Core Viewpoint - Huahong Technology reported a significant decline in both revenue and net profit for 2024, indicating substantial operational challenges despite some positive developments in specific business segments [1]. Group 1: Financial Performance - The company achieved total revenue of 5.576 billion yuan in 2024, a year-on-year decrease of 18.96% [1]. - The net profit attributable to shareholders was -356 million yuan, representing a drastic decline of 123.89% year-on-year [1]. - The non-recurring net profit also showed poor performance, amounting to -451 million yuan, down 65.51% year-on-year [1]. Group 2: Business Segments - The recycling equipment and operation segment, a core business area, faced revenue and profit declines despite some growth driven by policy incentives and overseas orders [4]. - The high-end manufacturing of elevator components was negatively impacted by a goodwill impairment of 334 million yuan, which significantly affected net profit [4][5]. - The rare earth resource utilization and magnetic materials segment showed signs of recovery, with major rare earth product prices stabilizing and the segment turning profitable [6]. - The company made progress in the rare earth magnetic materials business, with significant increases in production and sales, as well as improved gross margins [6]. Group 3: Market Environment - The overall market environment remains weak, impacting the company's profitability across various segments [4]. - Increased competition and fluctuations in raw material prices pose uncertainties for future growth in the rare earth segment [6]. - The company needs to optimize its business structure and enhance core competitiveness to navigate market challenges effectively [6].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has shown significant improvement in Q1 profits, turning losses into gains, with a revenue of 5.576 billion yuan in 2024, a year-on-year decrease of 19.0%. However, excluding goodwill impairment of 334 million yuan, the operational performance has greatly improved compared to 2023 [1]. - The company is positioned as a leader in the recycling resource sector, with strong technical and business integration advantages. The recovery of rare earth prices and the subsequent capacity release are expected to drive rapid growth in performance [3]. - The rare earth industry has a promising outlook, with the company expected to produce over 12,000 tons of recycled rare earth oxides in 2024, leading the industry in capacity [2]. Financial Performance Summary - In 2024, the company achieved a gross margin of 6.6%, an increase of 2.8 percentage points year-on-year, while the net margin was -6.3%, down 3.5 percentage points [2]. - The company reported a net cash flow from operating activities of 90 million yuan in 2024, a decrease of 83.9% year-on-year, primarily due to increased procurement expenses related to the expansion of rare earth recovery and magnetic material businesses [2]. - The forecast for net profit for 2025, 2026, and 2027 is 129 million yuan, 231 million yuan, and 324 million yuan respectively, with corresponding P/E ratios of 33.0, 18.4, and 13.1 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has shown significant improvement in Q1 profits, turning losses into gains, with a revenue of 5.576 billion yuan in 2024, a year-on-year decrease of 19.0%. However, excluding goodwill impairment of 334 million yuan, the operational performance has improved significantly compared to 2023 [1][2]. - The company is positioned as a leader in the recycling resource sector, with strong technical and business integration advantages. The recovery and utilization of rare earth resources present a vast market opportunity, especially as rare earth prices stabilize and production capacity is expected to be released [3][4]. Financial Performance Summary - In 2024, the company achieved a gross margin of 6.6%, an increase of 2.8 percentage points year-on-year, while the net margin was -6.3%, down 3.5 percentage points [2]. - The company reported a net cash flow from operating activities of 90 million yuan in 2024, a decrease of 83.9% year-on-year, primarily due to increased procurement expenses related to the expansion of rare earth recovery and magnetic materials businesses [2]. - For Q1 2025, the company achieved a gross margin of 9.2%, an increase of 8.7 percentage points year-on-year, and a net margin of 2.3%, up 3.7 percentage points year-on-year [2]. Earnings Forecast - The company is expected to achieve a net profit of 129 million yuan in 2025, with projected profits of 231 million yuan in 2026 and 324 million yuan in 2027, reflecting a significant recovery from previous losses [3][4]. - The estimated P/E ratios for 2025, 2026, and 2027 are 33.0, 18.4, and 13.1, respectively, indicating a potential for growth as the market stabilizes [3][4].

