Core Points - 康隆达 announced the receipt of a letter from 中信证券 regarding the replacement of the continuous supervision sponsor representative [2] - The continuous supervision period for the company's public offering of convertible bonds is set to end on December 31, 2021, but 中信证券 will continue to oversee the use of raised funds until mid-2025 [2] - The original sponsor representative, 孔磊, is replaced by 孙璐 due to work changes [2]

证券代码：603665 证券简称：康隆达 公告编号：2025-066 特此公告。 浙江康隆达特种防护科技股份有限公司董事会 2025 年 9 月 19 日 附：保荐代表人简历 浙江康隆达特种防护科技股份有限公司（以下简称"公司"或"康隆达"） 于近日收到中信证券股份有限公司（以下简称"中信证券"）出具的《关于更换 持续督导保荐代表人的函》，具体情况如下： 浙江康隆达特种防护科技股份有限公司公开发行可转换公司债券项目持续 督导期至 2021 年 12 月 31 日。目前持续督导期已届满，但公司 2025 年上半年募 集资金仍存在使用情况，中信证券对募集资金使用情况继续履行持续督导义务。 该项目持续督导的保荐代表人为中信证券的张宇杰先生、孔磊先生。 原保荐代表人孔磊先生因工作变动原因，不再继续从事对公司的持续督导工 作。为保证持续督导工作的有序进行，中信证券决定委派孙璐女士（简历见附件） 接替孔磊先生担任公司持续督导的保荐代表人。 此次变更后，公司公开发行可转换公司债券项目持续督导的保荐代表人为张 宇杰先生和孙璐女士。 公司董事会对孔磊先生在担任公司保荐代表人期间所作出的贡献表示衷心 感谢！ 浙江康隆达特种防护科 ...

Core Viewpoint - The stock of Kanglongda has experienced fluctuations, with a year-to-date increase of 82.37% but a recent decline in the last five trading days by 5.30% [1] Company Overview - Kanglongda, established on December 29, 2006, and listed on March 13, 2017, is located in Hangzhou Bay, Zhejiang Province. The company specializes in the research, production, and sales of special and ordinary labor protective gloves [1] - The revenue composition of Kanglongda includes functional gloves (68.87%), other products (10.62%), lithium salts (9.98%), non-functional gloves (6.10%), lithium salt processing (4.09%), and other (0.35%) [1] Financial Performance - For the first half of 2025, Kanglongda achieved an operating income of 713 million yuan, representing a year-on-year growth of 3.63%. The net profit attributable to the parent company was 112 million yuan, showing a significant increase of 323.61% [2] - Since its A-share listing, Kanglongda has distributed a total of 185 million yuan in dividends, with no dividends paid in the last three years [3] Stock Market Activity - As of September 18, Kanglongda's stock price was 25.75 yuan per share, with a market capitalization of 4.149 billion yuan. The stock has seen a net outflow of 4.51 million yuan in principal funds [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on June 10, where it recorded a net buy of -21.05 million yuan [1] - The number of shareholders as of June 30 was 7,110, a decrease of 3.28% from the previous period, while the average circulating shares per person increased by 3.39% to 22,527 shares [2]

Company Overview - Zhejiang Kanglongda Special Protective Technology Co., Ltd. is located in Hangzhou Bay Shangyu Economic and Technological Development Zone, established on December 29, 2006, and listed on March 13, 2017 [2] - The company's main business involves the research, production, and sales of special and ordinary labor protective gloves, with revenue composition: functional gloves 68.87%, others 10.62%, lithium salt 9.98%, non-functional gloves 6.10%, lithium salt processing 4.09%, and others (supplement) 0.35% [2] - Kanglongda belongs to the textile and apparel industry, specifically in the clothing and home textiles sector, and is associated with concepts such as lithium batteries, overseas expansion, the Belt and Road Initiative, QFII holdings, and medical devices [2] Financial Performance - For the first half of 2025, Kanglongda achieved operating revenue of 713 million yuan, a year-on-year increase of 3.63%, and a net profit attributable to shareholders of 112 million yuan, a significant year-on-year increase of 323.61% [2] - Since its A-share listing, the company has distributed a total of 185 million yuan in dividends, with no dividends distributed in the past three years [3] Stock Performance - On September 17, Kanglongda's stock price decreased by 2.04%, trading at 26.38 yuan per share, with a total market capitalization of 4.25 billion yuan [1] - Year-to-date, the stock price has increased by 86.83%, with a decline of 2.51% over the last five trading days and a decline of 3.09% over the last twenty days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on June 10, where it recorded a net buy of -21.05 million yuan [1]

