Financial Performance - Revenue for the first quarter of 2025 reached CNY 434,608,264.18, a 32.23% increase year-on-year[9] - Net profit attributable to shareholders rose by 12.54% to CNY 33,843,207.51 compared to the same period last year[9] - Total operating revenue for Q1 2025 reached ¥434.61 million, a 32.2% increase from ¥328.68 million in Q1 2024[37] - Operating profit for Q1 2025 was ¥40.41 million, up 14.5% from ¥35.31 million in Q1 2024[38] - Net profit for Q1 2025 was ¥33.84 million, representing a 12.6% increase compared to ¥30.07 million in Q1 2024[38] - The company reported a total profit of ¥40.68 million in Q1 2025, up from ¥35.34 million in Q1 2024, marking a 15.5% increase[38] - Comprehensive income for Q1 2025 totaled ¥33.84 million, an increase from ¥30.07 million in Q1 2024, reflecting a growth of 12.6%[38] Cash Flow and Liquidity - Operating cash flow turned negative at CNY -130,029,605.49, a decline of 176.13% year-on-year[10] - Operating cash inflow for Q1 2025 was CNY 471,853,295.58, a significant increase from CNY 328,242,194.43 in Q1 2024, representing a growth of approximately 43.7%[41] - The net cash flow from operating activities for Q1 2025 was -CNY 130,029,605.49, compared to -CNY 47,090,589.40 in Q1 2024, indicating a decline in operational efficiency[42] - Cash outflow for purchasing goods and services in Q1 2025 reached CNY 514,366,227.52, up from CNY 327,278,192.54 in Q1 2024, reflecting an increase of about 57%[41] - Cash inflow from financing activities in Q1 2025 was CNY 136,065,661.04, compared to CNY 62,287,534.07 in Q1 2024, marking an increase of approximately 118%[42] - The net cash flow from financing activities for Q1 2025 was CNY 135,680,222.55, a substantial rise from CNY 20,241,245.33 in Q1 2024, indicating improved financing conditions[42] - The total cash and cash equivalents at the end of Q1 2025 stood at CNY 48,460,357.69, compared to CNY 15,278,632.68 at the end of Q1 2024, showing a significant increase[42] Assets and Liabilities - Total assets increased by 5.64% to CNY 2,038,352,507.98 compared to the end of last year[9] - The company's asset-liability ratio (consolidated) rose to 43.37%, up from 41.93% at the end of last year[9] - Total liabilities rose to CNY 884,013,493.69 from CNY 809,110,095.60, an increase of about 9.2%[33] - Current liabilities increased to CNY 864,277,569.29 from CNY 789,549,588.66, reflecting a growth of approximately 9.5%[32] - Non-current liabilities slightly increased to CNY 19,735,924.40 from CNY 19,560,506.94, a change of about 0.9%[32] - Total liabilities for the parent company increased to CNY 803,704,375.88 from CNY 745,770,243.70, an increase of approximately 7.5%[36] Shareholder Information - The number of ordinary shareholders stood at 7,983 at the end of the reporting period[16] - The total number of shares held by the top ten shareholders is 89,381,077, representing 59.33% of the total shares[19] - Zhao Dongming holds 39.16% of the shares, totaling 59,000,667 shares, with no change during the reporting period[18] - The company has no pledged or judicially frozen shares among the top ten shareholders[20] Research and Development - Research and development expenses increased by 35.12% to CNY 12,057,068.01, reflecting higher investment in innovation[11] - Research and development expenses increased to ¥12.06 million in Q1 2025, a 35.5% rise from ¥8.92 million in Q1 2024[37] Commitments and Guarantees - The company has provided guarantees for its wholly-owned subsidiaries, with the total guarantee amount within the approved limits[24] - All disclosed commitments have been fulfilled without any overdue or violation issues during the reporting period[25] Inventory and Receivables - Accounts receivable decreased slightly to 795,144,836.38 yuan from 795,471,864.12 yuan[31] - Inventory increased to 264,246,916.70 yuan from 228,306,118.43 yuan, indicating a growth in stock levels[31] - Accounts receivable rose to CNY 727,109,498.30 from CNY 689,024,543.11, reflecting an increase of approximately 5.5%[34] - Inventory decreased to CNY 162,906,807.75 from CNY 170,116,361.65, a decline of about 4.0%[34] Legal Matters - There are ongoing litigation matters, but the amounts do not meet the criteria for significant litigation disclosure[23]

