Financial Performance - In 1H25, the company achieved revenue of 8.347 billion yuan, a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 964 million yuan, up 14.2% year-on-year, with a non-recurring net profit of 927 million yuan, increasing by 17.9% [1] - For 2Q25, the company reported revenue of 4.36 billion yuan, a year-on-year increase of 15.5% and a quarter-on-quarter increase of 9.6%, with a net profit attributable to shareholders of 553 million yuan, up 13.2% year-on-year and 34.5% quarter-on-quarter, and a non-recurring net profit of 546 million yuan, increasing by 20.7% year-on-year and 43.5% quarter-on-quarter [1] Growth Trends - In 2Q25, the company's shipment value continued to show strong year-on-year growth, with an estimated overall shipment growth of over 20%, driven primarily by the new energy sector [2] - The new energy segment remains the core driver of growth, with shipments of high-voltage direct current for new energy vehicles and new energy inverters both increasing by over 50% year-on-year, benefiting from strong domestic new energy vehicle sales and recovering European demand [2] - Industrial control and signal relays also showed a recovery, with shipments increasing by over 30% year-on-year in 2Q25, while automotive low-voltage shipments grew by 16-17% year-on-year [2] Modular Business and Product Development - The modular business continued to expand, with significant growth in automotive modules, particularly high-voltage distribution boxes, which saw nearly 200% year-on-year growth in shipments for 1H25 [3] - New products such as film capacitors, connectors, fuses, and current sensors are in the process of customer expansion and market introduction, awaiting further order releases [3] Profitability and Cost Management - In 2Q25, the company's gross margin improved to 34.7%, with a year-on-year increase of 0.03 percentage points and a quarter-on-quarter increase of 0.9 percentage points, benefiting from product structure optimization and increased revenue scale [3] - The company's expense ratio decreased to 15.3% in 2Q25, with year-on-year and quarter-on-quarter changes of -1.3 percentage points and -2.5 percentage points, respectively, primarily due to positive exchange rate effects on financial expenses [3] Earnings Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026 at 1.926 billion yuan and 2.248 billion yuan, respectively, with a target price of 30.0 yuan, corresponding to P/E ratios of 17.9x and 15.3x for 2025 and 2026 [4] - The target price implies an upside potential of 27.1%, maintaining an outperform rating in the industry [4]

Summary of the Conference Call for Hongfa Technology Co., Ltd. Company Overview - **Company**: Hongfa Technology Co., Ltd. - **Industry**: Relay and electrical components manufacturing Key Points and Arguments Business Performance - Overall business growth for the first half of 2025 was approximately 1% [2] - Significant growth in the new energy vehicle sector, with high-voltage direct current relay shipments reaching 2.6 billion, a year-on-year increase of over 40% [2][5] - High-voltage control box shipments grew nearly 200%, driven by competitive advantages and new model adoptions [2][3] - Home appliance business achieved revenue of 1.6 billion, a year-on-year increase of 5.8% despite fierce competition [4] Market Dynamics - European market for high-voltage direct current relays showed rapid growth, with increasing revenue contribution due to accelerated electrification [2][13] - Industrial relay market experienced a recovery with a year-on-year shipment increase of 26.9%, driven by demand from new energy-related industrial clients [2][15] - Low-voltage switch products saw slight growth, with component sales up about 10%, but complete equipment sales declined by approximately 20% due to real estate sector impacts [4][6] Future Outlook - Company remains optimistic about future growth, particularly in the new energy vehicle sector, with plans to expand high-voltage common rail modules [7] - High-voltage control box business expected to reach a scale of 800 to 1,000 million in the next one to two years [12] - Continued focus on optimizing business segments to adapt to global market changes and enhance operational efficiency [7] Regional Performance - Overseas markets, especially Europe and the U.S., showed significant demand increases for industrial relays [16] - The company is expanding its overseas production capacity, with ongoing projects in Indonesia and Germany [20] Product Development - New products such as capacitors, fuses, and current sensors have shown promising market performance, particularly in the automotive sector [8] - Connector business faced fluctuations but entered new markets like energy storage and satellite communication [9] Financial Metrics - Gross margin maintained between 35% and 40%, with expectations of stable profitability in the second half of the year [10] - The company anticipates overcoming rising labor and material costs with a target of around 10% growth [10] Challenges and Risks - The company faced challenges in the low-voltage switch product segment due to real estate market impacts [4][19] - The North American market showed pressure in the current sensor and electric meter segments, although growth in charging equipment and data centers was noted [19][29] Strategic Initiatives - Plans to enhance automation and cultivate cross-national production management talent to support long-term growth [21] - Expansion of production facilities in Indonesia and Germany to bolster global competitiveness [20][22] Conclusion - Hongfa Technology Co., Ltd. is positioned for continued growth in the new energy vehicle and industrial relay markets, with strategic initiatives aimed at enhancing operational efficiency and expanding market presence. The company remains vigilant about market challenges while leveraging its competitive advantages in product offerings.

