浙江汇隆新材料股份有限公司 市值管理制度 第一章 总则 第一条 为加强浙江汇隆新材料股份有限公司（以下简称"公司"）市值管理 工作，进一步规范公司的市值管理行为，切实维护公司、投资者及其他利益相关 者的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳 证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《上市公司监管指引第 10 号——市值管理》等 相关法律法规和《浙江汇隆新材料股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，制定本制度。 第二条 本制度所称市值管理是以提高公司质量为基础，为提升公司投资价 值和股东回报能力而实施的战略管理行为。 第三条 市值管理是公司战略管理的重要内容，是董事会的核心工作之一。 公司应持续保障市值管理工作的开展。 第四条 公司应当牢固树立回报股东意识，采取措施保护投资者尤其是中小 投资者利益，诚实守信、规范运作、专注主业、稳健经营，推动经营水平和发展 质量提升，并在此基础上做好投资者关系管理，增强信息披露质量和透明度，必 要时积极采取措施提振投资者信心，推动公司投资价值合理反映公司质量。 公司 ...

浙江汇隆新材料股份有限公司 外汇套期保值业务管理制度 第一章 总则 第一条 为规范浙江汇隆新材料股份有限公司（以下简称"公司"）及下属 子公司外汇套期保值业务，有效防范和控制风险，加强对外汇套期保值业务的 管理，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 信息披露管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及《公司章程》 等有关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称的外汇套期保值业务是指以规避和防范汇率或汇率风险 为目的，与境内外具有相关业务经营资质银行等金融机构开展的，包括但不限 于远期结售汇、外汇掉期、外汇期权、利率互换、货币互换、利率掉期、利率 期权等相关产品或组合产品的外汇衍生业务。 第三条 本制度适用于公司及下属的全资子公司、控股子公司（以下统称 "子公司"）开展的外汇套期保值业务。未经公司审批同意，各子公司不得擅 自进行外汇套期保值业务。 第四条 公司外汇套期保值行为除应遵守国家相关法律、法规及规范性文件 的规定外，还必须遵守本制度的相关规定。 第二章 操作原则 第五条 公司的外汇 ...

浙江汇隆新材料股份有限公司 内幕信息知情人登记管理制度 第一章 总则 第一条 为完善浙江汇隆新材料股份有限公司（以下简称"公司"）内幕信 息管理制度，做好内幕信息保密工作，有效防范和打击内幕交易等证券违法违规 行为，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司信息披露管理办法》 （以下简称"《信息披露管理办法》"）、《上市公司监管指引第 5 号——上市 公司内幕信息知情人登记管理制度》（以下简称"《5 号指引》"）、《深证券交 易所创业板股票上市规则》（以下简称"《创业板上市规则》"）、《深圳证券 交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（以下简称 "《规范运作指引》"）等有关法律法规及《浙江汇隆新材料股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，制订本制度。 第二条 公司董事会应当按照《5 号指引》以及深圳证券交易所相关规则要 求及时登记和报送内幕信息知情人档案，并保证内幕信息知情人档案真实、准确 和完整，董事长为主要责任人。董事会秘书负责办理上市公司内幕信息知情人的 登记入档和报送事宜。董事长 ...

会计师事务所选聘制度 第一章 总则 第一条 为规范浙江汇隆新材料股份有限公司（以下简称"公司"）选聘（含 续聘、改聘，下同）会计师事务所相关行为，切实维护股东利益，提高财务信息 质量，保证财务信息的真实性和连续性，根据《中华人民共和国公司法》《国有 企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所创业板股票上市 规则》等法律、法规和规范性文件及《浙江汇隆新材料股份有限公司章程》（以 下简称"《公司章程》"）等有关规定，并结合公司实际情况，特制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。公司选 聘进行会计报表审计等业务的会计师事务所，需遵照本制度的规定。选聘其他专 项审计业务的会计师事务所，视重要性程度可参照本制度执行。 第三条 公司聘任或解聘会计师事务所，应当经董事会审计委员会（以下简 称"审计委员会"）审议同意后，提交董事会审议，并由股东会决定。公司不得 在股东会审议通过前聘请会计师事务所开展审计业务。 第四条 公司控股股东、实际控制人或者董事、高级管理人员不得在公司董 事会、股东会审议前，向公司指定 ...

