1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core View of the Report The report focuses on the in - depth research of Chuangyuan Technology in the environmental protection industry. It details the company's 2025 semi - annual performance, including revenue, profit, and cash flow. It also elaborates on the performance and development prospects of its subsidiaries such as Suzhou Electric Porcelain and Suzhou Bearing. The company aims to enhance its core competitiveness through technological innovation, market expansion, and strategic management, and to improve investment value and shareholder returns [23][24]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Chuangyuan Technology, belonging to the environmental protection industry. The reception time was on September 4, 2025. The listed company's reception personnel included the chairman and general manager Zhou Chengming, independent director Ge Weidong, board secretary and deputy general manager Zhou Weiwei, and financial director Liu Wenhua [16]. 3.2 Detailed Research Institutions - The reception object was investors who participated in the online briefing on Chuangyuan Technology's 2025 semi - annual performance online. The reception object type was "other", and the institution - related personnel were these investors [19]. 3.3 Research Institution Proportion There is no information provided regarding the research institution proportion in the given content. 3.4 Main Content Data 3.4.1 Company's 2025 Semi - annual Performance - The company achieved an operating income of 2,079,033,800 yuan and a net profit attributable to shareholders of listed companies of 161,223,200 yuan, a year - on - year increase of 11.15%. The net cash flow from operating activities was 176,050,600 yuan, a year - on - year increase of 131.62%. The earnings per share was 0.4010 yuan per share, a year - on - year increase of 10.83%, and the asset - liability ratio was 37.74% [24]. 3.4.2 Answers to Investor Questions - **Reason for revenue decline but profit growth in H1 2025**: The profit growth was mainly due to the continuous deepening of intelligent manufacturing and digital transformation by the subsidiary Suzhou Electric Porcelain, and the steady progress of technological innovation by Suzhou Bearing, with increased sales of high - value - added products and obvious overseas market increments [25]. - **Market value management plan**: The company will continue to focus on its main business, increase R & D and product innovation, and strengthen communication with investors to improve investment value and shareholder returns [26]. - **Dividend policy**: The company's 2024 profit distribution plan was to distribute a cash dividend of 1.00 yuan per 10 shares and transfer 2 shares per 10 shares from the capital reserve. The company will improve the profit distribution policy according to relevant regulations [26]. - **Mergers and acquisitions plan**: The company is looking for investment targets in line with its development strategy and will disclose relevant information as required [27]. - **Cash flow situation in H1**: The company's cash flow was good, with the net cash flow from operating activities increasing by 131.62% year - on - year to 176 million yuan, mainly due to the reduction of operating payments [27]. - **Reasons for the excellent performance of Suzhou Electric Porcelain in H1**: It was due to sufficient orders from the State Grid and overseas DC projects, with significant revenue growth in the Asian market [27]. - **Future development of Jiangsu Sujing in the clean - environmental protection field**: The downstream customers are mainly in the new energy, electronic information, and large - health industries. With the expansion of these industries, the demand for clean rooms will grow steadily [29]. - **Profit situation of Suzhou Bearing in H1 2025**: It achieved a net profit of 82,560,300 yuan, an increase of 8,553,800 yuan or 11.56% compared with the same period last year, mainly due to the implementation of the "dual - wheel drive" strategy and technological innovation [29]. - **Future development of Suzhou Electric Porcelain**: The acceleration of investment and construction in the UHV power project field in China will have a positive impact on its short - and long - term development [30]. - **Business development direction**: The company will focus on clean - environmental protection equipment and projects and UHV insulators for power transmission, and will strengthen R & D and market expansion [31]. - **Response to international uncertainties**: The company will expand emerging markets, balance domestic and foreign sales, and increase R & D investment [32]. - **Application scenarios of Suzhou Bearing products**: They are widely used in the automotive industry, industrial automation, high - end equipment, and other fields [33]. - **Main products of Suzhou Electric Porcelain**: They include various types of porcelain insulators for power lines, power stations, and electrical equipment, with some products reaching international advanced levels [33]. - **Overseas supply of Suzhou Electric Porcelain products**: Its products are exported to more than 40 countries and regions in Europe, America, and Oceania [34]. - **Business development direction of Jiangsu Sujing in H2**: It will focus on expanding the new energy, large - health, and electronic information industries, and will integrate internal resources to meet market demand [35]. - **Non - disclosure of Suzhou Electric Porcelain's State Grid winning bid announcement**: The winning bid amount did not reach the disclosure standard [36]. - **New market expansion of Suzhou Bearing**: It will continue to increase R & D in emerging industries to maintain its technological leading position [36].

Group 1: Company Performance Overview - In the first half of 2025, the company achieved operating revenue of CNY 2,079.03 million, with a net profit attributable to shareholders of CNY 161.22 million, representing a year-on-year growth of 11.15% [2] - The net cash flow from operating activities was CNY 176.05 million, an increase of 131.62% compared to the same period last year [2] - Earnings per share rose to CNY 0.4010, up by 10.83% year-on-year, with a debt-to-asset ratio of 37.74% [2] Group 2: Business Strategies and Innovations - The company is focusing on digital transformation and smart manufacturing to enhance operational efficiency and decision-making [2] - Emphasis on technological innovation to optimize core capabilities and improve new quality productivity [2] - The company is actively expanding into emerging overseas markets to ensure business scale and sustainability [2] Group 3: Investor Relations and Communication - The company maintains regular communication with investors through various channels, including performance briefings and reports [4] - A commitment to enhancing investor relations and transparency to improve market understanding and recognition of the company [4] - The company has a profit distribution plan for 2024, proposing a cash dividend of CNY 1.00 per 10 shares and a capital reserve increase of 2 shares for every 10 shares held [4] Group 4: Subsidiary Performance Highlights - Suzhou Electric Porcelain, a subsidiary, reported significant revenue growth due to strong orders from national grid projects and increased overseas sales, particularly in Asia [6] - Suzhou Bearing achieved a net profit of CNY 82.56 million, a year-on-year increase of 11.56%, driven by domestic and international dual-drive strategies [7] - Jiangsu Sujing is focusing on high-end cleanroom systems, targeting emerging industries such as new energy and healthcare [11]