Important Events - Moore Threads signed a contract worth 660 million yuan for the Moore Threads Quasar Intelligent Computing Cluster [1] - Jingwang Electronics has begun shipping 1.6T optical module PCBs [1] - Oni Electronics signed a strategic cooperation agreement for AI workstations with Muxi Co., Ltd [1] - Jerry Holdings signed a sales contract for gas turbine generator sets worth 2.359 billion yuan [1] - China Merchants Energy ordered 10 VLCC oil tankers at a total price of approximately 8.566 billion yuan [1] - China Shipbuilding (core stock) signed a contract for the construction of 10 very large crude carriers with a domestic well-known shipowner, with a value between 8 billion to 9 billion yuan [1] Investment - Dongpeng Beverage plans to use no more than 15 billion yuan of idle self-owned funds for cash management by 2026 [1] - TCL Technology intends to acquire a 45% stake in Guangzhou Huaxing Semiconductor (core stock) for a transaction price of 9.325 billion yuan [1] Buybacks & Increases - China Eastern Airlines plans to repurchase shares worth 500 million to 1 billion yuan, which will all be canceled to reduce registered capital, with a repurchase price not exceeding 5 yuan per share [1] Performance - Agricultural Bank (core stock) expects double-digit growth in revenue and profit by 2025, with average daily RMB deposits growing at the fastest rate in the industry [1] - Mindray Medical anticipates international business revenue of 17.65 billion yuan by 2025, accounting for 53% of total revenue [1] - Silis expects a record revenue of 165.05 billion yuan in 2025, with R&D investment increasing by 77.4% to 12.51 billion yuan [1] - Jixin Technology forecasts a net profit growth of 343.81% for 2025 [1] - Zhaoyan New Drug expects a net profit of 298 million yuan in 2025, a year-on-year increase of 302% [1] - Birun Technology anticipates a total revenue of 1.03 billion yuan in 2025, a 207% increase from the previous year [1] - Zhongji Xuchuang expects a net profit of 10.8 billion yuan in 2025, a year-on-year increase of 109%, and plans to distribute 10 yuan per 10 shares [1] - Salt Lake Co. anticipates a net profit growth of 81.76% in 2025, achieving revenue of 15.501 billion yuan [1] - CICC expects a net profit growth of 71.93% in 2025, planning to distribute 2.3 yuan per 10 shares [1] - Ninebot Company forecasts a net profit growth of 62.17% in 2025 [1] - Lianqi Technology expects a net profit growth of 58.4% in 2025 [1] - Zhaoyi Innovation anticipates a net profit growth of 49.47% in 2025, planning to distribute 7.5 yuan per 10 shares [1] - Zhongwei Company expects a net profit growth of 30.69% in 2025, planning to convert 10 shares into 4.9 shares and distribute 3.5 yuan [1] - Midea Group anticipates a net profit growth of 14.03% in 2025, planning to distribute 38 yuan per 10 shares and repurchase A-shares worth 6.5 billion to 13 billion yuan [1] - Ganfeng Lithium expects a net profit of 1.613 billion yuan in 2025, turning a profit from a loss [1] Quarterly Performance - Newray Co. expects a year-on-year net profit increase of 474%-604% in the first quarter, with price increases across the entire range of hard alloy and tool products [2] - Huarui Precision anticipates a year-on-year net profit increase of 413%-550% in the first quarter, driven by both volume and price increases [2]

