Report Overview - Reported Company: Heshun Technology [17] - Industry: Plastics Products [2] - Research Date: January 26, 2026 [17] Core Viewpoints - The company adheres to the positioning of "differentiation and functionality", with short - term performance supported by high - end mass production of optical films and long - term growth driven by breakthroughs in domestic high - performance carbon fiber. It aims to build a dual - wheel drive development pattern of "steady growth of film materials and innovative breakthroughs in carbon materials" [24]. Summary by Section 1. Basic Research Information - Research Object: Heshun Technology [17] - Industry: Plastics Products [17] - Reception Time: 2026 - 01 - 26 [17] - Company Reception Staff: Board Secretary, Chief Financial Officer Wu Xueyou; Securities Affairs Representative Yu Xiaolu [17] 2. Detailed Research Institutions - Reception Object Type: Securities Company [20] - Institution: Founder Securities [20] - Representative: Lu Shujian [20] 3. Main Content Company Overview - Founded in 2003, it is a high - tech enterprise integrating R & D, production, and sales of differentiated and functional biaxially oriented polyester film materials. Main products include colored photoelectric base films, other functional films, and transparent films, which can be widely used in consumer electronics manufacturing, automotive, and other fields [22]. - In the future, it will continue to adhere to the core business philosophy of "differentiation and functionality", expand product lines and application fields, and explore new materials, such as high - performance carbon fiber projects [22]. Key Questions and Answers - **BOPET Film Business**: The performance of the BOPET film business is gradually improving. Multiple high - value - added new products have been developed and are about to be sent for samples. However, performance improvement requires time, and the impairment provisions after the capitalization of the raised investment projects affect current profits [22]. - **Purpose of Carbon Fiber Project**: Carbon fiber is a key material in the aerospace field, with the global market monopolized by a few US and Japanese companies. The company aims to enter this field, form strategic synergy with existing BOPET film business, and move towards becoming a leading new material enterprise [22][23]. - **Strategic Plan**: In the short term, focus on high - end optical film production, strengthen technology barriers, and expand the mid - to - high - end market. In the long term, use high - performance carbon fiber business as the second growth curve, gradually promote large - scale production, and expand into high - end application fields [24]. - **Intended Customers of Carbon Fiber Products**: Potential customers are high - end enterprises in aerospace, high - end equipment manufacturing, and high - end industrial applications. The company will actively promote cooperation [25]. - **Equity Incentive Plan**: The company will comprehensively consider various factors such as market conditions, development strategies, and shareholder interests. It will disclose relevant information in a timely manner if there are any decisions [25].

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] - The company produces various specifications and models of polyester film products, including color optical base films, functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - Future plans include expanding product series and application fields while exploring new materials, particularly in high-performance carbon fiber projects for sustainable development [2] BOPET Film Business - The BOPET film business is gradually improving, with several high-value-added new products developed and ready for sampling [3] - Performance improvement requires time, and impairment provisions from fundraising projects may impact current profits [3] Carbon Fiber Project - The carbon fiber project aims to enter a market dominated by a few companies, with high prices and concentrated supply [4] - The strategic goal is to develop and industrialize high-performance carbon fiber, creating synergy with existing BOPET film operations to enhance R&D and manufacturing capabilities [4] Strategic Planning - The company maintains a "differentiated, functional" positioning, focusing on high-end optical film production for short-term performance and high-performance carbon fiber for long-term growth [4] - Key applications include consumer electronics, new energy vehicles, and high-end equipment, establishing a dual-driven development model [4] - Short-term strategies involve deepening optical film business and optimizing product quality, while long-term strategies focus on scaling carbon fiber production and expanding into high-end applications [4] Target Customers for Carbon Fiber - Future customers for carbon fiber products are high-end enterprises in aerospace, high-end equipment manufacturing, and industrial applications [5] - The company will actively engage with potential clients and advance product sampling and performance validation [5] Equity Incentive Plans - The company will consider market conditions, development strategies, and shareholder interests when evaluating equity incentive plans [6]

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