Group 1 - The resilience of Chinese assets has attracted significant attention from foreign institutions, with 236 A-share companies being investigated by foreign entities since April [1] - The top ten companies receiving the most foreign institution inquiries include Huaming Equipment, Hongfa Technology, Luxshare Precision, Anker Innovation, and others, focusing on sectors such as consumer electronics, pet economy, and technology innovation [1] - Notable foreign institutions conducting research include Morgan Stanley, Franklin Templeton, and UBS Asset Management, indicating strong interest in companies like Huaming Equipment and Hongfa Technology [1][2] Group 2 - The domestic demand sector has gained market attention, with companies like Guibao Pet and Baiya Co. experiencing significant stock price increases since April [1] - In the technology sector, companies such as Luxshare Precision and Anker Innovation have also been the focus of over ten foreign institution inquiries, highlighting their growth potential [2] - Blue Glass Technology has expanded into new fields such as humanoid robots and AI glasses, indicating diversification beyond traditional consumer electronics [2] Group 3 - Many foreign institutions are optimistic about Chinese assets, with Franklin Templeton noting that A-shares have a lower dependency on foreign investment compared to other Asian markets, enhancing market resilience [3] - The low holding ratio of overseas investors in Chinese stocks suggests potential for growth, with expectations of positive surprises in the Chinese economy and corporate performance [3] - Morgan Stanley emphasizes the stability of China's economic and policy environment, suggesting that global investors will reassess investment opportunities in Chinese assets [3]

股票代码：600885 宏发科技股份有限公司 HONGFA TECHNOLOGY CO.，LTD. 2024 可持续发展报告 SUSTAINABILITY REPORT IN 2024 目录 CONTENTS 01 关于宏发 05 社会 业务范围 04 产品创新引领 36 区域分布 04 知识产权保护 37 发展历程与可持续荣耀 05 供应链管理 38 产品质量责任 41 02 可持续发展管理 数字化运营 42 排放物与废弃物管理 33 关于本报告 1 领导致辞 2 | 可持续发展策略 | 07 | | --- | --- | | 实质性议题管理 | 08 | | 可持续发展沟通 | 11 | | 响应联合国可持续发展目标 | 12 | | | 可持续发展策略 | 07 | 数据安全与隐私保护 | 43 | | --- | --- | --- | --- | --- | | | 实质性议题管理 | 08 | 客户关系管理 | 44 | | | 可持续发展沟通 | 11 | 保障员工权益 | 45 | | | 响应联合国可持续发展目标 | 12 | 多元化与平等机会 | 46 | | | | | 员工薪酬福利与 ...

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 2025-023 | | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | 宏发科技股份有限公司 第十一届董事会第七次会议决议公告 具体内容详见公司同日披露的《宏发股份：2024 年第一季度报告》。 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 二、《宏发科技股份有限公司 2024 年度可持续发展报告》 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。 （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 4 月 23 日以电 子邮件和电话通知的方式向公司全体董事、监事和高级管理人员发出召开第十一届董事会第 七次会议的通知，会议于 2025 年 4 月 28 日在公司会议室以通迅方式召开。会议应到董事 9 名，实到董事 9 名，公司监事和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 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥3,982,795,719.10, representing a 15.35% increase compared to ¥3,452,812,881.70 in the same period last year[5]. - Net profit attributable to shareholders was ¥411,101,183.24, up 15.47% from ¥356,020,974.11 year-on-year[5]. - The basic earnings per share increased to ¥0.3943, reflecting a growth of 15.50% compared to ¥0.3414 in the previous year[5]. - Operating profit for Q1 2025 was CNY 632,948,692.28, representing an increase of 15.1% compared to CNY 549,625,864.29 in Q1 2024[19]. - The company reported a total comprehensive income of CNY 539,632,568.08 for Q1 2025, compared to CNY 468,081,758.14 in Q1 2024, marking a 15.2% increase[20]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥502,221,565.91, a decline of 107.20% from -¥242,388,192.36 in the same period last year[5][8]. - Cash inflow from operating activities totaled CNY 3,192,336,439.63, a 16.1% increase from CNY 2,750,676,850.31 in Q1 2024[23]. - The company reported a total cash outflow from operating activities of $3.69 billion, compared to $2.99 billion previously, reflecting increased operational expenses[24]. - The company's cash and cash equivalents decreased to CNY 3,751,573,455.73 from CNY 3,954,125,703.17, representing a decline of approximately 5.1%[14]. - The company’s total cash and cash equivalents at the beginning of the period were $1.86 billion, compared to $1.74 billion in the previous period[24]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥21,152,520,687.52, marking a 2.36% increase from ¥20,664,486,793.07 at the end of the previous year[6]. - The total liabilities of the company were CNY 8,142,498,424.73, slightly up from CNY 8,122,091,964.42, reflecting a marginal increase of 0.25%[17]. - The company's short-term borrowings increased to CNY 1,497,785,684.70 from CNY 1,213,516,480.57, indicating a rise of approximately 23.5%[17]. - The total equity of the company reached CNY 13,010,022,262.79, up from CNY 12,542,394,828.65, which is an increase of about 3.73%[17]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,176[9]. - The largest shareholder, Youge Venture Capital Co., Ltd., holds 27.35% of the shares, with 51,200,000 shares pledged[10]. Research and Development - Research and development expenses increased to CNY 194,332,712.87, up 9.0% from CNY 178,301,009.24 in Q1 2024[18]. Future Outlook - The company is focusing on expanding its market presence and enhancing product development strategies[1]. - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[19]. Accounting and Standards - The company will not apply new accounting standards starting from 2025, as confirmed in the announcement[25].

