Financial Performance - The company achieved operating revenue of ¥480,342,475.37, a year-on-year increase of 0.36%[26]. - The net profit attributable to shareholders was ¥43,129,847.74, reflecting a decrease of 0.50% compared to the previous year[26]. - Total assets at the end of the reporting period reached ¥1,184,798,765.67, marking a growth of 7.18%[27]. - Total liabilities increased by 24.56% to ¥320,197,329.84[27]. - The company's gross profit margin decreased to 15.36% from 16.21% year-on-year[26]. - The weighted average return on equity based on net profit attributable to shareholders was 4.98%, down from 7.41%[26]. - The net cash flow from operating activities was negative at -¥118,276,960.11, a decline of 305.54% compared to the previous year[28]. - The company reported a total of 149,068.00 yuan in litigation or arbitration claims, representing 0.02% of the net assets at the end of the reporting period[73]. - The company has not reported any significant social responsibility violations during the reporting period[63]. - The company has not experienced any cumulative losses or unprofitable situations during the reporting period[64]. Shareholder Information - The company distributed a cash dividend of RMB 2.50 per 10 shares, totaling RMB 26,905,000, based on a total share capital of 107,620,000 shares[6]. - The company completed the annual equity distribution for 2021 in June 2022, marking a significant return to shareholders[6]. - The company's major shareholder, Zhao Dongming, holds 39.16% of the shares, which gives him significant control over company decisions[14]. - The total number of ordinary shares is 107,620,000, with 45.26% being unrestricted shares held by controlling shareholders[84]. - Zhao Dongming holds 42,143,334 shares, representing 39.16% of the total share capital, and remains the controlling shareholder[90]. - The top ten shareholders collectively hold 64.25% of the total shares, with Zhao Dongming and Jiang Xueyuan being closely related[87]. Innovation and Patents - As of the end of the reporting period, the company has obtained a total of 69 valid patents, including 9 invention patents and 60 utility model patents[7]. - The company has added 3 new utility model patents during the reporting period, indicating ongoing innovation efforts[7]. - The company’s core technologies are primarily non-patented, posing risks of leakage or theft that could undermine its competitive advantage[14]. - The company is focused on expanding its market presence and enhancing customer management to drive growth[34]. - The company continues to invest in R&D for new products and materials to seek new profit growth points[34]. Market and Competition - The company operates in a highly competitive modified plastics industry, with increasing competition potentially impacting market share and profitability[14]. - The company’s main customers are in the automotive and home appliance sectors, which are sensitive to macroeconomic conditions[13]. - The automotive and home appliance sectors are the primary downstream applications for the company's modified plastics, with demand influenced by macroeconomic conditions[66]. - The company is aware of increasing market competition and aims to establish a competitive advantage through differentiated strategies[66]. Financial Management - The company has strengthened its financial management, focusing on cost control and efficiency improvements in production[41]. - The company has implemented measures to enhance business and financial management, optimize customer credit management, and improve accounts receivable collection efficiency[68]. - The company has a high proportion of accounts receivable, which may pose risks of bad debts if the financial conditions of downstream clients deteriorate[14]. - The company has a high proportion of accounts receivable, with a low turnover rate due to long payment cycles in the automotive and home appliance industries[68]. - The company faces risks of bad debt losses if accounts receivable continue to rise and if there are significant adverse changes in the operating conditions of its major customers[68]. Cash Flow and Investments - The company's cash and cash equivalents decreased by 60,327,044.50 yuan due to significant cash outflows from operating activities during the year[44]. - The cash flow from operating activities showed a significant decline of 305.54%, amounting to -118,276,960.11 CNY compared to -29,165,220.57 CNY in the previous year[55]. - The cash flow from investing activities increased by 856.25% to 38,357,278.50 CNY, compared to -5,072,040.62 CNY in the previous year[55]. - The company raised 50,000,000 CNY through bank wealth management products, with no overdue amounts or expected impairments[58]. - The