西部证券股份有限公司 关于湖南华曙高科技股份有限公司 差异化分红事项的核查意见 西部证券股份有限公司（以下简称"保荐人"、"西部证券"）作为正在履行 湖南华曙高科技股份有限公司（以下简称"华曙高科"、"公司"）持续督导工作 的保荐人，根据《证券发行上市保荐业务管理办法》《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指引第 1 号——规范运 作》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、 法规以及《湖南华曙高科技股份有限公司章程》（以下简称"《公司章程》"）等有 关规定，对华曙高科 2024 年度利润分配所涉及的差异化分红（以下简称"本次 差异化分红"）相关事项进行了核查，核查情况及核查意见如下： 一、差异化分红的原因 2024 年 3 月 11 日，公司召开第一届董事会第十五次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意以公司首次公开发行人 民币普通股取得的部分超募资金通过上海证券交易所交易系统以集中竞价方式 回购公司股份，本次回购的股份将在未来适宜时机用于股权激励或员工持股计划。 回购资金总额不低于人民币 1,000 ...

西部证券股份有限公司 关于湖南华曙高科技股份有限公司 2025 年开展外汇衍生品交易业务的核查意见 西部证券股份有限公司（以下简称"保荐人"、"西部证券"）作为正在履行 湖南华曙高科技股份有限公司（以下简称"华曙高科"、"公司"）持续督导工作 的保荐人，根据《证券发行上市保荐业务管理办法》《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指引第 1 号——规范运 作》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、 法规以及《湖南华曙高科技股份有限公司章程》（以下简称"《公司章程》"）等有 关规定，对华曙高科 2025 年开展外汇衍生品交易相关事项进行了核查，核查情 况及核查意见如下： 一、交易情况概述 （一）交易背景和目的 公司及子公司随着海外销售及采购业务持续发展，为有效管理并防范汇率波 动产生的风险，降低汇率波动给经营带来的不确定性，拟开展外汇衍生品业务， 与日常经营需求紧密相关，可有效防范外汇市场汇率波动风险，增强公司财务稳 健性。 （二）交易金额及期限 根据公司资产规模及业务需求情况，公司及子公司拟开展外汇衍生品交易所 需保证金和占用授信额度不超过 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 126,019,834.83, representing a year-on-year increase of 1.32% compared to CNY 124,375,418.71 in the same period last year[4]. - The net profit attributable to shareholders decreased significantly by 94.63%, amounting to CNY 1,410,133.00, down from CNY 26,279,077.90 in the previous year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses also saw a decline of 94.85%, totaling CNY 1,250,928.74 compared to CNY 24,296,842.30 last year[4]. - The basic and diluted earnings per share were both CNY 0.0034, reflecting a decrease of 94.65% compared to CNY 0.0635 in the same period last year[4]. - The weighted average return on equity decreased by 1.28 percentage points to 0.07% from 1.35% in the previous year[4]. - The company reported a comprehensive income total of CNY 1,858,445.30 for Q1 2025, compared to CNY 25,998,268.80 in Q1 2024[21]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -44,939,293.38, an improvement from CNY -54,768,127.58 in the previous year[4]. - Cash received from sales of goods and services in Q1 2025 was CNY 97,328,291.69, down from CNY 103,672,268.58 in Q1 2024[23]. - The net cash flow from investment activities was -8,395,127.96, an improvement from -40,151,017.92 in the previous period[24]. - The net increase in cash and cash equivalents was -52,120,065.14, compared to -95,699,989.54 in the previous period, showing a reduction in cash outflow[25]. - The ending balance of cash and cash equivalents was 812,987,020.49, down from 1,120,835,944.58 in the previous period[25]. Research and Development - Research and development (R&D) expenses increased by 49.48% to CNY 24,308,920.10, up from CNY 16,262,727.17, indicating a strong commitment to innovation[4]. - The proportion of R&D expenses to operating revenue rose by 6.21 percentage points to 19.29% from 13.08%[5]. - Research and development expenses increased to CNY 24,308,920.10 in Q1 2025, up 49.49% from CNY 16,262,727.17 in Q1 2024[19]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,448,141,980.93, a decrease of 2.23% from CNY 2,503,997,557.15 at the end of the previous year[5]. - Current assets decreased from CNY 1,690,144,152.75 to CNY 1,552,276,888.21, reflecting a decline of approximately 8.2%[14]. - Cash and cash equivalents were reported at CNY 813,018,937.49, down from CNY 865,139,002.63, indicating a decrease of about 6.0%[13]. - The company's total liabilities decreased to CNY 491,234,793.58 in Q1 2025 from CNY 560,301,581.99 in Q1 2024[16]. - The total liabilities and equity structure remains stable, with a focus on maintaining liquidity and operational efficiency[12]. Future Outlook - The company is actively monitoring market conditions for potential expansion opportunities and strategic partnerships[12]. - Future outlook includes a commitment to innovation and technology development to enhance competitive positioning in the market[12].

