证券代码：002645 证券简称：华宏科技 公告编号：2025-094 江苏华宏科技股份有限公司 第七届董事会第三十二次会议决议的公告 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 江苏华宏科技股份有限公司（以下简称"公司"）第七届董事会第三十二次 会议于2025年10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 10 月 29 日以现场与通讯结合方式召开。本次会议由董事长胡品贤女士召集并 主持，应出席董事 9 人，实际出席董事 9 人。本次会议的召集、召开和表决程序 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》的有关规 定，会议合法有效。 二、董事会会议审议情况 1、审议通过《关于公司 2025 年第三季度报告的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 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 年第三季度报告》。 2、审议通过《关于取消监事会、变更注册资本并修订<公司章程>的议案》 表决结果：9 票同意，0 票 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥2,301,551,425.65, representing a 70.39% increase year-over-year[5] - Net profit attributable to shareholders was ¥116,890,996.27, a staggering increase of 23,211.89% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥106,810,504.99, reflecting a 389,424.89% increase year-over-year[5] - Operating profit increased to ¥227.22 million, a significant rise of 653.40% compared to the previous year[10] - Net profit reached ¥200.14 million, reflecting a remarkable growth of 1427.95% year-over-year[10] - Total profit amounted to ¥224.43 million, up 700.02% from the same period last year[10] - Net profit for the current period reached ¥200,138,718.20, a significant increase from ¥13,098,489.55 in the previous period, representing a growth of approximately 1,429%[19] - The company reported a total profit of ¥224,430,692.19, up from ¥28,053,013.88 in the previous period, representing an increase of about 799%[19] Revenue and Costs - Total revenue for the period reached ¥5,460,961,127.21, an increase of 35.0% compared to ¥4,047,060,465.86 in the previous period[18] - Total operating costs amounted to ¥5,312,478,754.02, up 27.4% from ¥4,169,656,576.17 in the prior period[18] - Total revenue from operating activities amounted to ¥4,534,145,120.28, compared to ¥3,907,482,055.86 in the previous period, reflecting an increase of about 16%[20] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥6,707,697,521.91, up 12.78% from the end of the previous year[5] - Total assets reached ¥6,707,697,521.91, an increase of 12.7% from ¥5,947,842,330.01[16] - Total liabilities rose to ¥2,561,792,072.83, up 3.7% from ¥2,470,283,002.80[17] - Shareholders' equity increased to ¥4,145,905,449.08, a growth of 19.2% from ¥3,477,559,327.21[17] Cash Flow - The company's cash flow from operating activities showed a negative net amount of ¥356,994,261.39, a decline of 634.88% compared to the previous year[5] - Cash flow from operating activities showed a negative net amount of ¥356.99 million, a decline of 634.88% due to increased business volume and procurement scale[10] - The net cash flow from operating activities was negative at -¥356,994,261.39, a decline from a positive cash flow of ¥66,743,069.88 in the previous period[21] - Cash inflow from financing activities totaled ¥844.33 million, a 110.38% increase driven by higher bank borrowings[10] - The company received ¥24.50 million in other financing-related cash, a 390.00% increase due to additional borrowings[10] - Cash flow from investment activities improved by 40.28%, with a net outflow of ¥210.28 million, reflecting reduced bank wealth management purchases[10] - The net cash flow from investing activities was negative at -¥210,276,540.83, an improvement from -¥352,084,363.87 in the previous period[21] Shareholder Information - The company’s major shareholder, Jiangsu Huahong Industrial Group, holds 32.01% of shares, totaling 200,884,632 shares[12] - The total number of common shareholders at the end of the reporting period was 64,361[12] - The company’s actual controllers are the three brothers Hu Shiyong, Hu Shiqing, and Hu Shifa[12] Research and Development - Research and development expenses increased by 45.50% to ¥187,266,503.91, indicating a higher investment in innovation[9] - Research and development expenses increased to ¥187,266,503.91, reflecting a rise of 45.5% from ¥128,704,991.19 year-over-year[18] Inventory and Receivables - The company reported a significant increase in accounts receivable by 43.13% to ¥973,297,960.90, attributed to increased sales[9] - Accounts receivable rose to ¥973,297,960.90, up 43.2% from ¥680,000,838.58 at the beginning of the period[15] - Inventory levels rose by 30.75% to ¥2,394,250,034.55, driven by an increase in sales orders[9] - Inventory increased significantly to ¥2,394,250,034.55, a growth of 30.8% compared to ¥1,831,169,478.44[15]

