Core Viewpoint - The company, Huali Co., Ltd. (603038), is expanding its international business strategy by adopting a new sales model to enhance its overseas market presence [1] Group 1: Company Overview - Huali Co., Ltd. has a small portion of its revenue coming from international sales, accounting for approximately 10% of its main business income in the 2024 annual report [1] - The company engages in export activities, with a minor share of its sales directed towards EU countries [1] Group 2: Sales Strategy - The company primarily utilizes a distributor model for its overseas sales, focusing on buyout sales [1] - Starting in 2024, the company is shifting from the traditional model of seeking local distributors to a more tailored approach, implementing a "one customer, one policy" sales strategy to better cater to individual client needs [1]

Core Viewpoint - Huali Co., Ltd. (603038) has responded to the Shanghai Stock Exchange's inquiry regarding its acquisition of a 19% stake in Shenghui Clean Group, emphasizing that the investment will enhance business synergy and support digital transformation despite negative cash flow from operating activities [1] Group 1: Stock Performance - As of February 2, 2026, Huali Co., Ltd. closed at 17.8 yuan, up 3.61% from the previous trading day, with a total market capitalization of 4.782 billion yuan [1] - The stock opened at 16.94 yuan, reached a high of 18.45 yuan, and a low of 16.83 yuan, with a trading volume of 274 million yuan and a turnover rate of 5.64% [1] Group 2: Acquisition Details - The company has provided a response to the inquiry regarding the acquisition of a 19% stake in Shenghui Clean Group, detailing the decision-making process and strategic alignment of the investment [1] - The investment is expected to facilitate business collaboration and improve market penetration and digital transformation efforts [1] Group 3: Financial and Risk Considerations - Although the company reported negative cash flow from operating activities, the acquisition will be funded by its Hong Kong subsidiary, which will not impact daily operations [1] - The company has acknowledged potential risks related to approval processes, exchange rates, and investment returns, but the Strategic Development Committee believes the transaction aligns with strategic plans and is manageable [1]

证券代码：603038 证券简称：华立股份 公告编号：2026-005 东莞市华立实业股份有限公司 关于上海证券交易所对公司收购事项问询函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 东莞市华立实业股份有限公司（以下简称"华立股份"或" 公司"）于 2026 年 1 月 18 日收到上海证券交易所上市公司管理一部下发的上证公函【2026】0064 号《关于对东莞市华立实业股份有限公司收购事项的问询函》（以下简称"《问 询函》"），公司就《问询函》有关问题逐项进行认真核查落实，现将有关问题 回复如下： 问题一 关于交易目的。 公司上市以来主营装饰复合材料业务，2024 年 11 月通过收购开始从事水务 业务、膜滤材料相关业务。2025 年 10 月 30 日，公司公告称拟收购北京中科汇 联科技股份有限公司（以下简称"中科汇联"）51%股权，进入政务软件等业务 领域。2025 年 12 月 30 日，公司公告称因交易各方未能就交易核心条款达成共 识终止该交易。本次交易拟收购标的主营业务为物业清洁服务和公共空间清洁 服 ...

Core Viewpoint - The company, Huali Co., Ltd. (603038.SH), expects a significant increase in net profit for the fiscal year 2025, projecting a range of 39 million to 54.6 million yuan, which represents a year-on-year growth of 68.82% to 136.35% [1] Financial Projections - The projected net profit attributable to shareholders for 2025 is estimated to be between 39 million and 54.6 million yuan, an increase of 15.899 million to 31.499 million yuan compared to the previous year [1] - The expected net profit after deducting non-recurring gains and losses is forecasted to be between 40 million and 56 million yuan, reflecting an increase of 29.0348 million to 45.0348 million yuan year-on-year, translating to a growth of 264.79% to 410.71% [1] Business Drivers - The primary reasons for the expected performance increase include: - The company's active promotion of product structure upgrades and strategic business transformation, which has solidified its leading position in the edge banding market. The decorative panel business has seen rapid growth in sales revenue and profit contributions, becoming a key driver of overall performance [1] - The current reporting period marks the first complete year of incorporating the smart water business, leading to a significant increase in year-on-year comparisons due to the substantial base effect from the previous year. Major projects within this business have met acceptance conditions as planned, with profitability levels aligning with expectations [1]

Group 1 - The company, Huali Co., expects a net profit attributable to shareholders of the parent company for the year 2025 to be between 39 million to 54.6 million, representing a year-on-year growth of 68.82% to 136.35% [1] - The main reason for the performance change is the company's active promotion of product structure upgrades and business strategy transformation, which has solidified its leading position in the edge banding market [1] - The decorative panel business has achieved rapid growth in sales revenue and profit contribution during the reporting period, becoming a significant driver of overall performance growth [1] Group 2 - The reporting period marks the first complete year of the integration of the smart water business, with a significant increase in the year-on-year comparison due to the inclusion of two months of data from the previous year [1] - Major projects in the smart water business have met acceptance conditions as planned, and the profitability level is in line with expectations [1]

Financial Performance Expectations - The company expects a net profit attributable to shareholders for 2025 to be between 39 million and 54.6 million yuan, an increase of 15.9 million to 31.5 million yuan compared to the previous year, representing a year-on-year growth of 68.82% to 136.35%[3] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is projected to be between 40 million and 56 million yuan, an increase of 29.03 million to 45.03 million yuan compared to the previous year, indicating a year-on-year growth of 264.79% to 410.71%[4] - The previous year's net profit attributable to shareholders was 23.1 million yuan, with a total profit of 41.3 million yuan and a net profit after deducting non-recurring gains and losses of 10.97 million yuan[6] Business Strategy and Performance Drivers - The significant increase in performance is attributed to the company's active promotion of product structure upgrades and business strategy transformation, particularly in the decorative panel business, which has seen rapid growth in sales revenue and profit contribution[7] - The reporting period marks the first complete year of the integration of the smart water business, with significant improvements in the performance metrics compared to the previous year[7] Investment Considerations - The company emphasizes that the expected performance figures are preliminary and have not been audited, and investors are advised to consider the investment risks[9]

