苏州禾盛新型材料股份有限公司 关于控股股东的一致行动人股份解除质押的公告 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。 近日，苏州禾盛新型材料股份有限公司（以下简称"公司"）接到控股股东 的一致行动人蒋学元先生的通知，蒋学元先生所质押的公司股份已全部解除质押， 具体情况公告如下： 截至公告披露日，蒋学元先生持有公司股份4,500,000股，占公司总股本的 1.81%。本次股份解除质押后，蒋学元先生持有的公司股份已无质押情形。 二、股东股份累积被质押的情况 证券代码：002290 证券简称：禾盛新材 公告编号：2025-057 1、公司控股股东赵东明先生及其一致行动人蒋学元先生与上海摩尔智芯信 息科技合伙企业（有限合伙）于2025年11月20日签署了《关于苏州禾盛新型材料 股份有限公司之股份转让协议》，具体内容详见公司于2025年11月22日在巨潮资 股东名 称 是否为控 股股东或 第一大股 东及其一 致行动人 本次解除 质押股份 数量（股） 占其所 持股份 比例 占公司 总股本 比例 起始日 解除日期 质权人 蒋学元 是 2,700,000 60 ...

Core Viewpoint - He Sheng New Materials has shown significant stock performance with a year-to-date increase of 153.68%, indicating strong market interest and potential growth in the home appliance materials sector [1][2]. Financial Performance - For the period from January to September 2025, He Sheng New Materials achieved a revenue of 1.862 billion yuan, representing a year-on-year growth of 1.41%. The net profit attributable to shareholders was 144 million yuan, reflecting a substantial increase of 67.90% [2]. - The company has cumulatively distributed 168 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of December 3, the stock price of He Sheng New Materials rose by 2.02% to 43.38 yuan per share, with a trading volume of 162 million yuan and a turnover rate of 1.52%, leading to a total market capitalization of 10.763 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent occurrence on May 7 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for He Sheng New Materials was 14,100, a decrease of 1.77% from the previous period. The average circulating shares per person increased by 1.80% to 17,505 shares [2]. - Among the top ten circulating shareholders, notable positions include Xingquan Light Asset Mixed Fund and Fuguo Balanced Preferred Mixed Fund, with the latter increasing its holdings by 27.81 million shares [3]. Industry Position - He Sheng New Materials operates within the home appliance sector, specifically focusing on composite materials for appliances, with a primary revenue contribution of 97.87% from this segment [1][2]. - The company is also associated with various concept sectors, including cloud gaming, chip concepts, artificial intelligence, and integrated machine concepts [2].

证券之星消息，12月1日家电零部件板块较上一交易日上涨1.4%，禾盛新材领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。家电零部件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002290 | 禾盛新材 | 42.40 | 7.97% | 15.50万 | 6.52亿 | | 603677 | 奇精机械 | 20.38 | 5.76% | 14.51万 | 2.956Z | | 6690ZG | 海达尔 | 50.23 | 4.80% | 4626.0 | 2315.90万 | | 920768 | 拾比値 | 12.35 | 3.00% | 1.78万 | 2173.27万 | | 002860 | 星帅尔 | 15.64 | 2.62% | 30.69万 | 4.83 Z | | 920108 | 宏海科技 | 14.18 | 2.60% | 8880.66 | 1243.68万 | | 300403 | 汉宇 ...

Core Insights - The home appliance components sector increased by 1.19% on November 28, with Springlight Technology leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - Springlight Technology (603657) closed at 37.27, up 10.01% with a trading volume of 110,400 shares and a transaction value of 397 million yuan [1] - Tianyin Electromechanical (300342) closed at 19.68, up 6.03% with a trading volume of 569,900 shares and a transaction value of 1.11 billion yuan [1] - Other notable performers include: - Unknown Service (603112): closed at 17.63, up 5.51% [1] - Hesheng New Materials (002290): closed at 39.27, up 3.94% [1] - Landi Group (603726): closed at 23.15, up 3.53% [1] Capital Flow - The home appliance components sector experienced a net outflow of 16.68 million yuan from institutional funds and a net outflow of 124 million yuan from speculative funds, while retail investors contributed a net inflow of 141 million yuan [3]

Core Viewpoint - He Sheng New Materials has shown a significant stock price increase of 125.44% year-to-date, despite a slight decline in recent trading days [1][2]. Group 1: Stock Performance - As of November 28, He Sheng New Materials' stock price rose by 2.04% to 38.55 CNY per share, with a market capitalization of 9.565 billion CNY [1]. - The stock has experienced a net inflow of 658,600 CNY from major funds, with large orders accounting for 24.85% of purchases [1]. - The stock has seen a decline of 0.70% over the last five trading days and a 2.58% drop over the last 20 days, while it has increased by 6.14% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, He Sheng New Materials reported a revenue of 1.862 billion CNY, reflecting a year-on-year growth of 1.41%, and a net profit attributable to shareholders of 144 million CNY, which is a 67.90% increase [2]. - The company has distributed a total of 168 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for He Sheng New Materials was 14,100, a decrease of 1.77% from the previous period [2]. - The top ten circulating shareholders include new entrants and increased holdings from existing shareholders, indicating a shift in institutional investment [3].

