证券代码：301237 证券简称：和顺科技 杭州和顺科技股份有限公司 投资者关系活动记录表 编号：2025-019 二、主要问题 1、公司开发碳纤维项目的目的是什么? 答：碳纤维（石墨纤维）是航空航天领域不可替代的关键材料，目前 全球市场主要被美日少数企业垄断，供给集中且价格长期处于高位。公司 布局高性能碳纤维项目，旨在切入该领域开展探索开发与产业布局，与现 有差异化、功能性 BOPET薄膜业务形成战略协同，提升研发制造规模与水 平，助力公司向行业领先新材料企业迈进，更好满足市场高端需求。 2、碳纤维产品目标定位？ | | 特定对象调研 | 分析师会议 ☐ | | | | --- | --- | --- | --- | --- | | | 媒体采访 ☐ | ☐业绩说明会 | | | | 投资者关系 | ☐ 新闻发布会 | ☐ 路演活动 | | | | 活动类别 | 现场参观 ☐ | | | | | | | ☐其他（请文字说明其他活动内容） | | | | 参与单位名 | 海通证券 | 张翠翠、国元证券 | 李靖、瑞特资产 | 戴宁杰、有谱投资 朱厚中、 | | 称及人员姓 | 附加值投资 | 周浩锋、翼融资 ...

发展前景良好。 2、公司碳纤维客户有哪些？ 答：公司碳纤维产品为上游基材，是生产各类碳纤维复合材料的核心 原料，并非直接对接终端客户；该类基材需通过下游复合材料企业完成成 型、复合等深加工环节，最终应用于航空航天、高端装备等终端场景，目 前公司正稳步推进产品性能验证，后续将结合进展推进产业链合作。 3、公司薄膜业务的未来展望？ 答：目前公司薄膜有三款高附加值新产品已进入试生产阶段，工艺验 证进展顺利，预计明年起逐步释放产能，同步推动主业产品结构向高毛利、 高景气品类优化；三款新产品具备较高毛利率，盈利情况良好，叠加下游 需求支撑，未来有望成为主业增长新引擎，持续提升公司主业核心竞争力 与盈利水平。 | 附件清单（如 | 无 | | --- | --- | | 有） | | | 日期 | 2025年12月29日 | 证券代码：301237 证券简称：和顺科技 杭州和顺科技股份有限公司 投资者关系活动记录表 编号：2025-018 | | 特定对象调研 ☐ 分析师会议 | | --- | --- | | | 媒体采访 ☐ ☐业绩说明会 | | 投资者关系 | 新闻发布会 路演活动 ☐ ☐ | | 活动类别 | ...

杭州和顺科技股份有限公司 | | 特定对象调研 分析师会议 ☐ | | --- | --- | | ☐ | 媒体采访 ☐业绩说明会 | | 投资者关系 ☐ | 新闻发布会 路演活动 ☐ | | 活动类别 ☐ | 现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名 | | | 称及人员姓 | 长信基金 陈言午、山楂树基金 陈静、投资人 高智勇 | | 名 | | | 时间 | 2025年12月18日 15:00-16:00 | | 地点 | 公司会议室 | | 上市公司接 | 董事会秘书、财务总监 吴学友先生 | | 待人员姓名 | 证券事务代表 俞晓露女士 | | | 一、公司概括介绍环节 | | | 公司成立于2003年，是一家专注于差异化、功能性双向拉伸聚酯薄膜 | | | 材料研发、生产和销售为一体的高新技术企业，能够根据客户的差异化需 | | 投资者关系 | 求，生产多种规格、多种型号及不同用途的聚酯薄膜产品，主要产品包括 | | 活动主要内 | 有色光电基膜、其他功能膜及透明膜，产品可广泛应用于消费电子产品制 | | 容介绍 | 程、汽车等其他领域。未来，公司将继续秉持"差 ...

杭州和顺科技股份有限公司 证券代码：301237 证券简称：和顺科技 投资者关系活动记录表 | | 亿"重点项目政策倾斜及杭州钱塘新区优质营商环境支持，各环节无缝衔 | | --- | --- | | | 接推动项目高效落地。 | | | 2、公司的竞争对手有哪些？ | | | 答：公司始终对标全球新材料行业标杆日本东丽，无论是深耕多年的 | | | 薄膜业务，还是战略布局的碳纤维赛道，均以技术引领为核心导向，持续 | | | 攻坚高端领域，致力于成为新材料行业技术引领者。 | | 附件清单（如 | 无 | | 有） | | | 日期 | 2025年11月29日 | 编号：2025-016 | | 特定对象调研 分析师会议 ☐ | | | --- | --- | --- | | ☐ | 媒体采访 ☐业绩说明会 | | | 投资者关系 ☐ | 新闻发布会 路演活动 ☐ | | | 活动类别 ☐ | 现场参观 | | | | ☐其他（请文字说明其他活动内容） | | | 参与单位名 称及人员姓 | 财通证券 沈志滨、葆光资管 任为民、投资人 严 | 詹文俊、九纬私募基金 | | | 小平、陈勇勇 | | | 名 ...