Core Viewpoint - The company, Huali Co., expects a significant increase in net profit for the year 2025, driven by product structure upgrades and strategic business transformation [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is estimated to be between 39 million and 54.6 million, representing a year-on-year increase of 68.82% to 136.35% [1] - The expected net profit after deducting non-recurring gains and losses is forecasted to be between 40 million and 56 million, indicating a year-on-year growth of 264.79% to 410.71% [1] Business Development - The company is actively promoting product structure upgrades and business strategy transformation, maintaining its leading position in the decorative edge strip market [1] - The decorative panel business has achieved rapid growth in sales revenue and profit contribution during the reporting period, becoming a key driver of overall performance [1] - The reporting period marks the first complete year of incorporating the smart water business, with significant year-on-year growth compared to the previous year's two-month data [1] - Major projects within the smart water business have met acceptance conditions as planned, with profitability levels aligning with expectations [1]

Core Viewpoint - The company, Huali Co., Ltd., expects a significant increase in net profit for the fiscal year 2025, driven by product structure upgrades and strategic business transformation [1] Financial Performance - The projected net profit attributable to shareholders is estimated to be between 39 million and 54.6 million yuan, representing an increase of 15.899 million to 31.499 million yuan compared to the previous year, which translates to a year-on-year growth of 68.82% to 136.35% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 40 million and 56 million yuan, with an increase of 29.0348 million to 45.0348 million yuan compared to the previous year, indicating a year-on-year growth of 264.79% to 410.71% [1] Business Drivers - The growth in performance is primarily attributed to a substantial increase in sales revenue and profit contributions from the decorative panel business, as well as the incorporation of the smart water business [1]

Core Viewpoint - Huali Co., Ltd. is attempting a third cross-border acquisition in 2024, raising questions about the rationale behind its rapid expansion into unrelated business areas [1][5]. Group 1: Acquisition Attempts - Huali Co., Ltd. announced plans to acquire a 19% stake in Shenghui Clean at a price of 47.5 million HKD [1]. - The company has made three cross-border acquisition attempts since 2024, with the first being a 51% stake in Suzhou Shangyuan Intelligent for 358 million CNY, focusing on smart water management, which is unrelated to its core business [2]. - The second attempt involved acquiring a 51% stake in Zhongke Huilian, a government software company, but the deal was terminated due to a lack of consensus on key terms [5]. Group 2: Stock Performance and Market Reaction - Following the announcement of the acquisition of Shangyuan Intelligent, Huali's stock price surged nearly 300%, from 8.23 CNY to 32.55 CNY, within 15 trading days [3]. - On the day of announcing the acquisition of Zhongke Huilian, Huali's stock also hit the daily limit up [4]. - The stock price similarly jumped on the announcement of the acquisition of Shenghui Clean, with Shenghui's shares rising by 26.19% on the same day [5]. Group 3: Financial Performance of Shenghui Clean - Shenghui Clean's revenue from 2023 to the first half of 2025 showed fluctuations: 636 million CNY in 2023, 674 million CNY in 2024, and 359 million CNY in the first half of 2025, with corresponding net profits of 27.89 million CNY, 49.23 million CNY, and 7.94 million CNY [7]. - The volatility in Shenghui Clean's profits is attributed to changes in the fair value of a financial asset, which saw a gain of 37.26 million CNY in 2024 and a loss of 25.39 million CNY in 2025 [7]. - Huali's acquisition price of 0.128 HKD per share for Shenghui Clean is significantly lower than the market price of 1.06 HKD per share at the time of the announcement [10]. Group 4: Concerns Raised by Regulators - The Shanghai Stock Exchange has issued inquiries regarding the rationale behind Huali's rapid cross-border acquisitions and the decision-making process involved [5][6]. - Concerns have been raised about potential insider trading, as Huali's stock price has consistently surged on acquisition announcements [6]. - The exchange has requested Huali to clarify the pricing rationale for the acquisition of Shenghui Clean and to disclose any relationships between involved parties [10].

Market Performance - The renovation and building materials sector increased by 0.28% compared to the previous trading day, with Donghe New Materials leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Donghe New Materials (code: 920792) closed at 13.94, with a rise of 4.34% and a trading volume of 43,800 shares, amounting to a transaction value of 60.49 million yuan [1] - Other notable performers included: - Weixing New Materials (code: 002372) at 11.93, up 3.20% with a transaction value of 379 million yuan [1] - Sankeshu (code: 603737) at 53.80, up 3.10% with a transaction value of 293 million yuan [1] - Youbang Dading (code: 002718) at 77.83, up 2.95% with a transaction value of 299 million yuan [1] Capital Flow - The renovation and building materials sector experienced a net outflow of 25.93 million yuan from institutional investors, while retail investors saw a net outflow of 4.01 million yuan [2] - Conversely, speculative funds recorded a net inflow of 29.94 million yuan [2] Individual Stock Capital Flow - Qinglong Pipe Industry (code: 002457) had a net outflow of 53.33 million yuan from institutional investors, while North New Materials (code: 000786) saw a net inflow of 47.76 million yuan [3] - Puhua Shares (code: 002225) recorded a net inflow of 41.79 million yuan from institutional investors, while Youbang Dading (code: 002718) had a net inflow of 39.14 million yuan [3]