Group 1: Company Performance Highlights - Xingchen Technology achieved revenue of 2.354 billion yuan, a year-on-year increase of 16.49%, and a net profit of 256 million yuan, up 25.18% [3] - Lida's total revenue reached 6.807 billion yuan, growing by 1.88%, with a net profit of 418 million yuan, an increase of 33.25% [6][4] - Wangsu Technology reported revenue of 4.932 billion yuan, a 4.81% increase, and a net profit of 675 million yuan, up 10.02% [6] - Yanjing Co. achieved revenue of 1.485 billion yuan, a 17.96% increase, with a net profit of 27.28 million yuan, up 30.72% [6] - Weike Technology reported revenue of 1.819 billion yuan, a 35.64% increase, and a net profit of 220 million yuan, up 31.05% [7] - Hongfa Co. achieved revenue of 14.102 billion yuan, a 9.07% increase, with a net profit of 1.631 billion yuan, up 17.09% [11] - Hongxin Electronics reported revenue of 5.875 billion yuan, a significant increase of 68.91%, and a net profit of 56.82 million yuan, up 113.05% [12] Group 2: Business Segments and Growth Drivers - Xingchen Technology's smart IoT business grew significantly, with revenue of 475 million yuan, up 38.61%, and its automotive chip business also performed well, achieving revenue of 245 million yuan, up 31.01% [3] - Lida's lighting products contributed the majority of revenue, with lighting revenue at 4.363 billion yuan, a 5.84% increase [4] - Wangsu Technology focused on CDN and edge computing, increasing R&D investment to 447 million yuan, which is 9.07% of revenue [6] - Yanjing Co. plans to enhance customer loyalty through R&D innovation and global supply chain utilization [6] - Weike Technology is expanding into precision injection molding and health products, forming a "mold-injection integration" production model [7] - Hongfa Co. maintained a leading position in relay products, with a market share increase in various segments [11] - Hongxin Electronics experienced rapid growth in its computing power segment, significantly boosting overall profitability [12]

| 证券代码：600885 | 证券简称：宏发股份 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | 宏发科技股份有限公司 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个别及连带责任。 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 (一)股东大会召开的时间：2025 年 4 月 21 日 (二)股东大会召开的地点：厦门宏发电声股份有限公司东林厂区二楼生产调度会 议室（厦门市集美区东林路 564 号） (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有股份情况： | 1、出席会议的股东和代理人人数 | 429 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 601,851,454 | | 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（%） | 57.7218 | (四)表决方式符合《公司法》及《公司章程》的规定 大会 ...

競天公誠律師事務所 JINGTIAN & GONGCHENG 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于宏发科技股份有限公司2024年年度股东大会的 法律意见书 致:宏发科技股份有限公司 北京市竞天公诚律师事务所(以下简称"本所")接受宏发科技股份有限公司 (以下简称"公司")的委托,指派本所吴杰江律师、李蒙律师对公司于 2025年 4 月 21 日 14 点 30 分在厦门宏发电声股份有限公司东林厂区二楼生产调度会议 室(厦门市集美区东林路 564 号)召开的 2024 年年度股东大会(以下简称"本次 股东大会")进行见证,并依据《中华人民共和国公司法》等中国现行法律、法 规和其他规范性文件(以下简称"中国法律法规")及《宏发科技股份有限公司章 程》(以下简称"公司章程")的规定,就本次股东大会的召集和召开程序、出席 会议人员资格、召集人资格、会议表决程序和表决结果等事宜(以下简称"程序 事宜")出具本法律意见书。 为出具本法律意见书,本所律师 ...

