Core Viewpoint - The company, Jiangsu Henghui Security Group Co., Ltd., is experiencing fluctuations in stock performance and is actively involved in the development of advanced materials and robotics applications, with a focus on high-performance fibers and graphene technology [1][4][9]. Company Performance - On September 25, Henghui Security's stock fell by 2.61%, with a trading volume of 166 million yuan and a market capitalization of 5.538 billion yuan [1]. - For the first half of 2025, the company 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, up 11.82% year-on-year [9]. Industry Developments - The company has established strategic partnerships with notable automotive and new energy companies, including BYD and Geely, enhancing its market position [3]. - In the robotics sector, the company has developed flexible joint protection components for humanoid robots, indicating a growing presence in this innovative field [2]. Material Innovations - The company has developed high-performance fibers incorporating graphene, improving cut resistance and comfort in protective gear [4]. - Research is ongoing in the application of ultra-high molecular weight polyethylene fibers in various robotic components, with promising results in key technical indicators [3]. Market Dynamics - The company's overseas revenue accounted for 88.71% of total revenue, benefiting from the depreciation of the yuan [4]. - The stock has shown a lack of clear trends in major capital flows, with a net outflow of 9.67 million yuan on the latest trading day [5][6].

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]

Core Viewpoint - Henghui Security (300952) has made substantial progress in its Vietnam factory project for producing 16 million pairs of functional safety gloves annually, with the first PU glove production line achieving stable output and other production lines accelerating installation and trial production [1] Group 1: Production Progress - The first PU glove production line has completed debugging and is now achieving stable mass production [1] - Other product lines are rapidly advancing in installation, debugging, and trial production [1] Group 2: Capacity Expectations - The company maintains an optimistic outlook on capacity ramp-up, leveraging 20 years of experience in the security glove sector to efficiently address production line adjustments and process optimizations [1] - The favorable trade environment in Vietnam is expected to assist in order acquisition and delivery [1] Group 3: Business Growth Support - As production lines gradually come online, combined with the company's established global brand reputation and sales channels, the Vietnam factory's capacity is anticipated to be released progressively [1] - The company expects a steady increase in capacity utilization, facilitating an efficient conversion from "production line mass production - order acquisition - delivery" to support overseas business growth [1]

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].

9月12日，江苏恒辉安防举办2025年半年度业绩说明会，线上全体投资者参与调研，公司多位高层出 席。此次说明会透露公司多项业务发展情况与规划。 经营业绩与分红 上半年，子公司恒越工厂"年产7,200万打功能性安全防护手套"项目贡献产能约450万打，全年力争实现 1,000万打产能及销量双突破。该项目正推进产能爬坡，预计全面投产后3 - 5年完成产能释放与市场适 配。 出口业务与应对策略 公司功能性安全防护手套业务以出口为主，2025年半年度报告显示，北美地区销售收入占总营收 37.85%，其中美国地区占比31.24%。为应对关税压力，公司加速越南工厂产能建设，实施多元化市场 战略，加大新兴市场投入，深耕国内市场，构建"国内 + 国际"双轮驱动格局。目前，越南工厂年产 1,600万打功能性安全防护手套项目取得关键进展，首条PU手套产线已量产，近期已实现首批产品交 付，预计未来3 - 6个月产能逐步释放。 订单情况与市场展望 二季度以来，公司安防手套订单呈区域分化。美国市场受关税影响，客户观望，订单洽谈与发货节奏放 缓，随库存消化需求有望回暖；美国以外市场，公司依托新增产能与产业协同优势，订单规模符合预 期。后续 ...

Financial Performance - In the first half of 2025, the company achieved total revenue of 593.03 million RMB, a year-on-year increase of 15.43% [3] - Net profit attributable to shareholders was 54.98 million RMB, up 11.82% year-on-year [3] - Total assets as of June 30, 2025, were 2.58 billion RMB, reflecting a growth of 3.10% [3] - Shareholder equity reached 1.46 billion RMB, an increase of 20.29% year-on-year [3] - The profit distribution plan for 2025 proposes a cash dividend of 0.8 RMB per 10 shares, totaling 13.67 million RMB, which accounts for 29.65% of the distributable profits [3] Production Capacity and Projects - The annual production capacity of the functional safety protective gloves project is 72 million pairs, with approximately 4.5 million pairs contributed in the first half of 2025 [4] - The company aims to achieve a total production and sales target of 10 million pairs for the year [4] - The Vietnam factory's project for 16 million pairs of gloves has entered the mass production phase, with the first batch successfully delivered [5][11] Market and Sales Strategy - North America accounted for 37.85% of total sales revenue, with the U.S. specifically contributing 31.24% [4] - To mitigate tariff pressures, the company is enhancing production capacity in Vietnam and diversifying its market strategy to include Europe, South America, Africa, and Australia [4] - The company is also focusing on domestic market penetration by leveraging its core advantages of high quality, fast delivery, and low cost [4] Product Development and Innovation - The biodegradable polyester rubber project is progressing with the first phase of 10,000 tons expected to stabilize production soon [7] - The company is actively developing applications for ultra-high molecular weight polyethylene fibers in the robotics sector, with several products already delivered [10][12] - The company has established a dedicated R&D team for robotics applications, ensuring alignment with market needs [12] Customer Engagement and Orders - The company is experiencing a mixed order situation, with U.S. orders slowing due to tariff policies, while orders from other regions remain on target [6] - The company is closely monitoring U.S. market conditions and adjusting its order structure accordingly [6] Shareholder Information - As of September 10, 2025, the total number of shareholders is 13,409 [12]

