证券代码：603276 证券简称：恒兴新材 公告编号：2025-090 江苏恒兴新材料科技股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 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。 重要内容提示： ● 江苏恒兴新材料科技股份有限公司（以下简称"公司"）于 2025 年 11 月 25 日（星期二）上午 10:00-11:00，通过上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/）以网络互动方式召开了"江苏恒兴新材料科技股份 有限公司关于 2025 年第三季度业绩说明会"，就公司 2025 年第三季度经营成果、 财务状况等与广大投资者进行了互动交流和沟通。 一、本次业绩说明会的召开情况 公司于 2025 年 10 月 30 日通过上海证券交易所官网（http://www.sse.com.cn） 披露了《关于召开 2025 年第三季度业绩说明会的公告》（公告编号：2025-086）， 并 通 过 上 证 路 演 中 心 网 站 首 页 " 提 问 预 征 集 " 栏 ...

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Viewpoints - The trend of packaging companies going overseas has shifted from an optional strategy to a necessary one due to intensified competition in the domestic market and changes in the international trade environment. The motivations for going overseas include responding to customer needs and industry chain shifts, as well as profit-driven and green/smart transformation initiatives. Key regions for expansion include Southeast Asia and Mexico, with a focus on light asset models and production line relocations to optimize profitability [4][5][6] Summary by Sections 1. Paper Packaging - The necessity for overseas expansion is driven by global supply chain migration and domestic low concentration leading to cost pressures. Companies are focusing on deep customer binding and local support [5][7] - Leading companies like Yutong Technology and Meiyingsen are expanding overseas, benefiting from early establishment in foreign markets and enjoying higher profit margins compared to domestic operations [21][24] - Investment recommendations include Yutong Technology and Meiyingsen for their strong overseas presence and high dividend yields, as well as Zhongxin Co. for its growth potential in Thailand [4][6][24] 2. Metal Packaging - The industry is facing pressure domestically, but overseas profitability remains strong. Companies are actively pursuing overseas expansion to counter domestic competition and improve profit margins [31][34] - Key players like Aorijin and Baosteel Packaging are enhancing their overseas sales ratios, with significant improvements in profit margins for exports compared to domestic sales [34][61] - Investment suggestions focus on Aorijin for its differentiated overseas strategy and Baosteel Packaging for its clear capacity expansion plans [4][6][34] 3. Plastic Packaging - The industry is shifting towards environmentally friendly and customized solutions, with companies like Yongxin Co. leading the way in functional film materials and expanding their overseas market presence [64][73] - The market for single-material plastic films is expected to grow significantly, driven by sustainability trends and increasing demand from multinational brands [70][73] - Investment recommendations highlight Yongxin Co. for its robust growth in functional film materials and stable revenue from overseas markets [4][6][73]

Core Viewpoint - The company, Hengxing New Materials, has established a strong position in the production of high-purity electronic-grade propionate products, primarily used as additives in lithium battery electrolytes, benefiting from the rapid growth of the new energy vehicle industry [1] Group 1: Company Position and Advantages - The company is one of the earliest domestic producers of propionate products, establishing competitive advantages in production capacity, technology, and product purity [1] - The company has formed stable partnerships with major clients in the lithium battery electrolyte industry, gaining recognition for its products [1] Group 2: Market Strategy and Product Development - The company adopts a market-oriented pricing strategy, considering product technical value, supply-demand relationships, and cost factors [1] - With the rapid development of the new energy vehicle industry, the technical value of high-purity electronic-grade propionate products is becoming increasingly prominent, prompting the company to continuously optimize its product structure and enhance product added value [1]