Macro News - The Chinese Ministry of Foreign Affairs emphasized that dialogue with Japan regarding Taiwan should respect mutual interests and adhere to existing agreements [4] - The State Administration for Market Regulation announced measures to combat "involution" in key industries such as platform economy, photovoltaic, lithium batteries, and new energy vehicles [4] - U.S. President Trump threatened to destroy Iran's energy infrastructure if a deal is not reached soon, specifically targeting power plants, oil wells, and desalination facilities [4][5] - Iran's parliament approved a bill to charge fees for ships passing through the Strait of Hormuz, which will be implemented in Iranian rials and will prohibit U.S. and Israeli vessels from passing [4] Industry News - The World Data Organization was established in Beijing, aiming to bridge the data gap and enhance the digital economy [8] - The demand for various types of aviation engines in China is expected to exceed 11,600 units over the next 20 years, with a market value of over 85.17 billion yuan [8] - Samsung Electronics has completed the first phase of process upgrades at its Xi'an factory, transitioning from traditional 128-layer NAND flash to mass production of 236-layer products [9] - Morgan Stanley analysts reported that the oil market is depleting its buffer stocks, with significant production and refining capacities currently offline [9] - The aluminum price on the London Metal Exchange (LME) rose significantly due to attacks on major aluminum plants in the UAE and Bahrain [23] Company News - Guizhou Moutai announced an increase in the sales contract price of its 53-degree Flying Moutai from 1,169 yuan to 1,269 yuan per bottle [11][12] - China Merchants Energy announced a total contract value of approximately 8.566 billion yuan for the construction of 10 VLCC oil tankers [13] - Midea Group plans to repurchase A-shares worth between 6.5 billion and 13 billion yuan [14] - Agricultural Bank of China reported a net profit of 292 billion yuan for 2025, a year-on-year increase of 3.3% [19] - China Bank reported a net profit of 243.021 billion yuan for 2025, a year-on-year increase of 2.18% [20]

Core Viewpoint - The company reported a revenue of 15.308 billion yuan for 2025, a year-on-year increase of 20.92%, and a net profit attributable to shareholders of 1.231 billion yuan, up 5.30% year-on-year, indicating strong growth driven by its automotive electronics and AI server businesses [3]. Group 1: Business Performance - The automotive electronics business leads the company, holding the position of the world's largest automotive PCB supplier, while the AI server segment is driving growth [3]. - The company achieved a revenue of 4.225 billion yuan in Q4 2025, representing a year-on-year increase of 17.98% and a quarter-on-quarter increase of 5.97% [3]. - The net profit for Q4 2025 was 283 million yuan, up 6.90% year-on-year but down 5.26% quarter-on-quarter, with a net profit margin of 6.71%, reflecting pressure from rising expenses [3]. Group 2: R&D and Technological Advancements - The company is increasing R&D investments, focusing on high-frequency, high-speed, and new materials, achieving mass production of advanced PCB products for data centers and AI servers [3]. - Significant breakthroughs have been made in server ultra-high-layer interconnect PCBs and 1.6T optical module PCBs, with the company preparing for next-generation technology [3]. - The company has successfully passed multiple certifications from leading clients for high-end PCB products, showcasing its technological maturity and reliability in the AI infrastructure sector [3]. Group 3: Market Outlook - Looking ahead to 2026, demand in high-growth sectors is expected to continue, with the company poised for long-term growth driven by its high-end capacity expansion and global production layout [4]. - The company is well-positioned to capitalize on the AI wave, with a robust "1+1+N" business layout that includes automotive electronics and emerging fields [5]. - The company anticipates revenue growth potential in the AI computing sector, having made significant inroads with North American clients [4][5].

