Group 1 - The controlling shareholder of Huading Co., Ltd. is planning to transfer approximately 169 million shares, accounting for 15.26% of the total share capital, through a public solicitation of transferees [2] - The transfer involves three entities: Yiwu Financial Holdings Co., Ltd., Yiwu Economic and Technological Development Zone Development Co., Ltd., and Yiwu Shunhe Enterprise Management Consulting Co., Ltd., which collectively hold the shares [2] - If the transfer is completed at the closing price of 4.28 yuan per share on May 19, the total cashing out would exceed 700 million yuan [2] Group 2 - Another significant shareholder, Zhejiang Development Asset Management Co., Ltd., plans to reduce its holdings by up to 33.12 million shares, or 3% of the total share capital, within three months [3] - The combined holdings of Zhejiang Development Asset and its action partner, Hangzhou Yuejun Equity Investment Partnership, amount to 741.68 million shares, or 6.72% of the total share capital [3] - The reason for the reduction is attributed to financial planning by the shareholders [3] Group 3 - In Q1 2024, Huading Co., Ltd. reported revenue of 1.156 billion yuan, a year-on-year decline of 44.53%, while net profit attributable to shareholders increased by 17.26% to 94.49 million yuan [4] - For the full year 2024, the company expects revenue of 7.521 billion yuan, down 13.73%, but net profit is projected to rise by 206.27% to 489 million yuan [4] - The company has experienced a situation of increasing profits without corresponding revenue growth, raising concerns about the sustainability of this profitability [4]

证券代码：601113 证券简称：华鼎股份 公告编号：2025-031 义乌华鼎锦纶股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 会议召开时间：2025 年 06 月 03 日(星期二)上午 09:00-10:00； 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）； 会议召开方式：上证路演中心网络互动； 投资者可于 2024 年 05 月 26 日(星期一)至 05 月 30 日(星期五)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zq@hdnylon.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 义乌华鼎锦纶股份有限公司（以下简称"公司"）已于 2025 年 4 月 10 日发 布公司 2024 年年度报告，并于 2025 ...

Core Viewpoint - The major shareholders of YIWU HUADING NYLON CO., LTD. plan to reduce their holdings, which may impact the company's stock performance and investor sentiment [1][2]. Group 1: Shareholder Information - Zhejiang Development Asset Management Co., Ltd. holds 32,652,400 shares, accounting for 2.96% of the total share capital, while Hangzhou Yuejun Equity Investment Partnership holds 41,515,560 shares, accounting for 3.76% [1]. - Together, these two entities hold a total of 74,167,960 shares, representing 6.72% of the company's total share capital [2]. Group 2: Reduction Plan Details - The reduction plan includes a maximum of 11,041,522 shares to be sold through centralized bidding, not exceeding 1% of the total share capital, and up to 22,083,044 shares through block trading, not exceeding 2% [1][2]. - The planned reduction period is from June 12, 2025, to September 11, 2025 [2]. Group 3: Shareholding Background - The shares held by the major shareholders were acquired through judicial transfer and non-public issuance, with 33,459,921 shares from judicial transfer and 40,708,039 shares from non-public issuance [2]. - The shareholders have previously made commitments regarding their shareholding, which have been fulfilled [3].

证券代码：601113 证券简称：华鼎股份 公告编号：2025-030 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 大股东持股的基本情况：截至本公告日，义乌华鼎锦纶股份有限公司（下 称"公司"）股东浙江省发展资产经营有限公司（下称"发展资产"）持有公司无 限售条件流通股 32,652,400 股，占公司总股本的 2.96%；杭州越骏股权投资合 伙企业（有限合伙）（下称"杭州越骏"）持有公司无限售条件流通股 41,515,560 股，占公司总股本的 3.76%，发展资产与杭州越骏为一致行动人，合计持有公司 股份 74,167,960 股，占公司总股本的 6.72%。 减持计划的主要内容：发展资产、杭州越骏拟于本减持计划公告之日起 15 个交易日后的 3 个月内，通过集中竞价及大宗交易方式减持公司股份不超过 33,124,566 股，拟减持比例不超过公司总股本的 3%。其中在任意连续 90 日内通 过集中竞价交易方式减持数量不超过 11,041,522 股，即不超过公司总股本的 1%； 在任意连续 9 ...

