公司代码：603267 公司简称：鸿远电子 2025 年半年度报告 北京元六鸿远电子科技股份有限公司2025 年半年度报告 1 / 161 北京元六鸿远电子科技股份有限公司 北京元六鸿远电子科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人郑红、主管会计工作负责人李永强及会计机构负责人（会计主管人员）闫学刚 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经公司第四届董事会第二次会议审议通过2025年半年度利润分配预案：公司2025年半年度拟 以实施权益分派股权登记日的应分配股数（总股本扣除公司回购专户的股份余额）为基数分配利 润，向全体股东每股派发现金红利人民币0.10元（含税）。该预案尚需本公司股东会批准。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来投资、发展规划等前瞻性描述不构成公司对 ...

截至 2025 年 6 月 30 日，公司母公司报表中期末未分配利润为人民币 2,871,128,572.58 元。经董事会决议，公司 2025 年半年度拟以实施权益分派股权 登记日的应分配股数（总股本扣除公司回购专户的股份余额）为基数分配利润。 本次利润分配预案如下： （一）公司拟向全体股东每股派发现金红利 0.10 元（含税），截至 2025 年 6 月 30 日，公司总股本 231,080,892 股，剔除公司目前回购专用账户所持有的股份 数 471,000 股，以 230,609,892 股为基数计算合计拟分配的现金红利总额为 23,060,989.20 元（含税）。 北京元六鸿远电子科技股份有限公司 关于 2025 年半年度利润分配预案的公告 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： 每股分配比例：每股派发现金红利0.10元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本扣除北京元六鸿 远电子科技股份有限公司（以下简称"公司"）回购专用账户的股份余额为基数， 具体日期将在权益分派实施 ...

鸿远电子公告，2025年上半年营业收入10.18亿元，同比增长22.27%。净利润1.84亿元，同比增长 52.96%。 ...

Core Points - Hongyuan Electronics (603267) closed at 56.57 yuan on August 8, 2025, up 6.16% from last week's 53.29 yuan [1] - The company's market capitalization is currently 13.072 billion yuan, ranking 23rd out of 63 in the military electronics sector and 1377th out of 5151 in the A-share market [1] Company Announcements - Hongyuan Electronics provided a joint liability guarantee of up to 15 million yuan for its subsidiary, Chengdu Rongwei Microwave Electronics Technology Co., Ltd., to support its business development [1] - The guarantee includes a maximum of 10 million yuan from Everbright Bank and 5 million yuan from Chengdu Rural Commercial Bank, with no counter-guarantee involved [1] - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 55.4 million yuan, which is 13.08% of the company's audited net assets for 2024, with no overdue guarantees reported [1]

证券代码：603267 证券简称：鸿远电子 公告编号：临 2025-037 （一） 担保的基本情况 北京元六鸿远电子科技股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 | 担保对象 | 被担保人名称 | | （以下简称"成都蓉微"） | 成都蓉微微波电子科技有限公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 1,500.00 | 万元 | | | | 实际为其提供的担保余额 | 500.00 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | | 0 | | --- | --- | --- | | 截至本公告日上市公司及其控股 | | 55,400.00 | | 子公司对外担保总额（万元） | | | ...

证券代码：603267 证券简称：鸿远电子 公告编号：临2025-037 北京元六鸿远电子科技股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | 成都蓉微微波电子科技有限公司 （以下简称"成都蓉微"） | | | | --- | --- | --- | --- | --- | | | 本次担保金额 | 1,500.00 | 万元 | | | 担保对象 | 实际为其提供的担保余额 | 500.00 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 55,400.00 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） ...

Investment Rating - The report does not explicitly state an investment rating for the defense and military industry but highlights a positive outlook for long-term growth potential [4]. Core Insights - The defense and military industry is expected to experience a recovery in demand as the "14th Five-Year Plan" approaches its final year, with a clear directive for modernization by 2035 and a world-class military by 2050 [4]. - The report emphasizes the significant impact of AI technology on military equipment and decision-making, showcasing its transformative value in modern warfare, particularly highlighted by the ongoing Russia-Ukraine conflict [2][39]. - The report identifies specific investment opportunities in the military sector, particularly in AI applications, low-altitude economy developments, and the upcoming commissioning of the Fujian aircraft carrier [3][38]. Summary by Sections Market Review - The defense and military index rose by 0.08% last week, ranking 6th among 31 primary industries, while the overall market indices declined [2][13]. - The current PE (TTM) for the defense and military sector is 84.92, with sub-sectors showing varied valuations, such as aerospace equipment at 146.02 and ground armaments at 189.72 [2][21]. Key Recommendations - The report recommends focusing on companies involved in downstream manufacturing, military technology, underwater equipment, missile supply chains, titanium materials, electronic components, and laser weapons [4]. - Specific companies highlighted include Hongdu Aviation, AVIC Shenyang Aircraft, and Reicoh Laser among others [4]. Industry Dynamics - The report discusses the emergence of low-altitude economy opportunities, driven by recent policy initiatives and technological advancements in drone logistics and infrastructure [3][32][37]. - The military AI sector is identified as a core growth driver, with expectations for a surge in orders for AI-enabled equipment by 2025 [40].

