Group 1 - The core viewpoint of the news is that Heshun Technology has shown fluctuations in financing activities and financial performance, with a notable increase in revenue but a significant decline in net profit [1][2]. - On September 25, Heshun Technology's stock rose by 1.52%, with a trading volume of 108 million yuan. The financing buy-in amount was 6.3175 million yuan, while the financing repayment was 6.8928 million yuan, resulting in a net financing buy-in of -575,300 yuan [1]. - As of September 25, the total balance of margin trading for Heshun Technology was 100 million yuan, accounting for 2.37% of its circulating market value, which is above the 90th percentile level over the past year [1]. - The company specializes in the research, production, and sales of differentiated, functional biaxially oriented polyethylene terephthalate (BOPET) films, with revenue composition being 45.46% from colored optical base films, 42.62% from transparent films, and 10.84% from other functional films [1]. Group 2 - As of June 30, the number of shareholders for Heshun Technology was 9,591, an increase of 1.54% from the previous period, while the average circulating shares per person decreased by 1.51% to 4,092 shares [2]. - For the first half of 2025, Heshun Technology achieved operating revenue of 296 million yuan, representing a year-on-year growth of 27.93%. However, the net profit attributable to the parent company was -14.3134 million yuan, a year-on-year decrease of 153.36% [2]. - Since its A-share listing, Heshun Technology has distributed a total of 152 million yuan in dividends, with 95.8046 million yuan distributed over the past three years [3].

Group 1 - The core viewpoint of the news is that Hangzhou Heshun Technology Co., Ltd. is actively constructing its subsidiary, Heshun Carbon Fiber Project, which is expected to significantly contribute to the carbon fiber industry in China [1] - The Heshun Carbon Fiber Project, located in Hangzhou, covers an area of 80 acres and involves a total investment of approximately 992 million yuan, with an annual production capacity of 350 tons of high-performance carbon fiber and 850 tons of raw silk [1] - Upon reaching full production capacity, the project is projected to generate an annual output value of around 800 million yuan and an estimated tax contribution of 93 million yuan [1] Group 2 - Heshun Technology, established in 2003, focuses on the research, production, and sales of differentiated and functional biaxially stretched polyester film materials, catering to various customer needs [2] - The company aims to expand its product range and application areas, particularly in colored optical base films and other functional films, while exploring new materials, including high-performance carbon fiber [2] - The ongoing development in high-performance carbon fiber applications across various sectors, such as civil aviation and digital products, is expected to open new market opportunities for the carbon fiber industry in China [1]

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]

Core Viewpoint - The company Heshun Technology (301237.SZ) has received warning letters from the Zhejiang Securities Regulatory Bureau and the Shenzhen Stock Exchange due to two instances of information disclosure violations, coinciding with a continuous decline in its performance since going public [1][3]. Group 1: Regulatory Actions - Heshun Technology received a warning letter from the Zhejiang Securities Regulatory Bureau on September 17, 2023, for two information disclosure violations, involving delayed disclosure of government subsidies and failure to timely disclose the capital contribution progress of a subsidiary [2][3]. - The Shenzhen Stock Exchange issued a regulatory letter to Heshun Technology on September 18, 2023, highlighting the same issues [1][3]. Group 2: Financial Performance - Heshun Technology reported a government subsidy of 2.755 million yuan in July 2022, which accounted for 18.82% of the net profit attributable to shareholders for the most recent audited fiscal year, but the company disclosed this information only on August 30, 2022 [2]. - In the first half of 2025, Heshun Technology's revenue was 296 million yuan, representing a year-on-year increase of 27.93%, while the net profit attributable to shareholders was a loss of 14.3134 million yuan, significantly worsening from a loss of 5.6494 million yuan in the same period last year [4]. Group 3: Company Background - Heshun Technology, established in 2003, specializes in the research, production, and sales of differentiated, functional biaxially oriented polyester film materials, with applications in consumer electronics and automotive sectors [3]. - Since its listing on the Shenzhen Stock Exchange's ChiNext board in 2022, the company has experienced a rapid decline in revenue and net profit for both 2022 and 2023 [3].

Core Viewpoint - Zhejiang Securities Regulatory Commission issued an administrative supervision measure decision letter to Heshun Technology, indicating issues related to late disclosure of government subsidies and failure to fulfill capital contribution obligations [1][4][5] Group 1: Regulatory Actions - Heshun Technology received a warning letter from Zhejiang Securities Regulatory Commission for failing to disclose a government subsidy of 2.755 million yuan in a timely manner, which accounted for 18.82% of the net profit attributable to shareholders for the last audited fiscal year [4] - The company also failed to timely disclose the progress of capital contributions related to the establishment of a subsidiary, violating relevant regulations [4][6] - Both the chairman and the secretary of the board are held primarily responsible for these violations [4][5] Group 2: Company Performance - In the first half of 2025, Heshun Technology reported revenue of 296 million yuan, a year-on-year increase of 27.93%, but a net loss attributable to shareholders of 14.3134 million yuan, a decline of 153.36% [7] - The decrease in net profit is attributed to increased depreciation costs following the commencement of new projects [7] Group 3: Market Reaction - As of September 18, Heshun Technology's stock price fell by 2.72% to 46.56 yuan per share, with a market capitalization of 3.725 billion yuan [8]

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]

Company Overview - Established in 2003, the company specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [1] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - Future focus on expanding product series and application fields, particularly in high-performance carbon fiber projects for sustainable development [1] Market and Industry Insights - The high-performance carbon fiber project is progressing as planned, with future production capacity to be evaluated based on strategic development and market demand [2] - The consumer electronics sector is undergoing a transformation, driven by AI technology and new product launches from industry leaders, prompting the company to innovate continuously [3] - The BOPET film industry is expected to grow, focusing on high value-added and high-tech products, enhancing overall innovation and market competitiveness [4] Business Growth and Expansion Plans - Current growth points include enhancing optical film base business through increased R&D investment, product diversification, and efficient capacity utilization [5] - The high-performance carbon fiber project is a strategic initiative aimed at creating stable profit growth and improving core competitiveness [5]

