来源：e公司 通过协议转让与表决权放弃相结合之方式，禾盛新材（002290）控股股东将变更为上海摩尔智 芯信息科技合伙企业（有限合伙）（简称"摩尔智芯"），实际控制人将由赵东明变更为谢海 闻。 详式权益变动报告显示，本次权益变动是摩尔智芯对禾盛新材内在价值、发展前景与长期投资价值高度认同， 因而拟通过本次收购取得禾盛新材的控制权。本次收购完成后，摩尔智芯将以有利于上市公司可持续发展为出 发点，利用其相关运营管理经验、积极参与上市公司治理决策，在产业链资源整合、新技术培育和新业务拓展 等领域全面增强公司产业竞争力与盈利能力，与全体股东共同分享上市公司发展成果。 目前，摩尔智芯暂无未来12个月内对禾盛新材主营业务作出重大改变或调整的计划。 型材料股份有限公司之股份转让协议》。赵东明、蒋学元、上海泓垣盛拟以协议转让的方式向摩尔智芯转让其 持有的禾盛新材4466万股股份（占公司总股本的18%），协议转让价格为33.71元/股，股份转让价款总额约 为人民币15.05亿元。 截至11月21日收盘，禾盛新材股价为38.82元/股，总市值96.32亿元。 本次交易完成后，摩尔智芯持有禾盛新材18%股份，赵东明及其一致行动人持 ...

Core Viewpoint - He Sheng New Materials (002290.SZ) is expected to achieve a net profit of approximately 137 million to 154 million yuan for the first three quarters of 2025, representing a year-on-year growth of 60% to 80% due to improved supply chain management and increased product gross margins [1][2][3] Financial Performance - The company reported steady growth in its main business of household appliance composite materials, with revenue figures from 2020 to 2024 being 1.822 billion, 2.269 billion, 2.133 billion, 2.34 billion, and 2.526 billion yuan, respectively, and net profits of 55.08 million, 81.98 million, 65.93 million, 82.77 million, and 97.91 million yuan [4] - As of the first half of 2025, the company had a net operating cash flow of 68.05 million yuan and cash on hand of 494 million yuan, a year-on-year increase of 43.3% [4] Stock Performance - The stock price of He Sheng New Materials increased significantly from a low of 14.41 yuan per share in mid-January 2025 to a closing price of 39.13 yuan per share on October 16, 2025, marking a rise of 171% and a total market capitalization of 9.709 billion yuan [1][4] Strategic Initiatives - The company is actively expanding into the AI sector, having established Shanghai Haixi Technology Co., Ltd. in March 2024, focusing on AI-related hardware and software design, development, sales, and operations [5] - In August 2025, the company invested 250 million yuan in Yizhi Electronics, acquiring a 10% stake, which is seen as a strategic move to enhance its presence in the chip and computing power market [6] Research and Development - He Sheng New Materials has been increasing its R&D investment, with expenditures from 2020 to the first half of 2025 totaling 416 million yuan [6] - The company holds 87 patents, including 8 invention patents, and has made significant advancements in PCM/VCM manufacturing processes [6]

Core Viewpoint - He Sheng New Materials is expected to report a net profit of between 137 million and 154 million yuan for the first three quarters of 2025, representing a year-on-year increase of 60% to 80% driven by improved supply chain management and increased product gross margins [1] Financial Performance - The company's revenue from 2020 to 2024 was 1.822 billion, 2.269 billion, 2.133 billion, 2.34 billion, and 2.526 billion yuan respectively, with net profits of 55.08 million, 81.98 million, 65.93 million, 82.77 million, and 97.91 million yuan [1] - The stock price of He Sheng New Materials has increased by 134.68% year-to-date as of October 15, reflecting a strong correlation between performance and market valuation [1] Business Expansion - He Sheng New Materials is diversifying into the artificial intelligence sector, having established Shanghai Haixi Technology Co., Ltd. in partnership with Shanghai Chaopan Enterprise Management Partnership in March 2024 [2] - The new subsidiary focuses on AI chips and related services, holding one invention patent and 13 software copyrights, indicating a growing technological foundation [2] - The company plans to invest 250 million yuan in Yizhi Electronics to acquire a 10% stake, enhancing its capabilities in high-end processors for computing and storage devices [2]

