Core Viewpoint - Hengguang Co., Ltd. experienced a 5.02% decline in stock price, closing at 26.32 CNY per share, with a trading volume of 124 million CNY and a turnover rate of 4.40%, resulting in a total market capitalization of 2.9 billion CNY [1]. Company Overview - Hengguang Co., Ltd. is located in Huaihua City, Hunan Province, and was established on December 18, 2008. The company was listed on November 18, 2021. Its main business involves the research, production, and sales of sulfur and chlorine chemical product chains [1]. - The revenue composition of Hengguang Co., Ltd. is as follows: 72.00% from chlorine chemical products, 27.77% from sulfur chemical products, and 0.23% from other supplementary sources [1]. Shareholder Information - According to data, a fund under Nuoan Fund ranks among the top ten circulating shareholders of Hengguang Co., Ltd. The Nuoan Multi-Strategy Mixed A Fund (320016) entered the top ten circulating shareholders in the third quarter, holding 625,500 shares, which accounts for 0.6% of the circulating shares. The estimated floating loss today is approximately 869,400 CNY [2]. - The Nuoan Multi-Strategy Mixed A Fund (320016) was established on August 9, 2011, with a latest scale of 1.855 billion CNY. Year-to-date returns are 79.02%, ranking 162 out of 8140 in its category; the one-year return is 80.42%, ranking 147 out of 8057; and since inception, the return is 245.5% [2]. - The fund manager of Nuoan Multi-Strategy Mixed A Fund is Kong Xianzheng, who has a cumulative tenure of 4 years and 358 days. The total asset scale under his management is 5.608 billion CNY, with the best fund return during his tenure being 93.84% and the worst being -16.74% [2].

Core Viewpoint - Hengguang Co., Ltd. (301118) has a diverse range of products applicable in various fields, including those related to new energy production [1] Group 1 - The company offers a wide variety of products, including caustic soda, amino sulfonic acid, and phosphorus chemical series [1] - These products are specifically applicable in the production of new energy-related products [1]

Market Overview - The chemical raw materials sector increased by 1.61% on November 13, with Kaisheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Top Performers - Kaisheng New Materials (301069) closed at 29.15, up 10.92% with a trading volume of 628,500 shares [1] - Sanyou Chemical (600409) closed at 6.61, up 9.98% with a trading volume of 1,168,200 shares [1] - Aoke Co., Ltd. (300082) closed at 13.62, up 9.31% with a trading volume of 1,428,400 shares [1] - Hengguang Co., Ltd. (301118) closed at 29.05, up 7.12% with a trading volume of 153,900 shares [1] - Shilong Industry (002748) closed at 14.31, up 7.11% with a trading volume of 641,600 shares [1] Market Capital Flow - The chemical raw materials sector saw a net inflow of 806 million yuan from institutional investors, while retail investors experienced a net outflow of 489 million yuan [2][3] - The top three stocks with significant net inflows from institutional investors include: - Kaisheng New Materials: 1.71 billion yuan [3] - Shilong Industry: 1.62 billion yuan [3] - Sanyou Chemical: 1.53 billion yuan [3] Notable Decliners - ST Yatai (000691) closed at 10.28, down 4.99% with a trading volume of 177,200 shares [2] - Zhenhua Co., Ltd. (603067) closed at 29.42, down 3.70% with a trading volume of 931,500 shares [2] - Sanxiang New Materials (603663) closed at 38.80, down 0.69% with a trading volume of 388,900 shares [2]

Group 1 - The company, Hengguang Co., Ltd. (301118.SZ), has confirmed that its products are applicable in the new energy sector, specifically in the production of new energy-related products [2] - The company offers a diverse range of products, including caustic soda, amino sulfonic acid, and phosphorus chemical series, which can be utilized in the manufacturing processes related to new energy [2]

Core Viewpoint - Hengguang Co., Ltd. (301118) has indicated that its phosphorus pentachloride product can be used as a raw material for lithium hexafluorophosphate production, with a designed capacity of 10,000 tons per year [1] Group 1 - The current capacity utilization rate of phosphorus pentachloride is low [1] - The sales revenue from phosphorus pentachloride constitutes a small proportion of the company's total revenue [1]

Group 1 - The core point of the article is that Hengguang Co., Ltd. has a designed production capacity of 50,000 tons per year for its phosphate chemical products, which include phosphorus trichloride, phosphorus oxychloride, and phosphorus pentachloride [1][2] Group 2 - The company responded to an investor inquiry regarding the annual production capacity of phosphorus trichloride, confirming its production capabilities [2]

