Group 1 - UCM plans to reduce its holdings in Youde Precision (300549.SZ) by up to 1,333,400 shares, accounting for 1% of total share capital within three months after the announcement [1] - Dongtai Juheng plans to reduce its holdings in Jusa Long (301131.SZ) by up to 477,909 shares, also representing 1% of total share capital within the same timeframe [1] - Shouzhong Education intends to reduce its holdings in Jindan Technology (300829.SZ) by up to 600,000 shares, which is 0.31% of total share capital [1] Group 2 - Zhao Hua Investment plans to reduce its holdings in Zhidi Technology (301503.SZ) by up to 336,000 shares, accounting for 0.42% of total share capital [1] - Jinfu Yuan Five Fund's shareholding in Nanjiguang (300940.SZ) has dropped to 4.9999% as of April 21, no longer qualifying as a major shareholder [1] - Executives of Yashichuangneng (603378.SH) completed their reduction plans, selling 3,311,900 shares, 406,700 shares, and 319,300 shares respectively [1] Group 3 - Shanghai Houxu did not reduce its holdings in Baoli Food (603170.SH) during the planned reduction period, which was set to be up to 12,000,300 shares [2] - Supervisors and executives of Hongyuan Electronics (603267.SH) completed their reduction plans, selling 210,000 shares and 300,000 shares respectively [3] - Major shareholders of Duolun Technology (603528.SH) reduced their holdings by 3,055,000 shares and 3,056,400 shares between April 8 and April 21 [3] Group 4 - Controlling shareholder Ningbo Sichu reduced its holdings in Shuiyou Co., Ltd. (603171.SH) by 8,135,232 shares, which is 2% of total share capital [3] - Shareholders of Kaiyin Technology (688687.SH) plan to reduce their holdings by up to 5,128,000 shares, representing 3% of total share capital [3] - Zhang Lijun from Fortune Trend (688318.SH) reduced 122,800 shares, while Qin Tao did not implement his reduction plan [4] Group 5 - Shareholders Yancheng Semiconductor and Gongqingcheng Kangseng reduced their holdings in Kangxi Communication (688653.SH) by 12,573,400 shares, accounting for 2.96% of total share capital [4] - Ali Zeta plans to reduce its holdings in Sanjiang Shopping (601116.SH) by up to 16,430,352 shares, which is 3% of total share capital [4] - Shareholder Yuming Yao plans to reduce its holdings in Shenli Co., Ltd. (603819.SH) by up to 6,531,900 shares, representing 3% of total share capital [4] Group 6 - Shandong Electric Construction completed its reduction plan for Liren New Energy (001258.SZ), selling 9,333,300 shares, which is 1% of total share capital [6] - Baishide Chuangye plans to reduce its holdings in Heyuan Gas (002971.SZ) by up to 454,064 shares through centralized bidding and 908,128 shares through block trading [6]

证券代码：603267 证券简称：鸿远电子 公告编号：临 2025-018 北京元六鸿远电子科技股份有限公司 关于部分监事、高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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。 公司于 2025 年 3 月 6 日披露了《关于部分监事、高级管理人员减持股份计 划公告》，因自身资金需求，陈天畏女士拟通过集中竞价或大宗交易方式合计减 持公司股份不超过 210,000 股，即不超过公司总股本的 0.0909%；刘利荣女士拟 通过集中竞价或大宗交易方式合计减持公司股份不超过 300,000 股，即不超过公 司总股本的 0.1298%。前述股东减持期间为自该公告披露之日起 15 个交易日后 的 3 个月内（根据中国证监会及上海证券交易所相关规定禁止减持的期间除外）。 目前，陈天畏女士通过集中竞价累计卖出公司股份 210,000 股，占公司总股 本的 0.0909%；刘利荣女士通过集中竞价累计卖出公司股份 300,000 股，占公司 总股本的 0.1298%，本次减持计划已实施完毕。 1 一、减持主体卖出 ...

