证券代码：688571 证券简称：杭华股份 公告编号：2025-042 ●本次变动未导致公司控股股东及实际控制人变更。 杭华油墨股份有限公司 关于共同控股股东股权结构变动的提示性公告 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： ●杭州协丰投资管理合伙企业（有限合伙）（以下简称"协丰投资"）和杭 州市实业投资集团有限公司（以下简称"杭实集团"）为杭华油墨股份有限公司 （以下简称"公司"或"杭华股份"）共同的控股股东、实际控制人，双方保持 一致行动，对公司形成共同控制。 ●本次变动属于公司控股股东、实际控制人之一的协丰投资内部股权结构变 动，未导致其所持有的公司股份数量及持股比例发生变化，不会对公司经营产生 重大影响，不触及要约收购。 近日，公司收到协丰投资通知，获悉其已完成变更普通合伙人、执行事务合 伙人，以及部分合伙人减资和退伙的工商变更登记。此次调整后，协丰投资的普 通合伙人、执行事务合伙人由朱柏冬先生变更为曹文旭先生；同时部分合伙人通 过减资或退伙方式减少其所持协丰投资出资份额或实现完全退出，协丰投 ...

Core Viewpoint - Hanghua Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the printing market due to external factors and increased competition. Financial Performance - Total revenue for the first half of 2025 was 571 million yuan, a decrease of 3.0% year-on-year [1] - Net profit attributable to shareholders was 46.51 million yuan, down 22.38% year-on-year [1] - Gross margin was 24.59%, a decrease of 5.58% year-on-year [1] - Net margin was 8.1%, down 19.31% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 64.41 million yuan, accounting for 11.28% of revenue, an increase of 8.2% year-on-year [1] Balance Sheet Highlights - Accounts receivable represented 199.29% of the latest annual net profit, indicating a significant amount of outstanding payments [1][17] - Cash and cash equivalents increased by 57.79% year-on-year to 862 million yuan [1] - Interest-bearing debt decreased by 84.65% to 5.41 million yuan [1] Operational Insights - The company faced a challenging market environment, with the printing market experiencing slow growth and intensified price competition [5] - Sales expenses increased by 17.84% due to rising employee compensation and travel costs [5] - Management expenses decreased by 11.3% as a result of changes in accounting for stock-based compensation [5] Future Outlook - The company anticipates a complex external environment in 2025, with ongoing challenges in the printing market and competition [18] - Plans to enhance operational efficiency and market competitiveness through value marketing and product upgrades [18]

Core Viewpoint - The legal opinion letter from Grandall Law Firm (Shanghai) confirms that Hanghua Ink Co., Ltd.'s stock incentive plan adjustments, including price adjustments, vesting conditions, and the cancellation of certain restricted stocks, have received the necessary approvals and comply with relevant laws and regulations [1][6][12]. Group 1: Price Adjustment - The grant price for the restricted stock has been adjusted from RMB 3.30 to RMB 3.10 per share due to a cash dividend distribution of approximately RMB 0.1964 per share [7][8]. - The adjustment method follows the formula: P = P0 - V, where P0 is the original grant price, V is the cash dividend per share, and P is the adjusted grant price [7]. Group 2: Vesting Conditions - The second vesting period for the restricted stock is defined as the period from 24 months after the initial grant date to the last trading day within 36 months from the grant date, with a vesting ratio of 50% of the total granted restricted stock [8][9]. - The vesting conditions have been met, including no adverse audit opinions and compliance with performance targets, such as achieving a net profit of at least RMB 2.44 billion over two years [9][10]. Group 3: Cancellation of Restricted Stocks - A total of 86,300 shares of restricted stock have been canceled due to the departure of one individual and performance results of three individuals, which did not meet the required performance criteria [12]. - The cancellation aligns with the provisions of the stock incentive plan and has been duly approved by the company's board [11][12]. Group 4: Legal Compliance - The adjustments and actions taken regarding the stock incentive plan are in accordance with the Company Law, Securities Law, and relevant regulations, ensuring that all necessary approvals have been obtained [6][12].