证券代码：603276 证券简称：恒兴新材 公告编号：2025-089 江苏恒兴新材料科技股份有限公司 关于部分闲置募集资金现金管理到期赎回 并继续进行现金管理的公告 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。 重要内容提示： ● 履行的审议程序：江苏恒兴新材料科技股份有限公司（以下简称"公司"） 于 2025 年 8 月 26 日召开了第二届董事会第二十三次会议和第二届监事会第十八 次会议，审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》。 二、本次现金管理的基本情况 （一）投资目的 ● 特别风险提示：公司拟开展现金管理的产品属于安全性高、流动性好、风 险低的投资品种，但不排除该项投资受到市场波动和业务操作等的影响产生投资 风险，敬请投资者注意投资风险。 一、部分闲置募集资金进行现金管理到期赎回情况 公司于 2025 年 11 月 5 日使用部分暂时闲置募集资金 2,900.00 万元购买了招 商银行股份有限公司宜兴支行结构性存款，截至目前公司已收回本金 2,900.00 万元，并收到理财收益 0.78 万元 ...

Core Insights - Hengxing New Materials (603276) reported a net financing purchase of 1.2281 million yuan on November 12, 2025, with a financing balance of 19.5 million yuan, marking a continuous net purchase of 16.3631 million yuan over the past three trading days [1][2][3] Financing Activity Summary - On November 12, 2025, the net financing purchase was 1.2281 million yuan, with a financing balance of 19.5 million yuan, representing 13.71% of the circulating market value [2] - The financing balance increased by 0.63% from the previous day, reflecting a net increase of 1.2281 million yuan [3] - The financing activities over the past few days show a trend of increasing net purchases, with the highest net purchase recorded on November 7, 2025, at 28.8574 million yuan [2][3] Margin Trading Overview - The total margin trading balance on November 12, 2025, was 19.5 million yuan, which is an increase of 0.63% compared to the previous day [3] - The margin trading balance has shown fluctuations, with a notable increase of 19.27% on November 7, 2025, indicating heightened trading activity during that period [3] General Knowledge on Margin Trading - Margin trading involves borrowing money from a brokerage to purchase stocks, while short selling involves borrowing stocks to sell them, with the obligation to return the stocks later [4]

Core Viewpoint - The company focuses on lithium battery electrolyte core materials, particularly high-purity electronic-grade propionate products, which are essential additives for electrolyte production in lithium batteries [1] Company Overview - The company has established deep cooperative relationships with major domestic lithium battery electrolyte manufacturers due to its advantages in production capacity, technology, and product purity [1] - The sales of the company's related products are experiencing stable growth, and its market share is steadily increasing [1] Industry Context - The energy storage market is currently in a rapid development phase, contributing to the demand for the company's products [1]

Core Insights - Hengxing New Materials reported that as of November 10, 2025, the number of shareholders is 12,245 [2] Company Summary - Hengxing New Materials has a total of 12,245 shareholders as of the specified date [2]

Core Points - Hengxing New Materials (603276) closed at 18.52 yuan on November 7, 2025, up 9.01% from 16.99 yuan the previous week [1] - The company's market capitalization is currently 3.846 billion yuan, ranking 124th out of 170 in the chemical products sector and 4052nd out of 5166 in the A-share market [1] Company Announcements - Hengxing New Materials announced it received a government subsidy of 4.5 million yuan, which accounts for 12.91% of the audited net profit attributable to shareholders for the fiscal year 2024 [1] - The government subsidy is expected to impact the company's pre-tax profit for 2025 by the same amount of 4.5 million yuan, with the final financial impact to be confirmed by the annual audit [1]

Group 1 - The stock price of Hengxing New Materials (603276) closed at 17.67 yuan on November 5, 2025, with an increase of 0.68% and a turnover rate of 2.16% [1] - The main capital inflow on November 5 was 1.0651 million yuan, accounting for 3.69% of the total transaction amount [1][3] - The company received a government subsidy of 4.5 million yuan, which is related to its revenue and represents 12.91% of the audited net profit attributable to shareholders for the fiscal year 2024 [1] Group 2 - The expected impact of the government subsidy on the company's pre-tax profit for 2025 is 4.5 million yuan [1][3] - The final impact on the company's financial status for 2025 will be determined by the annual audit results from the accounting firm [1]

Core Viewpoint - Hengxing New Materials (603276) announced the receipt of government subsidies amounting to 4.5 million yuan [1] Group 1 - The company received a government subsidy of 4.5 million yuan [1]