恒天海龙股份有限公司 2025 年半年度报告全文 恒天海龙股份有限公司 2025 年半年度报告 2025 年 8 月 1 恒天海龙股份有限公司 2025 年半年度报告全文 2 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人姜大广、主管会计工作负责人季长彬及会计机构负责人(会计 主管人员)季长彬声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 在本报告"第三节 管理层讨论与分析"中"十、公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资 者关注相关内容，注意投资风险。 2024 年 11 月，安丘市人民法院受理了潍坊市国恒产业发展集团有限公司 诉恒天海龙损害公司利益责任纠纷案件，起诉金额约 33,881 万元。 2025 年 5 月 15 日，公司披露了上述事项的一审判决的情况，要求公司偿 还第三人博莱特欠款 2.48 亿元及资金占用利息，公司已对上述事项进行上诉。 截至报告 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688722 | 同益中 | 23.35 | 4.24% | 13.09万 | 3.07亿 | | 000677 | 恒大海龙 | 5.69 | 2.89% | 63.31万 | 3.61亿 | | 002427 | 尤夫股份 | 7.63 | 0.66% | 37.88万 | 2.89亿 | | 603225 | 新凤鸣 | 12.76 | 0.39% | 6 9.59万 | 1.22亿 | | 000420 | 吉林化纤 | 4.12 | -0.72% | 89.55万 | 3.71亿 | | 300876 | 蒙泰高新 | 29.80 | -0.73% | 1.34万 | 3989.62万 | | 000949 | 新乡化纤 | 3.96 | -1.25% | 37.30万 | 1.49亿 | | 600063 | 皖维高新 | 5.19 | -1.33% | 31.76万 | 1.66亿 | | 002998 | 优彩资源 | 8.40 | ...

Group 1 - The company, Hengtian Hailong (000677.SZ), has not participated in the drone logistics transportation in Hainan as of August 8 [2]

Core Viewpoint - The chemical fiber sector experienced a slight increase of 0.49% on August 4, with Youcai Resources leading the gains. The Shanghai Composite Index rose by 0.66% to close at 3583.31, while the Shenzhen Component Index increased by 0.46% to 11041.56 [1]. Group 1: Market Performance - The closing prices and percentage changes of key stocks in the chemical fiber sector are as follows: - Youcai Resources (002998) closed at 7.91, up 4.08% with a trading volume of 154,100 shares and a turnover of 121 million yuan - Tongyi Zhong (688722) closed at 21.73, up 3.62% with a trading volume of 72,000 shares and a turnover of 154 million yuan - Suzhou Longjie (603332) closed at 14.35, up 3.24% with a trading volume of 99,000 shares and a turnover of 141 million yuan - Nanjing Chemical Fiber (600889) closed at 15.36, up 2.61% with a trading volume of 85,300 shares and a turnover of 129 million yuan - Shenma Co., Ltd. (600810) closed at 9.23, up 2.10% with a trading volume of 122,800 shares and a turnover of 113 million yuan - Hengtian Hailong (000677) closed at 5.46, up 2.06% with a trading volume of 229,800 shares and a turnover of 125 million yuan - Taihe New Materials (002254) closed at 10.83, up 1.98% with a trading volume of 140,200 shares and a turnover of 151 million yuan - Zhongfu Shenying (688295) closed at 21.91, up 1.53% with a trading volume of 28,700 shares and a turnover of 62.32 million yuan - Montai High-tech (300876) closed at 29.29, up 1.35% with a trading volume of 12,200 shares and a turnover of 35.46 million yuan - Hailide (002206) closed at 5.68, up 1.25% with a trading volume of 219,600 shares and a turnover of 123 million yuan [1]. Group 2: Fund Flow Analysis - On the same day, the chemical fiber sector saw a net outflow of 45.84 million yuan from institutional funds, while retail funds experienced a net inflow of 31.19 million yuan and 14.65 million yuan respectively [3].

