| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2025-050 | | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | 宏发科技股份有限公司 关于提前赎回"宏发转债"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： ●宏发科技股份有限公司（以下简称"公司"或者"宏发股份"）股票自 2025 年 10 月 31 日至 2025 年 11 月 20 日，已有 15 个交易日的收盘价不低于 "宏 发转债"当期转股价格（即 22.72 元/股）的 130%（即 29.536 元/股）。根据 《宏发科技股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募 集说明书》"）的相关约定，已触发"宏发转债"的有条件赎回条款。 ●公司于 2025 年 11 月 20 日召开第十一届董事会第十次会议，审议通过了 《关于提前赎回"宏发转债"的议案》，决定行使"宏发转债"的提前赎回权， 按照债券面值加当期应计利息的价格对赎回登记 ...

东方证券股份有限公司关于宏发科技股份有限公司 提前赎回"宏发转债"的核查意见 东方证券股份有限公司（以下简称"东方证券"）作为宏发科技股份有限公 司（以下简称"上市公司"、"宏发股份"或"公司"）2021 年公开发行可转换公 司债券（以下简称"可转债发行"）的保荐机构，根据《证券发行上市保荐业务 管理办法》《可转换公司债券管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市 公司自律监管指引第 12 号——可转换公司债券》等有关规定，对宏发股份提前 赎回"宏发转债"进行了审慎核查，核查情况及核查意见如下： 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准宏发科技股份有限公司公开发行可转 换公司债券的批复》证监许可【2021】3145 号核准，上市公司于 2021 年 10 月 28 日公开发行了 2,000 万张可转换公司债券，每张面值 100 元，发行总额 200,000 万元,发行期限 6 年。可转债的票面利率为第一年 0.3%、第二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 1.8%、第六 ...

Core Viewpoint - The controlling shareholder, Youge Venture Capital Co., Ltd., is reducing its stake in Hongfa Technology Co., Ltd. through block trading, while the company's total share capital is increasing due to the conversion of "Hongfa Convertible Bonds" and a capital increase plan, resulting in a decrease in the shareholder's ownership percentage from 27.67% to 26.94% [1] Summary by Sections - **Shareholder Reduction** - Youge Venture Capital Co., Ltd. has reduced its holdings by 2.3952 million shares through block trading from November 3, 2020, to November 19, 2025 [1] - **Impact of Capital Changes** - The total share capital of the company has increased due to the conversion of "Hongfa Convertible Bonds" and the implementation of a capital increase plan, leading to a passive dilution of Youge's shareholding [1] - **Ownership Structure** - The change in ownership percentage does not trigger a mandatory tender offer and will not lead to changes in the company's controlling shareholder or actual controller, nor will it affect the company's governance structure and ongoing operations [1]

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，博时基金旗下1只基金重仓宏发股份。博时湖北新旧动能转换ETF（159743）三季度减持 4.16万股，持有股数7.86万股，占基金净值比例为1.7%，位居第十大重仓股。根据测算，今日浮亏损失 约12.89万元。 博时湖北新旧动能转换ETF（159743）成立日期2021年12月29日，最新规模1.22亿。今年以来收益 29.3%，同类排名1752/4217；近一年收益25.01%，同类排名1652/3957；成立以来收益13.81%。 博时湖北新旧动能转换ETF（159743）基金经理为尹浩。 截至发稿，尹浩累计任职时间6年40天，现任基金资产总规模109.76亿元，任职期间最佳基金回报 110.32%， 任职期间最差基金回报-32.87%。 11月17日，宏发股份跌5.02%，截至发稿，报31.06元/股，成交6.77亿元，换手率1.46%，总市值453.40 亿元。 资料显示，宏发科技股份有 ...

东方匠心优选混合A（015586）基金经理为房建威。 截至发稿，房建威累计任职时间7年127天，现任基金资产总规模2.56亿元，任职期间最佳基金回报 86.65%， 任职期间最差基金回报-16.04%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月17日，宏发股份跌5.02%，截至发稿，报31.06元/股，成交6.76亿元，换手率1.46%，总市值453.40 亿元。 资料显示，宏发科技股份有限公司位于福建省厦门市集美北部工业区东林路564号，成立日期1990年12 月21日，上市日期1996年2月5日，公司主营业务涉及继电器的生产与销售。主营业务收入构成为：继电 器产品91.22%，电气产品4.63%，其他(补充)3.81%，其他产品0.34%。 从基金十大重仓股角度 数据显示，东方基金旗下1只基金重仓宏发股份。东方匠心优选混合A（015586）三季度持有股数4万 股，占基金净值比例为4.84%，位居第五大重仓股。根据测算，今日浮亏损失约6.56万元。 东方匠 ...