company utilized 80 million RMB of idle raised funds to temporarily supplement working capital as of June 30, 2022[99]. Employee and Management - The total number of employees increased from 481 to 521, representing an 8.32% growth[111]. - The number of management personnel increased from 55 to 60, a rise of 9.09%[111]. - The total number of sales personnel increased from 55 to 60, representing a growth of 9.09%[111]. - The company has developed a systematic training plan, enhancing the professional skills of employees and management levels, resulting in a talent pool with high technical capabilities[36]. Risk Management - The company faces significant risks from fluctuations in raw material prices, particularly for PP, which are influenced by international oil prices[13]. - The company has implemented measures to mitigate risks related to core technology leakage, including strict confidentiality protocols[67]. - The controlling shareholder, Zhao Dongming, holds 39.16% of the shares and has significant decision-making power, which poses a risk of improper control over the company's strategic direction[69]. - The company has established a comprehensive internal control system to limit the decision-making power of the controlling shareholder and mitigate risks[69]. Compliance and Governance - The financial report was approved by the board of directors on August 24, 2022, ensuring compliance with accounting standards[161]. - The company has not identified any factors affecting its ability to continue as a going concern for the next 12 months[165]. - The company has not reported any significant changes in the scope of consolidation for the financial statements[151]. - The company has not made any acquisitions or disposals of subsidiaries during the reporting period[65].

Revenue Performance - The company's revenue from modified polypropylene reached ¥885,322,522.35, with a gross margin of 18.46%, showing a decrease of 1.42 percentage points compared to the previous year[5]. - Revenue from other modified plastics increased by 93.83% to ¥145,294,952.25, with a gross margin of 25.48%, an increase of 3.87 percentage points year-over-year[6]. - The total revenue for the year 2022 was 1,109,563,742.02 CNY, an increase from 960,569,356.81 CNY in 2021[24]. - The revenue from modified polypropylene was 885,322,522.35 CNY in 2022, up from 767,676,053.86 CNY in 2021[24]. - The revenue from plastic sheets was 78,946,267.42 CNY in 2022, down from 104,057,811.97 CNY in 2021[24]. - The revenue from other modified plastics was 145,294,952.25 CNY in 2022, up from 88,835,490.98 CNY in 2021[24]. - The revenue from exports decreased by 88.69% and costs decreased by 86.99% due to fluctuations in order volumes caused by changes in the domestic and international economic environment[21]. Regional Performance - In the North China region, revenue decreased by 64.72%, while in the Southwest region, it increased by 82.18%, indicating significant regional fluctuations in order volumes[11]. - The total revenue from the East China region was ¥936,571,215.37, with a gross margin of 16.04%, reflecting a decrease of 0.03 percentage points compared to the previous year[7]. - The South China region reported revenue of ¥48,942,191.65, with a gross margin of 18.41%, which decreased by 0.72 percentage points year-over-year[7]. - In the North China region, revenue decreased by 60.02% and cost decreased by 59.33% compared to the same period last year[21]. - In the Southwest region, revenue increased by 79.72% and cost increased by 90.15% compared to the same period last year[21]. - In the Northwest region, revenue increased by 150.14% and cost increased by 152.63% compared to the same period last year[21]. Cost and Margin Analysis - The overall operating costs for modified polypropylene were ¥721,888,860.15, resulting in a gross margin of 18.46%[5]. - The total revenue from other business activities decreased by 30.53%, while the corresponding costs fell by 32.69%, primarily due to reduced material sales[11]. - The total revenue from other modified plastics grew by 63.56%, with costs rising by 62.43% due to increased orders from certain customers[21]. Supplier Information - The company identified its top suppliers, with the largest being Sabic (Shanghai) Trading Co., Ltd., accounting for 9.07% of total purchases[12]. - The total procurement amount from the top five suppliers was 304,113,617.78 CNY, accounting for 33.73% of total procurement[19]. Strategic Outlook - The company plans to continue monitoring economic conditions to adapt its strategies in response to fluctuating order volumes across different regions[11]. - The company has not made any corrections to its financial statements, ensuring the accuracy of its reported data[3].

