Hanvo Safety(SZ:300952) Dong Jian Yan Bao·2025-10-27 14:43Report Industry Investment Rating - No relevant information provided Core View of the Report - In 2025, the company's overall operation is stable, with a year - on - year increase in revenue, but a decline in net profit due to reduced government subsidies and external factors. The company is taking multiple measures to enhance its operating and risk - resistance capabilities, and various projects are progressing steadily [23] Summary by Directory 01.调研基本情况 - The research object is Henghui Safety Protection, belonging to the textile and apparel industry. The reception time was on October 27, 2025. The listed company's reception staff included the chairman and general manager Wang Xianhua, deputy general manager and board secretary Zhang Wufen, financial controller Zhu Xiaoning, independent director Pu Minmin, and continuous supervision sponsor representative Ding Lubin [16] 02.详细调研机构 - The reception objects were all investors who participated in the company's Q3 2025 performance briefing online, and the type was "others" [19] 03.调研机构占比 - No relevant information provided 04.主要内容资料 Business Performance - From January to September 2025, the company's total operating revenue was 880 million yuan, a year - on - year increase of 0.97%. The net profit after deducting non - recurring items was 72.3064 million yuan, a year - on - year decrease of 2.52%, and the net profit was 81.9796 million yuan, a year - on - year decrease of 12.85%. The significant year - on - year decline in the net profit attributable to the parent company in Q3 was mainly due to the reduction in government subsidies compared to the same period last year. External factors such as the uncertainty of US tariff policies on Chinese products and customers' wait - and - see attitude also affected the short - term business performance [23] Product Sales - From January to September 2025, glove sales revenue was 850 million yuan, accounting for 96.6% of the total revenue, while the sales revenue of ultra - high - molecular weight polyethylene fiber was 30 million yuan, accounting for 3.4% and increasing by 94% year - on - year [26] Domestic and Overseas Sales - From January to September 2025, overseas sales revenue was 780 million yuan, accounting for 88.6% of the total revenue, and domestic sales revenue was 96.208 million yuan, accounting for 11.4%. In overseas sales, North America accounted for about 35% (the US less than 30%), Europe about 34%, and Japan, South Korea and other emerging markets about 18% [26] Vietnam Factory - The "Annual Production of 16 million dozen functional safety gloves project" in Vietnam has been put into operation, and the production capacity is ramping up as planned. It is expected to reach full design capacity in 1 - 2 years if the progress is smooth [27] Orders - Since Q3, orders in the US market have recovered, and those in non - US markets have been stable. The company's current orders are increasing, and it is expected to continue to improve in Q4 [27] Biodegradable Polyester Rubber Project - The "Annual Production of 110,000 tons of biodegradable polyester rubber project" is being advanced in three phases. The first - phase 10,000 - ton project started in August 2024 and is in the process of auxiliary project construction and core equipment installation. The company is in communication with potential customers [28] Ultra - high - molecular weight Polyethylene Fiber Project - The 4,800 - ton project funded by convertible bonds has entered the production line linkage commissioning stage. In the first three quarters, the 3,000 - ton production of ultra - high - molecular weight polyethylene fiber by the subsidiary was operating well, with an operating income of 30 million yuan, a 94% year - on - year increase [30] Embodied Intelligent Robot Core Component and Protective Part Development Center - The center was established as an important strategic layout. Some protective parts have been commercially delivered, and products such as tendon ropes are in the sampling and technical communication stage [31] 72 million dozen Gloves Project - In the first three quarters, the project contributed 6.5 million dozen of production capacity, and the company aims to exceed 10 million dozen this year. It is expected to fully release production capacity and adapt to the market in 3 - 5 years after full operation [33] Market Value Management - The company will focus on main business operations, use various capital operation means, and strengthen investor relations to promote market value management [36] Shareholder Information - As of October 20, 2025, the total number of shareholders was 17,151 [37]