Core Viewpoint - Shandong Swan Cotton Industrial Machinery Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating a strong performance in the cotton machinery industry amidst competitive market conditions [2][3]. Company Overview and Financial Indicators - The company achieved an operating income of 321.09 million yuan, a 23.47% increase compared to the same period last year [3]. - The total profit reached 22.67 million yuan, marking a 49.51% increase year-on-year [3]. - The net profit attributable to shareholders was 18.10 million yuan, up 20.41% from the previous year [3]. - The company's total assets were reported at 2.22 billion yuan, a decrease of 1.06% from the end of the previous year [3]. Industry Development and Main Business - The cotton industry plays a crucial role in China's economy, with stable planting areas and production concentrated in Xinjiang, which accounted for 86.24% of the national cotton planting area in 2024 [4]. - The cotton processing machinery market is undergoing structural adjustments, focusing on the renewal of existing equipment due to increased competition [4][5]. - The market for cotton harvesting machinery, particularly the bundled cotton picking machines, is experiencing growth driven by technological advancements and government policies promoting equipment updates [5][6]. Business Strategy and Market Position - The company focuses on the entire cotton industry chain, expanding into high-end agricultural machinery while maintaining its core business in cotton machinery [6][8]. - The company is a leading manufacturer in the cotton harvesting and processing machinery sector, with a significant market share in bundled cotton picking machines [8][12]. - The company has established a strong international presence, particularly in Central Asia, capitalizing on the growing demand for cotton harvesting machinery [6][8]. Innovation and Product Development - The company invested 17.64 million yuan in research and development during the reporting period, focusing on enhancing product performance and introducing new models [8][9]. - The company has a robust patent portfolio with 245 patents and has been recognized for its technological advancements in the cotton machinery sector [12][13]. - The company is committed to quality improvement and service enhancement, implementing digital upgrades in production processes [10][11]. Marketing and Service Strategy - The company employs a direct sales model complemented by a dealer network, ensuring a strong market presence and customer engagement [7][10]. - A comprehensive service network has been established to provide timely support to customers, enhancing the overall service experience [10][13]. - The company is expanding its marketing efforts internationally, establishing relationships in over 30 countries and regions [13].

证券简称：花溪科技 证券代码：872895 河南省新乡市西工区花庄村南二号公路北侧 新乡市花溪科技股份有限公司 新乡市花溪科技股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 开源证券股份有限公司 保荐机构（主承销商） （西安市高新区锦业路 1 号都市之门 B 座 5 层） 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-2 声明 发 ...