声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 4月24日，恒辉安防接受特定对象调研。 其中，针对生物可降解聚酯橡胶项目（一期）建设情况，恒辉安防表示： 生物可降解聚酯橡胶是特种橡胶行业前沿技术领域，与公司主营业务深度契合，应用场景丰富，可广泛应用于 轮胎制造、鞋材、减震材料、PVC增韧、 可控降解轮胎胎面、医用可降解骨蜡 等领域。 公司依托高校科研团队，深化产学研合作，推动技术成果产业化。公司 规划建设年产 11万吨生物可降解聚酯橡胶项目 ，采取"一次规划、三期建设"模式 。其中，一期1万吨产能于2024年8月启动建设，力争 2025年底 实现符合设计标准的胶料稳定量产。 项目 总投资约10.8亿元。 据悉，生物可降解聚酯橡胶是由 中国工程院院士张立群及其团队 历经18年研发出的原创橡胶品种， 技术处于国际领先水平 。 生物基可降解聚酯橡胶是由系列生物质如玉米杆、大麻纤维、竹子纤维等发酵得到的生物基二元醇、二元酸和/或羟基酸通过无溶剂的缩合聚合反应得到 的。缩合聚合形成的丰富链内酯键可赋予聚酯橡胶材料独 ...

证券代码：300952 证券简称：恒辉安防 江苏恒辉安防股份有限公司 投资者关系活动记录表 编号：2025-006 投资者关系活动 类别 特定对象调研 ☐分析师会议 ☐媒体采访 ☐业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 形式 ☐现场 ☐网上 电话会议 参与单位名称及 人员姓名 详见附件 时间 2025年4月24日 15:00-16:00 地点 线上会议形式 上市公司接待人 员姓名 副总经理、董事会秘书：张武芬 证券事务代表：林旭金 投资者关系活动 主要内容介绍 公司于2025年4月24日，通过电话会议的形式与部分券商分析师、机 构投资者进行交流，会议不涉及应披露的重大信息。 公司董事会秘书参加了本次电话会议，首先介绍了公司基本情况， 2024年度及2025年一季度营收及生产经营现状： 2024年，面对全球经济格局深度调整、行业竞争加剧的复杂环境，公 司坚守战略定力，以技术创新为引领，以产业升级为驱动，持续深化全 产业链布局。在新材料领域加速技术突破，在产能建设方面推进国内外 项目协同落地，在市场端积极拓展全球多元化销售网络。一系列战略举 措的高效实施，有力推动公司经 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing short-term depreciation impacts while expanding its glove and new materials production [1] - Revenue and net profit for 2024 are projected to be CNY 1.27 billion and CNY 117 million, respectively, reflecting year-on-year increases of 30% and 10.1% [2] - The company plans to maintain its growth trajectory through capacity expansion and new product development, particularly in functional safety gloves and high-performance polyethylene fibers [3][4] Summary by Sections Financial Performance - In 2024, the company reported revenues of CNY 1.27 billion, a 30% increase year-on-year, with net profit at CNY 117 million, up 10.1% [2] - The company’s Q1 2025 results showed revenues of CNY 282 million, a year-on-year growth of 18.46% [2] - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares, resulting in a dividend payout ratio of 20% [2] Business Segments - The glove business is seeing increased orders, with production capacity expected to reach 72 million pairs annually by mid-2025 [3] - Revenue from functional safety gloves and other protective products reached CNY 12.19 million and CNY 0.03 million, respectively, with year-on-year growth of 29.69% and 174.93% [3] - The new materials segment, particularly ultra-high molecular weight polyethylene fibers, is projected to contribute significantly to revenue, with a 49% increase in 2024 [4] Capacity Expansion - The company is expanding its production capacity for functional safety gloves and ultra-high molecular weight polyethylene fibers, with new projects expected to come online in 2025 [3][4] - The company’s total production capacity for safety gloves is anticipated to exceed 100 million pairs once all projects are completed [3] Profitability Metrics - The gross margin for 2024 is projected at 22%, a decrease from the previous year, primarily due to increased depreciation [5] - The net profit margin for 2024 is expected to be 9.18%, reflecting a decline from the previous year [5] Future Projections - Revenue forecasts for 2025 and 2026 are CNY 1.74 billion and CNY 2.34 billion, respectively, with corresponding net profits of CNY 139 million and CNY 196 million [9] - The company’s earnings per share (EPS) for 2025 is projected to be CNY 0.88, with a PE ratio of 27.41 [9]