Core Viewpoint - He Sheng New Materials announced that the recent matters concerning director Wu Haifeng are personal and unrelated to the company, with no changes in control or operations of the board, and normal production and operations are maintained [2] Group 1: Company Operations - As of June 30, 2025, He Sheng New Materials has four production lines for PCM/VCM, one intelligent composite materials production line, and one 3D printing production line [2] - The company specializes in the research, production, and sales of appearance composite materials for home appliances, achieving a high market share among major domestic and international home appliance brands [2] Group 2: Shareholding Plans - Wu Haifeng plans to increase his shareholding in the company by investing between RMB 10 million and RMB 20 million within six months from the announcement date, using personal or raised funds through the Shenzhen Stock Exchange [4] - As of the announcement date, Wu Haifeng did not hold any shares in the company and had not disclosed any shareholding increase plans in the previous 12 months [4]

Group 1 - The core point of the news is that Liba Co., Ltd. experienced a 5% drop in stock price, currently trading at 12.16 CNY per share, with a total market capitalization of 3.239 billion CNY [1] - Liba Co., Ltd. is primarily engaged in the research, production, and sales of composite materials for household appliances, with 94.69% of its revenue coming from this segment [1] - The company is located in Yixing City, Jiangsu Province, and was established on January 19, 1994, with its stock listed on March 19, 2015 [1] Group 2 - Huatai-PB's fund, Huatai-PB SSE Dividend ETF (510880), is among the top ten circulating shareholders of Liba Co., Ltd., holding 11.5663 million shares, which accounts for 4.34% of the circulating shares [2] - The fund has reported a floating loss of approximately 7.4025 million CNY today, with a year-to-date loss of 3.46% and a one-year return of 12.49% [2] - The fund was established on November 17, 2006, and currently has a total size of 19.087 billion CNY [2]

Profitability Improvement - The company reported significant profit growth in its 2025 mid-year report, with total revenue of 1.211 billion yuan, a year-on-year increase of 0.32% [1] - The net profit attributable to shareholders reached 97.03 million yuan, up 58.31% year-on-year, while the net profit excluding non-recurring items was 97.10 million yuan, an increase of 57.40% [1] - In the second quarter, despite a year-on-year decline in total revenue by 11.27%, the net profit attributable to shareholders and net profit excluding non-recurring items increased by 37.93% and 38.15% respectively [1] - The company's gross margin and net margin were 15.66% and 7.85%, reflecting year-on-year increases of 48.69% and 56.43% respectively, indicating significant progress in cost control and profitability [1] Cash Flow and Accounts Receivable - The operating cash flow per share was 0.27 yuan, a year-on-year decrease of 12.22% [2] - Accounts receivable amounted to 469 million yuan, representing a high ratio of 479.37% to net profit attributable to shareholders, indicating pressure in accounts receivable management [2] Asset and Liability Situation - The company's cash and cash equivalents were 494 million yuan, a year-on-year increase of 43.30%, indicating a healthy cash position [3] - The ratio of cash and cash equivalents to current liabilities was only 69.66%, suggesting a need for further attention to short-term debt repayment capacity [3] - Interest-bearing debt decreased by 26.31% year-on-year to 183 million yuan, reflecting positive debt management efforts [3] Main Business Analysis - The company's main business involves the research, production, and sales of exterior composite materials for home appliances, with revenue from this segment reaching 1.186 billion yuan, accounting for 97.87% of total revenue [4] - The gross margin for home appliance composite materials was 15.03%, while other business revenue was 24.04 million yuan with a gross margin of 40.43% [4] - The company's products are widely used by well-known domestic and international home appliance brands, indicating a high market share [4] Development Prospects - The growth rate of the Chinese home appliance market is gradually slowing, transitioning to a structural upgrade phase focused on product iteration [5] - As one of the larger manufacturers of exterior composite materials for home appliances in China, the company has established long-term stable partnerships with several well-known domestic and international brands [5] - The company plans to leverage national "dual carbon" strategies and "old-for-new" appliance policies to enhance R&D efforts, increase product added value, optimize resource allocation, and improve overall competitiveness in the industry [5]