Summary of Conference Call for He Sheng New Material and Yi Zhi Electronics Company and Industry Overview - **Company**: He Sheng New Material - **Industry**: AI Chip and Electronics Key Points and Arguments 1. He Sheng New Material achieved steady growth through high capacity utilization and optimization of downstream customers, including Panasonic, Hitachi, LG, Samsung, and Midea, focusing on cost reduction and efficiency rather than large-scale expansion to support the long-term development of the chip industry [2][3] 2. The company strategically invested in Yi Zhi Electronics to deepen its involvement in the AI chip sector, planning to empower Yi Zhi Electronics and establish a foothold in the chip industry [2][3] 3. Yi Zhi Electronics specializes in server and CPU development, having mass-produced two generations of chips, with the third generation design nearing completion and entering the tape-out and mass production phase [2][4] 4. The CPU from Yi Zhi Electronics integrates NPU functionality, targeting three main customer categories: major telecom operators and financial institutions (Category A), leading internet companies (Category B), and inspection robots and factory AI applications (Category C), with approximately 8,000 computing nodes delivered this year for cloud gaming, cloud mobile, and video transcoding [2][4] 5. Yi Zhi Electronics has open-sourced a complete computing framework compatible with the CUDA ecosystem and major domestic GPU manufacturers, achieving compatibility with around 40 hardware and software vendors without requiring special versions [2][5][6] 6. The chips from Yi Zhi Electronics offer unique advantages in the AI inference era, integrating neural network computing with general computing to enhance data flow processing efficiency and reduce power consumption, suitable for electric vehicle factories and large-scale automation industries [2][7] 7. The third-generation product is expected to be mass-produced in 2026, with a projected performance improvement of 30% [2][7] 8. Yi Zhi Electronics' future strategy focuses on generalization and AI integration, aiming to create a broadly compatible ecosystem and develop multi-functional processors to adapt to large models and changing computing frameworks [2][8][9] 9. HiSilicon Technology plans to shift from the x86 ecosystem to the ARM ecosystem, emphasizing collaboration with Yi Zhi Electronics to support vertical applications and overall business development [2][10] 10. Yi Zhi Electronics has received three repeat orders from last year to this year, indicating strong market competitiveness and customer recognition, with further growth potential anticipated for the next year [2][11] 11. The company maintains its competitive edge through technological innovation, including self-developed NPU units and an open-source computing framework, ensuring user-friendly product compatibility [2][12][13] 12. The next-generation chip is expected to launch in mid-2026, utilizing advanced technology and targeting the high-end market [2][14] 13. Among the three customer categories (A, B, C), the internet customer segment is currently experiencing the fastest growth, prompting significant resource investment for product optimization [2][14] 14. Yi Zhi Electronics plans to continue promoting AI integrated machines while not ruling out the possibility of standalone chip sales [2][15] 15. Following the change in control, the company will increase investments in the chip industry, particularly in Yi Zhi Electronics, and will comprehensively arrange capital, talent, and strategic direction towards AI chips as a key development focus [2][16] Additional Important Information - The strategic investment in Yi Zhi Electronics reflects He Sheng New Material's commitment to transforming its business model and adapting to the evolving technology landscape [2][3][10] - The collaboration with major internet companies and telecom operators indicates a strong market presence and potential for future growth in the AI chip sector [2][4][15]

Core Viewpoint - Suzhou Hesheng New Materials Co., Ltd. is undergoing a change in control for the second time in three years, with the current controlling shareholder Zhao Dongming and his associates planning to transfer 44.66 million shares (18% of total shares) to Moer Zhixin, making it the new controlling shareholder with Xie Haiwen as the new actual controller [1][2]. Group 1: Share Transfer Details - The share transfer agreement was signed on November 20, with a transfer price of 33.71 yuan per share, totaling approximately 1.505 billion yuan [2]. - After the transaction, Zhao Dongming and his associates will hold 34.03 million shares (13.72% of total shares) and will relinquish voting rights for 14.89 million shares (6% of total shares) [2]. Group 2: Company Background and Business Operations - Hesheng New Materials, established in 2002, specializes in the research, production, and sales of appearance composite materials for home appliances, primarily used in refrigerators and air conditioners [4]. - The company has established long-term partnerships with major home appliance brands such as Samsung, LG, and Midea, achieving a high market share in the composite materials sector [5]. Group 3: Future Business Plans and Investments - The new controlling shareholder, Moer Zhixin, has no immediate plans to make significant changes to the company's main business within the next 12 months [3]. - Hesheng New Materials has been increasing its investments in the artificial intelligence sector, including the establishment of Haixi Technology and a 10% stake in Yizhi Electronics [6].