鸿远电子（603267）公告，公司监事会主席陈天畏女士于2025年4月2日至2025年4月11日通过集中竞价 累计卖出公司股份21万股，占公司总股本的0.0909%，减持价格区间为55.5～63.77元/股，减持总金额为 1222.98万元。副总经理刘利荣女士于2025年3月31日至2025年4月11日通过集中竞价累计卖出公司股份 30万股，占公司总股本的0.1298%，减持价格区间为50.86～62.67元/股，减持总金额为1730.61万元。本 次减持计划已实施完毕。 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating an expectation for the industry to outperform the overall market [7][31]. Core Insights - The defense and military industry is expected to experience robust growth in the coming years, driven by a clear upward trend in fundamentals and increased military spending due to geopolitical factors [7]. - The report highlights that the industry is entering a phase of accelerated mechanization and informatization as it approaches the centenary of the military, with a focus on quality and quantity improvements [7]. - The impact of tariff conflicts is viewed positively for the military industry, as it emphasizes the comparative advantages of domestic demand and is expected to accelerate investment in the sector [7]. - New forms of combat capabilities, including AI and robotics, are anticipated to become key growth drivers for the industry, creating new investment opportunities [7]. - The construction of remote sensing constellations and the upcoming aerospace conference are expected to boost the sector's performance [7]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.55%, while the overall market indices showed mixed results, with the Shanghai Composite Index rising by 1.19% [3][8]. - The report notes that the defense and military sector's performance ranked last among 31 primary industry categories [8]. - The top five performing stocks in the defense and military sector last week included Beimo Gaoke (up 11.94%), Taihe New Materials (up 9.38%), and others, while the worst performers included Zhenhua Technology (down 16.23%) and Hongyuan Electronics (down 13.17%) [8][16][17]. Valuation Changes - The current PE-TTM for the defense and military sector is 68.10, indicating it is in the upper range historically, with a valuation percentile of 54.04% since January 2014 [17]. - The report identifies a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [17][22]. Key Investment Targets - The report suggests increasing attention on high-end combat capabilities and new combat capabilities, with specific stocks highlighted for potential investment [7][24]. - Notable stocks include Feiliwa, Tianqin Equipment, and others in the high-end combat category, as well as Chengdu Huami and Huaying Technology in the new combat capabilities category [7][24].

Meeting Overview - The shareholders' meeting was held on April 17, 2025, at the Beijing Yuan Liu Hongyuan Electronic Technology Co., Ltd. [1] - The total number of voting shares was 230,609,892, after deducting 471,000 shares repurchased by the company [1]. Attendance and Voting Procedure - The meeting was convened by the board of directors and chaired by Chairman Zheng Hong, utilizing a combination of on-site and online voting methods [2]. - All 9 current directors and 3 current supervisors attended the meeting, with some participating via communication methods [2]. Resolutions Passed - The following resolutions were approved: 1. 2024 Board of Directors Work Report [3] 2. 2024 Supervisory Board Work Report [3] 3. 2024 Independent Directors' Work Report [3] 4. 2024 Annual Report Full Text and Summary [3] 5. 2024 Profit Distribution Proposal [3] 6. Confirmation of 2024 Independent Directors' Compensation and 2025 Compensation Plan [3] 7. Confirmation of 2024 Non-Independent Directors' Compensation and 2025 Compensation Plan [3] 8. Confirmation of 2024 Supervisors' Compensation and 2025 Compensation Plan [3] 9. Reappointment of Accounting Firm [3] 10. Authorization for the Board to issue stocks to specific targets using simplified procedures [4]. Legal Compliance - The meeting was witnessed by Beijing Tianyuan Law Firm, confirming that the convening and voting procedures complied with legal and regulatory requirements [4].

证券代码：603267 证券简称：鸿远电子 公告编号：临 2025-017 北京元六鸿远电子科技股份有限公司 2024 年年度股东会决议公告 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 | 1、出席会议的股东和代理人人数 | 388 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 98,523,641 | | 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 | 42.7230 | | 份总数的比例（%） | | 注：公司有表决权股份总数为 230,609,892 股，即总股本 231,080,892 股扣除截至股权登记日 公司回购专户回购的股份数 471,000 股。 (一) 股东会召开的时间：2025 年 4 月 17 日 (二) 股东会召开的地点：北京市大兴区中关村科技园区大兴生物医药产业基 地天贵街 1 号北京元六鸿远电子科技股份有限公司 (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 ...

