辐照改性PTFE—PEEK 材料，可应用于关节模组及减速器行星轮等。辐照改性PTFE 复合材料可应用于 滑动轴承内衬等，提高传动组件的自润滑性和耐久寿命。根据iFind 互动问答，和之祥已与三花汽零、 双环传动等企业开展技术交流，探讨合作。并在今年11 月中旬，和之祥作为支持单位之一，在杭州召 开"2025 氟塑料加工技术交流会暨氟塑料加工专委会年会"。 投资建议：我们预计公司2025-2027 年实现营业收入分别8.13 亿元、9.52亿元和10.95 亿元，实现归母净 利润分别为1.41 亿元、1.74 亿元、2.02 亿元，同比增长86.5%、23.6%、16.4%。对应EPS 分别为0.42 元、0.52 元、0.61 元，当前股价（2025 年12 月11 日收盘价）对应的PE 倍数分别为27X、22X、19X， 考虑公司所处的轨道交通行业和电子元器件配件行业的成长空间，以及公司向上游新材料领域布局成效 已经显现，维持"买入"评级。 风险提示：铁路建设不及预期的风险，城市轨道交通建设不及预期的风险，市场竞争加剧的风险，原材 料价格上涨的风险，新产品市场推广不及预期。 拟发行不超过4 亿元可转债，提升 ...

Core Viewpoint - Xianghe Industrial (603500.SH) focuses on the modification of high polymer materials, utilizing irradiation modification technology to upgrade traditional PTFE and composite materials, significantly enhancing their properties [1] Company Overview - Hezhixiang specializes in irradiation modification of PTFE, improving wear resistance, creep resistance, and radiation resistance while significantly reducing porosity [1] - The modified PTFE can be applied in various fields including mechanical sealing systems, embodied intelligence, automotive thermal management systems, deep-sea, deep-space, and deep-earth applications, high-frequency high-speed circuit boards, semiconductor components, and medical devices [1] Industry Applications - The company has established collaborations with domestic enterprises such as Sanhua Automotive Parts and Shuanghuan Transmission to explore technical exchanges and potential partnerships [1] - The modified PTFE is also applicable in defense technology fields such as nuclear power, electromagnetic stealth systems, low-orbit satellites, and space station construction [1] - Irradiation-modified PTFE-PEEK materials can be used in joint modules and planetary gears of reducers, while modified PTFE composite materials can enhance the self-lubrication and durability of sliding bearing liners [1] Recent Developments - In mid-November, Hezhixiang participated as a supporting unit in the "2025 Fluoroplastic Processing Technology Exchange Conference and Annual Meeting of the Fluoroplastic Processing Committee" held in Hangzhou, showcasing its innovative capabilities in the fluoroplastic field [1]

格隆汇12月2日丨祥和实业(603500.SH)在投资者互动平台表示，和之祥是一家专注于高分子材料改性， 运用辐照改性技术对传统PTFE及复合材料迭代升级的公司。经辐照改性的PTFE，其抗耐磨性、抗蠕变 性、抗辐射性同步大幅度提高，孔隙率显著降低。可应用于机械密封系统、具身智能、汽车热管理系 统、深海深空深地、高频高速电路板、半导体零部件及医用器件等，已与国内行业内部分企业建立合作 关系，同时还可应用于核电、电磁隐身系统、低轨道卫星、空间站建设等国防科技领域。辐照改性 PTFE—PEEK材料，可应用于关节模组及减速器行星轮等。辐照改性PTFE复合材料可应用于滑动轴承 内衬等，提高传动组件的自润滑性和耐久寿命。 根据和之祥公开资料，目前其已与三花汽零、双环传 动等企业开展技术交流，探讨合作。并在今年11月中旬，和之祥作为支持单位之一，在杭州召开"2025 氟塑料加工技术交流会暨氟塑料加工专委会年会"，进一步展示了和之祥在氟塑料领域创新实力。 ...

Core Viewpoint - Zhejiang TianTai XiangHe Industrial Co., Ltd. plans to acquire a 5% stake in Zhejiang HeZhiXiang Technology Co., Ltd. for RMB 2 million from its actual controller and vice president, Ms. Bao Xiaohua, as part of its strategy to invest in advanced technologies and new materials [2][4][23]. Group 1: Transaction Overview - The company intends to purchase a 5% stake in HeZhiXiang, which corresponds to its registered capital of RMB 2 million, using its own funds [2][4]. - The transaction is classified as a related party transaction due to Ms. Bao Xiaohua's dual role as both a vice president of XiangHe Industrial and the controlling party of HeZhiXiang [2][3]. - The transaction does not constitute a major asset restructuring as defined by relevant regulations [3]. Group 2: Approval Process - The transaction was reviewed and approved by the company's audit committee and independent directors before being presented to the board of directors, where it received unanimous approval from non-related directors [5][24]. - The transaction does not require approval from the shareholders' meeting or relevant authorities [6][25]. Group 3: Financial and Operational Context - HeZhiXiang was established on May 7, 2024, with a registered capital of RMB 40 million, and focuses on the modification of polymer materials using irradiation technology [10]. - The company is currently constructing a production line for irradiated PTFE, expected to be completed by March 2026, with an anticipated annual production capacity of 3,000 tons [23]. - The pricing for the stake acquisition is set at RMB 2 million, reflecting the actual paid-in registered capital, which is deemed fair and does not harm the interests of the company or its shareholders [17][18]. Group 4: Impact on Company - The investment in HeZhiXiang aligns with the company's strategic development plan and is expected to provide economic benefits without significantly impacting the company's operations [23]. - The company has not engaged in any related transactions with Ms. Bao Xiaohua or HeZhiXiang in the past 12 months, ensuring compliance with regulatory requirements [7][26].