Financial Performance - The company reported total revenue of 1.217 billion yuan for the first half of 2025, a year-on-year decrease of 10.12% [1] - The net profit attributable to shareholders was 49.8122 million yuan, an increase of 14.69% year-on-year [1] - In Q2, total revenue was 606 million yuan, down 11.3% year-on-year, while net profit attributable to shareholders was 30.4746 million yuan, up 6.19% year-on-year [1] - The gross margin increased by 37.62% year-on-year to 15.33%, and the net margin rose by 27.61% to 4.09% [1] Cost and Efficiency - Total selling, administrative, and financial expenses amounted to 71.3365 million yuan, accounting for 5.86% of revenue, with a year-on-year increase of 21.3% [1] - Earnings per share were 0.36 yuan, reflecting a year-on-year increase of 16.13% [1] - Operating cash flow per share was 0.83 yuan, a significant increase of 233.97% year-on-year [1] Return on Investment - The company's return on invested capital (ROIC) was 7.78% last year, indicating a moderate capital return [2] - The historical median ROIC since the company went public is 8.19%, with the lowest recorded ROIC being 3.98% in 2015 [2] Business Model and Risks - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying factors [2] - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 355.17% [3]

2025年8月28日，汇得科技(603192.SH)发布2025年中报。 公司营业总收入为12.17亿元，在已披露的同业公司中排名第44。归母净利润为4981.22万元，在已披露 的同业公司中排名第66，较去年同报告期归母净利润增加638.09万元，实现2年连续上涨，同比较去年 同期上涨14.69%。经营活动现金净流入为1.18亿元，在已披露的同业公司中排名第35，较去年同报告期 经营活动现金净流入增加2.04亿元。 公司最新资产负债率为28.89%，在已披露的同业公司中排名第61，较上季度资产负债率减少1.10个百分 点，较去年同期资产负债率减少2.63个百分点。 公司最新毛利率为15.33%，较上季度毛利率增加2.49个百分点，较去年同期毛利率增加4.19个百分点。 最新ROE为3.19%，在已披露的同业公司中排名第56，较去年同期ROE增加0.23个百分点。 公司摊薄每股收益为0.36元，在已披露的同业公司中排名第40，较去年同报告期摊薄每股收益增加0.05 元，实现2年连续上涨，同比较去年同期上涨16.13%。 公司最新总资产周转率为0.55次，在已披露的同业公司中排名第6。最新存货周转率为4.12次 ...

上海汇得科技股份有限公司 2024年限制性股票激励计划部分限制性股票 回购注销实施公告 回购注销原因：上海汇得科技股份有限公司（以下简称"公司"）于 2025年7月4日召开了第四届董事会第二次会议，会议审议通过了《关于回购注销 2024年限制性股票激励计划部分限制性股票及调整回购价格的议案》，根据《公司 2024年限制性股票激励计划（草案）》（以下简称"限制性股票激励计划"或"本 次激励计划"）的相关规定，公司本次激励计划首次授予限制性股票的114名激励对 象中，1名激励对象因个人原因离职不再符合激励对象资格，公司拟对前述激励对象 已获授予但尚未解除限售的限制性股票共21,000股进行回购注销。本次回购注销部 分限制性股票及调整限制性股票回购价格事项已得到公司2024年第一次临时股东大 会的授权，无需提交公司股东会审议。 证券代码：603192 证券简称：汇得科技 公告编号：2025-039 本公司董事会及全体董事保证本公告内容真实、准确、完整，确认不存在虚 假记载、误导性陈述或重大遗漏，并承担相应的法律责任。 重要内容提示： 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日 ...

地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 上海市锦天城律师事务所 关于上海汇得科技股份有限公司 2024 年限制性股票激励计划部分限制性股票 回购注销实施的 法律意见书 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海汇得科技股份有限公司 2024 年限制性股票激励计划部分限制性股票 回购注销实施的法律意见书 三、本所律师仅就与公司本次激励计划有关的法律问题发表意见，而不对公 司本次激励计划所涉及的标的股权价值、考核标准等方面的合理性以及会计、财 务等非法律专业事项发表意见。在本法律意见书中对有关财务数据或结论的引 述，并不意味着本所对这些数据或结论的真实性和准确性作出任何明示或默示的 保证。 致：上海汇得科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海汇得科技股份有限 公司（以下简称"公司"）的委托，作为公司 2024 年限制性股票激励计划（以下 简称"本次激励计划"）的特聘专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中 ...