Financial Performance - The company's operating revenue for the first half of 2023 reached ¥598,257,699.84, representing a 24.55% increase compared to ¥480,342,475.37 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was ¥52,966,174.20, up 22.81% from ¥43,129,847.74 year-on-year[23]. - The gross profit margin improved to 17.10%, compared to 15.36% in the previous year[23]. - The company's main business revenue increased by 26.00% to ¥596,707,188.79, while other business revenue fell by 77.05%[46]. - The net profit for the current period was ¥52,966,174.20, a decrease of 22.81% from ¥43,129,847.74 in the previous year[43]. - The company reported a total profit of ¥59,029,600.57 for the first half of 2023, compared to ¥50,269,763.28 in the same period of 2022, marking an increase of 17.5%[107]. - The comprehensive income for the current period is CNY 35,922,609.90, compared to CNY 36,893,986.87 in the previous period, indicating a slight decrease of about 2.6%[130]. Assets and Liabilities - Total assets increased by 6.23% to ¥1,418,059,163.43 from ¥1,334,909,417.38 at the end of the previous year[24]. - The company's total liabilities rose by 10.98% to ¥468,424,894.39, up from ¥422,098,322.54 at the end of last year[24]. - The total equity attributable to shareholders rose to CNY 949,634,269.04, up from CNY 912,811,094.84, indicating an increase of approximately 4.0%[101]. - The company's accounts receivable increased by 12.69% to ¥584,413,727.93, indicating higher sales on credit[44]. - The total value of restricted assets is ¥28,035,039.80, accounting for 1.97% of total assets, which will not adversely affect the company's operations[73]. Cash Flow - The net cash flow from operating activities improved to -¥70,542,888.25, a 40.36% reduction in losses compared to -¥118,276,960.11 in the same period last year[25]. - The net cash flow from investing activities decreased by 163.69%, down by ¥62,786,908.48, primarily due to reduced investment in financial products[52][53]. - The net cash flow from financing activities increased by 137.66%, rising to ¥32,307,954.81, mainly due to decreased cash payments for dividends and interest[52][53]. - The cash and cash equivalents decreased to CNY 71,327,681.70 from CNY 133,756,113.52, a decline of about 46.6%[98]. - The company paid CNY 21,387,804.34 in taxes during the first half of 2023, compared to CNY 12,177,680.14 in the same period of 2022, which is an increase of about 75.3%[113]. Research and Development - Research and development expenses increased by 64.26% to ¥18,764,255.61, attributed to new project investments[43]. - The company continues to innovate in product development to meet the evolving needs of downstream customers[59]. - The company has a significant risk related to the leakage of core technology formulas, which are mostly non-patented and could be vulnerable to theft[59]. Market and Industry - The automotive and home appliance sectors are the largest markets for modified plastics, with significant growth potential due to lightweight and eco-friendly trends[35][37]. - The modified plastics industry is supported by national policies promoting high-performance materials, creating a favorable market environment for the company[37][38]. - Revenue from modified polypropylene increased by 29.34% compared to the same period last year, driven by higher customer demand and new projects[50]. - Revenue from other modified plastics grew by 41.85% year-on-year, primarily due to increased customer demand[50]. Corporate Governance and Structure - The company has established a comprehensive internal control system to mitigate risks associated with improper control by the major shareholder, who holds 39.16% of the shares[59]. - The board of directors consists of 7 members, while the supervisory board has 3 members, and there are 6 senior management personnel[90]. - The company has a total of five wholly-owned subsidiaries, all with a 100% ownership stake[144]. Employee and Management - The company has a total of 620 employees at the end of the reporting period, an increase of 74 employees from the beginning of the period[93]. - The number of technical personnel increased from 82 to 109, reflecting a growth of 32.93%[93]. - Zhao Qianjing was appointed as the deputy general manager, indicating a strategic move for company development[90]. Shareholder Information - The largest shareholder, Zhao Dongming, holds 39.16% of the shares, with no changes in his holdings during the reporting period[79]. - The total number of ordinary shares is 107,620,000, with a slight decrease in the number of unrestricted shares from 63,439,111 to 63,251,611[76]. Compliance and Reporting - The company adheres to the accounting standards and principles set forth by the relevant regulatory authorities[150]. - The company prepares consolidated financial statements based on its own and subsidiaries' financial reports, reflecting the overall financial position, operating results, and cash flows of the entire corporate group[161].