财报披露季，机构最新持股动向逐渐明朗。二季度末养老金账户出现在宏发股份前十大流通股东榜。基 本养老保险基金八零七组合、基本养老保险基金一五零二二组合为宏发股份第九、第七大流通股东，合 计持股量为2822.27万股，占流通股比例为1.93%。 ...

养老金视角，本期较上一期持股增加的养老金基金共计1个，即基本养老保险基金一五零二二组合，持 股增加占比达0.3%。。本期较上一季度新披露的养老金基金共计1个，即基本养老保险基金八零七组 合。 2025年7月30日，宏发股份(600885.SH)发布2025年半年度报告。截至2025年7月29日，共有60个机构投 资者披露持有宏发股份A股股份，合计持股量达8.93亿股，占宏发股份总股本的61.18%。其中，前十大 机构投资者包括有格创业投资有限公司、香港中央结算有限公司、联发集团有限公司、阿布达比投资 局、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金、全国社保基金一一五组合、 基本养老保险基金一五零二二组合、中国工商银行-广发稳健增长证券投资基金、基本养老保险基金八 零七组合、中国农业银行股份有限公司-国泰智能汽车股票型证券投资基金，前十大机构投资者合计持 股比例达57.99%。相较于上一季度，前十大机构持股比例合计下跌了0.69个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计39个，主要包括南方中证500ETF、鹏华优选价 值股票A、广发稳健增长混合A、中信证券红利价值A、国泰 ...

Group 1 - The core point of the article is the approval of the 2025 semi-annual report and the proposed changes to the company's capital structure and governance, including the cancellation of the supervisory board and the establishment of an audit committee [5][20][24]. - The company reported a basic earnings per share of 0.5784 yuan for the first half of 2024, with a diluted earnings per share of 0.5784 yuan after the capital increase [1][8]. - The company plans to increase its registered capital by 417,070,554 shares, resulting in a new registered capital of 1,459,746,940 yuan [8][25]. Group 2 - The board of directors held a meeting on July 28, 2025, where all members were present, and the meeting was conducted in accordance with legal regulations [4][7]. - The company will no longer have a supervisory board; its functions will be transferred to the audit committee under the board of directors [20][24]. - The company is committed to improving governance and operational efficiency as part of its "Quality Improvement and Efficiency Enhancement" action plan [13].

Core Viewpoint - Hongfa Technology Co., Ltd. is actively enhancing its corporate governance and operational efficiency through the revision of its internal regulations and the implementation of its "Quality Improvement and Efficiency Enhancement" action plan for 2025, aiming to increase shareholder returns and maintain sustainable growth [2][7][11]. Group 1: Corporate Governance and Regulation Updates - The company has revised its articles of association and related internal regulations to improve governance standards and comply with relevant laws and regulations [2][18]. - Specific regulations that require shareholder approval include the "Shareholders' Meeting Rules," "Board Meeting Rules," and "Independent Director Work System," which will take effect upon approval [3][18]. - The company will no longer have a supervisory board, with its functions transferred to the audit committee of the board [18]. Group 2: Financial Performance and Growth Strategy - For the first half of 2025, the company achieved a revenue of 8.347 billion yuan, representing a year-on-year increase of 15.43%, and a net profit attributable to shareholders of 964 million yuan, up 14.19% [7][11]. - The company is focusing on its core business and implementing the "75+" strategy to enhance market share, particularly in the renewable energy and automotive sectors [7][9]. - The company reported significant growth in various sectors, including a 31% increase in film capacitors and a 36% increase in current sensors [10][12]. Group 3: Investor Relations and Communication - The company emphasizes stable cash dividends, having distributed a total of 2.987 billion yuan in dividends over the past eleven years, which accounts for 30.67% of cumulative net profit [11]. - The company is committed to enhancing investor communication through regular performance briefings and various channels to ensure transparency and timely information sharing [14][15]. - An investor meeting is scheduled for August 1, 2025, to discuss the company's half-year performance and address investor inquiries [27][28]. Group 4: Technological Innovation and Investment - The company has invested over 600 million yuan in technological upgrades, establishing automated production lines and enhancing its research and development capabilities [12][13]. - In the first half of 2025, the company completed 462 new product development projects, with a completion rate of 90% [12]. - The company has also made strides in international patent applications, submitting 138 international patent applications across 13 countries and regions [12].

