12月11日，山东悦龙橡塑科技股份有限公司（下称"悦龙科技"）北交所IPO成功过会。 值得一提的是，悦龙科技还是API（美国石油协会）标准委员会会员单位，参与了API 7K、 API 17K、 API 7L、API 16C四项国际标准的修订工作，并取得了3项API产品认证。此外，公司产品通过挪威 DNV、美国ABS、中国船级社CCS、法国BV的产品认可、型式认可、产品设计认可及俄罗斯GOST认 证，部分产品达到国际标准，赢得了较好的市场声誉。 根据招股书，悦龙科技本次募集资金投资项目将全部围绕主营业务开展，2.89亿元募集资金将分别用于 新建自浮式输油橡胶软管生产项目、橡胶软管生产设施智能化信息化升级改造项目、高端软管研发中心 项目和营销服务网络建设项目。 公司表示，募投项目的成功实施将进一步巩固公司主营业务、扩大产品种类、增加生产能力、增强技术 创新与自主研发能力、提高管理效率、加强销售和服务能力，为公司主营业务的可持续发展提供有力支 持，从而巩固公司市场地位并提升竞争优势。（全景网） 悦龙科技主要从事流体输送柔性管道的研发、生产和销售，包括海洋工程柔性管道、陆地油 气柔性管 道和工业专用软管三大系列橡胶软 ...

Core Insights - Company reported a revenue of 1.724 billion yuan for H1 2025, a year-on-year increase of 14.44%, but net profit attributable to shareholders dropped by 89.92% to 12 million yuan [1] - In Q2 2025, revenue reached 962 million yuan, showing a year-on-year growth of 19.51% and a quarter-on-quarter increase of 26.24%, while net profit was 34 million yuan, down 43.89% year-on-year but turning profitable quarter-on-quarter [1] - The company achieved a positive operating cash flow of 149 million yuan in H1 2025, compared to a negative 100 million yuan in the same period last year, indicating improved cash management and customer payment collection [1] Financial Performance - H1 2025 gross margin was 28.41%, up 1.34 percentage points year-on-year and 4.26 percentage points quarter-on-quarter; net margin was 3.90%, down 2.73 percentage points year-on-year but up 8.34 percentage points quarter-on-quarter [1] - R&D expenses for H1 2025 were 121 million yuan, a year-on-year increase of 17.48%, reflecting the company's commitment to technology upgrades and market expansion [2] Product Development and Market Position - Significant growth in high-end products, with major clients' orders for gas distribution plates increasing by 74% and 236% year-on-year, demonstrating strong market penetration [2] - Successful breakthrough in metal heating plate R&D, achieving mass production and becoming a key supplier for major domestic clients, enhancing the company's competitive edge in high-end components [2] Strategic Moves - The company acquired shares in international brand Compart, which has 35 years of industry experience, enhancing its vertical integration and global competitiveness in gas transmission systems [2] - The gas transmission system business saw a 53% increase in orders and a 21% increase in revenue year-on-year in H1 2025, aligning with expectations [2] Investment Outlook - Projected net profits for 2025-2027 are 322 million, 508 million, and 680 million yuan, corresponding to PE ratios of 66, 42, and 31 times, respectively, indicating sustained growth potential [3]