Group 1: Company Overview - The company was established in 2003 and focuses on the R&D, production, and sales of differentiated, functional biaxially stretched polyester film materials [1] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - The company aims to expand its product series and application fields while exploring new materials, particularly in high-performance carbon fiber [1] Group 2: Key Issues - Carbon fiber products are categorized based on tensile strength and modulus, following the Japanese Toray classification and China's national standard established in 2011 [2] - The company currently adopts a strategy of optimizing existing capacity and developing differentiated, high-end products, with no plans for new capacity [2] - Future product planning for high-performance carbon fiber will be based on market dynamics and industry trends, prioritizing projects with strong profitability [2] - There are no current plans for capital operations; future financing will depend on specific project progress and funding needs [2]

Group 1 - The core viewpoint of the article highlights that Yuanhong Investment has conducted research on a listed company, Heshun Technology, which specializes in the R&D, production, and sales of differentiated, functional biaxially stretched polyester film materials [1] - Heshun Technology was established in 2003 and aims to enhance product competitiveness through innovation, focusing on meeting core customer needs and rapidly iterating product capabilities [1] - The company is expanding its applications into consumer electronics and automotive markets, as well as exploring potential markets in niche areas such as card games [1] Group 2 - Heshun Technology plans to further develop new materials for film applications, advance technological upgrades, and optimize its product structure [1] - The carbon fiber project is currently under construction as per the planned schedule, with production and sample testing to follow upon completion [1] - The company will continuously monitor market dynamics and industry trends to strategically plan product development and avoid oversaturated product segments, prioritizing projects with strong profitability [1] Group 3 - Regarding equity incentives, Heshun Technology will consider various factors such as market conditions, company development strategy, and shareholder interests before making decisions [1] - The company commits to timely information disclosure in accordance with regulations if there are any relevant decisions or developments [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 film materials [2] - The company produces various specifications and models of polyester film products, including colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - Future plans include expanding product lines and application fields while adhering to the core business philosophy of "differentiation and functionality" [2] Key Issues Addressed - **Product Competitiveness**: The company aims to enhance product competitiveness through innovation, focusing on customer core needs, and expanding into niche markets such as card games [3] - **Carbon Fiber Project**: The carbon fiber project is currently under construction, with plans for sample delivery and verification post-production [3] - **Product Planning for Carbon Fiber**: The company will monitor market dynamics and industry trends to strategically plan product development, prioritizing projects with strong profitability [3] - **Equity Incentive Plans**: The company will consider market conditions, development strategies, and shareholder interests when deciding on equity incentive plans, with timely disclosures as required [3]

证券代码：301237 证券简称：和顺科技 公告编号：2025-039 1、股东减持股份情况 | 股东 | 减持 | | 减持均 | 减持价格区 | 减持股数 | 占总股 | 占剔除回购 专户股份后 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 减持期间 | 价（元/ | | | 本比例 | | | 名称 | 方式 | | | 间(元/股) | （股） | | 总股本比例 | | | | | 股） | | | (%) | | | | | | | | | | (%) | 杭州和顺科技股份有限公司 关于持股 5%以上股东股份减持计划实施进展暨减持完毕的 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。 杭州和顺科技股份有限公司（以下简称"和顺科技"或"公司"）于 2025 年 3 月 26 日披露了《关于持股 5%以上股东减持股份的预披露公告》（公告编号： 2025-007），杭州远宁荟鑫创业投资合伙企业（有限合伙）（以下简称"远宁荟鑫"） 计划自预披露公告披露之日起十五个交易日后的三个月内 ...

Company Overview - Hangzhou Heshun Technology Co., Ltd. was established in 2003, focusing on the R&D, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [2][3] - The company produces various specifications and models of polyester film products, including colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2][3] - Future plans include expanding product series and application fields, with a focus on colored optoelectronic base films and other functional films [3] Key Issues - To enhance product competitiveness, the company plans to leverage product innovation, focusing on technology that meets core customer needs and expanding into niche markets such as card games [3] - The company aims to further explore new applications in thin film materials and optimize product structure through continuous innovation and iteration [3] Production Insights - The significant year-on-year growth in transparent film production in 2024 is attributed to the launch of a new 35,000-ton BOPET film production line, which initially focuses on transparent films to minimize risk and validate equipment stability [4] - This strategy allows for efficient use of idle equipment time and avoids capacity waste during product changeovers [4] Carbon Fiber Project - Carbon fiber offers advantages such as lightweight, high strength, high-temperature resistance, and corrosion resistance, making it irreplaceable in high-end manufacturing sectors requiring extreme performance [4] - The carbon fiber project commenced construction in Q3 2024 and is progressing as planned, aligning with the company's expectations [4]

