| 证券代码：601231 | 证券简称：环旭电子 | 公告编号：2025-077 | | --- | --- | --- | | 转债代码：113045 | 转债简称：环旭转债 | | 环旭电子股份有限公司 关于"环旭转债"转股价格调整暨转股停牌的公告 证券停复牌情况：适用 因公司股票期权行权达到转股价格调整标准，本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113045 | 环旭转债 | 可转债转股停牌 | 2025/9/1 | 全天 | 2025/9/1 | 2025/9/2 | 环旭电子股份有限公司（以下简称"公司"）经中国证券监督管理委员会"证监 许可[2021]167 号"文核准，于 2021 年 3 月 4 日公开发行了 3,450 万张可转换公司 债券，每张面值 100 元，发行总额为人民币 345,000 万元。经上海证券交易所自律 监管决定书【2021】133 号文同意，可转换公司债券于 2021 年 4 ...

Core Viewpoint - The report highlights that AI is gradually being implemented at the edge, driving upgrades in consumer electronics, and maintains a "buy" rating for Huanxu Electronics [1][2]. Financial Performance - In the first half of 2025, Huanxu Electronics reported revenue of 27.214 billion yuan, a slight decrease of 0.63% year-on-year, and a net profit attributable to shareholders of 638 million yuan, down 18.66% year-on-year [1][2]. - For Q2 2025, the company achieved revenue of 13.565 billion yuan, a year-on-year decline of 2.37%, and a net profit of 303 million yuan, down 32.60% year-on-year and 9.51% quarter-on-quarter [1][2]. Business Segment Performance - Revenue from the communications segment was 4.37 billion yuan, down 3.2% year-on-year; consumer electronics revenue was 4.12 billion yuan, up 1.7% year-on-year; industrial segment revenue was 1.93 billion yuan, down 0.5% year-on-year; cloud and storage revenue was 1.5 billion yuan, up 1.1% year-on-year; automotive electronics revenue was 1.3 billion yuan, down 16.7% year-on-year; and medical electronics revenue was 98 million yuan, up 14.3% year-on-year [2][3]. Market Trends - Major consumer electronics brands are launching "AI+" products, enhancing user experience through local AI models that ensure data privacy and security [3]. - Emerging products like AI Glass, AI PCs, and smart home devices are gaining consumer attention, while traditional categories like smartwatches and TWS earbuds continue to evolve [3]. Technological Advancements - Huanxu Electronics is a leader in SiP miniaturization technology, which is crucial for meeting the demand for compact and integrated electronic components in new consumer electronics [3][4]. - The company’s miniaturization technology addresses challenges in robotics, such as heat dissipation and weight reduction, enhancing reliability and stability [4]. Global Expansion Strategy - Huanxu Electronics has been implementing a global localization strategy since 2018, with multiple acquisitions and new factory openings in various countries, including Poland, Vietnam, and Mexico [4]. - The company currently operates 30 production sites across 12 countries, including China, the U.S., and several European nations [4]. Investment Outlook - The projected net profits for Huanxu Electronics from 2025 to 2027 are 1.92 billion yuan, 2.40 billion yuan, and 3.00 billion yuan, respectively, with corresponding EPS of 0.87 yuan, 1.09 yuan, and 1.37 yuan [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight decline in revenue and net profit for the first half of 2025, with total revenue of 27.214 billion yuan, down 0.63% year-on-year, and a net profit attributable to shareholders of 638 million yuan, down 18.66% year-on-year [5][9] - The company is benefiting from the gradual implementation of AI technology in consumer electronics, which is driving product upgrades and creating new market opportunities [5][6] - The company has a diversified global presence, with production facilities in 12 countries, which enhances its operational resilience and market reach [7][8] Financial Performance Summary - For the second quarter of 2025, the company achieved revenue of 13.565 billion yuan, a year-on-year decrease of 2.37%, and a net profit of 303 million yuan, down 32.60% year-on-year [5] - The company expects a slight year-on-year decline in revenue for the third quarter of 2025, similar to the second quarter's performance, with operating profit margins remaining stable [5] - The projected net profits for 2025, 2026, and 2027 are 1.92 billion yuan, 2.40 billion yuan, and 3.00 billion yuan, respectively, with corresponding EPS of 0.87 yuan, 1.09 yuan, and 1.37 yuan [9][11] Market Trends and Opportunities - The introduction of AI-enhanced consumer electronics products by major brands is expected to drive demand for high-integration SiP modules, which the company specializes in [6] - Emerging fields such as robotics are creating demand for miniaturized electronic modules, where the company's technology can address challenges related to heat dissipation and weight [7] - The company has made strategic acquisitions and expansions, including the acquisition of a major EMS company and the establishment of new production facilities, positioning it well for future growth [8]

