Group 1: Research Basic Information - The research object is Huafeng Superfiber, belonging to the plastics products industry. The reception time was September 15, 2025, and the listed - company reception staff were Secretary of the Board Chu Yuxi and Securities Representative Fu Juan [16] Group 2: Detailed Research Institutions - The research institutions include Huafu Securities (securities company, represented by Wei Zhengyu), Xingzheng Global Fund (fund management company, represented by Li Nanzhu), Hengyue (fund management company, represented by Xue Liangchen), Orient Securities Co., Ltd. (securities company, represented by Guo Zhe), Caitong Securities (asset management company, represented by Guo Qikun), Shanghai He Xie Hui Yi (asset management company, represented by Zhao Chen), and Guolianan (fund management company, represented by Wang Dong) [17] Group 3: Main Content Company's Recent Performance - Affected by factors such as goodwill impairment provisions, weak market demand, and high fixed - asset depreciation, the company's performance has been under pressure in recent years. However, with continuous optimization of the business strategy, it achieved a turnaround in 2024, showing a stable and improving trend. In the first half of 2025, although the company's operating income decreased year - on - year, the net profit attributable to the parent company increased by about 11% year - on - year, and the net profit attributable to the parent company after deducting non - recurring gains and losses increased by about 19% year - on - year, indicating improved profitability [22] Market Growth Rate of Superfiber Industry - As the replacement of genuine leather by artificial leather is an irreversible trend, the superfiber industry still has the impetus for continuous growth. The market growth rate of the superfiber industry is estimated to be between 5% and 10%. However, in the current macro - economic situation, the market is highly sensitive to prices, and homogeneous competition has intensified [23] Gross Margin and Market Share of Superfiber - The company has significant competitive advantages and a leading market position in the superfiber material field. In 2025 H1, the gross margins of different product categories varied: the gross margin of ultra - fine fiber base blanks was about 10%, that of ultra - fine fiber synthetic leather was about 14%, and the gross margin of suede materials was relatively high, about 28%. The company is continuously optimizing its product portfolio and increasing the proportion of high - margin products [24] Asset Integration or Injection Plan - Currently, there are no relevant asset integration or injection plans. If there are related arrangements in the future, the company will fulfill its information - disclosure obligations in a timely manner [24] Future Development Plan of Weifutong - Facing the changing market environment, Weifutong's operating performance has declined. To address challenges and improve operating quality, it is actively promoting strategic transformation, including cost reduction and efficiency improvement, and increasing resource investment and innovation in emerging business areas [24]

| ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他 | | | 华福证券 魏征宇；兴证全球基金 李楠竹；恒越基金管理有限 | | 参与单位名称 公司 | 薛良辰；东方证券股份有限公司 郭哲；财通证券资产管 | | 及人员姓名 | 理有限公司 郭齐坤；上海和谐汇一资产管理有限公司 赵辰； | | | 国联安 王栋 | | 时间 2025 | 年 9 月 15 日 10：00-11：30 | | 地点 | 上海市闵行区申昆路 2177 号 16 栋 909 会议室 | | 上市公司接待 | 董秘：褚玉玺；证代：符娟 | | 人员 | | | | 1、关于公司近年业绩情况概况。 | | | 受商誉减值计提、市场需求疲软及固定资产折旧高等因素影 | | | 响，公司近几年业绩承压，但随着经营策略持续优化，2024 | | | 年实现扭亏为盈，整体运营呈现企稳向好态势。2025 年上 | | | 半年，公司营业收入虽然同比有所下降，但归母净利润同比 ...

Group 1 - The core viewpoint of the article highlights that Huafeng Superfiber (300180) reported a decline in revenue for the first half of 2025, achieving an operating income of 1.972 billion yuan, while net profit attributable to shareholders increased by 11.18% to 75.6815 million yuan [1] - The manufacturing segment of Huafeng Superfiber saw an increase in gross margin by 0.48 percentage points year-on-year, indicating an optimization in the business structure with a higher proportion of high-value-added products [1] - The company focuses on the research, production, and sales of superfine fiber materials, with a significant investment in a nylon 6 project that began production in 2021, expanding its main product offerings [1] Group 2 - Huafeng Superfiber also operates a service sector through its subsidiary Weifutong, which specializes in digital banking solutions, primarily in mobile payments [2] - Weifutong has established a presence in the domestic market, serving six major state-owned banks, twelve national joint-stock banks, and nearly 200 rural commercial banks, while also expanding its services to over 60 countries and regions [2] - The future strategy for Weifutong includes focusing on digitalization, online services, and scenario-based needs to provide innovative products and services for financial institutions and large enterprises [2]