Financial Performance - The company achieved significant profit growth in Q1 2025, with total revenue reaching 1.436 billion yuan, an increase of 18.76% year-on-year [1] - The net profit attributable to shareholders was 31.13 million yuan, a substantial increase of 212.29% year-on-year; the net profit excluding non-recurring items was 26.54 million yuan, up 135.75% year-on-year [1] - The gross margin was 9.18%, reflecting a year-on-year increase of 2146.15%; the net margin was 2.31%, showing a year-on-year increase of 263.08% [1] Cost Control - The total of selling, administrative, and financial expenses amounted to 73.43 million yuan, with these expenses accounting for 5.11% of revenue, a decrease of 10.12% year-on-year [2] Cash Flow and Debt Situation - The operating cash flow per share was -0.27 yuan, a decline of 189.74% year-on-year; cash and cash equivalents were 600 million yuan, down 29.03% from the same period last year [3] - Accounts receivable reached 682 million yuan, an increase of 38.70% year-on-year, indicating potential pressure in accounts receivable management [3] - Interest-bearing debt was 1.416 billion yuan, up 32.05% year-on-year, with an interest-bearing asset-liability ratio of 23.26%; financial expenses accounted for 54.63% of the average operating cash flow over the past three years, indicating significant pressure in debt repayment [3] Overall Summary - Overall, the company showed significant improvement in profitability in Q1 2025, but still faces challenges in cash flow management and debt control [4]

| 证券代码：002645 | 证券简称：华宏科技 公告编号：2025-040 | | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | 江苏华宏科技股份有限公司 关于以债转股方式向全资子公司增资的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏华宏科技股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开 第七届董事会第二十七次会议、第七届监事会第十一次会议，审议通过了《关于 以债转股方式向全资子公司增资的议案》，现将有关情况公告如下： 一、本次增资事项概述 为满足北京华宏再生资源利用有限公司（以下简称"北京华宏"）的经营发 展需要，并优化其资产负债结构，提升市场竞争力，增强盈利能力，公司将应收 北京华宏部分债权 2,000 万元转作对其的增资，本次增资完成后，北京华宏的注 册资本将由人民币 8,000 万元增加至人民币 10,000 万元，公司仍持有北京华宏 100%股权，北京华宏仍为公司的全资子公司。 根据《深圳证券交易所股票上市规则》和《公司章程》的相关规定，本次增 资事项的批准权限在公司董事会的 ...

Group 1 - The company announced a capital increase of 20 million RMB to Beijing Huahong Recycling Resources Co., Ltd. to meet its operational development needs [1] - After the capital increase, the registered capital of Beijing Huahong will rise from 80 million RMB to 100 million RMB, with the company retaining 100% ownership [1] - The purpose of this capital increase is to optimize the asset-liability structure, enhance market competitiveness, and improve profitability [1]

| 证券代码：002645 | 证券简称：华宏科技 公告编号：2025-038 | | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | 江苏华宏科技股份有限公司 第七届监事会第十一次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 江苏华宏科技股份有限公司（以下简称"公司"）第七届监事会第十一次会 议于 2025 年 4 月 25 日以书面专人送达和电子邮件方式发出通知。会议于 2025 年 4 月 29 日以现场与通讯结合方式召开。本次会议由监事会主席王凯先生召集 并主持。会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集和召开符合 《中华人民共和国公司法》和《江苏华宏科技股份有限公司章程》的规定，会议 合法有效。 具体内容详见同日刊登于《证券时报》《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）的《关于以债转股方式向全资子公司增资的公告》。 经核查，监事会认为：本次以债转股方式向全资子公司增资事项是公司基于 经营管理需要，进一步提高全资子公司整体竞争实力，合理 ...

