Core Viewpoint - Jiangsu Henghui Security achieved steady growth in the first half of 2025 despite a complex market environment, with significant developments in various business segments disclosed during the performance briefing held on September 12, 2025 [1] Financial Performance and Dividends - As of June 30, 2025, the company reported total assets of 2,584.82 million yuan, a year-on-year increase of 3.10% - The equity attributable to shareholders increased by 20.29% to 1,462.10 million yuan - The interim profit distribution plan for 2025 proposes a cash dividend of 0.8 yuan per 10 shares, totaling 13.67 million yuan, which accounts for 29.65% of the distributable profits [2] Glove Production Capacity Progress - The subsidiary Hengyue Factory's project for producing 72 million pairs of functional safety gloves contributed approximately 4.5 million pairs in capacity during the first half of the year, aiming for a total capacity and sales breakthrough of 10 million pairs for the year [3] Export Business and Response Strategies - The functional safety gloves business is primarily export-oriented, with North America accounting for 37.85% of total revenue, and the U.S. alone contributing 31.24% - To address tariff pressures, the company is accelerating capacity construction at its Vietnam factory and implementing a diversified market strategy, with significant progress in the Vietnam factory's annual production of 16 million pairs of gloves [4] Order Situation and Market Outlook - Since the second quarter, glove orders have shown regional differentiation, with the U.S. market experiencing a slowdown due to tariffs, while orders from markets outside the U.S. are meeting expectations due to new capacity and industrial synergies [5] Biodegradable Polyester Rubber Project - The planned annual production of 110,000 tons of biodegradable polyester rubber is progressing as scheduled, with completion expected in the second half of 2026 [6] Ultra-High Molecular Weight Polyethylene Fiber Business - Sales revenue from ultra-high molecular weight polyethylene fiber increased by 70.53% year-on-year, although gross margin declined by 6.23% due to market competition and pricing strategies - The company aims to achieve trial production of a 4,800-ton capacity project by the end of September [7] Overseas Expansion and Market Value Management - The company is leveraging Henghui (Hong Kong) to advance its Vietnam project while adhering to a principle of "steady progress and priority on efficiency" for evaluating other overseas investments - To manage stock price fluctuations, the company plans to enhance competitiveness and deliver good operating performance to reward investors [8]

Financial Performance - In the first half of 2025, the company achieved total revenue of 593.03 million RMB, a year-on-year increase of 15.43% [3] - Net profit attributable to shareholders was 54.98 million RMB, up 11.82% year-on-year [3] - Total assets as of June 30, 2025, were 2.58 billion RMB, reflecting a growth of 3.10% [3] - Shareholder equity reached 1.46 billion RMB, an increase of 20.29% year-on-year [3] - The profit distribution plan for 2025 proposes a cash dividend of 0.8 RMB per 10 shares, totaling 13.67 million RMB, which accounts for 29.65% of the distributable profits [3] Production Capacity and Projects - The annual production capacity of the functional safety protective gloves project is 72 million pairs, with approximately 4.5 million pairs contributed in the first half of 2025 [4] - The company aims to achieve a total production and sales target of 10 million pairs for the year [4] - The Vietnam factory's project for 16 million pairs of gloves has entered the mass production phase, with the first batch successfully delivered [5][11] Market and Sales Strategy - North America accounted for 37.85% of total sales revenue, with the U.S. specifically contributing 31.24% [4] - To mitigate tariff pressures, the company is enhancing production capacity in Vietnam and diversifying its market strategy to include Europe, South America, Africa, and Australia [4] - The company is also focusing on domestic market penetration by leveraging its core advantages of high quality, fast delivery, and low cost [4] Product Development and Innovation - The biodegradable polyester rubber project is progressing with the first phase of 10,000 tons expected to stabilize production soon [7] - The company is actively developing applications for ultra-high molecular weight polyethylene fibers in the robotics sector, with several products already delivered [10][12] - The company has established a dedicated R&D team for robotics applications, ensuring alignment with market needs [12] Customer Engagement and Orders - The company is experiencing a mixed order situation, with U.S. orders slowing due to tariff policies, while orders from other regions remain on target [6] - The company is closely monitoring U.S. market conditions and adjusting its order structure accordingly [6] Shareholder Information - As of September 10, 2025, the total number of shareholders is 13,409 [12]

