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]

Core Viewpoint - HeShun Technology (301237) announced that neither the company nor its controlling subsidiaries provided guarantees to entities outside the consolidated financial statements, and there are no overdue guarantees or guarantees related to litigation, nor has the company incurred losses due to being ruled against in guarantee-related cases [1] Summary by Categories - **Company Guarantees** - The company and its controlling subsidiaries have not provided any guarantees to entities outside the consolidated financial statements [1] - There are no overdue guarantees reported [1] - **Litigation and Legal Matters** - The company has no guarantees that are involved in litigation [1] - There have been no losses incurred due to adverse rulings related to guarantees [1]

证券代码：301237 证券简称：和顺科技 公告编号：2025-051 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。 一、担保情况概述 杭州和顺科技股份有限公司（以下简称"公司"）于 2024 年 12 月 11 日召开 第四届董事会第五次会议及第四届监事会第五次会议，于 2024 年 12 月 27 日召 开 2025 年第三次临时股东大会分别审议通过了《关于为控股子公司提供担保额 度预计的议案》。同意公司为杭州和兴碳纤维科技有限公司（以下简称"和兴碳 纤维"）未来 12 个月内向相关合作银行等金融机构申请综合授信项目贷款和综合 授信额度按照持股比例提供担保。担保额度最高不超过人民币6亿元（含6亿元）， 担保额度有效期为自公司股东大会审议通过之日起的 12 个月内有效。具体内容 详 见 公 司 于 2024 年 12 月 12 日 和 2024 年 12 月 27 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上刊登的《关于为控股子公司提供担保额度预计的公告》 （公告编号：2 ...

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Heshun Technology, indicating a mixed financial outlook with significant revenue growth but a net loss in profit [1][2]. - On October 13, Heshun Technology's stock increased by 0.22%, with a trading volume of 55.78 million yuan. The financing buy-in amount for the day was 6.94 million yuan, while the financing repayment was 3.78 million yuan, resulting in a net financing buy-in of 3.16 million yuan [1]. - As of October 13, the total margin balance for Heshun Technology was 116 million yuan, accounting for 3.22% of its market capitalization, indicating a high level of financing activity compared to the past year [1]. Group 2 - As of June 30, the number of shareholders for Heshun Technology was 9,591, an increase of 1.54% from the previous period, while the average circulating shares per person decreased by 1.51% to 4,092 shares [2]. - For the first half of 2025, Heshun Technology reported a revenue of 296 million yuan, representing a year-on-year growth of 27.93%. However, the net profit attributable to the parent company was a loss of 14.31 million yuan, a decline of 153.36% compared to the previous year [2]. - Heshun Technology has distributed a total of 152 million yuan in dividends since its A-share listing, with cumulative distributions of 95.80 million yuan over the past three years [3].

Market Overview - On October 10, the plastic sector declined by 0.63% compared to the previous trading day, with Jun Ding Da leading the decline [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable gainers in the plastic sector included: - Nalco Co. (002825) with a closing price of 10.74, up 10.04% and a trading volume of 241,600 shares, totaling 253 million yuan [1] - Ningbo Color Masterbatch (301019) closed at 19.85, up 6.61% with a trading volume of 123,400 shares, totaling 241 million yuan [1] - Qide New Materials (300995) closed at 52.01, up 5.50% with a trading volume of 46,800 shares, totaling 241 million yuan [1] - Major decliners included: - Jun Ding Da (301538) closed at 91.16, down 5.26% with a trading volume of 21,900 shares, totaling 205 million yuan [2] - Jinfat Technology (600143) closed at 21.28, down 4.14% with a trading volume of 1,736,600 shares, totaling 3.737 billion yuan [2] - Dongcai Technology (601208) closed at 19.52, down 3.60% with a trading volume of 364,500 shares, totaling 716 million yuan [2] Capital Flow - The plastic sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 291 million yuan [2][3] - Notable capital flows included: - Foshan Plastics (000973) had a net inflow of 10.2 million yuan from institutional investors, but a net outflow of 15.74 million yuan from retail investors [3] - Shenkai Co. (002361) saw a net inflow of 66.57 million yuan from institutional investors, with retail investors experiencing a net outflow of 42.09 million yuan [3] - Nalco Co. (002825) had a net inflow of 65.37 million yuan from institutional investors, with retail investors also facing a net outflow of 33.06 million yuan [3]

Group 1 - The core viewpoint of the news is that Heshun Technology has shown fluctuations in financing activities and financial performance, with a notable increase in revenue but a significant decline in net profit [1][2]. - On September 25, Heshun Technology's stock rose by 1.52%, with a trading volume of 108 million yuan. The financing buy-in amount was 6.3175 million yuan, while the financing repayment was 6.8928 million yuan, resulting in a net financing buy-in of -575,300 yuan [1]. - As of September 25, the total balance of margin trading for Heshun Technology was 100 million yuan, accounting for 2.37% of its circulating market value, which is above the 90th percentile level over the past year [1]. - The company specializes in the research, production, and sales of differentiated, functional biaxially oriented polyethylene terephthalate (BOPET) films, with revenue composition being 45.46% from colored optical base films, 42.62% from transparent films, and 10.84% from other functional films [1]. Group 2 - As of June 30, the number of shareholders for Heshun Technology was 9,591, an increase of 1.54% from the previous period, while the average circulating shares per person decreased by 1.51% to 4,092 shares [2]. - For the first half of 2025, Heshun Technology achieved operating revenue of 296 million yuan, representing a year-on-year growth of 27.93%. However, the net profit attributable to the parent company was -14.3134 million yuan, a year-on-year decrease of 153.36% [2]. - Since its A-share listing, Heshun Technology has distributed a total of 152 million yuan in dividends, with 95.8046 million yuan distributed over the past three years [3].