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.

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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].