Core Insights - The company, Suzhou Hesheng New Materials Co., Ltd., reported a revenue of 1.211 billion yuan for the first half of 2025, a slight increase of 0.32% year-on-year, while net profit attributable to shareholders rose significantly by 58.31% to 97.0031 million yuan [1] - The company has shown resilience in its core business of household appliance composite materials, contributing 1.186 billion yuan to total revenue, accounting for 97.87% of total revenue, despite a minor decline of 0.32% year-on-year [1][2] - The company is expanding into the artificial intelligence sector through a joint venture, Shanghai Haixi Technology Co., Ltd., focusing on AI chips and related services, although this segment is still in its early stages and has not yet generated sales revenue [3] Financial Performance - The domestic business generated 894 million yuan, representing 73.79% of total revenue, which is a 4% decline year-on-year, while export revenue reached 293 million yuan, showing a growth of 13.65% [2] - The gross margin for export business was 16.62%, which is 1.94 percentage points higher than that of domestic operations [2] Operational Strengths - The company has established two production bases in Suzhou and Hefei, equipped with multiple advanced production lines, contributing to a steady increase in annual production value [2] - The subsidiaries of the company hold a total of 87 patents, including 8 invention patents, providing a solid technological foundation for stable business development [2] Strategic Challenges - The company faces challenges from intensified competition in the household appliance market and fluctuations in raw material prices, which impact cost control [3][4] - The management needs to balance traditional business upgrades with the expansion of new businesses, particularly in AI, which requires ongoing investment [4] Dividend Policy - The company has decided not to distribute cash dividends or issue bonus shares, likely to reserve funds for business expansion, especially in the AI sector [4]

Core Viewpoint - He Sheng New Materials (002290.SZ) is expanding its layout in the AI field by investing 250 million yuan in Shanghai Yizhi Electronic Technology Co., Ltd, which is seen as a significant move to enhance its presence in the chip and computing power market [1][2]. Investment Details - The investment will result in He Sheng New Materials holding a 10% stake in Yizhi Electronic, which has an estimated pre-investment valuation of 2.25 billion yuan [2]. - The capital structure of the investment includes 4.7669 million yuan for subscribing to newly registered capital, with the remaining 245.33 million yuan allocated to capital reserves [3]. Company Performance - He Sheng New Materials anticipates a net profit of 91.9 million to 104 million yuan for the first half of 2025, representing a year-on-year growth of 50% to 70% [1][6]. - The company reported a significant increase in operating cash flow, with a net cash flow of 59.92 million yuan in the first quarter of 2025, up 448.44% year-on-year [6]. Financial Health - As of the end of the first quarter of 2025, He Sheng New Materials had 424 million yuan in cash, marking a 34.55% increase year-on-year, indicating strong liquidity for business expansion [6]. - The company has reduced short-term borrowings by 51.61% to 45.03 million yuan and non-current liabilities due within one year by 82.43% to 2.971 million yuan [6]. R&D and Innovation - He Sheng New Materials has been actively enhancing its R&D capabilities, with total R&D expenditures from 2020 to 2024 amounting to 369 million yuan [6]. - The company holds 83 patents as of the end of 2024, including 8 invention patents and 75 utility model patents, showcasing its commitment to innovation [7]. Strategic Partnerships - The collaboration between He Sheng New Materials and Yizhi Electronic is expected to leverage their respective strengths in R&D to provide customized product development services [4].