Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved Q3 revenue of 4.567 billion RMB, representing a year-over-year increase of 25.54% and a quarter-over-quarter increase of 4.65%. The net profit attributable to shareholders was 506 million RMB, up 18.95% year-over-year but down 8.58% quarter-over-quarter. For the first three quarters of 2025, the company reported a total revenue of 12.914 billion RMB, a year-over-year increase of 18.82%, and a net profit of 1.470 billion RMB, up 15.78% year-over-year [1][7] - The growth in revenue is primarily attributed to the sustained demand in the relay sector and the acceleration of new product categories, with expectations for continued performance growth driven by overseas markets and data centers [1][3] Summary by Sections Financial Performance - In Q3 2025, the gross margin was 35.35%, showing a quarter-over-quarter increase of 0.69 percentage points despite rising raw material costs and competitive pricing pressures. The net profit margin was 14.63%, down 1.03 percentage points year-over-year and 2.20 percentage points quarter-over-quarter, mainly due to an increase in the expense ratio [2] - The company generated a net cash flow from operating activities of 1.573 billion RMB in the first three quarters of 2025, reflecting a year-over-year increase of 30.49% [2] Product Development and Market Position - The company is strengthening its core business in relays while actively expanding into new product categories such as fuses and film capacitors. A five-year plan has been established to guide the achievement of phased goals and drive order and revenue growth [3] - The company is also developing modular solutions, such as high-voltage control boxes, to enhance product value and increase the self-manufacturing ratio of new product categories [3] Growth Opportunities - The company has a rich reserve of components and solutions for data centers, including relays, connectors, and various power distribution solutions. The shift from AC to DC power supply architectures in AI data centers is expected to enhance demand for the company's products, providing new growth momentum [4] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted upward by 1.30%, 2.10%, and 3.92% to 1.893 billion RMB, 2.195 billion RMB, and 2.590 billion RMB, respectively, with a three-year compound growth rate of 16.66%. The target price is set at 44.68 RMB, based on a PE ratio of 29.71 for 2026 [5]

Group 1 - The core viewpoint of the news is that Hongfa Technology Co., Ltd. has seen a stock price increase of 5.04%, reaching 30.61 CNY per share, with a total market capitalization of 446.83 billion CNY as of October 31 [1] - Hongfa's main business involves the production and sales of relays, with relay products accounting for 91.22% of its main business revenue, followed by electrical products at 4.63%, and other products at 3.81% and 0.34% respectively [1] Group 2 - From the perspective of fund holdings, only one fund from Bosera Asset Management has a significant position in Hongfa, specifically the Bosera Hubei New and Old Kinetic Energy Conversion ETF, which reduced its holdings by 41,600 shares in the third quarter, now holding 78,600 shares, representing 1.7% of the fund's net value [2] - The Bosera Hubei New and Old Kinetic Energy Conversion ETF has a total scale of 1.22 billion CNY and has achieved a year-to-date return of 28.56%, ranking 2032 out of 4216 in its category [2]

Core Insights - Hongfa Co., Ltd. (600885.SH) reported its Q3 2025 results, revealing that 52 institutional investors hold a total of 885 million shares, accounting for 60.65% of the company's total equity [1] - The top ten institutional investors collectively hold 58.43% of the shares, with a 0.44 percentage point increase from the previous quarter [1] Institutional Investors - Among the institutional investors, notable names include Gree Venture Capital, Hong Kong Central Clearing Limited, and various pension funds [1] - In the public fund sector, 10 funds increased their holdings, while 20 funds reduced their stakes, with a decrease of 0.65% in holdings [2] - New disclosures included 11 public funds, while 470 funds did not disclose their holdings this quarter [2] Pension Funds - One pension fund, the Basic Pension Insurance Fund 807 Combination, increased its holdings, while another, the Basic Pension Insurance Fund 1001 Combination, was newly disclosed [3] Foreign Investment - The Abu Dhabi Investment Authority was noted as a foreign institution that did not disclose its holdings this quarter [4]

Group 1: China National Offshore Oil Corporation (CNOOC) - CNOOC reported a net profit of 101.97 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.6% [1][2] - The company's operating income for the third quarter was 104.89 billion yuan, an increase of 5.7% year-on-year, while the net profit attributable to shareholders was 32.44 billion yuan, down 12.2% [1][2] - CNOOC's oil and gas net production reached 578.3 million barrels of oil equivalent in the first three quarters, a year-on-year increase of 6.7% [2] Group 2: BYD - BYD's net profit for the first three quarters of 2025 was 233.33 billion yuan, a decrease of 7.55% year-on-year [4][5] - The company's operating income for the third quarter was 1949.85 billion yuan, down 3.05% year-on-year, with a net profit of 78.23 billion yuan, a decline of 32.60% [4][5] Group 3: Industrial and Commercial Bank of China (ICBC) - ICBC reported a net profit of 269.91 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.33% [6][7] - The bank's operating income for the third quarter was 212.93 billion yuan, up 3.41% year-on-year, with a net profit of 101.80 billion yuan, an increase of 3.29% [6][7] Group 4: China Construction Bank (CCB) - CCB's net profit for the first three quarters of 2025 was 257.36 billion yuan, a year-on-year increase of 0.62% [9][10] - The bank's operating income for the third quarter was 179.43 billion yuan, down 1.98% year-on-year, while the net profit was 95.28 billion yuan, an increase of 4.19% [9][10] Group 5: Agricultural Bank of China (ABC) - ABC reported a net profit of 220.86 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.03% [14][15] - The bank's operating income for the third quarter was 1809.39 billion yuan, up 4.36% year-on-year, with a net profit of 813.49 billion yuan, an increase of 3.66% [14][15] Group 6: Ping An Insurance - Ping An Insurance's net profit for the first three quarters of 2025 was 147.79 billion yuan, a year-on-year increase of 41.01% [16][17] - The company's operating income for the third quarter was 353.27 billion yuan, down 11.48% year-on-year, with a net profit of 42.49 billion yuan, a decline of 55.98% [16][17] Group 7: Luxshare Precision - Luxshare Precision reported a net profit of 115.18 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.92% [18][19] - The company's operating income for the third quarter was 964.11 billion yuan, up 31.03% year-on-year [18][19] Group 8: GF Securities - GF Securities achieved a net profit of 109.34 billion yuan for the first three quarters of 2025, a year-on-year increase of 61.64% [20][21] - The company's operating income for the third quarter was 107.66 billion yuan, up 51.82% year-on-year [20][21] Group 9: China Southern Airlines - China Southern Airlines reported a net profit of 18.70 billion yuan for the first three quarters of 2025, a year-on-year increase of 37.31% [22][23] - The company's operating income for the third quarter was 490.69 billion yuan, up 0.90% year-on-year, while the net profit was 36.76 billion yuan, down 11.31% [22][23] Group 10: China Galaxy Securities - China Galaxy Securities reported a net profit of 109.68 billion yuan for the first three quarters of 2025, a year-on-year increase of 57.51% [35][36] - The company's operating income for the third quarter was 90.04 billion yuan, up 55.94% year-on-year [35][36]

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， ...