Company Overview - Heshun Technology (SZ 301237) announced an investor research meeting scheduled for October 31, 2025, where the company’s board secretary and CFO will participate in addressing investor inquiries [1] - As of the report, Heshun Technology has a market capitalization of 3.8 billion yuan [1] Revenue Composition - For the year 2024, Heshun Technology's revenue composition is as follows: 97.66% from rubber and plastic products, and 2.34% from other businesses [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 optical 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 soon [1] - High-performance carbon fiber applications are expanding into civil aviation, 3C digital products, low-altitude aircraft, and racing, creating a solid foundation for market growth [2] - Technical barriers between high-performance and low-end products include raw silk quality control and precise carbonization processes, leading to significant performance and cost differences [3] BOPET Film Industry Outlook - The BOPET film industry is in a critical phase of short-term adjustment and long-term value construction [4] - Short-term challenges include increased fixed asset depreciation and the gradual release of new product benefits, but the company has shown improvement in Q3 performance compared to the previous year [4] - Long-term potential is promising, with a focus on differentiated, functional products to avoid homogenized competition and enhance R&D efforts [4] Financial Health - The company maintains a low debt-to-asset ratio, primarily due to long-term loans for the carbon fiber project [5] - Healthy operating cash flow and efficient capital recovery ensure stable financial management [5]

Core Viewpoint - Heshun Technology is a leading enterprise in the differentiated and functional biaxially oriented polyester film (BOPET film) sector in China, with strong R&D and production capabilities [1] Group 1: Business Performance - In Q3 2025, Heshun Technology reported revenue of 452 million yuan, ranking 17th among 19 companies in the industry, with the industry leader, Dousheng New Materials, generating 3.893 billion yuan [2] - The net profit for the same period was -23.33 million yuan, placing the company 14th in the industry, while the top performer, Dongcai Technology, achieved a net profit of 272 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Heshun Technology's debt-to-asset ratio was 28.21%, an increase from 10.82% year-on-year, which is below the industry average of 33.88%, indicating relatively low debt pressure [3] - The gross profit margin for Q3 2025 was 9.62%, up from 8.23% year-on-year, but still below the industry average of 18.54%, suggesting room for improvement in profitability [3] Group 3: Executive Compensation - The chairman and general manager, Fan Heqiang, received a salary of 535,400 yuan in 2024, an increase of 24,900 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.20% to 7,366, while the average number of circulating A-shares held per account increased by 93.24% to 7,907.96 [5]

Core Insights - The company reported a revenue of 452.42 million yuan for the first three quarters of 2025, representing a year-on-year growth of 23.53% [1] - The net profit attributable to shareholders was -22.96 million yuan, slightly worse than the previous year's -22.45 million yuan [1] - The net profit excluding non-recurring items was -25.65 million yuan, an improvement from -30.32 million yuan in the same period last year [1] - The net cash flow from operating activities was 13.00 million yuan, a significant increase from -43.50 million yuan year-on-year [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 452.42 million yuan, up 23.53% compared to the same period last year [2] - The net profit attributable to shareholders was -22.96 million yuan, a decrease of 2.27% year-on-year [2] - The net profit excluding non-recurring items was -25.65 million yuan, showing a 15.39% improvement from the previous year [2] - The net cash flow from operating activities reached 13.00 million yuan, marking a 129.89% increase year-on-year [2] Historical Context - In 2024, the company reported a revenue of 503.09 million yuan, a 19.36% increase from 2023 [3] - The net profit attributable to shareholders for 2024 was -47.14 million yuan, a significant decline of 422.03% compared to 2023 [3] - The net profit excluding non-recurring items for 2024 was -55.87 million yuan, a decrease of 1,696.00% year-on-year [3] - The cash flow from operating activities in 2024 was -64.06 million yuan, a drastic decline from -5.83 million yuan in 2023 [3] IPO and Fundraising - The company went public on March 23, 2022, raising a total of 1.134 billion yuan, with a net amount of 1.018 billion yuan after expenses [4] - The initial public offering (IPO) was priced at 56.69 yuan per share, with a total of 20 million shares issued [4] - The funds raised were intended for the construction of a polyester film production base, a research and development center, and to supplement working capital [4] - The underwriting fees for the IPO amounted to 116 million yuan, with the lead underwriter being Dongxing Securities [4]

