Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - The company reported a revenue of 461.44 million yuan for 2025, a decrease of 4.63% year-on-year, and a net profit attributable to shareholders of 83.24 million yuan, down 22.37% year-on-year. The decline in performance is attributed to adverse factors such as changes in the international trade environment, falling oil prices, and increased market competition [7] - The fluid segment remains the revenue backbone, while new businesses in equipment and materials are gradually ramping up. The company has made significant strides in high-performance international brand replacements and is expanding into new markets such as nuclear power and marine hoses [7] - The company has secured a benchmark project for its API 17K hose with CNOOC for CCUS, marking a breakthrough in the domestic high-end marine oil and gas hose market [7] Financial Summary - Revenue projections for 2026 to 2028 are adjusted to 513 million yuan, 602 million yuan, and 723 million yuan, respectively, with corresponding net profits of 94.44 million yuan, 108.26 million yuan, and 142.63 million yuan [1][8] - The company's earnings per share (EPS) is projected to be 0.74 yuan in 2026, 0.85 yuan in 2027, and 1.12 yuan in 2028, with a price-to-earnings (P/E) ratio of 31, 27, and 21 times, respectively [1][8] - The gross profit margin for 2025 is reported at 41.03%, with a net profit margin of 17.96% [7]