Core Viewpoint - Heshun Technology (301237.SZ) is actively engaging with various institutional investors to discuss its business development, industry changes, and strategic outlook following the release of its 2025 mid-year report [1]. Group 1: Business Performance - In the first half of 2025, the revenue breakdown for Heshun Technology's main products was as follows: colored optical base film accounted for 45.46%, transparent film for 42.62%, and other functional films for 10.84% [1]. - The change in revenue contribution from functional films is attributed to both overall revenue growth and strategic optimization, highlighting the company's positive operational trend [1]. - The company has successfully shifted its focus from solar backsheet films to window films in response to market trends, indicating its agility in adapting to industry changes [1]. Group 2: Research and Development - Heshun Technology has mastered several core technologies, including the manufacturing of biaxially stretched colored films, and is committed to continuous innovation through independent research and collaboration with universities [2]. - The company plans to expand its optical base film product series and aims to produce differentiated, functional polyester films to enhance market competitiveness [2]. - Heshun Technology is focused on developing high-value-added products to replace imports, further strengthening its market position [3]. Group 3: Carbon Fiber Project - The carbon fiber project, which began construction in Q3 2024, is currently in the critical phase of engineering construction and equipment installation, progressing smoothly and according to plan [2]. - The application of high-performance carbon fiber is expanding into various sectors, including civil aviation, 3C digital products, low-altitude aircraft, and racing, indicating a shift from military to broader civilian market applications [2].

Report Summary Report Industry Investment Rating - Not provided in the content Core Viewpoints - The company's revenue increased in H1 2025, but profit declined due to increased depreciation from new projects. However, quarterly performance improved sequentially as new project capacities were released and product structure was optimized. The company will continue strategies like R&D and product structure adjustment to improve operations [22]. - The revenue proportion change of other functional films is due to overall revenue growth and active business strategy optimization. The company shifted from solar backsheet films to window films, and the window film business will create a new growth curve [23][24]. - The carbon fiber project is progressing smoothly. High - performance carbon fiber applications are expanding, opening up an incremental market for the domestic carbon fiber industry [24]. - The company's competitiveness lies in technology R & D, equipment optimization, quality control, and a "differentiated, functional" business model [25]. Summary by Relevant Catalogs 01. Research Basic Situation - Research object: Heshun Technology; Industry: Plastics; Reception time: August 26, 2025; Company receptionists: Board secretary, CFO Wu Xueyou, Carbon fiber director Xiu Lei, Securities affairs representative Yu Xiaolu [16] 02. Detailed Research Institutions - Fund management companies: Boshi Fund, Baoying Fund, Western Lide Fund - Others: Gaoteng International, CSC Self - operation, Kuanxing Private Equity, GF Self - operation - Securities companies: Shanxi Securities, CITIC Securities [17] 03. Research Institution Proportion - Not provided in the content 04. Main Content Data - **2025 H1 Performance**: Revenue was 296 million yuan, a year - on - year increase of 27.93%. Net profit attributable to the parent was - 14.3134 million yuan, a year - on - year decrease of 153.36%. Net profit after deducting non - recurring items was - 16.1263 million yuan, a year - on - year decrease of 67.79%. Quarterly performance improved sequentially [22]. - **Product Revenue Proportion**: Colored photoelectric base film accounted for 45.46%, transparent film for 42.62%, and other functional films for 10.84% [22]. - **Carbon Fiber Project Progress**: Since starting construction in Q3 2024, it is now in the key stages of engineering construction and equipment installation, progressing as planned [24]. - **Carbon Fiber Process**: Raw materials are made into spinning dope, then polyacrylonitrile precursor, followed by pre - oxidation, carbonization, post - treatment, and finally processed into various products [24]. - **High - performance Carbon Fiber Applications**: Penetrated into civil aviation, 3C digital products, low - altitude aircraft, racing cars and other fields, expanding the market for the domestic carbon fiber industry [24]. - **Company Competitiveness**: Driven by R & D, with core technologies, equipment optimization ability, a quality control system, and a "differentiated, functional" business model [25].

Financial Performance - In the first half of 2025, the company's revenue reached 296 million CNY, representing a year-on-year increase of 27.93% [2] - The net profit attributable to shareholders was a loss of 14.31 million CNY, a decline of 153.36% year-on-year [2] - The non-recurring net profit was a loss of 16.13 million CNY, down 67.79% compared to the previous year [2] - The decline in profit is attributed to increased depreciation from fixed assets that began to be recognized in 2024 [2][3] Revenue Composition - Revenue from colored photoelectric base films accounted for 45.46% of total revenue [3] - Revenue from transparent films made up 42.62% [3] - Revenue from other functional films was 10.84%, with a decrease attributed to strategic shifts in the business focus towards window films [3] Project Updates - The carbon fiber project, initiated in Q3 2024, is currently in the critical phase of construction and equipment installation, progressing smoothly [4] Carbon Fiber Process - The carbon fiber production process involves several steps: spinning raw materials into fibers, pre-oxidation, carbonization, surface treatment, and final processing into various products [5] Application Areas - High-performance carbon fibers are increasingly used in civil aviation, 3C digital products, low-altitude aircraft, and racing, expanding the market for carbon fiber products [6] Competitive Advantages - The company focuses on technological research and development, holding key manufacturing technologies and fostering innovation through collaborations with universities [8] - It aims to enhance its product range and maintain a strong quality control system to support differentiated and functional polyester film production [8]