Core Insights - The company Heng Er Da (300946) reported a total revenue of 320 million yuan for the first half of 2025, reflecting a year-on-year increase of 6.85%, while the net profit attributable to shareholders decreased by 22.53% to 43.11 million yuan [1] - The second quarter revenue was 169 million yuan, up 11.53% year-on-year, but the net profit for the same period fell by 14.81% to 23.09 million yuan [1] - The company's accounts receivable are notably high, with accounts receivable amounting to 209.98% of the net profit in the latest annual report [1] Financial Performance - Gross margin stood at 29.52%, down 7.09% year-on-year, while net margin decreased by 27.77% to 13.49% [1] - Total selling, administrative, and financial expenses reached 26.84 million yuan, accounting for 8.4% of revenue, which is a 33.38% increase year-on-year [1] - Earnings per share (EPS) was 0.28 yuan, a decline of 22.22% year-on-year, and the net asset value per share decreased by 19.08% to 7.74 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 7.1% last year, indicating average capital returns, with a historical median ROIC of 15.47% since its listing [2] - The net profit margin last year was 14.9%, suggesting a high added value for its products or services [2] - The company's performance is heavily reliant on capital expenditures, necessitating close monitoring of the viability of these investments [2] Cash Flow and Receivables - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 50.59%, and the average operating cash flow over the past three years to current liabilities at 19.93% [3] - The accounts receivable to profit ratio has reached 209.98%, indicating potential liquidity issues [3] Fund Management - The company is held by a prominent fund manager, Yan Siqian from Penghua Fund, who has recently increased his stake in the company [3] - Yan Siqian is recognized for his strong stock-picking abilities, particularly in identifying growth stocks, and his fund has a total scale of 16.136 billion yuan [3]

Financial Performance - The company achieved a revenue of 31,951.22 million yuan in the first half of 2025, representing a year-on-year growth of 6.85% [2] - The net profit attributable to shareholders was 4,310.94 million yuan, a decrease of 22.53% year-on-year [2] - The net profit excluding non-recurring items was 4,167.28 million yuan, down 24.64% year-on-year [2] - The gross margin for rolling functional components was 3.28%, indicating a turnaround to profitability [4] SMS Acquisition Progress - The company signed an asset purchase agreement with SMS Maschinenbau GmbH on May 8, 2025, and completed the asset transfer by June 4, 2025 [6] - SMS Precision Machines GmbH has resumed production and started receiving new customer orders [6] - The company is building a localized supply chain for SMS products and has completed the domestic conversion of core product technical drawings [6] Product Development and Market Strategy - The company is advancing the localization of SMS high-precision thread grinding machines, focusing on equipment design, supply chain construction, and technical personnel training [3] - Sales revenue from linear guide rail products targeting mid-to-high-end users increased by 758.27%, with their market share rising from 4.28% to 11.88% [4] - The company is collaborating with Xi'an Wanteng Information Technology Co., Ltd. to integrate high-precision grinding machine advantages with planetary roller screw technology [8] Material Development - The company is exploring the application of high-nitrogen steel materials in humanoid robots, focusing on optimizing material process parameters [9]

Group 1 - The company Heng Er Da (300946.SZ) reported a revenue of 320 million yuan for the first half of 2025, representing a year-on-year increase of 6.85% [1] - The net profit attributable to shareholders of the listed company was 43.11 million yuan, a year-on-year decrease of 22.53% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 41.67 million yuan, down 24.64% year-on-year [1] - The basic earnings per share were 0.28 yuan [1]

