Group 1 - The company has established a detailed plan to stabilize its stock price within three years after its listing [3] - The company and its controlling shareholders have made commitments regarding share repurchase and related measures [3] - The company has committed to ensuring the authenticity and completeness of the prospectus, taking legal responsibility for any misrepresentation [3][4] Group 2 - The company has not encountered any significant changes affecting the performance of major contracts, and there are no major risks of contract non-fulfillment [3] - During the reporting period, the company has not been subject to regulatory measures from the China Securities Regulatory Commission or the Shenzhen Stock Exchange [4]

Core Viewpoint - The company, Henghui Security, specializes in the research, production, and sales of hand safety protective products, particularly functional safety gloves with a dual protection structure of "fiber + coating" [2][8]. Group 1: Business Overview - The main products of the company are functional safety gloves designed for hand protection, utilizing advanced materials and technologies [2][8]. - As of August 20, 2025, the company reported a revenue of 593 million yuan, representing a year-on-year growth of 15.43%, and a net profit of 54.98 million yuan, with an increase of 11.82% [8]. Group 2: Market Position and Performance - The company has a market capitalization of 5.014 billion yuan, with a trading volume of 155 million yuan and a turnover rate of 5.08% on August 29, 2025 [1]. - The company benefits from a significant overseas revenue share of 88.71%, aided by the depreciation of the Chinese yuan [4]. Group 3: Technological Advancements - The company is exploring the application of ultra-high molecular weight polyethylene fibers in robotics, focusing on tendon rope materials, and has developed several test samples that meet key technical indicators [3]. - In the new materials sector, the company has mastered key production technologies for high-performance fibers containing graphene, enhancing cut resistance and comfort [4]. Group 4: Product Innovation and Recognition - The company's gloves gained recognition during the 2022 Beijing Winter Olympics and the 2024 Asian Winter Games, showcasing their functionality and technological advancements [3]. - The gloves utilize ultra-high molecular weight polyethylene fibers, which are 15 times stronger than steel, and incorporate nano-silicone grip technology for improved performance in ice sports [3].

华泰联合证券有限责任公司 关于江苏恒辉安防股份有限公司 2025 年半年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：恒辉安防 | | --- | --- | | 保荐代表人姓名：丁璐斌 | 联系电话：025-83387733 | | 保荐代表人姓名：孟超 | 联系电话：025-83387733 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止 | | | 关联方占用公司资源的制度、募集资金管理制度、内控 | 是 | | 制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 次 1 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情 ...

（编辑 李家琪） 证券日报网讯 8月27日晚间，恒辉安防发布公告称，公司于2025年5月13日召开年度股东大会，审议通 过了《关于变更公司注册资本的议案》《关于修订〈公司章程〉的议案》。根据工商变更程序要求，公 司回购注销限制性股票229，566股后，股份总数由14，538.0454万股变更为14，515.0888万股，注册资 本由14，538.0454万元变更为14，515.0888万元。近日，公司完成了上述事项的工商变更登记手续及 《江苏恒辉安防股份有限公司章程》的备案手续，并取得了由南通市行政审批局换发的《营业执照》。 ...

Core Viewpoint - Henghui Security announced a total operating revenue of 593 million yuan in the first half of 2025, with the core business of safety gloves contributing 566 million yuan in sales revenue [1] Group 1: Revenue Breakdown - The overseas sales revenue reached 527 million yuan, accounting for 88.9% of total operating revenue, indicating the continued importance of international markets [1] - Domestic sales revenue was 65.84 million yuan, representing 11.1% of total revenue [1] Group 2: Regional Sales Performance - North America accounted for 37.85% of total revenue, with the U.S. contributing 31.24%, highlighting its significance as a key overseas market [1] - Europe represented 32.12% of total revenue, driven by stable demand for high-end security gloves [1] - Emerging markets, including Japan, South Korea, Southeast Asia, and South America, collectively accounted for 18.91%, showing gradual success in market expansion and a more balanced regional structure [1] Group 3: Future Strategy - The company plans to optimize its overseas sales layout based on regional market demand characteristics while steadily advancing domestic market development to enhance overall business resilience [1]