Core Viewpoint - Henghui Security reported a decrease in the number of shareholders, indicating a potential shift in investor sentiment [1] Group 1: Shareholder Information - As of September 10, the number of shareholders for Henghui Security was 13,409, a decrease of 1,005 from the previous period (August 31), representing a decline of 6.97% [1] - This marks the second consecutive period of decline in the number of shareholders [1] Group 2: Stock Performance - The latest stock price for Henghui Security is 30.78 yuan, down 2.29%, while the stock has seen a cumulative increase of 5.96% since the concentration of shares began [1] - The stock experienced 6 days of increases and 4 days of decreases during the reporting period [1] Group 3: Financial Performance - For the first half of the year, Henghui Security achieved operating revenue of 593 million yuan, a year-on-year increase of 15.43% [1] - The net profit for the same period was 54.98 million yuan, reflecting a year-on-year growth of 11.82% [1] - The basic earnings per share were 0.3600 yuan, with a weighted average return on equity of 4.13% [1]

Group 1 - The company announced the convening of the second extraordinary general meeting of shareholders for 2025 on September 11, 2025 [2] - The meeting approved the proposal to supplement the independent director of the third board of directors, appointing Mr. Chen Fei as an independent director [2] - Mr. Chen Fei will also serve as the chairman of the remuneration and assessment committee and a member of the strategic committee of the third board of directors, with a term lasting until the end of the third board's term [2]

证券代码：300952 证券简称：恒辉安防 公告编号：2025-127 江苏恒辉安防股份有限公司 关于完成补选独立董事的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏恒辉安防股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召 开第三届董事会第十六次会议，审议通过了《关于补选公司第三届董事会独立董 事的议案》《关于调整第三届董事会专门委员会成员的议案》，董事会同意提名 陈飞先生为公司第三届董事会独立董事候选人。具体内容详见公司于 2025 年 8 月 26 日在中国证监会指定的创业板信息披露网站（巨潮资讯网 http://www.cni nfo.com.cn ）上披露的《关于补选公司独立董事暨调整专门委员会委员的公告》 （公告编号：2025-114）。 2025 年 9 月 11 日，公司召开 2025 年第二次临时股东会，审议通过了《关 于补选公司第三届董事会独立董事的议案》，同意补选陈飞先生为公司第三届董 事会独立董事，并担任公司第三届董事会薪酬与考核委员会主任委员、第三届董 事会战略委员会委员，任期自 2025 年第二次临时股 ...

德恒上海律师事务所 关于江苏恒辉安防股份有限公司 2025 年第二次临时股东会的 法律意见 上海市虹口区东大名路 501 号上海白玉兰广场 23 层 电话：021-55989888/ 9666 传真：021-55989898 邮编：200080 德恒上海律师事务所 关于江苏恒辉安防股份有限公司 2025 年第二次临时股东会的法律意见 德恒上海律师事务所 关于江苏恒辉安防股份有限公司 （一）《公司章程》； （三）公司第三届董事会第十六次会议决议； （二）《江苏恒辉安防股份有限公司股东会议事规则》； （四）公司于 2025 年 8 月 26 日在巨潮资讯网（http://www.cninfo.com.cn） 公布的《江苏恒辉安防股份有限公司关于召开 2025 年第二次临时股东会的通知》 （以下简称"《股东会的通知》"）； 2025 年第二次临时股东会的 法律意见 德恒 02G20210303 号 致：江苏恒辉安防股份有限公司 江苏恒辉安防股份有限公司（以下简称"公司"）2025 年第二次临时股东 会（以下简称"本次会议"）于 2025 年 9 月 11 日（星期四）召开。德恒上海律 师事务所（以下简称"德恒"或" ...

