Core Viewpoint - Heshun Technology is actively advancing its carbon fiber project and high-end film materials, showcasing its strategic determination and innovative vitality in the high-end materials sector [1][2]. Carbon Fiber Project Progress - The carbon fiber project is progressing steadily, focusing on the carbonization phase, with trial operations for carbonization equipment underway [2]. - The annual production capacity of the M-grade carbon fiber project is set at 350 tons, with a total investment of approximately 1 billion yuan, located in Hangzhou Qiantang New District [2]. - The project has accelerated since receiving environmental approval at the end of 2024, with successful power debugging and the initiation of trial operations for carbonization equipment [2]. Market Demand and Capacity Strategy - The company emphasizes a compact capacity planning for carbon fiber, aligning with the focus on high-performance carbon fibers (M-grade, T800, and above) for aerospace and high-end equipment sectors [3]. - The demand for carbon fiber in China is projected to reach 84,000 tons in 2024, with a growth rate of 21.7%, and a domestic production rate expected to exceed 80% by 2026 [3]. - The company adopts a "small but refined" production line model to enhance flexibility and meet customized, high-specification demands, focusing on performance premium rather than scale effects [3]. High-End Film Materials - Heshun Technology has been dedicated to the research, production, and sales of differentiated, functional biaxially oriented polyester films since its establishment in 2003, covering various applications in consumer electronics and automotive sectors [5]. - The annual import volume of high-end films in China is approximately 350,000 tons, primarily in optical films and high-end electrical insulation films, indicating a significant supply-demand gap in the domestic market [5]. - The company is shifting its production focus from low-margin transparent films to high-value optical films and films for new energy vehicles, aiming to avoid homogenized competition [5][7]. Strategic Focus and Future Growth - The company aims to leverage its advantages in high-end equipment and professional technical teams to capture opportunities in the carbon fiber market, particularly in high-end applications [4]. - With the new safety standards for power batteries set to be implemented in July 2026, the company possesses a first-mover advantage in high-end battery flame-retardant and insulation films, having completed customer validation [6]. - The management emphasizes a dual-driven growth strategy focusing on high-end optical film production and breakthroughs in domestic carbon fiber, supported by technological innovation and digital transformation [7].

Core Viewpoint - The company, Heshun Technology, is focusing on high-value-added optical films and films for new energy vehicles to avoid homogeneous competition and drive future growth [2][3]. Group 1: Business Strategy - Heshun Technology, established in 2003, specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester film materials [2]. - The company is shifting from low-margin transparent films to high-value optical films and new energy vehicle films, which is seen as a proactive strategy to avoid homogeneous competition [3]. - The company is actively collaborating with leading customers in the optical film sector to penetrate the high-end display supply chain [3]. Group 2: Product Development - In the display sector, Heshun Technology's products are compatible with mobile phones and televisions, with core component parameters leading the industry [2]. - The company has established a presence in the high-end battery flame-retardant and insulating films for new energy vehicles, leveraging its patents and technical reserves to meet safety requirements [3]. - The company is advancing its carbon fiber project, focusing on the carbonization phase, with preparations for trial operations underway [3][6]. Group 3: Market Potential - The global high-performance carbon fiber market is projected to grow from approximately $2.45 billion in 2024 to $5.25 billion by 2033, with a CAGR of 9.2% from 2026 to 2033 [5]. - Heshun Technology plans to invest approximately 1.008 billion yuan in a project to produce 350 tons of high-performance graphite fiber and 850 tons of high-performance carbon fiber raw silk annually, addressing the domestic supply gap [5]. Group 4: Future Growth - The company aims to establish its high-performance carbon fiber business as a second growth curve, focusing on the three core processes of polymerization, spinning, and carbonization [6]. - Heshun Technology intends to leverage imported high-end equipment to ensure product performance meets the stringent requirements of aerospace and high-end equipment applications [6]. - The long-term strategy includes initially targeting civilian high-end applications before gradually expanding into more advanced sectors, creating a sustainable competitive advantage [6].

Group 1 - Zhejiang Fu Holdings stated that its subsidiary, Zhejiang Fu Capital, has invested in several listed companies including Spring Autumn Electronics, Fenglong Co., Ltd., Shangluo Electronics, Zhejiang Liming, Heshun Technology, Taotao Automotive, and Zhongxin Co., Ltd. [1] - The company also mentioned that multiple enterprises are either in the process of applying for or preparing to apply for listing [1]

Core Viewpoint - The company is making steady progress on its carbon fiber project, focusing on the carbonization phase, which is set to initiate trial operations soon [1] Group 1 - The carbonization phase is the current focus of the company's carbon fiber project [1] - Preparations for the heating trial of carbonization equipment are underway [1] - Subsequent mass production preparations will be organized based on the results of the trial operations [1]

