Core Insights - The company, He Sheng New Materials (002290), reported a significant increase in revenue and net profit for Q1 2025, with total revenue reaching 627 million yuan, up 14.21% year-on-year, and net profit of 50.95 million yuan, up 82.72% year-on-year [1] Financial Performance - Total revenue for Q1 2025 was 627 million yuan, compared to 549 million yuan in Q1 2024, reflecting a year-on-year increase of 14.21% [1] - Net profit for Q1 2025 was 50.95 million yuan, up from 27.88 million yuan in Q1 2024, marking an increase of 82.72% [1] - Gross margin improved to 15.89%, a year-on-year increase of 52.37%, while net margin rose to 8.01%, up 57.77% [1] - The company reported a significant increase in operating cash flow per share, which reached 0.24 yuan, compared to -0.07 yuan in the previous year, representing a 448.44% increase [1] Balance Sheet and Cash Flow - Cash and cash equivalents increased to 424 million yuan, a rise of 34.55% from 315 million yuan [1] - Accounts receivable rose to 483 million yuan, with a year-on-year increase of 35.02% [1] - The company reduced its interest-bearing debt significantly to 128 million yuan, down 55.86% from 290 million yuan [1] Cost Structure - Total selling, administrative, and financial expenses amounted to 13.14 million yuan, accounting for 2.09% of revenue, which is a 16.26% increase year-on-year [1] - The company’s net asset per share increased to 3.45 yuan, up 16.56% from 2.96 yuan [1] - Earnings per share rose to 0.21 yuan, reflecting a 90.91% increase from 0.11 yuan [1] Market and Business Model - The company’s return on invested capital (ROIC) was reported at 10.05%, indicating average capital returns [3] - The net profit margin for the previous year was 3.73%, suggesting limited value addition in products or services [3] - The company has a healthy cash position, with cash assets covering 58.75% of current liabilities [3] Future Outlook - Analysts expect the company’s performance in 2025 to reach 208 million yuan, with an average earnings per share forecast of 0.84 yuan [3] - The company acknowledged a decline in net cash flow from operating activities in 2024, attributed to increased business volume and higher cash payments for goods [4]

Financial Performance - The company's revenue for Q1 2025 reached ¥627,200,299.04, representing a 14.21% increase compared to ¥549,153,468.67 in the same period last year[5] - Net profit attributable to shareholders was ¥50,951,307.95, an increase of 82.72% from ¥27,884,495.29 year-on-year[5] - The net cash flow from operating activities improved significantly to ¥59,917,843.75, a 448.44% increase from a negative cash flow of -¥17,196,219.89 in the previous year[5] - Basic earnings per share rose to ¥0.21, reflecting a 90.91% increase compared to ¥0.11 in the same period last year[5] - The company reported a significant increase in operating profit, which reached ¥59,343,636.05, a 76.13% rise from ¥33,692,583.42 in the previous year[8] - The total profit for the period was ¥59,378,989.61, marking a 78.33% increase compared to ¥33,296,334.67 in the same period last year[8] - Net profit for the current period was ¥50,244,121.92, representing a significant increase from ¥27,884,495.29 in the previous period, marking an 80.0% growth[19] Cash Flow and Liquidity - The net increase in cash and cash equivalents was ¥72,802,368.73, a 578.23% improvement from a decrease of -¥15,223,239.02 in the previous year[8] - Cash and cash equivalents increased to RMB 423,990,368.24 from RMB 349,890,417.41, representing a growth of about 21.1%[14] - The company's net cash flow from operating activities was ¥59,917,843.75, a turnaround from a negative cash flow of -¥17,196,219.89 in the prior period[20] - Cash and cash equivalents at the end of the period totaled ¥349,659,003.84, up from ¥247,753,447.02 in the previous period, showing improved liquidity[21] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥1,888,999,378.42, up 5.70% from ¥1,787,165,672.36 at the end of the previous year[5] - The company reported a total current assets of RMB 1,547,448,222.73 as of March 31, 2025, an increase from RMB 1,442,333,622.41 at the beginning of the period, reflecting a growth of approximately 7.3%[14] - Total liabilities amounted to RMB 1,029,784,172.32, up from RMB 978,194,588.18, indicating an increase of approximately 5.5%[15] - The company’s total assets reached RMB 1,888,999,378.42, an increase from RMB 1,787,165,672.36, indicating a growth of approximately 5.7%[15] Borrowings and Equity - Short-term borrowings increased significantly by 349.85% to ¥45,028,941.67 from ¥10,009,777.78 at the end of the previous year[8] - The company’s short-term borrowings rose significantly to RMB 45,028,941.67 from RMB 10,009,777.78, marking an increase of about 350%[15] - The company’s long-term borrowings decreased to RMB 80,000,000.00 from RMB 100,000,000.00, a reduction of 20%[15] - The company’s total equity remained stable at RMB 1,403,215,206.10, unchanged from the previous period[15] Research and Development - Research and development expenses increased by 38.28% to ¥23,895,778.22 from ¥17,280,428.70 year-on-year[8] - Research and development expenses increased to ¥23,895,778.22, up 38.3% from ¥17,280,428.70 in the previous period, indicating a focus on innovation[18] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19] Accounting Standards - The first quarter report is unaudited[22] - The new accounting standards will be implemented starting in 2025[23]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index [6]. Core Viewpoints - The company reported a significant profit release in Q1 2025, with revenue of 630 million yuan, a year-on-year increase of 14.2%, and a net profit attributable to shareholders of 50.95 million yuan, up 82.7% year-on-year. This growth is attributed to the production capacity increase from its subsidiary's new high-end intelligent composite materials production line and effective cost control measures [1]. - The company is expected to benefit from the overall recovery in the home appliance market, with a retail scale of 179.8 billion yuan in Q1 2025, reflecting a 2.1% year-on-year growth. The company achieved double-digit revenue growth in this sector [2]. - The company is actively developing an integrated hardware and software platform in the AI field, focusing on domestic AI chip development and enhancing hardware performance in collaboration with quality suppliers [3]. - Revenue projections for 2025-2027 are 3 billion, 3.3 billion, and 3.6 billion yuan, with net profits of 208 million, 284 million, and 328 million yuan respectively. The corresponding P/E ratios are projected to be 30, 22, and 19 times [4]. Financial Summary - In Q1 2025, the company achieved a gross profit margin of 15.9%, an increase of 5.5 percentage points year-on-year. The R&D expense ratio rose to 3.8%, while the financial expense ratio turned positive due to reduced exchange gains [1]. - The company forecasts a net profit growth rate of 112% for 2025, with earnings per share expected to reach 0.84 yuan [5][10].