Company Developments - The company participated in the "CHINAPLAS 2024 International Rubber and Plastics Exhibition" from April 23 to 26, 2024, enhancing brand visibility and expanding sales channels[4]. - A new wholly-owned subsidiary, Suqian Hechang New Materials Co., Ltd., was established with a registered capital of 50 million RMB, completed on May 7, 2024[4]. - The establishment of the "Suqian He Run Chang New Materials Engineering Technology Research Center" emphasizes the company's focus on technology transfer and innovation[4]. - The company operates seven wholly-owned subsidiaries, enhancing its market presence across the country[36]. - The company plans to enhance its market competitiveness through the establishment of new subsidiaries, such as Suqian Hechang New Materials Co., Ltd.[106]. Financial Performance - The company's operating revenue for 2024 reached ¥1,612,857,291.23, representing a 13.84% increase compared to ¥1,416,776,716.15 in 2023[27]. - The net profit attributable to shareholders for 2024 was ¥120,914,373.61, a 4.39% increase from ¥115,827,738.33 in 2023[27]. - The gross profit margin for 2024 was 16.27%, down from 17.79% in 2023[27]. - The basic earnings per share for 2024 increased to 0.80, up 3.90% from 0.77 in 2023[27]. - The weighted average return on equity based on net profit attributable to shareholders was 11.34% for 2024, compared to 12.03% in 2023[27]. - The company distributed a cash dividend of 1.20 RMB per 10 shares, totaling 12,914,400 RMB for the 2023 annual equity distribution, increasing total shares to 150,668,000[4]. - The company's operating revenue for 2024 was CNY 1,612,857,291.23, representing a decrease of 13.84% compared to CNY 1,416,776,716.15 in 2023[81]. - The gross profit margin decreased to 16.27% in 2024 from 17.79% in 2023, while operating profit increased by 2.47% to CNY 136,363,741.29[81]. - Net profit for 2024 was CNY 120,914,373.61, a 4.39% increase from CNY 115,827,738.33 in 2023[81]. Research and Development - As of December 31, 2024, the company obtained 8 new invention patents and 8 utility model patents, with 26 new patent applications filed, including 13 invention patents and 13 utility model patents[4]. - The company holds a total of 77 authorized patents, including 15 invention patents and 62 utility model patents, with 16 new patents granted during the reporting period[46]. - The company is focused on the research, development, production, and sales of modified plastics[20]. - The company is committed to launching higher performance, lower cost, and more environmentally friendly modified plastic products in the future[50]. - The company is focusing on developing biodegradable textiles and recyclable plastics to support its carbon reduction initiatives[76]. - The company is in the small trial stage of developing a high-durability polypropylene composite material to enhance product quality and meet industrial demands[114]. - A low-odor and low-VOC soft PVC product is being developed to respond to environmental and health concerns, currently in the small trial stage[114]. - The company is working on a high-strength polypropylene composite fiber material, which is in the small trial stage, aimed at improving market competitiveness[114]. - Research is ongoing for a halogen-free, high-temperature resistant flame-retardant polymer material, currently in the research stage[115]. - The company is developing a low-warp modified composite material for laser radar applications, which is in the research stage[115]. Market Trends and Industry Insights - The modified plastics industry is a key area of national development, supported by government policies aimed at promoting lightweight, low-carbon, and environmentally friendly materials[52]. - The domestic market for modified plastics is driven by the rapid development of downstream industries such as automotive and home appliances, supported by favorable national policies[62]. - The demand for modified plastics in the automotive sector is projected to reach approximately 5.98 million tons, driven by the increasing production of new energy vehicles[63]. - The global modified plastics market size reached USD 428.5 billion in 2023, reflecting a year-on-year increase of 4.60%[130]. - The modified plastics market in China is expected to reach 33.2 million tons by 2024, representing a year-on-year growth of 21.39%[133]. Sustainability and Environmental Initiatives - The company emphasizes a "green, environmentally friendly, and circular" development principle, focusing on sustainable development and resource recycling[48]. - The company plans to continue increasing investment in environmental protection in 2025, promoting green production and energy conservation[48]. - The company is committed to sustainable development and will increase R&D investment to launch more competitive products, contributing to the circular economy and carbon neutrality strategy[150]. Financial Management and Risks - The company has established financial management systems to effectively manage receivables and improve collection rates from major clients[154]. - The company faces risks related to the volatility of raw material prices, particularly for PP and ABS, which are influenced by international oil prices[153]. - The company has implemented cost control measures to reduce the impact of raw material price fluctuations, including improving reuse rates and adjusting product pricing based on raw material costs[154]. - The company has a high demand for working capital due to long receivable turnover periods, which poses a risk of bad debts if customer payment issues arise[154]. - The controlling shareholder holds 39.16% of the company's shares, which could lead to potential risks if they exert undue influence over company decisions[155]. Shareholder and Governance Information - The largest shareholder, Zhao Dongming, holds 59,000,667 shares, representing 39.16% of the total share capital[180]. - The company has a cash dividend policy that mandates a minimum of 10% of the distributable profits to be distributed in cash annually, with a cumulative distribution of at least 30% over three years[194]. - The company has established a profit distribution decision-making process that requires approval from the board of directors and the supervisory board, followed by a vote at the shareholders' meeting[196]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[181].