Financial Performance - The company's operating revenue for 2023 reached ¥1,416,776,716.15, representing a 26.40% increase compared to ¥1,120,898,931.00 in 2022[27]. - The net profit attributable to shareholders for 2023 was ¥115,827,738.33, up 26.81% from ¥91,339,506.75 in the previous year[27]. - The gross profit margin improved to 17.79% in 2023, compared to 16.17% in 2022[27]. - Basic earnings per share increased to ¥1.08 in 2023, a rise of 27.06% from ¥0.85 in 2022[27]. - The weighted average return on equity based on net profit attributable to shareholders was 12.03% in 2023, compared to 10.37% in 2022[27]. - The company's revenue reached 115.83 million yuan, an increase of 26.81% compared to the same period last year[43]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 112.25 million yuan, up 35.20% year-on-year[43]. - The company's operating revenue for 2023 reached ¥1,416,834,161.68, representing a 26.40% increase from the previous year[31]. - Operating profit rose by 32.64% to ¥133,081,548.65, driven by strong demand in the automotive and home appliance sectors[53]. Assets and Liabilities - The total assets at the end of 2023 reached ¥1,636,900,918.06, an increase of 22.62% compared to ¥1,334,909,417.38 in 2022[29]. - The total liabilities increased by 47.93% to ¥624,405,084.89 from ¥422,098,322.54 in the previous year[29]. - The debt-to-asset ratio (consolidated) increased to 38.15% from 31.62% in 2022[29]. - The company maintained a current ratio of 2.28, down 17.09% from 2.75 in the previous year[29]. - Cash and cash equivalents decreased by 44.06% to 748.24 million yuan, primarily due to significant payments for the "Annual Production of 56,000 Tons of High-Performance Composite Materials Project"[50]. - Accounts receivable increased by 37.89% to 715.10 million yuan, driven by the growth in sales scale[50]. - Fixed assets grew by 98.85% to 1,904.48 million yuan, mainly due to the substantial capitalization of the aforementioned project[50]. - Short-term borrowings increased by 108.68% to 56.72 million yuan, largely due to a significant amount of discounted notes receivable[50]. Research and Development - Research and development expenses increased by 46.81% to ¥61,178,666.36, reflecting the company's commitment to innovation[52]. - The number of R&D personnel increased from 82 to 97, with R&D personnel now representing 15.02% of the total workforce[83]. - The company is focused on optimizing product structure and enhancing R&D for new products and materials, aiming to explore new profit growth points[43]. - The company is actively researching and developing new applications for PET and PVC films, aiming to enhance product quality and reduce production costs, which is expected to improve competitiveness[89]. - The company is developing antibacterial polypropylene composite materials to enhance strength and toughness, aiming to capture market share in the antibacterial materials sector[86]. Corporate Governance - The company has a board of directors consisting of 7 members and a supervisory board with 3 members, ensuring a structured governance framework[146]. - The company has established a clear and transparent cash dividend policy, ensuring the protection of minority shareholders' rights[142]. - The company has implemented a comprehensive training program for employees to enhance skills and improve overall