Group 1: Company Performance - In 2024, the company achieved a revenue of 5.085 billion CNY and a net profit of 13.6075 million CNY [2] - In Q1 2025, the revenue was 1.117 billion CNY, with a net profit of 5.67 million CNY, representing a 390.50% increase compared to the same period last year [2] Group 2: Competitive Advantages - The company possesses independent intellectual property rights and has a cost advantage due to proximity to resources like methanol and hydrochloric acid in the production area [2] - Continuous technological upgrades and market management strategies are being implemented to enhance competitiveness and reduce costs [2] Group 3: Future Growth Prospects - The company is focusing on deepening its development in the metal products and chemical sectors, aiming to improve profitability and brand value [3] - The company has acquired mining rights for the Longtoushan gold mine and is conducting detailed exploration to assess gold resource reserves [3]

Core Viewpoint - The company has shown significant growth in production and sales across its metal products and chemical segments, driven by increased infrastructure investment and improved profitability in the first quarter of 2025 [2][3][4]. Group 1: Company Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking a year-on-year increase of 20.78% and 21.55% respectively [2]. - The company’s organic silicon and related products saw production of 90,500 tons and sales of 86,400 tons, with year-on-year growth of 60.41% and 46.80% respectively, alongside an improvement in gross margin [2]. - For Q1 2025, the company reported a net profit of 5.67 million yuan, a 390.50% increase year-on-year, and a net profit excluding non-recurring gains of 2.32 million yuan, up 50.79% [3]. Group 2: Product Applications - The company’s pre-stressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, dams, urban overpasses, and wind turbine towers [2]. - Galvanized steel wire and strands serve as structural materials for power cables, mainly applied in power cable and ultra-high voltage projects [2]. Group 3: Financial Metrics - The company’s main revenue for Q1 2025 was 1.117 billion yuan, a slight decrease of 0.83% year-on-year, with a debt ratio of 56.05% and financial expenses amounting to 20.75 million yuan [4]. - The company experienced a net inflow of 61.64 million yuan in financing over the past three months, indicating increased investor interest [4].

Company Overview - Henan Hengxing Technology Co., Ltd. was established in 1995, operating in two main sectors: metal products and chemical products [2]. - The metal products segment includes the production and sales of galvanized steel wire, galvanized steel strand, steel cord, prestressed steel strand, and diamond wire, primarily used in power cables, high-voltage projects, automotive tires, and solar energy applications [2]. - The chemical products segment focuses on the production and sales of silicone and related products, serving industries such as construction, electronics, textiles, and pharmaceuticals [2]. 2024 Operational Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking increases of 20.78% and 21.55% year-on-year, respectively [2]. - The production of silicone and related products reached 90,500 tons, with sales of 86,400 tons, reflecting growth rates of 60.41% and 46.80% year-on-year [2]. - Both product revenue and gross margin improved compared to the previous year [2]. Infrastructure Applications - Prestressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, and dams [3]. - Galvanized steel wire and strand serve as essential materials for power cables and high-voltage engineering [3]. Financial Highlights - In Q1 2025, the company achieved a net profit of 5.67 million yuan, a 390.50% increase year-on-year, with a net profit of 2.32 million yuan after deducting non-recurring gains, up by 50.79% [3]. - The improved profitability is attributed to reduced donations and enhanced performance in the chemical segment [3]. Mining Developments - In March 2025, the company's subsidiary, Chifeng Yongjin Mining Co., Ltd., successfully obtained mining rights for the Longtoushan gold mine [3]. - An agreement was signed in early April 2025 for detailed exploration work to assess gold resource reserves [3].

Financial Performance - The company reported total revenue of 1.117 billion yuan for Q1 2025, a decrease of 0.83% year-on-year [1] - The net profit attributable to shareholders was 5.67 million yuan, an increase of 390.5% year-on-year [1] - The gross margin was 8.27%, down 5.3% year-on-year, while the net margin improved to 0.51%, up 392.96% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 61.29 million yuan, accounting for 5.49% of revenue, a decrease of 9.52% year-on-year [1] Balance Sheet and Cash Flow - The company had accounts receivable of 906 million yuan, a decrease of 10.78% year-on-year, but the accounts receivable to net profit ratio reached 6656.07% [1][3] - Cash and cash equivalents were reported at 815 million yuan, down 13.70% year-on-year [1] - The company’s operating cash flow per share was 0.14 yuan, an increase of 406.88% year-on-year [1] Business Model and Strategy - The company’s return on invested capital (ROIC) was 1.08%, indicating weak capital returns [3] - The net profit margin for the previous year was 0.27%, suggesting low added value in products or services [3] - The company relies on R&D, marketing, and equity financing to drive performance [3] - The company plans to continue internal innovation and external market expansion to promote high-quality development [3]

