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]

Core Viewpoint - The China Securities Regulatory Commission emphasizes the importance of capital markets in supporting five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, with Shenyin Wanguo playing a crucial role in these initiatives [1] Group 1: Company Strategy and Development - Shenyin Wanguo is committed to integrating national strategies with its own development, focusing on high-quality economic growth and capital market evolution as it enters the 14th Five-Year Plan period [1][8] - The company has established a comprehensive network to serve the real economy, enhancing its role as a direct financing service provider and a wealth manager [1][8] Group 2: Governance and Talent Development - The company emphasizes governance, talent, and culture as foundational elements for sustainable development, integrating social responsibility into its core values [2] - Shenyin Wanguo has implemented a flexible talent management strategy, promoting a culture of accountability and innovation to support its financial services [3] Group 3: Innovation and Service to New Quality Productivity - The company aims to support high-level technological self-reliance and new quality productivity, with a projected underwriting scale exceeding 930 billion yuan in 2024 [4] - Shenyin Wanguo has actively engaged with specialized and innovative enterprises, enhancing its financial support for key technology sectors [5] Group 4: Professional Capabilities and Market Position - The company has developed a value management system to enhance the performance of quality listed companies, utilizing a unique diamond model for value assessment [6] - Shenyin Wanguo is building a one-stop service platform to facilitate multi-dimensional trading for enterprises, enhancing collaboration with various financial institutions [7] Group 5: Commitment to National Strategy - The company is dedicated to aligning its operations with national strategic needs, focusing on high-quality development in the financial sector and supporting the stability of the real economy [8]

编者按 日前，党的二十届四中全会审议通过"十五五"规划建议，明确提出"优化金融机构体系，推动各类金融 机构专注主业、完善治理、错位发展"，这为包括证券公司在内的金融机构实现高质量发展指明了方 向。近年来证券公司在持续强化经营数据等"硬指标"的同时，纷纷发力文化建设并积极承担社会责任， 不断夯实"软实力"，实现经营效益和社会效益双丰收。 为学习宣传贯彻党的二十届四中全会精神，中国证券报联合中国证券业协会推出"夯实文化软实力 积极 履责显担当"系列专题报道，旨在通过分享证券公司在加强文化建设以及服务经济、社会、环境和谐发 展方面的典型案例与先进经验，体现证券公司近年来在培育中国特色金融文化、践行行业文化理念、履 行社会责任的积极成效，共同推动证券行业高质量发展。本篇为系列报道第二篇。 2025年2月，证监会发布的《关于资本市场做好金融"五篇大文章"的实施意见》提出，积极发挥资本市 场功能，着力做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。申万宏源 （000166）党委书记、董事长刘健在接受中国证券报记者专访时表示，近年来，证券行业切实履行直接 融资"服务商"、资本市场"看门人"、社会财富"管 ...

2025年2月，证监会发布的《关于资本市场做好金融"五篇大文章"的实施意见》提出，积极发挥资本市 场功能，着力做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。申万宏源 （000166）党委书记、董事长刘健在接受中国证券报记者专访时表示，近年来，证券行业切实履行直接 融资"服务商"、资本市场"看门人"、社会财富"管理者"的职责，积极响应党中央重大决策部署，通过业 务转型与综合金融服务升级，逐步构建起服务实体经济的立体化网络，成为做好金融"五篇大文章"的重 要力量。 ● 本报记者 徐昭 林倩 刘健表示，2026年是"十五五"开局之年，中国经济和资本市场都将进入高质量发展的新阶段。申万宏源 作为国有金融企业，积极响应政策号召，将服务国家战略与自身发展相结合，继续在推动金融"五篇大 文章"落地、助力实体经济高质量发展中主动担当、积极作为，助力金融强国建设。 夯实发展基石 为高质量发展注入内生动力 一直以来，申万宏源始终夯实"治理、人才、文化"三大发展基石，将社会责任融入公司核心价值框架， 为高质量发展注入内生动力。 据刘健介绍，多年来申万宏源在甘肃省、新疆维吾尔自治区、内蒙古自治区、贵州省等地开展 ...

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].