AI 眼镜及服务器PDU 等产品全面布局，未来发力增长可期。根据公司半年报及公告，环旭目前已切入 北美AI 眼镜大客户SiP 模组，有望于明年开始供应集成度更高的SiP 产品，价值量较高，我们认为该产 品对环旭相关业务收入及利润有望贡献明显增长。此外，在本次公开业绩会中，公司亦对服务器PDU （电源分配单元）模块业务进行介绍，公司表示未来有望与母公司日月光形成协同，配合下游客户需求 进行相关产品的模组及组装生产，发展前景较为可期。展望未来，我们看好AI 眼镜及服务器PDU 等业 务有望推动环旭收入及利润持续增长。 盈利预测与估值 我们维持环旭2025/26e EPS 0.92/0.99 元，当前股价对应2025/26e20.5/19.1x P/E。我们维持跑赢行业评 级，考虑环旭在AI 眼镜以及服务器领域布局，带动估值中枢上移，我们上调目标价21%至23.0 元，对 应2025/26e 24.9/23.2x P/E，对比当前仍有22%上升空间。 1H25 业绩符合我们预期 环旭电子公布1H25 业绩：营业收入272.14 亿元，同比下降0.63%，归母净利润6.38 亿元，同比下降 18.66%，符合我们预期 ...

据证券之星公开数据整理，近期环旭电子（601231）发布2025年中报。截至本报告期末，公司营业总收 入272.14亿元，同比下降0.63%，归母净利润6.38亿元，同比下降18.66%。按单季度数据看，第二季度 营业总收入135.65亿元，同比下降2.37%，第二季度归母净利润3.03亿元，同比下降32.61%。本报告期 环旭电子公司应收账款体量较大，当期应收账款占最新年报归母净利润比达543.12%。 交易性金融资产变动幅度为-62.69%,原因:本期期末远汇及汇率交换合约未交割金额减少。 应收票据变动幅度为-38.2%,原因:本期末票据到期兑付，收回较多款项。 一年内到期的非流动资产变动幅度为-100.0%,原因:本期应收租赁款收回。 其他非流动资产变动幅度为43.3%,原因:本期末预付工程款及设备款增加。 应交税费变动幅度为-31.74%,原因:本期集团公司汇算清缴。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率9.8%，同比增1.09%，净利率2.27%，同 比减19.82%，销售费用、管理费用、财务费用总计11.15亿元，三费占营收比4.1%，同比增3.63%，每股 净资产8.26元，同 ...

Core Insights - The number of shareholders for the company Huanxu Electronics decreased to 53,411 as of June 30, 2025, representing a reduction of 3,516 shareholders or 6.18% compared to March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 38,600 to 41,100, with an average market value of 601,600 yuan per shareholder [1][2] - The company's stock price experienced a decline of 14.81% during the period from March 31, 2025, to June 30, 2025, coinciding with the decrease in the number of shareholders [1][2] Company Performance - As of June 30, 2025, Huanxu Electronics had a higher number of shareholders compared to the average in the consumer electronics industry, which stood at 52,600 [1] - The average market value of shares held by shareholders in the consumer electronics sector was 393,500 yuan, while Huanxu Electronics exceeded this average [1] - During the same period, the company saw a net outflow of 361 million yuan from major funds, while retail investors contributed a net inflow of 379 million yuan [2]