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The BOPET film industry is experiencing high domestic demand growth, but currently faces low prices and profit pressures. The industry is characterized by an oversupply of low-end products and a shortage of high-end products, leading to a structural imbalance [5][16][18] - The "China BOPET Industry Self-Discipline Initiative" aims to optimize the industry structure and improve profitability by promoting fair market conditions and reducing ineffective supply [19][6] - The market is gradually concentrating resources towards companies with cost and technological advantages, with a positive outlook for the development of high-end polyester film products [6][5] Summary by Sections BOPET Film Overview - BOPET films are widely used in packaging, optical displays, electrical applications, and photovoltaic new energy sectors. The domestic BOPET industry has seen rapid growth in capacity and consumption from 2014 to 2024, but consumption growth has not kept pace with production and capacity growth, leading to an oversupply situation [5][12][28] Supply and Demand Analysis - Supply: From 2014 to 2024, domestic BOPET capacity expanded from 2.47 million tons to 6.95 million tons, with a CAGR of 10.9%. The industry currently has a capacity of 6.482 million tons per year, with the top 10 companies accounting for 63% of total capacity [20][21] - Demand: During the same period, apparent consumption increased from 1.71 million tons to 4.15 million tons, with a CAGR of 9.3%. The packaging and printing sector accounted for 45.8% of demand in 2024 [28][30] - Imports and Exports: China has become a net exporter of BOPET since 2015, but still imports 200,000 to 300,000 tons annually, indicating reliance on high-end BOPET products [32][36] Price and Profitability - BOPET prices have been under pressure since 2022 due to supply-demand imbalances, with prices reaching historical lows in 2024. The average price in early 2025 was 8,091 RMB per ton, showing a slight year-on-year increase [41][40] - The industry has faced continuous profit pressure since 2022, with many companies transitioning from profit to loss in 2024. However, Q1 2025 showed signs of reduced losses for most companies [6][19] Investment Recommendations - Recommended stocks include Dongcai Technology, Hengli Petrochemical, and Rongsheng Petrochemical, with beneficiaries including Dousheng New Materials and Yuxing Co., Ltd. [6]

证券代码：301237 证券简称：和顺科技 公告编号：2025-038 杭州和顺科技股份有限公司 2025 年 7 月 8 日，远宁荟鑫通过集中竞价和大宗交易合计减持公司 690,600 关于持股 5%以上股东权益变动触及 5%整数倍暨披露 简式权益变动报告书的提示性公告 持股5%以上股东杭州远宁荟鑫创业投资合伙企业（有限合伙）保证向本公 司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 1.本次权益变动属于持股 5%以上股东减持股份，不触及要约收购。 2.本次权益变动不涉及公司控股股东及实际控制人，不会导致公司控股股东 及实际控制人发生变更，不会影响公司的治理结构和持续经营。 3. 杭州远宁荟鑫创业投资合伙企业（有限合伙）（以下简称"远宁荟鑫"）持 有本公司股份 4,700,000 股，占公司总股本（剔除回购专户股份）的 6.0120%， 其中，4,669,982 股于 2023 年 3 月 23 日解除限售并上市流通。自公司股票上市 之日起至 2025 年 3 月 26 日《关于持股 5%以上股东减持股 ...

股票上市地点：深圳证券交易所 股票简称：和顺科技 股票代码：301237 信息披露义务人：杭州远宁荟鑫创业投资合伙企业（有限合伙） 住所/通讯地址：杭州市上城区甘水巷 46 号 101 室 杭州和顺科技股份有限公司简式权益变动报告书 杭州和顺科技股份有限公司 简式权益变动报告书 上市公司：杭州和顺科技股份有限公司 权益变动性质：持股比例减少，持股比例下降至 5%以下 签署日期：2025 年 7 月 8 日 1 / 17 杭州和顺科技股份有限公司简式权益变动报告书 信息披露义务人声明 一、信息披露义务人依据《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》）、《上市公司收购管理办法》（以 下简称《收购管理办法》）、《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称《准则 15 号》）、《证券期货法律适用意见第 19 号——<上市公司收购管理办法>第十三条、第十四条的适用意见》及其他相 关的法律法规和规范性文件编制。 二、依据《中华人民共和国证券法》、《上市公司收购管理办法》和《公开发 行证券的公司信息披露内容与格式准则第 15 号—权 ...

Group 1 - The company has initiated the construction of a high-performance carbon fiber project, which aligns with national strategic plans and policies, particularly the "14th Five-Year Plan" [2][3] - The project is currently in the engineering construction phase and is progressing smoothly [3] - High-performance carbon fiber is increasingly being applied in various fields such as civil aviation, 3C digital products, low-altitude aircraft, and racing, providing significant market opportunities for the carbon fiber industry in China [4] Group 2 - The company plans to enhance its production capacity for high-performance carbon fiber products based on strategic planning and customer demand, aiming to improve product quality and delivery capabilities [2] - There is a concern about potential overcapacity, but the company focuses on high-performance carbon fiber products, which are still in demand, particularly T800 grade and above [5] - The company's main business includes the research, production, and sales of differentiated and functional biaxially oriented polyester films (BOPET films) [6] Group 3 - In the first quarter of 2025, the company reported a main revenue of 127 million yuan, a year-on-year increase of 27.14%, while the net profit attributable to shareholders was -8.92 million yuan, a year-on-year decrease of 805.43% [6] - The company's debt ratio stands at 17.48%, with investment income of 257,200 yuan and financial expenses of 251,300 yuan, resulting in a gross profit margin of 8.3% [6] Group 4 - Recently, one institution has given a rating for the stock, with one institution recommending an increase in holdings, and the average target price over the past 90 days is 25.27 yuan [7]

Company Overview - Established in 2003, the company focuses on the R&D, production, and sales of differentiated, functional biaxially oriented polyester film materials [2] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - The company aims to expand its product range and application fields while exploring new materials, particularly in high-performance carbon fiber [2] Carbon Fiber Project Insights - The company is currently following its established capacity plan for the high-performance carbon fiber project, with future capacity adjustments based on strategic planning and customer demand [3] - The carbon fiber project aligns with national strategies, being included in the "14th Five-Year Plan," and aims to enhance the domestic production rate of high-end new materials [3] - Construction of the carbon fiber project commenced in Q3 2024 and is progressing steadily [3] Market and Demand Analysis - High-performance carbon fiber applications are expanding into civil aviation, 3C digital products, low-altitude aircraft, and racing, providing significant market opportunities [3] - While there may be an oversupply in general-purpose products, T800 grade and above products still face unmet market demand, indicating a growing overall demand for carbon fiber [3] - The company plans to offer differentiated, functional high-performance carbon fiber products tailored to customer needs [3]