Market Overview - The A-share market showed a strong rebound today, with the Shanghai Composite Index rising by 0.24%, while Japanese and Korean markets fell by nearly 3% each, indicating a competitive advantage for China [1] - The total market turnover reached 19,277.83 billion yuan, an increase of 637.87 billion yuan compared to the previous day, with over 2,800 stocks rising [21] Sector Performance - The aluminum sector led the gains, with companies like Tianshan Aluminum and Chang Aluminum hitting the daily limit. This surge is attributed to attacks on two Middle Eastern aluminum producers, which disrupted global aluminum supply chains [21][31] - The pharmaceutical sector continued to perform well, with stocks like Meinuo Pharma achieving five consecutive limits. The first quarter saw China's innovative drug licensing transactions exceed $60 billion, nearing half of last year's total [21] - The aerospace sector also saw increased activity, with companies like Shenjian Co. and Zengsheng Technology experiencing multiple limit-ups due to recent contract wins and upcoming launches [21] Company Updates - Maiwei Co. experienced a significant drop in stock price, attributed to market rumors regarding export restrictions on equipment and weak first-quarter performance expectations. However, the company has completed the first phase of equipment delivery for HJT production lines in the U.S. [16][18] - The optical fiber sector showed strong performance, with companies like Hengtong Optic-Electric and Changfei Optic-Fiber seeing stock price increases due to rising prices from operators and strong demand from data centers [19][23] - The agricultural sector also saw gains, driven by rising energy prices impacting fertilizer and logistics costs, which in turn raised expectations for agricultural product prices [23] Financial Performance - Zhaoyan New Drug reported a revenue of 1.658 billion yuan for 2025, a decrease of 17.87% year-on-year, but a net profit increase of 302.08% to 298 million yuan [27] - New Sharp Co. expects first-quarter revenue for 2026 to be between 1 billion and 1.15 billion yuan, a year-on-year increase of 89.28% to 117.68% [27] - Huazhi Precision anticipates a first-quarter net profit of 150 to 190 million yuan for 2026, reflecting a year-on-year growth of 413.28% to 550.15% [27] Industry Insights - Goldman Sachs has downgraded the target for the MSCI China Index and the CSI 300 Index by 5% and 4%, respectively, indicating a potential price return of 24% and 12% over the next 12 months [12] - The global economic backdrop is expected to lower the fair value of Chinese stocks by approximately 5%, with 2% attributed to profit deterioration and 3-4% due to a decline in the price-to-earnings ratio [11]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company has established a "1+1+N" business layout, focusing on automotive electronics as the pillar business, AI computing as a key growth area, and multiple high-potential businesses including smart terminals and industrial control [2][7]. - The company achieved a revenue of 15.308 billion yuan in 2025, representing a year-on-year growth of 20.92%, with a net profit of 1.231 billion yuan, up 5.30% year-on-year [1][8]. - The automotive electronics business is leading the growth, with the company being the world's largest automotive PCB supplier, and new project orders are increasing [2][7]. - The company is increasing R&D investments, achieving mass production of high-end PCB products, and is strategically positioning itself for next-generation technologies [6][7]. Financial Performance - In Q4 2025, the company reported a revenue of 4.225 billion yuan, a year-on-year increase of 17.98%, and a net profit of 283 million yuan, up 6.90% year-on-year [2][7]. - The gross margin for Q4 was 21.56%, showing a year-on-year improvement of 1.45 percentage points [2][7]. - The company forecasts revenues of 21.08 billion yuan, 29.51 billion yuan, and 39.84 billion yuan for 2026, 2027, and 2028 respectively, with corresponding net profits of 2.139 billion yuan, 3.715 billion yuan, and 5.612 billion yuan [8][14]. Business Outlook - The company is expected to benefit from stable demand across multiple sectors, with high-end capacity expansion likely to drive long-term growth [6][7]. - The AI server and high-speed switching markets are anticipated to contribute significantly to revenue growth, with the company achieving important breakthroughs in high-end material introduction [7][8]. - The report highlights the company's strong management capabilities and its strategic positioning to capitalize on the AI era, suggesting a positive outlook for performance and valuation [7][8].