Core Insights - The company reported a revenue of 441 million yuan for the first half of 2025, representing a year-on-year growth of 8.75% [1] - The net profit for the same period was 25.58 million yuan, showing a significant year-on-year increase of 35.41% [1] Financial Performance - Revenue: 441 million yuan, up 8.75% year-on-year [1] - Net Profit: 25.58 million yuan, up 35.41% year-on-year [1]

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, the report's structure, and definitions of key terms to ensure clear understanding of the semi-annual report [Important Notice](index=2&type=section&id=1.1%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[3](index=3&type=chunk) - Forward-looking statements regarding future plans and development strategies in the report do not constitute substantial commitments, and investors should be aware of investment risks[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=1.2%20%E7%9B%AE%E5%BD%95) This report comprises eight main chapters covering company operations, financials, governance, and significant matters, providing comprehensive information for investors - The report includes eight main chapters covering company operations, financials, governance, and significant matters[7](index=7&type=chunk) [Definitions](index=5&type=section&id=1.3%20%E9%87%8A%E4%B9%89) This section defines key terms and abbreviations used in the report, including company names, subsidiaries, financial units, and specialized terms related to polyester fiber manufacturing and environmental certifications, ensuring clarity - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Huilong New Material's main products are differentiated colored polyester filament yarns such as DTY, FDY, and POY[10](index=10&type=chunk) - Green fiber refers to chemical fibers made from biomass or recyclable materials, produced with low carbon emissions and environmental protection, and are non-polluting or recyclable after disposal[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents key financial data and performance metrics for the reporting period [Company Profile](index=7&type=section&id=2.1%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Zhejiang Huilong New Material Co., Ltd., stock code 301057, is listed on the Shenzhen Stock Exchange, with Shen Shunhua as its legal representative - Stock Abbreviation: Huilong New Material, Stock Code: **301057**, Listing Exchange: Shenzhen Stock Exchange[13](index=13&type=chunk) - Legal Representative: Shen Shunhua[13](index=13&type=chunk) - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=2.2%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue increased by 8.75% to 441.12 million yuan, and net profit attributable to shareholders increased by 35.41% to 25.58 million yuan Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 441,115,617.47 | 405,616,732.53 | 8.75% | | Net Profit Attributable to Shareholders of Listed Company | 25,580,664.35 | 18,891,823.07 | 35.41% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 15,356,213.09 | 19,493,011.77 | -21.22% | | Net Cash Flow from Operating Activities | 13,666,732.54 | -42,341,542.70 | 132.28% | | Basic Earnings Per Share (Yuan/Share) | 0.22 | 0.16 | 37.50% | | Diluted Earnings Per Share (Yuan/Share) | 0.22 | 0.16 | 37.50% | | Weighted Average Return on Net Assets | 3.34% | 2.44% | 0.90% | | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | | Total Assets | 1,570,662,523.81 | 1,237,359,835.38 | 26.94% | | Net Assets Attributable to Shareholders of Listed Company | 756,414,039.75 | 754,226,399.13 | 0.29% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=2.3%20%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=2.4%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses for the reporting period amounted to 10.22 million yuan, primarily from disposal of non-current assets, government grants, and fair value changes of financial assets Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gains/losses on disposal of non-current assets (including reversal of impairment provisions) | 3,098,018.90 | | | Government grants recognized in current profit/loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on company's profit/loss) | 2,968,500.00 | | | Fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 5,990,118.04 | Mainly due to fair value changes of the company's foreign exchange hedging instruments at period-end | | Other non-operating income and expenses apart from the above | -23,691.57 | | | Less: Income tax impact | 1,808,494.11 | | | Total | 10,224,451.26 | | [Section III Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive analysis of the company's business operations, financial performance, core competitiveness, and risk factors during the reporting period [Principal Business Activities During the Reporting Period](index=10&type=section&id=3.1%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company