Core Insights - On November 11, Hengguang Co., Ltd. saw a stock price increase of 3.17% with a trading volume of 200 million yuan [1] - The company reported a financing buy-in amount of 19.27 million yuan and a net financing buy of 2.02 million yuan on the same day [1] Financing Overview - As of November 11, the total financing and securities balance for Hengguang Co. was 74.32 million yuan, accounting for 2.53% of its market capitalization [1] - The financing balance is above the 70th percentile level over the past year, indicating a relatively high position [1] - No shares were sold or repaid in the securities lending market on November 11, with a total securities lending balance of 0 yuan, placing it in the 90th percentile over the past year [1] Company Profile - Hengguang Co., Ltd. is located in Huaihua City, Hunan Province, and was established on December 18, 2008, with its listing date on November 18, 2021 [1] - The company's main business involves the research, production, and sales of sulfur and chlorine chemical product chains, with revenue composition being 72.00% from chlorine products, 27.77% from sulfur products, and 0.23% from other sources [1] Financial Performance - As of September 30, the number of shareholders for Hengguang Co. was 12,500, a decrease of 26.51% from the previous period [2] - The average number of circulating shares per person increased by 36.06% to 8,370 shares [2] - For the period from January to September 2025, the company achieved a revenue of 1.11 billion yuan, representing a year-on-year growth of 29.22% [2] - The net profit attributable to the parent company was -1.66 million yuan, showing a year-on-year improvement of 96.92% [2] Dividend Information - Since its A-share listing, Hengguang Co. has distributed a total of 147 million yuan in dividends, with 67.14 million yuan distributed over the past three years [2] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Nu'an Multi-Strategy Mixed A (320016) as the fifth largest shareholder, holding 625,500 shares as a new investor [2]

Core Viewpoint - The company, Hengguang Co., announced that its wholly-owned subsidiary, Hong Kong Hengguang New Energy Chemical Materials Co., plans to invest 60 million HKD to establish a wholly-owned subsidiary, Hengguang International Trade (Hong Kong) Co., in Hong Kong [1] Group 1 - The investment amount for the new subsidiary is 60 million HKD [1] - The registration and documentation process for the new subsidiary has been completed, including obtaining the Company Registration Certificate and Business Registration Certificate from the relevant Hong Kong authorities [1]

证券代码：301118 证券简称：恒光股份 公告编号：2025-066 湖南恒光科技股份有限公司 关于香港全资子公司设立完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、子公司设立情况 2、注册资本：6,000 万港币 3、注册地址：UNIT 909，9/F TOWER 2 SILVERCORD 30 CANTON RD TSIM SHA TUSI HONG KONG 4、业务性质：CORP 5、注册证明书编号：79035208 6、登记证号码：79035208-000-10-25-4 二、备查文件 1、《公司注册证明书》； 为拓展海外业务，经湖南恒光科技股份有限公司（以下简称"公司"）全资 子公司香港恒光新能源化学材料有限公司（以下简称"香港恒光"）相关决策程 序通过，香港恒光拟以自有资金出资 6,000 万港元在香港投资设立全资子公司。 近日，香港全资子公司完成了相关注册登记手续并取得了香港特别行政区公 司注册处颁发的《公司注册证明书》和香港特别行政区政府税务局颁发的《商业 登记证》，具体信息如下： 1、公司名称：恒光国际贸易（香港）有限公司 ...

Group 1 - Hunan Hengguang Technology Co., Ltd. is engaged in the research, production, and sales of sulfur and chlorine chemical products, with main business revenue composition being 72.00% from chlorine products and 27.77% from sulfur products [1] - As of November 6, Hengguang shares increased by 5.21%, reaching a price of 25.63 yuan per share, with a total market capitalization of 2.824 billion yuan [1] - The company was established on December 18, 2008, and went public on November 18, 2021 [1] Group 2 - The top circulating shareholder of Hengguang is the Nuoan Multi-Strategy Mixed A Fund (320016), which entered the top ten shareholders in the third quarter, holding 625,500 shares, accounting for 0.6% of circulating shares [2] - The Nuoan Multi-Strategy Mixed A Fund has achieved a year-to-date return of 72.9% and a one-year return of 78.54%, ranking 255 out of 8149 and 151 out of 8053 respectively [2] Group 3 - The fund managers of Nuoan Multi-Strategy Mixed A are Kong Xianzheng and Wang Haichang, with Kong having a tenure of 4 years and 346 days and a best fund return of 86.72% during his tenure [3] - Wang has a tenure of 3 years and 108 days, with a best fund return of 73.58% during his tenure [3]