Market Overview - Major indices showed positive performance with Shenzhen Component Index up by 1.13%, Sci-Tech Innovation 50 Index up by 0.93%, and Shanghai Composite Index up by 0.63% [1] - TMT sector led the gains with SW Electronic Chemicals III increasing by 4.78% and SW Semiconductor Materials rising by 2.80% [1] - Conversely, TMT sector also saw declines with SW Communication Network Equipment down by 1.23% [1] Domestic News - Huahong Semiconductor is steadily expanding its capacity, achieving its first-phase target for 12-inch production lines and planning to reach its capacity goals by Q3 2026 [2] - The cumulative shipment of the Tianyue 510 SSD controller chip from Pingtouge has exceeded 500,000 units, making it one of the highest recent shipments in China [2] - Demand for data communication optical modules in the domestic market is expected to grow significantly, with an estimated total of 20 to 30 million units needed this year [2] - Dinglong has established China's first full-process production line for high-end wafer photoresist, with three products already in stable supply [2] Overseas News - Two U.S. senators plan to propose a U.S. Security Robot Act that would prohibit the federal government from purchasing or using unmanned ground vehicles made in China [3] - Some DDIC suppliers are assessing price adjustments to counteract rising upstream costs, with potential price increases depending on product type and market [3] - Counterpoint Research indicates that shipments of mobile SoCs with advanced process nodes (5nm and below) will exceed 50% by 2025, with TSMC supporting the production of 2nm nodes [3] AI Insights - OpenAI has indefinitely suspended the development of an "adult mode" for ChatGPT and has also halted its Instant Checkout shopping feature [4] - Webtoon announced significant updates to its user-uploaded comic platform, including an optional AI translation tool [4] - Mistral AI released an open-source voice synthesis model that supports multi-language and emotional voice generation [4] Industry Tracking - A satellite developed by the Chinese Academy of Sciences and the European Space Agency for solar wind-magnetosphere interaction has completed pre-launch preparations [5] - A foreign research team demonstrated a method for generating high-dimensional topological photon entanglement, providing a feasible path for scalable and fault-tolerant quantum photonic states [5] - The first national standard system covering the entire chain of embodied intelligence has been released, emphasizing unified interfaces and ecological collaboration [5] Annual Reports - Jingwang Electronics reported total revenue of 15.308 billion yuan for 2025, a year-on-year increase of 20.92%, with a net profit of 1.231 billion yuan, up 5.3% [8] - Sitaiwei achieved total revenue of 9.031 billion yuan, a 51.32% increase year-on-year, with a net profit of 1.001 billion yuan, up 154.94% [8] - Changfei Fiber reported total revenue of 14.252 billion yuan, a 16.85% increase year-on-year, with a net profit of 814 million yuan, up 20.4% [8] - Changxin Bochuang reported total revenue of 2.533 billion yuan, a 44.93% increase year-on-year, with a net profit of 335 million yuan, up 364.62% [8]

Core Viewpoint - Multiple listed companies have announced substantial cash dividends for the fiscal year 2025, reflecting strong financial performance and a commitment to returning value to shareholders [2][3][4]. Financial Performance Summary - Farah Electronics reported a revenue of 5.327 billion yuan, an increase of 11.64% year-on-year, and a net profit of 1.192 billion yuan, up 14.72% [2]. - The company plans to distribute a cash dividend of 23 yuan per 10 shares, totaling 517.5 million yuan, which represents 43.41% of its net profit [2]. - Xinhua Insurance plans to distribute a cash dividend of 2.06 yuan per share, totaling 6.426 billion yuan, based on a total share count of 3.1195 billion [3]. - New Hope Co. intends to distribute 9.60 yuan per 10 shares, amounting to 2.97 billion yuan [4]. - Transsion Holdings will distribute 9.00 yuan per 10 shares, totaling 1.036 billion yuan, which is 40.15% of its net profit [4]. Dividend Distribution Plans - Jiepte plans to distribute 8.90 yuan per 10 shares, totaling approximately 84.37 million yuan, which is 30.26% of its net profit [4]. - Hualan Biological plans to distribute 8.00 yuan per 10 shares, totaling 476 million yuan [4]. - Donghang Logistics will distribute 6.77 yuan per 10 shares, totaling 1.075 billion yuan, which is 40% of its net profit [5]. - Jiangling Motors plans to distribute 5.5581 yuan per 10 shares, totaling 475 million yuan [7]. - Huazhong Heavy Industry plans to distribute 5.12 yuan per 10 shares, totaling 599 million yuan [8]. Additional Companies Announcing Dividends - Jingwang Electronics plans to distribute 5.50 yuan per 10 shares [8]. - China Southern Airlines plans to distribute 5.10 yuan per 10 shares, totaling 544 million yuan, which is 58.76% of its net profit [8]. - Galaxy Magnetics plans to distribute 4.00 yuan per 10 shares, totaling 129 million yuan [9]. - Xidian New Energy plans to distribute 4.00 yuan per 10 shares [9].