Core Viewpoint - The demand for regenerated cellulose fibers is increasing due to rising environmental awareness and government policies, leading to expanded production and market opportunities in the industry [1][13]. Industry Overview - Regenerated cellulose fibers are made from natural cellulose sources without altering their chemical structure, resulting in improved physical properties such as moisture absorption and breathability compared to cotton [3][5]. - The production of regenerated cellulose fibers in China is projected to reach 5.155 million tons in 2024, representing a year-on-year increase of 7.5% [1][13]. - The main categories of regenerated cellulose fibers include viscose fibers and differentiated fibers, with viscose fibers dominating the market, expected to reach 4.435 million tons in 2024, accounting for 86% of the total production [14]. Industry Chain - The industry chain encompasses the procurement of raw materials like cotton, hemp, bamboo, and trees, leading to applications in clothing and home textiles [9][11]. - Regenerated cellulose fibers are widely used in clothing due to their breathability and moisture absorption, as well as in home textiles like towels and curtains [9]. Competitive Landscape - Leading companies in the regenerated cellulose fiber industry include Xinjiang Zhongtai Chemical Co., Ltd., Nanjing Chemical Fiber Co., Ltd., and New乡化纤股份有限公司, which leverage technology and brand strength to maintain market share [16][17]. - Smaller and medium-sized enterprises are also emerging, focusing on technological upgrades and niche market development [16]. Development Trends - The industry is expected to undergo intelligent upgrades, with technologies like vortex spinning enhancing production efficiency and product quality [21]. - Market demand for regenerated cellulose fibers is anticipated to grow across various sectors, including apparel, home textiles, and medical applications, driven by increasing environmental consciousness [22]. - There is a trend towards product diversification, with companies developing functional fibers to meet specific consumer needs, such as temperature-regulating and antibacterial properties [24].

Group 1 - The core point of the article highlights the stock performance of Hengtian Hailong, which closed at 5.34 yuan on July 31, down 0.24 yuan or 4.3% from the previous trading day [1] - The trading volume on that day was 339,185 hands, with a transaction amount of 184 million yuan, resulting in a turnover rate of 3.93% [1] - Hengtian Hailong's main business involves the research, production, and sales of chemical fiber products, primarily used in textiles and industrial textiles [1] Group 2 - On the morning of July 31, Hengtian Hailong experienced a quick rebound, reaching a price of 5.58 yuan at 9:39 AM, with an increase of over 2% within 5 minutes and a transaction amount of 17.34 million yuan [1] - However, the stock price subsequently fluctuated and declined, ultimately closing at 5.34 yuan [1]

Market Overview - The Shanghai Composite Index rose by 0.32% on July 4, with 13 out of the 28 sectors experiencing gains, led by the banking and media sectors, which increased by 1.84% and 0.91% respectively [1] - The sectors that saw the largest declines were beauty care and non-ferrous metals, with decreases of 1.87% and 1.60% respectively [1] - The basic chemical industry ranked third in terms of decline today [1] Capital Flow Analysis - The net outflow of capital from the two markets was 21.74 billion yuan, with 8 sectors experiencing net inflows [1] - The computer industry had the largest net inflow of capital, totaling 2.81 billion yuan, despite a slight decline of 0.05% in its stock price [1] - The banking sector also saw a net inflow of 758 million yuan, with a daily increase of 1.84% [1] Basic Chemical Industry Performance - The basic chemical industry fell by 1.22%, with a total net outflow of 2.174 billion yuan [2] - Out of 401 stocks in this sector, 41 stocks rose, and 354 stocks fell, with 4 stocks hitting the daily limit down [2] - The top three stocks with the highest net inflow in the basic chemical sector were Huafeng Super Fiber (1.62 billion yuan), Dongcai Technology (1.39 billion yuan), and Limin Co., Ltd. (1.24 billion yuan) [2] Basic Chemical Industry Capital Inflow and Outflow - The top stocks with capital inflow included: - Huafeng Super Fiber: +1.83%, 16.59% turnover, 161.85 million yuan inflow - Dongcai Technology: +10.01%, 11.12% turnover, 138.64 million yuan inflow - Limin Co., Ltd.: +5.83%, 22.57% turnover, 124.30 million yuan inflow [2][3] - The top stocks with capital outflow included: - Dazhongnan: +2.55%, 38.91% turnover, -195.83 million yuan outflow - Wanhua Chemical: -0.86%, 0.72% turnover, -137.99 million yuan outflow - Yanhai Co., Ltd.: -2.43%, 0.88% turnover, -98.39 million yuan outflow [3]