智通财经APP讯，汇得科技(603192.SH)披露2025年半年度报告，报告期公司实现营收12.17亿元，同比 下降10.12%;归母净利润4981万元，同比增长14.69%;扣非净利润4825万元，同比增长19.36%;基本每股 收益0.36元。 ...

格隆汇8月27日丨汇得科技(603192.SH)公布2025年半年度报告，报告期实现营业收入12.17亿元，同比下 降10.12%；归属于上市公司股东的净利润4981.22万元，同比增长14.69%；归属于上市公司股东的扣除 非经常性损益的净利润4824.73万元，同比增长19.36%；基本每股收益0.36元。 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report's truthfulness, accuracy, and completeness[5](index=5&type=chunk) - There is no profit distribution plan or capital reserve to share capital increase plan for this reporting period[6](index=6&type=chunk) - Forward-looking statements regarding future plans in this report are subject to uncertainties and do not constitute substantive commitments, requiring investors to be aware of investment risks[6](index=6&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides explanations for commonly used terms in the report to ensure consistent understanding of information - This section primarily explains common terms used in the report to ensure consistent understanding of information[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and key financial performance metrics for the reporting period [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section introduces the basic information of Shanghai Huide Science & Technology Co., Ltd., including its Chinese name, abbreviation, English name, legal representative, and major related parties Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 上海汇得科技股份有限公司 | | Chinese Abbreviation | 汇得科技 | | English Name | Shanghai Huide Science & Technology Co.,Ltd | | Legal Representative | 钱建中 | | Controlling Shareholder | 上海汇得企业集团有限公司 | | Actual Controller | 钱建中、颜群 | [II. Contact Person and Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, for investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 李兵 | 上海市金山区金山卫镇春华路180号 | 021-37285501 | 021-37285395 | hdkj@shhdsz.com | | Securities Affairs Representative | 李佳颖 | 上海市金山区金山卫镇春华路180号 | 021-37285599 | 021-37285395 | hdkj@shhdsz.com | [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address changed in November 2008 from Jinshi Road No. 505, Room 103 to Chunhua Road No. 180, with the current office address matching the registered address - The company's registered address changed in November 2008 from “Room 103, No. 505 Jinshi Road, Jinshanwei Town, Jinshan District, Shanghai” to “No. 180 Chunhua Road, Jinshanwei Town, Jinshan District, Shanghai”[18](index=18&type=chunk) - The company's office address is No. 180 Chunhua Road, Jinshanwei Town, Jinshan District, Shanghai, postal code 201512[18](index=18&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates "Shanghai Securities News" and three other newspapers as information disclosure media, publishes its semi-annual report on the Shanghai Stock Exchange website, and stores the report at the company's Board Office - The company's selected information disclosure newspapers are "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily"[19](index=19&type=chunk) - The website address for the semi-annual report is http://www.sse.com.cn[19](index=19&type=chunk) - The company's semi-annual report is available at the company's Board Office[19](index=19&type=chunk) [V. Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed and traded on the Shanghai Stock Exchange, with the stock abbreviation "Huide Technology" and stock code "603192" Company Stock Profile | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 汇得科技 | 603192 | None | [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section details the company's key accounting data and financial indicators for the first half of 2025, showing a year-on-year decrease in operating revenue but growth in total profit and net profit attributable to shareholders, alongside a significant improvement in net cash flow from operating activities [(1) Key Accounting Data](index=6&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) In the first half of 2025, the company's operating revenue decreased by 10.12% year-on-year, but total profit, net profit attributable to listed company shareholders, and non-recurring net profit all achieved double-digit growth, with net cash flow from operating activities increasing by 236.37% year-on-year Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,217,089,681.94 | 1,354,150,262.28 | -10.12 | | Total Profit | 54,184,599.39 | 45,484,412.86 | 19.13 | | Net Profit Attributable to Listed Company Shareholders | 49,812,197.57 | 43,431,248.73 | 14.69 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 48,247,343.20 | 40,422,654.45 | 19.36 | | Net Cash Flow from Operating Activities | 117,762,901.20 | -86,353,655.59 | 236.37 | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 1,559,779,076.94 | 1,552,128,788.41 | 0.49 | | Total Assets (Period-end) | 2,193,560,692.81 | 2,235,827,514.88 | -1.89 | [(2) Key Financial Indicators](index=6&type=section&id=(%E4%BA%8C)%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's basic and diluted earnings per share both increased by 16.13% year-on-year, with weighted average return on net assets and non-recurring weighted average return on net assets both improving, primarily due to falling raw material prices, lower receivables, and increased collections Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (RMB/share) | 0.36 | 0.31 | 16.13 | | Diluted EPS (RMB/share) | 0.36 | 0.31 | 16.13 | | Basic EPS After Deducting Non-recurring Gains and Losses (RMB/share) | 0.35 | 0.29 | 20.69 | | Weighted Average ROE (%) | 3.17 | 2.97 | Increased by 0.20 percentage points | | Weighted Average ROE After Deducting Non-recurring Gains and Losses (%) | 3.07 | 2.77 | Increased by 0.30 percentage points | - Net cash flow from operating activities increased by **236.37%** year-on-year, primarily due to falling raw material prices, corresponding product price reductions, a year-on-year decrease in receivables, increased collections in the current period compared to the prior year, and reduced payments for maturing bank acceptance bills from the prior year[23](index=23&type=chunk) [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses for the first half of 2025 amounted to **RMB 1,564,854.37**, primarily comprising government subsidies, recovery of individually impaired accounts receivable, external donations, and individual income tax handling fees Non-recurring Gains and Losses Items for H1 2025 | Non-recurring Gains and Losses Item | Amount (RMB) | Notes (if applicable) | | :--- | :--- | :--- | | Government subsidies recognized in current profit or loss | 1,807,318.21 | Government subsidies | | Reversal of impairment provisions for individually tested receivables | 615,803.66 | Recovery of individually impaired accounts receivable | | Other non-operating income and expenses apart from the above | -736,389.02 | External donations | | Other profit and loss items meeting the definition of non-recurring gains and losses | 183,727.13 | | | Less: Income tax impact | 305,605.61 | | | Total | 1,564,854.37 | | [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact](index=7&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) After deducting the impact of share-based payments, the company's net profit for the first half of 2025 was **RMB 54,746,625.69**, representing a **26.05%** year-on-year increase, which is higher than the net profit growth rate without deducting share-based payment impact Net Profit After Deducting Share-based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payment Impact | 54,746,625.69 | 43,431,248.73 | 26.05 | [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive analysis of the company's operational performance, financial condition, and future outlook, including industry trends, business strategies, and risk factors [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company specializes in R&D, production, sales, and technical services of polyurethane materials, widely used in footwear, apparel, luggage, automotive, and new energy sectors, facing upstream price volatility and downstream demand pressure, but with growth opportunities in green transformation and emerging applications - The company's main business involves the R&D, production, sales, and technical services of polyurethane materials, including革用聚氨酯树脂 (polyurethane resins for leather), 聚氨酯组合料及原液 (polyurethane blends and prepolymers), and 热塑性聚氨酯弹性体 (thermoplastic polyurethane elastomers)[31](index=31&type=chunk) - The company operates on a model of independent development, direct procurement, self-production, and direct sales, with **3** R&D and production bases in Shanghai Jinshan, Fujian Fuding, and Zhejiang Pinghu, serving both domestic and international markets[32](index=32&type=chunk) - During the reporting period, the global economy experienced volatile recovery, while the domestic economy faced weak domestic demand and external trade pressure, leading to overall market pressure in the polyurethane industry, characterized by “high first, then low, with volatile adjustments”[33](index=33&type=chunk) - The polyurethane industry continues its green and low-carbon transformation, with new growth opportunities emerging in new energy vehicles, green buildings, cold chain logistics, and functional consumer goods[33](index=33&type=chunk) - Upstream raw material prices generally showed a weak and volatile trend, with DMF, adipic acid, TDI, BDO, and polyether polyols markets being sluggish, while the pure MDI market experienced “initial rise then fall,” leading to an imbalance in profit distribution across the industrial chain[34](index=34&type=chunk) - The