Group 1 - The company reported a revenue of 5.085 billion yuan for 2024, an increase of 11.10% year-on-year, while the net profit attributable to shareholders decreased by 75.01% to 13.6075 million yuan [1] - In Q1 2025, the company achieved a revenue of 1.117 billion yuan, a slight decline of 0.83% year-on-year, but the net profit attributable to shareholders surged by 390.50% to 5.67 million yuan [1] - The metal products segment generated a revenue of 3.663 billion yuan, with a gross margin of 11.71%, reflecting a year-on-year increase of 12.25% and 3.03% respectively [1] Group 2 - The chemical segment experienced a revenue of 1.161 billion yuan, a significant increase of 37.56% year-on-year, despite facing market pressures due to supply-demand imbalances [2] - The production of silicone and related products reached 90,500 tons, with sales of 86,400 tons, marking growth of 60.41% and 46.80% year-on-year respectively [2] - The company invested 171 million yuan in R&D for 2024, an increase of 12.03%, and is recognized as a high-tech enterprise in Henan province [2] Group 3 - For 2025, the company aims to achieve a strategic goal of "double hundred billion" in terms of output value and market value, focusing on the dual development of metal and chemical products [3] - The company plans to enhance its overseas market expansion and diversify its business through precise market positioning and scientific strategy layout [3] - The operational strategy emphasizes quality, cost, and market as the three main business subjects to drive high-quality development [3]

国泰海通证券股份有限公司 关于河南恒星科技股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 河南恒星科技股份有限公司（以下简称"恒星科技"或"公司"）的持续督导机 构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，对恒星科技 2024 年度募集资金存放与使用情况进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 河南恒星科技股份有限公司（以下简称公司）经中国证券监督管理委员会《关 于核准河南恒星科技股份有限公司非公开发行股票的批复》（证监许可 [2021]1164 号）文核准，并经深圳证券交易所同意，于 2021 年 11 月 23 日采取 向特定对象发行的方式发行人民币普通股 145,046,295 股，每股发行价格为 4.40 元。本次发行募集资 ...

河南恒星科技股份有限公司 募集资金存放与使用情况鉴证报告 一、 募集资金存放与使用情况鉴证报告 1-2 二、 河南恒星科技股份有限公司 2024 年度募集资 金存放与使用情况的专项报告 1-7 大华核字[2025]0011003689 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 河南恒星科技股份有限公司 募集资金存放与使用情况鉴证报告 （2024 年度） 目 录 页 次 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 募 集 资 金 存 放 与 使 用 情 况 鉴 证 报 告 大华核字[2025] 0011003689 号 河南恒星科技股份有限公司全体股东： 我们审核了后附的河南恒星科技股份有限公司（以下简称恒星科 技）《2024 年度募集资金存放与使用情况的专项报告》（以下简称"募 ...

河南恒星科技股份有限公司 审计报告 大华审字[2025]0011008735 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 河南恒星科技股份有限公司 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | | 目 | 录 | 页 次 | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-6 | | 二、 | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | | | 合并利润表 | | 3 | | | 合并现金流量表 | | 4 | | | 合并股东权益变动表 | | 5-6 | | | 母公司资产负债表 | | 7-8 | | | 母公司利润表 | | 9 | | | 母公司现金流量表 | | 10 | | | 母公司股东权益变动表 | | 11-12 | | | 财务报表附注 | | 1-128 | 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 ...

河南恒星科技股份有限公司 内部控制审计报告 大华内字[2025]0011000101 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 河南恒星科技股份有限公司 内部控制审计报告 （截止 2024 年 12 月 31 日） 目 录 页 次 一、 内部控制审计报告 1-2 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了河南恒星科技股份有限公司（以下简称恒星科技） 2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是企业董事会的责任。 二、注册会计 ...

河南恒星科技股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 大华核字[2025]0011003690 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 河南恒星科技股份有限公司 控股股东及其他关联方资金占用情况的专项说明 （截止 2024 年 12 月 31 日） 目 录 页 次 一、 控股股东及其他关联方资金占用情况的专项 说明 1-2 二、 河南恒星科技股份有限公司 2024 年度非经营 性资金占用及其他关联资金往来情况汇总表 1 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 控 股 股 东 及 其 他 关 联 方 资 金 占 用 情 况 的 专 项 说 明 大华核字[2025] 0011003690 号 河南恒星科技股份有限公司全体股东： 我们接受委托，依据《中国注册会 ...