specializes in the R&D, production, and sales of dope-dyed fibers, primarily differentiated colored polyester filament yarns, maintaining a top-three market position in its niche - The company primarily engages in the R&D, production, and sales of dope-dyed fibers, aligning with national energy-saving and environmental protection strategies, with main products including differentiated colored polyester filament yarns such as DTY, FDY, and POY[25](index=25&type=chunk)[31](index=31&type=chunk) - From January to June 2025, chemical fiber output increased by **4.91%** year-on-year, with a slowdown in growth; chemical fiber prices fluctuated with crude oil, with declines greater than raw materials[26](index=26&type=chunk) - Chemical fiber exports increased by **14.73%** year-on-year, with polyester filament yarn exports growing by **10.90%** year-on-year[26](index=26&type=chunk) - The company ranks among the **top three** in the dope-dyed polyester filament yarn segment and has been recognized as a national-level "Specialized, Refined, Unique, and New 'Little Giant' Enterprise" and a "Green Factory"[29](index=29&type=chunk) - The company holds an equity stake in Chongxiaoshe, leveraging capital empowerment and resource synergy to expand its upstream and downstream industrial chain and seek growth breakthroughs[30](index=30&type=chunk) [Industry Overview](index=10&type=section&id=3.1.1%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the polyester fiber manufacturing sector, which experienced slowing output growth and price declines in H1 2025, despite strong export performance and increasing investment - The company belongs to "C28 Chemical Fiber Manufacturing" specifically "C2822 Polyester Fiber Manufacturing"[25](index=25&type=chunk) - From January to June 2025, chemical fiber output increased by **4.91%** year-on-year, with a slowdown in growth; prices of polyester POY and FDY declined more than PTA[26](index=26&type=chunk) - From January to June, total exports of major chemical fiber products reached **3.45 million tons**, a year-on-year increase of **14.73%**[26](index=26&type=chunk) - Operating revenue in the chemical fiber industry decreased by **6.9%** year-on-year, and total profit decreased by **2.81%** year-on-year[27](index=27&type=chunk) - Fixed asset investment in the textile and chemical fiber industries increased by **14.5%** and **10.6%** year-on-year, respectively[28](index=28&type=chunk) [Company's Principal Business Activities](index=11&type=section&id=3.1.2%20%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business involves the R&D, production, and sales of differentiated colored polyester filament yarns using dope-dyeing technology, which offers significant environmental benefits over traditional dyeing methods - The company's main business is the production of differentiated colored polyester filament yarns such as DTY, FDY, and POY using dope-dyeing technology[31](index=31&type=chunk) - Dope-dyeing technology features uniform coloring, good colorfastness, energy saving, and environmental protection, effectively addressing high energy consumption, high water consumption, and high COD emissions in traditional dyeing industries at the source[33](index=33&type=chunk) - The company's products are widely applied in various downstream sectors, including home textile fabrics like wall coverings, curtains, and sofa fabrics, apparel fabrics, flame-retardant blackout fabrics, automotive and high-speed rail interiors, decorative materials, and outdoor products[33](index=33&type=chunk) [Company Operating Performance](index=11&type=section&id=3.1.3%20%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) In the first half of 2025, the company achieved 441.12 million yuan in operating revenue, a 8.75% year-on-year increase, with net profit attributable to shareholders growing by 35.41% to 25.58 million yuan Operating Performance for H1 2025 | Indicator | Amount (10,000 Yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 44,111.56 | 8.75% | | Net Profit Attributable to Shareholders of Listed Company | 2,558.07 | 35.41% | | Earnings Per Share | 0.22 | 37.50% | - In June 2025, the company's Indonesia West Java production base officially commenced operations, marking a new phase of capacity implementation in its internationalization strategy[34](index=34&type=chunk) - The company launched a series of differentiated products to meet diverse market demands, expanding into downstream applications of green and environmentally friendly fibers such as outdoor products and sportswear[34](index=34&type=chunk) [Business Model](index=11&type=section&id=3.1.4%20%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model is characterized by continuous and centralized procurement, production based on sales orders with safety stock, and a sales approach primarily through direct sales complemented by distribution - Procurement Model: Selects several suppliers as partners, adopting a total volume agreement with phased delivery; the production department proposes demands based on plans, and the procurement department executes[35](index=35&type=chunk) - Production Model: Follows the principle of "production based on sales, safety stock, and moderate adjustment," adjusting production according to annual/monthly sales plans[36](index=36&type=chunk) - Sales Model: Primarily direct sales, supplemented by distribution; direct sales facilitate customer feedback and production adjustments, while distributors operate on a buy-out basis[37](index=37&type=chunk) - Settlement Method: Monthly settlement or payment upon delivery for customers, with some customers granted credit terms, and scattered customers requiring payment upon delivery[37](index=37&type=chunk) [Key Performance Drivers](index=12&type=section&id=3.1.5%20%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) The company's performance is primarily driven by increasing market demand for multi-functional, high-performance, and green polyester filament yarns, accelerated adoption of dope-dyeing technology due to environmental policies, strong brand recognition, and continuous technological innovation - Market Demand: Polyester filament yarn demand is becoming multi-functional, high-performance, and green, with the proportion of dope-dyeing technology applications gradually increasing[38](index=38&type=chunk) - Brand Building and Customer Recognition: The company focuses on brand building, gaining customer recognition and establishing stable cooperative relationships through long-term business interactions and product stability[39](index=39&type=chunk) - Technological Innovation: Based on technological accumulation and R&D advantages, the company develops differentiated products, enhances added value, and meets diverse market demands[40](index=40&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=3.2%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include continuous innovation in dope-dyeing technology, significant energy-saving and environmental advantages, strong brand recognition, strategic location in the Yangtze River Delta, and a stable, professional management team - Technological Advantage: The company invests heavily in R&D for dope-dyeing technology, mastering **thousands of color schemes** and various product specifications, and holding **dozens of patents** related to green fibers[41](index=41&type=chunk) - Energy-Saving and Environmental Protection Advantage: Dope-dyed fiber technology is energy-saving and environmentally friendly, reducing high energy consumption and pollution issues, and has obtained multiple certifications such as "Green Factory," GRS, RCS, OBP, and Oeko-Tex Standard 100[43](index=43&type=chunk) - Brand Advantage: The company enjoys high brand recognition in the dope-dyed polyester filament yarn industry, participates in drafting industry standards, and its product output and sales rank among the **top three** in the segmented industry[44](index=44&type=chunk) - Geographic Advantage: The production base is located in the Yangtze River Delta region, providing stable and convenient raw material supply channels and abundant downstream customer resources[45](index=45&type=chunk) - Management Advantage: Possesses a stable management team with strong technical capabilities and rich experience, ensuring consistency and efficiency in strategy execution[46](index=46&type=chunk) [Analysis of Main Business Operations](index=13&type=section&id=3.3%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, the company's operating revenue increased by 8.75%, while operating costs rose by 8.31%; sales and administrative expenses increased due to business expansion and personnel costs, but financial expenses decreased significantly due to higher interest income Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 441,115,617.47 | 405,616,732.53 | 8.75% | | | Operating Cost | 375,560,889.77 | 346,741,581.49 | 8.31% | | | Selling Expenses | 14,902,660.35 | 11,285,361.14 | 32.05% | Mainly due to business expansion, increased employee compensation, and export expenses | | Administrative Expenses | 15,314,659.60 | 12,736,055.85 | 20.25% | Mainly due to increased employee compensation for management personnel | | Financial Expenses | -470,368.67 | -2,617,435.06 | -82.03% | Mainly due to increased interest expenses, decreased interest income, and exchange gains | | Income Tax Expense | 1,833,997.38 | 275,953.07 | 564.60% | Mainly due to increased total profit | | R&D Investment | 18,692,768.97 | 19,507,412.60 | -4.18% | | | Net Cash Flow from Operating Activities | 13,666,732.54 | -42,341,542.70 | 132.28% | Mainly due to increased cash received from sales of goods and provision of services driven by sales revenue growth | | Net Cash Flow from Financing Activities | 235,535,846.19 | 54,213,672.56 | 334.46% | Mainly due to increased bank borrowings | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Differentiated Colored Polyester Filament Yarn DTY | 199,470,476.55 | 162,260,849.33 | 18.65% | 10.55% | 10.53% | 0.00% | | Differentiated Colored Polyester Filament Yarn FDY | 224,030,640.13 | 200,036,175.11 | 10.71% | 7.13% | 6.09% | 0.88% | [Analysis of Non-Core Business Operations](index=14&type=section&id=3.4%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business contributions primarily stemmed from fair value changes of 5.99 million yuan (21.85% of total profit), mainly from foreign exchange hedging instruments, and investment income of 0.34 million yuan (1.25% of total profit) from external investments Non-Core Business Analysis | Item | Amount (Yuan) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 343,440.00 | 1.25% | Mainly from dividends on the company's external investments | No | | Fair Value Change Gains/Losses | 5,990,118.04 | 21.85% | Mainly due to fair value changes of the company's foreign exchange hedging instruments at period-end | No | | Asset Impairment | -1,190,425.48 | -4.34% | Mainly due to the company's inventory impairment provision | No | [Analysis of Assets and Liabilities](index=15&type=section&id=3.5%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the reporting period end, total assets increased by 26.94%, driven by significant growth in construction in progress, while long-term borrowings increased by 10.94% to support project development Significant Changes in Asset Composition | Item | Amount at Current Period-End (Yuan) | Percentage of Total Assets | Amount at Prior Year-End (Yuan) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 166,209,268.85 | 10.58% | 90,662,563.84 | 7.33% | 3.25% | | | Accounts Receivable | 45,554,812.13 | 2.90% | 52,289,900.70 | 4.23% | -1.33% | | | Inventories | 182,382,551.96 | 11.61% | 171,401,348.35 | 13.85% | -2.24% | | | Fixed Assets | 367,734,804.26 | 23.41% | 376,539,545.79 | 30.43% | -7.02% | Mainly due to no significant change in the company's total fixed assets, leading to a relatively smaller proportion of total assets | | Construction in Progress | 518,642,130.81 | 33.02% | 270,462,300.28 | 21.86% | 11.16% | Mainly due to investment in the company's ongoing projects | | Short-term Borrowings | 116,655,209.58 | 7.43% | 58,043,506.85 | 4.69% | 2.74% | | | Long-term Borrowings | 315,659,232.88 | 20.10% | 113,396,446.85 | 9.16% | 10.94% | Mainly due to increased bank borrowings during the reporting period | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | -428,281.04 | 5,990,118.04 | 5,561,837.00 | | Investments in Other Equity Instruments | 6,000,000.00 | | 12,000,000.00 | | Receivables Financing | 4,473,929.93 | | 9,546,426.71 | | Total | 10,045,648.89 | 5,990,118.04 | 27,108,263.71 | Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (Yuan) | Book Value (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 9,530,830.71 | 9,530,830.71 | Pledged | Bank acceptance bill margin | | Intangible Assets | 109,366,893.50 | 106,574,842.18 | Mortgaged | Long-term borrowings, letter of credit mortgage | | Construction in Progress | 489,684,831.20 | 489,684,831.20 | Mortgaged | Long-term borrowings, letter of credit mortgage | | Total | 608,639,555.41 | 605,847,504.09 | | | [Analysis of Investment Activities](index=16&type=section&id=3.6%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company had no new investments during the reporting period but continued significant non-equity investments, such as the "Annual 270,000-ton Green New Material and 10 Million Sets of Outdoor Products Digital Factory Project," and engaged in derivative investments for hedging foreign exchange risks - Investment amount for the reporting period was **0.00 yuan**, consistent with the prior period[60](index=60&type=chunk) Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it Fixed Asset Investment | Industry Involved in Investment Project | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment Amount (Yuan) | Source of Funds | Project Progress | Expected Return | Cumulative Realized Return as of Reporting Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Annual 270,000-ton Green New Material and 10 Million Sets of Outdoor Products Digital Factory Project | Self-built | Yes | Chemical Fiber Manufacturing | 247,528,280.19 | 599,051,724.70 | Own and self-raised funds | 44.37% | 0.00 | 0.00 | Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Amount Purchased in Reporting Period (Yuan) | Amount Sold in Reporting Period (Yuan) | Ending Balance (Yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 10,045,648.89 | 5,990,118.04 | 51,230,192.24 | 17,622,511.09 | 27,108,263.71 | Own funds | - The company engages in derivative investments for hedging purposes, primarily forward foreign exchange settlements and options, with the period-end