证券代码：688433 证券简称：华曙高科 公告编号：2025-020 湖南华曙高科技股份有限公司 特别风险提示：公司进行的外汇衍生品交易业务遵循合法、审慎、安全、 有效的原则，不以投机为目的，所有外汇衍生品交易业务均以正常生产经营为基 础，但仍会存在一定的市场风险、操作风险、履约风险等，敬请广大投资者注意 投资风险。 一、交易情况概述 （一）交易背景和目的 公司及子公司随着海外销售及采购业务持续发展，为有效管理并防范汇率波 1 关于2025年度开展外汇衍生品交易业务的公告 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。 重要内容提示： 为有效规避外汇市场的风险，防范汇率大幅波动对公司经营业绩造成不利 影响，提高外汇资金使用效率，合理降低财务费用，湖南华曙高科技股份有限公 司（以下简称"公司"或"华曙高科"）及全资子公司（以下简称"子公司"） 拟开展外汇衍生品交易业务。 公司及子公司拟开展外汇衍生品交易所需保证金和占用授信额度不超过 3,000万元人民币或等值外币，在授权期限内任一交易日持有的最高合约价值不超 过3,000 ...

华曙高科（688433）公告，2025年第一季度营收为1.26亿元，同比增长1.32%；净利润为141.01万元， 同比减少94.63%。 ...

Core Viewpoint - Apple is actively investing in 3D printing technology to drive innovation in precision manufacturing within the consumer electronics sector, aiming to enhance product design and production efficiency [5][54]. Group 1: 3D Printing Technology Overview - Additive manufacturing, also known as 3D printing, is a cutting-edge manufacturing technology that builds objects layer by layer from three-dimensional model data, contrasting with traditional subtractive manufacturing methods [3][9]. - Key advantages of additive manufacturing include reduced R&D cycles, lower costs without the need for molds, efficient formation of complex structures, high material utilization rates, and improved mechanical properties due to rapid solidification processes [15][19]. Group 2: Market Growth and Projections - The global 3D printing market was approximately $20 billion in 2023, with projections to reach $36.2 billion by 2026, reflecting a compound annual growth rate (CAGR) of 21.8% [9][36]. - China's 3D printing market is expected to grow from approximately 32 billion yuan in 2022 to 41.5 billion yuan by 2024, indicating significant growth potential [36][37]. Group 3: Applications and Industry Segments - Major downstream applications of 3D printing include aerospace (13.3%), medical (13.7%), automotive (14.0%), and consumer electronics (14.0%), highlighting the technology's versatility across various sectors [37][38]. - In the consumer electronics sector, 3D printing is being utilized for manufacturing precision components such as hinges for foldable devices, with Apple exploring its application in products like the Apple Watch and foldable phones [52][54]. Group 4: Cost Reduction and Efficiency Improvements - The cost of titanium alloy powder used in 3D printing has decreased significantly, from 600 yuan/kg in 2023 to below 300 yuan/kg in 2024, representing a 50% reduction, which is expected to enhance the economic viability of additive manufacturing [50][51]. - Innovations such as beam shaping technology and the introduction of multi-laser systems are improving production efficiency, with some systems achieving up to 2.7 times the output compared to traditional dual-laser setups [50][51]. Group 5: Industry Players and Competitive Landscape - Key players in the 3D printing equipment market include established companies like EOS and 3D Systems, alongside emerging Chinese firms such as Plater and Huazhu High-Tech, which are rapidly gaining market share [39][43]. - The competitive landscape is evolving, with domestic manufacturers increasingly focusing on the localization of core components to reduce reliance on imports and lower production costs [50][51].