Core Insights - The company, Heshun Technology, reported a revenue of 452 million yuan for the first three quarters of 2025, marking a year-on-year increase of 23.53% [1] - The net profit attributable to shareholders in Q3 increased by 48.55% year-on-year, with a net profit of 156 million yuan [1] - The company maintains a high level of R&D investment, with R&D expenses accounting for over 4% of revenue [2] Financial Performance - For the first three quarters of 2025, the net cash flow from operating activities reached 13.0025 million yuan, a significant increase of 129.89% year-on-year [1] - In Q3, the company achieved a revenue of 156 million yuan, representing a year-on-year growth of 15.97% [1] - The company's R&D investment for the first half of 2025 was 11.5923 million yuan, up 15.28% year-on-year [2] Product and Market Development - Heshun Technology specializes in differentiated and functional polyester films, with products widely used in consumer electronics and automotive sectors [1] - The global polyester film market is projected to grow from 38.58 billion USD in 2025 to 59.75 billion USD by 2032, with a CAGR of 6.45% [2] - The company has developed key technologies in various areas, including colored film manufacturing and flame-retardant polyester film technology, with a total of 67 patents acquired [2] Strategic Initiatives - The company is advancing its high-performance carbon fiber project, which is a key strategic layout in the high-value new materials sector, with a total investment of approximately 999.2 million yuan [4] - The carbon fiber project is expected to achieve an annual production capacity of 350 tons of high-performance carbon fiber and 850 tons of related raw silk, with an estimated annual output value of around 800 million yuan [4] - Heshun Technology aims to expand its product matrix in the optical film sector, focusing on developing various optical-grade films to inject new growth momentum into its business [3][4]

Core Viewpoint - Heshun Technology (301237.SZ) reported its Q3 2025 results, indicating a decrease in institutional investor holdings compared to the previous quarter [1] Institutional Holdings - As of October 27, 2025, four institutional investors disclosed holdings in Heshun Technology A-shares, totaling 8.53 million shares, which represents 10.66% of the total share capital [1] - The institutional investor group includes Hangzhou Yihua Equity Investment Partnership, Hangzhou Yuanning Huixin Venture Capital Partnership, Heshun Technology's repurchase special securities account, and GF Securities Asset Management [1] - The total institutional holding percentage decreased by 3.48 percentage points compared to the previous quarter [1] Public Fund Holdings - In this reporting period, 17 public funds were not disclosed compared to the previous quarter, including notable funds such as Huaxia New Splendor Mixed A, Huaxia Pantai Mixed (LOF) A, and others [1]

Core Viewpoint - Heshun Technology (301237.SZ) reported a revenue of 452 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 23.53% [1] Financial Performance - The net loss attributable to shareholders of the listed company was 22.9551 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 25.6488 million yuan [1] - The basic loss per share was 0.2935 yuan [1]

Core Insights - The company, Heshun Technology (301237), reported a revenue of 156 million yuan for Q3 2025, reflecting a year-on-year growth of 15.97% [1] - The net profit for the same period was -8.64 million yuan, showing a year-on-year increase of 48.55% [1] Financial Performance - Q3 2025 revenue: 156 million yuan, up 15.97% year-on-year [1] - Q3 2025 net profit: -8.64 million yuan, up 48.55% year-on-year [1]

Group 1 - The core point of the article is that Heshun Technology reported its Q3 performance, showing a revenue increase but a net loss for the period [1] - For the first three quarters of 2025, the company's revenue was approximately 452 million yuan, representing a year-on-year increase of 23.53% [1] - The net profit attributable to shareholders was a loss of approximately 22.96 million yuan, with a basic earnings per share loss of 0.2935 yuan [1] Group 2 - As of the report, Heshun Technology's market capitalization is 3.8 billion yuan [2]

