Summary of the Conference Call for 恒星科技 Company Overview - **Company**: 恒星科技 (Hengxing Technology) - **Industry**: Metal Products and Chemical Industry Key Points Metal Products Segment - The metal products segment experienced stable growth, with sales reaching **685,000 tons** in 2024, a year-on-year increase of over **20%**. This growth is primarily driven by demand from **grid construction** and **onshore wind tower** projects. The sales of **prestressed steel strands** increased significantly by nearly **40%**, contributing to major performance growth [2][20]. - Prestressed steel strands are widely used in infrastructure projects such as **highways**, **high-speed rail**, **bridges**, and **dams**. The company successfully expanded into new applications in wind tower construction, with clients including major state-owned enterprises like **China Railway** and **China Construction Fourth Engineering Division** [2][7]. - The galvanized steel wire and strands have been produced since **1995** and have shown good market performance, significantly contributing to the company's revenue [2][5]. Organic Silicon Business - The organic silicon segment is facing challenges due to poor industry profitability, resulting in losses for **2023** and **2024**. However, a turnaround is expected in the fourth quarter of **2024** following technical upgrades, with profitability anticipated to continue into the first quarter of **2025** [2][9]. - The company has over **200,000 tons** of organic silicon production capacity and plans to gradually increase high-value-added products, with expectations for **150,000 tons** of ring body and over **250,000 tons** of monomer capacity [2][13][14]. - The fire incident at **Dongyue Silicon Material** has created short-term market support, benefiting 恒星科技 [2][10]. Strategic Developments - 恒星科技 is actively expanding its overseas market, with a **150,000-ton** prestressed steel strand capacity project in **Vietnam**, expected to contribute to performance starting in **2025**, with major contributions anticipated in **2026**. The total investment for this project is capped at **$10 million** [3][27]. - The company has obtained mining rights for a gold mine in **Chifeng** and is currently conducting exploration. If reserves are favorable, development may begin by the end of **2025** or early **2026** [3][37]. Financial Performance and Market Conditions - The galvanized steel wire and strands are primarily used in power cables and high-voltage projects, maintaining stable market performance. The company’s clients include major cable manufacturers [3][5]. - The company’s **diamond wire** business has faced significant margin pressure due to the photovoltaic industry’s downturn, leading to losses of approximately **30-40 million yuan** in **2024**. However, a shift towards tungsten wire is expected to improve profitability [3][28]. - The overall chemical industry has been struggling with profitability, with 恒星科技's organic silicon segment expected to recover post-technical upgrades [2][9][10]. Competitive Landscape - The metal products market is competitive, with various players specializing in different segments. For instance, competitors in the prestressed steel strand market include **Yinlong Co.** and **Guisheng**, each with unique advantages in specific applications [3][21]. - The company’s internal structure within the metal products segment is relatively stable, with galvanized steel wire, galvanized steel strands, and prestressed steel strands each contributing approximately one-third of total revenue [3][19]. Future Outlook - 恒星科技 plans to focus on stabilizing its metal products segment while enhancing efficiency and reducing costs. The chemical segment will aim to extend downstream and develop higher value-added products [3][36]. - The company does not have significant capital expenditure plans currently, focusing instead on maximizing the efficiency of existing projects [3][31]. Raw Material and Supply Chain Management - 恒星科技 procures approximately **900,000 tons** of steel annually, maintaining inventory levels of **7 days** in summer and **10-15 days** in winter. The company mitigates the impact of steel price fluctuations through bulk purchasing and negotiations with suppliers [3][29]. Customer Payment and Credit Risk - The chemical segment primarily operates on a prepayment basis, while the metal products segment typically has a **2-3 month** payment cycle. Overall, customer credit risk is considered to be within normal ranges [3][30]. This summary encapsulates the key insights and developments from the conference call, providing a comprehensive overview of 恒星科技's current status and future strategies.

