Core Viewpoint - The announcement reveals that major shareholders and some directors of Henghui Security (300952.SZ) plan to reduce their shareholdings, adhering to relevant laws and regulations [1] Shareholder Reduction Plans - Key shareholders, including Yao Haixia and Yaocheng Investment, plan to collectively reduce their holdings by up to 4,052,500 shares, which is approximately 2.34% of the total share capital [2][3] - Yaocheng Investment intends to sell up to 2,267,500 shares, representing 1.31% of the total share capital, within a three-month period starting from October 22, 2025 [2] - Yao Haixia plans to reduce her holdings by up to 1,785,000 shares, accounting for 1.03% of the total share capital, during the same period [3] Historical Context and Financials - Henghui Security was listed on the Shenzhen Stock Exchange on March 11, 2021, with an initial issuance of 36,232,000 shares at a price of 11.72 yuan per share, raising a total of 424.639 million yuan [4] - The company’s net fundraising amount was 371.374 million yuan after deducting issuance costs, which was 188 million yuan less than the original plan [4] - The company has raised a total of 924.639 million yuan from two fundraising events, including a convertible bond issuance in August 2024 that raised 500 million yuan [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the in - depth analysis of Henghui Safety Protection's business situation through a performance briefing and Q&A session. The company shows a positive development trend in various projects, with a clear strategic layout and strong potential for growth [23]. 3. Summary by Related Catalogs 3.1. Research Basic Situation - The research object is Henghui Safety Protection, belonging to the textile and apparel industry. The reception time was on September 12, 2025. The listed company's reception personnel included the chairman, general manager, deputy general manager, board secretary, financial director, independent director, and continuous supervision sponsor representative [16]. 3.2. Detailed Research Institutions - The reception object was all investors participating in the company's 2025 semi - annual performance briefing online, and the reception object type was "other" [19]. 3.3. Research Institution Proportion No relevant content provided. 3.4. Main Content Data 3.4.1. Business Performance and Dividends - In the first half of 2025, the company achieved an operating income of 593.0299 million yuan, a year - on - year increase of 15.43%; the net profit attributable to shareholders of the listed company was 54.9774 million yuan, a year - on - year increase of 11.82%. As of June 30, 2025, the company's total assets were 2.584816 billion yuan, a year - on - year increase of 3.10%; the owner's equity attributable to shareholders of the listed company was 1.4620966 billion yuan, a year - on - year increase of 20.29%. - The company's 2025 interim profit distribution plan is to distribute a cash dividend of 0.8 yuan per 10 shares (tax - inclusive) to all shareholders based on the total share capital of 170,885,078 shares after deducting the shares held in the repurchase special account, with a total cash dividend of 13.67080624 million yuan, accounting for 29.65% of the parent company's distributable profit for the year [23]. 3.4.2. Project Progress - The "Annual Production of 72 million dozen Functional Safety Gloves" project of the subsidiary Hengyue Factory contributed about 4.5 million dozen of production capacity in the first half of the year, and the company aims to achieve a breakthrough of 10 million dozen in both production capacity and sales volume for the whole year. The project is expected to take 3 - 5 years to fully release production capacity and adapt to the market after full operation [25]. - The "Annual Production of 1.6 million dozen Functional Safety Gloves" project of the Vietnam factory has made key progress. The first PU glove production line has been commissioned and put into mass production, and other product lines are in the process of accelerated installation, commissioning, and trial production. The first batch of products has been successfully delivered recently. It is expected that in the next 3 - 6 months, the production capacity will be gradually released, and the capacity utilization rate will increase steadily [26]. - The company's planned "Annual Production of 110,000 tons of Biodegradable Polyester Rubber" project is being advanced in a "one - time planning, three - phase construction" mode. The first - phase 10,000 - ton project started in August 2024 and is progressing steadily [28]. - The "Annual Production of 4,800 tons of Ultra - high - molecular - weight Polyethylene Fiber" project funded by convertible bonds is advancing as planned. The indoor and outdoor pipe networks and public auxiliary projects are under accelerated construction, and key production equipment has been installed. The company aims to achieve trial production by the end of September [29]. 3.4.3. Market and Orders - The company's functional safety glove business is mainly for export. In the first half of 2025, North American sales revenue accounted for 37.85% of total revenue (31.24% from the US). To deal with tariffs, the company is promoting the construction of the Vietnam factory and implementing a diversified market strategy [25]. - Since the second quarter, the company's safety glove orders have shown regional differentiation. In the US market, orders have slowed down, but are expected to recover as inventory is digested. Outside the US, orders are in line with expectations [27]. 3.4.4. Product Application and R & D - The company is developing ultra - high - molecular - weight polyethylene fiber for use in robots, such as in flexible joint protection parts and dexterous hand tendon ropes. Some products have been delivered, and the company is in communication with several robot companies [30]. - The company's ultra - high - molecular - weight polyethylene fiber has obtained small - batch orders in the aerospace and marine fields and is continuing to deepen technology - market integration [36]. 3.4.5. Company Strategy - The company adheres to its main business and focuses on transforming the production capacity of existing and under - construction projects into effective orders. It also tracks industry trends and expands its product portfolio through innovation [32]. - The company is using its Hong Kong subsidiary as a pivot to promote the Vietnam project. Other overseas investment plans will be evaluated based on market demand, trade environment, and production capacity planning [32].

