Investment Rating - The report maintains a "Strong Buy" rating for Huawang Technology (605377) [2][8] Core Views - The company's performance in H1 2025 shows a revenue decline of 16.4% year-on-year, with total revenue of 1.627 billion yuan and a net profit of 156 million yuan, down 48.5% year-on-year [2][8] - The company is expected to benefit from industry consolidation and has a strong dividend policy, with a proposed cash dividend of 2.30 yuan per 10 shares, reflecting confidence in future operations [2][8] - The report anticipates a recovery in profitability as raw material costs stabilize, particularly for titanium dioxide, which has recently decreased [2][8] Financial Summary - For 2025, the company is projected to achieve total revenue of 3.478 billion yuan, a decrease of 7.7% from 2024, with a net profit of 408 million yuan, down 13.1% [4][9] - The earnings per share (EPS) is expected to be 0.73 yuan for 2025, with a price-to-earnings (P/E) ratio of 12 [4][9] - The company’s total assets are projected to grow from 6.095 billion yuan in 2024 to 6.761 billion yuan by 2027 [9] Market Performance - The company’s stock price target is set at 10.98 yuan, compared to the current price of 9.06 yuan, indicating potential upside [4][8] - The report highlights that Huawang Technology has maintained a competitive edge in the high-end decorative paper market, supported by long-term partnerships with international printing companies [2][8]

证券代码：605377 证券简称：华旺科技 公告编号：2025-028 潘卫娅女士的辞职不会导致公司董事会人数低于法定最低人数，不会影响公 司董事会的正常运行，亦不会对公司的日常生产经营产生不利影响。 二、选举职工董事情况 杭州华旺新材料科技股份有限公司 关于董事辞职暨选举职工代表董事的公告 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。 一、董事离任情况 | 姓名 | 离任职务 | | 离任时间 | | | 原定任期到期 | 日 | | 离任原因 | 是否继续在 上市公司及 其控股子公 | 具体职务（如适 用） | 是否存 在未履 行完毕 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | 的公开 | | | | | | | | | | | | 司任职 | | 承诺 | | 潘卫娅 | 董事 | 2025 | 年 9 | 月 | 日 15 | 年 月 2027 5 ...

证券代码：605377 证券简称：华旺科技 公告编号：2025-027 杭州华旺新材料科技股份有限公司 2025年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 15 日 (二)股东大会召开的地点：浙江省杭州市临安区青山湖街道滨河北路 18 号公司 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 155 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 302,037,904 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 54.2580 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，现场会议由公司董事长钭江浩先生主持。会议 采用现场投票和网络投票相结合的表决方式。本次会议 ...

北京市中伦（上海）律师事务所 关于杭州华旺新材料科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 二〇二五年九月 北京市中伦（上海）律师事务所 关于杭州华旺新材料科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：杭州华旺新材料科技股份有限公司 在本法律意见书中，本所律师仅对本次股东大会的召集和召开程序、出席本 次股东大会人员（但不包含网络投票股东资格）和召集人的资格、会议表决程序 及表决结果是否符合《公司法》等法律、法规、规范性文件及《公司章程》的规 定发表意见，不对会议审议的议案内容以及该等议案所表述的事实或数据的真实 性、准确性及完整性发表意见。 为出具本法律意见书，本所要求公司提供本所认为出具本法律意见书所必备 的和真实的原始书面材料、副本材料、复印材料或者口头证言。本所律师得到公 1 法律意见书 司如下保证，公司所提供的文件和材料应是完整、真实和有效的，并无隐瞒、虚 假和重大遗漏之处；文件材料为副本或复印件的，应与其正本或原件是一致和相 符的。 本法律意见书仅供公司为本次股东大会之目的使用，未经本所书面同意，不 得由任何其他人使用或用于任何其他目的。本所律师同意将本法律 ...

杭州华旺新材料科技股份有限公司（以下简称"公司"）第四届董事会第十 二次会议于 2025 年 9 月 15 日在公司会议室以现场结合通讯的方式召开。根据《公 司章程》和公司《董事会议事规则》的有关规定，经全体董事同意，本次董事会 会议豁免通知时限要求。本次会议应出席董事 9 人，实际出席董事 9 人。 会议由公司董事长钭江浩先生主持，部分高管列席会议。会议召开符合有关 法律、法规、规章和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于调整公司第四届董事会审计委员会成员的议案》 证券代码：605377 证券简称：华旺科技 公告编号：2025-029 杭州华旺新材料科技股份有限公司 第四届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 2025 年 9 月 16 日 为完善公司治理结构，保障公司审计委员会的规范运作，公司对第四届董事 会审计委员会成员进行如下调整： 公司董事长钭江浩先生不再担任审计委员会成员，由公司职工代表董事潘卫 娅女士担任审计委员会成员，与邵 ...

Core Viewpoint - The company, Huawang Technology, has received a final anti-dumping tax ruling from the European Commission, imposing a tax rate of 26.4% to 26.9% on decorative paper originating from China, with the company securing the lower rate of 26.4% [1] Group 1 - The company has managed to mitigate the impact of the anti-dumping tax by reaching agreements with some EU customers to shift sales regions and develop new clients, resulting in a relatively small effect on actual sales volume [1] - The company is focused on developing high value-added products as part of its market diversification strategy [1] - The company leverages its global layout and technological advantages to maintain stable development in its overall export business [1]

Group 1 - The company, Huawang Technology, announced on September 12 that its production volume for the year 2024 is projected to be 331,900 tons, with a sales volume of 320,100 tons, resulting in a production and sales rate of 96.4% [1]

Group 1 - The paper industry sector saw an increase of 1.02% on September 11, with Qingshan Paper leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] - Qingshan Paper's stock price rose by 10.14% to 3.80, with a trading volume of 2.54 million shares and a transaction value of 9.61 billion [1] Group 2 - The paper sector experienced a net outflow of 317 million from institutional investors, while retail investors saw a net inflow of 252 million [2] - Among individual stocks, Yibin Paper had a net inflow of 204.37 thousand from institutional investors, but a net outflow of 585.27 thousand from retail investors [3] - The overall trading activity in the paper sector indicated mixed investor sentiment, with some stocks experiencing significant outflows while others attracted retail interest [3]

Core Points - The stock price of Huawang Technology (605377) closed at 9.28 yuan, down 0.96% from the previous week [1] - The company's total market capitalization is 5.166 billion yuan, ranking 13th in the paper industry and 3200th in the A-share market [1] Company Announcements - The company plans to distribute a cash dividend of 2.30 yuan (including tax) for every 10 shares [2] - The company has approved an increase in the guarantee limit for its wholly-owned subsidiary, Hong Kong Huajin, by no more than 300 million yuan [2] - The total share capital will increase from 463,891,890 shares to 556,670,268 shares [2] - The supervisory board will be abolished, with its responsibilities transferred to the audit committee of the board of directors [2]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the paper and paper products industry in China, with a total of 8,107 enterprises reported from January to July 2025, marking an increase of 190 enterprises or 2.4% year-on-year [1] - The proportion of the paper and paper products industry enterprises in relation to the total number of industrial enterprises stands at 1.56% [1] - The data indicates a shift in the criteria for scale enterprises, with the threshold for annual main business income raised from 5 million yuan to 20 million yuan since 2011 [1] Group 2 - The report referenced is the "2025-2031 China Paper Industry Market Survey Research and Development Prospects Report" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market acumen [2]