本次冲击上市，尚水智能拟募集资金约5.87亿元，扣除发行费用后，将分别投资于高精智能装备华南总 部制造基地建设项目、研发中心建设项目、补充流动资金。 北京商报讯（记者 马换换 李佳雪）12月9日晚间，深交所官网显示，深圳市尚水智能股份有限公司（以 下简称"尚水智能"）创业板IPO将于12月16日上会迎考。 据悉，尚水智能创业板IPO于2025年6月19日获得受理，并于当年7月3日进入问询阶段。公司构建了 以"核心单机+智能控制系统+工艺包"为体系的综合技术能力，主营业务围绕微纳粉体处理、粉液精密 计量、粉液混合分散、功能薄膜制备等核心工艺环节展开，产品可广泛用于新能源电池、新材料、化 工、食品、医药、半导体等行业。 ...

Investment Rating - The investment rating for Ruihua Technology is "Outperform" (maintained) [1] Core Views - The company's Q3 2025 performance met expectations, with significant revenue growth driven by the confirmation of PO equipment and the first installation of catalysts. The company plans to invest in a 200,000-ton high-end engineering plastics industrialization project [1][6] - The chemical industry is experiencing a slowdown in investment willingness, which may affect the pace of business confirmations, but the company is actively engaging in projects and expects to realize revenue quickly if projects progress smoothly in Q4 [6][5] Financial Data and Profit Forecast - For the first three quarters of 2025, the company achieved total revenue of 413 million yuan, a year-on-year increase of 48.2%, and a net profit attributable to shareholders of 56.7 million yuan, a year-on-year decrease of 26.9% [6] - The projected total revenue for 2025 is 646 million yuan, with a year-on-year growth rate of 16.4%. The net profit is expected to be 124 million yuan, reflecting a 7.0% increase [5][6] - The gross margin for the first three quarters of 2025 was 30.3%, down 15.9 percentage points year-on-year, while the net margin was 13.7%, down 14.1 percentage points year-on-year [6] Short-term and Long-term Outlook - In the short term, the company is facing a slower confirmation pace for various businesses due to reduced investment willingness in the chemical industry, but it is optimistic about the rapid realization of revenue if project progress is smooth [6] - In the long term, the company is actively promoting its technology domestically and internationally, with ongoing projects in equipment and catalysts, and plans to enhance its product matrix through a new investment in high-end engineering plastics [6][5]

Core Viewpoint - The company has shown resilience in its financial performance despite a decline in revenue from the city gas segment, with strong profit contributions from its deep cooling business [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.302 billion yuan, a decrease of 4.79% year-on-year, primarily due to a significant drop in the city gas segment [1]. - The net profit for the same period was 135 million yuan, an increase of 9.14% year-on-year, with the equipment sales segment contributing over 90% of the profit [1]. - For the first three quarters of 2025, the company expects a net profit between 325 million and 355 million yuan, representing a year-on-year growth of 71.36% to 87.19% [1]. Market Strategy - The company aims for a 20% to 30% annual growth in new overseas orders over the next 3 to 5 years, targeting major global markets [2]. - In the domestic market, the company plans to enhance sales efforts and maintain market share, particularly focusing on key markets like Xinjiang [2]. - The city gas segment is working on improving communication with local governments to recover debts and expand user bases [2]. Order and Sales Insights - The company set a sales target for the year to grow by over 20% compared to the previous year and is confident in achieving this [3]. - As of the half-year report, over 30% of the equipment segment's revenue came from overseas orders, with more than 50% of new orders being international [3]. - The company has expanded its business into regions such as the Middle East, Central Asia, and Europe, with a typical order delivery cycle of over 18 months [3]. Technological Development - The company is open to new technologies and is actively pursuing research and development in areas like liquid cooling [2][3]. - The company has initiated a project in the coal-to-gas sector in Xinjiang, which is expected to generate additional orders [2]. Risk Management - The company has accounted for a goodwill impairment of 324 million yuan related to its city gas business in the 2024 annual report, but does not anticipate triggering further impairments in 2025 [3].

Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.302 billion CNY, a decrease of 4.79% year-on-year, primarily due to a significant decline in the city gas segment [1] - The net profit for H1 2025 was 135 million CNY, an increase of 9.14% year-on-year, with the equipment sales segment contributing over 90% of the profit [1] - For the first three quarters of 2025, the expected net profit is between 325 million CNY and 355 million CNY, representing a year-on-year growth of 71.36% to 87.19% [1] Group 2: Market Strategy - The equipment sales segment remains a key focus, with ongoing efforts to expand overseas, where the company is increasingly recognized and competitive against top global manufacturers [2][3] - The domestic market is characterized by cautious sentiment, prompting the company to enhance sales efforts to maintain market share [2] - The city gas segment is actively engaging with local governments to negotiate pricing and recover outstanding debts while expanding user bases and diversifying gas procurement channels [2] Group 3: International Expansion - The company aims for a 20%-30% annual growth in new overseas orders over the next 3-5 years, supported by a mature sales channel and increasing brand recognition [3] - As of the latest report, overseas orders accounted for over 30% of the equipment segment's revenue, with more than 50% of new orders being international [4] - The company has successfully entered the supplier lists of major clients like Saudi Aramco, enhancing its credibility in the overseas market [5] Group 4: Production Capacity and Challenges - The company’s production capacity utilization is currently at 60%, which is expected to support the anticipated growth in new orders over the next few years [6] - The delivery cycle for overseas orders typically exceeds 18 months, with ongoing projects in various regions including the Middle East and Europe [6] Group 5: Technological Development - The company is exploring new technologies, including liquid cooling, and has initiated internal discussions and R&D projects in this area [8] - The company has established a leading position in domestic coal chemical processes and is actively enhancing its performance in large-scale air separation projects [7] Group 6: Risk Management - The company has previously recognized a goodwill impairment of 324 million CNY for the city gas segment, but does not anticipate triggering further impairments in 2025 based on current financial assessments [9]

Core Viewpoint - Shanghai aims to enhance its pilot testing service supply in key industries by establishing around 20 municipal pilot testing platforms by 2027, with a goal of creating 3 national-level platforms [1] Group 1: Pilot Testing Platforms - The implementation plan includes building comprehensive, specialized, and distinctive pilot testing platforms in key industrial sectors [1] - The focus will be on industries such as integrated circuits, large aircraft, gas turbines, and industrial mother machines to improve testing and validation service capabilities [1] Group 2: Software and AI Development - The plan emphasizes accelerating the construction of pilot testing platforms for foundational software, industrial software, and artificial intelligence, including model training and evaluation [1] Group 3: New Materials and Biomanufacturing - There will be efforts to promote the conversion of technological achievements into process packages and complete equipment in fields like new materials and biomanufacturing [1] - The development of contract research outsourcing models will be encouraged [1] Group 4: Future Industry Integration - The initiative aims to facilitate the integration of production, education, research, and application in future industries, shortening the pilot testing maturation cycle and addressing gaps from engineering to industrialization [1]

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 16, 2025, from 15:00 to 16:30 [3] - The event took place on the "Investor Relations Interactive Platform" [3] - Key attendees included the Chairman, CFO, and other senior executives of the company [3] Group 2: Key Topics Discussed - The earnings briefing included a video interpretation of the annual report and an overview of the company's 2024 operational performance [4] - The catalyst project is expected to commence production in June 2025, with initial revenue and profit gradually increasing [5] - The company is actively monitoring the market for biodegradable plastics due to low demand and will disclose relevant updates [5] Group 3: Market Expansion and Future Projects - The company is expanding its overseas market presence, with ongoing orders from Russia and the Middle East [5] - A new production project in Shandong is planned with a capacity of 200,000 tons/year for PS, SAN, ASA, and MS, which has completed necessary approvals [6] - The company aims to become a globally competitive entity in the petrochemical technology sector through continuous innovation and international exploration [6] Group 4: Profitability and Stock Management - The company is implementing measures to maintain high gross margins on its process packages, including quality improvement and cost optimization [8] - The Chairman has consistently increased his stock holdings, totaling 457,735 shares as of April 30, 2025, indicating confidence in the company's potential [8]