深圳市景旺电子股份有限公司 2025 年度可持续发展/环境、社会和公司治理报告摘要 深圳市景旺电子股份有限公司 2025 年度可持续发展/环境、社会和公司治理报告摘要 证券代码：603228 证券简称：景旺电子 深圳市景旺电子股份有限公司 2025年度可持续发展报告摘要 1 / 7 深圳市景旺电子股份有限公司 2025 年度可持续发展/环境、社会和公司治理报告摘要 第一节 重要提示 1、本摘要来自于可持续发展报告全文，为全面了解本公司环境、社会和公司治理议 题的相关影响、风险和机遇，以及公司可持续发展战略等相关事项，投资者应当到 www.sse.com.cn 网站仔细阅读可持续发展报告全文。 2、本可持续发展报告经公司董事会审议通过。 3、上海嘉言妙道企业管理咨询有限公司为可持续发展报告全文（或部分议题、指标） 出具了鉴证或审验报告。 2 / 7 第二节 报告基本情况 1、基本信息 | 股票代码 | 603228 | | --- | --- | | 公司简称 | 景旺电子 | | 公司名称 | 深圳市景旺电子股份有限公司 | | 报告范围 | 年度财务报告合并报表范围 | | 时间范围 | 2025 会计年度 ...

证券代码：603228 证券简称：景旺电子 公告编号：2026-012 深圳市景旺电子股份有限公司 关于预计2026年度日常关联交易情况的公告 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： 是否需要提交股东会审议：否 日常关联交易对上市公司的影响：本次日常关联交易遵循公平、公正、 合理的原则，不存在损害公司、全体股东利益的情形，不会造成公司业务对关联 方的依赖，不会对公司的经营成果和财务状况产生不利影响。 一、日常关联交易基本情况 公司于2026年3月27日召开第五届董事会第七次会议，审议通过了《关于预 计2026年度日常关联交易情况的议案》，关联董事刘绍柏先生、黄小芬女士、刘 羽先生、卓军女士对公司2026年度日常关联交易预计事项进行了回避表决。根据 《上海证券交易所股票上市规则》和《公司章程》的相关规定，上述议案在董事 会审批权限范围内，无需提交股东会审议。 （二）前次日常关联交易的预计和执行情况 1 单位：人民币万元 | 序号 | 关联交易类别 | 关联 | 上年（前次） | 上年（前次） | 预计金额 ...

深 圳 市 景 旺 电 ⼦ 股 份 有 限 公 司 地 址 ：深圳市宝安区西乡街道铁岗⽔库路166 号 电话： +86-755-83893919 ⽹址： h ttp://www.kinwong. com 电⼦邮件：s tock@kinwong. com 可 持 续 发 展 报 告 2 0 2 5 S U S T A I N A B I L I T Y R E P O R T 深 圳 市 景 旺 电 ⼦ 股 份 有 限 公 司 2 0 2 5 股 票 简 称 ：景 旺 电⼦股 票 代 码 ：6 0 3 2 2 8 深圳市景旺电⼦股份有限公司 2025年度可持续发展报告 ⽬录 关于本报告 | 报告说明 | 01 | | --- | --- | | 报告范围 | 01 | | 数据来源 | 01 | | 编写依据 | 01 | | 报告称谓说明 | 02 | | 报告获取⽅式 | 02 | 关于景旺电⼦ | 公司简介 | 05 | | --- | --- | | 2025年⼤事记 | 07 | | ESG亮点绩效 | 09 | | 荣誉与认可 | 11 | | ESG相关成就 | 12 | 可持续发展管理篇 | 可 ...