Core Viewpoint - Hongfa Technology Co., Ltd. has experienced a stock price decline of 2.05% on November 17, with a current price of 32.03 CNY per share and a total market capitalization of 46.756 billion CNY [1] Financial Performance - For the period from January to September 2025, Hongfa achieved a revenue of 12.914 billion CNY, representing a year-on-year growth of 18.82%, and a net profit attributable to shareholders of 1.470 billion CNY, up 15.78% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 2.987 billion CNY, with 1.370 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 49,500, a rise of 66.96%, while the average circulating shares per person decreased by 40.11% to 29,476 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 314 million shares, an increase of 16.9179 million shares compared to the previous period [3]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 12.91 billion yuan for the first three quarters of 2025, representing an 18.8% year-on-year increase. The net profit attributable to shareholders was 1.47 billion yuan, up 15.8% year-on-year, while the net profit excluding non-recurring items reached 1.41 billion yuan, reflecting a 17.6% year-on-year growth [2][4]. - In Q3 2025 alone, the company achieved a revenue of 4.57 billion yuan, marking a 25.5% increase year-on-year and a 4.6% increase quarter-on-quarter. The net profit for the same quarter was 510 million yuan, up 18.9% year-on-year but down 8.6% quarter-on-quarter [2][4]. Financial Performance Summary - For the first three quarters of 2025, the company's gross margin was 34.63%, a decrease of 0.43 percentage points year-on-year. In Q3 2025, the gross margin was 35.35%, down 0.40 percentage points year-on-year but up 0.68 percentage points quarter-on-quarter [11]. - The total expenses as a percentage of revenue for the first three quarters of 2025 were 17.23%, a decrease of 0.80 percentage points year-on-year. In Q3 2025, the expense ratio was 18.86%, an increase of 0.31 percentage points year-on-year and 3.70 percentage points quarter-on-quarter [11]. - As of the end of Q3 2025, the company's inventory was 3.489 billion yuan, up 20.0% year-on-year and 13.2% quarter-on-quarter. The contract liabilities were 5.6 million yuan, down 9.9% year-on-year and 6.6% quarter-on-quarter. The debt-to-asset ratio was 36.54%, a decrease of 4.16 percentage points year-on-year [11].

Group 1 - The company, Hongfa Technology (600885.SH), has indicated that its high-voltage direct current relays and supporting products can be utilized in high-voltage direct current power supply systems for data centers [1] - The company is also expanding its product offerings to include circuit breakers and other low-voltage electrical products, which have promising application prospects in data centers [1]

经上海证券交易所同意，公司 200,000万元可转换公司债券于 2021 年 11 月 23 日起在上海证券交易所挂牌交易，债券简称"宏 发转债"，债券代码"110082"。 本次发行的可转债开始转股的日期为 2022 年 5 月 5 日，初始转 股价格为 72.28 元/股，最新转股价格为 22.72 元/股。 股票代码：600885 公司简称：宏发股份 公告编号：2025-048 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"宏发转债"预计满足赎回条件的提示性公告 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。 一、可转债发行上市概况 宏发科技股份有限公司（以下简称"公司"）经中国证券监督管 理委员会《关于核准宏发科技股份有限公司公开发行可转换公司债券 的批复》（证监许可【2021】3145号）核准，于 2021 年 10 月 28 日 公开发行了 2,000万张可转换公司债券，每张面值 100 元，发行总 额200,000万元, 发行期限 6 年。可转债的票面利率为第一年 0.3%、 第二年 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Industrials - **Focus**: Growth at reasonable price in the industrial sector Company Ratings and Financial Metrics - **LOPAL-H (2465.HK)**: - Rating: Buy - Market Cap: 7,374 million RMB - Share Price: 11.75 RMB - Price Target: 15.00 RMB (28% upside) - P/BV: 2.5x - ROE: 2% (2025E), 12% (2026E), 17% (2027E) - PE: 105x (2025E), 19x (2026E), 12x (2027E) - Net Profit: 76 million RMB (2025E), 421 million RMB (2026E), 649 million RMB (2027E) [2][2][2] - **CSSC (600150.SH)**: - Rating: Buy - Market Cap: 160,560 million RMB - Share Price: 35.90 RMB - Price Target: 45.80 RMB (28% upside) - P/BV: 1.9x - ROE: 10% (2025E), 12% (2026E), 14% (2027E) - PE: 26x (2025E), 15x (2026E), 11x (2027E) - Net Profit: 10,198 million RMB (2025E), 18,527 million RMB (2026E), 24,019 million RMB (2027E) [2][2][2] - **Hongfa (600885.SH)**: - Rating: Buy - Market Cap: 44,478 million RMB - Share Price: 30.47 RMB - Price Target: 36.50 RMB (20% upside) - P/BV: 3.9x - ROE: 18% (2025E), 19% (2026E), 18% (2027E) - PE: 23x (2025E), 20x (2026E), 17x (2027E) - Net Profit: 1,921 million RMB (2025E), 2,247 million RMB (2026E), 2,556 million RMB (2027E) [2][2][2] Comparative Analysis - **Electric Components Sector**: - Hongfa's P/E ratio is lower than the sector average of 28x for 2025E, indicating potential undervaluation [4][4]. - **Battery Supply Chain**: - Gotion (002074.SZ) has a market cap of 83 billion RMB with a PE of 26x for 2025E, while CATL (300750.SZ) has a significantly higher market cap of 1,793 billion RMB with a PE of 26x for 2025E [5][5]. Market Trends and Insights - **Solid-State Battery (SSB) Developments**: - The SSB index has shown significant rallies driven by government subsidies and new product launches, indicating a growing interest and investment in this technology [7][8]. - **Battery Materials Pricing**: - Limited pricing opportunities are expected in the battery materials sector, with production schedules closely correlated with battery index performance [10][10]. Additional Insights - **Potential Risks**: - Companies like Ronbay (688005.SH) and Yunnan Energy (002812.SZ) are rated Neutral, indicating potential risks in their financial performance with significant declines in net profit projections [2][2][2]. - **Sector Performance**: - The overall performance of the industrial sector is influenced by macroeconomic factors and government policies, which could impact investment decisions [1][1]. This summary encapsulates the key points from the conference call, focusing on company ratings, financial metrics, market trends, and potential risks within the China industrials sector.