quality[157]. - The company has established a dedicated investor relations management system to enhance communication with existing and potential investors[174]. - The company’s governance mechanisms provide adequate protection and equal rights for all shareholders, particularly minority shareholders[166]. Market and Industry Trends - The modified plastics industry is expected to see significant demand growth from the automotive and home appliance sectors due to trends in lightweight and energy-efficient materials[46]. - The trend in the modified plastics industry shows continuous expansion in application fields, driven by technological innovation and increasing performance requirements[97]. - The modified plastics sector is witnessing a shift towards environmentally friendly products, driven by stricter global environmental policies and consumer demand for low-emission materials[99]. - The competitive landscape in the modified plastics industry is intensifying, with larger firms expanding their market share, posing risks to the company's market position and profitability[105]. Risk Management - The company recognizes the significant impact of raw material price fluctuations on production costs, particularly due to reliance on petroleum-derived products, and has implemented measures to mitigate these risks[104]. - The company faces risks from macroeconomic conditions and industry policies that may impact downstream demand for its products, potentially leading to declines in sales prices or quantities[105]. - The company has implemented measures to optimize customer credit management and improve accounts receivable collection efficiency[105]. - The controlling shareholder holds 39.16% of the company's shares, which may pose risks if their decisions adversely affect the interests of other shareholders[105]. Shareholder Information - The total number of ordinary shareholders is 6,017, with the total share capital remaining at 107,620,000 shares[126]. - The largest shareholder, Zhao Dongming, holds 42,143,334 shares, representing 39.16% of the total share capital[132]. - The total shares held by the top ten shareholders amount to 67,991,972, which is 63.18% of the total share capital[130]. - The company raised a total of 230 million yuan from the public offering, with 106,796,592.48 yuan utilized during the reporting period[135]. Legal and Compliance - The company is involved in a lawsuit as a plaintiff with a cumulative amount of 335,610 yuan, representing 0.03% of the net assets at the end of the period[111]. - The audit report issued by the accounting firm confirmed that the financial statements fairly reflect the company's financial position and performance for the year[193]. - The company has not identified any significant defects in its accounting, financial management, or risk control systems during the year[164].

天风证券股份有限公司 关于苏州禾昌聚合材料股份有限公司 为全资子公司提供担保的核查意见 天风证券股份有限公司（以下简称"天风证券"、"保荐机构"）作为苏州禾 昌聚合材料股份有限公司（以下简称"禾昌聚合"、"公司"）股票向不特定合格 投资者公开发行的持续督导保荐机构，根据《北京证券交易所证券发行上市保荐 业务管理细则》、《北京证券交易所向不特定合格投资者公开发行股票并上市审核 规则》、《北京证券交易所股票上市规则（试行）》等相关法律法规及规范性文件 的规定，对禾昌聚合为全资子公司提供担保事项进行了核查，具体情况如下： 一、本次担保的基本情况 根据公司全资子公司苏州禾润昌新材料有限公司（以下简称"苏州禾润昌"）、 日常生产经营中对流动资金的需要，为支持全资子公司增强资金规模、改善资产 结构，保障其日常性经营，促进其持续稳定发展，公司拟为苏州禾润昌向中信银 行股份有限公司苏州分行申请的借款、票据承兑等融资业务提供担保，担保额度 不超过 3,000 万元（含 3,000 万元），担保方式为连带责任保证担保，被担保的 主债权的发生期间为 2024 年 3 月 15 日至 2025 年 3 月 15 日，具体保证责任期 ...

