Financial Performance - The company's operating revenue for Q1 2025 reached ¥506,311,710.59, representing a 25.53% increase compared to ¥403,345,883.27 in the same period last year[4] - Net profit attributable to shareholders increased by 48.52% to ¥22,693,674.11 from ¥15,279,549.56 year-on-year[4] - The net profit after deducting non-recurring gains and losses surged by 145.21%, amounting to ¥22,650,453.42 compared to ¥9,237,302.97 in the previous year[4] - Basic and diluted earnings per share both rose by 50.00%, reaching ¥0.09 from ¥0.06 in the same period last year[4] - Total operating revenue for Q1 2025 reached ¥506,311,710.59, a 25.6% increase from ¥403,345,883.27 in Q1 2024[21] - Net profit for Q1 2025 was ¥22,693,674.11, representing a 48.7% increase compared to ¥15,279,549.56 in Q1 2024[22] - Basic and diluted earnings per share for Q1 2025 were both ¥0.09, up from ¥0.06 in Q1 2024[23] - Total comprehensive income for Q1 2025 was ¥21,727,915.31, an increase from ¥15,646,566.58 in Q1 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,644,320,066.20, a 0.92% increase from ¥2,620,332,357.18 at the end of the previous year[6] - Current assets totaled CNY 1,705,652,441.74, slightly down from CNY 1,715,191,764.99 at the end of 2024[16] - Cash and cash equivalents decreased to CNY 512,946,640.65 from CNY 577,618,002.70[15] - Accounts receivable increased to CNY 423,469,804.73 from CNY 416,703,783.18[16] - Inventory rose to CNY 315,149,614.08 compared to CNY 282,786,988.65 at the end of 2024[16] - Total liabilities were CNY 584,237,601.91, slightly up from CNY 583,665,708.19[17] - Non-current assets increased to CNY 938,667,624.46 from CNY 905,140,592.19[16] - The total liabilities and equity amounted to ¥2,644,320,066.20, up from ¥2,620,332,357.18 in the previous year[18] Cash Flow - The net cash flow from operating activities was negative at -¥9,828,615.80, worsening from -¥3,453,362.59 in the previous year[4] - Cash flow from operating activities for Q1 2025 showed a net outflow of ¥9,828,615.80, compared to a net outflow of ¥3,453,362.59 in Q1 2024[25] - Cash inflow from investment activities in Q1 2025 was ¥50,459,169.24, down from ¥91,815,298.34 in Q1 2024[25] - Cash outflow from investment activities for Q1 2025 totaled ¥134,289,873.40, compared to ¥151,712,523.06 in Q1 2024[25] - The net increase in cash and cash equivalents was -$68,139,575.52[27] - The beginning balance of cash and cash equivalents was $441,955,275.02[27] - The ending balance of cash and cash equivalents was $373,815,699.50[27] Shareholder Information - The company reported a total of 14,649 common shareholders at the end of the reporting period[11] - There were no significant changes in the top 10 shareholders or their shareholding percentages[13] Other Information - The weighted average return on equity increased by 0.34 percentage points to 1.11% from 0.77%[4] - Non-recurring gains and losses amounted to a net total of ¥43,220.69 for the period[9] - The company has not disclosed any new product developments or market expansion strategies during the reporting period[14] - The company reported a decrease in short-term borrowings and other current liabilities[17] - The company's capital reserve increased to ¥1,108,919,584.07 from ¥1,107,231,684.08 year-over-year[18] - Cash inflow from financing activities totaled $25,000,000[27] - Net cash flow from financing activities was $25,000,000[27] - The impact of exchange rate changes on cash and cash equivalents was $519,744.44[27]