Company Overview - Established in 2003, the company specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester films [2] - Main products include color optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - Future focus on expanding product series and application fields, particularly in high-performance carbon fiber projects for sustainable development [2] Carbon Fiber Business - The core production team for the carbon fiber project has extensive industry experience, ensuring advanced technology through iterative upgrades and customized imported equipment [3] - Key performance indicators (KPIs) such as product specifications, yield rates, revenue, and performance are used to assess the core team, ensuring technological implementation and competitiveness [3] Industry Strategy and Pricing - The company plans to reduce capacity for standard films and focus on high-value-added products, with a structural adjustment starting in December [4] - Ordinary transparent film prices have been slightly adjusted, but the company is currently facing a cost inversion where processing fees do not cover depreciation [4] - Commitment to avoid loss-making competition by leveraging core technology patents and certifications to build competitive barriers [4] High Brightness and Optical Base Film Progress - High brightness film has completed R&D and production line debugging, achieving significant yield improvements [5] - Imported coating equipment is ready, enabling the production of optical films, establishing a complete product chain from high brightness films to optical coated films [5] - The series is set for mass production starting in December, with confirmed orders following positive customer feedback on product performance and quality [5]

Core Viewpoint - Heshun Technology is actively advancing its carbon fiber project and high-end film materials, showcasing its strategic determination and innovative vitality in the high-end materials sector [1][2]. Carbon Fiber Project Progress - The carbon fiber project is progressing steadily, focusing on the carbonization phase, with trial operations for carbonization equipment underway [2]. - The annual production capacity of the M-grade carbon fiber project is set at 350 tons, with a total investment of approximately 1 billion yuan, located in Hangzhou Qiantang New District [2]. - The project has accelerated since receiving environmental approval at the end of 2024, with successful power debugging and the initiation of trial operations for carbonization equipment [2]. Market Demand and Capacity Strategy - The company emphasizes a compact capacity planning for carbon fiber, aligning with the focus on high-performance carbon fibers (M-grade, T800, and above) for aerospace and high-end equipment sectors [3]. - The demand for carbon fiber in China is projected to reach 84,000 tons in 2024, with a growth rate of 21.7%, and a domestic production rate expected to exceed 80% by 2026 [3]. - The company adopts a "small but refined" production line model to enhance flexibility and meet customized, high-specification demands, focusing on performance premium rather than scale effects [3]. High-End Film Materials - Heshun Technology has been dedicated to the research, production, and sales of differentiated, functional biaxially oriented polyester films since its establishment in 2003, covering various applications in consumer electronics and automotive sectors [5]. - The annual import volume of high-end films in China is approximately 350,000 tons, primarily in optical films and high-end electrical insulation films, indicating a significant supply-demand gap in the domestic market [5]. - The company is shifting its production focus from low-margin transparent films to high-value optical films and films for new energy vehicles, aiming to avoid homogenized competition [5][7]. Strategic Focus and Future Growth - The company aims to leverage its advantages in high-end equipment and professional technical teams to capture opportunities in the carbon fiber market, particularly in high-end applications [4]. - With the new safety standards for power batteries set to be implemented in July 2026, the company possesses a first-mover advantage in high-end battery flame-retardant and insulation films, having completed customer validation [6]. - The management emphasizes a dual-driven growth strategy focusing on high-end optical film production and breakthroughs in domestic carbon fiber, supported by technological innovation and digital transformation [7].

