证券代码：603661 证券简称：恒林股份 公告编号：2025-047 恒林家居股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | | 浙江恒健家居有限公司 | | | --- | --- | --- | --- | --- | | 担保对 | 本次担保金额 | 17,500 | 万元 | | | 象一 | 实际为其提供的担保余额 | 18,660 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | 担保对 | 被担保人名称 | | 安吉恒友科技有限公司 | | | | 本次担保金额 | 1,000 | 万元 | | | 象二 | 实际为其提供的担保余额 | 4,234 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | ...

格隆汇12月4日丨恒林股份(603661.SH)在投资者互动平台表示，目前公司的主要销售市场为北美洲、欧 洲等区域。 ...

Group 1: Market Performance - The A-share cultivated diamond sector showed strong performance, with Sifangda rising nearly 15%, Huifeng Diamond up over 10%, and Huanghe Xuanfeng hitting the daily limit [1][2] - Other companies such as Liliang Diamond, Hengsheng Energy, Chuangjiang New Materials, Inno Laser, Boyun New Materials, and Guojijiang Precision also experienced significant increases [1][2] Group 2: Industry Conference - The 2025 Cultivated Diamond Industry Conference is approaching, scheduled for December 5-6 in Zhengzhou, aiming to promote deep integration and upgrading of the industry chain [3] - The conference will focus on three main goals: building platforms, addressing shortcomings, and strengthening support, with plans to integrate the cultivated diamond industry with the gold and jewelry sector [3] - Expected outcomes include the establishment of the Henan Province Cultivated Diamond Promotion Center and signing of approximately 30 projects with a total investment of no less than 15 billion yuan [3] Group 3: Industry Background - Cultivated diamonds, a high-value consumer product branch of the diamond industry, are rapidly growing due to their environmental benefits, cost-effectiveness, and stable supply [4] - The global cultivated diamond market is projected to reach 15 billion USD by 2026, with a compound annual growth rate exceeding 15% [4] - China's position as the largest producer of cultivated diamonds is expected to secure over 40% of the global market share [4] Group 4: Market Challenges and Opportunities - The market price of synthetic diamonds, particularly mid-to-low-end industrial products, has been under pressure due to previous capacity expansions and slowing demand in traditional downstream sectors [5] - The exceptional thermal conductivity of diamonds is becoming a key factor in unlocking new value, especially in high-power electronic devices [6] - Companies like Guojijiang Precision are seeing increased demand for diamond heat sinks, with expected sales revenue surpassing 10 million yuan this year [6][7]

Group 1: New Consumption - The report emphasizes the continuous exploration of new products, channels, and brand changes within the new consumption sector, highlighting the resilience of leading companies despite market concerns about revenue growth and profit realization in 2026 [8][15][9] - Key sectors include eyewear, with a focus on AI and AR technologies, recommending companies like 康耐特光学 for their innovative approaches [18][30] - The潮玩 (trendy toys) sector is noted for its high growth potential, particularly with brands like 泡泡玛特 and their successful IP strategies [34][38] - The personal care and household cleaning segment is undergoing a transformation, driven by the rise of platforms like 抖音, which enhances brand visibility and sales conversion [54][55] Group 2: Export Chain - The report identifies the light industry export chain as a key area, emphasizing the importance of high pricing power, market diversification, and mature overseas production capabilities [10] - Recommendations include关注匠心家居, 共创草坪, and other companies that demonstrate strong performance in international markets [10] Group 3: Cyclical Opportunities - The report suggests a focus on quality leaders in the cyclical sector, particularly in home textiles and furniture, where companies like 水星家纺 and 欧派家居 are highlighted for their strong market positions [11][11] - The report notes the increasing differentiation within the home goods market, recommending companies that offer value and competitive pricing [11]

Group 1 - The company Henglin Co., Ltd. (603661.SH) responded to an investor inquiry regarding the type of diamond used for PCB drill bits and whether its subsidiary, Henan Shining Diamond Co., Ltd., produces such diamonds [2] - Henan Shining Diamond Co., Ltd. has a business scope that includes jewelry manufacturing, non-metallic mineral products manufacturing, non-ferrous metal alloy manufacturing, and metal tool manufacturing [2] - The products developed and sold by the company include synthetic diamonds and large-sized diamond single crystals, which contribute a low revenue proportion and do not significantly impact overall performance [2]