子公司宿迁禾润昌向江苏银行股份有限公司宿迁分行申请银行授信用于借 款、票据承兑等融资业务，总敞口额度不超过 1,000 万元（含 1,000 万元），于 2024 年 3 月 15 日签署相关最高额保证合同，被担保的主债权的发生期间为 2024 年 3 月 15 日至 2025 年 1 月 22 日。 证券代码：832089 证券简称：禾昌聚合 公告编号：2024-010 苏州禾昌聚合材料股份有限公司 为全资子公司提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、担保情况概述 （一）担保基本情况 为满足日常生产经营所需流动资金，公司全资子公司苏州禾润昌新材料有限 公司（以下简称"苏州禾润昌"）向中信银行股份有限公司苏州分行申请银行授 信用于借款、票据承兑等融资业务，总敞口额度不超过 3,000 万元（含 3,000 万元）；公司全资子公司宿迁禾润昌新材料有限公司（以下简称"宿迁禾润昌"） 向中信银行股份有限公司苏州分行申请银行授信用于借款、票据承兑等融资业 务，总敞口额度不超过 4,0 ...

证券代码：832089 证券简称：禾昌聚合 公告编号：2024-009 苏州禾昌聚合材料股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 ...

证券代码：832089 证券简称：禾昌聚合 公告编号：2024-008 苏州禾昌聚合材料股份有限公司 2023 年年度业绩快报公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示：本公告所载 2023 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2023 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2023 年年度主要财务数据和指标 | 单位：元 | | --- | | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 1,416,834,161.68 | 1,120,898,931.00 | 26.40% | | 归属于上市公司股东的净 | 116,610,128.58 | 91,339,506.75 | 27.67% | | 利润 | | | | | 归属于上市公司股东的扣 | 113,020,538.48 | 83,025,093.09 | 36.13% | | 除非经 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 112-128 million yuan in 2023, representing a year-on-year growth of 22.62%-40.14%. The gross profit margin for the first three quarters of 2023 reached 17.4%, the highest since 2021. As a result, the profit forecasts for 2023-2025 have been revised upwards, with expected net profits of 116 million, 132 million, and 163 million yuan respectively [1][2] - The company has successfully expanded its customer base, adding new clients such as Xiaomi Auto and Leap Motor in the new energy vehicle sector. The company has established a wholly-owned subsidiary, Shaanxi Xinhe Runchang Composite Materials Co., Ltd., which has begun operations on a project with an annual production capacity of 56,000 tons of high-performance composite materials [2][19] Financial Summary - Revenue (in million yuan): - 2021: 977 - 2022: 1,121 - 2023E: 1,429 (27.5% YoY growth) - 2024E: 1,632 (14.2% YoY growth) - 2025E: 1,856 (13.7% YoY growth) [3] - Net profit (in million yuan): - 2021: 81 - 2022: 91 - 2023E: 116 (27.1% YoY growth) - 2024E: 132 (13.5% YoY growth) - 2025E: 163 (23.7% YoY growth) [3] - Gross margin: - 2021: 16.5% - 2022: 16.2% - 2023E: 17.0% - 2024E: 17.0% - 2025E: 17.4% [3] - EPS (diluted, in yuan): - 2021: 0.76 - 2022: 0.85 - 2023E: 1.08 - 2024E: 1.23 - 2025E: 1.52 [3] Market Position - The company operates in the modified plastics sector, focusing on high-performance materials. It has a diverse product range including modified PP, ABS, PC, PA, and PBT, and is positioned in the lower 15% of the PE (ttm) valuation within its industry, indicating potential undervaluation [20]

证券代码：832089 证券简称：禾昌聚合 公告编号：2024-005 苏州禾昌聚合材料股份有限公司 预计本报告期与上年同期相比将继续盈利的，应披露以下表格： | 项目 | 本报告期 | 上年同期 | 变动比例 | | --- | --- | --- | --- | | | （单位：万元） | （单位：万元） | | | 归属于上市公司股 | 11,200～12,800 | 9133.95 | 22.62%～40.14% | | 东的净利润 | | | | 二、本期业绩重大变化的主要原因 2023 年年度业绩预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示：本公告所载 2023 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2023 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、本期业绩预告情况 （一）业绩预告期间 2023 年 1 月 1 日至 2023 年 12 月 31 日。 （二）业绩预告情况 预计的业绩：□亏损 □扭亏为盈 √同向上升 ...