market for major polyurethane products faced dual weakness in supply and demand, with price pressure, intense competition in the mid-to-low-end market, and resilience in high-value-added products for functional and export markets[35](index=35&type=chunk) - Downstream application markets faced inventory pressure and insufficient consumer spending, but emerging sectors such as new energy vehicles, functional consumer goods, and new green buildings remained relatively active[36](index=36&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Amidst industry volatility, the company achieved steady growth in core businesses by optimizing production management, adjusting product structure, increasing R&D investment, and expanding application areas, while actively promoting green and low-carbon development and project construction [(1) Completion of Key Economic Indicators for H1 2025](index=9&type=section&id=(%E4%B8%80)%202025%20%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%BB%E8%A6%81%E7%BB%8F%E6%B5%8E%E6%8C%87%E6%A0%87%E5%AE%8C%E6%88%90%E6%83%85%E5%86%B5) In the first half of 2025, the company's operating revenue decreased by **10.21%** year-on-year, but net profit attributable to shareholders increased by **14.69%**, and non-recurring net profit increased by **19.36%**, with production and sales of major polyurethane products both growing, and market share slightly increasing Key Economic Indicators for H1 2025 | Indicator | Amount/Ratio | | :--- | :--- | | Operating Revenue | 1,217.09 million RMB (-10.21% YoY) | | Main Business Revenue | 1,155.97 million RMB (-5.84% YoY) | | Main Business Gross Margin | 15.84% (+3.61 percentage points YoY) | | Net Profit Attributable to Listed Company Shareholders | 49.81 million RMB (+14.69% YoY) | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 48.25 million RMB (+19.36% YoY) | Production and Sales Volume of Major Polyurethane Products for H1 2025 | Product Category | Production Volume (ten thousand tons) | Sales Volume (ten thousand tons) | YoY Sales Growth (%) | YoY Average Selling Price Growth (%) | | :--- | :--- | :--- | :--- | :--- | | Polyurethane for Leather | - | 8.34 | 6.27 | -13.23 | | Elastomers and Prepolymers | - | 1.00 | -1.25 | -6.15 | | Polyester Polyols | - | 1.74 | 9.48 | -9.41 | | Total | 10.97 (+4.48% YoY) | 11.08 (+6.03% YoY) | - | - | [(2) Company's Key Work Focus During the Reporting Period](index=9&type=section&id=(%E4%BA%8C)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E5%B7%A5%E4%BD%9C%E9%87%8D%E7%82%B9) The company focused on market sales and R&D synergy, enhancing sales through differentiated product promotion and overseas expansion; optimized management structure and information systems for efficiency; increased R&D investment in new energy and automotive sectors; prioritized safety and environmental protection, achieving ISCC PLUS certification for Jinshan factory and increasing green electricity usage; and advanced the Jiangsu Huide new materials project while initiating a refinancing plan - The company adhered to a “market sales and R&D synergy” strategy, with sales of polyurethane for leather and polyester polyols growing by **6.27%** and **9.48%** respectively, while elastomer and prepolymer sales slightly decreased[40](index=40&type=chunk) - Environmentally friendly PU products further expanded their market, special TPU found wide application in new energy, wind power, and artificial intelligence, and international business saw both

Core Viewpoint - The company Huide Technology (603192.SH) plans to issue A-shares to raise up to 580 million yuan for a new polyurethane materials project, aiming to enhance production capacity and market competitiveness [1] Group 1: Fundraising and Project Details - The company intends to issue shares to no more than 35 specific investors [1] - The total amount to be raised is capped at 580 million yuan [1] - The funds will be allocated to a project with an annual production capacity of 305,000 tons of polyurethane materials, including 125,000 tons of polyester polyol materials and 180,000 tons of polyurethane materials [1] Group 2: Financial Projections - The company forecasts revenue of 2.671 billion yuan and a net profit of 125 million yuan for the year 2024 [1]