Revenue and Profitability - The company's revenue for Q3 2025 reached ¥156,350,262.61, representing a 15.97% increase year-over-year, and a total revenue of ¥452,424,450.77 for the year-to-date, up 23.53% compared to the same period last year[5] - The net profit attributable to shareholders was -¥8,641,678.19 for the quarter, a 48.55% decline year-over-year, with a year-to-date net profit of -¥22,955,068.35, showing a slight improvement of 2.27%[5] - Total operating revenue for the current period reached ¥452,424,450.77, an increase of 23.5% compared to ¥366,257,518.96 in the previous period[19] - Net profit for the current period was a loss of ¥23,332,129.89, slightly worse than the loss of ¥22,772,231.97 in the previous period[20] Cash Flow and Liquidity - The company reported a significant increase in cash flow from operating activities, with a year-to-date net cash flow of ¥13,002,532.94, up 129.89%[5] - Operating cash flow for the current period is ¥13,002,532.94, a significant improvement from the previous period's negative cash flow of -¥43,499,805.89[21] - Total cash inflow from operating activities increased to ¥397,788,656.22, compared to ¥244,734,617.67 in the previous period, reflecting a growth of approximately 62.5%[21] - The company's cash and cash equivalents decreased from 56,170,822.78 RMB to 29,381,594.53 RMB[16] - The ending balance of cash and cash equivalents decreased to ¥23,294,641.54 from ¥85,200,422.07 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,849,363,503.54, reflecting a 16.47% increase from the previous year[5] - The company's total assets increased to ¥1,849,363,503.54, compared to ¥1,587,855,269.07 in the previous year, reflecting a growth of 16.4%[18] - Total liabilities rose to ¥521,790,696.69, significantly higher than ¥226,020,015.39 from the previous period, indicating a substantial increase[18] - The company's equity attributable to shareholders decreased to ¥1,308,224,705.47 from ¥1,342,312,777.30, a decline of 2.5%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 7,366[12] - The top shareholder, Fan Heqiang, holds 23.56% of shares, amounting to 18,850,000 shares[12] - The company completed a share buyback of 1,823,667 shares, representing 2.28% of the total share capital, with a total transaction amount of 39,997,073 RMB[15] - The highest transaction price during the buyback was 25.56 RMB per share, while the lowest was 18.10 RMB per share[15] Investments and Expenses - Research and development expenses for the current period were ¥17,614,542.69, an increase of 16.0% from ¥15,189,382.26 in the previous period[19] - The construction in progress for the Hexing Carbon Fiber project increased significantly, contributing to a 1091.43% rise in this asset category[9] - The company received government subsidies amounting to ¥747,168.95 during the quarter, contributing to its non-operating income[6] - The company reported a significant increase in long-term borrowings, which rose to ¥362,348,055.70 from ¥67,774,300.00, indicating a strategic shift in financing[18] Accounts and Inventory - Accounts receivable increased from 74,407,009.60 RMB to 90,220,453.56 RMB[16] - Inventory increased from 194,383,010.41 RMB to 211,895,052.01 RMB[16] - The total current assets decreased from 578,651,572.62 RMB to 572,061,045.51 RMB[16] - Long-term equity investments slightly decreased from 3,012,169.99 RMB to 2,969,859.38 RMB[16] - Fixed assets decreased from 766,010,206.94 RMB to 708,126,237.41 RMB[16] Financial Activities - Cash outflow from investing activities was ¥650,321,497.88, slightly decreased from ¥731,496,079.77 in the previous period[22] - Net cash flow from financing activities improved to ¥253,637,994.84, compared to a negative cash flow of -¥34,413,416.86 in the previous period[22] - Cash inflow from financing activities totaled ¥356,231,674.62, a substantial increase from ¥72,220,003.82 in the previous period[22] - The company reported a net cash flow from investing activities of -¥297,708,697.38, worsening from -¥67,624,002.49 in the previous period[21] Other Information - The third quarter financial report has not been audited[23]