证券代码：601113 证券简称：华鼎股份 公告编号：2025-029 义乌华鼎锦纶股份有限公司 关于控股股东一致行动人拟通过公开征集方式 转让公司股份的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 财政部、中国证券监督管理委员会令第36号）第二十三条规定，国有股东公开征 集转让上市公司股份的价格不得低于下列两者之中的较高者：提示性公告日前30 个交易日的每日加权平均价格的算术平均值；最近一个会计年度上市公司经审计 的每股净资产值。最终转让价格将依据相关法律法规，以公开征集并经国有资产 监督管理部门批准的结果确定。 二、对公司的影响及风险 本次公开征集转让尚需取得国有资产监督管理部门的批准，能否取得国有资 产监督管理部门的批准及批准时间存在不确定性。公司将持续关注本次股份转让 事宜的进展情况，并按照相关法律法规的规定及时履行信息披露义务。敬请广大 投资者注意投资风险。 重要内容提示： 1、义乌华鼎锦纶股份有限公司（以下简称"公司"或"华鼎股份"）控股股 东真爱集团有限公司（简称"真爱集团"）一致行动人义乌市金融控 ...

Core Insights - The article highlights the unique position of Yiwu Huading Nylon Co., Ltd. (Huading) as a leader in high-end nylon filament manufacturing, contrasting it with competitors that rely on price competition [1] - The story of Huading's transformation under the leadership of Chairman Zheng Qizhong illustrates the broader narrative of the evolution of traditional manufacturing in China towards intelligent and high-end production [1][8] Company Background - Zheng Qizhong's entrepreneurial journey began with beekeeping in the early 1980s, which laid the foundation for his future business ventures [2] - In the 1990s, Zheng entered the yarn industry, establishing a yarn factory that quickly became a leader in Yiwu, leading to the formation of True Love Group in 2003 [3] Business Philosophy - Zheng's "leap thinking" approach allows for innovative business decisions, such as introducing advanced automation in production, which has become a standard in the industry [4][5] - The company emphasizes a culture of love and responsibility, which is reflected in its brand name "True Love" and its mission to provide high-quality products and care for consumers [6][7] Strategic Focus - Huading has adopted three core strategies: cost leadership, lean management, and intelligent transformation, which have significantly improved production efficiency and reduced costs [8] - The company reported a 3 percentage point decrease in cost expense ratio in its 2024 annual report, showcasing the effectiveness of its strategies [8] Mergers and Acquisitions - The acquisition of Huading is a significant step in True Love Group's growth strategy, which has historically relied on mergers to expand and integrate resources [10] - Zheng views mergers not just as a growth strategy but as a responsibility to revitalize acquired companies and address legacy issues [10] Future Outlook - Zheng aims for Huading to become a leader in scale, efficiency, and market share while maintaining technological and intelligent advantages [11] - The company plans to innovate and upgrade its product offerings to high-value, high-margin products, guided by a strategic goal referred to as "631" [11] - True Love Group is also focused on nurturing the next generation of leaders within the company, ensuring a seamless transition and continued growth [12]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is a leading player in the differentiated and functional nylon filament industry, focusing on high-quality consumer nylon fibers. It has a designed production capacity of 406,000 tons for nylon 6 and 6,000 tons for nylon 66 by the end of 2024 [1][18]. - The company has undergone significant restructuring, divesting its e-commerce business to concentrate on its core nylon filament operations, which is expected to enhance its growth potential [3][4]. Summary by Sections 1. Company Overview - The company is recognized as a leading manufacturer of differentiated and functional nylon filaments in China, with a comprehensive product line and a focus on high-end markets [1][13]. - The company has made strategic acquisitions to enhance its production capabilities and market position, including the purchase of assets related to nylon fiber production [3][10]. 2. Nylon Fiber Market - The nylon fiber market is characterized by strong demand due to its excellent properties such as strength and dyeability, with a projected production capacity of 3.829 million tons and a demand of 2.8145 million tons in 2024 [2][19]. - The price difference between nylon 6-POY and its raw material has reached 1,750 CNY/ton, indicating a favorable pricing environment for the company [2][19]. 3. Strategic Focus - The company has shifted its focus back to its core nylon filament business after divesting its e-commerce operations, which is expected to streamline operations and improve profitability [3][4]. - The company plans to expand its production capacity significantly, with new projects expected to be completed by 2026, 2029, and 2030 [1][18]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 453 million CNY, 537 million CNY, and 579 million CNY from 2025 to 2027, with corresponding PE ratios of 10X, 9X, and 8X [4][5]. - The revenue for 2024 is expected to be 7.521 billion CNY, with a year-over-year decrease of 13.73%, while the net profit is anticipated to grow by 206.27% to 489 million CNY [5][30].