Company Overview - Shanghai Huide Science & Technology Co., Ltd. is located at 180 Chunhua Road, Jinshanwei Town, Jinshan District, Shanghai, and was established on June 25, 2007 [17][19] - The company specializes in the research, production, and sales of polyurethane resin products, primarily focusing on synthetic leather polyurethane (PU slurry), polyurethane elastomers, thermoplastic polyurethane (TPU), polyester polyols, and polyurethane products for new energy batteries [17][19] - The registered capital of the company is 141.132667 million yuan [17] Share Issuance Plan - The company plans to issue shares to specific investors, subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission (CSRC) [4][10] - The maximum number of shares to be issued is 42.3398 million, which would increase the total share capital to 183.4725 million shares [6][10] - The funds raised will be used for polyurethane new material projects, with all investors required to subscribe in cash [4][10] Shareholder Structure - As of March 31, 2025, the controlling shareholder is Huide Group, holding 35% of the total shares, while the actual controllers, Qian Jianzhong and Yan Qun, collectively control 69.08% of the shares [18][19] - The company has a total of 14,115.37 million shares, with 98.24% being unrestricted shares [18] Industry Context - The company operates within the chemical raw materials and chemical products manufacturing industry, specifically in the fine chemicals sector, focusing on high polymer materials [20][21] - The polyurethane industry is guided by national macro policies and self-regulatory management by industry associations, with key regulatory bodies including the National Development and Reform Commission and the Ministry of Ecology and Environment [21][23] - The fine chemicals industry is recognized as a strategic focus for development in China, with increasing support from government policies and funding aimed at enhancing the sector's growth and innovation capabilities [26]

Company Overview - Shanghai Huide Technology Co., Ltd. was established on March 1, 2016, and listed on the Shanghai Stock Exchange in August 2018. The company operates in the chemical raw materials and chemical products manufacturing industry [1][2]. - As of December 31, 2024, the company has issued a total of 14.11537 million shares, with a registered capital of RMB 180 million [1]. Financial Reporting Basis - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and are based on the assumption of going concern [2][3]. - The company's accounting period is 12 months, and the functional currency is Renminbi, with a subsidiary using Hong Kong dollars [2][3]. Accounting Policies and Estimates - The company follows specific accounting policies and estimates tailored to its operational characteristics, including the treatment of financial instruments and fixed assets [1][2]. - The company recognizes financial assets and liabilities upon entering into financial instrument contracts, classifying them based on the business model and cash flow characteristics [9][10]. Consolidation and Control - The company consolidates financial statements based on control, including all subsidiaries. Control is defined as having power over the investee and the ability to affect returns [4][5]. - The company treats the entire corporate group as a single accounting entity, applying uniform accounting policies for consolidated financial statements [5][6]. Revenue Recognition and Financial Instruments - Revenue is recognized based on the completion of performance obligations, and financial instruments are classified at initial recognition based on their characteristics [9][10]. - The company assesses expected credit losses for financial instruments, considering past events, current conditions, and forecasts of future economic conditions [15][16]. Inventory and Cost Measurement - Inventory is classified into raw materials, finished goods, and work in progress, measured at cost, and subject to lower of cost or net realizable value [21][22]. - The company uses a perpetual inventory system and applies a weighted average method for cost calculation [21]. Long-term Investments - Long-term equity investments are accounted for using the cost method or equity method, depending on the level of control or influence over the investee [22][24]. - The initial investment cost for equity investments is determined based on the fair value of identifiable net assets at the acquisition date [24][25]. Fixed Assets and Depreciation - Fixed assets are recognized when they are expected to generate economic benefits and are measured at cost, including any necessary subsequent expenditures [27][28]. - Depreciation is calculated using the straight-line method over the estimated useful life of the assets [28]. Borrowing Costs - Borrowing costs directly attributable to the acquisition or production of qualifying assets are capitalized, while other borrowing costs are recognized as expenses in the period incurred [29][30]. Intangible Assets - Intangible assets are initially measured at cost, including purchase price and related expenses necessary to prepare the asset for its intended use [30]. - Intangible assets with finite useful lives are amortized over their useful lives, while those with indefinite lives are not amortized [30].