Core Viewpoint - The performance of the CSI 500 Quality Growth Index and its constituent stocks has shown significant upward movement, indicating a positive market sentiment and potential investment opportunities in the sector [1][2]. Group 1: Index Performance - As of April 21, 2025, the CSI 500 Quality Growth Index rose by 1.15%, with notable increases in constituent stocks such as Chifeng Jilong Gold Mining (up 7.35%) and Hunan Gold (up 6.56%) [1]. - The CSI 500 Quality Growth ETF experienced a 0.87% increase, reaching a latest price of 0.92 yuan [1]. Group 2: Fund Growth Metrics - The CSI 500 Quality Growth ETF saw a significant scale increase of 7.91 million yuan over the past week, ranking in the top third among comparable funds [1]. - The latest share count for the CSI 500 Quality Growth ETF reached 575 million, marking a one-month high and also placing it in the top third among comparable funds [1]. - The ETF recorded a net inflow of 913,900 yuan, with a total of 14.67 million yuan net inflow over the last five trading days, averaging 2.93 million yuan per day [1]. Group 3: Market Outlook - According to Huaxi Securities, the Chinese equity market is expected to benefit from a valuation advantage compared to major global indices, with supportive policies anticipated from the upcoming political bureau meeting [2]. - The central government has emphasized its commitment to stabilizing the stock market, which is expected to bolster investor confidence [2]. Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 24.26% of the index, with Chifeng Jilong Gold Mining being the highest at 3.13% [3][5].

Core Points - The A-share market's three major indices closed mixed, with the Shanghai 380 Index down 0.25% at 5304.0 points and a trading volume of 88.591 billion yuan [1] - The Shanghai 380 Index has decreased by 6.15% over the past month, increased by 1.25% over the past three months, and has fallen by 1.15% year-to-date [1] - The index is composed of 380 securities selected from the Shanghai Stock Exchange based on criteria such as revenue growth rate, return on equity, trading volume, and total market capitalization [1] Index Composition - The top ten weighted stocks in the Shanghai 380 Index include: Hu Nong Commercial Bank (1.28%), Chifeng Gold (1.21%), Chengdu Bank (1.14%), Yunnan Agricultural Commercial Bank (1.02%), Yutong Bus (0.94%), Rockchip (0.87%), Hengtong Optic-Electric (0.80%), China Software (0.78%), Shengyi Technology (0.74%), and Hongfa Technology (0.72%) [1] - The index is entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Industry Breakdown - The industry composition of the Shanghai 380 Index includes: Industrial (26.66%), Information Technology (14.56%), Materials (12.26%), Financials (10.34%), Healthcare (10.20%), Consumer Discretionary (8.46%), Communication Services (4.72%), Energy (3.72%), Consumer Staples (3.55%), Utilities (3.37%), and Real Estate (2.15%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, with a sample adjustment limit of 10% [2] - Special adjustments may occur under certain circumstances, such as when a sample is delisted or undergoes mergers, acquisitions, or splits [2]

Summary of Hongfa Technology Co Ltd Conference Call Company Overview - **Company**: Hongfa Technology Co Ltd - **Industry**: Industrials, specifically focusing on relays and electrical components - **Market Cap**: Rmb37,484 million - **Stock Rating**: Overweight - **Price Target**: Rmb37.00, with a 3% upside from the current price of Rmb35.95 Key Financial Highlights - **FY24 Performance**: - Revenue: Rmb14,669 million, up 9% YoY - Net Profit: Rmb1,560 million, up 12% YoY - EBITDA: Rmb3,327 million, up 4% YoY - **4Q24 Results**: - Revenue: Rmb3.2 billion, a 6% increase YoY but a 11% decrease QoQ - Net Profit: Rmb362 million, a 25% increase YoY but a 15% decrease QoQ - Management expects revenue growth of approximately 10% YoY for 2025, supported by high-margin new energy and automotive relays [9][6][12] Growth Drivers - **New Energy and Automotive Relays**: - Expected to drive approximately 10% YoY growth in 2025 - Management is optimistic about domestic market conditions due to a higher order backlog and potential policy stimulus - Anticipated growth of 20-30% YoY for new energy vehicle (NEV) relays and around 15% for automotive relays in 2025 [2][9] - **New Product Revenue**: - New products are projected to reach Rmb4-5 billion in revenue over the next five years, with significant growth in PDU/BDU (+236% YoY) and current sensors (+81% YoY) [3][9] - **Overseas Capacity Expansion**: - Expansion in Germany and Indonesia is on track, with the Indonesia plant expected to generate an output value of over Rmb600 million in its first phase [4][9] Risks and Challenges - **Market Risks**: - Potential downturn in global EV demand and a sharp decline in China's property market could negatively impact home appliance consumption [14] - Uncertainty surrounding US trade policies is expected to have an insignificant impact on operations [2] Valuation and Outlook - **Valuation Methodology**: - A target P/E of 20x is applied to the 2025 EPS estimate, consistent with the 10-year average forward P/E [12] - **Long-term Growth**: - Management's guidance indicates a steady growth trajectory, with expectations of continued margin expansion and diversification in product offerings [9][6] Conclusion - Hongfa Technology Co Ltd demonstrates solid profit growth and a resilient outlook for 2025, driven by new energy and automotive relays, alongside strategic overseas expansions. However, potential market risks, particularly in the EV sector and property market, warrant careful monitoring.