Summary of Haixing Co., Ltd. Conference Call Company Overview - Haixing Co., Ltd. specializes in the production of aluminum electrolytic capacitor electrode foils, headquartered in Nantong, Jiangsu. The company has nearly 40 years of history and ranks second in global market share. It is recognized as a national "specialized, refined, distinctive, and innovative" small giant enterprise and has been listed among China's top 100 electronic component companies for 26 consecutive years. Haixing has subsidiaries in Sichuan, Ningxia, Xinjiang, Hong Kong, Japan, and Shanghai [3][4]. Industry Position and Product Applications - Haixing is a leading enterprise in the aluminum electrolytic capacitor foil industry, with applications in consumer electronics, industrial control, military, new energy vehicle charging piles, photovoltaic inverters, and AI servers. The company holds a dominant position in the technically challenging low-voltage sector [4]. - The product mix includes approximately 30% low-voltage products and 70% medium and high-voltage products. Low-voltage products are primarily used in consumer electronics, automotive electronics, humanoid robots, and servers, while medium and high-voltage products are more focused on new energy applications [4][7]. Growth Drivers and Market Trends - The automotive electronics sector is a significant growth area for Haixing. Since 2019, the company has undertaken projects to address import substitution, achieving mass supply in 2023. It is expected that automotive electronics will account for 5% of total revenue in 2024, with significant growth anticipated in 2025, achieving a gross margin exceeding 40% [4][10]. - The AI server market is driving strong demand for high-voltage aluminum electrolytic capacitors. Haixing is establishing a new production base in Xinjiang, focusing on high-voltage capacitor foil production, with plans to add 20 million square meters of capacity, corresponding to an output value of 2 billion yuan [4][16][18]. Financial Performance and Margin Improvement - The improvement in gross margin is attributed to product mix optimization, with a higher proportion of high-margin products and a recovery in the electronic consumer market driving increased order demand. The company is operating at near full capacity, which helps to dilute fixed costs [4][34]. - The gross margin for low-voltage products is typically 5 to 10 percentage points higher than that of medium and high-voltage products. For instance, low-voltage products in automotive electronics have a gross margin exceeding 40%, while medium and high-voltage products have a margin around 20% [9][21]. Production Capacity and Expansion Plans - Haixing is continuously expanding its production capacity. By the end of 2024, the total capacity for low and medium-high voltage foils will reach 42 million square meters, increasing to 57 million square meters by the end of 2025, and 66 million square meters by the end of 2027, capturing approximately 15% of the global market share [4][28][29]. - The Xinjiang base benefits from nearly 30% lower electricity costs compared to other bases, with an estimated annual savings of about 200 million yuan from the new high-voltage capacity [4][31]. Competitive Landscape - The competitive landscape varies between low and medium-high voltage products. Low-voltage products face less competition due to their technical complexity, while medium-high voltage products have more competitors, leading to a more intense competitive environment [8][15]. - Haixing's high-voltage products, particularly for servers, represent the company's highest technical level, with a gross margin of approximately 38%, which is higher than the average but slightly lower than automotive products [21]. Future Outlook - The company anticipates a significant increase in revenue from server-related products, expecting to reach a revenue share of 4% in 2024, with a growth rate exceeding 50%. By 2025, the target is to achieve an 8% to 18% revenue share, driven by developments in AI and other downstream applications [23]. - Haixing's major shareholder has set ambitious growth targets, aiming for over 20% annual growth in revenue and profit from 2024 to 2027 [38]. Conclusion - Haixing Co., Ltd. is well-positioned for future growth, leveraging its technological advancements, production capacity expansions, and favorable market trends. The management's confidence in achieving positive results is reflected in their strategic plans and shareholder support [39].

证券代码：603115 证券简称：海星股份 公告编号：2025-004 南通海星电子股份有限公司 2025 年第一次临时股东大会决议公告 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法律责任。 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 1 月 17 日 (二)股东大会召开的地点：公司会议室 (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 | 47 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 161,548,000 | | 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（%） | 67.5367 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 二、 议案审议情况 (一) 累积投票议案表决情况 1、 关于补选独立董事的议案 | | | | 权的比例（%） | | | --- | --- | --- | --- | ...

国浩律师（上海）事务所 关 于 南通海星电子股份有限公司 2025 年第一次临时股东大会 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 二零二五年一月 国浩律师（上海）事务所 关于南通海星电子股份有限公司 2025 年第一次临时股东大会之法律意见书 致：南通海星电子股份有限公司 受南通海星电子股份有限公司（以下简称"公司"）委托，国浩律师（上海） 事务所（以下简称"本所"）指派律师出席了公司于 2025 年 1 月 17 日召开的 2025 年第一次临时股东大会，并根据《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》"）等法律、 法规及中国证券监督管理委员会《上市公司股东大会规 ...

海星股份 2025 年第一次临时股东大会会议资料 证券代码：603115 证券简称：海星股份 南通海星电子股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 1 月 | 年第一次临时股东大会须知 1 | 2025 | | --- | --- | | 年第一次临时股东大会会议议程 3 | 2025 | | 议案一：关于补选独立董事的议案 4 | | 海星股份 2025 年第一次临时股东大会会议资料 南通海星电子股份有限公司 一、 为保证股东大会的严肃性和正常秩序，切实维护与会股东（包括股东 代理人，下同）的合法权益，除出席会议的股东、公司董事、监事、高级管理 人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会 场。 二、 出席现场会议的股东须在会议召开前 30 分钟到会议现场办理签到手 续，并请按规定出示证券账户卡、身份证或法人单位证明、授权委托书等，经 验证后领取会议资料，方可出席会议。 三、 股东依法享有发言权、质询权、表决权等权利。股东要认真履行法定 义务，不得侵犯其他股东的权益，不得扰乱会议的正常程序。如股东欲在本次 股东大会上发言，可在签到时先向会议会务组登记。会上主持 ...