| 证券代码：300952 | 证券简称：恒辉安防 公告编号：2025-054 | | --- | --- | | 债券代码：123248 | 债券简称：恒辉转债 | 经审核，监事会认为：董事会编制和审核公司 2025 年第一季度报告的程序 符合《深圳证券交易所创业板股票上市规则》《上市公司自律监管指引第 2 号— —创业板上市公司规范运作》等法律法规的规定，报告内容真实、准确、完整地 反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏，同意 报告内容。 表决情况：3 票同意，0 票反对，0 票弃权。 具体内容详见公司同日刊登于巨潮资讯网（http://www.cninfo.com.cn）上 的《2025 年第一季度报告》。 江苏恒辉安防股份有限公司 第三届监事会第十二次会议决议公告 本公司及监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、监事会会议召开情况 江苏恒辉安防股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日以书 面送达、电子邮件等方式向全体监事发出关于召开第三届监事会第十二次会议 （以下简称"会议"）的通知，会议通知中包 ...

| 证券代码：300952 | 证券简称：恒辉安防 公告编号：2025-053 | | --- | --- | | 债券代码：123248 | 债券简称：恒辉转债 | 江苏恒辉安防股份有限公司 第三届董事会第十二次会议决议公告 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。 （一）审议通过《关于公司<2025 年第一季度报告>的议案》 公司已按照《深圳证券交易所创业板股票上市规则》《上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等相关文件的要求，编制了 2025 年第 一季度报告，编制和审核程序符合相关法律法规的规定，报告内容真实、准确、 完整地反映了公司 2025 年第一季度实际财务状况和经营成果，不存在虚假记载、 误导性陈述或重大遗漏。 表决情况：9 票同意，0 票反对，0 票弃权。 具体内容详见公司同日刊登于巨潮资讯网（http://www.cninfo.com.cn）上 的《2025 年第一季度报告》。 三、备查文件 1、《江苏恒辉安防股份有限公司第三届董事会第十二次会议决议》。 特此公告。 江苏恒辉安防股份有限公司 一、董事会会议召开情 ...