Core Insights - The environmental equipment sector saw a slight increase of 0.23% on October 29, with Huahong Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Environmental Equipment Sector Performance - Huahong Technology (002645) closed at 17.00, up 3.66%, with a trading volume of 429,000 shares and a transaction value of 718 million yuan [1] - Longyuan Technology (300105) closed at 7.97, up 2.44%, with a trading volume of 232,200 shares and a transaction value of 185 million yuan [1] - Jiuwu High-Tech (300631) closed at 31.37, up 1.82%, with a trading volume of 53,300 shares and a transaction value of 166 million yuan [1] - Other notable performers include Meai Technology (688376) at 46.78, up 1.76%, and Guolin Technology (300786) at 17.51, up 1.21% [1] Capital Flow Analysis - The environmental equipment sector experienced a net inflow of 47.87 million yuan from institutional investors, while retail investors saw a net inflow of 15.40 million yuan [2] - However, speculative funds recorded a net outflow of 63.27 million yuan [2] Individual Stock Capital Flow - Huahong Technology had a net inflow of 93.14 million yuan from institutional investors, while it faced a net outflow of 43.07 million yuan from speculative funds [3] - Longjing Environmental (600388) saw a net inflow of 21.66 million yuan from institutional investors, with a net outflow of 0.69 million yuan from speculative funds [3] - Meai Technology recorded a net inflow of 8.17 million yuan from institutional investors, but faced a net outflow of 1.65 million yuan from speculative funds [3]

Core Insights - The environmental equipment sector saw a rise of 0.71% on October 27, with Huahong Technology leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Environmental Equipment Sector Performance - Huahong Technology (002645) closed at 16.21, with a gain of 7.35% and a trading volume of 521,600 shares, amounting to a transaction value of 832 million [1] - ST Xianhe (300137) closed at 8.28, up 4.15%, with a trading volume of 151,800 shares and a transaction value of 124 million [1] - Longyuan Technology (300105) closed at 7.90, increasing by 2.46%, with a trading volume of 189,200 shares and a transaction value of 148 million [1] - Other notable performers include Shengjian Technology (603324) with a 2.19% increase and a closing price of 27.03, and Bixing Wulian (688671) with a 1.74% increase, closing at 22.79 [1] Capital Flow Analysis - The environmental equipment sector experienced a net outflow of 52.4 million from institutional investors, while retail investors saw a net inflow of 42.5 million [2] - Huahong Technology had a significant net outflow of 34.9 million from institutional investors, while ST Xianhe saw a net inflow of 15.5 million [3] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remain active in the market [2][3]

Group 1 - The core point of the news is that Huahong Technology's stock price increased by 5.03%, reaching 15.86 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 3.60%, resulting in a total market capitalization of 9.954 billion CNY [1] - Huahong Technology, established on August 19, 2004, and listed on December 20, 2011, is primarily engaged in the recycling resource processing equipment business, comprehensive utilization of waste resources, elevator components, and rare earth waste utilization [1] - The main revenue composition of Huahong Technology includes: 49.56% from rare earth resource utilization, 23.77% from magnetic material sales, 10.45% from recycling resource processing equipment sales, 9.83% from elevator components sales, 4.68% from waste recovery and processing, and 1.71% from other sources [1] Group 2 - According to data from the top ten heavy positions of funds, one fund under Qianhai Kaiyuan holds a significant position in Huahong Technology, with Qianhai Kaiyuan Shengxin Mixed A (005541) holding 821,300 shares, accounting for 4.19% of the fund's net value, ranking as the eighth largest heavy position [2] - The Qianhai Kaiyuan Shengxin Mixed A fund has achieved a return of 53.71% this year, ranking 816 out of 8226 in its category, and a return of 49.78% over the past year, ranking 1003 out of 8099 [2]