Group 1 - The core viewpoint of the news is that Hongyuan Electronics (603267) experienced a decline in stock price and significant net outflow of funds, indicating potential investor concerns [1][3] - As of July 30, 2025, Hongyuan Electronics' stock closed at 54.82 yuan, down 1.4%, with a turnover rate of 2.62% and a trading volume of 60,500 lots, amounting to 334 million yuan [1] - The latest financial performance report for the first quarter of 2025 shows total revenue of 466 million yuan, an increase of 8.67% year-on-year, while net profit attributable to shareholders decreased by 16.89% to 60.2 million yuan [1] Group 2 - The company has a current ratio of 5.255, a quick ratio of 4.277, and a debt-to-asset ratio of 17.81%, indicating strong liquidity and low leverage [1] - Hongyuan Electronics has made investments in 15 companies and participated in 547 bidding projects, showcasing its active engagement in business development [2] - The company holds 65 trademark registrations and 240 patents, along with 17 administrative licenses, reflecting its focus on intellectual property and regulatory compliance [2]

Core Viewpoint - The military industry is expected to see a turning point in 2025, with military electronics likely to recover first, as indicated by recent performance forecasts showing improved order demand and profitability [3][5]. Group 1: Company Performance - Torch Electronics (603678.SH) is experiencing a positive shift in the electronic components sector, with a forecasted net profit of 240 million, representing a growth of 51.3% [7][11]. - Hongyuan Electronics (603267.SH) anticipates a strong recovery in demand for its core product, high-reliability ceramic capacitors, with a forecasted net profit of 160 million, reflecting a growth of 40.1% [7][11]. - *ST Chengchang (001270.SZ) benefits from a rapid recovery in industry demand, with a forecasted net profit of 60 million, indicating a growth of 287% [7]. Group 2: Market Dynamics - The defense MLCC (Multi-Layer Ceramic Capacitor) market is primarily dominated by Torch Electronics and Hongyuan Electronics, with limited competition due to high qualification barriers and product reliability requirements [8][9]. - The domestic MLCC market is divided into civilian and defense sectors, with the civilian sector being larger and more competitive, while the defense sector remains stable with fewer participants [9]. Group 3: Financial Insights - High-tech infrared imaging company, Gaode Infrared (002414.SZ), is projected to see a significant increase in net profit, with a forecasted lower limit of 130 million, marking a 135-fold increase due to the recovery of delayed product deliveries and new contracts [21][33]. - Gaode Infrared has secured a new contract worth approximately 690 million, which constitutes 25.6% of its 2024 revenue, indicating strong growth potential [34].

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5]. Core Viewpoints - The integrated combat system of China is expected to rapidly open up the market, with military trade likely to continue increasing [16][17]. - In Q2 2025, active funds have significantly increased their overweight position in the military sector, with expectations for further increases focusing on military trade and new combat directions [21]. - The current market position remains optimistic for the military sector, with upstream components and key materials expected to benefit from demand amplification effects [22]. Summary by Sections 1.1 Military Trade and Equipment Strength - The Weapon Industry Group showcased China's military trade capabilities in unmanned and counter-unmanned systems, indicating a growing demand for military trade [9][16]. - The demonstration included various advanced equipment such as the BZK-005E drone and the Tianlong 100 air defense missile system, highlighting the capabilities of China's integrated combat system [17][18]. 1.2 Fund Allocation Trends - In Q2 2025, the overweight position of active funds in the military sector increased to 0.92 percentage points, up from 0.57 percentage points in Q1 2025, indicating a growing confidence in military trade and new combat technologies [21][22]. - The report suggests that the market's understanding of the marginal elasticity of military trade is still insufficient, with potential for performance releases to strengthen military trade logic [21]. 1.3 Current Market Outlook - The military sector has shown positive performance since July, with many sub-sectors still at low levels, suggesting significant configuration value [22]. - The report emphasizes the importance of upstream components and key materials in weapon development and production, which are expected to benefit from increased demand [22]. Appendix: Market Performance and News - The defense and military industry index rose by 1.28% but underperformed compared to the broader market indices [24]. - Key military companies have reported significant growth in their half-year earnings, with many companies showing rapid increases in net profits [44].