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 3536.62万股，累计占流通股比： 37.84%，较上期变化： -458.93万股。 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.8000 | 0.7700 | 3.9 | 0.8500 | | 每股净资产（元） | 7.44 | 9.41 | -20.94 | 8.48 | | 每股公积金(元) | 1.78 | 2.89 | -38.41 | 2.89 | | 每股未分配利润(元) | 4.23 | 5.01 | -15.57 | 4.12 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 16.13 | 14.17 | 13.83 | 11.21 | | 净利润(亿元) | 1.21 | 1.16 | 4.31 | 0.91 | | 净资产收益率(%) | 11.34 | 12.0 ...

证券代码：832089 证券简称：禾昌聚合 公告编号：2025-010 苏州禾昌聚合材料股份有限公司 监事辞职公告 本公司及监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、辞职监事的基本情况 （一）基本情况 本公司监事会于 2025 年 3 月 31 日收到监事盛舒纯女士递交的辞职报告，自股东大 会选举产生新任监事之日起辞职生效。上述辞职人员持有公司股份 0 股，占公司股本的 0%，不是失信联合惩戒对象，辞职后不再担任公司其它职务。 二、上述人员的辞职对公司产生的影响 （一）本次辞职未导致公司董事会成员人数低于法定最低人数，导致公司监事会成员 人数低于法定最低人数，未导致职工代表监事人数少于监事会成员的三分之一，未导致 董事会中兼任高级管理人员的董事和由职工代表担任的董事人数超过公司董事总数的 二分之一，未导致董事会或者其专门委员会中独立董事所占的比例不符合相关规则或者 公司章程的规定，未导致独立董事中欠缺会计专业人士。 根据《中华人民共和国公司法》《北京证券交易所股票上市规则（试行）》和《苏 州禾昌聚合材料 ...

证券代码：832089 证券简称：禾昌聚合 公告编号：2025-009 苏州禾昌聚合材料股份有限公司 公司为上述事项提供连带责任保证担保，并于 2025 年 3 月 18 日在苏州与中 信银行、江苏银行分别签订了《最高额保证合同》，于 2025 年 3 月 20 日在苏州 与工商银行签订了《最高额保证合同》，具体保证责任期间、授信方式、用途等 以相关协议约定为准。 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 上述四笔担保总额合计占公司最近一期经审计净资产（截至 2023 年 12 月 31 日）的比例为 11.16%。 （二）是否构成关联交易 本次交易不构成关联交易。 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"）分别向中信银行股份有限公司苏州分行（以下 简称"中信银行"）、江苏银行股份有限公司苏州分行（以下简称"江苏银行"）、 中国工商银行股份有限公司苏州工业园区支行（以下简称"工 ...