Group 1 - The core viewpoint of the article highlights the current state and trends in the leather industry in China, as analyzed in the report by Zhiyan Consulting [1] - As of January to July 2025, the number of enterprises in the leather, fur, feather, and footwear industries has decreased by 44 compared to the same period last year, representing a year-on-year decline of 0.5% [1] - The total number of enterprises in these sectors stands at 8,728, accounting for 1.68% of the total industrial enterprises [1] Group 2 - The report indicates that the threshold for large-scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its commitment to delivering high-quality services and market insights to empower investment decisions [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **robotic materials industry**, particularly the development of **robotic tendons** and **high-performance polyethylene fibers** [1][2][3]. Core Insights and Arguments - **Demand Growth**: The demand for ultra-high molecular weight polyethylene (UHMWPE) fibers is steadily increasing, with global demand expected to reach approximately **54,700 tons** by 2028, reflecting a compound annual growth rate (CAGR) of over **10%** [1][8]. - **China's Market Share**: In 2023, China's demand for UHMWPE fibers was about **33,800 tons**, accounting for over **60%** of global demand [8][9]. - **Market Dynamics**: The high-end product technology for UHMWPE fibers is primarily monopolized by **three companies**: **Invista** (USA), **Honeywell** (USA), and **Toyobo** (Japan). However, domestic companies have captured about **70%** of global production capacity [10][11]. - **Key Players**: - **Tongyi Zhong** is identified as the leading domestic company in the UHMWPE fiber industry, with a production capacity of **7,960 tons** and **2,175 tons** for auxiliary materials by the end of 2024 [11][13]. - **Henghui Security** has a current capacity of **3,000 tons** and plans to expand to **12,000 tons**, with **4,800 tons** expected to be operational by 2025 [4][14]. - **Daye Co.** is a significant supplier of steel wire products, with projected sales of **436,000 tons** for tire beads and **361,800 tons** for steel cord in 2024, playing a crucial role in robotic tendon transmission [4][12][17]. Additional Important Content - **Robotic Hand Development**: The dexterous hand is a critical development direction for robots, featuring multiple degrees of freedom and human-like functions, which are essential for various operational capabilities [3]. - **Tendon Transmission Applications**: The tendon transmission method is a vital component in dexterous hands, allowing for aesthetically pleasing and efficient long-distance movement. The primary transmission schemes include **N-type**, **N+1-type**, and **2N-type** [6]. - **Material Advantages**: UHMWPE fibers are lightweight, high modulus, wear-resistant, and flexible, making them ideal for tendon applications. Initially used in military applications, they are now expanding into civilian uses [7][10]. - **Investment Opportunities**: The conference highlights potential investment targets in the domestic market, including **Tongyi Zhong**, **Henghui Security**, **Kanglongda**, and **Daye Co.**, each with unique strengths and growth prospects in the UHMWPE fiber sector [11][15][17].

Financial Performance - The company's total revenue for the first half of 2025 was 713 million yuan, ranking 29th among disclosed peers, with an increase of 25.01 million yuan compared to the same period last year, representing a year-on-year growth of 3.63% [1] - The net profit attributable to shareholders was 112 million yuan, ranking 17th among disclosed peers, with an increase of 162 million yuan compared to the same period last year [1] - The net cash inflow from operating activities was 20.14 million yuan, an increase of 27.70 million yuan compared to the same period last year, achieving two consecutive years of growth [1] Profitability and Efficiency Ratios - The latest asset-liability ratio is 70.79% [3] - The latest gross profit margin is 20.30% [3] - The latest return on equity (ROE) is 15.88%, ranking 1st among disclosed peers, with an increase of 20.54 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.69 yuan, ranking 5th among disclosed peers, with an increase of 1.00 yuan compared to the same period last year [3] - The total asset turnover ratio is 0.25 times, an increase of 0.06 times compared to the same period last year, achieving two consecutive years of growth, representing a year-on-year increase of 30.05% [3] - The inventory turnover ratio is 1.27 times, ranking 17th among disclosed peers, with an increase of 0.17 times compared to the same period last year, achieving two consecutive years of growth, representing a year-on-year increase of 15.17% [3] Shareholder Information - The number of shareholders is 7,110, with the top ten shareholders holding 96.57 million shares, accounting for 59.94% of the total share capital [3]

