Core Viewpoint - Hongfa Technology Co., Ltd. is a leading global relay manufacturer with significant technological advantages and a strong market position in the relay industry [1] Group 1: Business Performance - In Q3 2025, Hongfa's revenue reached 12.914 billion yuan, ranking second among 28 companies in the industry, while the industry leader, Guodian Nari, reported revenue of 38.577 billion yuan [2] - The revenue composition includes 7.614 billion yuan from relay products (91.22%), 386 million yuan from electrical products (4.63%), and 31.8 million yuan from other products (3.81%) [2] - The net profit for the same period was 1.947 billion yuan, also placing it second in the industry, with Guodian Nari leading at 5.146 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hongfa's debt-to-asset ratio was 36.54%, lower than the previous year's 40.70% and below the industry average of 40.35% [3] - The gross profit margin for the same period was 34.63%, slightly down from 35.17% year-on-year but still above the industry average of 31.57% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 66.96% to 49,500, while the average number of circulating A-shares held per account decreased by 40.11% [5] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 314 million shares, an increase of 16.917 million shares from the previous period [5] Group 4: Strategic Developments - Hongfa's revenue for the first half of 2025 was 8.347 billion yuan, a year-on-year increase of 15.43%, with net profit at 964 million yuan, up 14.19% [6] - The company continues to solidify its leading position in the relay market, with relay business revenue of 7.614 billion yuan, a growth of 17.26% [6] - New product categories are being developed, including low-voltage electrical products and ceramic body DC fast fuses, with significant growth in current sensors and film capacitors [6]

Summary of the Conference Call for Hongfa Technology Co., Ltd. Industry Overview - The conference call primarily discusses the performance and outlook of Hongfa Technology Co., Ltd., focusing on its relay products and related sectors, particularly in the context of the renewable energy and automotive industries. Key Points and Arguments Financial Performance - In the first nine months of 2025, Hongfa's revenue from new energy-related products exceeded 1 billion yuan, marking a year-on-year growth of over 40% [2][4] - High-voltage direct current (HVDC) and high-voltage control box shipments approached 3.8 billion yuan, also reflecting a year-on-year increase of nearly 40% [2][4] - The electric relay segment saw shipments of over 1.7 billion yuan, with growth accelerating to 12.7% compared to the previous six months [2][5] - Despite rising silver prices, Hongfa managed to improve its gross margin in Q3 2025 through production optimization and cost management [12][13] Product Performance - High-voltage control boxes (PDU and BDU) are expected to achieve sales of 350 to 400 million yuan in 2025, with a projected growth of over 100% [2][9] - The automotive module business, particularly the Battery Management System (BMS), generated 140 million yuan, reflecting an 18% year-on-year increase [2][7] - The industrial module segment completed 56 million yuan in sales, growing over 30% year-on-year [2][7] Market Trends and Future Outlook - The market for high-voltage direct current relays is anticipated to grow significantly, with projections of reaching 3 to 4 billion yuan by 2026-2027, where Hongfa aims to capture over 40% market share [2][11] - The company is transitioning from single components to modular solutions, enhancing value in automotive applications [8][9] - Hongfa's sales in the European market increased by 30% year-on-year, with strong growth in Southeast Asia and other regions [8] Challenges and Strategic Responses - The North American market showed mixed results, with smart meter sales declining by about 10%, while other sectors like new energy vehicles performed well [14] - The company is facing delays in the construction of its Indonesian factory, expected to be operational by next year [15] - Hongfa's human resource efficiency is improving, with per capita receivables nearing 1 million yuan, up nearly 10% year-on-year [16] Innovation and Development - Hongfa is actively developing new vehicle-mounted products, including DCDC modules, which are now on the market [10] - The company emphasizes innovation in customized solutions, particularly in the data center sector, where demand for high-voltage direct current relays is expected to rise [11][18] Conclusion - Hongfa Technology Co., Ltd. is experiencing robust growth across various segments, particularly in new energy and automotive applications. The company is well-positioned to capitalize on emerging market opportunities while navigating challenges in specific regions. The focus on innovation and modular solutions is expected to drive future growth and enhance competitive advantage.

Core Viewpoint - Hongfa Co., Ltd. reported a significant increase in both revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential in the market [1] Financial Performance - The company achieved a revenue of 4,567,057,750.48 yuan in the third quarter of 2025, representing a year-on-year growth of 25.54% [1] - The net profit attributable to shareholders of the listed company was 505,618,471.63 yuan, reflecting a year-on-year increase of 18.95% [1]