Core Viewpoint - The company, Henghui Security, specializes in the research, production, and sales of hand safety protective products, particularly functional safety gloves with a dual protection structure of "fiber + coating" [2][8]. Group 1: Business Overview - The main products of the company are functional safety gloves designed for hand protection, utilizing advanced materials and technologies [2][8]. - As of August 20, 2025, the company reported a revenue of 593 million yuan, representing a year-on-year growth of 15.43%, and a net profit of 54.98 million yuan, with an increase of 11.82% [8]. Group 2: Market Position and Performance - The company has a market capitalization of 5.014 billion yuan, with a trading volume of 155 million yuan and a turnover rate of 5.08% on August 29, 2025 [1]. - The company benefits from a significant overseas revenue share of 88.71%, aided by the depreciation of the Chinese yuan [4]. Group 3: Technological Advancements - The company is exploring the application of ultra-high molecular weight polyethylene fibers in robotics, focusing on tendon rope materials, and has developed several test samples that meet key technical indicators [3]. - In the new materials sector, the company has mastered key production technologies for high-performance fibers containing graphene, enhancing cut resistance and comfort [4]. Group 4: Product Innovation and Recognition - The company's gloves gained recognition during the 2022 Beijing Winter Olympics and the 2024 Asian Winter Games, showcasing their functionality and technological advancements [3]. - The gloves utilize ultra-high molecular weight polyethylene fibers, which are 15 times stronger than steel, and incorporate nano-silicone grip technology for improved performance in ice sports [3].

Core Viewpoint - Henghui Security (300952) announced on August 27 that its subsidiary, Hengyue Factory, has contributed a production capacity of approximately 4.5 million pairs of security gloves in the first half of the year, with a target to exceed 10 million pairs in both capacity and sales for the entire year [1] Group 1: Production Capacity and Strategy - The project for an annual production capacity of 72 million pairs of functional safety gloves is steadily progressing, with a full production release expected to take 3-5 years after the project is fully operational [1] - The company plans to scientifically adjust the pace of production based on dynamic factors such as market demand fluctuations, sales order acquisition capabilities, and supply chain responsiveness to ensure precise matching of capacity with market demand [1] Group 2: Operational Management and Market Expansion - The company aims to deepen its "smart manufacturing" operational management and implement a new business model focused on "high quality, fast delivery, and low cost" [1] - Henghui Security will accelerate its layout in domestic and emerging overseas markets to optimize market structure and increase market share [1]

证券日报网讯恒辉安防（300952）8月27日发布公告，在公司回答调研者提问时表示，公司越南工厂年 产1，600万打功能性安全防护手套项目已取得实质性进展，首条PU手套产线已完成调试并实现稳定量 产，其他产品产线也在加速安装调试/试生产过程中，随着各项产品认证、原产地证的审核办理，近期 会按既定计划进程安排销售发货。关于产能爬坡预期，基于公司在安防手套领域20年的深厚经验沉淀， 以及目前项目的推进情况，公司整体持乐观态度。随着产线逐步调试完成并投入生产，叠加公司在全球 构建的品牌声誉和销售渠道，预计短期内越南工厂产能将逐步释放，产能利用率稳步提升，实现"产线 量产-订单承接-交付落地"的高效转化，为公司境外业务增长提供有力支撑。 ...

Core Viewpoint - Jiangsu Henghui Security Co., Ltd. has achieved steady growth in the first half of 2025 despite a complex market environment, with total revenue reaching 593.03 million yuan, driven by the functional safety glove business and new material operations [2][3]. Group 1: Financial Performance - In the first half of 2025, the company reported total revenue of 593.03 million yuan, with the functional safety glove business generating 566.04 million yuan, reflecting a year-on-year increase of 13.55% [2]. - The revenue from the ultra-high molecular weight polyethylene fiber business reached 20.56 million yuan, with sales of 289.71 tons, marking increases of 90.30% and 70.53% year-on-year, respectively [2][5]. - The company maintained strict control over sales and management expenses, resulting in a year-on-year decrease in absolute amounts for both categories [4]. Group 2: Business Development and Market Strategy - The company has made substantial progress in its Vietnam factory project, with the first PU glove production line achieving stable output and other lines accelerating testing [3]. - In Q2, the revenue from safety gloves was 311.48 million yuan, showing a quarter-on-quarter growth of 10.63% [5]. - The company plans to enhance its overseas market presence, particularly in Europe and Southeast Asia, while monitoring changes in the U.S. market due to tariff impacts [3]. Group 3: Production Capacity and Future Projects - The annual production capacity for functional safety gloves is expected to reach 72 million pairs, with gradual capacity release anticipated over the next 3 to 5 years [3]. - A 4,800-ton project funded by convertible bonds is expected to begin trial production in September, which will help expand the company's business and market share [3]. - The biodegradable polyester rubber project is progressing with a planned annual capacity of 110,000 tons, with the first phase of 10,000 tons already under construction [3].