Group 1 - The core point of the article highlights the recent decline in the stock price of Heng Er Da, which fell by 5% to 53.91 CNY per share, with a trading volume of 186 million CNY and a turnover rate of 4.46%, resulting in a total market capitalization of 8.41 billion CNY [1] - Heng Er Da New Materials Co., Ltd. is based in Putian City, Fujian Province, and was established on November 20, 1995. The company was listed on February 8, 2021, and its main business involves the research, production, and sales of metal cutting tools and supporting intelligent CNC equipment [1] - The revenue composition of Heng Er Da includes die-cutting tools (42.21%), sawing tools (38.74%), rolling functional components (12.79%), intelligent CNC equipment (3.34%), and others (2.92%) [1] Group 2 - From the perspective of major fund holdings, one fund under Hive Fund has a significant position in Heng Er Da. The Hive Advanced Manufacturing Mixed Initiation A Fund (019006) held 6,000 shares in the second quarter, accounting for 2.38% of the fund's net value, ranking as the ninth largest holding [2] - The Hive Advanced Manufacturing Mixed Initiation A Fund was established on August 16, 2023, with a latest scale of 11.77 million CNY. Year-to-date, it has achieved a return of 31.29%, ranking 2044 out of 8180 in its category, and a one-year return of 63.25%, ranking 1541 out of 7967 [2] - The fund managers of Hive Advanced Manufacturing Mixed Initiation A are Wu Qiong and Sun Ke, with Wu having a tenure of 2 years and 20 days and Sun having a tenure of 238 days. The total asset scale of the fund is 11.86 million CNY [3]

Core Viewpoint - The collaboration between Heng Er Da's subsidiary Heng Wang Technology and Northwestern Polytechnical University aims to enhance the performance verification of planetary roller screw thread grinding equipment, which is crucial for humanoid robot joints [1][2][3] Group 1: Company Developments - Heng Er Da has been focusing on high-end manufacturing applications and domestic substitution opportunities in industries such as industrial mother machines and humanoid robots [2] - The company fully acquired the leading thread grinding machine manufacturer, German SMS Maschinenbau GmbH, in May 2025, establishing a European R&D design center for grinding machines and rolling components [2] - Heng Er Da is advancing the localization of SMS thread grinding machines and the specialization of ball/roller screw grinding machines, aiming for a strategic layout of "European technology, Chinese manufacturing, global market" [2] Group 2: Collaboration with Academia - The partnership with Northwestern Polytechnical University is seen as a systematic connection between innovative manufacturing enterprises and cutting-edge academic technology, addressing national advanced manufacturing and new productivity strategic needs [3] - The collaboration is expected to leverage the combined strengths of academia and industry, promoting the transformation of research results, talent cultivation, joint technological breakthroughs, resource sharing, and technological innovation [3] - Northwestern Polytechnical University has a strong background in engineering research and has successfully transformed research results into practical applications in various equipment [2]

Core Viewpoint - The company, Hengerd, reported a steady growth in its main business with a revenue of 320 million yuan in the first half of 2025, marking a year-on-year increase of 6.85%. However, the net profit attributable to shareholders decreased by 22.53% to 43.11 million yuan due to increased expenses related to market expansion and strategic acquisitions [2]. Group 1 - The rolling functional components business showed strong growth, with a gross margin of 3.28% in the first half of 2025, indicating a preliminary turnaround to profitability [2]. - The decline in net profit and net profit excluding non-recurring items in the second quarter of 2025 was significantly reduced compared to the first quarter, reflecting a recovery in product profitability and overall operational efficiency [2]. - The company completed the acquisition of SMS Maschinenbau GmbH, a leading global manufacturer of thread grinding machines, which addresses the technical gap in ultra-high precision thread grinding in China [3]. Group 2 - The acquisition of SMS provides critical equipment support for the research and industrialization of rolling functional components, helping to overcome core bottlenecks in processing precision, efficiency, and yield rates in China [3]. - The localization of SMS's high-precision thread grinding machines is progressing smoothly with the support of SMS's technical team, and a domestic supply chain is being rapidly established [3]. - The company aims to focus on the construction of an industrial ecosystem for intelligent CNC equipment and core functional components, accelerating the development of ball screw assemblies and planetary roller screw assemblies, while promoting the localization of SMS's high-precision thread grinding machines [3].

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]

智通财经APP讯，恒而达(300946.SZ)发布2025年半年度报告，该公司营业收入为3.2亿元，同比增长 6.85%。归属于上市公司股东的净利润为4310.94万元，同比减少22.53%。归属于上市公司股东的扣除非 经常性损益的净利润为4167.28万元，同比减少24.64%。基本每股收益为0.28元。 ...

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]