Core Insights - The company reported a revenue of 359 million yuan for the first half of 2025, representing a year-on-year growth of 23.81%, and a net profit attributable to shareholders of 52.61 million yuan, up 41.84% year-on-year [1] R&D and Innovation - The company emphasizes R&D innovation as a core driver of development, building a solid and experienced R&D team despite market challenges [2] - The company has successfully mastered several core technologies, including high-pressure RTP connection technology and steel fiber pre-impregnation technology, enhancing product performance and quality [2] - New product development focuses on flexible reinforced thermoplastic composite pipes and steel-lined modified polyurethane wear-resistant pipes, enriching the product line to meet diverse market demands [2] Technological Advancement - The company has achieved significant results in technology R&D, converting innovations into production capabilities that drive industry upgrades and product iterations [3] - By introducing advanced production equipment and processes, the company has improved production efficiency and product quality, solidifying its leading position in the industry [3] - The company has developed a series of high-performance products with independent intellectual property rights in the polymer fluid transmission hose sector, gaining recognition in both domestic and international markets [3] Global Expansion - The company has made notable progress in its global layout, establishing production bases in locations like Saudi Arabia, leveraging local resource advantages and cost benefits [4] - The company’s overseas revenue reached 287 million yuan, reflecting a year-on-year growth of 45.33%, showcasing the success of its international market expansion strategy [4] - Future strategies include continuing to enhance R&D investment and technological innovation while deepening international cooperation to become a global leader in fluid transmission solutions [4]

Group 1: Strategic Initiatives - The company aims for long-term stable development and scale growth through a multi-dimensional and systematic approach [3] - New product initiatives include flexible reinforced thermoplastic composite pipes and steel-lined modified polyurethane wear-resistant pipes to meet diverse customer needs [4] - The company is expanding into emerging markets in South America, the Middle East, and Australia while steadily developing the domestic market [4] Group 2: Technological Advancements - The company possesses core technologies such as one-step co-extrusion technology and ultra-high-strength fiber weaving technology, enhancing production efficiency and reducing costs [6][8] - Recent product innovations include a steel-lined modified polyurethane wear-resistant pipe with superior wear resistance and low friction coefficient, suitable for various industrial applications [6] - Collaborative R&D efforts with universities have led to advancements in high-performance special fiber reinforced flexible composite hoses [6] Group 3: Talent Development - The company is focused on building an international, professional, and youthful talent pool through the establishment of the Zhongyu Academy and partnerships with several universities [5] - Ongoing collaborations with research institutions aim to enhance talent training and technological cooperation [5] Group 4: Market Expansion and Competition - The company is actively exploring new business areas and expanding its presence in emerging markets while maintaining a competitive edge through continuous innovation [7][8] - The company’s strategy includes developing new products and comprehensive solutions to meet specific customer needs across various scenarios [8]

Group 1: Financial Performance - The company's 2024 revenue decreased due to reduced order quantities in the US and Middle East markets, and a shift in demand from high-pressure hoses to lower-priced lightweight hoses [4] - The net profit for 2024 declined primarily due to decreased revenue, increased shipping costs, and higher operational expenses from ongoing setups in UAE and Saudi Arabia [4] Group 2: Market Expansion Strategies - In 2025, the company plans to increase market share by investing resources in growing markets, enhancing brand awareness through industry events, and adjusting product features based on local market research [5] - The company aims to expand its product offerings and applications in various sectors, including shale oil and gas extraction, municipal pipelines, and emergency rescue [7] Group 3: Operational Developments - The Saudi subsidiary commenced operations in December 2024, focusing on local production of high-pressure hoses, with plans for further equipment installation and production in 2025 [6] - The company is progressing with its fundraising projects, including the establishment of a production line for modified polyurethane wear-resistant pipes, expected to be completed by December 2025 [12] Group 4: Market Conditions and Challenges - The company has established a competitive advantage in the US market through a wholly-owned subsidiary, allowing for better service despite potential tariff impacts [8] - In the Middle East, favorable policies and local presence enhance the company's ability to respond to customer needs and reduce transportation times [9] Group 5: Profitability Insights - The gross profit margin for domestic sales in 2025 is projected at 40.66%, while for international sales it is 53.21%, attributed to differences in product specifications and customer purchasing scales [14]

证券简称： 中裕科技 证券代码： 871694 江苏省泰州市姜堰经济开发区开阳路 88 号 中裕软管科技股份有限公司 中裕软管科技股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场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。 1-1-1 保荐人（主承销商 江苏省苏州工业园区星阳街 5 号 中国证监会和北京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者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，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因发 行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-2 声明 发行人及全体董事、监事、高级管理人员承诺招股说 ...

证券简称： 中裕科技 证券代码： 871694 江苏省泰州市姜堰经济开发区开阳路 88 号 中裕软管科技股份有限公司 中裕软管科技股份有限公司招股说明书（申报稿） 本招股说明书申报稿不具有据以发行股票的法律效力，投资者应当以正式公告的招股说明书全 文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场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。 1-1-1 江苏省苏州工业园区星阳街 5 号 保荐人（主承销商 中国证监会和北京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者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，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因发 ...

证券简称：中裕科技 证券代码：871694 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场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。 保荐人（主承销商） 江苏省苏州工业园区星阳街 5 号 江苏省泰州市姜堰经济开发区开阳路 88 号 中裕软管科技股份有限公司 中国证监会和北京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者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，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因发行人经营与收 益变化或者股票价格变动引致的投资风险。 中裕软管科技股份有限公司招股说明书（申报稿） 本公司的 ...

证券简称：中裕科技 证券代码：871694 江苏省泰州市姜堰经济开发区开阳路 88 号 中裕软管科技股份有限公司 中裕软管科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场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。 保荐人（主承销商） 江苏省苏州工业园区星阳街 5 号 中国证监会和北京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者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，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 ...

证券简称：中裕科技 证券代码：871694 江苏省泰州市姜堰经济开发区开阳路 88 号 中裕软管科技股份有限公司 中裕软管科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场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。 保荐人（主承销商） 江苏省苏州工业园区星阳街 5 号 中国证监会和北京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者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，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 ...