Company Overview - Established in 2003, Hangzhou Heshun Technology Co., Ltd. focuses on the R&D, production, and sales of differentiated, functional biaxially oriented polyester films [2] - Main products include color optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - The company aims to expand its product series and application fields while exploring new materials, particularly in high-performance carbon fiber [2] Carbon Fiber Project - The carbon fiber project is progressing as planned, with a focus on the carbonization phase, which is set to initiate trial operations [3] - The production capacity for carbon fiber is intentionally limited, aligning with high-performance positioning and high-end market characteristics [4] - The strategy emphasizes small-batch, customized production to meet specific client needs, ensuring flexibility and rapid adaptation to market demands [4] Strategic Planning - The company maintains a "differentiation and functionality" strategy, focusing on high-end optical film production for short-term performance and high-performance carbon fiber for long-term growth [5] - Short-term goals include deepening the optical film business and enhancing product quality through technological advancements [5] - Long-term plans involve accelerating the carbon fiber project and expanding into high-end applications, with a phased approach to market entry [6] Market Insights - Domestic high-end films are heavily reliant on imports, with an annual import volume of approximately 350,000 tons, primarily for optical films and high-end electrical insulation films [7] - The high-end optical film market is dominated by international giants, indicating a significant structural supply-demand gap in the domestic industry [7] Growth Drivers - The growth of the high-end optical film business is driven by advancements in display technology and partnerships with leading clients in the supply chain [7] - In the new energy vehicle sector, the company has developed high-end battery flame-retardant and insulation films, positioning itself advantageously ahead of upcoming safety standards [7]

Core Viewpoint - Heshun Technology (SZ 301237) announced an upcoming investor meeting scheduled for November 13, 2025, where company executives will address investor inquiries [1] Company Summary - Heshun Technology's revenue composition for the year 2024 is as follows: rubber and plastic products account for 97.66% of total revenue, while other businesses contribute 2.34% [1] - As of the report, Heshun Technology has a market capitalization of 3.6 billion yuan [1]

Company Overview - Established in 2003, the company specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [1] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - Future focus on expanding product series and application fields, particularly in high-performance carbon fiber projects for sustainable development [1] Carbon Fiber Project - The carbon fiber project is progressing smoothly, with power debugging completed and trial production set to begin [2] - The project aligns with national strategic directions and has received policy support, particularly from the "14th Five-Year Plan," which emphasizes new material industry development [2] - The production model features a composite production line adaptable to various product types and capacity needs, with independent operation capabilities [3] BOPET Film Business Outlook - The company is confident in the future of its BOPET film business, focusing on differentiation and functionality [4] - Industry trends show a significant shift towards high-end specialty films, with demand growing over 15% annually, particularly in battery packaging and optical films [4] - The company holds 67 patents, breaking the monopoly of Japanese and Korean firms in the colored film sector, with a market share in colored optoelectronic base films ranking in the top three domestically [4] Production Capacity and Financial Performance - The company has an annual production capacity of 115,000 tons, supporting a diverse product matrix to meet customized client needs [5] - In the first half of 2025, revenue from transparent films and other functional films grew by 70.08% and 28.64% year-on-year, respectively [5] - R&D investment remains robust, consistently above 4% of revenue, focusing on high-end optical films and domestic substitution [5] Future Development Strategy - The company plans to deepen its high-end strategy, targeting core growth areas like consumer electronics and new energy vehicles [6] - A dual-track approach of "films + carbon fiber" will be pursued to optimize business structure and enhance risk resilience [6] - The strategy aims to provide tailored, high-value functional film solutions to strengthen customer relationships and support long-term stable growth [6]

证券代码：301237 证券简称：和顺科技 公告编号：2025-053 杭州和顺科技股份有限公司 关于为控股子公司提供担保的进展公告 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。 技术咨询、技术交流、技术转让、技术推广;高性能纤维及复合材料制造;合成纤 维制造;新材料技术研发;高性能纤维及复合材料销售;合成纤维销售;技术进出 口;货物进出口(除依法须经批准的项目外,凭营业执照依法自主开展经营活动)。 | 股东方 | 股权比例 | | --- | --- | | 杭州和顺科技股份有限公司 | 87.3544% | | 廊坊市恒守新材料科技合伙企业(有限合伙) | 12.6456% | | 合计 | 100.00% | 8、股权结构： 9、主要财务指标： | | 项目 | 年 2024 | 月 12 | 日 31 | | 年 2025 9 | 月 | 日 30 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资产总额 | | | 168,534,504.37 | | | | ...