Company Overview - Established in 2003, Hangzhou Heshun Technology Co., Ltd. focuses on the R&D, production, and sales of differentiated, functional biaxially oriented polyester films [2] - Main products include color optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - The company aims to expand its product series and application fields while exploring new materials, particularly in high-performance carbon fiber [2] Carbon Fiber Project - The carbon fiber project is progressing as planned, with a focus on the carbonization phase, which is set to initiate trial operations [3] - The production capacity for carbon fiber is intentionally limited, aligning with high-performance positioning and high-end market characteristics [4] - The strategy emphasizes small-batch, customized production to meet specific client needs, ensuring flexibility and rapid adaptation to market demands [4] Strategic Planning - The company maintains a "differentiation and functionality" strategy, focusing on high-end optical film production for short-term performance and high-performance carbon fiber for long-term growth [5] - Short-term goals include deepening the optical film business and enhancing product quality through technological advancements [5] - Long-term plans involve accelerating the carbon fiber project and expanding into high-end applications, with a phased approach to market entry [6] Market Insights - Domestic high-end films are heavily reliant on imports, with an annual import volume of approximately 350,000 tons, primarily for optical films and high-end electrical insulation films [7] - The high-end optical film market is dominated by international giants, indicating a significant structural supply-demand gap in the domestic industry [7] Growth Drivers - The growth of the high-end optical film business is driven by advancements in display technology and partnerships with leading clients in the supply chain [7] - In the new energy vehicle sector, the company has developed high-end battery flame-retardant and insulation films, positioning itself advantageously ahead of upcoming safety standards [7]

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] Carbon Fiber Project - The carbon fiber project is progressing smoothly, with power debugging completed and trial production set to begin [2] - The project aligns with national strategic directions and has received policy support, particularly from the "14th Five-Year Plan," which emphasizes new material industry development [2] - The production model features a composite production line adaptable to various product types and capacity needs, with independent operation capabilities [3] BOPET Film Business Outlook - The company is confident in the future of its BOPET film business, focusing on differentiation and functionality [4] - Industry trends show a significant shift towards high-end specialty films, with demand growing over 15% annually, particularly in battery packaging and optical films [4] - The company holds 67 patents, breaking the monopoly of Japanese and Korean firms in the colored film sector, with a market share in colored optoelectronic base films ranking in the top three domestically [4] Production Capacity and Financial Performance - The company has an annual production capacity of 115,000 tons, supporting a diverse product matrix to meet customized client needs [5] - In the first half of 2025, revenue from transparent films and other functional films grew by 70.08% and 28.64% year-on-year, respectively [5] - R&D investment remains robust, consistently above 4% of revenue, focusing on high-end optical films and domestic substitution [5] Future Development Strategy - The company plans to deepen its high-end strategy, targeting core growth areas like consumer electronics and new energy vehicles [6] - A dual-track approach of "films + carbon fiber" will be pursued to optimize business structure and enhance risk resilience [6] - The strategy aims to provide tailored, high-value functional film solutions to strengthen customer relationships and support long-term stable growth [6]

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 optical 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] Carbon Fiber Project - The carbon fiber project is progressing smoothly, with power debugging completed and trial production set to begin soon [1] - High-performance carbon fiber applications are expanding into civil aviation, 3C digital products, low-altitude aircraft, and racing, creating a solid foundation for market growth [2] - Technical barriers between high-performance and low-end products include raw silk quality control and precise carbonization processes, leading to significant performance and cost differences [3] BOPET Film Industry Outlook - The BOPET film industry is in a critical phase of short-term adjustment and long-term value construction [4] - Short-term challenges include increased fixed asset depreciation and the gradual release of new product benefits, but the company has shown improvement in Q3 performance compared to the previous year [4] - Long-term potential is promising, with a focus on differentiated, functional products to avoid homogenized competition and enhance R&D efforts [4] Financial Health - The company maintains a low debt-to-asset ratio, primarily due to long-term loans for the carbon fiber project [5] - Healthy operating cash flow and efficient capital recovery ensure stable financial management [5]

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Heshun Technology, indicating a mixed financial outlook with significant revenue growth but a net loss in profit [1][2]. - On October 13, Heshun Technology's stock increased by 0.22%, with a trading volume of 55.78 million yuan. The financing buy-in amount for the day was 6.94 million yuan, while the financing repayment was 3.78 million yuan, resulting in a net financing buy-in of 3.16 million yuan [1]. - As of October 13, the total margin balance for Heshun Technology was 116 million yuan, accounting for 3.22% of its market capitalization, indicating a high level of financing activity compared to the past year [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 reported a revenue of 296 million yuan, representing a year-on-year growth of 27.93%. However, the net profit attributable to the parent company was a loss of 14.31 million yuan, a decline of 153.36% compared to the previous year [2]. - Heshun Technology has distributed a total of 152 million yuan in dividends since its A-share listing, with cumulative distributions of 95.80 million yuan over the past three years [3].