Core Viewpoint - Henghui Security (300952) announced on August 27 that its subsidiary, Hengyue Factory, has contributed a production capacity of approximately 4.5 million pairs of security gloves in the first half of the year, with a target to exceed 10 million pairs in both capacity and sales for the entire year [1] Group 1: Production Capacity and Strategy - The project for an annual production capacity of 72 million pairs of functional safety gloves is steadily progressing, with a full production release expected to take 3-5 years after the project is fully operational [1] - The company plans to scientifically adjust the pace of production based on dynamic factors such as market demand fluctuations, sales order acquisition capabilities, and supply chain responsiveness to ensure precise matching of capacity with market demand [1] Group 2: Operational Management and Market Expansion - The company aims to deepen its "smart manufacturing" operational management and implement a new business model focused on "high quality, fast delivery, and low cost" [1] - Henghui Security will accelerate its layout in domestic and emerging overseas markets to optimize market structure and increase market share [1]

证券日报网讯恒辉安防（300952）8月27日发布公告，在公司回答调研者提问时表示，上半年公司超高 分子量聚乙烯纤维除满足高性能防切割手套产业协同自用之外，对外销售收入同比实现70.53%的显著 增长，充分体现该产品在下游市场需求的持续释放、公司市场拓展能力的提升以及产能供应保障的有效 性，业务增长势头整体表现良好。关于毛利率同比下降6.23%，主要系多方面阶段性因素综合影响所 致，一方面上半年超高纤维市场竞争激烈，价格稳中有降，影响单位收入；另一方面公司基于自身经营 战略的考虑，为抢抓市场机遇、进一步扩大市场份额，为后续4，800吨产能释放做市场开拓储备，公司 在部分应用领域及新客户拓展过程中，采取了更具灵活性的定价策略，短期内对毛利率形成一定影响。 ...

Core Viewpoint - Henghui Security (300952) announced the steady progress of its planned annual production of 110,000 tons of biodegradable polyester rubber project, adopting a "one-time planning, three-phase construction" model [1] Group 1: Project Development - The first phase of the project, with a capacity of 10,000 tons, officially commenced in August 2024 and is progressing according to the established plan [1] - The company aims to achieve stable production of qualified rubber materials that meet design performance requirements, accumulating valuable experience for subsequent project construction and market expansion [1] Group 2: Market Strategy - The market sales price of biodegradable rubber will consider multiple factors, including raw material costs, industry technology added value, market supply and demand dynamics, and policy guidance [1] - The pricing strategy will be developed to ensure competitiveness, aligning price levels with product value and market acceptance [1] Group 3: Customer Development - The company is actively conducting market engagement work in line with the commercialization pace, having established preliminary communication with potential customers in downstream application fields [1] - Some cooperation intentions are in the deepening negotiation stage, with the company relying on its technological advantages and product characteristics to steadily advance customer reserves and order conversion [1]

Core Insights - The company, Henghui Security, reported a regional differentiation in orders for security gloves since the second quarter, particularly affected by tariff policies in the U.S. market [2] - In the U.S. market, local customers are currently in a wait-and-see mode due to tariff policies, leading to a slowdown in order negotiations and shipment schedules [2] - Outside the U.S., including Europe, Japan, South Korea, Southeast Asia, and domestic markets, the overall competition has intensified, but the company is benefiting from increased production capacity from its Hengyue and Vietnam factories, along with the advantages of ultra-high molecular weight polyethylene fibers [2] - The company anticipates a recovery in U.S. orders as local market inventory is gradually consumed, and it plans to continue monitoring U.S. tariff policies and inventory changes [2] - The company aims to enhance its efforts in developing high-end security glove markets in Europe, Southeast Asia, and domestically, while optimizing the regional structure of its orders [2]

证券日报网讯恒辉安防（300952）8月27日发布公告，在公司回答调研者提问时表示，公司上半年整体 所得税率变动幅度较小，略有下降的主要原因是：报告期内，恒尚材料、恒越安防、日本公司等盈利子 公司为集团贡献了正向利润总额，但上述子公司因存在以前年度未弥补亏损，暂无需缴纳企业所得税或 所得税税负率较低等，综合拉低了集团整体所得税率。 ...