Core Viewpoint - The announcement details the adjustment of the conversion price for the "Huanxu Convertible Bonds" due to the exercise of stock options, which meets the criteria for price adjustment [2][5]. Group 1: Convertible Bond Issuance - Huanxu Electronics issued 34.5 million convertible bonds with a total value of RMB 345 million, with an initial conversion price set at RMB 20.25 per share [2][4]. - The bonds were listed on the Shanghai Stock Exchange on April 2, 2021, and have a maturity period from March 4, 2021, to March 3, 2027 [2][4]. Group 2: Conversion Price Adjustment - The previous conversion price was RMB 18.60 per share, which has been adjusted to RMB 18.59 per share [6][8]. - The adjustment will take effect on September 2, 2025, with the conversion suspended on September 1, 2025 [8]. Group 3: Basis for Adjustment - The adjustment is based on the company's stock option incentive plan, which has four exercise periods, all of which are currently active [4][6]. - The adjustment formula considers factors such as stock dividends, capital increases, and cash dividends, ensuring fair treatment for bondholders [6][7].

Stepping into the Future, in Harmony with Green USI strives for a sustainable future, leading the way forward with each footprint Championing biodiversity, renewable energy, and ecological balance. Contours of mountains meet forest green in shared vision, Rooting corporate responsibility in every step we take together. 上海证券交易所股票代码 601231 20 24 Sustainability Report Table of Contents 上海证券交易所股票代码 601231 20 24 Sustainability Report Cover Story | About this Report | 4 | | --- | --- | | About USI | 5 | | Letter ...

上海证券交易所股票代码 601231 20 24 可持续发展 报告书 报告书 封面故事 踏步未来，绿意同行 环旭电子永续未来，足迹象征迈出的每一步皆引领未来的方向，推动生物 多样性、可持续能源及生态共存等价值，践行环境友善与包容发展。 融合山脉等高线与森林绿意，展现人与环境和谐共存的愿景，将企业责任 深植于每一处自然与人文中。 上海证券交易所股票代码 601231 20 24 可持续发展 报告书 | 目录 | | | � | | --- | --- | --- | --- | | 关于本报告书 | | 4 | | | 关于环旭电子 | | 5 | | | 董事长与总经理的话 | | 7 | | | 可持续荣耀与肯定 | | 9 | | | � | 可持续管理 | 11 | | | 1.1 | 实践联合国可持续发展目标 | 12 | | | 1.2 | 永续委员会组织 | 13 | | | 1.3 | 可持续发展政策 | 15 | | | 1.4 | 可持续发展策略 | 15 | | | 1.5 | 可持续影响力评估 | 16 | | | 1.6 | 重大性议题分析 | 19 | | | 1.7 | 利益相关方 ...

| 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]

Core Viewpoint - The performance of Huankyu Electronics in 1H25 met expectations, with a slight decline in revenue and a more significant drop in net profit compared to the previous year [1] Financial Performance - In 1H25, Huankyu reported revenue of 27.214 billion yuan, a year-on-year decrease of 0.63%, and a net profit attributable to shareholders of 638 million yuan, down 18.66% [1] - For 2Q25, 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% [1] - The gross margin for 2Q25 improved by 0.1 percentage points to 10.18%, while the expense ratio increased by 0.4 percentage points to 8.10% [1] Business Segmentation - Communications segment: Revenue of 8.867 billion yuan, down 3.21%, with a gross margin decrease of 0.49 percentage points to 6.57% [2] - Consumer electronics segment: Revenue of 8.383 billion yuan, up 8.60%, with a gross margin increase of 0.18 percentage points to 7.94% [2] - Industrial segment: Revenue of 3.694 billion yuan, up 1.37%, with gross margin remaining stable [2] - Cloud and storage segment: Revenue of 2.927 billion yuan, down 3.61%, with a gross margin increase of 3.27 percentage points to 21.27% [2] - Automotive electronics segment: Revenue of 2.682 billion yuan, down 16.04%, with a gross margin increase of 0.23 percentage points to 10.14% [2] Development Trends - The North American customer base is entering an innovation cycle, which is expected to benefit Huankyu's communications and consumer electronics businesses [3] - The upcoming Apple product launch on September 10, 2025, is anticipated to drive demand for iPhone 17 and other wearable products, potentially increasing Huankyu's revenue and profit [3] - Huankyu has entered the North American AI glasses market and plans to supply higher-integrated SiP products next year, which could significantly boost revenue and profit [3] - The company is also focusing on server PDU modules, aiming for synergy with its parent company to meet downstream customer needs, indicating promising growth prospects [3] Earnings Forecast and Valuation - The company maintains its EPS estimates for 2025 and 2026 at 0.92 and 0.99 yuan, respectively, with current stock prices corresponding to P/E ratios of 20.5 and 19.1 times [4] - The target price has been raised by 21% to 23.0 yuan, reflecting an upward shift in valuation due to developments in AI glasses and server sectors, indicating a potential 22% upside from current levels [4]

