证券代码：688281 证券简称：华秦科技 公告编号：2025-019 陕西华秦科技实业股份有限公司 关于向安徽汉正航空材料有限公司增资 暨关联交易完成交割的公告 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、准确性和完整性依法承担法律责任。 1 根据投资协议约定，公司应当在 2025 年 4 月 30 日前支付 12,493.00 万元， 自上述款项到账之日起，公司即成为安徽汉正股东，享有相关股东权利并承担股 东义务，公司于 2025 年 03 月 05 日已支付投资款 6,493.00 万元。2025 年 4 月 30 日，公司向安徽汉正支付首笔投资款中剩余的 6,000.00 万元，本次交易完成交割。 特此公告。 陕西华秦科技实业股份有限公司董事会 2025 年 5 月 7 日 2 一、向安徽汉正航空材料有限公司增资暨关联交易概述 2025 年 1 月 2 日，陕西华秦科技实业股份有限公司（以下简称"公司"）2025 年第一次临时股东大会决议审议通过了《关于重新审议向安徽汉正轴承科技有限 公司增资暨关联交易的议案》，同意公司向安徽汉正轴承科技有限公 ...

证券代码：688281 证券简称：华秦科技 陕西华秦科技实业股份有限公司 2024 年年度股东大会会议资料 二零二五年五月 | | | 陕西华秦科技实业股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 股东大会的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股东大会规则》以及《陕西华秦科技实业股份有限公司章程》、《陕西 华秦科技实业股份有限公司股东大会议事规则》等相关规定，陕西华秦科技实业 股份有限公司（以下简称"公司"）特制定 2024 年年度股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。出席会 议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理签到手续，并请 按规定出示证券账户卡、身份证明文件或法人单位证明、授权委托书等，经验证 后方可出席会议，谢绝未按会议登记方式预约登记者出席。外部电脑、手机及带 录音录像功能的电子产品等须存放至公司指定位置，以此带来的不便，敬请谅解。 二、为保证本次大会的严 ...