禾盛新材（002290.SZ）2025 年一季报点评 利润大幅释放，期待全年 AI 拉动业绩高速成长 2025 年 04 月 24 日 ➢ 禾盛新材发布 2025 年一季度业绩。2025 年 4 月 23 日，禾盛新材发布 2025 年一季度业绩，1Q25 公司实现收入 6.3 亿元，同比增长 14.2%，实现归母净利 润 5095 万元，同比增长 82.7%；扣非净利润 5097 万元，同比实现增长 80.1%。 我们认为 1Q25 公司利润实现高速增长主要得益于全资子公司合肥禾盛新型材 料有限公司高端智能化复合材料生产线投产后产能提升，公司产品收入增长带来 的规模化效应，另一方面则是公司积极采取降本增效措施，带动公司本期产品毛 利率较上年同期增长。1Q25 公司实现毛利率 15.9%，较上年同期提升 5.5pct。 期间费用率呈现分化：研发费用率同比上升 0.7pct 至 3.8%，主要系研发投入加 大；财务费用率由负转正，因汇兑收益减少；销售费用率下降 0.1pct，我们认为 公司费用管控见效。 ➢ 国补对家电大盘的拉动，行业从高增长进入稳增长，公司传统家电业务稳中 有升。根据奥维云网数据，1Q25 家 ...

禾盛新材（002290）公告，2025年第一季度营业收入6.27亿元，同比增长14.21%。净利润5095.13万 元，同比增长82.72%。 ...

证券代码：002290 证券简称：禾盛新材 公告编号：2025-014 苏州禾盛新型材料股份有限公司 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间： 现场会议：2025 年 4 月 22 日下午 14:30，会期半天； 通过深圳证券交易所互联网投票系统投票：2025 年 4 月 22 日 9:15—15:00 期间的任意时间； 通过深圳证券交易所交易系统进行网络投票：2025 年 4 月 22 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00。 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 特别提示： 1、本次股东大会未出现否决议案的情形。 2.现场会议召开地点：苏州禾盛新型材料股份有限公司会议室。 3.投票方式：本次会议采取现场投票与网络投票相结合的方式召开。 本次股东大会通过深圳证券交易所交易系统和互联网投票系统向全体股东 提供网络形式的投票平台。 4.会议召集人和主持人：公司第六届董事会召集，由董事长梁旭先生 ...

