证券代码：603267 证券简称：鸿远电子 公告编号：临 2026-001 北京元六鸿远电子科技股份有限公司 第四届董事会第四次会议决议公告 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 北京元六鸿远电子科技股份有限公司（以下简称"公司"或"本公司"）第 四届董事会第四次会议通知于 2026 年 1 月 16 日以电子邮件等方式向全体董事及 相关人员发出。 会议于 2026 年 1 月 19 日在北京市丰台区智成北街 6 号院 1 号楼 806 会议室 以现场表决方式召开。本次会议由董事长郑红先生主持，应出席董事 8 人，实际 出席董事 8 人。公司高级管理人员等列席了会议。本次会议的召集、召开符合有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于补选第四届董事会非独立董事的议案》 鉴于李永强先生因个人原因申请辞去公司董事、财务负责人（财务总监）、 董事会秘书职务，为保证董事会的正常运作，根据《中华人民共和国公司法》《上 海证券交易所上市公司 ...

Group 1 - The core point of the news is that Hongyuan Electronics experienced a stock price increase of 5.08%, reaching 59.15 CNY per share, with a trading volume of 4.65 billion CNY and a turnover rate of 3.50%, resulting in a total market capitalization of 13.668 billion CNY [1] - Hongyuan Electronics, established on December 6, 2001, and listed on May 15, 2019, is located in Fengtai District, Beijing. The company specializes in the research, production, and sales of electronic components, primarily ceramic capacitors and filters, with 99.63% of its revenue coming from electronic components and 0.37% from other sources [1] Group 2 - From the perspective of fund holdings, Hongyuan Electronics is a significant investment for the Xinyi Fund, which increased its holdings in the Hongyuan Electronics stock by 6,200 shares, totaling 24,600 shares, representing 0.6% of the fund's net value, making it the fourth-largest holding [2] - The Xinyi Zhongzheng 1000 Index Enhanced A fund (014831) has a current scale of 1.03 billion CNY, with a year-to-date return of 7.93%, ranking 1761 out of 5579 in its category, and a one-year return of 48.26%, ranking 1473 out of 4225 [2]

Core Viewpoint - Hongyuan Electronics has shown a positive stock performance with a 2.00% increase on January 16, 2023, reaching a price of 55.98 CNY per share, and a total market capitalization of 12.936 billion CNY [1] Group 1: Stock Performance - As of January 16, 2023, Hongyuan Electronics' stock price has increased by 2.85% year-to-date, with a 3.03% decline over the last five trading days, a 17.36% increase over the last 20 days, and a 7.04% increase over the last 60 days [1] - The stock has seen a net inflow of 16.1753 million CNY from main funds, with significant buying activity from large orders [1] Group 2: Financial Performance - For the period from January to September 2025, Hongyuan Electronics reported a revenue of 1.427 billion CNY, representing a year-on-year growth of 22.27%, and a net profit attributable to shareholders of 222 million CNY, reflecting a 74.56% increase year-on-year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hongyuan Electronics decreased by 16.12% to 27,800, while the average number of tradable shares per shareholder increased by 19.22% to 8,299 shares [2] - The company has distributed a total of 489 million CNY in dividends since its A-share listing, with 229 million CNY distributed over the last three years [3] - Notable institutional holdings include Changxin National Defense and Military Industry Quantitative Mixed Fund as the fourth largest shareholder, and Hong Kong Central Clearing Limited as the fifth largest shareholder, which increased its holdings by 1.9518 million shares [3]

Core Viewpoint - The passive components industry is crucial for electronic devices, providing essential functions such as signal regulation and energy storage without external power. The industry is supported by various national policies aimed at promoting innovation and domestic production, with significant growth expected in both global and Chinese markets by 2024 [1][4][7]. Industry Overview - Passive components, also known as passive devices, operate without external power and rely on physical properties to perform functions like current/voltage regulation and energy storage. They are essential for ensuring signal transmission and circuit stability, forming the backbone of the electronic industry [2][3]. Policy Support - China has implemented several key policies to support the passive components industry, including reforms in management systems, strategies to expand domestic demand, and guidelines for energy electronics development. These policies aim to enhance local companies' capabilities in high-end material research and precision manufacturing [4][5]. Industry Chain - The upstream of the passive components industry consists of raw material and equipment suppliers, with critical materials largely imported. The midstream includes manufacturing of capacitors, inductors, and resistors, with domestic companies like Fenghua Advanced Technology and SanHuan Group leading in mid-to-low-end markets. The downstream market is driven by consumer electronics, automotive electronics, and emerging fields like AI and 5G [5][6]. Market Dynamics - The global passive components market is expected to reach $39.1 billion by 2024, with a growth rate of 7.7%. The Asia-Pacific region dominates, accounting for over 70% of the market share. China, as the largest demand market, is projected to grow to 142.3 billion yuan in 2024, with a compound annual growth rate of 15.2% from 2020 to 2024 [7][8]. Competitive Landscape - The competitive landscape of the passive components industry in China is characterized by international giants dominating high-end markets, while domestic companies are making strides in mid-to-low-end segments. Key players like Fenghua Advanced Technology and SanHuan Group are focusing on high-end product certifications and technological advancements [9][10]. Development Trends - The future of the passive components industry in China will focus on three main areas: technological upgrades, deepening domestic substitution, and ecological collaboration. Products will evolve towards higher capacitance, miniaturization, and reliability, with a strong emphasis on self-sufficiency in materials and core technologies [11][12].