Core Viewpoint - 华秦科技 reported a revenue of 1.139 billion yuan for 2024, representing a year-on-year increase of 24.17%, and a net profit attributable to shareholders of 414 million yuan, up 23.56% year-on-year. The Q4 performance showed a revenue of 401 million yuan, a year-on-year increase of 27.27% and a quarter-on-quarter increase of 58.92% [1] Revenue and Profit Analysis - The company achieved revenue growth across all business segments, with special functional materials generating 1.023 billion yuan, a year-on-year increase of 15.27%, and a gross margin of 55.12%, down 4.01 percentage points [2] - Acoustic metamaterials and instruments generated 44 million yuan, up 143.33% year-on-year, with a gross margin of 21.19%, down 11.05 percentage points [2] - Aerospace component processing revenue reached 62 million yuan, a significant increase of 461.84% year-on-year, with a gross margin of 12.76%, up 19.34 percentage points [2] - The newly introduced ceramic matrix composites generated 200.88 thousand yuan with a gross margin of 24.67% [2] - The overall gross margin for the company in 2024 was 50.69%, down 7.09 percentage points, primarily due to underutilization of production capacity in subsidiaries [2] Short-term Performance and Forecast - In Q1 2025, the company experienced a short-term decline in performance, with revenue of 241 million yuan, down 2.48% year-on-year, and a net profit of 63 million yuan, down 45.23% year-on-year [3] - The decline was attributed to increased costs from trial production of research and development products, low capacity utilization in subsidiaries, and higher R&D expenses [3] - The R&D expense ratio for Q1 2025 was 12.76%, up 7.26 percentage points year-on-year, while the gross margin was 40.79%, down 17.97 percentage points [3] Profit Forecast and Valuation - Due to delays in military product demand and uncertainties in the mass production timeline of research and development products, the company has adjusted its revenue and gross margin forecasts for special functional materials [4] - The projected net profits for 2025-2027 are 462 million yuan, 583 million yuan, and 717 million yuan, respectively, with significant downward adjustments from previous estimates [4] - The target price for the company is set at 85.32 yuan, based on a 36 times PE ratio for 2025, reflecting a reduction from the previous target of 111.80 yuan [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of 85.32 RMB [7][8]. Core Views - The company reported a revenue of 1.139 billion RMB in 2024, representing a year-over-year increase of 24.17%, and a net profit of 414 million RMB, up 23.56% year-over-year. The Q4 revenue was 401 million RMB, showing a year-over-year growth of 27.27% and a quarter-over-quarter increase of 58.92% [1]. - The company is recognized as a leader in military stealth materials, with expectations for sustained demand and growth potential as subsidiaries ramp up production [1][4]. - The company experienced a decline in Q1 2025 revenue to 241 million RMB, down 2.48% year-over-year, and a net profit of 63 million RMB, down 45.23% year-over-year, primarily due to increased costs from R&D and underutilization of subsidiary production capacity [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.139 billion RMB, with a breakdown of revenue sources: special functional materials at 1.023 billion RMB (+15.27% YoY), acoustic metamaterials and instruments at 44 million RMB (+143.33% YoY), aerospace components processing at 62 million RMB (+461.84% YoY), and ceramic matrix composites generating 200.88 thousand RMB [2]. - The overall gross margin for 2024 was 50.69%, down 7.09 percentage points year-over-year, attributed to high fixed costs and underutilization of production capacity [2]. Earnings Forecast and Valuation - The forecast for net profit for 2025-2027 is adjusted to 462 million RMB, 583 million RMB, and 717 million RMB respectively, reflecting a downward revision of 28.68% and 28.83% for 2025 and 2026 [4][17]. - The company is assigned a PE ratio of 36 times for 2025, with a target price of 85.32 RMB, down from a previous estimate of 111.80 RMB [4][17]. Key Financial Metrics - Projected revenue growth rates for 2025-2027 are 20.41%, 27.38%, and 22.87% respectively, with net profit growth rates of 11.52%, 26.21%, and 23.05% [6][24]. - The company’s EPS is expected to increase from 2.13 RMB in 2024 to 3.68 RMB in 2027, indicating a positive growth trajectory [6][24].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company achieved a revenue of 1.14 billion yuan in 2024, representing a year-on-year growth of 24.17%, and a net profit attributable to shareholders of 414 million yuan, up 23.56% year-on-year [1][9] - The growth is primarily driven by the expansion of the aerospace business and increased sales of specialty functional materials, alongside efforts in product structure adjustment and cost control [9] - The company has made significant progress in product accumulation and technological breakthroughs, successfully developing new types of specialty functional materials for aerospace applications [9] - The board approved a profit distribution plan, proposing a cash dividend of 5.2 yuan per 10 shares and a capital reserve conversion to increase share capital by 4 shares for every 10 shares held [9] Financial Performance Summary - Total revenue for 2024 is projected at 1,139.25 million yuan, with a year-on-year growth rate of 24.17% [1][10] - Net profit for 2024 is expected to be 413.92 million yuan, reflecting a growth of 23.56% compared to the previous year [1][10] - The earnings per share (EPS) for 2024 is estimated at 2.13 yuan, with a price-to-earnings (P/E) ratio of 34.33 [1][10] - The company maintains a strong cash flow position, with net cash flow from operating activities reaching 318 million yuan, a significant increase of 326.63% year-on-year [9][10]

