证券代码：301237 证券简称：和顺科技 公告编号：2025-050 杭州和顺科技股份有限公司 关于公司及相关人员收到浙江证监局行政监管措施决定书 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"）于 2025 年 9 月 17 日收到 中国证券监督管理委员会浙江监管局（以下简称"浙江证监局"）下发的行政监 管措施决定书《关于对杭州和顺科技股份有限公司及相关人员采取出具警示函措 施的决定》（[2025]211 号）（以下简称"决定书"），现将有关情况公告如下： 督管理措施,并记入证券期货市场诚信档案。公司及相关人员应充分吸取教训, 加强相关法律法规学习,提高规范运作意识,切实履行勤勉尽责义务,保证信息披 露的真实、准确、完整、及时、公平,并于收到本决定书之日起 10 个工作日内向 我局提交书面报告。 如果对本监督管理措施不服的,可以在收到本决定书之日起 60 日内向中国 证券监督管理委员会提出行政复议申请,也可以在收到本决定书之日起 6 个月内 向有管辖权的人民法院提起诉讼。复议与诉讼期间,上述监督管理措施不 ...

Group 1 - Heshun Technology (SZ 301237) announced that it will accept an analyst survey from Minsheng Securities on September 1, 2025, with participation from the company's board secretary and financial director [1] - For the year 2024, Heshun Technology's revenue composition is as follows: rubber and plastic products account for 97.66%, while other businesses account for 2.34% [1] - As of the report date, Heshun Technology has a market capitalization of 3.1 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] Market and Industry Insights - The high-performance carbon fiber project is progressing as planned, with future production capacity to be evaluated based on strategic development and market demand [2] - The consumer electronics sector is undergoing a transformation, driven by AI technology and new product launches from industry leaders, prompting the company to innovate continuously [3] - The BOPET film industry is expected to grow, focusing on high value-added and high-tech products, enhancing overall innovation and market competitiveness [4] Business Growth and Expansion Plans - Current growth points include enhancing optical film base business through increased R&D investment, product diversification, and efficient capacity utilization [5] - The high-performance carbon fiber project is a strategic initiative aimed at creating stable profit growth and improving core competitiveness [5]

Core Viewpoint - Heshun Technology (301237.SZ) is actively engaging with various institutional investors to discuss its business development, industry changes, and strategic outlook following the release of its 2025 mid-year report [1]. Group 1: Business Performance - In the first half of 2025, the revenue breakdown for Heshun Technology's main products was as follows: colored optical base film accounted for 45.46%, transparent film for 42.62%, and other functional films for 10.84% [1]. - The change in revenue contribution from functional films is attributed to both overall revenue growth and strategic optimization, highlighting the company's positive operational trend [1]. - The company has successfully shifted its focus from solar backsheet films to window films in response to market trends, indicating its agility in adapting to industry changes [1]. Group 2: Research and Development - Heshun Technology has mastered several core technologies, including the manufacturing of biaxially stretched colored films, and is committed to continuous innovation through independent research and collaboration with universities [2]. - The company plans to expand its optical base film product series and aims to produce differentiated, functional polyester films to enhance market competitiveness [2]. - Heshun Technology is focused on developing high-value-added products to replace imports, further strengthening its market position [3]. Group 3: Carbon Fiber Project - The carbon fiber project, which began construction in Q3 2024, is currently in the critical phase of engineering construction and equipment installation, progressing smoothly and according to plan [2]. - The application of high-performance carbon fiber is expanding into various sectors, including civil aviation, 3C digital products, low-altitude aircraft, and racing, indicating a shift from military to broader civilian market applications [2].

Group 1: HanShuo Technology - The company's performance is expected to decline in the first half of 2025 due to U.S. tariffs, customer order rhythm, and decreasing gross margins [1] - The difference between net profit and net profit after deducting non-recurring gains mainly comes from losses on foreign exchange forward contracts [1] - The company is focusing on technological innovation and expanding its IoT smart hardware and digital energy management business [1] - The North American market penetration is accelerating, and the company is expanding into other retail sectors in Europe [1] Group 2: Reap Bio - The comprehensive gross margin increased by 2.36 percentage points due to revenue scale expansion and product structure optimization [2] - The pet health segment showed steady growth, with a 17.94% year-on-year increase in revenue from the supply chain and bioproducts [2] - The raw material drug segment significantly improved, with a gross margin increase of 14 percentage points and a reduction in losses of over 10 million [2] Group 3: HeShun Technology - The company reported a revenue of 296 million in the first half of 2025, a year-on-year increase of 27.93%, but incurred a net loss of 14.31 million [3] - The revenue growth was primarily due to the production of the Renhe factory investment project, which increased depreciation and led to profit decline [3] - The company is transitioning its functional film business from solar backsheet films to window films [3] Group 4: ChaoHongJi - The company has launched high-weight series products to enhance customer unit price and will continue to focus on customer needs [4] - The online subsidiary's net profit increased by 70.64%, promoting the integration of online and offline sales [4] - As of June 30, the company had 1,540 stores, with a net increase of 72 stores, and opened locations in Kuala Lumpur, Thailand, and Cambodia [4] Group 5: TianFu Communication - The company achieved a revenue of 2.456 billion in the first half of 2025, a year-on-year increase of 57.84%, and a net profit of 899 million, up 37.46% [5] - The growth in active business is driven by the increased delivery of high-speed active products [5] - The company is expanding its production capacity in Thailand, with the first phase already in operation [5]