Core Viewpoint - The recent financial report of Huanxu Electronics (601231) indicates a decline in both revenue and net profit for the first half of 2025 compared to the previous year, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 was 27.214 billion yuan, a decrease of 0.63% year-on-year [1]. - Net profit attributable to shareholders was 638 million yuan, down 18.66% year-on-year [1]. - In Q2 2025, total revenue was 13.565 billion yuan, a decline of 2.37% year-on-year, with net profit at 303 million yuan, down 32.61% year-on-year [1]. - The gross margin was 9.8%, an increase of 1.09% year-on-year, while the net margin decreased to 2.27%, down 19.82% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 1.115 billion yuan, representing 4.1% of revenue, an increase of 3.63% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased by 27.89% to 13.382 billion yuan [1]. - Accounts receivable decreased by 2.72% to 8.975 billion yuan, but the accounts receivable to net profit ratio reached 543.12% [1]. - Interest-bearing debt rose by 5.62% to 7.751 billion yuan [1]. - Earnings per share (EPS) decreased to 0.29 yuan, down 19.44% year-on-year [1]. Cash Flow Analysis - Net cash flow from investing activities increased by 39.05%, attributed to cautious fixed asset investments [6]. - Net cash flow from financing activities surged by 82.14%, due to significant repayments of short-term loans and stock buybacks in the previous year [6]. Business Evaluation - The company's return on invested capital (ROIC) was 6.74%, indicating average capital returns, with a historical median ROIC of 10.85% over the past decade [7]. - The company relies heavily on research and development for its business model, necessitating a deeper analysis of the underlying drivers [7]. Market Sentiment - Analysts project that Huanxu Electronics will achieve a net profit of 1.904 billion yuan in 2025, with an average EPS forecast of 0.87 yuan [7]. - The largest fund holding in Huanxu Electronics is the Jin Ying Technology Innovation Stock A fund, which has increased its position [8].

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]

Group 1 - The company held the 14th meeting of the 6th Supervisory Board on August 25, 2025, which was conducted in accordance with relevant laws and regulations [2][4]. - The meeting reviewed and approved the 2025 semi-annual report, confirming that the report's preparation and review processes complied with legal and regulatory requirements [6][8]. - The Supervisory Board also approved the special report on the management and actual use of raised funds, affirming that the company used the funds in accordance with relevant laws and disclosed information accurately [9][10]. Group 2 - The company raised a total of RMB 3,450,000,000 through the issuance of 34,500,000 convertible bonds, with a net amount of RMB 3,429,570,000 after deducting issuance costs [13]. - As of June 30, 2025, the company had used a portion of the raised funds for various projects, with a remaining balance of RMB 12,445.16 million allocated for permanent working capital [14][26]. - The company established a fundraising management system to ensure compliance with regulations and protect investor interests [14]. Group 3 - The company plans to increase its foreign exchange hedging limit from USD 10 billion to USD 19 billion to mitigate risks associated with currency fluctuations [34][37]. - The hedging activities are closely tied to the company's operational needs, particularly as its global business expands [36]. - The company has implemented strict internal controls and risk management measures to ensure that its financial derivative transactions are conducted safely and in alignment with its business objectives [41][44]. Group 4 - The company will hold a semi-annual performance briefing on September 11, 2025, to discuss its 2025 semi-annual results and address investor inquiries [48][49]. - The briefing will be conducted via video live stream and text interaction, allowing for real-time engagement with investors [51][52]. - Key personnel, including the board secretary and financial officer, will participate in the briefing to provide insights and answer questions [51].