Core Viewpoint - Hongyuan Electronics is focusing on the ceramic capacitor sector, leveraging advanced technologies to ensure product reliability and stability [1] Group 1: Company Developments - The company has mastered core technologies such as "nano-level powder dispersion technology" and "thin-layer dielectric film technology" [1] - Production capacity is prioritized to meet the demands of high-reliability sector clients [1]

Group 1 - The core point of the news is that Hongyuan Electronics experienced a decline of 5.22% in its stock price, reaching 56.87 yuan per share, with a trading volume of 322 million yuan and a turnover rate of 2.41%, resulting in a total market capitalization of 13.142 billion yuan [1] - Hongyuan Electronics, established on December 6, 2001, and listed on May 15, 2019, is primarily engaged in the research, production, and sales of electronic components, mainly ceramic capacitors and filters, with 99.63% of its revenue coming from electronic components and 0.37% from other sources [1] Group 2 - From the perspective of major fund holdings, Huatai-PB Fund has one fund heavily invested in Hongyuan Electronics, specifically the Huatai-PB Quantitative Leading Mixed A Fund (460009), which held 72,500 shares in the third quarter, unchanged from the previous period, accounting for 1.05% of the fund's net value, ranking as the fifth-largest holding [2] - The Huatai-PB Quantitative Leading Mixed A Fund (460009) was established on June 22, 2010, with a current size of 347 million yuan, achieving a year-to-date return of 7.69%, ranking 1723 out of 8836 in its category, and a one-year return of 53.78%, ranking 2081 out of 8091 [2]

Group 1 - The core viewpoint of the article highlights that Hongyuan Electronics (603267) expects an increase in gross margin in the first three quarters of 2025 due to the recovery in the high-reliability electronic components industry and the resurgence of downstream customer demand [1] - The significant growth in the company's self-owned business revenue is attributed to the improved market conditions and increased demand from clients [1] - The company benefits from economies of scale, enhanced production line efficiency, and ongoing cost control measures, which have led to a dilution of unit fixed costs [1]

证券日报网讯1月8日，鸿远电子（603267）在互动平台回答投资者提问时表示，公司自产业务产品主要 包括瓷介电容器、滤波器、微控制器及配套集成电路、微波模块、微纳系统集成陶瓷管壳等，广泛应用 于航天、航空、电子信息、兵器、船舶等高可靠领域，并已成功参与多个商业航天项目配套。上市公司 股价受宏观经济形势、行业发展趋势、市场情绪等多重因素影响，敬请投资者注意投资风险。公司会一 如既往做好生产经营，持续聚焦主业，努力提升业绩。 ...

Group 1 - The core viewpoint of the news is that Hongyuan Electronics has shown a positive stock performance recently, with a 1.21% increase in stock price year-to-date and a 14.29% increase over the past 20 trading days [1] - As of January 8, the stock price reached 55.09 yuan per share, with a total market capitalization of 12.73 billion yuan [1] - The company reported a net outflow of 6.94 million yuan in main funds, with significant buying and selling activity from large orders [1] Group 2 - For the period from January to September 2025, Hongyuan Electronics achieved a revenue of 1.427 billion yuan, representing a year-on-year growth of 22.27%, and a net profit attributable to shareholders of 222 million yuan, up 74.56% year-on-year [2] - The company has distributed a total of 489 million yuan in dividends since its A-share listing, with 229 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 16.12% to 27,800, while the average number of circulating shares per person increased by 19.22% to 8,299 shares [2]

Core Insights - The report emphasizes the positive outlook for domestic demand, which is expected to drive the development of new productive forces, as highlighted by the national financial work conference held on December 27-28, 2025 [5][13] - The aerospace sector continues to show high prosperity, with the China Aerospace Science and Technology Corporation achieving a record 73 space launch missions in 2025 [5][14] - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform, maintenance volume, and trends towards automation and intelligence [5][15] Industry Overview - The defense and aerospace industry is experiencing a significant increase in investment, with a focus on new productive forces and comprehensive human development [5][13] - The report notes the successful IPO acceptance of Blue Arrow Aerospace, which aims to raise 7.5 billion CNY, indicating strong market interest in commercial aerospace ventures [5][14] - The report identifies three key cycles within the industry: the evolution of the "S-curve," expansion of the "S-curve," and a new cycle focusing on emerging industries such as commercial aerospace, AI, and quantum computing [5][15] Company Recommendations - Recommended companies include: - **Aero Engine Corporation of China** (航发动力): Benefiting from high-end aviation equipment production and potential for domestic engine replacement in the civil aviation market [5][21] - **AVIC Xi'an Aircraft Industry Group** (中航西飞): A major manufacturer of military and civil aircraft, expected to benefit from modernization and military trade opportunities [5][22] - **China Power** (中国动力): Positioned to benefit from the recovery of the shipbuilding industry and the transition to dual-fuel engines [5][26] - **Aero Engine Control** (航发控制): Engaged in the production of control systems for military and civil aviation engines, with a strong competitive position [5][21] - **Ziguang Guowei** (紫光国微): Focused on the semiconductor industry with a strong emphasis on domestic market growth and AI integration [5][18] Financial Analysis - The report provides detailed financial metrics for key companies, including expected earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) for 2025 and 2026 [6] - For example, **航发动力** is projected to have an EPS of 0.34 CNY in 2026 with a PE ratio of 117.74 [6] - **中航重机** is expected to achieve a net profit of 11.21 billion CNY in 2025, with a dynamic PE ratio of approximately 28X [5][24] Market Performance - The report notes that the China Securities Military Industry Index has shown a weekly increase of 2.90%, outperforming major indices such as the Shanghai Composite and Shenzhen Component [5][34] - Year-to-date, the military industry index has increased by 42.34%, indicating strong market performance relative to other sectors [5][34]