证券代码：601231 证券简称：环旭电子 公告编号：2025-071 转债代码：113045 转债简称：环旭转债 环旭电子股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 第六届监事会第十四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 （一）环旭电子股份有限公司（以下简称"公司"）第六届监事会第十四次会议的召开符合《公司法》 《公司章程》和《监事会议事规则》的有关规定，会议合法有效。 （二）会议通知和材料于2025年8月15日以邮件方式发出。 （三）会议于2025年8月25日以现场会议（含视频参会）的方式召开。 （四）公司监事会会议应出席监事3人，实际出席监事3人。 （五）本次会议由监事会主席石孟国先生主持召开，董事会秘书史金鹏先生、财务长Xinyu Wu（吴新 宇）先生列席会议。 二、监事会会议审议情况 （一）审议通过关于《2025年半年度报告》及其摘要的议案 公司监事会对2025年半年度报告进行了充分审核，监事会认为： 1、半年报编制和审议程序符合法律、法规、公司章 ...

Group 1 - The company has announced the date for the 2025 First Extraordinary General Meeting of Shareholders, which will be held on September 12, 2025 [4][5] - The meeting will utilize both on-site and online voting methods, with specific time slots for voting outlined [5][6] - The company will provide a reminder service for shareholders to facilitate participation in the voting process [7] Group 2 - The board of directors has approved several resolutions during the 20th meeting of the 6th board, including the approval of the 2025 semi-annual report and the special report on the management and actual use of raised funds [22][25] - The company plans to provide financial assistance to its subsidiaries, with a total amount not exceeding $60 million for one subsidiary and $40 million for another [28][29] - The company has proposed to revise its articles of association and related rules, including the cancellation of the supervisory board, which will be replaced by the audit committee [39][40] Group 3 - The company has made amendments to its articles of association, including changes to the shareholding requirements for proposing shareholder meeting resolutions [41] - The company has also introduced provisions for employee representative directors and independent directors within its governance structure [41] - The revised articles of association and related rules will be disclosed on the Shanghai Stock Exchange website [42][44]

环旭电子股份有限公司 重大事项内部报告制度 第一章 总则 第一条 为完善环旭电子股份有限公司（以下简称"公司"）的法人治理结构，规范 公司重大事项内部报告工作的程序，保证公司信息披露的真实、准确、完整、 及时，促进公司依法规范运作，维护公司和投资者的合法权益，依据《中华 人民共和国公司法》《中华人民共和国证券法》和中国证券监督管理委员会 （"中国证监会"）颁布的《上市公司信息披露管理办法》《环旭电子股份有 限公司章程》（以下简称"《公司章程》"），特制定本制度。 第二章 重大事项通报的基本原则 第三章 重大事项的内容 第六条 重大事项包括但不限于下列内容： (一) 对公司证券及其衍生品种交易价格产生较大影响的重大事件，包括 环旭电子股份有限公司 重大事项内部报告制度 但不限于： 环旭电子股份有限公司 重大事项内部报告制度 理（指总经理和副总经理）无法履行职责； 情况发生较大变化，公司的实际控制人及其控制的其他企业从事与公司 相同或者相似业务的情况发生较大变化； 并、分立、解散及申请破产的决定；或者依法进入破产程序、被责令关 闭； 无效； 事、高级管理人员涉嫌犯罪被依法采取强制措施； 取足额坏账准备； 环旭电子 ...

环旭电子股份有限公司 董事会秘书制度 环旭电子股份有限公司 董事会秘书制度 第一章 宗旨 第一条 为进一步规范环旭电子股份有限公司（以下简称"公司"）董事会秘书的 行为，完善公司法人治理结构，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上市公 司治理准则》和《环旭电子股份有限公司章程》 （以下简称"《公司章程》"）， 制订本制度。 第二章 任职资格 环旭电子股份有限公司 董事会秘书制度 具有下列情形之一的，公司应当披露该董事会秘书候选人具体情形、拟聘 请该候选人的原因以及是否影响公司规范运作： 公司应当设立证券部，证券部负责信息披露事务，由董事会秘书负责管理。 第六条 董事会秘书对公司和董事会负责，履行如下职责： 第二条 公司设董事会秘书一名，董事会秘书是公司的高级管理人员，负责公司股 东会和董事会会议的筹备、文件保管以及公司股东资料管理，办理信息披 露事务等事宜。董事会秘书对公司和董事会负责。 第三条 董事会秘书应当具备以下条件： (一) 具有良好的职业道德和个人品质； (二) ...