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]

证券代码：301237 证券简称：和顺科技 公告编号：2025-037 杭州和顺科技股份有限公司 关于部分闲置募集资金（含超募资金）进行现金管理赎回及继续进 行现金管理的公告 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"公司"或 "和顺科技"）于 2025 年 4 月 16 日召开了第四届董事会第六次会议、第四届监事会第六次会议审议通过 了《关于使用部分闲置募集资金（含超募资金）及自有资金进行现金管理的议案》， 同意公司使用合计不超过人民币 15,000 万元的闲置募集资金（含超募资金）和 不超过人民币 15,000 万元的自有资金投资于安全性高、流动性好、期限不超过 12 个月的投资产品。以增加资金收益，为公司和股东获取回报。上述资金额度自 董事会审议通过之日起十二个月内可循环滚动使用。 近日，公司使用闲置募集资金（含超募资金）在授权范围内购买的部分现金 管理产品已到期赎回并继续进行现金管理。现将有关事项公告如下： 二、本次使用部分闲置募集资金（含超募资金）继续进行现金管理的情况 | 委托 | | 产品名 | 金额 | ...

证券代码：301237 证券简称：和顺科技 公告编号：2025-036 杭州和顺科技股份有限公司 关于持股 5%以上股东减持公司股份触及 1%整数倍的公告 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。 近日，杭州和顺科技股份有限公司（以下简称"公司"）收到持股 5%以上股 东杭州远宁荟鑫创业投资合伙企业（有限合伙）（以下简称"远宁荟鑫"）出具的 《关于股份减持计划的告知函》，获悉其在 2025 年 4 月 18 日至 2025 年 6 月 10 日期间通过集中竞价交易的方式合计减持公司股份 9,500 股，本次变动触及 1% 的整数倍。现将具体情况公告如下： | 1.基本情况 | | | | | | --- | --- | --- | --- | --- | | 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 | 杭州市上城区甘水巷46号101室 | | | | | 权益变动时间 | 2025年4月18日至2025年6月10日 | | | | | 和顺科技 股票简称 | | 股票代码 | 301237 | | | 变动 ...

证券代码：301237 证券简称：和顺科技 公告编号：2025-035 杭州和顺科技股份有限公司 关于控股子公司完成注册资本变更并换发营业执照的公 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、本次增资基本情况 杭州和顺科技股份有限公司（以下简称"公司"）分别于 2025 年 4 月 25 日， 2025 年 5 月 9 日召开了第四届董事会第七次会议，第四届监事会第七次会议， 2024 年年度股东大会，分别审议通过了《关于使用部分闲置超募资金对控股子 公司增资以建设碳纤维项目的议案》，具体内容详见公司于 2025 年 4 月 28 日披 露的《第四届董事会第七次会议决议公告》（公告编号：2025-026），《关于使用部 分闲置超募资金对控股子公司增资以建设碳纤维项目的公告》（公告编号：2025- 028），于 2025 年 5 月 9 日披露的《2024 年年度股东大会决议公告》（公告编号： 2025-032）。 二、变更后的营业执照基本情况 近日，控股子公司杭州和兴碳纤维科技有限公司完成了注册资本变更登记手 续并取得了杭州市钱塘区市场监督管理局换 ...

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] - 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 Strategy - The carbon fiber project aligns with national strategic plans, including the "14th Five-Year Plan," and is supported by government policies [3] - The project is part of the high-end new materials industry, characterized by high technical barriers, with a focus on increasing domestic production rates [3] - The project aims to optimize the company's industrial structure and enhance product value and technological content [3] Production and Market Plans - Currently, there are no expansion plans; future capacity will be aligned with business strategies and market demand [3] - The carbon fiber project commenced construction in Q3 2024, funded by a mix of raised funds and self-financing [3] - The project is in the construction phase, with market promotion and customer engagement planned post-trial production [3] Industry Outlook - The company maintains a positive outlook on the future of the consumer electronics market, driven by product upgrades, market replacements, and personalized consumer demands [3] - Continuous monitoring of industry trends and demands will guide the company's technological development and market expansion efforts [3]