Core Viewpoint - The report from Zheshang Securities indicates that Henglin Co., Ltd. has shown steady performance in Q3, with expectations for improved cross-border performance during the peak season [1] Group 1: Business Performance - The cross-border e-commerce business has experienced stable growth, driven by scale effects and strong cost control capabilities, leading to a gradual recovery in profit margins [1] - Key brands on Amazon in the U.S., including Sweetcrispy, Dumos, and Smug, have performed well from July to September, with Sweetcrispy's sales increasing by 34.5%, 32.3%, and 38.8% year-on-year respectively [1] - Popular products such as storage cabinets and office chairs have shown strong sales performance [1] Group 2: Profitability Outlook - As the profitability of the cross-border e-commerce business gradually improves and the contract manufacturing business shows operational enhancements, there remains potential for profit recovery [1] - The company has adjusted its profit forecasts considering changes in cross-border e-commerce operations and the impact of tariffs on the contract manufacturing business, while maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported Q3 2025 performance with revenue of 3.14 billion, a year-on-year increase of 4.4%, and a net profit attributable to shareholders of 97 million, up 112% year-on-year, driven by stable growth in cross-border e-commerce [1][3] - The cross-border e-commerce business showed robust growth, with significant sales increases for key brands on Amazon in the U.S. [2] - The gross profit margin improved to 17.56%, up 3.24 percentage points year-on-year, contributing to the overall profit enhancement [3] Summary by Sections Q3 Performance - Revenue reached 3.14 billion, a 4.4% increase year-on-year - Net profit attributable to shareholders was 97 million, a 112% increase year-on-year - Non-recurring net profit was 93 million, up 110% year-on-year [1] Cross-Border E-commerce Growth - The cross-border e-commerce business maintained steady growth despite tariff fluctuations - Key brands such as Sweetcrispy, Dumos, and Smug showed strong sales performance from July to September, with Sweetcrispy sales increasing by 34.5%, 32.3%, and 38.8% year-on-year [2] - Dumos sales increased by 89.0%, 54.8%, and 147.9% year-on-year, while Smug saw increases of 24.2%, 9.8%, and 130.1% year-on-year [2] Profitability and Margin Improvement - The gross profit margin for Q3 was 17.56%, reflecting a year-on-year increase of 3.24 percentage points - The operating expense ratio was 13.29%, up 0.52 percentage points year-on-year, with sales expense ratio at 7.31%, up 2.28 percentage points [3] - The net profit margin was 3.1%, an increase of 1.57 percentage points year-on-year, indicating potential for further profit recovery [3] Earnings Forecast - Revenue projections for 2025-2027 are 12.035 billion, 13.074 billion, and 14.180 billion, representing year-on-year growth of 9%, 8.64%, and 8.45% respectively - Net profit forecasts for the same period are 384 million, 500 million, and 605 million, with year-on-year growth of 45.98%, 30.26%, and 20.90% respectively [4][6]

有投资者问，请问贵司参股的海飞科是否为已经GPU芯片设计公司？恒林股份在互动平台表示，是，海 飞科核心产品为已量产的CompassC20人工智能芯片及其加速卡，可应用于AI推理、大数据处理等场 景；近期还推出了四卡工作站，能布署满血版的Deepseek模型，具有较高的性价比。特别提醒，公司对 其投资属于战略性布局。芯片属高科技行业，相关技术和产品落地受技术迭代、市场环境、客户需求等 多重因素影响。 股票频道更多独家策划、专家专栏，免费查阅>>责任编辑：小讯 ...

Group 1 - The cultivated diamond sector experienced a decline of 4.21%, ranking among the top losers in the concept sector, with *ST Yazhen hitting the daily limit down [1][2] - Major stocks within the cultivated diamond sector that saw significant declines include Jing Sheng Electric (-7.23%), Huanghe Xuanfeng (-5.38%), and Sifangda (-6.02%) [2][3] - Conversely, stocks that gained in this sector include Guoli Electronics (+3.39%), Chaohongji (+2.24%), and Yuyuan Shares (+1.43%) [1][3] Group 2 - The cultivated diamond sector faced a net outflow of 9.45 billion yuan in principal funds, with 12 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 1 billion yuan [2] - The stock with the highest net outflow was Jing Sheng Electric, with a net outflow of 1.75 billion yuan, followed by Huanghe Xuanfeng and Sifangda with net outflows of 1.63 billion yuan and 1.44 billion yuan, respectively [2] - Stocks with the highest net inflows included Hengsheng Energy, World, and Chaohongji, with net inflows of 12.56 million yuan, 10.98 million yuan, and 10.39 million yuan, respectively [2][3]

Core Viewpoint - Henglin Co., Ltd. (603661.SH) operates through its subsidiary, Henan Shining Diamond Co., Ltd., which is involved in various manufacturing sectors including jewelry, non-metallic mineral products, and metal tools [1] Group 1 - The company’s product offerings include cultivated diamonds and large-sized diamond single crystals [1]