Group 1 - The marine economy in China is projected to exceed 11 trillion yuan by 2025, with a significant contribution to the national GDP, reaching 7.8% in 2024, and a growth rate of 5.9% year-on-year [21][22][26] - The marine economy is transitioning towards a model led by technological innovation and services, with the tertiary industry accounting for 59.6% of the marine economy structure [22][26] - The marine tourism sector is expected to continue its strong recovery, with a projected increase in value added to over 17,000 billion yuan in 2025 [28] Group 2 - The report highlights two key companies in the marine economy: Zhongyu Technology and Litong Technology, focusing on their business models and revenue contributions [3][4][39] - Zhongyu Technology specializes in the research, production, and sales of high-pressure fluid transmission polymer hoses, with a revenue share of 69.34% from high-pressure hoses in the first half of 2025 [3][42] - Litong Technology focuses on the development and production of rubber hoses, with its main products contributing 46.35% to its revenue from hose assemblies and components in the first half of 2025 [4][51]

基础化工 | 橡胶 北交所|公司点评报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 证券研究报告 hyzqdatemark 2025 年 08 月 27 日 证券分析师 市场表现： | 基本数据 | | | | 月 | 年 | 25 | 08 | | 2025 | 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | 27.30 | | | | | | | | | | | | | | 一 年 高 低 | 最 | | | | | | | | | | | 33.01/7.01 | | 内 | | （元） | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | | | 3,464.89 | | | 流通市值（百万元） | | ...