Investment Rating - The report initiates coverage with a "Buy" rating for Huading Co., Ltd. [4][6] Core Views - Huading Co., Ltd. is a leading enterprise in the domestic differentiated and functional nylon filament industry, focusing on high-quality consumer nylon fibers. The company has a designed production capacity of 406,000 tons for nylon 6 and 6,000 tons for nylon 66 by the end of 2024. It is also expanding its capacity with several projects scheduled for completion between 2026 and 2030 [1][2][3][18]. - The company has undergone significant restructuring, focusing on its core nylon business while divesting from its e-commerce operations. This strategic shift is expected to enhance its growth potential and operational efficiency [3][4][30]. Summary by Sections 1. Company Overview - Huading Co., Ltd. is recognized as a leading manufacturer of differentiated nylon filaments in China, with a diverse product line that includes various functional nylon fibers. The company has made strategic acquisitions to strengthen its market position and enhance its production capabilities [1][13][14]. 2. Nylon Fiber Market - The nylon fiber market is characterized by strong demand due to its excellent properties such as strength and dyeability. The industry is expected to see continued growth driven by consumer demand for products like sun-protective clothing. The production capacity and utilization rates in the industry have improved significantly, indicating a favorable market environment [2][19][20]. 3. Strategic Focus and Restructuring - The company has strategically focused on its core nylon business by acquiring relevant assets and divesting from non-core e-commerce operations. This restructuring is aimed at consolidating its market position and enhancing operational efficiency [3][4][30]. 4. Financial Forecast and Investment Recommendations - The financial projections for Huading Co., Ltd. indicate a positive outlook, with expected net profits of 453 million, 537 million, and 579 million yuan for 2025, 2026, and 2027, respectively. The report suggests that the company's performance will benefit from industry growth and capacity expansion [4][5][30].

Core Insights - Zhejiang Huading Co., Ltd. represents the transformation of the nylon silk industry from traditional manufacturing to high-quality development [1] - The company has witnessed significant growth and innovation under the leadership of Zheng Yang, a key member of the second-generation management team [1][2] Company Development - Zheng Yang's career began in a well-known venture capital firm, providing him with insights into capital market operations before returning to focus on enterprise management [2] - The company is set to significantly enhance its production capacity with the launch of new production facilities and smart factories [2] - Zheng Yang emphasizes the importance of adapting strategies to market trends and enhancing core competitiveness through technological innovation and product upgrades [2][3] Investment Logic - Zheng Yang's investment philosophy is characterized by a balance of stability and innovation, focusing on long-term development potential rather than short-term capital operations [3] - The acquisition of Huading was driven by confidence in the nylon industry and the belief that historical issues could be resolved through integration [3] - In 2024, Huading is projected to achieve a net profit of 489 million yuan, reflecting a year-on-year increase of 206.27% [3] Group and Subsidiary Relationship - The relationship between the group and its listed companies should be one of mutual empowerment and support, providing resources and platforms without excessive control [4][5] - Maintaining strategic alignment between the group and its subsidiaries is essential, facilitated by a culture of open communication and shared values [5] Industry Focus - Huading's core competitiveness lies in its comprehensive product range, strong flexible manufacturing capabilities, resilient team, and sufficient cash flow [6] - The company aims to deepen its focus on functional and recycled nylon products, aligning with market demands to achieve its vision of becoming the global leader in nylon silk [6]

证券代码：601113 证券简称：华鼎股份 公告编号：2025-028 义乌华鼎锦纶股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 2、 公司在任监事5人，出席5人，监事朱俊杰、张岚岚以通讯方式出席会议； 3、 董事会秘书张益惠女士出席会议；公司部分高管列席会议。 | 1、出席会议的股东和代理人人数 | 210 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 283,416,107 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 25.6682 | 1、 公司在任董事9人，出席9人，董事金晨皓、杨帆、张学军、王玉萍、丁志坚 以通讯方式出席会议； 二、 议案审议情况 1 (一) 股东大会召开的时间：2025 年 5 月 13 日 (二) 股东大会召开的地点：公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 ...