Core Viewpoint - 康隆达 reported a revenue of 713 million yuan for the first half of 2025, marking a year-on-year increase of 3.63%, and achieved a net profit of 112 million yuan, reversing losses from the previous year [2] Group 1: Financial Performance - The company achieved a basic earnings per share of 0.69 yuan in the first half of 2025 [2] - The revenue growth occurred despite challenges such as U.S. tariffs, increased competition in non-U.S. markets, and a general slowdown in market demand [2] Group 2: Production Capacity and Strategic Advantages - 康隆达's Vietnam base has 20 production lines for special protective gloves and 12 for disposable nitrile gloves, with an annual capacity of 8 million dozen for special gloves and 3.5 million boxes for nitrile gloves [2] - The Vietnam facility is expected to help maintain and expand market share in developed countries such as Europe and the U.S. [2] Group 3: Technological Innovations - 康隆达's subsidiary, 金昊新材料, has made technological breakthroughs in ultra-high molecular weight polyethylene fiber (UHM-WPE), holding over 40 patents, including 5 invention patents [2][3] - The company has achieved mass production and breakthroughs in various technologies related to UHM-WPE fiber, including high-strength and high-wear-resistant fibers [3] Group 4: Market Outlook - 华西证券's latest report indicates that 康隆达's glove business is steadily developing, with a 20% reciprocal tariff agreement between the U.S. and Vietnam providing a relative advantage over domestic competitors [3] - The company’s first phase of a project for producing 2,400 tons of multifunctional high-performance polyethylene fiber has been completed, with the second phase already in trial production [3]

Core Viewpoint - Zhejiang Kanglongda Special Protective Technology Co., Ltd. has reported steady growth in its operating performance despite a complex environment characterized by slowing global demand and intensified industry competition [2][3]. Financial Performance - For the reporting period, the company's operating revenue reached 713 million yuan, a year-on-year increase of 3.63% [2]. - The net profit attributable to shareholders was 112 million yuan, marking a return to profitability [2]. - As of June 30, 2025, the net assets attributable to shareholders increased to 706 million yuan, up 14.95% from the end of the previous year [2]. - Basic earnings per share stood at 0.69 yuan [2]. Business Growth Drivers - The company experienced dual growth drivers from its core business and emerging fields, with the Vietnam production base and breakthroughs in new materials technology serving as key engines for development [3]. - The Vietnam base has improved production efficiency through enhanced management practices and local team development, achieving an annual production capacity of 8 million pairs of special protective gloves and 3.5 million boxes of disposable nitrile gloves [3]. New Materials Development - The company has made significant breakthroughs in the new materials sector, particularly in ultra-high molecular weight polyethylene fiber (UHMWPE), with an annual production capacity of 1,000 tons [4]. - The materials are characterized by lightweight, high strength, and high toughness, finding applications in safety protection, marine industries, and military equipment [4]. Internal Development Initiatives - The company is focusing on internal management optimization, talent development, and asset structure improvement to enhance its growth potential [6][7]. - Management optimization has led to improved business responsiveness and service levels, resulting in increased production quality and reduced costs [6]. - Talent development combines internal training and external recruitment to build a skilled workforce, particularly in the Vietnam base [6]. Asset Structure Optimization - The company completed the equity transfer of its U.S. subsidiary GGS in February 2025, optimizing management and reducing costs while concentrating resources on the Vietnam base [7]. - The company has established multiple R&D platforms and invested in research, with R&D expenditure increasing by 11.85% year-on-year in the first half of 2025 [7]. Industry Outlook - The special labor protection products market, especially in hand protection, is expected to see sustained growth due to increasing global emphasis on occupational safety and health [8]. - The company is well-positioned to capitalize on these trends through its overseas base layout, strong R&D capabilities, and comprehensive product line [8].

Core Insights - Kanglongda (603665) reported a total revenue of 713 million yuan for the first half of 2025, reflecting a year-on-year increase of 3.63% [1] - The net profit attributable to shareholders reached 112 million yuan, showing a significant year-on-year increase of 323.61% [1] - The company experienced a decline in revenue and net profit in the second quarter, with total revenue of 334 million yuan, down 20.81% year-on-year, and a net profit of -1.98 million yuan, down 113.68% year-on-year [1] Financial Performance - The gross profit margin was 20.3%, a decrease of 15.92% year-on-year, while the net profit margin improved to 13.86%, an increase of 270.32% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 96.88 million yuan, accounting for 13.58% of revenue, down 22.38% year-on-year [1] - Earnings per share (EPS) increased to 0.69 yuan, a year-on-year increase of 322.58%, while operating cash flow per share reached 0.12 yuan, up 368.21% year-on-year [1] Debt and Cash Flow Analysis - The company's short-term debt pressure increased, with a current ratio of 0.55, indicating potential liquidity issues [1] - Cash and cash equivalents decreased to 267 million yuan, down 26.39% year-on-year, while interest-bearing liabilities decreased to 1.206 billion yuan, down 24.79% year-on-year [1] - The company has a historical median Return on Invested Capital (ROIC) of 10.31%, but the worst year recorded a ROIC of -19.22% in 2024, indicating a weak business model [3] Analyst Expectations - Analysts expect the company's performance in 2025 to reach 172 million yuan, with an average EPS forecast of 1.07 yuan [4]