调研纪要：本次机构调研中，华曙高科就3D打印在鞋模行业的应用趋势进行了讨论，指出3D打印作为 一种绿色环保的生产方式，其放量取决于客户需求和发展规划。面对市场竞争加剧，公司表示将保持持 续创新，提供个性化解决方案，拓展市场。关于设备核心零部件的国产替代情况，公司透露大部分零部 件已实现国产化，核心部件如激光器、振镜等有国产和进口两种选择。对于近期关税波动的影响，公司 强调其在国际市场上具备竞争优势，将通过本地化服务和共同研发应对挑战。 机构简介： 根据市场公开信息及4月18日披露的机构调研信息，知名私募汐泰投资近期对1家上市公司进行了调研， 相关名单如下： 1）华曙高科 （汐泰投资参与公司特定对象调研） 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 上海汐泰投资管理有限公司（汐泰投资）是一家中国市场上新兴的私募基金管理人，成立于2014年7月9 日，注册资金为人民币1000万元。专注于2015年3月登记备案成为私募基金管理人：P1009607；2017年 10月成为中国证券投资基金业协会观察会员。汐泰投资专注于股票二级市场投资管理， ...

Core Viewpoint - The 3D printing industry in China has transformed from relying on key components to establishing a comprehensive self-innovation system covering "equipment—software—materials—process—application," with the market size projected to grow from 15.8 billion yuan in 2019 to 41.5 billion yuan by 2024, showcasing significant development in China's manufacturing capabilities [1]. Group 1: Company Overview - Hunan Huashu High-Tech Co., Ltd. (Huashu High-Tech) is a leading enterprise in China's industrial-grade 3D printing sector, driving the rise of domestic additive manufacturing through self-innovation [1]. - The company has developed a collaborative innovation system encompassing "materials—equipment—process," providing localized solutions for key industrial sectors such as aerospace while fostering synergy with the civilian industrial chain [1]. Group 2: Application Expansion - Huashu High-Tech is expanding its application fields from aerospace and automotive to medical and mold markets, demonstrating a deep understanding of diverse customer needs through years of 3D printing technology development [3]. - The company has showcased various applications, including customized running shoes, biocompatible implants, and special effects props for films, indicating the penetration of 3D printing technology into consumer electronics, sports health, and cultural creativity [2][3]. Group 3: Technological Innovation - In 2024, Huashu High-Tech's research and development (R&D) expenses reached 98.89 million yuan, accounting for over 20% of its revenue, with R&D personnel making up 33% of the total workforce [3]. - The company has accumulated 425 patents, including 175 invention patents and 188 utility model patents, along with 48 software copyrights and 46 trademarks, reflecting its strong commitment to innovation [3]. Group 4: Industry Standards and Technology - Huashu High-Tech has established a comprehensive self-technical system covering selective laser melting (SLM) and selective laser sintering (SLS) technologies, leading to the development of 15 national standards and 6 industry standards for additive manufacturing [4]. - The company has developed advanced scanning control technology that integrates mirror motion control with laser power control, overcoming long-standing import restrictions and enhancing process development [4]. Group 5: Market Position and Future Outlook - The company is actively pursuing both industrial and consumer-grade additive manufacturing solutions in the low-altitude economy sector, while also expanding its market presence internationally, exporting products to over 30 countries [5]. - According to the Wohlers Report 2025, the global 3D printing market is expected to reach between 84 billion and 145 billion USD by 2030, indicating significant growth potential for Huashu High-Tech as it unlocks the "civilian password" in the Chinese market and aims for global expansion [6].

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

Core Viewpoint - The Shandong Securities Regulatory Bureau is enhancing its regular visit mechanism to listed companies, aiming to support high-quality development and address challenges faced by these companies [1][2]. Group 1: Actions Taken - The Shandong Securities Regulatory Bureau has visited 157 listed companies, achieving a coverage rate of 60% [1]. - The bureau emphasizes collaboration with local governments and relevant departments to provide on-site support and problem-solving for companies [1][2]. - A total of 145 suggestions from listed companies have been collected, with immediate responses provided for on-the-spot inquiries [2]. Group 2: Policy Implementation - The bureau has effectively communicated policies related to mergers and acquisitions, share buybacks, and dividend distribution to enhance corporate value [2]. - In 2024, 195 listed companies in Shandong distributed cash dividends totaling approximately 600 billion yuan, while 93 companies executed share buybacks [3]. - The bureau is focused on ensuring that regulatory requirements are clearly communicated to companies, particularly those at risk of delisting [2][3]. Group 3: Future Plans - The Shandong Securities Regulatory Bureau plans to continue its efforts in risk prevention, regulatory enforcement, and promoting high-quality development in the capital market [3][4]. - The bureau aims to strengthen multi-party collaboration and maintain regular visits to listed companies to enhance their operational capabilities [3].