Core Viewpoint - The company reported a revenue of 319.5 million yuan, a year-on-year increase of 6.85%, but net profit decreased by 22.53% to 43.11 million yuan due to rising expenses related to market expansion and strategic acquisitions [1] Group 1: Financial Performance - Revenue for the first half reached 319.5 million yuan, up 6.85% year-on-year [1] - Net profit was 43.11 million yuan, down 22.53% year-on-year, while the non-recurring net profit was 41.67 million yuan, down 24.64% year-on-year [1] - The decline in net profit has significantly narrowed in the second quarter compared to the first quarter, indicating a recovery in product profitability and overall operational efficiency [1] Group 2: Business Segments - The metal cutting tools segment generated revenue of 258.7 million yuan, remaining stable year-on-year, providing stable cash flow for emerging businesses [1] - The die-cutting tools business achieved revenue of 134.9 million yuan, maintaining the top global market share, while the saw blade business revenue was 123.8 million yuan, up 1.85% year-on-year [1] - New products such as lightweight die-cutting tools and carbide bi-metal band saw blades saw revenue growth of 17.97% and 58.25% respectively, driving high-quality growth in the metal cutting tools business [1] Group 3: Emerging Business Growth - The rolling functional components business experienced explosive growth with revenue of 40.87 million yuan, a year-on-year increase of 208.89% [2] - Revenue from linear guide and slider products grew by 153.39% and 236.80% respectively, with sales of linear guide sub-products aimed at mid-to-high-end users increasing by 758.27% [2] - The intelligent CNC equipment business is focusing on high-end transformation and reducing homogeneous competition by customizing metal processing solutions for strategic clients [2] Group 4: Strategic Acquisitions - The acquisition of SMS Maschinenbau GmbH in May 2025 is a significant highlight, enhancing the company's capabilities in high-precision thread grinding machines [2][3] - This acquisition fills a technological gap in the domestic ultra-high precision thread grinding machine sector, supporting the development and industrialization of rolling functional components [3] - The company aims to accelerate the localization of high-precision thread grinding machines and expand into high-end markets, contributing to the domestic substitution process in high-end equipment manufacturing [3]

证券代码：300946 证券简称：恒而达 编号：2025-035 福建恒而达新材料股份有限公司 第三届监事会第四次会议决议公告 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 福建恒而达新材料股份有限公司（以下简称公司）第三届监事会第四次会议 于2025年8月28日在福建省莆田市荔城区新度镇新度村亭道尾228号公司会议室 以现场会议方式召开，会议通知于2025年8月18日以电子邮件或电话的方式送达 全体监事。本次会议由公司监事会主席黄青山先生召集并主持。本次会议应到监 事3名，实际参加会议监事3名，公司董事会秘书列席了本次会议。本次会议的召 集、召开程序符合《中华人民共和国公司法》《公司章程》等有关规定。 二、监事会会议审议情况 1．审议通过了《关于<2025年半年度报告>及其摘要的议案》。 公司监事会认为：公司编制和审议《2025年半年度报告》及《2025年半年度 报告摘要》的程序符合法律、行政法规和《公司章程》的规定，《2025年半年度 报告》及《2025年半年度报告摘要》的内容真实、准确、完整地反映了公司2025 年1-6月的经营 ...

证券代码：300946 证券简称：恒而达 编号：2025-034 福建恒而达新材料股份有限公司 第三届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，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 福建恒而达新材料股份有限公司（以下简称公司）第三届董事会第六次会议 于2025年8月28日在福建省莆田市荔城区新度镇新度村亭道尾228号公司会议室 以现场会议与通讯相结合的方式召开，会议通知于2025年8月18日以电子邮件或 电话的方式送达全体董事、监事及高级管理人员。本次会议由公司董事长林正华 先生召集并主持，会议应到董事7名，实际参加会议董事7名（其中董事林正雄先 生以通讯方式参加本次会议），公司监事、高级管理人员列席了本次会议。本次 会议的召集、召开程序符合《中华人民共和国公司法》《公司章程》等有关规定。 二、董事会会议审议情况 1.审议通过了《关于<2025年半年度报告>及其摘要的议案》。 经审议，公司董事会认为《2025年半年度报告》及《2025年半年度报告摘要》 的内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 综合考虑公司目前盈利能力、 ...