| 证券代码：002645 | 证券简称：华宏科技 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | | 江苏华宏科技股份有限公司 第七届董事会第二十七次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过。具体内容详见同日刊登于《证 券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的《2025 年第一季 度报告》。 2、审议通过《关于以债转股方式向全资子公司增资的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 本议案已经公司董事会战略委员会审议通过。具体内容详见同日刊登于《证 券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的《关于以债转股 方式向全资子公司增资的公告》。 三、备查文件 1、第七届董事会第二十七次会议决议 特此公告。 江苏华宏科技股份有限公司（以下简称"公司"）第七届董事会第二十七次 会议于 2025 年 4 月 25 日以书面专人送 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0541 | -0.0479 | 212.94 | -0.1028 | | 每股净资产（元） | 5.6 | 6.12 | -8.5 | 6.55 | | 每股公积金(元) | 2.81 | 2.81 | 0 | 2.81 | | 每股未分配利润(元) | 1.66 | 2.17 | -23.5 | 2.61 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 14.36 | 12.09 | 18.78 | 17.64 | | 净利润(亿元) | 0.31 | -0.28 | 210.71 | -0.59 | | 净资产收益率(%) | 0.93 | -0.75 | 224 | -1.49 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 27270.14万股，累计占流通股比： 53.1 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,436,270,011.27, representing an increase of 18.76% compared to ¥1,209,427,249.71 in the same period last year[5]. - Net profit attributable to shareholders was ¥31,133,457.74, a significant turnaround from a loss of ¥27,725,877.35, marking a 212.29% increase[5]. - Basic earnings per share improved to ¥0.0541 from a loss of ¥0.0479, reflecting a 212.94% increase[5]. - The company reported a significant increase in operating profit to ¥35,609,003.98, up 609.90% from a loss of ¥6,983,498.19 in the previous year[8]. - The total profit for the period was ¥35,974,083.78, a 555.39% increase compared to a loss of ¥7,899,624.14 in the same period last year[8]. - Net profit for the current period was ¥33,235,749.78, a significant recovery from a net loss of ¥17,160,627.36 in the previous period[18]. - Total operating revenue for the current period reached ¥1,436,270,011.27, an increase of 18.7% compared to ¥1,209,427,249.71 in the previous period[17]. - Total operating costs amounted to ¥1,430,370,825.84, up from ¥1,323,262,456.93, reflecting a growth of 8.1%[17]. - The company reported a total comprehensive income of ¥33,629,865.62, recovering from a loss of ¥17,160,627.36 in the previous period[19]. Cash Flow - The net cash flow from operating activities was negative at -¥156,872,762.00, a decline of 189.74% from ¥174,810,667.70 in the previous year[5]. - Cash inflow from financing activities increased by 844.02% to ¥170,146,170.26, driven by increased bank borrowings[9]. - The net cash flow from operating activities was -RMB 156,872,762, a significant decrease compared to RMB 174,810,667 in the previous period[21]. - Total cash outflow from operating activities amounted to RMB 1,509,945,600.98, up from RMB 1,181,350,797.16[21]. - The net cash flow from investing activities was -RMB 55,046,486.10, an improvement from -RMB 184,090,789.87 in the prior period[21]. - Cash inflow from investing activities totaled RMB 768,368,416.30, compared to RMB 712,556,437.10 previously[21]. - The net cash flow from financing activities was RMB 91,665,717.55, a recovery from -RMB 105,963,397.08 in the last period[21]. - Total cash inflow from financing activities reached RMB 170,146,170.26, significantly higher than RMB 18,023,579.34 previously[21]. - The ending balance of cash and cash equivalents was RMB 539,043,835.45, down from RMB 743,712,150.13[21]. Assets and Liabilities - Total assets increased by 2.36% to ¥6,088,230,457.24 from ¥5,947,842,330.01 at the end of the previous year[5]. - The company's total assets amount to 6,088,230,457.24 yuan, an increase from 5,947,842,330.01 yuan at the beginning of the period[14]. - Current assets total 3,811,376,782.41 yuan, up from 3,666,946,421.26 yuan at the beginning of the period[14]. - Total liabilities amount to 1,837,416,151.65 yuan, an increase from 1,765,007,210.63 yuan[14]. - Total liabilities increased to ¥2,576,469,206.60 from ¥2,470,283,002.80, representing a rise of 4.3%[15]. - Total equity rose to ¥3,511,761,250.64, up from ¥3,477,559,327.21, indicating a growth of 1.0%[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 47,177[11]. - Jiangsu Huahong Industrial Group Co., Ltd. holds 34.54% of shares, totaling 200,884,632 shares, all of which are pledged[11]. Inventory and Expenses - Inventory has increased to 2,059,951,993.22 yuan from 1,831,169,478.44 yuan[13]. - Research and development expenses increased to ¥45,450,309.28, compared to ¥41,510,481.33, marking a rise of 9.4%[18]. - Other income decreased significantly to ¥18,555,590.53 from ¥75,331,697.50, a decline of 75.3%[18]. - Operating costs for Q1 2024 were adjusted to RMB 1,204,484,044.15, an increase from the previous RMB 1,203,632,030.01[24]. - Sales expenses for Q1 2024 were adjusted to RMB 10,678,157.52, down from RMB 11,530,171.66[24]. Goodwill and Financial Assets - The company has a total of 123,300,000 yuan in trading financial assets, up from 99,712,978.97 yuan[13]. - The company’s cash and cash equivalents decreased to 599,967,783.72 yuan from 767,774,730.64 yuan[13]. - The company’s goodwill remains stable at 749,735,521.99 yuan[14].