Huasu Holdings 华塑控股
15 significant filings since 30 May 2026: 1 on litigation, 8 on share issue and 2 on major holder selling, and 4 other kinds. The latest, on 24 Sep 2026: 关于筹划收购股权暨签署股权转让框架协议的公告. On 15 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to fall by 342.95% to 564.43% from the same period a year earlier.
自 30 May 2026 起有 15 份重大公告：litigation 1 份、share issue 8 份、major holder selling 2 份，另有 4 类。最新一份（24 Sep 2026）：关于筹划收购股权暨签署股权转让框架协议的公告。15 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期下降 342.95% 至 564.43%。
As of 25 Sep 2026 截至2026年9月25日
Huasu Holdings, listed in 1993, operates in the optics and optoelectronics industry. The company reported a narrower net loss in 2025 compared to 2024, with attributable net profit improving to -RMB10.7m from -RMB13.9m. However, revenue declined by 26.8% to RMB755.4m, and operating cash flow turned negative at -RMB0.01 per share, down from RMB0.05. The first half of 2026 showed further deterioration, with a significantly wider loss and declining revenue. Liabilities stood at 81.5% of assets as of 30 Jun 2026, indicating high leverage. The company faces ongoing litigation risks, with two high-level filings in the past year. Profit quality weakened as cash flow lagged behind profit. Despite a modest share price rise, valuation metrics remain strained with a price-to-book ratio of 37.44x.
华塑控股于1993年上市，属于光学光电子行业。2025年归属于母公司股东的净利润为-1,070.7万元，较2024年的-1,393.2万元亏损收窄。但营业收入同比下降26.8%至7.55亿元，每股经营现金流由0.05元转为-0.01元。截至2026年6月30日的上半年，归母净利润亏损扩大，营业收入继续下滑。2026年6月30日资产负债率达81.5%，显示杠杆水平较高。过去12个月有两份诉讼相关公告，法律风险持续。盈利质量减弱，经营现金流落后于利润。尽管股价小幅上涨，市净率达37.44倍，估值水平仍高。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025 2025年归母净利润亏损 | The company reported a net loss in 2025. 公司2025年报告净亏损。 | A net loss reduces retained earnings and weakens equity, limiting internal funding for operations or growth. Continued losses may require external financing or asset sales. 净亏损减少留存收益，削弱净资产，限制内部资金用于经营或扩张。持续亏损可能需要外部融资或资产出售。 |
| Operating cash outflow 经营现金净流出 | Operating cash flow per share was negative in 2025. 2025年每股经营现金流为负。 | Negative operating cash flow indicates the core business is not generating sufficient cash, increasing reliance on financing or reserves. This weakens liquidity and financial flexibility. 经营现金流为负表明主营业务未能产生足够现金，增加对融资或储备的依赖，削弱流动性和财务灵活性。 |
| Revenue down 20% or more on the year before 营业收入同比下降20%或以上 | Revenue declined by more than 20% year-on-year in 2025. 2025年营业收入同比下滑超20%。 | A sharp revenue drop may signal weakening demand, loss of competitiveness, or operational issues. It reduces the base for profit and cash generation. 收入大幅下降可能反映需求减弱、竞争力下降或运营问题，缩小盈利和现金流的基数。 |
| Liabilities at 70% of assets or more 资产负债率达70%或以上 | Liabilities were 81.5% of assets as of 30 Jun 2026. 截至2026年6月30日，负债为资产的81.5%。 | High leverage increases financial risk, especially if earnings or cash flow weaken. It may limit access to new debt and increase refinancing pressure. 高杠杆增加财务风险，尤其在盈利或现金流减弱时。可能限制新债务融资并加大再融资压力。 |
| Pre-announced profit fall of more than 50% 预告净利润降幅超过50% | The company pre-announced a profit decline of more than 50% for the period to 30 Jun 2026. 公司预告截至2026年6月30日的利润同比下滑超50%。 | A large profit decline suggests worsening operating performance. It may erode investor confidence and increase pressure on management to restructure or improve efficiency. 大幅利润下滑表明经营状况恶化，可能削弱投资者信心，增加管理层重组或提升效率的压力。 |
- Change in attributable net profit for the full year 2026 compared to 2025.
2026全年归母净利润较2025年的变动。 - Operating cash flow per share for the full year 2026.
2026全年每股经营现金流。 - Revenue trend for the full year 2026 compared to 2025.
2026全年营业收入较2025年的趋势。 - Update on the major litigation filed on 14 Aug 2026.
2026年8月14日重大诉讼事项的进展。 - Liabilities to assets ratio at year-end 2026.
2026年末资产负债率。 - Net profit excluding non-recurring items for 2026.
2026年扣除非经常性损益后的净利润。
- Company: Huasu Holdings 华塑控股, Shenzhen Stock Exchange 000509; industry Optics and Optoelectronics; listed 7 May 1993.