Core Viewpoint - Henghui Security announced a total operating revenue of 593 million yuan in the first half of 2025, with the core business of safety gloves contributing 566 million yuan in sales revenue [1] Group 1: Revenue Breakdown - The overseas sales revenue reached 527 million yuan, accounting for 88.9% of total operating revenue, indicating the continued importance of international markets [1] - Domestic sales revenue was 65.84 million yuan, representing 11.1% of total revenue [1] Group 2: Regional Sales Performance - North America accounted for 37.85% of total revenue, with the U.S. contributing 31.24%, highlighting its significance as a key overseas market [1] - Europe represented 32.12% of total revenue, driven by stable demand for high-end security gloves [1] - Emerging markets, including Japan, South Korea, Southeast Asia, and South America, collectively accounted for 18.91%, showing gradual success in market expansion and a more balanced regional structure [1] Group 3: Future Strategy - The company plans to optimize its overseas sales layout based on regional market demand characteristics while steadily advancing domestic market development to enhance overall business resilience [1]

Core Points - The release of the "ISO Fabric Dipped Latex Glove Standard Implementation Effect White Paper" marks China's first mastery of international standard-setting in the labor protection glove sector, representing a historic leap from "product export" to "technology export" and "standard export" [1][3] Group 1: Industry Impact - The establishment of the ISO standard breaks the long-standing dominance of foreign standards in the industry, showcasing the strategic determination of the Chinese textile industry to enhance its international voice and participation in global industrial division [3][4] - The city of Gaomi is a significant hub for safety protection products, with over 2,300 operating entities and an annual production capacity of 4 billion pairs of protective gloves and 200 million pairs of safety shoes, accounting for one-third of China's output [4][5] Group 2: Company Contributions - Xingyu Anfeng Technology Group Co., Ltd. played a leading role in drafting the international standard, having accumulated over 300 domestic and international patents and participated in the formulation of more than 10 national standards [3][4] - The implementation of the ISO standard is seen as a vital step in creating a virtuous cycle where standards lead industry development, and industry feedback informs standards, providing valuable experience for exploring paths of "technology patenting, patent standardization, and standard internationalization" [4]

Core Viewpoint - Henghui Security experienced a decline of 2.14% on August 26, with a trading volume of 170 million yuan, indicating a potential concern in market sentiment towards the company [1]. Financing Summary - On August 26, Henghui Security had a financing buy-in amount of 19.12 million yuan and a financing repayment of 29.99 million yuan, resulting in a net financing buy of -10.88 million yuan [1]. - As of August 26, the total financing and securities balance for Henghui Security was 186 million yuan, with the financing balance accounting for 3.62% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - The company had no shares sold or repaid in the securities lending market on August 26, with a securities lending balance of 0, which is above the 70th percentile level over the past year, suggesting a lack of short-selling interest [1]. Company Performance - For the period from January to June 2025, Henghui Security reported a revenue of 593 million yuan, representing a year-on-year growth of 15.43%, and a net profit attributable to shareholders of 54.98 million yuan, which is an increase of 11.82% year-on-year [1]. - Since its A-share listing, Henghui Security has distributed a total of 135 million yuan in dividends, with 87.52 million yuan distributed over the past three years [2]. Shareholder Information - As of June 30, 2025, Henghui Security had 15,200 shareholders, an increase of 0.52% from the previous period, with an average of 6,872 circulating shares per shareholder, a decrease of 0.52% [1]. - New institutional shareholders include Penghua Carbon Neutral Theme Mixed A, holding 1.86 million shares, and Qianhai Kaiyuan Jiaxin Mixed A, holding 874,000 shares, both of which are among the top ten circulating shareholders [2].