Market Overview - The Shanghai Composite Index closed at 3444.43 points, above the five-day moving average, with a gain of 0.59% [1] - The total trading volume of A-shares reached 1,517.37 billion yuan [1] Stocks Performance - A total of 664 A-shares have surpassed the five-day moving average, indicating positive momentum [1] - Notable stocks with significant deviation rates include: - Morningstar Airlines (15.14%) - Xiangyu Medical (14.86%) - Qifeng Precision (13.27%) [1][2] - Stocks with smaller deviation rates that just crossed the five-day moving average include: - China Duty Free Group - Shanghai Yizhong - Shanjin International [1] Top Stocks by Deviation Rate - The following stocks had the highest deviation rates from the five-day moving average: - Morningstar Airlines: 19.99% increase, 15.14% deviation [2] - Xiangyu Medical: 20.01% increase, 14.86% deviation [2] - Qifeng Precision: 17.25% increase, 13.27% deviation [2] - Other notable stocks include: - Lianjian Optoelectronics: 19.92% increase, 10.74% deviation [2] - Songsheng Co.: 13.73% increase, 10.55% deviation [2]

Group 1: Industry Performance - The petrochemical and chemical indices showed nearly all positive performance last week, with the chemical raw materials index rising by 2.17%, the chemical machinery index increasing by 1.28%, the chemical pharmaceuticals index up by 0.45%, and the pesticide and fertilizer index climbing by 3.93% [1] - In the oil sector, the oil processing index decreased by 0.34%, while the oil extraction index rose by 2.37% and the oil trading index increased by 0.37% [1] Group 2: Commodity Prices - International crude oil prices experienced an overall increase due to multiple favorable factors, with WTI crude oil futures settling at $64.58 per barrel, up 6.23% from May 30, and Brent crude oil futures settling at $66.47 per barrel, up 4.02% from May 30 [1] - The top five petrochemical products with the highest price increases included liquid chlorine up by 11.83%, US light crude oil up by 6.23%, hydrochloric acid up by 4.62%, Brent crude oil up by 4.02%, and acrylic acid ester up by 2.48% [1] - The top five petrochemical products with the largest price declines included high hydrogen silicone oil down by 11.11%, vitamin E down by 8.51%, adipic acid down by 7.50%, organic silicon D4 down by 7.41%, and 2% biotin down by 6.90% [1] Group 3: Capital Market Performance - In the capital market, the top five listed chemical companies in terms of stock price increase were Lianhua Technology up by 39.13%, *ST Dazhi up by 28.99%, Zhongyida up by 22.51%, Suli Co. up by 21.56%, and Weike Technology up by 19.86% [2] - The bottom five listed chemical companies in terms of stock price decline were Hengtian Hailong down by 15.91%, Suzhou Longjie down by 12.58%, Wanlang Magnetic Plastic down by 8.66%, Suqian Liansheng down by 8.31%, and Lafang Cosmetics down by 8.06% [2]

Summary of Key Points Core Viewpoint - The company has approved a guarantee for its wholly-owned subsidiary, Beijing Duofeihailong Energy Technology Co., Ltd., to support its funding needs for 2025, which is expected to enhance resource allocation and decision-making efficiency [2][4]. Group 1: Guarantee Overview - The company held meetings on April 24, June 6, and the annual shareholders' meeting on June 10, 2025, to approve the guarantee proposal for the subsidiary [2]. - The guarantee provided is a joint liability guarantee with a maximum amount of RMB 30 million [4]. Group 2: Subsidiary Information - Beijing Duofeihailong Energy Technology Co., Ltd. was established on March 22, 2023, with a registered capital of RMB 15 million [2]. - The subsidiary's business scope includes technology services, sales of various products, and is not engaged in prohibited activities [2]. Group 3: Financial Data and Risk Assessment - Prior to this guarantee, the company had no external guarantees, and after this guarantee, the total external guarantee amount is RMB 30 million, which represents 59.40% of the company's latest audited net assets attributable to shareholders [5]. - The board assessed the subsidiary's asset quality, operational status, industry outlook, repayment ability, and credit status, concluding that the guarantee risk is manageable [4].