Overview - The automotive safety belt is a standard component in every vehicle, and the demand for automotive safety belts in China is continuously growing due to the steady increase in automobile production and sales, as well as the rising importance of automotive safety regulations [1][10] - In 2024, the sales revenue of China's automotive safety belt market is projected to reach 87.32 billion yuan, representing a year-on-year growth of 5.92%, with the automotive manufacturing market accounting for over 90% of this revenue [1][10] Market Policies - The Chinese government has issued several policies to support the development of the automotive parts industry, including those focused on enhancing manufacturing reliability and promoting high-quality development in the automotive sector [3][5] - These policies create a favorable environment for the growth of the automotive safety belt industry [3] Industry Chain - The automotive safety belt industry consists of upstream suppliers of raw materials (such as polyester and polypropylene), midstream manufacturers of safety belts, and downstream markets including automotive manufacturing and aftermarket services [6] Current Development - The automotive market in China has seen rapid growth, with production and sales figures for the first quarter of 2025 reaching 7.561 million and 7.47 million vehicles, respectively, indicating a year-on-year increase of 14.5% and 11.2% [8] - This growth in the automotive market provides significant opportunities for the automotive safety belt industry [8] Competitive Landscape - The automotive safety belt industry has high technical requirements and significant capital investment, resulting in high entry barriers and market concentration [12] - International brands like Autoliv and Bosch dominate the high-end market, while domestic companies such as Junsheng Electronics and Songyuan Safety are increasing their competitiveness through innovation [12][14] Representative Domestic Companies - Junsheng Electronics is a leading global automotive electronics and safety supplier, with projected total revenue of 55.86 billion yuan in 2024, of which 38.62 billion yuan comes from automotive safety systems [14][16] - Songyuan Safety is a prominent supplier of passive safety systems in China, with total revenue of 1.971 billion yuan in 2024, and 1.264 billion yuan from automotive safety belt assembly [16] Development Trends - Future trends indicate that safety belts will integrate with intelligent vehicle systems, enhancing safety features such as driver fatigue monitoring and collision warnings [18] - There is also a growing demand for lightweight materials to improve vehicle efficiency, particularly in the context of electric vehicles [18]

Investment Rating - The report maintains a "Strong Buy" rating for Huamao Technology (603306) [1] Core Views - The acquisition plan exceeds expectations, with Huamao Technology's major shareholder subscribing to supporting funds, demonstrating confidence in the company's performance [1] - The company plans to acquire the remaining equity of Fuchuang Youyue, increasing its ownership from 42.16% to 100% [1] - Fuchuang Youyue is expected to achieve a net profit of 0.78 billion yuan from January to April 2025 [1] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 2,213 million, 2,908 million, 3,494 million, and 4,186 million yuan respectively, with year-on-year growth rates of 7.7%, 31.4%, 20.2%, and 19.8% [3] - Net profit attributable to the parent company is forecasted to be 277 million, 590 million, 748 million, and 934 million yuan for the same years, with growth rates of 14.6%, 112.7%, 26.8%, and 24.8% [3] - Earnings per share (EPS) are projected at 0.84, 1.79, 2.27, and 2.84 yuan for 2024A to 2027E [3] - The target price is set at 51.28 yuan, with the current price at 40.15 yuan [4] Business Insights - The company is positioned as a leader in the domestic automotive passive safety market, with significant overseas expansion plans [8] - The global airbag market exceeds 10 billion USD, and the increasing configuration rate of airbags per vehicle is expected to drive market growth [8] - The company has established a new base in Vietnam, which is expected to contribute significantly to revenue starting in 2025 [8] - The company is actively investing in the AI sector, with plans to enhance its capabilities in semiconductor and computing power manufacturing [8]