Core Viewpoint - The company, Huajin Technology, reported significant growth in revenue and net profit for 2024, driven by optimized production processes and effective cost control, alongside a substantial increase in R&D investment [1][2][3] Financial Performance - In 2024, the company achieved total operating revenue of 1.139 billion yuan, a year-on-year increase of 24.17% - The net profit attributable to shareholders reached 414 million yuan, reflecting a year-on-year growth of 23.56% - For Q1 2025, the company reported operating revenue of 241 million yuan and a net profit of 62.66 million yuan [1][2] Business Segments - The company operates five main business units, including special functional materials, aerospace components processing, and acoustic metamaterials, optimizing its product matrix to better meet industry demands [2] - The main business revenue for 2024 was 1.131 billion yuan, with special functional materials and technical services contributing 1.023 billion yuan, accounting for 89.88% of total revenue, a 15.27% increase year-on-year [2] R&D and Innovation - The company significantly increased its R&D investment to 912.28 million yuan in 2024, a 24.1% year-on-year growth, with an R&D intensity of 8.01% [3][4] - The company has established multiple innovation platforms in collaboration with universities and research institutes, focusing on various advanced materials and applications [4] Production Capacity and Expansion - The company has completed the production launch of the Shenyang Huajin Aerospace Components Intelligent Processing Project, enhancing its competitiveness in the aerospace industry [3] - The Shanghai Ruihua Sheng project has made significant progress in the R&D and industrialization of ceramic matrix composites, with plans for further expansion [3] Shareholder Returns - The company plans to distribute a cash dividend of 5.2 yuan per 10 shares, totaling 101 million yuan, which represents 30.20% of the net profit attributable to shareholders for 2024 [5] - Additionally, the company intends to increase its share capital by 4 shares for every 10 shares held, raising the total share capital from 195 million shares to 273 million shares [5]

Group 1 - As of December 31, 2023, the company has an unexpired financial management fund balance of 1,390,000,000 yuan and has used 9,769,000,000 yuan of idle raised funds to purchase financial products, with a total maturity amount of 9,504,000,000 yuan and an unexpired financial product amount of 1,655,000,000 yuan [1] - The company has approved the use of 1.5 million yuan of over-raised funds to permanently supplement working capital as of April 17, 2024, with a cumulative use of 635,178,304.96 yuan for this purpose by December 31, 2024 [2] - The company plans to invest 125 million yuan in the Huayin Technology New Materials Park (Phase II) project, using 60 million yuan of over-raised funds and 65 million yuan of self-owned funds [3] Group 2 - By December 31, 2024, the company has cumulatively used 1,748.46 million yuan of over-raised funds for the Huayin Technology New Materials Park (Phase II) project [4] - As of December 31, 2024, the company has no surplus raised funds or other uses of raised funds [5][6] - The company has not changed the use of raised investment projects as of December 31, 2024 [7] Group 3 - The company strictly follows relevant laws and regulations regarding the management and supervision of raised funds, ensuring timely and accurate information disclosure without any violations [8] - The annual report on the storage and use of the company's raised funds has been prepared in accordance with relevant regulations and reflects the actual situation [9] - The sponsor has confirmed that the company's use of raised funds complies with regulatory requirements and has been properly stored and used [10] Group 4 - The company plans to distribute a cash dividend of 5.2 yuan per 10 shares and to increase capital by transferring 4 shares for every 10 shares held, with a total cash dividend amounting to 101,240,536.28 yuan [13][15] - The profit distribution and capital increase plan is subject to approval at the 2024 annual general meeting [16][18] - The company aims to enhance investor returns and may implement a mid-term profit distribution plan for 2025, depending on the company's performance [16] Group 5 - The company has proposed to renew the appointment of the accounting firm Xinyong Zhonghe for the 2025 financial audit, pending approval at the 2024 annual general meeting [22][23] - Xinyong Zhonghe has a strong track record, with significant revenue from audit services and a large number of listed company clients [24][25] - The company’s audit committee and independent directors have recommended the renewal based on the firm’s performance and compliance with auditing standards [32][33] Group 6 - The company will hold a performance briefing on May 12, 2025, to communicate with investors and address their concerns [38][40] - The annual general meeting is scheduled for May 15, 2025, with both on-site and online voting options available for shareholders [44][46] - The company has outlined the procedures for shareholder registration and voting for the upcoming general meeting [51][57] Group 7 - The company has announced a delay in the expected operational status of certain fundraising projects, specifically the "Special Functional Materials Industrialization Project" and the "Special Functional Materials R&D Center Project," now expected to be operational by March 2026 [62][64] - The delay is based on the actual progress of the projects and aims to ensure quality and compliance with market demands [65][66] - The company has confirmed that the delay will not affect the overall funding purposes or project locations [66][68]