Financial Performance - The company's revenue for Q1 2025 was ¥281,552,094.23, representing an increase of 18.46% compared to ¥237,680,263.45 in the same period last year[5] - Net profit attributable to shareholders was ¥27,141,575.91, up 21.51% from ¥22,336,198.56 year-on-year[5] - Basic earnings per share increased by 21.43% to ¥0.187, while diluted earnings per share rose by 4.55% to ¥0.161[5] - The company reported a net profit for the current period of ¥28,925,061.25, an increase of 17.5% compared to ¥24,628,818.88 in the previous period[24] - The total comprehensive income for the current period was ¥28,935,778.45, up from ¥24,921,189.24, reflecting a growth of 16.1%[25] - The company’s total revenue from sales of goods and services reached ¥357,196,455.97, an increase of 10.2% from ¥324,174,763.78 in the previous period[26] Cash Flow and Investments - The net cash flow from operating activities surged by 773.73% to ¥19,422,960.76, compared to ¥2,223,001.54 in the previous year[5] - Cash flow from operating activities generated a net amount of ¥19,422,960.76, significantly higher than ¥2,223,001.54 in the previous period[26] - Cash received from other operating activities increased by 36.83% to ¥1,891,780.58, driven by compensation payments received during the reporting period[10] - Cash received from borrowings increased by 110.42% to ¥202,000,000.00, indicating new loans taken during the reporting period[10] - Cash inflows from investment activities totaled ¥74,675,100.18, down from ¥210,066,376.63, indicating a decrease of 64.6%[27] - Cash flow from financing activities showed a net increase of ¥141,448,986.26, compared to ¥58,610,841.14 in the previous period, marking an increase of 141.5%[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,612,708,859.88, a 4.21% increase from ¥2,507,056,917.03 at the end of the previous year[5] - The total assets of the company as of March 31, 2025, are ¥2,612,708,859.88, up from ¥2,507,056,917.03 at the beginning of the period, indicating a growth of about 4.2%[22] - The total liabilities decreased to ¥1,092,844,320.37 from ¥1,209,032,251.51, reflecting a reduction of approximately 9.6%[22] - The company's cash and cash equivalents at the end of the period are ¥293,360,065.87, compared to ¥274,122,120.59 at the beginning of the period, reflecting a growth of approximately 7.0%[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,350, with no preferred shareholders[12] - The controlling shareholders have voluntarily committed not to reduce their holdings for a period of 6 months, from March 11, 2025, to September 10, 2025, indicating confidence in the company's long-term investment value[18] Research and Development - Research and development expenses rose by 73.61% to ¥13,581,194.08, reflecting ongoing investment in innovation[9] - The company’s R&D expenses for the current period are ¥13,581,194.08, which is an increase from ¥7,822,592.72 in the previous period, representing a growth of approximately 73.5%[23] Other Financial Metrics - The company reported a significant increase in short-term borrowings, which rose by 315.40% to ¥266,000,000.00, primarily due to new working capital loans[9] - The company experienced a 428.63% increase in other non-current assets, reaching ¥126,373,327.16, attributed to advances for engineering projects and equipment[9] - The company’s tax and additional fees increased by 69.21% to ¥3,725,753.83, mainly due to increased property tax following the completion of subsidiary facilities[9] - Tax payments rose by 79.00% to ¥12,251,152.80, primarily due to increased VAT and corporate income tax payments[10] - Payments for other operating activities increased by 156.93% to ¥9,657,910.31, mainly due to higher production management and R&D expenditures[10] - Cash paid for the acquisition of fixed assets and long-term assets rose by 60.14% to ¥175,986,854.96, reflecting increased investment in production lines and engineering projects[10] - The company reported an asset impairment loss of approximately ¥879,968.99, a significant increase of 201.64% compared to the previous period, primarily due to inventory write-downs[10] - Operating income surged by 5662.79% to ¥9,362.57, mainly attributed to compensation received for breach of contract[10] - The interest expenses for the current period were ¥2,497,103.68, compared to ¥1,222,318.14 in the previous period, indicating an increase of 104.5%[24] - The company recorded a significant increase in other income, totaling ¥2,613,029.05, compared to ¥3,266,818.00 in the previous period, a decrease of 20%[24]

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 4 月 23 日召开 第三届董事会第十二次会议、第三届监事会第十二次会议，审议通过了《关于公 司<2025 年第一季度报告>的议案》。 | 证券代码：300952 | 证券简称：恒辉安防 公告编号：2025-055 | | --- | --- | | 债券代码：123248 | 债券简称：恒辉转债 | 江苏恒辉安防股份有限公司 2025 年第一季度报告披露提示性公告 2025 年 4 月 24 日 为使投资者全面了解公司经营成果及财务状况等信息，公司《2025 年第一 季度报告》于 2025 年 4 月 24 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.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 江苏恒辉安防股份有限公司 董事会 ...