证券代码：300952 证券简称：恒辉安防 公告编号：2025-126 江苏恒辉安防股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 其中：通过现场投票的股东 8 人，代表股份 100,199,130 股，占公司有表决 权股份总数的 58.0572％。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 江苏恒辉安防股份有限公司（以下简称"公司"）2025 年第二次临时股东 会于 2025 年 9 月 11 日（星期四）下午 14:30 在江苏省如东县经济开发区金沙江 路 128 号江苏恒辉安防股份有限公司会议室以现场表决与网络投票相结合的方 式召开。本次会议通知于 2025 年 8 月 26 日在中国证监会指定的创业板信息披露 网站巨潮资讯网（www.cninfo.com.cn）公告。本次会议由董事会召集、董事长 王咸华主持。本次会议的召集、召开符合《公司法》《上市公司股东会规则》及 《公司章程》等相关规定。 公司 2 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **robotic materials industry**, particularly the development of **robotic tendons** and **high-performance polyethylene fibers** [1][2][3]. Core Insights and Arguments - **Demand Growth**: The demand for ultra-high molecular weight polyethylene (UHMWPE) fibers is steadily increasing, with global demand expected to reach approximately **54,700 tons** by 2028, reflecting a compound annual growth rate (CAGR) of over **10%** [1][8]. - **China's Market Share**: In 2023, China's demand for UHMWPE fibers was about **33,800 tons**, accounting for over **60%** of global demand [8][9]. - **Market Dynamics**: The high-end product technology for UHMWPE fibers is primarily monopolized by **three companies**: **Invista** (USA), **Honeywell** (USA), and **Toyobo** (Japan). However, domestic companies have captured about **70%** of global production capacity [10][11]. - **Key Players**: - **Tongyi Zhong** is identified as the leading domestic company in the UHMWPE fiber industry, with a production capacity of **7,960 tons** and **2,175 tons** for auxiliary materials by the end of 2024 [11][13]. - **Henghui Security** has a current capacity of **3,000 tons** and plans to expand to **12,000 tons**, with **4,800 tons** expected to be operational by 2025 [4][14]. - **Daye Co.** is a significant supplier of steel wire products, with projected sales of **436,000 tons** for tire beads and **361,800 tons** for steel cord in 2024, playing a crucial role in robotic tendon transmission [4][12][17]. Additional Important Content - **Robotic Hand Development**: The dexterous hand is a critical development direction for robots, featuring multiple degrees of freedom and human-like functions, which are essential for various operational capabilities [3]. - **Tendon Transmission Applications**: The tendon transmission method is a vital component in dexterous hands, allowing for aesthetically pleasing and efficient long-distance movement. The primary transmission schemes include **N-type**, **N+1-type**, and **2N-type** [6]. - **Material Advantages**: UHMWPE fibers are lightweight, high modulus, wear-resistant, and flexible, making them ideal for tendon applications. Initially used in military applications, they are now expanding into civilian uses [7][10]. - **Investment Opportunities**: The conference highlights potential investment targets in the domestic market, including **Tongyi Zhong**, **Henghui Security**, **Kanglongda**, and **Daye Co.**, each with unique strengths and growth prospects in the UHMWPE fiber sector [11][15][17].

证券之星消息，9月10日服装家纺板块较上一交易日上涨0.63%，恒辉安防领涨。当日上证指数报收于 3812.22，上涨0.13%。深证成指报收于12557.68，上涨0.38%。服装家纺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) | | | --- | --- | --- | --- | --- | --- | --- | | 300952 | 恒辉安防 | 31.18 | 5.95% | 18.37万 | | 5.64亿 | | 002269 | 美邦服饰 | 69'2 | 5.91% | 551.82万 | | 14.79亿 | | 600107 | ST尔雅 | 6.74 | 4.98% | - 10.64万 | | 7058.35万 | | 003041 | 直要美家 | 24.14 | 4.23% | 5.79万 | | 1.37亿 | | 603511 | 爰草股份 | 17.04 | 3.84% | 9.09万 | | 1.53亿 | | 002762 | *ST金比 | 7.90 | 3.27% | 10.01万 | | 7911.25 ...

Core Viewpoint - Henghui Security has experienced a significant stock price increase, with a 5.16% rise on September 10, reaching 30.95 CNY per share, and a total market capitalization of 5.342 billion CNY [1] Company Overview - Jiangsu Henghui Security Co., Ltd. was established on April 15, 2004, and went public on March 11, 2021. The company specializes in the research, production, and sales of hand safety protective products [1] - The main revenue composition includes functional safety gloves (95.45%), ultra-high molecular weight polyethylene fibers (3.47%), ordinary safety gloves and other protective products (0.82%), and others (0.26%) [1] Fund Holdings - Guodu Securities has a fund that heavily invests in Henghui Security. The Guodu Innovation Drive Fund (002020) held 7,000 shares in the second quarter, accounting for 2.04% of the fund's net value, ranking as the ninth largest holding [2] - The fund has generated a floating profit of approximately 10,600 CNY today, with a total floating profit of 22,500 CNY during the three-day price increase [2] Fund Manager Performance - The fund managers of Guodu Innovation Drive include Liao Xiaodong, Zhang Xiaolei, and Wang Yi, with varying tenures and performance records [3] - Liao Xiaodong has a tenure of 5 years and 120 days, with the best fund return of -24.14% and the worst of -65.64% [3] - Zhang Xiaolei has a tenure of 6 years and 270 days, achieving the best fund return of 80.09% and the worst of -23.64% [3] - Wang Yi has a tenure of 4 years and 88 days, with the best fund return of 32.27% and the worst of -31.14% [3]