investment amount accounting for **0.73%** of net assets[78](index=78&type=chunk) [Use of Raised Funds](index=17&type=section&id=3.6.1%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company's 2021 IPO raised 168.29 million yuan, with 154.51 million yuan (91.82%) utilized by June 30, 2025; the original project was changed to "Annual 100,000-ton Green New Material Project" due to land recovery, with 117.45 million yuan invested to date Overall Use of Raised Funds | Net Raised Funds (10,000 Yuan) | Total Raised Funds Cumulatively Used (10,000 Yuan) | Proportion of Raised Funds Used at Reporting Period-End | Total Raised Funds with Changed Use (10,000 Yuan) | Proportion of Raised Funds with Changed Use | Total Unused Raised Funds (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | 16,828.56 | 15,451.23 | 91.82% | 13,873.14 | 82.44% | 2,058.93 | - The original IPO project, "Phase I of Annual 150,000-ton Smart Environmental Dope-Dyed Fiber Project," was changed to the new IPO project, "Annual 100,000-ton Green New Material Project," due to land reclamation by the government[70](index=70&type=chunk)[74](index=74&type=chunk) Details of Changed Raised Funds Projects | New Project Name | Total Raised Funds Planned for Investment (10,000 Yuan) | Cumulative Actual Investment Amount as of Period-End (10,000 Yuan) | Investment Progress as of Period-End | Date Project Reaches Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Annual 100,000-ton Green New Material Project | 13,873.14 | 11,744.96 | 84.66% | March 1, 2026 | [Entrusted Wealth Management, Derivative Investments, and Entrusted Loans](index=21&type=section&id=3.6.2%20%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) The company did not engage in entrusted wealth management or entrusted loans during the reporting period but conducted derivative investments, primarily forward foreign exchange settlements and options, for hedging purposes, resulting in 5.99 million yuan in fair value change gains and 0.01 million yuan in actual gains - The company had no entrusted wealth management or entrusted loans during the reporting period[75](index=75&type=chunk)[80](index=80&type=chunk) Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Initial Investment Amount (10,000 Yuan) | Fair Value Change Gains/Losses for Current Period (10,000 Yuan) | Ending Investment Amount (10,000 Yuan) | Proportion of Ending Investment Amount to Company's Net Assets at Reporting Period-End | | :--- | :--- | :--- | :--- | :--- | | Forward foreign exchange settlements, foreign exchange options | 3,250.73 | 599.01 | 556.18 | 0.73% | - During the reporting period, derivative investment activities generated actual gains of **0.011 million yuan**[78](index=78&type=chunk) - The company has established the "Foreign Exchange Hedging Business Management System," which clearly defines operational principles, approval authority, business management, internal operating procedures, information isolation measures, and internal risk management for foreign exchange hedging activities[78](index=78&type=chunk) [Significant Asset and Equity Disposals](index=23&type=section&id=3.7%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[81](index=81&type=chunk) - The company did not dispose of significant equity during the reporting period[82](index=82&type=chunk) [Analysis of Major Holding and Associate Companies](index=23&type=section&id=3.8%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company has no significant holding or associate company information to disclose for the reporting period - The company has no significant holding or associate company information that should be disclosed during the reporting period[82](index=82&type=chunk) [Structured Entities Controlled by the Company](index=23&type=section&id=3.9%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[83](index=83&type=chunk) [Risks Faced by the Company and Countermeasures](index=23&type=section&id=3.10%20%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks including performance volatility, insufficient innovation, core technology leakage, market demand fluctuations, raw material price volatility, macroeconomic shifts, and idle capacity, which are addressed through continuous innovation, market expansion, optimized procurement, and talent development - The company faces performance volatility risk, with non-recurring net profit decreasing by **21.22%** year-on-year in the first half of 2025[83](index=83&type=chunk) - Innovation Risk: Requires continuous development of new products and technologies, and their timely conversion and application[84](index=84&type=chunk) - Raw Material Price Fluctuation Risk: Polyester chip prices are influenced by crude oil and account for approximately **80%** of main business costs[88](index=88&type=chunk) - Countermeasures include: continuous technological innovation, market development (green