Core Insights - The company reported a revenue of 1.27 billion yuan for 2024, representing a year-on-year increase of 29.95%, with a net profit attributable to shareholders of 117 million yuan, up 10.13% year-on-year [1] - The gross profit margin decreased due to significant increases in material costs, with a comprehensive gross margin of 22.03% for 2024, down 3.11 percentage points year-on-year [1] Financial Performance - In Q4 2024, the company achieved a revenue of 398 million yuan, a year-on-year increase of 41.36%, and a net profit of 22 million yuan, up 79.49% year-on-year [1] - The company's non-GAAP net profit for 2024 was 93 million yuan, reflecting a year-on-year increase of 13.2% [1] - The non-GAAP net profit margin for 2024 was 7.35%, down 1.09 percentage points year-on-year, while Q4's non-GAAP net profit margin was 4.81%, up 1.25 percentage points year-on-year [2] Cost and Expense Management - The company improved its expense ratio to 11.12% in 2024, a decrease of 1.89 percentage points year-on-year, driven by rapid business growth and favorable currency exchange rate fluctuations [2] - The sales, management, R&D, and financial expense ratios were 2.74%, 3.99%, 4.98%, and -0.6% respectively, with year-on-year changes of -0.42, -0.67, -0.12, and -0.69 percentage points [2] Market Expansion and Sales Performance - The company achieved external sales revenue of 1.126 billion yuan, up 31.89% year-on-year, and internal sales revenue of 143 million yuan, up 16.55% year-on-year [2] - The company is deepening strategic partnerships with key clients in traditional markets like North America and Europe while expanding into emerging markets such as Australia, Turkey, Northern Europe, and South America [2] Product Development and Capacity Expansion - The company is advancing its new materials strategy, planning to add 12,000 tons of ultra-high molecular weight polyethylene fiber capacity, with the first phase of 4,800 tons expected to be operational by September 2025 [3] - The company is also developing a biodegradable polyester rubber project with an annual capacity of 110,000 tons, with the first phase of 10,000 tons having commenced construction in August 2024 [3] Investment Outlook - The company is positioned as a leader in the global functional safety glove market, with new capacity supporting business expansion and new materials initiatives expected to drive rapid growth [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][17]. Core Views - The company reported a revenue of 400 million RMB in Q4 2024, representing a year-on-year increase of 41%, and a net profit attributable to shareholders of 20 million RMB, up 79% year-on-year [1]. - For the full year 2024, the company achieved a revenue of 1.3 billion RMB, a 30% increase year-on-year, with a net profit of 100 million RMB, reflecting a 10% growth [1]. - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares, totaling 23.56 million RMB, with a payout ratio of 20% [1]. Product Performance - The functional safety gloves segment generated 1.2 billion RMB in revenue, a 30% increase year-on-year, with sales volume up 25% and prices up 3% [2]. - The ultra-high molecular weight polyethylene fiber and its composite materials contributed 40 million RMB in revenue, a 49% increase year-on-year, with sales volume up 58% but prices down 6% [2]. - The company produced 2,124.71 tons of ultra-high molecular weight polyethylene fiber, with 544.09 tons sold externally, primarily used in military, safety protection, and high-end home textiles [2]. Production Capacity and Projects - The domestic project for producing 72 million pairs of functional safety gloves is fully completed, with production ramp-up progressing steadily [3]. - The Vietnam project for producing 16 million pairs of functional safety gloves is expected to begin trial production by June 2025 [3]. - The company plans to increase its ultra-high molecular weight polyethylene fiber capacity by 12,000 tons, with the first phase of 4,800 tons already under construction and expected to release capacity by September 2025 [3][4]. Financial Projections - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 156 million RMB, 199 million RMB, and 270 million RMB respectively [5]. - Revenue is projected to grow from 1.27 billion RMB in 2024 to 2.87 billion RMB by 2027, with a compound annual growth rate of approximately 30% [10]. - The company’s net profit margin is expected to stabilize around 9.43% by 2027, with an estimated EPS of 1.70 RMB [10][12].

Core Viewpoint - The company has achieved significant growth in revenue and profit, driven by strategic expansion into new materials and innovative product development, while maintaining a strong focus on safety and sustainability in its operations [19][28]. Company Overview - The company focuses on hand safety protection and strategic new materials, with a dual business model of functional safety gloves and strategic new materials [6][8]. - The company has over 20 years of experience in the functional safety glove sector, with six core technologies and products certified to international standards [8][20]. Financial Performance - In 2024, the company reported total revenue of 1.27 billion yuan, a year-on-year increase of 29.95%, and a net profit of 116.54 million yuan, up 10.13% [19][28]. - Total assets reached 2.51 billion yuan, growing by 33.97%, while shareholders' equity increased by 9.14% to 1.22 billion yuan [19][28]. Business Strategy - The company is transitioning to a group structure to enhance operational efficiency and resource integration across its diverse business segments [19][20]. - The company is committed to technological innovation and has established partnerships with academic institutions to drive research and development [25][30]. Product Development - The company has launched several high-performance safety gloves and is expanding its product line to include biodegradable polyester rubber, with a project to produce 110,000 tons planned [17][28]. - The company is also developing ultra-high molecular weight polyethylene fibers, with a production capacity expected to exceed 7,800 tons by 2025 [14][24]. Market Expansion - The company is expanding its market presence in North America, Europe, and emerging markets like Australia and South America, employing a dual strategy of consolidating existing markets and exploring new opportunities [26][27]. - The company is enhancing its domestic sales channels, focusing on strategic industries such as automotive and renewable energy [27][28]. Sustainability Initiatives - The company is aligning its operations with green development goals, particularly through the production of biodegradable materials and sustainable manufacturing practices [28][30]. - The company aims to establish itself as a leader in the green materials sector, leveraging its innovations in biodegradable rubber [30][31].