Core Viewpoint - The company has decided to cancel a portion of the 2023 restricted stock incentive plan, specifically 86,300 shares that were granted but not yet vested, due to reasons including employee departures and performance issues [1][6][7]. Decision Process and Disclosure - The company held a board meeting on August 20, 2025, where the decision to cancel the shares was approved, following the procedures outlined in the incentive plan draft and authorized by the shareholders [1][4]. - Prior meetings included discussions and approvals regarding the incentive plan and its management, with independent directors providing their consent [2][3][5]. Reasons for Cancellation - The cancellation of shares was due to one employee leaving the company and another retiring, resulting in 70,000 shares being rendered non-vested [6]. - Additionally, three employees did not meet performance standards, leading to the cancellation of 16,300 shares based on their performance evaluations [6]. Impact on the Company - The cancellation of these shares is not expected to have a significant impact on the company's financial status or operational results, and it does not harm the interests of the company or its shareholders [7]. Committee Opinions - The Board's Compensation and Assessment Committee agreed that the cancellation aligns with relevant laws and regulations, confirming that the process was legal and did not harm shareholder interests [7][8]. Legal Opinion - The legal firm involved confirmed that all necessary approvals for the adjustments and cancellations have been obtained, and the actions taken are in compliance with applicable laws and the company's regulations [8].

Core Points - The company has announced that the second vesting period of its 2023 restricted stock incentive plan has met the vesting conditions, allowing 404.22 million shares to vest for 118 eligible participants [1][14][15] Summary by Sections Incentive Plan Overview - The total number of shares to be granted under the incentive plan is 404.22 million, which represents 2.22% of the company's total share capital of 4,160 million shares [1][14] - The vesting arrangement includes two periods, with 50% of the shares vesting in each period [1][11] Performance Assessment Criteria - The performance assessment for the first vesting period requires either a revenue of no less than 1.2 billion yuan or a net profit of no less than 75 million yuan for the year 2023 [1][11] - For the second vesting period, the cumulative revenue must be no less than 2.5 billion yuan or the cumulative net profit must be no less than 165 million yuan over the two years from 2023 to 2024 [2][11] Vesting Conditions - The vesting conditions have been confirmed as met, with no adverse audit opinions or violations of regulations affecting the company or the participants [12][15] - The vesting price has been adjusted from 3.45 yuan to 3.10 yuan per share due to the completion of the company's annual profit distribution [1][15] Handling of Non-Vested Shares - A total of 86,300 shares will be canceled due to participants no longer qualifying for the incentive plan, including one participant who left the company and one who retired [14][15] Legal and Compliance - The board and the supervisory committee have confirmed that the vesting conditions and the handling of shares comply with relevant laws and regulations [15][20]

Core Viewpoint - Hanghua Ink Co., Ltd. reported a revenue of 571 million yuan and a net profit of 46.51 million yuan for the first half of 2025, highlighting its focus on environmentally friendly ink and functional materials [2] Group 1: Company Overview - Hanghua Ink specializes in the research, production, and sales of energy-saving and environmentally friendly inks, as well as electronic chemical materials, serving various industries including food and beverage, pharmaceuticals, and packaging [2] - The company is recognized as a high-tech enterprise with leading production scale, technology level, and product quality in the domestic industry, making it one of the most competitive and influential brands in the printing materials sector [2] - In the first half of the year, the company invested 24.34 million yuan in R&D, accounting for 4.26% of its revenue, demonstrating its commitment to innovation [2] Group 2: Strategic Acquisition - Hanghua Ink completed a controlling acquisition of Zhejiang Dick Donghua Fine Chemical Co., Ltd. in the reporting period, integrating it into its consolidated financial statements from May [3] - This acquisition represents a strategic move to extend its product offerings from traditional inks to electronic chemical materials, particularly focusing on the domestic production of color photoresist color paste, which is crucial for the display manufacturing sector [3] - The color photoresist color paste produced by Zhejiang Dick is a key raw material for color photoresists, essential for manufacturing color filters in LCDs, indicating a growing market demand driven by advancements in consumer electronics and display technologies [3] Group 3: Product Development and Market Outlook - Zhejiang Dick is actively collaborating with leading domestic manufacturers of color photoresists to refine the performance of red pigment dispersions and is testing various color dispersions for market readiness [4] - The company is optimizing its production processes to enhance the stability of mass production and is exploring improvements in the brightness of display colors through raw material research [4] - Despite facing international environmental challenges, Zhejiang Dick remains optimistic about future collaborations with top domestic enterprises in the display industry [4]

Group 1 - The company reported a revenue of 571,072,280.70 yuan for the first half of 2025, representing a year-on-year decrease of 3.00% [2] - The net profit attributable to shareholders of the listed company was 46,505,600.56 yuan, showing a year-on-year decline of 22.38% [2]