Core Viewpoint - Huahong Technology's stock rose by 5.03% to 15.86 CNY per share, with a trading volume of 312 million CNY and a turnover rate of 3.60%, resulting in a total market capitalization of 9.954 billion CNY [1] Group 1: Company Overview - Jiangsu Huahong Technology Co., Ltd. was established on August 19, 2004, and listed on December 20, 2011 [1] - The company's main business includes recycling resource processing equipment, comprehensive utilization of waste resources, elevator components, and rare earth waste utilization [1] - The revenue composition of the main business is as follows: comprehensive utilization of rare earth resources 49.56%, sales of magnetic materials 23.77%, sales of recycling resource processing equipment 10.45%, sales of elevator components 9.83%, waste recovery and processing 4.68%, and others 1.71% [1] Group 2: Fund Holdings - One fund under Baoying Fund holds Huahong Technology as a significant position, specifically Baoying Xiangyu Enhanced Return Mixed A (008336), which held 21,200 shares in the second quarter, accounting for 0.43% of the fund's net value [2] - The fund's current scale is 40.1854 million CNY, with a year-to-date return of 5.65% and a one-year return of 7.13% [2] Group 3: Fund Manager Performance - The fund manager Cai Dan has a tenure of 8 years and 86 days, with a total asset scale of 1.763 billion CNY and a best return of 101.39% during the tenure [3] - The other fund manager, Lv Shuyi, has a tenure of 9 years and 149 days, managing assets of 29.066 billion CNY, with a best return of 18.7% during the tenure [3]

Market Overview - The environmental equipment sector rose by 0.64% on October 22, with ST Xianhe leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - ST Xianhe (300137) closed at 8.02, up 4.43% with a trading volume of 138,100 shares and a turnover of 110 million yuan [1] - Yutong (600817) closed at 11.76, up 2.89% with a trading volume of 83,400 shares [1] - Jiuwu High-Tech (300631) closed at 31.67, up 2.39% with a trading volume of 166,000 shares [1] - Other notable performers include Falunsheng (000890) up 1.65% and Chulin Technology (001336) up 1.48% [1] Fund Flow Analysis - The environmental equipment sector experienced a net outflow of 22.79 million yuan from institutional investors, while retail investors saw a net outflow of 17.78 million yuan [2] - Conversely, speculative funds recorded a net inflow of 40.58 million yuan [2] Individual Stock Fund Flow - Huahong Technology (002645) had a net inflow of 17.58 million yuan from institutional investors, while retail investors faced a net outflow of 38.68 million yuan [3] - Zhitong Heavy Industry (600817) saw a net inflow of 11.17 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Longyuan Technology (300105) had a net inflow of 7.25 million yuan from institutional investors, while retail investors faced a net outflow of 3.56 million yuan [3]