Core Viewpoint - The company has successfully implemented its 2025 "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan, achieving significant growth in revenue and profit despite external challenges [1][2]. Group 1: Financial Performance - The company reported a revenue of 8.347 billion yuan, representing a year-on-year increase of 15.43% [1] - The net profit attributable to shareholders reached 964 million yuan, up 14.19% year-on-year [1] - The net profit excluding non-recurring gains and losses was 927 million yuan, reflecting a growth of 17.85% [1] - The per capita sales collection efficiency improved to 654,000 yuan, an increase of 8.9% year-on-year [1] Group 2: Business Growth and Market Position - The company's relay products experienced solid growth, with stable market share and no significant weaknesses in downstream sectors [2] - The demand for signal relays in key application areas has increased, leading to rapid growth compared to the previous year [2] - The company’s weak current automotive relay business benefited from the domestic market and the rise of independent brands, achieving rapid growth [2] - The high-voltage direct current series products showed significant competitive advantages, aligning with the upgrading demands of downstream markets [2] Group 3: Strategic Initiatives - The company is committed to its "75+" strategy, focusing on high-quality development in its core relay business while also promoting the growth of five new product categories [3] - The company has invested over 600 million yuan in technological upgrades, establishing flexible and automated production lines [5] - The company has completed 462 new product development projects, achieving a completion rate of 90% [5] Group 4: Investor Relations and Governance - The company emphasizes stable cash dividends, having distributed cash dividends for eleven consecutive years, with a payout of 0.515 yuan per share [4] - The company has enhanced its investor communication strategies, ensuring a 100% response rate to investor inquiries [6] - The company has improved its governance structure by refining its "three meetings" system and ensuring compliance with legal regulations [7][8]

Summary of Key Points Core Viewpoint The announcement details the changes in registered capital and the revision of the company's articles of association following the conversion of convertible bonds and the capital reserve increase. Group 1: Changes in Registered Capital - The company issued 20 million convertible bonds with a total value of 2 billion RMB, approved by the China Securities Regulatory Commission [1] - As of June 30, 2025, the total number of shares increased by 240 shares due to the conversion of bonds, resulting in a registered capital increase of 240 RMB [2] - The registered capital is now 1,459,746,940 RMB, with a total of 1,459,746,940 shares issued, all of which are ordinary shares [2] Group 2: Revision of Articles of Association - The company revised its articles of association to comply with regulatory requirements and improve corporate governance, including the removal of the supervisory board [2] - The new articles enhance the requirements for directors, the board of directors, and specialized committees, and the supervisory board's functions will be taken over by the audit committee [2] - The revised articles will take effect immediately upon approval, and previous internal regulations related to the supervisory board will be abolished [2]

股票代码：600885 公司简称：宏发股份 公告编号：临 2025-036 债券代码：110082 债券简称：宏发转债 宏发科技股份有限公司 关于选举职工代表董事的公告 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。 丁云光先生原为公司第十一届董事会非职工代表董事，变更为第十一届董事 会职工代表董事后，公司第十一届董事会构成人员不变。 本次选举完成后，公司董事会中兼任高级管理人员职务的董事以及由职工代 表担任的董事，总计未超过公司董事总数的二分之一，符合相关法律法规及规范 性文件的要求。 特此公告。 宏发科技股份有限公司董事会 为进一步完善公司治理结构， 根据《中华人民共和国公司法》 《上市公司 章程指引》 等相关法律法规及《公司章程》 的规定，宏发科技股份有限公司（以 下简称"公司" ）于 2025 年 7 月 28 日召开职工大会选举丁云光先生为公司第十 一届董事会职工代表董事（简历详见附件） ，任期自本次职工大会审议通过之日起 至公司第十一届董事会任期届满之日止。 附件： 职工代表董事简历 丁云光，男，1962 年出生 ...

股票代码：600885 公司简称：宏发股份 公告编号：临 2025-034 债券代码：110082 债券简称：宏发转债 宏发科技股份有限公司 关于修订和制定公司相关制度的公告 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个别及连带责任。 宏发科技股份有限公司（以下简称"公司"）于 2025 年 7 月 28 日召开 了第十一届董事会第八次会议，审议通过了《关于修订和制定公司相关制度的议 案》，具体修订情况如下： 一、修订、制定原因 序号 制度名称 制度类 审议批准程序 型 为提高宏发科技股份有限公司（以下简称"公司"）治理水平，进一步规范和 完善公司治理制度，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司章程指引（2025 年修订）》 《上市公司募集资金监管规则》 《上海证券 交易所股票上市规则》 《上市公司独立董事管理办法》 《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等相关法律、法规以及规范性文件和《公 司章程》的规定，并结合公司实际情况，拟修订和制定相关细则和制度。 二、本次具体制订、修订制度 ...