Core Viewpoint - The company reported steady growth in its main business, with a revenue increase of 6.85% year-on-year, despite a decline in net profit due to rising expenses related to market expansion and strategic acquisitions [1] Financial Performance - The company achieved a revenue of 319.51 million yuan during the reporting period [1] - The net profit attributable to shareholders was 43.11 million yuan, representing a year-on-year decrease of 22.53% [1] - The net profit excluding non-recurring items was 41.67 million yuan, down 24.64% year-on-year [1] Business Development - The growth in the rolling functional components business contributed significantly to the company's performance [1] - The decline in net profit and net profit excluding non-recurring items showed a notable narrowing in the second quarter of 2025 compared to the first quarter, indicating a recovery in product profitability and overall operational efficiency [1] Dividend Distribution - The company declared a cash dividend of 1.2 yuan for every 10 shares to all shareholders [1]

证券代码：300946 证券简称：恒而达 编号：2025-039 福建恒而达新材料股份有限公司 关于2025年度中期利润分配方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 重要提示： 1．福建恒而达新材料股份有限公司（以下简称公司、母公司）2025年度中 期利润分配方案为：以公司现有总股本156,007,800股为基数，向全体在册股东每 10股派发现金股利1.20元（含税），合计派发现金红利18,720,936.00元（含税）， 剩余未分配利润结转以后分配，不送红股，不以资本公积金转增股本。 2．公司2025年度中期利润分配方案已经公司第三届董事会第六次会议审议 通过，根据公司2024年年度股东大会的授权，2025年度中期利润分配方案无需另 行提交股东大会审议。 一、2025年度中期利润分配方案的审议程序 为践行常态化现金分红机制，提高投资者回报水平，简化现金分红决策程序， 根据《上市公司监管指引第3号——上市公司现金分红》及《公司章程》等规定， 公司于2025年5月15日召开的2024年年度股东大会审议通过了《关于2025年度中 期现金分红规划 ...

华泰联合证券有限责任公司 关于福建恒而达新材料股份有限公司 使用部分暂时闲置募集资金临时补充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为福建恒而达新材料股份有限公司（以下简称"恒而达"或"公司"）首次公开 发行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务 管理办法》《上市公司募集资金监管规则》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 及《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》）等有关规定， 对恒而达拟使用部分暂时闲置募集资金临时补充流动资金事项进行了审慎尽职 调查，具体核查情况如下： 一、募集资金基本情况概述 中国证券监督管理委员会于2021年1月19日下发《关于同意福建恒而达新材 料股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕163号）， 同意公司首次公开发行股票的注册申请。公司本次公开发行股票1,667万股，发 行价格为29.45元/股，募集资金总额为人民币490,931,500.00元，扣除不含税的发 行费用人民币51,395 ...

福建恒而达新材料股份有限公司 独立董事现场工作制度 第一条 为进一步促进福建恒而达新材料股份有限公司（以下简称公司）的 规范运作，充分发挥独立董事作用，维护公司整体利益，保障全体股东特别是中 小股东的合法权益，根据《中华人民共和国公司法》《上市公司独立董事管理办 法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作》等有关法律、行政法规、规章、规 范性文件以及《福建恒而达新材料股份有限公司章程》（以下简称《公司章程》）、 《福建恒而达新材料股份有限公司独立董事制度》（以下简称《公司独立董事制 度》）的规定，结合公司的实际情况，特制定本制度。 第二条 公司独立董事应当按照相关法律、行政法规、规章、规范性文件、 《公司章程》《公司独立董事制度》以及本制度的要求，认真履行职责，维护公 司和全体股东的整体利益，尤其要切实保护中小股东的合法权益不受损害。 第三条 公司独立董事每年应当按照相关法律、行政法规、规章、规范性文 件、《公司章程》《公司独立董事制度》以及本制度的要求，到公司进行现场工 作。 第四条 公司独立董事进行现场工作的主要内容包括： （一）出席 ...