Group 1 - The company has approved a profit distribution plan, proposing a cash dividend of 0.8 yuan per 10 shares, with no bonus shares issued [2] - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period [4] - The company is transitioning to a group management model to enhance operational efficiency and resource integration across its diversified business segments [4][5] Group 2 - The company has focused on technological innovation and standard-setting in the functional safety protective gloves sector, successfully developing high-performance products [5][6] - The company has made significant advancements in ultra-high molecular weight polyethylene fibers, achieving international leading performance levels in its products [6][7] - The company is actively expanding its application scenarios for ultra-high molecular weight polyethylene fibers, including developments in robotics and military applications [7] Group 3 - The company is constructing a project to produce 4,800 tons of ultra-high molecular weight polyethylene fibers, which will enhance its production capabilities and operational efficiency [8] - The company has established a collaborative innovation model with academic institutions to strengthen its research and development capabilities [9] - The company has received multiple patents, increasing its total to 221, which includes 52 invention patents [9] Group 4 - The company is building a dual-market sales system to enhance its resilience against global economic fluctuations, focusing on both domestic and international markets [10][11] - The company has established long-term strategic partnerships with major clients in various industries, enhancing its market position [11] - The company is expanding its production capacity for functional safety protective gloves in both domestic and overseas markets [12][13] Group 5 - The company is pursuing a global strategy by investing in overseas production capabilities, particularly in Vietnam, to mitigate risks associated with global market fluctuations [13][14] - The company aims to optimize its global supply chain and enhance its brand influence in international markets through strategic resource integration [14]

Group 1: Order and Market Strategy - The company maintains a stable production operation with current orders meeting expectations, despite some negative impact from U.S. tariffs on orders from the U.S. region [3] - To mitigate tariff-related risks, the company is accelerating capacity construction in Vietnam and implementing a diversified market strategy, focusing on emerging markets such as the EU, South America, Africa, and Australia [3] - The company aims to establish a "domestic + international" dual-driven growth model by enhancing market penetration in the domestic market [3] Group 2: Research and Development Progress - The company has made significant progress in developing ultra-high molecular weight polyethylene fiber for robotic applications, achieving expected results in key technical indicators [4] - A patented technology for enhancing the stability of ultra-high molecular weight polyethylene fiber has been authorized, further strengthening the company's competitive edge in high-end fiber technology [4] - The company is exploring various applications for ultra-high molecular weight polyethylene fiber in robotics, with positive feedback from clients and ongoing feasibility assessments for further collaboration [4] Group 3: Biodegradable Polyester Rubber Project - The company is advancing its biodegradable polyester rubber project, with a planned annual production capacity of 110,000 tons, and the first phase of 10,000 tons is set to begin production by the end of 2025 [5] - This project aligns with the company's core business and is expected to open new growth avenues, leveraging partnerships with academic institutions for technology transfer [5] Group 4: Production and Sales Distribution - The company’s subsidiary, Hengshang Materials, operates at full capacity, producing 3,000 tons of ultra-high molecular weight polyethylene fiber, with a utilization rate of 70% for internal use and 30% for external sales [6] - The external sales products are primarily used in defense, police, high-end home textiles, and safety protection sectors [6] Group 5: International Expansion and Sales Network - The company has established a nearly 30-member elite overseas sales team, all with over three years of international market experience, to enhance its global market presence [7] - A multi-layered global sales network has been constructed, with plans to expand the overseas team and strengthen market presence in the Middle East, Africa, and Australia [7]