fibers, Belt and Road Initiative), efficient raw material procurement, and strengthening talent development[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) [Registration Form for Investor Relations Activities During the Reporting Period](index=24&type=section&id=3.11%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) On May 15, 2025, the company hosted an online performance briefing for 2024, engaging with investors via a network platform - On May 15, 2025, the company hosted an online performance briefing for 2024, engaging with investors via a network platform[95](index=95&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=3.12%20%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company approved its "Market Value Management System" on April 21, 2025, to standardize market value management and protect investor interests, but no valuation enhancement plan was disclosed - On April 21, 2025, the company approved the "Proposal on Formulating the Market Value Management System" to standardize market value management practices[96](index=96&type=chunk) - The company did not disclose a valuation enhancement plan[96](index=96&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=25&type=section&id=3.13%20%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose any announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[97](index=97&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=26&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance structure, including personnel adjustments, profit distribution plans, equity incentive implementation, and environmental and social responsibility disclosures [Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=4.1%20%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Mr. Zhou Guoqiang resigned as Board Secretary and Deputy General Manager on February 28, 2025, and Ms. Xie Minglan was appointed to these roles on April 21, 2025 Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhou Guoqiang | Board Secretary, Deputy General Manager | Dismissal | February 28, 2025 | Personal reasons | | Xie Minglan | Board Secretary, Deputy General Manager | Appointment | April 21, 2025 | Work transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=26&type=section&id=4.2%20%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[100](index=100&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=4.3%20%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The second restricted period of the company's 2022 restricted stock incentive plan was lifted, with 396,000 shares becoming tradable on January 9, 2025; however, 421,000 restricted shares were repurchased and cancelled due to unmet 2024 performance targets, reducing total shares to 116,969,438 - On January 7, 2025, the company completed the listing and circulation of 396,000 shares from the second restricted period of the 2022 restricted stock incentive plan's initial grant, with the listing date being January 9, 2025[101](index=101&type=chunk) - Given that the company's 2024 performance did not meet the conditions for lifting restrictions on the third restricted period of the initial grant and the second restricted period of the reserved grant, the company repurchased and cancelled **421,000 restricted shares** that had been granted but not yet unrestricted[102](index=102&type=chunk) - Following this repurchase and cancellation, the company's total shares changed from **117,390,438 shares** to **116,969,438 shares**[102](index=102&type=chunk) [Environmental Information Disclosure](index=28&type=section&id=4.4%20%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) Zhejiang Huilong New Material Co., Ltd. is listed among enterprises required to disclose environmental information, and its reports are available on the Zhejiang Provincial Department of Ecology and Environment website - The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[105](index=105&type=chunk) - Zhejiang Huilong New Material Co., Ltd.'s environmental information disclosure report can be found on the website of the Zhejiang Provincial Department of Ecology and Environment[105](index=105&type=chunk) [Social Responsibility](index=28&type=section&id=4.5%20%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company is committed to balancing economic, environmental, and social benefits by ensuring compliant operations, protecting stakeholder rights, prioritizing employee well-being, fostering strong relationships with partners, promoting eco-friendly production, and actively engaging in social welfare initiatives - The company strictly adheres to laws and regulations, improves corporate governance, protects the legitimate rights and interests of investors and creditors, and has no fund occupation or external guarantees by major shareholders or related parties[107](index=107&type=chunk) - The company adheres to a people-oriented approach, complies with labor