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].

定性、尚处于成长期、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。投资者应充分了解创业板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。 扬州惠通科技股份有限公司 Yangzhou Huitong Technology Corp.,Ltd. （扬州市开发区望江路 301 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室 创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确 扬州惠通科技股份有限公司 招股说明书 声明 中国证券监督管理委员会、深圳证券交易所对本次发行所作的任何决定或 意见，均不表明其对发行人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保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》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 ...