安徽承义律师事务所 关于苏州禾盛新型材料股份有限公司 召开 2024 年度股东大会的 安徽承义律师事务所 地址：安徽省合肥市怀宁路 200 号置地广场栢悦中心五层 邮编：230041 传真：0551-65608051 电话：0551-65609615 65609815 1 法律意见书 安徽承义律师事务所 ANHUI CHENGYI LAW FIRM 关于苏州禾盛新型材料股份有限公司 召开2024年度股东大会的法律意见书 （2025）承义法字第 00073 号 致：苏州禾盛新型材料股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股东 大会规则》等法律法规和其他规范性文件的要求，安徽承义律师事务所接受苏州禾盛 新型材料股份有限公司（以下简称"禾盛新材"或"公司"）的委托，指派司慧、张 亘律师（以下简称"本律师"）就禾盛新材召开 2024 年度股东大会（以下简称"本 次股东大会"）出具法律意见书。 一、本次股东大会召集人资格和召集、召开的程序 经核查，本次股东大会是由禾盛新材第六届董事会召集，会议通知已提前二十日 刊登在中国证监会指定的信息披露报刊和深圳证券交易所指定的网站上。本次股 ...

Core Viewpoint - He Sheng New Materials Co., Ltd. has shown strong performance in 2023, with a revenue of 2.526 billion yuan and a net profit of approximately 97.91 million yuan, indicating a year-on-year growth of 7.93% and 18.29% respectively, while focusing on intelligent manufacturing and AI collaboration for future growth [1][5]. Group 1: Financial Performance - In 2023, He Sheng New Materials achieved a revenue of 2.526 billion yuan, representing a year-on-year increase of 7.93% [1]. - The net profit attributable to shareholders was approximately 97.91 million yuan, reflecting an 18.29% increase compared to the previous year [1]. - The company expects a net profit of 48 to 53 million yuan for Q1 2025, indicating a projected growth of 72.14% to 90.07% [5]. Group 2: Business Segments - The composite materials for home appliances generated 2.482 billion yuan in revenue, accounting for 98.25% of total revenue, supported by capacity expansion [2]. - The company has established long-term supply relationships with over 120 well-known domestic and international home appliance brands, including Samsung and Midea [2]. - The production capacity is expected to grow by over 10% in 2024 due to the successful launch of a high-end intelligent composite materials production line [2]. Group 3: Research and Development - R&D expenses reached approximately 85.51 million yuan in 2023, marking a 7.49% increase, which supports product innovation and competitiveness [3]. - The company is focusing on high-performance, green, and intelligent product lines to meet diverse customer needs [3]. Group 4: AI Business Development - He Sheng New Materials is developing AI capabilities through its subsidiary, focusing on hardware and software design, and has initiated collaborations in various sectors including government, finance, and healthcare [4]. - The AI business is in the R&D phase, with products aimed at intelligent computing centers and AI integrated machines [4]. Group 5: Market Environment - The macroeconomic environment in China is improving, with favorable policies for real estate and consumer spending, which is expected to benefit the home appliance materials industry [5]. - The company is facing challenges such as intensified competition and raw material price fluctuations, necessitating ongoing optimization of its business structure and increased investment in technological innovation [5][6].

证券代码： 002290 证券简称：禾盛新材 苏州禾盛新型材料股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □特定对象调研 分析师会议 □ | | | --- | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | | □ 新闻发布会 □ 路演活动 | | | | □ 现场参观 | | | | □ 其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 线上参与公司 2024 年度网上业绩说明会的投资者 | | | 人员姓名 | | | | 时间 | 年 月 日 2025 4 10 (周四) 下午 15:00~17:00 | | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | 上市公司接待人 | 1、董事长梁旭 | | | 员姓名 | 2、董事会秘书、副总经理王文其 | | | | 3、财务负责人周万民 | | | | 4、独立董事彭陈 | | | | 公司就投资者在本次业绩说明会中提出的问题进行了回复： | | | | 1.2024 年经营活动净现金流同比下降 17.06%，但营收却 ...

禾盛新材（002290.SZ）2024 年报&2025 年一季度业绩预告点评 利润大幅增长，看好全年 AI 利润高速释放 2025 年 04 月 01 日 ➢ 禾盛新材发布 2024 年报及 2025 年一季度业绩预告。2025 年 3 月 31 日， 禾盛新材发布 2025 年一季度业绩预告，1Q25 公司实现归母净利润 4800~5300 万元，同比增长 72.1%~90.1%；扣非净利润同比实现增长 69.7%~87.3%。我 们认为 1Q25 公司利润实现高速增长主要得益于全资子公司合肥禾盛新型材料 有限公司高端智能化复合材料生产线投产后产能提升，公司产品收入增长带来的 规模化效应，另一方面则是公司积极采取降本增效措施，带动公司本期产品毛利 率较上年同期增长。4Q24 公司实现收入 6.9 亿元，同比增长 8.2%，环比增长 9.6%；归母净利润实现 1209 万元，同比增长 718.6%。 ➢ 传统家电业务稳中有升。截至 4Q24 公司拥有四条 PCM/VCM 生产线，一 条智能化复合材料生产线，公司产品年生产总值逐年提升，在产能和规模方面均 处于行业领先地位。2024 年公司家电用复合材料业务实现 ...