Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The company achieved a significant turnaround in net profit and net profit after non-recurring items in 2025 compared to 2024, mainly due to increased international market expansion, a product differentiation strategy, cost reduction and efficiency improvement measures, and refined management [22]. - The company's performance improvement in 2025 is mainly based on its long - term product and manufacturing technology accumulation, enhanced overall solution capabilities and globalization service capabilities, as well as timely strategic adjustments in 2024 [23]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Chutian Technology [17] - Industry: Medical devices [17] - Reception time: 2026 - 01 - 26 [17] - Listed company reception staff: Board Secretary Huang Yuting, Securities Affairs Representative Zhou Dewei [17] 3.2 Detailed Research Institutions - Reception object type: Securities company - Institution: China Merchants Securities - Number of related personnel: 2 [20] 3.3 Research Institution Proportion - Not detailed in the content 3.4 Main Content Data 3.4.1 Reasons for the Company's Profit Improvement in 2025 - Increased international market expansion: In 2025, overseas business entered a rapid growth channel, with breakthroughs in Southeast Asia, the Middle East and Africa, and the Americas. The proportion of international business in the company's overall business increased significantly, driving profit growth [22]. - Product differentiation and cost - reduction: Since the second half of 2024, the company adopted a product differentiation strategy to improve order quality and carried out a series of cost - reduction and efficiency - improvement measures, which significantly increased the gross profit margin [22]. - Refined management: Since the second half of 2024, the company carried out refined management measures, and the overall operating cost in 2025 was effectively controlled, with a significant decrease in total period expenses compared to the same period in 2024 [22]. 3.4.2 Industry Trends - Domestic industry competition is still fierce but gradually easing, with characteristics such as accelerated domestic substitution, increased market concentration, expanded advantages of leading enterprises, and international market expansion becoming a new growth point [23]. - The focus of industry competition has shifted from traditional equipment performance to technological integration, system solutions, and global service capabilities [23]. 3.4.3 Overseas Export in 2025 - The company's international sales and service system team has been growing, with local sales and service outlets established in more than 20 key countries and regions. It focuses on five major regions and promotes high - quality sales and services [23]. - The export orders in 2025 increased compared to 2024 [23]. 3.4.4 Pharmaceutical Robot Layout - The company's pharmaceutical robot business layout focuses on the core pharmaceutical equipment industry chain and the medical clean core sector, aiming to upgrade pharmaceutical equipment to unmanned and intelligent levels [23]. - The company has achieved self - production and product implementation of clean robots and sorting robots, which can effectively meet the needs of existing business scenarios [24]. - The core competitive advantages are a deep understanding of application scenarios and downstream pharmaceutical production processes, which can help product iteration and efficiency improvement [24]. 3.4.5 Operating Conditions of ROMACO - ROMACO Group's operating conditions have improved steadily compared to 2024, and its core business indicators and market competitiveness have increased [24]. - Whether goodwill will be impaired and the impairment amount need to be based on formal reports from third - party asset appraisal companies and audit institutions [24]. 3.4.6 New Product Development - The company has been insisting on technological innovation, with a high R & D investment proportion in the industry. It has continuously launched new products and technologies in recent years [25]. - Future products include continuous BFS, fully automatic intelligent lamp inspection machines, etc. The company will continue to implement the "dual - priority" strategy of product and manufacturing technology [25]. 3.4.7 Business Outlook in 2026 - In the business aspect, the company will continue to expand overseas markets, promote the globalization strategy, and increase the proportion of international business in revenue. It will also focus on innovation to drive the integration of the pharmaceutical equipment industry chain with the international market [25]. - In the management aspect, the company will continue to implement "quality improvement and efficiency enhancement", using technological means and management measures to achieve cost reduction and efficiency improvement [25].

Core Viewpoint - The company, Chutian Technology, emphasizes its commitment to technological innovation and continuous product development since its establishment, maintaining a leading position in R&D investment within the industry [1] Group 1: Product Development and Innovation - The company has consistently launched new products and technologies in recent years, including continuous BFS, fully automatic intelligent lamp inspection machines, new transdermal drug delivery devices, pre-filled syringe and ampoule composite packaging solutions, automatic production lines for injection pens, and overall solutions for liquid nitrogen granulation freeze-drying [1] - The company plans to continue its "dual priority on product technology and manufacturing technology" strategy, aiming to enhance its overall technical solution capabilities and provide better products and services to downstream customers and the global pharmaceutical industry [1]

Group 1: Financial Performance - The company expects a significant turnaround in 2025, with a substantial increase in net profit and net profit excluding non-recurring items compared to 2024, driven by international market expansion and cost control measures [2][3] - The overall operating costs were effectively controlled in 2025, with total expenses significantly reduced compared to the same period in 2024 [3] Group 2: Market Expansion - The company has made breakthroughs in overseas markets, particularly in Southeast Asia, the Middle East, and the Americas, leading to a notable increase in the proportion of international business in overall operations [2][4] - The international sales and service team has expanded, establishing localized sales and service points in over 20 key countries and regions [4] Group 3: Product Development and Innovation - The company has consistently focused on technological innovation, with R&D investment among the highest in the industry, launching new products such as continuous BFS and fully automated inspection machines [7] - Future strategies will continue to prioritize dual advancements in product technology and manufacturing technology, enhancing overall solution capabilities for clients in the pharmaceutical industry [7] Group 4: Strategic Outlook for 2026 - The company aims to further expand its overseas market presence, capitalizing on the growth and high-end transformation trends in the domestic pharmaceutical equipment industry [8] - Management strategies will focus on quality improvement and efficiency enhancement through smart manufacturing and cost control measures [8]