laws, focuses on employee health and safety, values talent development, and builds harmonious labor relations[108](index=108&type=chunk) - The company has established a comprehensive supplier evaluation system, built long-term stable cooperative relationships with customers, and upholds the philosophy of "integrity-based, innovation for win-win"[109](index=109&type=chunk) - The company adopts dope-dyeing technology, which is energy-saving and environmentally friendly, reducing wastewater, exhaust gas, and COD emissions, and strictly implements the ISO 14000 environmental management system[110](index=110&type=chunk) - The company actively participates in social welfare initiatives, including voluntary blood donation, charitable donations, paired assistance for education, poverty alleviation, local construction, and disaster relief efforts[112](index=112&type=chunk) [Section V Significant Matters](index=30&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers important events and disclosures, including commitments, related party transactions, litigation, and other material developments affecting the company [Fulfillment of Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Unfulfilled Commitments as of Reporting Period-End](index=30&type=section&id=5.1%20%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3

Core Viewpoint - The company, Huilong New Materials, is actively expanding its business through strategic partnerships and investments in emerging markets, particularly in the pet industry and along the Belt and Road Initiative. Group 1: Company Developments - Huilong New Materials experienced a stock decline of 4.35% on August 27, with a trading volume of 1.11 billion yuan and a market capitalization of 2.751 billion yuan [1] - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which enhances its competitiveness and stability in the supply chain [2] - Huilong New Materials has invested 6 million yuan for a 2.2% stake in Pet Sales Supply Chain Management Co., aiming to leverage digital infrastructure in the pet industry [3] Group 2: Industry Insights - The company’s foreign trade primarily targets emerging markets along the Belt and Road, including Indonesia, Pakistan, Thailand, and Turkey [2] - The pet industry in China is experiencing rapid growth, and the investment in Pet Sales is expected to provide insights and resources for future market opportunities [3] - Huilong New Materials focuses on environmentally friendly fiber production, which is applicable in various sectors, including pet products, and has received multiple certifications for its green initiatives [3][8] Group 3: Financial Performance - For the first quarter of 2025, Huilong New Materials reported a revenue of 194 million yuan, representing a year-on-year growth of 23.91%, and a net profit of 12.329 million yuan, up 44.60% year-on-year [8]

8月27日，汇隆新材大宗交易成交26.81万股，成交额528.16万元，占当日总成交额的4.53%，成交价19.7元，较市场收盘价 23.52元折价16.24%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交星 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-27 | 301057 | 汇隆新材 | 19.70 | 26.81 | 528.16 | 信达证券股份有限 | 东北证券股份有限 | | | | | | | | 公司北京牡丹园证 | 公司太原桃园北路 | | | | | | | | 券营业部 | 证券营业部 | ...

Core Viewpoint - Huilong New Materials experienced a 5% decline in stock price, currently trading at 23.36 CNY per share, with a market capitalization of 2.732 billion CNY [1] Company Overview - Zhejiang Huilong New Materials Co., Ltd. was established on June 14, 2004, and went public on September 9, 2021. The company focuses on the research, production, and sales of liquid-colored fibers that align with national energy-saving and environmental protection strategies [1] - The main business revenue composition is as follows: FDY 50.51%, DTY 44.98%, Other (supplement) 2.62%, POY 1.88% [1] Fund Holdings - Huilong New Materials is a significant holding in Huilong Fund, specifically in the Huilong Multi-Strategy Mixed A Fund (005109), which held 123,300 shares, accounting for 1.41% of the fund's net value, ranking as the sixth-largest holding [2] - The Huilong Multi-Strategy Mixed A Fund has a total size of 87.655 million CNY and has achieved a year-to-date return of 44.62%, ranking 724 out of 8194 in its category [2] - The fund manager, Liu Yucai, has been in position for 4 years and 242 days, with the best fund return during his tenure being 35.17% and the worst being -17.08% [2]

Group 1 - The chemical fiber sector increased by 2.11% on August 26, with Haiyang Technology leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Haiyang Technology's stock price rose by 10.01% to 35.94, with a trading volume of 84,100 shares and a transaction value of 293 million yuan [1] Group 2 - The main funds in the chemical fiber sector experienced a net outflow of 7.12 million yuan, while retail funds saw a net outflow of 16.51 million yuan [3] - Speculative funds had a net inflow of 23.63 million yuan [3]