Core Viewpoint - The company announces the suspension of the conversion of its convertible bonds "Hua Mao Convertible Bonds" during the implementation of the 2024 profit distribution plan, which includes a cash dividend of 0.095 yuan per share [1][2]. Group 1: Securities Suspension and Resumption - The "Hua Mao Convertible Bonds" will stop conversion from June 12, 2025, until the equity registration date, and will resume conversion on the first trading day after the equity registration date [1][2]. - Holders of "Hua Mao Convertible Bonds" must convert their bonds before June 11, 2025, to enjoy the benefits of the profit distribution [2]. Group 2: Profit Distribution Plan - The profit distribution plan for 2024 includes a cash dividend of 0.095 yuan per share (tax included), with no bonus shares or capital reserve transfers [1][2]. - The total distribution amount will be adjusted if there are changes in the total share capital before the equity registration date [1]. Group 3: Additional Information - The profit distribution plan was approved at the annual shareholders' meeting held on May 19, 2025 [2]. - Further details regarding the convertible bonds can be found in the company's prospectus published on September 12, 2023 [2].

| 证券代码：603306 | 证券简称：华懋科技 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：113677 | 债券简称：华懋转债 | | 华懋（厦门）新材料科技股份有限公司 关于实施 2024 年度权益分派时"华懋转债"停止转股 暨转股价格调整的提示性公告 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113677 | 华懋转债 | 可转债转股停牌 | 2025/6/12 | | | | 自本次权益分派公告前一交易日（2025 年 6 月 12 日）至权益分派股权登记日 期间，"华懋转债"将停止转股。 一、权益分派方案的基本情况 华懋（厦门）新材料科技股份有限公司（以下简称"本公司"或"公司"）2024 年度利润分配方案为：以实施权益分派股权登记日总股本扣除公司回购专用证券 账户中的股份为基数，每股派发现金红利 0.095 元（含税），不送红股， ...

Investment Rating - The report maintains a "Strong Buy" rating for Huamao Technology (603306) [1] Core Views - The acquisition plan exceeds expectations, with Huamao Technology's major shareholder subscribing to supporting funds, demonstrating confidence in the company's performance [1] - The company plans to acquire the remaining equity of Fuchuang Youyue, increasing its stake from 42.16% to 100%, with expected net profit of 0.78 billion yuan from Fuchuang Youyue in the first four months of 2025 [1] - The company is actively expanding its presence in the automotive passive safety market and accelerating overseas expansion, with significant revenue contributions expected from its new manufacturing base in Vietnam [8] Financial Summary - Total revenue is projected to grow from 2,213 million yuan in 2024 to 4,186 million yuan in 2027, with a compound annual growth rate (CAGR) of 19.8% [3] - Net profit attributable to the parent company is expected to increase from 277 million yuan in 2024 to 934 million yuan in 2027, reflecting a CAGR of 24.8% [3] - Earnings per share (EPS) is forecasted to rise from 0.84 yuan in 2024 to 2.84 yuan in 2027 [3] - The target price for the stock is set at 51.28 yuan, indicating a potential upside from the current price of 40.15 yuan [4] Business Outlook - The company is positioned as a leader in the domestic automotive passive safety sector, with plans to leverage its overseas production capacity to capture more market share [8] - The report highlights the growing demand for AI-related infrastructure, with Huamao Technology's acquisition of Fuchuang Youyue aimed at establishing a second growth curve in the AI sector [8] - The company is expected to continue investing in semiconductor and computing manufacturing, enhancing its competitive edge in the market [8]

Core Viewpoint - The announcement details the restriction period for the third exercise phase of the stock option incentive plan for Huamao (Xiamen) New Materials Technology Co., Ltd, indicating a specific timeframe during which all incentive recipients will be restricted from exercising their options [1][2]. Summary by Sections Stock Option Incentive Plan - The stock option incentive plan was established in accordance with relevant regulations and the company's profit distribution plan for 2024 [1]. - The third exercise restriction period is set from June 10, 2025, to June 24, 2025, during which all incentive recipients will be restricted from exercising their options [2]. Compliance and Responsibilities - The board of directors guarantees the announcement's content is free from false records, misleading statements, or significant omissions, and they bear legal responsibility for its authenticity, accuracy, and completeness [1].