Core Viewpoint - The strategic value of rare earth elements is being highlighted due to China's export controls and policy upgrades, leading to a significant increase in stock prices and overall market performance in the rare earth sector [6][10][12]. Group 1: Market Performance - Shenghe Resources (600392.SH) saw its stock price rise by 5.04% to 26.26 yuan, with a year-to-date increase of 155.45% [6]. - The rare earth index (8841089.WI) has increased by 118.86% year-to-date, with five out of seven stocks in the sector doubling in value [6][10]. - On October 9, the rare earth sector surged by 7.97%, followed by a 9.49% increase on October 13, with several stocks recording over 110% gains [10][11]. Group 2: Supply and Demand Dynamics - China's rare earth reserves account for approximately 48% of the global total, with a production capacity of about 27,000 tons, representing nearly 70% of global output [8][9]. - The recent export controls by China, which include restrictions on key technologies and production lines, have tightened global supply and increased the strategic importance of rare earths [9][13]. - The demand for rare earths is expected to grow significantly, particularly in sectors like electric vehicles and renewable energy, with projections indicating a need for 3-5 kg of rare earth permanent magnets per electric vehicle [14][15]. Group 3: Price Trends - The price index for rare earths has been on an upward trend, with light rare earths like praseodymium and neodymium increasing from approximately 440,000 yuan/ton to 562,000 yuan/ton, a rise of about 27.7% [15]. - Heavy rare earths, such as dysprosium oxide, have seen even more dramatic increases, with prices soaring from around 830,000 yuan/ton to 2.6 million yuan/ton, marking a 212% increase [15]. - Recent announcements from companies like Northern Rare Earth and Baotou Steel have indicated continuous price increases for rare earth concentrates, reflecting ongoing supply constraints [17][19]. Group 4: Company Performance - In 2023, several rare earth companies are showing signs of recovery, with five out of seven companies reporting revenue growth in the first half of the year [21]. - Northern Rare Earth reported a revenue of 188.66 billion yuan in the first half of the year, with a net profit increase of 45.24% [22]. - Shenghe Resources anticipates a net profit of 740 million to 820 million yuan for the first nine months of the year, representing a growth of 696.82% to 782.96% [23]. Group 5: Future Outlook - Industry experts predict that while short-term fluctuations may occur, the mid-term price center for rare earths is likely to rise due to tightening supply and increasing strategic value [26]. - Analysts suggest that the recent export control measures will likely lead to price increases, particularly for light rare earth products, while cautioning about potential overvaluation of stocks in the sector [25][27].

Core Insights - On October 20, Huahong Technology experienced a decline of 0.53% with a trading volume of 450 million yuan, indicating a negative market sentiment towards the company [1] - The company reported a net financing outflow of 31.39 million yuan on the same day, with a total financing and securities balance of 392 million yuan, which is high compared to the past year [1] - Huahong Technology's main business segments include rare earth resource utilization (49.56% of revenue), magnetic materials sales (23.77%), and recycling equipment sales (10.45%) [1] Financing and Shareholder Information - As of June 30, the number of shareholders for Huahong Technology was 34,700, a decrease of 26.48% from the previous period, while the average circulating shares per person increased by 36.03% to 14,787 shares [2] - The company achieved a revenue of 3.159 billion yuan in the first half of 2025, representing a year-on-year growth of 17.17%, and a net profit attributable to shareholders of 79.63 million yuan, a significant increase of 3480.57% [2] Dividend Distribution - Since its A-share listing, Huahong Technology has distributed a total of 354 million yuan in dividends, with 116 million yuan distributed over the past three years [3]

为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了本所律师认为出具法律意见所必须查阅的文件，并对有关问题进行了 必要的核查和验证。 本法律意见书仅供公司 2025 年第二次临时股东大会之目的使用。本所律师 同意将本法律意见书随贵公司本次股东大会决议一并公告，并依法对本法律意见 书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 华宏科技 法律意见书 江苏世纪同仁律师事务所 关于江苏华宏科技股份有限公司 2025 年第二次临时股东大会的法律意见书 致：江苏华宏科技股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证监会《上 市公司股东大会规则》等法律、法规和规范性文件以及《公司章程》的规定，本 所受贵公司董事会的委托，指派本所律师出席贵公司 2025 年第二次临时股东大 会，并就本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、表 决程序以及表决结果的合法有效性等事项出具法律意见。 一、关于本次股东大会的召集、召开程序 （一）本次股东大会由董事会召集。2025 年 ...