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Investment Rating - The report maintains a "Recommended" rating for the organic silicon industry, indicating a positive outlook for the sector [1]. Core Insights - Dow Chemical plans to close its basic siloxane plant in Barry, UK, by mid-2026 as part of its European asset optimization strategy, which will reduce siloxane production capacity by 145,000 tons per year, representing nearly one-third of Europe's total capacity [5]. - The closure is expected to enhance the pricing of organic silicon materials and improve the industry's overall profitability, while also creating significant opportunities for Chinese exporters to fill the supply gap left by the European exit [5]. - The report highlights a steady increase in industrial silicon prices, which supports the upward trend in organic silicon prices, with the average market price reaching 8,881 CNY per ton as of July 10, 2025, up 245 CNY from June 11, 2025 [6][7]. Summary by Sections Recent Trends - The organic silicon industry has shown a positive performance relative to the basic chemical sector and the CSI 300 index over the past year, with a 12-month increase of 17.4% for basic chemicals and 15.8% for CSI 300 [3]. Investment Highlights - The anticipated exit of major overseas producers from the market is expected to enhance the industry's outlook, with a notable increase in demand for organic silicon intermediates, which saw a 5.77% year-on-year increase in exports from China in the first five months of 2025 [5]. - The report emphasizes the importance of monitoring companies with organic silicon intermediate DMC production capacity, such as Xingfa Group, Luxi Chemical, Dongyue Silicon Materials, and others [8]. Key Companies and Earnings Forecast - The report provides earnings per share (EPS) forecasts for several key companies, indicating a positive growth trajectory for firms like Hoshine Silicon Industry and Xingfa Group, with projected EPS of 1.72 and 1.85 for 2025, respectively [8].

Core Viewpoint - The company has announced its 2024 profit distribution plan, which includes a cash dividend of RMB 0.50 per 10 shares for all shareholders, with no bonus shares issued and no capital reserve conversion into share capital [1][2][3]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual general meeting held on May 28, 2025, with a total share capital of 1,401,544,698 shares, from which 73,545,296 shares that have been repurchased are excluded [1][2]. - The cash dividend will be distributed at a rate of RMB 0.50 per 10 shares, and the total cash dividend amount is calculated to be RMB 66,399,970.10 based on the actual participating shares [3][4]. Shareholder Rights and Ex-Dividend Price - Shares that are repurchased do not participate in the profit distribution, and the ex-dividend price will be adjusted based on the closing price on the registration date minus the cash dividend per share of RMB 0.0473762 [3][4]. - The ex-dividend date is set for June 30, 2025, following the registration date of June 27, 2025 [6]. Distribution Method - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the close of trading on June 27, 2025 [6]. - The company will not withhold individual income tax for certain shareholders, with tax rates varying based on the holding period of the shares [4].

河南恒星科技股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、河南恒星科技股份有限公司（以下简称"公司"）经第七届董事会第三十四次会议 和 2024 年度股东大会审议通过的 2024 年度利润分配方案为：以公司实施权益分派股权登记 日登记的总股本 1,401,544,698 股为基数，扣除公司已累计回购股份 73,545,296 股后的股 份数，向全体股东每 10 股派人民币 0.50 元（含税），送红股 0 股，不以公积金转增股本。 如本方案经公司股东大会审议通过后至实施权益分派的股权登记日前因股份回购等事项导 致公司可参与分配股本发生变动的，保持"分配比例"不变的原则调整相应分配总额。 证券代码：002132 证券简称：恒星科技 公告编号：2025023 2、按公司总股本折算的每股现金分红比例=分红总额/总股本，据此计算的证券除权除 息参考价=股权登记日收盘价-按公司总股本折算的每股现金分红比例=公司 2025 年 6 月 27 日收盘价-0.0473762 元。 一、股东大会审议通过分配方案等情 ...