北京市天元律师事务所 关于北京元六鸿远电子科技股份有限公司 2024 年年度股东会 的法律意见 京天股字（2025）第 104 号 致：北京元六鸿远电子科技股份有限公司 为出具本法律意见，本所律师审查了《北京元六鸿远电子科技股份有限公司第三 届董事会第十八次会议决议公告》《北京元六鸿远电子科技股份有限公司第三届监事 会第十四次会议决议公告》《北京元六鸿远电子科技股份有限公司关于召开 2024 年年 度股东会的通知》（以下简称"《召开股东会通知》"）以及本所律师认为必要的其他文 件和资料，同时审查了出席现场会议股东的身份和资格、见证了本次股东会的召开， 并参与了本次股东会议案表决票的现场监票计票工作。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》和 《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行 了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发表的结论 性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责 任。 本所及经办律师同意将本法律意见作为 ...

Core Viewpoint - The military electronics sector has experienced a significant decline, with multiple stocks dropping over 5% [1] Group 1 - Torch Electronics, Zhenhua Wind Power, Zhenhua Technology, Hongda Electronics, and Hongyuan Electronics all saw declines exceeding 5% [1] - Other companies such as Zhimingda, Aerospace Electric, Ruichuang Micro-Nano, and Mengsheng Electronics also followed the downward trend [1]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to weak demand in the electronic components industry, particularly for high-reliability ceramic capacitors [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1.492 billion yuan, a year-on-year decrease of 10.98% - The net profit attributable to shareholders was 154 million yuan, down 43.55% year-on-year - The expected net profit after deducting non-recurring gains and losses is 102 million yuan, also a decrease of 43.55% year-on-year [1]. Industry Demand and Pricing - The demand for ceramic capacitors in 2024 was sluggish, leading to price declines and short-term pressure on profits - The decrease in revenue was attributed to slow recovery in the downstream market, resulting in reduced sales and prices for core products [2]. Production Capacity and Market Outlook - In Q1 2025, there was a noticeable recovery in customer demand, with increased orders and improved market expectations - The company’s multilayer ceramic capacitors (MLCC) are among the fastest-growing components, with applications in high-reliability fields such as aerospace and electronics, ranking in the top 10 globally [3]. Research and Development - The company invested 112.99 million yuan in R&D in 2024, accounting for 15.23% of self-operated business revenue, an increase of 3.59 percentage points year-on-year - New business expansions include microcontrollers and integrated circuits in Chengdu, achieving revenue of 85.47 million yuan, a year-on-year increase of 56.11% [4]. Profit Forecast - Revenue projections for 2025-2027 are 2.168 billion, 2.821 billion, and 3.332 billion yuan, respectively - Earnings per share (EPS) are forecasted to be 1.52, 2.08, and 2.63 yuan, with corresponding price-to-earnings (PE) ratios of 38, 27, and 22 times - The company is expected to benefit from recovering downstream demand and sustained high capacity utilization [5].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [9]. Core Views - The demand for ceramic capacitors is recovering, and the company is continuously investing in R&D to expand into new business areas [1]. - The company's revenue for 2024 is projected to be 1.492 billion yuan, a decrease of 10.98% year-on-year, with a net profit of 154 million yuan, down 43.55% year-on-year [1][2]. - The company is expected to benefit from a recovery in downstream customer demand, with capacity utilization remaining high [9]. Summary by Sections Revenue and Profitability - In 2024, the company experienced a 10.98% decline in revenue due to slow recovery in the downstream market for electronic components, leading to decreased sales and prices of its core product, high-reliability ceramic capacitors [2]. - The gross margin for high-reliability ceramic capacitors has declined, with an overall decrease of 8.57 percentage points in the gross margin of self-produced electronic components [2]. Market Demand and Capacity Utilization - In Q1 2025, there was a noticeable improvement in customer demand, with increased orders and market expectations for the company's multilayer ceramic capacitors (MLCC), which are widely used in high-reliability fields [3]. - The company ranks among the top 10 in the global MLCC market share, indicating a strong position in the industry [3]. R&D Investment and New Business Development - The company invested 112.99 million yuan in R&D in 2024, accounting for 15.23% of its self-operated business revenue, an increase of 3.59 percentage points from the previous year [4]. - New business areas include microcontrollers and integrated circuits in Chengdu, which saw a revenue increase of 56.11% year-on-year, while the company is also expanding into micro-nano system integration ceramic shells in Hefei [8]. Financial Forecast - Revenue forecasts for 2025, 2026, and 2027 are projected at 2.168 billion yuan, 2.821 billion yuan, and 3.332 billion yuan, respectively, with corresponding EPS of 1.52 yuan, 2.08 yuan, and 2.63 yuan [9][11]. - The company is expected to see a significant recovery in net profit, with a projected growth rate of 127.8% in 2025 [11].