Core Viewpoint - Shanghai Huide Science & Technology Co., Ltd. is seeking to issue A-shares to specific investors, with the underwriting by Dongfang Securities Co., Ltd. The company has met the necessary legal and regulatory requirements for this issuance [1][8]. Group 1: Company Overview - Shanghai Huide Science & Technology Co., Ltd. was established on June 25, 2007, and is headquartered in Jinshan District, Shanghai. The company specializes in the research, production, and sales of polyurethane materials [2][3]. - The registered capital of the company is approximately 141.13 million yuan [2]. - The main products include polyurethane resin, polyurethane elastomers, and polyester polyols, which are used in various industries such as automotive manufacturing and new energy [3][18]. Group 2: Financial Data - As of March 31, 2025, the total assets of the company amounted to 2.25 billion yuan, while total liabilities were approximately 675 million yuan [4]. - The company reported a net profit of approximately 19.34 million yuan for the first quarter of 2025, with a year-on-year increase compared to previous years [4]. - The average annual net profit attributable to shareholders over the last three years was approximately 83.45 million yuan, with total cash dividends amounting to about 98.69 million yuan during the same period [3][4]. Group 3: Issuance Details - The company plans to raise up to 580 million yuan through this issuance, with the funds primarily allocated to a project for producing 305,000 tons of polyurethane new materials annually [17][18]. - The issuance will be directed towards no more than 35 specific investors, including qualified institutional investors and natural persons [17][12]. - The issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing date [12][13]. Group 4: Regulatory Compliance - The underwriting institution, Dongfang Securities, has conducted thorough due diligence and confirmed that the company meets all necessary conditions for the issuance as per the Company Law and Securities Law [8][9]. - The company has adhered to all relevant regulations and has not engaged in any activities that would disqualify it from issuing shares [10][11]. - The company is not listed as a dishonest entity under the relevant memorandums regarding joint punishment for dishonest enterprises [19].

Core Viewpoint - Shanghai Huide Science & Technology Co., Ltd. is applying for a specific issuance of A-shares to raise funds for its polyurethane new materials project, with a total fundraising amount not exceeding RMB 580 million [12][15]. Company Overview - Shanghai Huide Science & Technology Co., Ltd. was established on June 25, 2007, with a registered capital of RMB 141.132667 million [1]. - The company specializes in the research, production, and sales of polyurethane series products, including synthetic leather polyurethane, polyurethane elastomers, and polyester polyols [3][4]. Main Business - The main business of the company focuses on polyurethane products, particularly synthetic leather polyurethane, which is a key raw material for the synthetic leather industry [3][4]. - The company emphasizes technological innovation and product development, aiming to provide comprehensive solutions combining products and technology to meet customer needs [3]. Financial Data - As of March 31, 2025, the total assets of the company were RMB 2.2508343 billion, and total liabilities were RMB 675.1484 million [5]. - The company's revenue for the first quarter of 2025 was RMB 610.6983 million, with a net profit of RMB 19.3376 million [6]. - The operating profit for the same period was RMB 20.5180 million, showing a significant decrease compared to previous years [6]. Issuance Details - The issuance will be directed towards no more than 35 specific investors, including securities investment funds, securities companies, and qualified foreign institutional investors [12][22]. - The shares will have a par value of RMB 1.00 each, and the final issuance price will be determined based on the average trading price of the company's shares over the 20 trading days prior to the issuance date [12][14]. Use of Proceeds - The proceeds from the issuance will be used for the construction of a new polyurethane materials project with an annual production capacity of 305,000 tons [15][17]. - If the actual net proceeds are less than the planned investment, the company will adjust the investment projects accordingly [15]. Risk Factors - The company faces risks related to raw material price fluctuations, as the cost of key materials constitutes about 60% of its main business costs [8]. - There are also risks associated with the demand in downstream industries, particularly in the synthetic leather sector, which is influenced by macroeconomic conditions and consumer trends [8].