million yuan, down 74.67% year-on-year [2] Group 2: Financing and Shareholder Information - As of November 12, the total margin balance for Huitong Technology was 52.94 million yuan, accounting for 5.32% of the circulating market value [1] - The number of shareholders as of September 30 was 12,300, a decrease of 35.66% compared to the previous period [2] - The average number of circulating shares per shareholder increased by 63.91% to 2,564 shares [2] Group 3: Dividend Information - Huitong Technology has cumulatively distributed dividends of 25.29 million yuan since its A-share listing [3]

Core Insights - The report highlights the IPO activities in Jiangsu province for October 2025, indicating a stable trend with 9 new A-share companies listed, similar to previous months [1][10]. Group 1: IPO Overview - In October 2025, Jiangsu saw the listing of 1 new company, Changjiang Energy Materials, on the Beijing Stock Exchange, with a fundraising amount of 1.84 billion [2][10]. - For the first ten months of 2025, Jiangsu ranked first among provinces with 21 new A-share companies, surpassing Guangdong by 4 companies [10][17]. - The total fundraising amount for Jiangsu's IPOs in the first ten months reached 129.27 billion, placing it third nationally [17][29]. Group 2: City-wise IPO Distribution - Suzhou led the province with 7 new A-share companies in the first ten months, followed by Wuxi and Changzhou with 3 each [10][17]. - The distribution of new A-share companies by city in October 2025 shows that Jiangsu's cities are actively participating in the IPO market, with various cities contributing to the overall count [5][10]. Group 3: Fundraising Analysis - The total fundraising for Jiangsu's IPOs in October was relatively low at 1.84 billion, indicating a need for more robust fundraising activities [17]. - Suzhou's total fundraising amount for the first ten months was 57.48 billion, maintaining its position as the top city in Jiangsu for IPO fundraising [17][13]. Group 4: Sector and Board Distribution - The newly listed companies in Jiangsu for the first ten months were distributed across four boards, with the Growth Enterprise Market (GEM) having the highest number at 7 companies [17][11]. - The breakdown of the newly listed companies by board shows a diverse participation across different sectors, reflecting the province's economic landscape [11][17]. Group 5: IPO Pipeline and Support - As of the end of October, there were 301 companies in the IPO application queue nationwide, with Jiangsu having 51, ranking third in the country [29]. - Jiangsu also leads in the number of companies undergoing IPO guidance, with 243 firms, indicating a strong support system for potential IPO candidates [29][26].

证券代码：301601 证券简称：惠通科技 公告编号：2025-067 | | 扬州惠 | 中信 | 共赢慧信黄金 | 保本 | | 2025 | 年 | 2025 | 年 | 1.00% | 闲置 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 通科技 | 银行 | 挂钩人民币结 | 浮动 | | | | | | | | | 2 | | | | | 3,000.00 | 月 11 | 1 | 月 11 | 28 | -1.72 | 募集 | | | 股份有 | 扬州 | 构性存款 | 收益 | | | | | | | | | | | | | | | 日 | | | 日 | % | 资金 | | | 限公司 | 分行 | A15899 期 | 型 | | | | | | | | | | 扬州惠 | 中信 | 共赢慧信汇率 | 保本 | | | | | | | | | | | | | | | 2025 | 年 | 2025 | 年 | 1.00% | 闲置 | | | 通科技 | 银行 | 挂钩人民币 ...

Core Viewpoint - Huitong Technology, established in December 1998, specializes in polymer materials and hydrogen peroxide production equipment, showcasing strong technical capabilities in equipment manufacturing, design consulting, and engineering contracting. The company is set to be listed on the Shenzhen Stock Exchange on January 15, 2025 [1]. Business Performance - For Q3 2025, Huitong Technology reported revenue of 361 million yuan, ranking 47th among 58 companies in the industry. The industry leader, Zhongchuang Zhiling, achieved revenue of 30.745 billion yuan, while the industry average was 3.226 billion yuan [2]. - The company's net profit for the same period was 22.1863 million yuan, placing it 46th in the industry. The top two companies, Zhongchuang Zhiling and Tiandi Technology, reported net profits of 3.705 billion yuan and 3.525 billion yuan, respectively, with the industry average at 268 million yuan [2]. Financial Ratios - Huitong Technology's debt-to-asset ratio stood at 39.45% in Q3 2025, down from 53.48% year-on-year and below the industry average of 46.18%, indicating strong solvency [3]. - The company's gross profit margin was 32.87%, an increase from 29.91% year-on-year and above the industry average of 26.77%, reflecting robust profitability [3]. Executive Compensation - The chairman, Yan Xuming, received a salary of 1.3985 million yuan in 2024, an increase of 15,900 yuan from 2023. The general manager, Zhang Jiangan, earned 1.3965 million yuan, a decrease of 141,900 yuan from the previous year [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 35.66% to 12,300, while the average number of circulating A-shares held per shareholder increased by 63.91% to 2,564.13 [5].

Core Insights - The company reported a revenue of 83.51 million yuan for the third quarter of 2025, representing a year-on-year increase of 30.80% [1] - The net profit for the third quarter was 6.08 million yuan, showing a year-on-year growth of 5.25% [1] - For the first three quarters, the company achieved a total revenue of 361 million yuan, which is a year-on-year decrease of 28.90% [1] - The net profit for the first three quarters was 22.46 million yuan, reflecting a significant year-on-year decline of 74.67% [1]