Core Insights - The company, Hanghua Co., Ltd. (688571.SH), reported a total operating revenue of 571 million yuan for the first half of 2025, a decrease of 17.63 million yuan compared to the same period last year, representing a year-on-year decline of 3.00% [1] - The net profit attributable to shareholders was 46.51 million yuan, down by 13.41 million yuan from the previous year, reflecting a year-on-year decrease of 22.38% [1] - The net cash inflow from operating activities was 96.65 million yuan, an increase of 15.76 million yuan year-on-year, marking a 19.49% rise and achieving five consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio stands at 20.38%, a decrease of 0.66 percentage points from the previous quarter, but an increase of 0.33 percentage points compared to the same period last year [3] - The latest gross profit margin is 24.59%, which is an increase of 0.45 percentage points from the previous quarter, but a decrease of 1.45 percentage points year-on-year [3] - The return on equity (ROE) is 2.97%, down by 1.17 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.11 yuan, a decrease of 0.04 yuan year-on-year, reflecting a decline of 26.67% [3] - The total asset turnover ratio is 0.28 times, a decrease of 0.03 times compared to the same period last year, representing a year-on-year decline of 10.52% [3] - The inventory turnover ratio is 2.40 times, down by 0.34 times year-on-year, indicating a decline of 12.51% [3] Shareholder Structure - The number of shareholders is 8,419, with the top ten shareholders holding a total of 298 million shares, accounting for 70.97% of the total share capital [3] - The largest shareholder is Hangzhou Industrial Investment Group Co., Ltd., holding 37.13% of the shares [3] - The second-largest shareholder is T&K TOKA Co., Ltd., with a holding of 29.61% [3]

Core Points - The company has reported on the status of its fundraising and usage of funds for the first half of 2025, confirming compliance with relevant regulations and proper management of the funds [1][18][19] Fundraising Overview - The company raised a total of RMB 426.40 million by issuing 80 million shares at RMB 5.33 per share, with a net amount of RMB 367.46 million after deducting issuance costs of RMB 58.94 million [1] - The funds were fully received by December 4, 2020, and verified by Tianjian Accounting Firm [1] Fund Usage and Balance - As of June 30, 2025, the company has utilized RMB 182.93 million of the raised funds, with RMB 21.91 million remaining in the special account [2] - The company has not used any idle funds to temporarily supplement working capital or replace prior investments [6][7] Fund Management - The company has established a management system for the use of raised funds, ensuring they are stored in a dedicated bank account and used according to regulations [3][4] - The funds are subject to three-party and four-party supervision agreements with banks and subsidiaries to ensure compliance [4] Fund Investment Projects - No abnormal situations have occurred regarding the investment projects funded by the raised capital, and the new materials research center project is expected to enhance the company's R&D capabilities without directly generating economic benefits [6][9] - The company has not changed the use of fundraising investment projects as of June 30, 2025 [9] Board Meeting Resolutions - The board of directors approved the adjustment of the stock incentive plan's grant price from RMB 3.30 to RMB 3.10 per share [13] - The board also approved the cancellation of 86,300 shares of restricted stock due to changes in the eligibility of certain incentive targets [14] - The board confirmed the compliance of the fundraising report with relevant regulations and approved the report for the first half of 2025 [18][19]

Group 1 - The latest stock price of Hanghua Co., Ltd. is 9.07 yuan, up 1.11% from the previous trading day, with a trading volume of 47,184 hands and a transaction amount of 0.43 billion yuan [1] - Hanghua Co., Ltd. specializes in the research and production of UV inks, offset inks, liquid inks, digital printing inks, and functional materials, covering various fields including electronic chemical materials and specialty chemicals [1] - The company announced the approval of several proposals, including the adjustment of the grant price for the 2023 restricted stock incentive plan, during its board meetings on August 20 [1] Group 2 - For the first half of 2025, Hanghua Co., Ltd. reported a revenue of 571 million yuan, a year-on-year decrease of 3.00%, and a net profit attributable to shareholders of 46.51 million yuan, down 22.38% year-on-year [1] - The net cash flow from operating activities for the first half of 2025 was 96.65 million yuan, an increase of 19.49% year-on-year [1] - On September 3, the company plans to hold a semi-annual performance briefing for 2025 [1] Group 3 - On August 20, the net inflow of main funds was 94,200 yuan, while the net outflow over the past five days was 1.82 million yuan [2]