公司：华塑控股，深圳证券交易所 000509；行业：光学光电子；上市日期：1993年5月7日。 - Close on 24 Sep 2026 RMB3.69; close on 24 Sep 2025 RMB3.41; one-year change +8.2%.
2026年9月24日收盘价3.69元；2025年9月24日收盘价3.41元；一年涨跌幅+8.2%。 - 52-week range RMB2.70 to RMB5.73.
52周区间2.70元至5.73元。 - In the last 12 months 18 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 28 May 2026 +10.0%; 29 May 2026 -9.9%; 9 Jun 2026 +10.1%; 10 Jun 2026 -10.0%; 18 Sep 2026 +9.9%. The longest run of them on consecutive trading days: 5 days.
近12个月共有18个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近5个：2026年5月28日 +10.0%；2026年5月29日 -9.9%；2026年6月9日 +10.1%；2026年6月10日 -10.0%；2026年9月18日 +9.9%。其中最长连续5个交易日。 - Market capitalisation RMB3.96bn; P/E TTM not meaningful (loss-making); price to book 37.44x.
总市值39.60亿元；市盈率（TTM）不适用（亏损）；市净率37.44倍。 - Revenue 2025 RMB755.4m; 2024 RMB1.03bn; change -26.8%.
营业收入2025年7.55亿元；2024年10.32亿元；同比-26.8%。 - Attributable net profit 2025 -RMB10.7m; 2024 -RMB13.9m; change +23.1% (the loss narrowed).
归属于母公司股东的净利润2025年-1,070.7万元；2024年-1,393.2万元；同比+23.1%（亏损收窄）。 - Net profit excluding non-recurring items, 2025 change +14.3%.
2025年扣除非经常性损益后的净利润同比+14.3%。 - Basic EPS 2025 -RMB0.01; 2024 -RMB0.01.
基本每股收益2025年-0.01元；2024年-0.01元。 - Operating cash flow per share 2025 -RMB0.01; 2024 RMB0.05.
每股经营现金流2025年-0.01元；2024年0.05元。 - 2025 gross margin 6.7%; net margin -1.3%; ROE -8.3%.
2025年毛利率6.7%；净利率-1.3%；净资产收益率-8.3%。 - At 30 Jun 2026: liabilities to assets 81.5%; current ratio 1.22; quick ratio 0.79; receivable days 106; inventory days 119.
截至2026年6月30日：资产负债率81.5%；流动比率1.22；速动比率0.79；应收账款周转天数106；存货周转天数119。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB360.8m, change -12.2%; attributable net profit -RMB17.7m, change -551.9% (the loss widened); operating cash flow per share -RMB0.02.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入3.61亿元，同比-12.2%；归母净利润-1,766.1万元，同比-551.9%（亏损扩大）；每股经营现金流-0.02元。 - Pre-announcement of 15 Jul 2026 for the period to 30 Jun 2026: attributable net profit change -564% to -343%.
2026年7月15日发布的截至2026年6月30日业绩预告：归母净利润同比-564%至-343%。 - In the 12 months to 25 Sep 2026: 2 distinct filings classed critical, high or as a lift; by class: 2 filings classed Litigation. One filing can fall in more than one class, and several filings can concern one matter, such as the notice and the result of one auction.
截至2026年9月25日的近12个月：被归为重大、较高级别或解除类的公告共2份；按类别：归为诉讼仲裁的公告2份。同一公告可属多个类别，同一事项亦可有多份公告，例如同一拍卖的提示公告与结果公告。 - 14 Aug 2026, Litigation (high): filing titled 《关于提起重大诉讼的公告》.
2026年8月14日，诉讼仲裁：公告《关于提起重大诉讼的公告》。 - 28 Jan 2026, Litigation (high): filing titled 《重大诉讼事项进展公告》.
2026年1月28日，诉讼仲裁：公告《重大诉讼事项进展公告》。 - Ownership: controlling shareholder 湖北省资产管理有限公司; actual controller 湖北省财政厅; largest holder at 30 Jun 2026: 湖北省资产管理有限公司, 29.08%.
股权：控股股东：湖北省资产管理有限公司；实际控制人：湖北省财政厅；2026年6月30日第一大股东：湖北省资产管理有限公司，持股29.08%。 - No distribution is held in this database, which begins on 1 Jan 2026; earlier distributions are not shown.
本数据库自2026年1月1日起记录，其中无该公司的分配记录；此前的分配未予显示。 - Acquisitions and equity transfers filed in the last 12 months: 1; largest consideration RMB23.7m.
近12个月披露的收购与股权转让：1项；最大对价2,370.5万元。 - Aurelian Grade E, score 19.6 of 100, graded within a peer group of 96 companies in its industry; no rank among peers is given.
金源评级E，得分19.6（满分100），于行业同业96家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。