江苏恒辉安防集团股份有限公司 关于使用部分闲置募集资金进行现金管理的 进展公告 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。 一、募集资金基本情况 证券代码：300952 证券简称：恒辉安防 公告编号：2026-006 江苏恒辉安防集团股份有限公司（以下简称"公司"）于 2024 年 10 月 11 日召开了第三届董事会第六次会议、第三届监事会第六次会议，审议通过了《关 于公司及子公司使用部分闲置募集资金及自有资金进行现金管理的议案》，在确 保不影响募集资金投资项目建设和正常经营的情况下，拟使用 25,000.00 万元 （含本数）的闲置募集资金，适当购买安全性高、流动性好的保本型现金管理产 品。投资管理期限自董事会审议通过之日起 12 个月内有效。在上述额度及期限 内，资金可以循环滚动使用。 2025 年 10 月 15 日召开第三届董事会第十九次会议，审议通过了《关于公 司及子公司使用部分闲置募集资金及自有资金进行现金管理的议案》，在确保不 影响募集资金投资项目建设和正常经营的情况下，拟使用 13,000.00 万元（含本 数）的闲置募集资金，适当购买安 ...

证券日报网讯2月3日，恒辉安防（300952）在互动平台回答投资者提问时表示，截至2026年1月30日， 公司股东总人数为13896户。 ...

Summary of Key Points from Conference Call Records Industry Overview - The humanoid robot market is experiencing significant growth, with a projected increase in sales in China by 133%, reaching 28,000 units according to Morgan Stanley [4] - The industry is seeing advancements in technology, with companies focusing on developing core components such as visual modules, wheeled robot modules, joint modules, and domain controllers to enhance product offerings [4] Company Highlights Guansheng Co., Ltd. (冠盛股份) - Engaged in a strategic partnership with the Shanghai Artificial Intelligence Research Institute to develop an embodied intelligence ecosystem [1] - Plans to accelerate product market introduction, with a product launch event scheduled for February 9 in Shanghai to unveil a constant-speed universal joint module [1] Lixing Co., Ltd. (力星股份) - Groundbreaking ceremony for the second phase of the Nanyang project held in Henan, with a total investment of 100 million yuan, aimed at constructing two new precision rolling body production facilities [1] - The new facilities are expected to achieve a monthly production capacity of 7,000 batches of G5 and G10 grade high-precision steel balls [1] - Announced a private placement plan to raise up to 560 million yuan, with funds allocated to high-precision ceramic bearing ball industrialization and other projects [1] Xingyu Co., Ltd. (星宇股份) - Focused on embodied intelligence projects, including neck interaction modules, optical modules, and skin and structural components [2] - By September 30, 2025, the company has engaged in R&D collaborations with several leading humanoid robot manufacturers, with some prototypes already delivered and in testing or pilot phases [2] Fuchun Dyeing and Weaving (富春染织) - Launched a project involving 18 injection molding machines, with 5 already delivered and 3 CNC machines, of which 1 has arrived [2] - Achieved small batch orders for standard plastic parts, such as joint module axle sleeves, with a revenue target of 50 million yuan for 2026 [2] Linghou Robotics (灵猴机器人) - Announced completion of over 100 million yuan in Pre-B round financing, led by NIO Capital [4] - Continues to innovate in the embodied intelligence sector with a range of core components [4] Tesla - Announced the upcoming reveal of the third-generation humanoid robot, highlighting significant changes in the product's design and capabilities [2] Additional Insights - NTN Japan and Germany's KRW are visiting to advance overseas supply chain initiatives [2] - Samsung SDI is in discussions with robotics companies regarding solid-state battery collaborations [4]