Core Viewpoint - Heshun Technology's stock price declined by 4.56% to 45.20 yuan, indicating it is currently in a state of loss since its IPO [1] Company Overview - Heshun Technology was listed on the Shenzhen Stock Exchange's ChiNext board on March 23, 2022, with an initial public offering (IPO) of 20 million shares at a price of 56.69 yuan per share [1] - The total amount raised from the IPO was 1.134 billion yuan, with a net amount of 1.018 billion yuan after expenses [1] - The net amount raised exceeded the original plan by 403 million yuan [1] Fund Utilization - The company intended to use the raised funds for three main projects: construction of a bi-directional stretched polyester film production base, establishment of a research and development center, and supplementing working capital [1] - The total issuance costs for the IPO amounted to 116 million yuan, with underwriting fees accounting for 93.99 million yuan [1]

Group 1: Jilin Chemical Fiber - The company achieved total operating revenue of 4.019 billion yuan in the first three quarters, a year-on-year increase of 43.62% [2] - The net profit attributable to shareholders was 32.6475 million yuan, a year-on-year decrease of 47.41% [2] - The net cash flow from operating activities was 103 million yuan, an increase of 58.47% year-on-year [2] Group 2: Jilin Carbon Valley - The company reported total operating revenue of 1.875 billion yuan, a year-on-year increase of 63.98% [3] - The net profit attributable to shareholders was 130 million yuan, a year-on-year increase of 61.39% [3] - The net cash flow from operating activities was -338 million yuan, an improvement from -422 million yuan in the same period last year [3] Group 3: Zhongfu Shenying - The company achieved total operating revenue of 1.537 billion yuan, a year-on-year increase of 37.39% [4] - The net profit attributable to shareholders turned positive at 62.9346 million yuan [4] - The net cash flow from operating activities was 33.9031 million yuan, a year-on-year decrease of 85.26% [4] Group 4: Zhongjian Technology - The company reported total operating revenue of 684 million yuan, a year-on-year increase of 28.46% [5] - The net profit attributable to shareholders was 290 million yuan, a year-on-year increase of 25.45% [5] - The net cash flow from operating activities was 356 million yuan, a significant increase of 240.36% year-on-year [5] Group 5: Jinggong Technology - The company achieved total operating revenue of 1.343 billion yuan, a year-on-year increase of 13.70% [6] - The net profit attributable to shareholders was 145 million yuan, a year-on-year increase of 98.18% [6] - The net cash flow from operating activities was -69.454 million yuan, compared to 60.4412 million yuan in the same period last year [6] Group 6: Guangwei Composites - The company reported total operating revenue of 1.986 billion yuan, a year-on-year increase of 4.40% [7] - The net profit attributable to shareholders was 415 million yuan, a year-on-year decrease of 32.55% [7] - The net cash flow from operating activities was 288 million yuan, an increase of 179.27% year-on-year [7] Group 7: Montai High-tech - The company achieved total operating revenue of 380 million yuan, a year-on-year increase of 10.93% [8] - The net profit attributable to shareholders was a loss of 51.1349 million yuan, worsening from a loss of 29.5147 million yuan in the same period last year [8] - The net cash flow from operating activities was 13.653 million yuan, an improvement from -50.6267 million yuan in the previous year [8] Group 8: Donghua Energy - The company reported total operating revenue of 23.307 billion yuan, a year-on-year decrease of 1.79% [9] - The net profit attributable to shareholders was 75.2882 million yuan, a year-on-year decrease of 42.64% [9] - The net cash flow from operating activities was 713 million yuan, a year-on-year decrease of 53.31% [9] Group 9: Heshun Technology - The company achieved total operating revenue of 452 million yuan, a year-on-year increase of 23.53% [10] - The net profit attributable to shareholders was a loss of 22.9551 million yuan, slightly worsening from a loss of 22.446 million yuan in the previous year [10] - The net cash flow from operating activities was 13.0025 million yuan, an improvement from -43.4998 million yuan in the same period last year [10] Group 10: Huayang Co., Ltd. - The company reported total operating revenue of 16.956 billion yuan, a year-on-year decrease of 8.85% [11] - The net profit attributable to shareholders was 1.124 billion yuan, a year-on-year decrease of 38.20% [11] - The net cash flow from operating activities was 715 million yuan, a year-on-year decrease of 61.62% [11] Group 11: Shanghai Petrochemical - The company achieved total operating revenue of 58.886 billion yuan, a year-on-year decrease of 10.77% [12] - The net profit attributable to shareholders was a loss of 432 million yuan, compared to a profit of 34.539 million yuan in the same period last year [12] - The net cash flow from operating activities was 2.667 billion yuan, a year-on-year decrease of 74.42% [12] Group 12: AVIC High-Tech - The company reported total operating revenue of 3.761 billion yuan, a year-on-year decrease of 1.56% [13] - The net profit attributable to shareholders was 806 million yuan, a year-on-year decrease of 11.59% [13] - The net cash flow from operating activities was 1.021 billion yuan, a year-on-year increase of 621.17% [13]