Group 1 - The company, Huamao (Xiamen) New Materials Technology Co., Ltd., is convening its first extraordinary general meeting of shareholders in 2025 on June 23, 2025, at 14:00 [1][3] - The meeting will be held at the company's conference room located at No. 69, Sushan Road, Houxi Town, Jimei District, Xiamen [1][3] - Shareholders can vote through the Shanghai Stock Exchange's online voting system on the same day, with specific voting times outlined [1][4] Group 2 - The agenda includes the review of the employee stock ownership plan draft and its management measures, which have already been approved in previous board meetings [2][3] - The voting will involve A-share shareholders, and the meeting will not involve any public solicitation of shareholder voting rights [2][3] - Shareholders must register for the meeting by providing necessary documentation, including identification and stock account information, by June 19, 2025 [5][6] Group 3 - The company has specified that shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same class of shares [4][5] - The meeting is expected to last half a day, and attendees will be responsible for their own travel and accommodation expenses [6][7] - Contact information for the company's securities department is provided for any inquiries related to the meeting [6][7]

Core Viewpoint - The document outlines the information disclosure deferral and exemption management system for Huamao (Xiamen) New Materials Technology Co., Ltd, aiming to regulate the company's disclosure obligations and protect investors' rights [1][2]. Group 1: General Principles - The system is established to standardize the deferral and exemption of information disclosure by the company and related parties, ensuring compliance with relevant laws and regulations [1]. - The company must carefully determine deferral and exemption matters and follow internal review procedures before implementation [2]. Group 2: Scope of Deferral and Exemption - Information that involves state secrets or commercial secrets can be exempted from disclosure if it meets specific criteria, such as potential harm to the company or others' interests [2][3]. - If the reasons for deferral or exemption are eliminated, or if the information becomes difficult to keep confidential, timely disclosure is required [3]. Group 3: Internal Management of Deferral and Exemption - The company must document the decision to defer or exempt disclosure, including the method of exemption and the type of documents involved [4]. - Relevant materials regarding deferral or exemption must be submitted to the Xiamen Securities Regulatory Bureau and the Shanghai Stock Exchange within ten days after the announcement of periodic reports [4][5]. Group 4: Miscellaneous Provisions - Any matters not covered by this system will be executed according to relevant laws and regulations, and the board of directors is responsible for the formulation, modification, and interpretation of this system [5].

| 证券代码：603306 | 证券简称：华懋科技 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：113677 | 债券简称：华懋转债 | | 华懋（厦门）新材料科技股份有限公司 董 事 会 2025 年 6 月 6 日 一、公司 2021 年股票期权激励计划预留授予股票期权（期权代码： 0000000837）第三个行权期实际行权期间为 2024 年 9 月 20 日至 2025 年 9 月 5 日。 二、本次限制行权期为 2025 年 6 月 10 日至 2025 年 6 月 24 日，在此期间全 部激励对象将限制行权。 三、公司将按照有关规定及时办理限制行权相关事宜。 特此公告。 华懋（厦门）新材料科技股份有限公司 关于 2021 年股票期权激励计划预留授予股票期权第三个行 权期限制行权期间的提示性公告 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。 根据《上市公司股权激励管理办法》《上海证券交易所上市公司自律监管指 南第 2 号—业务办理》《华懋（厦门）新材料科技股份有限公司 ...

二〇二五年六月 1 第一章 总则 第一条 为规范华懋（厦门）新材料科技股份有限公司（以下简称"华懋科 技"或"公司"）2025 年员工持股计划（以下简称"员工持股计划"或"本员工 持股计划"）的实施，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《中国证监会关于上市公司 实施员工持股计划试点的指导意见》（以下简称"《指导意见》"）、《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》（以下简称"《自律监管指引》"） 等相关法律、行政法规、规章、规范性文件和《公司章程》之规定，特制定本管 理办法。 华懋（厦门）新材料科技股份有限公司 2025 年员工持股计划管理办法 第二章 员工持股计划的制定 第二条 员工持股计划所遵循的基本原则 （一）依法合规原则 公司实施本员工持股计划，严格按照法律、行政法规的规定履行程序，真实、 准确、完整、及时地实施信息披露。任何人不得利用本员工持股计划进行内幕交 易、操纵证券市场等证券欺诈行为。 （二）自愿参与原则 公司实施本员工持股计划遵循公司自主决定，员工自愿参加的原则，公司不 以摊派、强行分配等方式强制员 ...