天风证券股份有限公司 关于 苏州禾盛新型材料股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问 二〇二五年十一月 声 明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变 动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公 司收购报告书》及相关法律、法规的规定，天风证券股份有限公司（以下简称"天 风证券"或"本财务顾问"）作为上海摩尔智芯信息科技合伙企业（有限合伙） （以下简称"信息披露义务人""摩尔智芯"）本次权益变动的财务顾问，就其 披露《详式权益变动报告书》有关内容出具核查意见。 本财务顾问是按照行业公认的业务标准、道德规范和诚实信用、勤勉尽责的 精神，本着独立、客观、公正的原则，在认真审阅相关资料和充分了解本次权益 变动的基础上，发表财务顾问意见，旨在就本次权益变动作出独立、客观和公正 的评价，以供广大投资者及有关各方参考。并在此特作如下声明： 1、本核查意见所依据的文件、资料由信息披露义务人提供。信息披露义务 人已向本财务顾问保证，其所提供的出具本核查意见所依据的所有文 ...

Core Viewpoint - The sale of 18% of Suzhou Hesheng New Materials' shares by founder Zhao Dongming to Shanghai Moer Zhixin for 1.505 billion yuan highlights the challenges faced by traditional manufacturing in China and the opportunistic nature of capital players in the current market [1][3]. Group 1: Company Background - Suzhou Hesheng New Materials, founded by Zhao Dongming in 2008, specializes in composite materials for home appliances and has established itself as a hidden champion in its niche, with revenue growing from several hundred million to over 2 billion yuan [4][6]. - The company went public in 2009, and Zhao initially held 56.73% of the shares, making him the dominant figure in the company [6]. - However, since 2016, Zhao has gradually divested control, ultimately regaining it under challenging circumstances after the previous controlling entity faced legal issues [8][10]. Group 2: Financial Performance - Hesheng's revenue from 2021 to 2024 has shown minimal growth, with figures of 2.13 billion, 2.31 billion, 2.25 billion, and 2.48 billion yuan, while net profit has fluctuated between 120 million and 180 million yuan, indicating stagnation in growth [10][12]. - The gross profit margin has remained around 15%, suggesting that the company has hit a growth ceiling typical of traditional manufacturing [10]. Group 3: Transaction Details - Zhao Dongming's decision to sell his shares for 33.71 yuan each, totaling 1.505 billion yuan, reflects a strategic exit from a sector facing declining profitability [1][12]. - After taxes and fees, Zhao is expected to net over 1.2 billion yuan, providing him with significant financial security for the future [12]. Group 4: Buyer Profile - The buyer, Moer Zhixin, was established in August 2025 with a registered capital of 755 million yuan, yet it is acquiring Hesheng for 1.505 billion yuan, primarily funded through bank loans [13][15]. - The acquisition strategy involves leveraging limited own capital to facilitate a larger purchase, typical of capital players seeking to integrate resources and increase valuations [15][19]. Group 5: Industry Implications - The shift towards semiconductor-related ventures by Hesheng, including partnerships in AI chips and ARM server technology, indicates a strategic pivot to capitalize on current market trends [15][19]. - However, concerns arise regarding the buyer's lack of experience in managing a manufacturing enterprise, which could lead to conflicts between operational needs and capital-driven strategies [19][25]. Group 6: Future Outlook - The success of this acquisition will depend on whether Moer Zhixin can effectively integrate capital with Hesheng's operational needs, as traditional manufacturing faces significant challenges in transitioning to new business models [25][29]. - The case of Hesheng serves as a cautionary tale for other traditional manufacturers, emphasizing the need for a balanced approach between capital investment and operational integrity [29][31].

| 股东名称 | 本次交易前 | | 本次交易后 | | | | --- | --- | --- | --- | --- | --- | | | 持股数量(股) | 持股比 | 持股数量(股) | 持股比 | 表决权比 | | | | 例 | | 例 | 例 | | 赵东明及其一致行动 人 | 58,844,166 | 23.72% | 34,032,933 | 13.72% | 7.72% | | 上海泓垣盛 | 51,429,633 | 20.73% | | | | | 卢大光 注 | | ■ | 31,580,646 | 12.73% | 12.73% | | 摩尔智芯 | | ■ | 44,660,220 | 18.00% | 18.00% | 谢海闻有九鼎系工作经历。谢海闻，1984年出生，中国国籍，无境外永久居留权，北京大学金融工 程学硕士，长江商学院FMBA。2009年12月至2011年6月，担任中国国际金融股份有限公司策略研究 中国经济网北京11月25日讯 禾盛新材(002290.SZ)近日披露了关于公司股东签署股份转让协议暨控 制权拟发生变更的提示性公告。 禾盛新材控股股东、实际控制人赵东明 ...