Core Insights - The company reported a revenue of 2.436 billion yuan for the first half of 2025, representing a year-on-year decrease of 0.67% [1] - The net profit attributable to shareholders of the listed company was 21.3756 million yuan, showing a significant year-on-year increase of 111.08% [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 4.6646 million yuan [1] - The basic earnings per share were 0.02 yuan [1]

河南恒星科技股份有限公司 2025 年半年度报告 河南恒星科技股份有限公司 2025 年半年度报告 证券简称：恒星科技 证券代码：002132 2025 年 08 月 河南恒星科技股份有限公司 2025 年半年度报告 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。 公司负责人谢晓博、主管会计工作负责人张新芳及会计机构负责人周瑞 娟声明：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。 | 第一节 | 重要提示、目录和释义 1 | | --- | --- | | 第二节 | 公司简介和主要财务指标 5 | | 第三节 | 管理层讨论与分析 7 | | 第四节 | 公司治理、环境和社会 20 | | 第五节 | 重要事项 24 | | 第六节 | 股份变动及股东情况 40 | | 第七节 | 债券相关情况 45 | | 第八节 | 财务报告 46 | | 第九节 | 其他报送数据 182 | 公司已在本报告的"第三节管理层讨论与分析 ...

Core Insights - The digital transformation in higher education presents new opportunities and challenges for talent cultivation and educational reform [1] - Qingdao Hengtian Technology College actively responds to the national digital education strategy, leveraging the new technological revolution and industrial transformation to enhance educational digitalization [1][9] Digital Economy and Professional Development - The college has identified trends in the digital economy and systematically upgraded its academic programs, introducing new majors such as Digital Humanities, Data Science, Smart Agriculture, and Intelligent Equipment [1] - A digital professional matrix has been established to support emerging regional industries, focusing on "Digital+" professional clusters [1] Course Resource Development - The college has launched the "Double Hundred Project" for digital teaching resources, developing nearly 1,000 AI courses and over 360 digital projects [2] - Collaborations with major platforms have resulted in the co-creation of over 100 online open courses, ensuring high-quality course standards [2] Teaching Reform and Digital Infrastructure - Significant investments have been made in digital technologies and innovative tools, leading to the establishment of a modern teaching environment with smart classrooms and comprehensive teaching spaces [4] - The college has developed a multifunctional digital teaching system, the Hengtian Capability Certification Platform, which offers various learning scenarios and integrates VR and simulation technologies [5] Student Satisfaction and Course Quality - The student satisfaction rate for digital courses has reached 96.7%, with a significant increase in blended courses from 60% to 90% [3] - The college has received recognition as a "Demonstration School for Smart Education" in Shandong Province [6] Employment Services and Innovation - A VR big data talent assessment center has been established, integrating VR and big data analysis to provide immersive career capability evaluations for students [8] - The center has been recognized as a "Shandong Province College Student Employment and Entrepreneurship Empowerment Center" and has successfully implemented several national and provincial projects [8] Strategic Integration and Development - The college's strategic focus on "Digital+" professional clusters and innovative teaching methods has significantly enhanced the quality of talent cultivation [9] - The integration of academic disciplines, educational practices, and employment innovation has effectively promoted the digital transformation of talent training models [9]

Core Viewpoint - 恒星科技's 2020 half-year report shows a decline in revenue and net profit due to the impact of COVID-19, but the company is focusing on market expansion and management improvement to mitigate these effects [1][2] Financial Performance - The company achieved operating revenue of 1.302 billion yuan, a year-on-year decrease of 20.2% [1] - Net profit attributable to shareholders was 44 million yuan, down 14.52% year-on-year [1] - Non-recurring net profit was 31 million yuan, an increase of 1.58% year-on-year [1] Business Strategy - The company emphasizes a strategy of "expanding markets, strengthening management, creating advantages, and showcasing the brand" [1] - Focus on "quality, cost, and market" as the main operational subjects [1] - The company is taking measures to promote resumption of work and production while ensuring pandemic prevention [1] Metal Products Business - The metal products segment showed stable growth, benefiting from new infrastructure policies and expanding investment [2] - The gross profit margin for metal products was 16.21% [1] - Revenue contributions from key products: prestressed steel strands (32.19%) and galvanized steel strands (22.78%), with respective gross profit margins of 15.64% and 25.24%, both improved from the previous year [1] New Project Development - The company is constructing a high-performance organic silicon polymer project with an annual production capacity of 120,000 tons, with a total investment of 2.107 billion yuan [2] - Expected annual sales after project completion are 2.031 billion yuan, with an investment profit margin of 20.28% [2] - The expansion into the organic silicon sector is aimed at supporting growth after the metal products segment reaches a certain level [2] Competitive Advantage - 中泰证券 highlights 恒星科技's competitive advantages in the galvanized wire and steel strand sectors [2] - The company aims to consolidate its position in the metal products business while actively developing the chemical new materials sector for diversified growth [2]