Core Viewpoint - The company has announced a delay in the completion of certain fundraising projects, specifically the "Special Functional Materials Industrialization Project" and the "Special Functional Materials R&D Center Project," extending their expected operational status to March 2026 due to various operational and market factors [10][12][13]. Financial Data - The company reported a decline in profits for the first quarter of 2025 compared to the same period last year, attributed to increased costs from trial production and low capacity utilization in subsidiaries [4]. - The company’s total share capital is 139,066,671 shares, with a capital reserve increase of 0.4 shares per share for all shareholders, resulting in a total increase of 55,626,668 shares [3]. Fundraising and Project Status - The total amount raised from the initial public offering was approximately RMB 315.83 million, with a net amount of RMB 295.82 million after expenses [11]. - The company has previously postponed the operational status of the aforementioned projects from March 2024 to June 2025, and now to March 2026, due to stricter requirements in project execution and market demand [12][13]. Use of Funds - The company plans to use RMB 22.82 million of excess fundraising to permanently supplement its working capital, which is 13.60% of the total excess funds raised [31][32]. - The company has committed to ensuring that the use of excess funds will not affect the normal operation of fundraising projects and will comply with regulatory requirements [34][36]. Profit Distribution - The company proposes a profit distribution plan for 2024, which includes a cash dividend of RMB 5.2 per 10 shares and a capital reserve increase of 4 shares for every 10 shares held [41][42]. - The total cash dividend is expected to be approximately RMB 101.24 million, representing 30.20% of the net profit attributable to shareholders for the year [42].

陕西华秦科技实业股份有限公司 对外投资管理制度 二零二五年四月 | | | （五）必须坚持科学决策原则，所有投资项目应当充分进行科学论证，且符 合本制度所规定的审核流程。 陕西华秦科技实业股份有限公司 对外投资管理制度 第一章 总 则 第一条 为进一步加强陕西华秦科技实业股份有限公司（以下简称"本公司" 或"公司"）投资项目的管理，规范公司投资行为，防范与化解投资风险，实现 投资回报的最大化，根据《公司法》、其他法律法规及公司的有关规定，制定本 制度。 第二条 公司的对外投资应遵循以下原则： （一）必须遵守国家相关法律、法规的规定，符合国家产业政策； （二）必须符合公司发展战略和规划要求，有利于提高企业核心竞争能力； （三）必须坚持效益优先的原则，进行可行性研究论证以利于提高公司的整 体经济利益； （四）必须坚持谨慎性原则，投资规模应当与公司资产规模、资产负债水平 和实际筹资能力相适应； 第三条 按照投资期限的长短，公司对外投资分为短期投资和长期投资。短 期投资主要指公司购入的能随时变现且持有时间不超过一年（含一年）的投资， 包括各种股票、债券、基金、分红型保险等； 长期投资主要指投资期限超过一年，不能随时变 ...

陕西华秦科技实业股份有限公司 利润分配管理制度 $$=\exists^{\pm}=\exists i\not\in[0,1]$$ | | | 陕西华秦科技实业股份有限公司 利润分配管理制度 第一章 总则 第一条 为进一步规范陕西华秦科技实业股份有限公司(以下简称"公司") 的利润分配行为，建立科学、持续、稳定的分配机制，增强利润分配的透明度， 切实保护中小投资者合法权益，根据《中华人民共和国公司法》、《上市公司监管 指引第 3 号—上市公司现金分红》《关于进一步落实上市公司现金分红有关事项 的通知》、《上海证券交易所科创板股票上市规则》、《上海证券交易所科创板上市 公司自律监管规则适用指引第 1 号——规范运作》，并结合《陕西华秦科技实业 股份有限公司章程》（以下简称《公司章程》）及公司实际情况，制定本制度。 第二条 公司将进一步强化回报股东的意识,严格依照《公司法》和《公司章 程》的规定,自主决策公司利润分配事项,制定明确的回报规划,充分维护公司股 东依法享有的资产收益等权利,不断完善董事会、股东会对公司利润分配事项的 决策程序和机制。 第三条 公司制定利润分配政策尤其是现金分红政策时，应当履行必要的决 策 ...