Group 1 - Sealing Technology (SZ 301020) announced that on December 12, 2025, it will be receiving a research visit from Guotai Junan, with participation from the company's financial head and board secretary, Sui Shengqiang [1] - For the first half of 2025, the revenue composition of Sealing Technology is as follows: gasket industry accounts for 79.72%, adhesive board industry accounts for 9.79%, fiberboard industry accounts for 5.61%, and other businesses account for 4.88% [1] - The current market capitalization of Sealing Technology is 3.4 billion yuan [2]

Group 1: Company Overview and Market Position - Yantai Shichuan Sealing Technology Co., Ltd. is actively expanding its presence in the new energy vehicle sector, collaborating with leading manufacturers to supply sealing products for hybrid and extended-range vehicles [2] - The company aims to enhance its sealing product offerings beyond engine seals to include electric drive systems, hydrogen engines, and methanol engines [2] Group 2: Financial Performance and Profitability - The gross margin for sealing gaskets decreased by 0.14% compared to 2023, primarily due to policy changes, but the company implemented cost-reduction measures to stabilize margins [3] - The commercial vehicle market has shown significant growth due to government policies, positively impacting the demand for gaskets and ensuring stable revenue growth for the company [4] Group 3: Product Value and Market Dynamics - The price of gaskets varies significantly, ranging from a few yuan to several hundred yuan, with an average price of 200-300 yuan for domestic diesel six-cylinder engines [5] - The company anticipates that the value per vehicle for new fuel engines will increase as technology advances, particularly in natural gas, methanol, and hydrogen engines [5] Group 4: Future Development and Strategic Initiatives - The metal-coated board product has substantial market potential, particularly in high-end applications, with the company focusing on R&D to enhance product quality and performance [7] - The second production line for the metal-coated board project is nearing completion, with production expected to commence in the first half of 2026, which will enhance capacity and operational efficiency [8] Group 5: International Market Expansion - The company is actively pursuing international market opportunities, with direct exports expected to see significant growth, particularly in partnerships with renowned manufacturers like Cummins and Doosan [9] - The ongoing internationalization strategy is anticipated to provide strong support for the company's future performance [10]

格隆汇11月28日丨密封科技(301020.SZ)在互动平台表示，公司目前产品尚未有商业航天方面的应用场 景。 ...

格隆汇11月28日丨密封科技(301020.SZ)在互动平台表示，公司目前产品尚未有商业航天方面的应用场 景。 ...

天眼查App显示，近日，宁国市派福德密封科技有限公司成立，法定代表人为王权钢，注册资本100万 人民币，经营范围为一般项目：橡胶制品制造；橡胶制品销售；塑料制品制造；塑料制品销售；汽车零 部件及配件制造；机械零件、零部件销售；模具制造；模具销售；技术服务、技术开发、技术咨询、技 术交流、技术转让、技术推广；货物进出口；技术进出口（除许可业务外，可自主依法经营法律法规非 禁止或限制的项目）。 ...

Core Viewpoint - The company has developed new products for hydrogen fuel cells, including ultra-low temperature refrigeration helium compressors, diaphragm compressors for hydrogen stations, and high-speed gas bearings for hydrogen fuel cell pumps, but has not yet achieved mass supply, indicating significant uncertainty regarding large-scale commercialization [1] Product Development - The company is working on ultra-low temperature refrigeration helium compressors for hydrogen liquefaction [1] - Diaphragm compressors designed for hydrogen stations are also in development [1] - High-speed gas bearings for hydrogen fuel cell pumps have been created as well [1] Market Readiness - Currently, there is only a small supply of these new products for customer trials [1] - The company has not yet achieved mass supply of these products [1] - There remains a considerable level of uncertainty regarding the large-scale commercial application of these products [1]

Group 1 - The company has developed new products related to hydrogen fuel cells, including ultra-low temperature helium compressors for hydrogen liquefaction, diaphragm compressors for hydrogen stations, and high-speed gas bearings for hydrogen fuel cell pumps [2] - Currently, the company has supplied a small quantity of these products for customer trials, but has not yet achieved mass supply [2] - There remains significant uncertainty regarding the large-scale commercial application of these products, and investors are advised to be cautious about investment risks [2]

Core Viewpoint - The company has developed new products for hydrogen fuel cells, including ultra-low temperature refrigeration helium compressors, diaphragm compressors for hydrogen refueling stations, and high-speed gas bearings for hydrogen fuel cell pumps, but has not yet achieved mass production or commercial application [1] Product Development - The company is working on ultra-low temperature refrigeration helium compressors for hydrogen liquefaction [1] - Diaphragm compressors designed for hydrogen refueling stations have also been developed [1] - High-speed gas bearings for hydrogen fuel cell pumps are part of the new product lineup [1] Market Readiness - Currently, there is limited supply of these new products for customer trials [1] - The company has not yet achieved bulk supply, indicating significant uncertainty regarding large-scale commercial application [1]

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Sealing Technology, indicating a mixed trading activity with a slight increase in stock price and notable financing activities [1][2]. - On November 14, Sealing Technology's stock rose by 2.18%, with a trading volume of 104 million yuan. The financing buy-in amount was 14.57 million yuan, while the financing repayment was 18.30 million yuan, resulting in a net financing outflow of 3.73 million yuan [1]. - As of November 14, the total financing and securities balance for Sealing Technology was 97.75 million yuan, accounting for 2.79% of its market capitalization, which is above the 90th percentile of the past year [1]. Group 2 - As of September 30, the number of shareholders for Sealing Technology was 10,700, a decrease of 14.83% from the previous period. The average circulating shares per person increased by 17.41% to 13,709 shares [2]. - For the period from January to September 2025, Sealing Technology reported a revenue of 425 million yuan, representing a year-on-year growth of 8.12%. The net profit attributable to the parent company was 73.47 million yuan, reflecting a year-on-year increase of 10.95% [2]. Group 3 - Sealing Technology has distributed a total of 163 million yuan in dividends since its A-share listing, with 123 million yuan distributed over the past three years [3].

Core Viewpoint - The announcement details the completion of a share reduction plan by the controlling shareholder and related parties of Changzhou Langbo Sealing Technology Co., Ltd, indicating a significant change in shareholding structure and potential implications for investor sentiment [2][3][4]. Summary by Sections Shareholding Reduction Details - The controlling shareholder's action person, Mr. Fan Xiaoyou, held 80,000 shares before the reduction, representing 0.0755% of the total share capital, which were acquired prior to the company's IPO [2]. - Mr. Wang Shuguang, a director and deputy general manager, held 100,000 shares before the reduction, representing 0.0943% of the total share capital, also acquired before the IPO [2]. Implementation Results of the Reduction Plan - As of the announcement date, Mr. Fan Xiaoyou completed the reduction of 80,000 shares, leaving him with no shares in the company [3]. - Mr. Wang Shuguang reduced his holdings by 25,000 shares, now holding 75,000 shares, which is 0.0708% of the total share capital [3][4]. Stock Trading Anomalies - The company's stock experienced a cumulative price deviation exceeding 20% over three consecutive trading days (November 12, 13, and 14, 2025), classified as abnormal trading activity [6][8]. - The company confirmed that its production and operational activities remain normal, with no significant changes in market conditions or internal operations [9]. Verification of Major Events - The company conducted inquiries and found no undisclosed major events that could affect stock trading, including significant asset restructuring or other major corporate actions [10][12].