Group 1 - The latest stock price of Xingxing Technology is 3.86 yuan, with an increase of 0.01 yuan compared to the previous trading day. The trading range during the day was between 3.82 yuan and 3.86 yuan, with a total transaction volume of 1.10 billion yuan and a turnover rate of 2.05% [1] - The company's main business covers the metal products manufacturing sector, with key products including galvanized steel wire, galvanized steel strand, and prestressed steel strand. These products are widely used in power transmission and infrastructure construction, serving major state-owned enterprises such as State Grid, China Railway, and China State Construction [1] - Recently, the company responded to investors on an interactive platform, stating that its products can be applied in ultra-high voltage power grids and renewable energy generation projects. Additionally, regarding the exploration progress of the Longshan Gold Mine, the company indicated that it has commissioned a third-party organization to conduct detailed inspections, and the related work is currently in progress [1]

Group 1 - The company has commissioned a third party to conduct a detailed survey of the Longtanshan gold mine, and this work is currently in progress [2] - Investors are inquiring about the exploration progress of the Longtanshan gold mine and its potential value creation if the ore grade is high and production capacity is maximized [2]

Core Viewpoint - The company, Hengxing Technology, produces products that are applicable in ultra-high voltage power grids, large hydropower stations, nuclear power plants, offshore wind power generation, and various new energy photovoltaic projects. Their clients include major enterprises such as State Grid, China Railway, and China Construction [2]. Group 1 - The company's products include galvanized steel wire, galvanized steel strand, and prestressed steel strand [2]. - The company has established relationships with large state-owned enterprises, indicating a strong market position [2].

Core Viewpoint - The company, Hengxing Technology, focuses on the production of prestressed steel strands, which are primarily used in key infrastructure projects such as highways, high-speed railways, intercity rail transit, bridges, dams, and wind turbine towers [1] Group 1: Company Operations - The company actively monitors the progress of national key strategic projects and continuously tracks market developments related to its business [1] - Hengxing Technology has participated in various railway construction projects, including those in Sichuan-Tibet, Shixiong, Xiongshan, Xiongxin, HeWu, HuNing, WeiSu, JiZao, RuiMei, ShenJiang, and PingLuo [1]

金融界消息 截至2025年7月31日收盘，恒星科技（002132）报收于3.71元，下跌2.37%，换手率2.99%， 成交量41.88万手，成交金额1.57亿元。 资金流向方面，今日主力资金净流出2867.70万元，占比成交额18.32%。其中，超大单净流出1489.80万 元、占成交额9.52%，大单净流出1377.90万元、占成交额8.8%，中单净流出流入728.63万元、占成交额 4.65%，小单净流入2139.07万元、占成交额13.66%。 天眼查商业履历信息显示，河南恒星科技股份有限公司，成立于1995年，位于郑州市，是一家以从事金 属制品业为主的企业。企业注册资本140154.4698万人民币，实缴资本12207.8万人民币。公司法定代表 人为谢晓博。 通过天眼查大数据分析，河南恒星科技股份有限公司共对外投资了21家企业，参与招投标项目189次， 知识产权方面有商标信息23条，专利信息262条，此外企业还拥有行政许可126个。 来源：金融界 恒星科技最新一期业绩显示，截至2025一季报，公司营业总收入11.17亿元、同比减少0.83%，归属净利 润567.00万元，同比增长390.50%，扣非 ...

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.