Group 1: Research Basic Information - The research object is Heshun Technology, belonging to the plastics products industry, and the reception time was on January 29, 2026. The listed company's reception staff included the board secretary, CFO Wu Xueyou, and the securities affairs representative Yu Xiaolu [17] Group 2: Detailed Research Institutions - The reception object type was a securities company, and the institution was CICC, with the relevant person being Fu Kaiming [20] Group 3: Company Overview - The company was established in 2003 and is a high - tech enterprise focusing on the R & D, production, and sales of differentiated and functional biaxially oriented polyester film materials. It can produce various polyester film products for different uses, mainly including colored photoelectric base films, other functional films, and transparent films, which are widely used in consumer electronics manufacturing processes, automobiles, and other fields [22] - The company will continue to adhere to the core business philosophy of "differentiation and functionality", base itself on colored photoelectric base films, expand other functional film products, and explore new materials, with a layout in high - performance carbon fiber projects [22] Group 4: Main Questions and Answers - Regarding the impact of the anti - involution in the BOPET film industry on the company, the company is steadily advancing product price adjustment work, focusing on the R & D and production of differentiated and functional films to avoid price competition in the low - end film market [22] - The company's carbon fiber project is steadily advancing the preparatory work before the trial production of the spinning process, and will disclose subsequent progress as required [22] - The company's carbon fiber products are positioned for high - performance applications, and potential customers are high - end core entities in fields such as aerospace, high - end equipment manufacturing, and high - end industrial applications. The company will actively engage with them, promote product sample delivery and performance verification, and drive cooperation [23] - Whether the company has an equity incentive plan will be comprehensively considered based on market conditions, company development strategies, and shareholder interests, and relevant information will be disclosed if there are decisions or progress [23]

Group 1: Company Overview - The company, established in 2003, specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester film materials [1] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - The company aims to expand its product series and application fields while exploring new materials, particularly in high-performance carbon fiber [1] Group 2: Production Capacity and Utilization - The current production capacity utilization rate is maintained at a reasonable level, with stable and orderly operation across production lines [2] Group 3: High-Performance Carbon Fiber Project - The company plans to continuously monitor market dynamics and industry trends to strategically plan product development and avoid oversaturated product categories [2] - High-performance carbon fiber applications have expanded into civil aviation, 3C digital products, low-altitude aircraft, and racing, creating a solid foundation for the industry's scalable growth [2] Group 4: Capital Operation Plans - The company currently has no plans for capital operations, but will consider financing through capital markets based on project progress and funding needs [2]

Group 1 - The core issue is that Heshun Technology received a warning letter from the Zhejiang Securities Regulatory Bureau due to delayed information disclosure regarding government subsidies and capital contributions [1][2] - The company received a government subsidy of 2.755 million yuan, which accounted for 18.82% of the net profit attributable to shareholders for the most recent fiscal year, but disclosed this information late [1][2] - Heshun Technology's revenue for the first half of 2025 was 296 million yuan, a year-on-year increase of 27.93%, while the net profit attributable to shareholders was -14.3134 million yuan, a year-on-year decrease of 153.36% [2] Group 2 - The company is focused on the research, production, and sales of differentiated, functional biaxially oriented polyester film materials, with products applicable in consumer electronics and automotive sectors [2] - Heshun Technology is actively pursuing growth in its optical film base business and is increasing R&D investment to enhance market competitiveness [3] - The company is also advancing its high-performance carbon fiber project, which is a strategic move to enter the high-value-added new materials sector, aiming to improve its business structure and create stable profit growth [3]

Group 1: Company Overview - The company was established in 2003 and focuses on the R&D, production, and sales of differentiated, functional biaxially stretched polyester film materials [1] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - The company aims to expand its product series and application fields while exploring new materials, particularly in high-performance carbon fiber [1] Group 2: Key Issues - Carbon fiber products are categorized based on tensile strength and modulus, following the Japanese Toray classification and China's national standard established in 2011 [2] - The company currently adopts a strategy of optimizing existing capacity and developing differentiated, high-end products, with no plans for new capacity [2] - Future product planning for high-performance carbon fiber will be based on market dynamics and industry trends, prioritizing projects with strong profitability [2] - There are no current plans for capital operations; future financing will depend on specific project progress and funding needs [2]