证券代码：002132 证券简称：恒星科技 公告编号：2025022 河南恒星科技股份有限公司 关于控股股东办理股票质押及解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 河南恒星科技股份有限公司（以下简称"公司"或"恒星科技"）日前收到控 股股东谢保军先生办理股票质押及解除质押的文件，现将有关事项公告如下： 一、股东股票质押及解除质押基本情况 3、股东股份累计质押情况 1、本次股票质押情况 | | | | | | | | | | | 单位：万股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股 | 是否为控股 | | | | 是否 | 是否 | | | | 质 | | 东 | 股东或第一 | 本次质 | 占其所持 | 占公司总 | 为限 | 为补 | 质押起 | 质押到 | 质权人 | 押 | | 名 | 大股东及其 | 押数量 | 股份比例 | 股本比例 | | 充质 | 始日 | 期日 | | 用 | | 称 | 一致行动人 | | | | 售 ...

证券代码：002132 证券简称：恒星科技 公告编号：2025021 河南恒星科技股份有限公司 关于控股股东办理股票质押及解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 河南恒星科技股份有限公司（以下简称"公司"或"恒星科技"）日前收到控 股股东谢保军先生办理股票质押及解除质押的文件，现将有关事项公告如下： 一、股东股票质押及解除质押基本情况 1、本次股票质押情况 | | | | | | | | | | | 单位：万股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股 | 是否为控股 | | | | 是否 | 是否 | | | | 质 | | 东 | 股东或第一 | 本次质 | 占其所持 | 占公司总 | | 为补 | 质押起 | 质押到 | | 押 | | 名 | 大股东及其 | 押数量 | 股份比例 | 股本比例 | 为限 | 充质 | 始日 | 期日 | 质权人 | 用 | | | | | | | 售股 | | | | | | | 称 | 一 ...

Group 1 - The core viewpoint of the article is that Hengstar Technology is accelerating its internationalization strategy by investing in Vietnam to establish a company for a high-performance prestressed steel strand project with an estimated total investment of up to 10 million USD [1] - The investment aims to better explore international markets, respond to overseas customer demands, and enhance the company's competitiveness and market share [1] - Hengstar Technology has shown significant growth in its international market revenue, increasing from 152 million CNY in 2021 to 388 million CNY in 2024, with the revenue share rising from 4.46% to 7.64% [1] Group 2 - The company has emphasized innovation and increased its R&D investment, with expenses rising from 148 million CNY in 2022 to 171 million CNY in 2024, reflecting a total of 472 million CNY over three years [2] - Continuous product development has improved the company's product competitiveness and cost control, leading to a decrease in sales expenses over four consecutive quarters [2] - In the first quarter of 2025, the company's total operating costs were 1.128 billion CNY, a decrease of 0.87% year-on-year, contributing to a net profit of 5.67 million CNY, reversing a loss from the previous year [2]

证券代码：002132 证券简称:恒星科技 公告编号:2025020 河南恒星科技股份有限公司 关于拟在越南设立公司暨建设生产项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示: 1.拟投资项目：年产15万吨高性能预应力钢绞线项目（暂定，最终以主管部门 备案为准） 2.拟投资金额：总投资不超过1,000万美元（含本数，下同），公司将根据市 场需求和业务进展等具体情况逐步实施上述项目，最终投资金额以项目建设实际投 资开支为准。 3.资金来源：公司自有资金和自筹资金 4.相关风险提示：本次对外投资尚需经国内相关部门审批或备案，以及越南当 地投资许可和企业登记等审批程序，能否通过相关审批以及最终通过审批的时间均 存在不确定性；由于影响项目建设的因素较多，公司将根据市场需求和业务进展等 具体情况逐步实施，项目实施存在不确定性；公司可能根据未来实际情况，对本项 目进行适当调整，包括变更项目规模、投资总额、建设期限等。越南的法律法规、 政策体系、商业环境、文化特征等与国内存在一定差异，国际政治形势复杂、国际 贸易争端的发展存在不确定性，项目实施存在一 ...