经与会董事认真讨论，审议并通过如下议案： 1、审议通过《关于补选独立董事的议案》 表决结果：同意9票；反对0票；弃权0票。 证券代码：603115 证券简称：海星股份 公告编号：2025-001 南通海星电子股份有限公司 第五届董事会第七次会议决议公告 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法律责任。 一、董事会会议召开情况 南通海星电子股份有限公司（以下简称"公司"）第五届董事会第七次会议 通知于 2024 年 12 月 27 日以邮件、专人送达等方式送达各位董事。会议于 2024 年 12 月 31 日以现场和通讯相结合的方式在公司会议室召开。本次会议应出席董 事 9 人，实际出席董事 9 人，其中以现场方式参会董事 6 人，以通讯方式参会董 事 3 人。本次会议由董事长周小兵先生召集并主持，公司监事、高级管理人员及 其他管理人员列席了本次会议。本次会议的召开符合《中华人民共和国公司法》 《公司章程》等有关法律、法规、规范性文件的规定，程序合法。 二、董事会会议审议情况 具体内容详见同日公司在上海证券交易所网站（www.ss ...

证券代码：603115 证券简称：海星股份 公告编号：2024-061 南通海星电子股份有限公司 2024 年第四次临时股东大会决议公告 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 12 月 11 日 (二)股东大会召开的地点：公司会议室 (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 | 180 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 161,967,100 | | 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（%） | 67.7119 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 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： 本次会议是否有否决议案：无 本次股东大会由公司董事会召集，董事长周小兵先生因公出差未能主持本次会议， 受公司半数以上董事推举，会议由公司董事、总经理孙新明先生主持。 本次会议采用现场投票和网络投 ...

国浩律师（上海）事务所 关 于 南通海星电子股份有限公司 2024 年第四次临时股东大会 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 二零二四年十二月 国浩律师（上海）事务所 关于南通海星电子股份有限公司 2024 年第四次临时股东大会之法律意见书 致：南通海星电子股份有限公司 受南通海星电子股份有限公司（以下简称"公司"）委托，国浩律师（上海） 事务所（以下简称"本所"）指派律师出席了公司于 2024 年 12 月 11 日召开的 2024 年第四次临时股东大会，并根据《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》"）等法律、 法规及中国证券监督管理委员会《上市公司股东大 ...

海星股份 2024 年第四次临时股东大会会议资料 证券代码：603115 证券简称：海星股份 南通海星电子股份有限公司 2024 年第四次临时股东大会会议资料 2024 年 12 月 | 年第四次临时股东大会须知 1 | 2024 | | --- | --- | | 年第四次临时股东大会会议议程 3 | 2024 | | 议案一：关于向银行申请增加综合授信额度的议案 4 | | 海星股份 2024 年第四次临时股东大会会议资料 南通海星电子股份有限公司 2024 年第四次临时股东大会须知 为维护全体股东的合法权益，确保南通海星电子股份有限公司（以下简称"公 司"）2024 年第四次临时股东大会的正常秩序和议事效率，根据《中华人民共和 国公司法》《上海证券交易所股票上市规则》《上市公司股东大会规则》《公司 章程》等相关规定，制定会议须知如下： 一、 为保证股东大会的严肃性和正常秩序，切实维护与会股东（包括股东 代理人，下同）的合法权益，除出席会议的股东、公司董事、监事、高级管理 人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会 场。 二、 出席现场会议的股东须在会议召开前 30 分钟到会议现场 ...

证券代码：603115 证券简称：海星股份 公告编号：2024-060 南通海星电子股份有限公司 关于独立董事辞职的公告 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。 南通海星电子股份有限公司董事会 2024 年 11 月 19 日 南通海星电子股份有限公司（以下简称"公司"）董事会于近日收到独立 董事顾卫平先生的辞职报告，顾卫平先生因个人原因申请辞去公司独立董事、 董事会薪酬与考核委员会委员、提名委员会委员职务，辞职后，顾卫平先生将 不再担任公司任何职务。 由于顾卫平先生辞职导致公司独立董事人数少于董事会成员的三分之一， 根据《中华人民共和国公司法》《上市公司独立董事管理办法》和《公司章 程》等相关规定，顾卫平先生的辞职将在公司股东大会选举产生新任独立董事 后生效。在新任独立董事就任前，顾卫平先生仍将按照法律、法规及《公司章 程》规定继续履行独立董事、董事会专门委员会委员的相关职责。为保证公司 董事会的规范运作，公司将依照相关规定尽快完成新任独立董事及各专门委员 会的补选工作。 顾卫平先生在任职公司独立董事期间，勤勉尽责、 ...