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3] Core Views - The company is expected to achieve a revenue of 1.692 billion yuan in 2024, representing a year-on-year increase of 19.39%, with a net profit attributable to the parent company of 119 million yuan, up 2.90% year-on-year [3] - The demand for modified plastics is driven by the automotive lightweighting trend and the expansion of the home appliance replacement policy, which is expected to benefit the company's business [4][5] - The company has slightly adjusted its profit forecast for 2024-2026 due to increasing competition in the automotive market, with projected net profits of 119 million yuan, 139 million yuan, and 160 million yuan for the respective years [3] Financial Summary - Revenue (million yuan): 2022A: 1,121, 2023A: 1,417, 2024E: 1,692, 2025E: 1,856, 2026E: 2,043 [9][10] - Net Profit (million yuan): 2022A: 91, 2023A: 116, 2024E: 119, 2025E: 139, 2026E: 160 [9][10] - Gross Margin (%): 2022A: 16.2, 2023A: 17.8, 2024E: 16.3, 2025E: 17.0, 2026E: 16.8 [9][10] - P/E Ratios: 2024E: 22.6, 2025E: 19.3, 2026E: 16.9 [9][10]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3] Core Views - The company is expected to achieve a revenue of 1.692 billion yuan in 2024, representing a year-on-year increase of 19.39%, with a net profit of 119 million yuan, up 2.90% year-on-year [3] - The demand for modified plastics is driven by the automotive lightweighting trend and the expansion of the home appliance replacement policy, which is expected to benefit the company's business [4][5] - The company has slightly adjusted its profit forecast for 2024-2026 due to increasing competition in the automotive market, with projected net profits of 119 million, 139 million, and 160 million yuan respectively [3] Summary by Sections Financial Performance - In 2024, the company is projected to generate revenue of 1.692 billion yuan, with a year-on-year growth of 19.39% [3] - The net profit for 2024 is expected to be 119 million yuan, reflecting a 2.90% increase compared to the previous year [3] - The company's revenue and profit forecasts for 2025 and 2026 are 1.856 billion yuan and 2.043 billion yuan, with net profits of 139 million yuan and 160 million yuan respectively [10] Market Trends - The automotive industry is focusing on lightweight materials, with 1 kg of plastic replacing 2-3 kg of steel, leading to reduced vehicle weight and fuel consumption [4] - The usage rate of modified plastics in passenger vehicles in China is currently only 13%, indicating significant growth potential as technology improves [4] - The home appliance sector is seeing increased application of modified plastics, with a projected 37% of modified plastics used in this field by 2024 [5] Business Development - The company collaborates with major automotive brands such as Geely, SAIC, and FAW, as well as new energy brands like Xiaomi and Zeekr [4] - The home appliance replacement policy is expected to boost consumer demand, with significant growth in retail sales of home appliances [5] - The company is enhancing its R&D capabilities and has established a subsidiary focused on new material development [5]

Financial Performance - The company's operating revenue for the reporting period is expected to be CNY 1,691,528,793.91, representing a year-on-year increase of 19.39%[6] - The net profit attributable to shareholders is projected to be CNY 119,191,119.33, reflecting a year-on-year growth of 2.90%[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated at CNY 113,889,972.59, with a year-on-year increase of 1.46%[6] - Basic earnings per share are expected to be CNY 0.79, an increase of 2.60% compared to the previous year[6] Assets and Equity - Total assets at the end of the reporting period are projected to be CNY 1,932,113,770.72, up 18.03% year-on-year[7] - Shareholders' equity attributable to the company is expected to reach CNY 1,118,772,552.50, marking a year-on-year increase of 10.50%[7] Share Structure - The number of shares increased by 40.00% during the reporting period, from 107,620,000 to 150,668,000 shares due to a stock dividend distribution[9] Market Dynamics - The company focused on core customers and enhanced resource integration, leading to increased market share in the automotive and home appliance sectors[8] - The decline in net profit margin was attributed to intense market competition in downstream industries such as automotive and home appliances[8] Reporting and Auditing - The financial data presented is preliminary and has not been audited, with final figures to be disclosed in the annual report[11]

证券代码：832089 证券简称：禾昌聚合 公告编号：2025-007 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"）、宿迁禾润昌新材料有限公司（以下简称"宿 迁禾润昌"）分别向华夏银行股份有限公司苏州分行、华夏银行股份有限公司宿 迁分行申请综合授信用于借款、票据承兑、国内信用证等融资业务，综合授信额 度分别不超过（含）人民币 5,000 万元、人民币 4,000 万元。 公司为上述事项提供连带责任保证担保，并于 2025 年 2 月 20 日在苏州分别 签订《最高额保证合同》。其中，苏州禾润昌被担保的主债权的发生期间为 2025 年 2 月 20 日至 2026 年 2 月 20 日，担保的最高债权额为人民币 5,000 万元；宿 迁禾润昌被担保的主债权的发生期间为 2025 年 1 月 8 日至 2025 ...