Group 1 - The core point of the news is that Henghui Security experienced a decline of 5.04% in its stock price, reaching 46.58 yuan per share, with a trading volume of 276 million yuan and a turnover rate of 5.54%, resulting in a total market capitalization of 8.039 billion yuan [1] - Henghui Security, established on April 15, 2004, and listed on March 11, 2021, is located in the Jiangsu Province and specializes in the research, production, and sales of hand safety protective products [1] - The company's main business revenue composition includes functional safety gloves at 95.45%, ultra-high molecular weight polyethylene fibers and composite materials at 3.47%, ordinary safety gloves and other protective products at 0.82%, and others at 0.26% [1] Group 2 - From the perspective of fund holdings, Changcheng Fund has a significant position in Henghui Security, with its Changcheng Emerging Industries Mixed A fund holding 207,400 shares, accounting for 6.57% of the fund's net value, making it the seventh-largest holding [2] - The Changcheng Emerging Industries Mixed A fund, established on February 17, 2015, has a latest scale of 60.9225 million, with a year-to-date loss of 0.11% and a one-year return of 26.98% [2] - The fund manager, Liu Jiang, has been in position for 6 years and 301 days, with a total asset scale of 215 million yuan, achieving the best fund return of 134.79% and the worst return of 28.57% during his tenure [2]

Group 1 - The core point of the news is that Henghui Security experienced a 5.2% increase in stock price, reaching 50.20 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 6.15%, resulting in a total market capitalization of 8.664 billion CNY [1] - Henghui Security, established on April 15, 2004, and listed on March 11, 2021, is located in the Jiangsu Province and specializes in the research, production, and sales of hand safety protective products [1] - The main revenue composition of Henghui Security includes functional safety gloves at 95.45%, ultra-high molecular weight polyethylene fibers and composite materials at 3.47%, ordinary safety gloves and other protective products at 0.82%, and others at 0.26% [1] Group 2 - From the perspective of major circulating shareholders, Debon Fund has a fund that ranks among the top ten circulating shareholders of Henghui Security, holding 1.5% of the circulating shares with 1.5707 million shares [2] - The Debon High-end Equipment Mixed Initiation A Fund (023566) was newly included in the top ten circulating shareholders in the third quarter, with an estimated floating profit of approximately 3.8953 million CNY today [2] - The fund has a total scale of 614.985 million CNY and has experienced a loss of 0.03% this year, ranking 8539 out of 8872 in its category, while achieving a cumulative return of 23.5% since its inception [2]

Summary of Key Points from the Conference Call Industry and Companies Involved - The conference call focused on the robotics industry, specifically highlighting companies such as 恒勃股份 (Hengbo Co.), 福达股份 (Fuda Co.), 恒辉安防 (Henghui Security), and 征和工业 (Zhenghe Industrial) [1][2][3][4]. Core Insights and Arguments - The call included discussions on the scheduled research visits to various companies in the robotics sector, indicating a proactive approach to understanding market dynamics and potential investment opportunities [1][2][3][4]. - Each company mentioned has a specific date and location for the research visit, suggesting a structured plan to gather insights from different players in the robotics industry [1][2][3][4]. Other Important but Potentially Overlooked Content - The limited availability for each research session (only 5 participants per session) highlights the exclusivity and potential value of the insights to be gained from these visits [1][2][3][4]. - Previous research sessions included notable companies such as 拓普集团 (Top Group), 恒立液压 (Hengli Hydraulic), and others, indicating a broad interest in the robotics and automation sectors [1][2][3][4].

Core Viewpoint - The article discusses the advancements in bio-based degradable polyester rubber technology led by Academician Zhang Liqiu's team, highlighting the significant progress in industrialization and the potential market impact of bio-based materials in various applications [4][6][12]. Group 1: Project Development - Henghui Security (300952.SZ) is investing in an annual production capacity of 110,000 tons of bio-based degradable polyester rubber, with the first phase of 10,000 tons entering trial production [4][5]. - The project is based on nearly 20 years of research by Zhang Liqiu's team, marking a significant milestone from concept to industrialization [4][6]. - The construction of the production line has progressed rapidly, with the comprehensive R&D building completed in just eight months [4][12]. Group 2: Market Potential - The global rubber market is valued at approximately $40-50 billion, with nearly 70% of natural rubber used in tire applications [17]. - If bio-based rubber can capture even 10% of the traditional rubber market in key sectors like tires, footwear, and medical gloves, it represents a multi-billion dollar opportunity [17][18]. - The demand for medical-grade rubber has increased by 27% from 2021 to 2024, indicating a growing market for bio-based alternatives [17]. Group 3: Technological Breakthroughs - Zhang Liqiu's team has developed two pioneering technologies: bio-based degradable polyester rubber and non-food-based adipic acid ester rubber, each targeting different market needs [13][17]. - The bio-based degradable rubber can degrade up to 70% within 110 days, posing less environmental risk compared to traditional rubber [22]. - The non-food-based rubber utilizes agricultural waste, reducing carbon emissions by 50-80% compared to petroleum-based synthetic rubber [13][17]. Group 4: Industry Challenges - Key challenges for scaling production include cost competitiveness with traditional rubber, maintaining performance stability, and market acceptance [23]. - The success of Henghui Security's trial production will be critical in addressing these challenges and validating the technology for broader market adoption [23].