Core Viewpoint - The company reported an increase in revenue but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue for the first half of 2025 reached 296 million yuan, a year-on-year increase of 27.93% [1] - The net profit attributable to shareholders was -14.31 million yuan, a decline of 153.36% compared to the previous year [1] - The gross margin decreased to 9.91%, down 14.88% year-on-year, while the net margin fell to -4.91%, a drop of 93.29% [1] - Operating expenses, including sales, management, and financial costs, totaled 19.62 million yuan, accounting for 6.63% of revenue, a decrease of 14.56% year-on-year [1] Cash Flow and Assets - Cash flow from operating activities showed a significant improvement, with a net increase of 226.29% year-on-year, attributed to increased cash receipts from sales [11] - The company's cash and cash equivalents increased by 164.27%, primarily due to loans for the He Xing project [11] - The company’s total interest-bearing debt rose by 358.41% to 308 million yuan, indicating increased leverage [1][4] Project and Investment Insights - The increase in construction in progress was 840.57%, reflecting higher investment in the He Xing project [3] - Research and development expenses increased by 15.28%, indicating a focus on innovation and product development [11] - The company’s business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [12] Historical Context and Future Outlook - The company has experienced fluctuating profitability, with a historical median ROIC of 12.81%, but a significant drop in 2024 [11] - The management indicated that the decline in net profit was due to increased depreciation from new projects, with expectations of improved performance as production capacity ramps up [13]

Financial Performance - In the first half of 2025, the company's revenue reached 296 million CNY, representing a year-on-year increase of 27.93% [2] - The net profit attributable to shareholders was a loss of 14.31 million CNY, a decline of 153.36% year-on-year [2] - The non-recurring net profit was a loss of 16.13 million CNY, down 67.79% compared to the previous year [2] - The decline in profit is attributed to increased depreciation from fixed assets that began to be recognized in 2024 [2][3] Revenue Composition - Revenue from colored photoelectric base films accounted for 45.46% of total revenue [3] - Revenue from transparent films made up 42.62% [3] - Revenue from other functional films was 10.84%, with a decrease attributed to strategic shifts in the business focus towards window films [3] Project Updates - The carbon fiber project, initiated in Q3 2024, is currently in the critical phase of construction and equipment installation, progressing smoothly [4] Carbon Fiber Process - The carbon fiber production process involves several steps: spinning raw materials into fibers, pre-oxidation, carbonization, surface treatment, and final processing into various products [5] Application Areas - High-performance carbon fibers are increasingly used in civil aviation, 3C digital products, low-altitude aircraft, and racing, expanding the market for carbon fiber products [6] Competitive Advantages - The company focuses on technological research and development, holding key manufacturing technologies and fostering innovation through collaborations with universities [8] - It aims to enhance its product range and maintain a strong quality control system to support differentiated and functional polyester film production [8]

Core Insights - The company reported a total revenue of 296 million yuan for the first half of 2025, marking an increase of 64.63 million yuan compared to the same period last year, representing a year-on-year growth of 27.93% [1] - The net profit attributable to shareholders was -14.31 million yuan [1] - The company achieved a net cash inflow from operating activities of 10.04 million yuan, an increase of 17.99 million yuan year-on-year, indicating three consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio stands at 27.10% [3] - The gross profit margin is 9.91%, which is an increase of 1.61 percentage points from the previous quarter, achieving two consecutive quarters of growth [3] - The return on equity (ROE) is -1.09% [3] - The diluted earnings per share (EPS) is -0.18 yuan [3] - The total asset turnover ratio is 0.17 times, an increase of 0.03 times year-on-year, representing a growth of 21.64% [3] - The inventory turnover ratio is 1.31 times, an increase of 0.32 times year-on-year, reflecting a growth of 32.23% [3] Shareholder Information - The number of shareholders is 9,591, with the top ten shareholders holding 51.87 million shares, accounting for 64.84% of the total share capital [4]

Core Insights - Heshun Technology (301237.SZ) released its semi-annual report for 2025 on August 26, 2025, indicating significant institutional investor activity [1] Group 1: Institutional Holdings - As of August 25, 2025, a total of 7 institutional investors disclosed holdings in Heshun Technology A-shares, with a combined holding of 11.0767 million shares, representing 13.85% of the total share capital [1] - The institutional investors include various partnerships and UBS AG, highlighting a diverse range of investment entities involved [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 2.23 percentage points [1]

Group 1 - The company, Heshun Technology, announced a provision for asset impairment amounting to 17.5374 million yuan for the first half of 2025, which will reduce the total profit in the consolidated financial statements for that period by the same amount [1] - In the year 2024, the revenue composition of Heshun Technology shows that the rubber and plastic products industry accounted for 97.66% of total revenue, while other businesses contributed 2.34% [1]