Group 1: Global Gold Demand - The World Gold Council reported that global gold demand reached 1313 tons in Q3 2025, marking the highest quarterly demand on record [1] - The total demand value amounted to $146 billion, driven primarily by investment demand [1] - Gold investment demand surged to 537 tons, a 47% year-on-year increase, accounting for 55% of total Q3 gold demand [1] Group 2: Storage Chip Market - Storage chip prices began to rise in September 2025, accelerating into Q4 due to supply shortages [2] - Major storage chip manufacturers shifted production capacity towards high-end chips for AI and data centers, leading to a significant reduction in traditional storage chip supply [2] - Current price increases in the spot market range from 60% to 80%, with some popular models seeing price hikes of up to 100% [2] Group 3: Smartphone Market - Global smartphone shipments reached 320.1 million units in Q3 2025, reflecting a 3% year-on-year growth, indicating signs of recovery after a weak first half [2] Group 4: AI Server Market - TrendForce forecasts that AI server shipments will grow by over 20% in 2026, driven by steady demand from cloud service providers and the growth of AI applications [3] Group 5: Financial Performance of Companies - China Duty Free Group reported a 22.13% decline in net profit for the first three quarters of 2025, with revenues down 7.34% [7] - Everbright Securities experienced a 34.55% increase in net profit for the first three quarters of 2025, with revenues up 27.83% [8] - Shanshan Co. reported a staggering 1121.72% increase in net profit for the first three quarters of 2025, with revenues growing by 11.48% [9] - Agricultural Bank of China reported a net profit of 813.49 billion yuan for Q3 2025, a 3.66% year-on-year increase [19] - Industrial and Commercial Bank of China reported a net profit of 1018 billion yuan for Q3 2025, a 3.29% year-on-year increase [18] Group 6: Market Trends - The market experienced a significant downturn, with the ChiNext Index dropping nearly 2% and over 4100 stocks declining [22] - Lithium mining and quantum technology sectors showed strong performance, while gaming and coal sectors faced substantial declines [22]

Core Insights - Hongfa Technology (600885.SH) reported a third-quarter revenue of 4.567 billion yuan, representing a year-on-year growth of 25.54% [1] - The net profit attributable to shareholders of the listed company was 506 million yuan, reflecting a year-on-year increase of 18.95% [1] Financial Performance - Third-quarter revenue: 4.567 billion yuan, up 25.54% year-on-year [1] - Net profit attributable to shareholders: 506 million yuan, up 18.95% year-on-year [1]

| 证券代码：600885 | 证券简称：宏发股份 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | 宏发科技股份有限公司 关于使用自有资金进行委托理财的公告 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。 重要内容提示： 基本情况 | 投资种类 | 中低风险理财产品 | | | | --- | --- | --- | --- | | 投资金额 资金来源 | 不超过 自有资金 | 30 | 亿元 | 已履行及拟履行的审议程序 宏发科技股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召 开的第十一届董事会第九次会议审议通过了《关于使用自有资金进行委托理 财的议案》。本议案无需提交公司股东会审议。 特别风险提示 公司及子公司拟使用自有资金进行委托理财的品种为金融机构发行的中 低风险理财产品，金融市场受宏观经济的影响较大，不排除该项投资受到市 场波动风险、宏观经济形势及货币政策、财政政策等宏观政策发生变化带来 的系统性风险影响， ...

投资者可于 2025 年 10 月 31 日(星期五)至 11 月 05 日(星期三)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 zqb@hongfa.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。 宏发科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 5 日下午 16:00 - 17:00 举行 2025 年第三季度业绩说明会， 就投资者关心的问题进行交流。 | 证券代码：600885 | 证券简称：宏发股份 | 编 | 号：临 | 2025—047 | | --- | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | | 宏发科技股份有限公司 关于召开 2025 年第三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 ...

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 2025-045 | | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | 为进一步提高公司及子公司闲置自有资金的使用效率、增加公司收益，为公司及股东获 取更多的投资回报，根据公司目前的资金状况，将使用合计不超过人民币 30 亿元进行委托 理财，在此额度内资金可以滚动使用。 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。 （一）、董事会会议召开情况 宏发科技股份有限公司（以下简称"公司"或者"宏发股份"）于 2025 年 10 月 25 日以 电子邮件和电话通知的方式向公司全体董事和高级管理人员发出召开第十一届董事会第九次 会议的通知，会议于 2025 年 10 月 30 日上午在公司会议室以通讯方式召开。会议应到董事 9 名，实到董事 9 名，公司高级管理人员列席会议。会议由董事长郭满金先生主持，会议的召 集和召开符合《公司法》、《证券法》和《公司章程》的有关规定，会议决议合法有效。 （二）、董事会会议审议情 ...

Core Viewpoint - Hongfa Co., Ltd. reported significant revenue and profit growth for the third quarter of 2025, indicating strong operational performance and positive market conditions [1] Financial Performance - In Q3 2025, the company achieved a revenue of 4.567 billion yuan, representing a year-on-year increase of 25.54% [1] - The net profit attributable to shareholders for Q3 2025 was 506 million yuan, reflecting a year-on-year growth of 18.95% [1] - Basic earnings per share for Q3 2025 stood at 0.3464 yuan [1] - For the first three quarters of 2025, the total revenue reached 12.914 billion yuan, with a year-on-year increase of 18.82% [1] - The net profit attributable to shareholders for the first three quarters was 1.47 billion yuan, showing a year-on-year growth of 15.78% [1] - Basic earnings per share for the first three quarters were reported at 1.0069 yuan [1]

证券代码：600885 证券简称：宏发股份 宏发科技股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 宏发科技股份有限公司 2025 年第三季度报告 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 4,567,057,750.48 | 25.54 | 12,914,117 ...