证券日报网讯1月26日，恒辉安防（300952）在互动平台回答投资者提问时表示，截至2026年1月20日， 公司股东总人数14588户。 ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, particularly focusing on humanoid robots and aerospace sectors [2][10]. Core Insights - The humanoid robot market is expected to significantly drive the demand for rotary transformers, with a projected market size of 6.15 billion yuan by 2030 and 47.1 billion yuan by 2035, reflecting a CAGR of 85.9% from 2026 to 2035 [4][27]. - The aerospace sector is also experiencing growth, with satellite launches increasing rapidly, leading to a forecasted rotary transformer market size of 700 million yuan by 2030 and 1.8 billion yuan by 2035, with a CAGR of 22.7% from 2026 to 2035 [5][30]. Summary by Sections 1. Humanoid Robots and Aerospace Driving Rotary Transformer Market - Rotary transformers are well-suited for humanoid robots due to their strong shock resistance and durability, making them ideal for complex operational environments [4][24]. - The market for rotary transformers in humanoid robots is expected to surpass traditional markets, as they replace encoders in robotic joints [27]. 2. Market Performance of Humanoid Robots - The humanoid robot sector is anticipated to see a substantial increase in market size, driven by the need for high reliability and longevity in robotic joints [4][27]. - The report highlights the importance of rotary transformers in enhancing the performance of humanoid robots, particularly in their joints and dexterous hands [27]. 3. Market Performance of Aerospace Sector - The report notes a significant increase in satellite launches, with SpaceX planning to launch 42,000 satellites by 2033, which will boost the demand for rotary transformers in satellite attitude and orbit control systems [5][30]. - The rotary transformer market in the aerospace sector is projected to grow steadily, with increasing applications in satellite systems [30]. 4. Industry Data Tracking - The global rotary transformer market is expected to grow from approximately 4.445 billion yuan in 2024 to 11.851 billion yuan by 2031, with a CAGR of 15.3% from 2025 to 2031 [33]. - The automotive sector's rotary transformer market is projected to grow from 1.334 billion yuan in 2024 to 3.555 billion yuan by 2031 [33]. 5. Company Announcements - The report emphasizes the rapid growth of domestic companies like Yingshuo Technology, which has captured a significant market share in the rotary transformer sector, particularly in the new energy vehicle market [44][61]. - Yingshuo Technology's revenue has shown a CAGR of 176.6% from 2020 to 2022, with a strong focus on the new energy vehicle sector [44][55].

Core Viewpoint - The company has established a strong position in the ultra-high molecular weight polyethylene fiber sector, leveraging its technological advantages and strategic direction since entering the field in 2015 [2] Group 1: Company Development - The company has accumulated a leading technological advantage and production capacity synergy in the ultra-high molecular weight polyethylene fiber field through years of research and development [2] - The self-developed MetalQ engineering yarn has reached an internationally leading performance level, supported by numerous domestic and international patents related to its modification and production technology [2] - The company has achieved stable mass production on two production lines of its 4,800-ton ultra-high molecular weight polyethylene fiber project, successfully completing the first batch of orders [2] Group 2: Production Capacity and Strategy - The company plans to add a total production capacity of 12,000 tons of ultra-high molecular weight polyethylene fiber, with 4,800 tons currently under construction and an additional 7,200 tons to be dynamically adjusted based on market demand and strategic pace [2] - The company aims to ensure that capacity release aligns precisely with market demand to effectively avoid resource waste [2]