Core Viewpoint - Huamao Technology plans to acquire 57.84% of Fuchuang Youyue for 1.504 billion yuan, aiming for full control of the high-growth computing power company, with a comprehensive price-to-earnings ratio of 7.3 times based on average performance commitments, indicating a strategic "value investment" in the context of rising valuations in the computing power sector [2] Group 1: Industry Growth - The optical module sector, where Fuchuang Youyue operates, is experiencing rapid growth, with a projected annual compound growth rate of 22% from 2024 to 2029, potentially exceeding $37 billion by 2029, driven by AI computing power demand [3] - The market for high-speed copper cable connectors in China is expected to reach 8.759 billion yuan in 2024 and surpass 10 billion yuan in 2025, with projections of exceeding 20 billion yuan by 2028 [3] - Fuchuang Youyue is positioned in both high-growth areas, providing high-reliability components such as optical module PCBA and high-speed copper cable connectors [3] Group 2: Company Performance - Fuchuang Youyue's net profit for 2024 is projected to be 129 million yuan, exceeding 50% of Huamao Technology's net profit for the same year, with a commitment of 200 million yuan for 2025, indicating significant growth potential [4] - The acquisition is likened to "recreating Huamao Technology," given Fuchuang Youyue's high growth rate, with a three-year compound growth rate of over 28% for committed net profits [4] Group 3: Valuation Analysis - The valuation of Fuchuang Youyue increased from 950 million yuan to 2.6 billion yuan, with a net profit of 129 million yuan in 2024, reflecting a growth of 433.63% from 2023 [5] - The acquisition's average annual net profit commitment of 260 million yuan results in a comprehensive price-to-earnings ratio of 7.3 times, significantly lower than the average valuation in the A-share optical module sector [5] - The transaction includes a performance commitment mechanism, ensuring a cumulative net profit of no less than 780 million yuan from 2025 to 2027, providing a foundation for investment returns [5] Group 4: Payment Structure - 68% of the transaction value will be paid through the issuance of shares at a price of 29.80 yuan per share, aligning the interests of Fuchuang Youyue's core team with those of Huamao Technology [6] - A 12-month lock-up period for the shares received by Fuchuang Youyue's original shareholders is established, reflecting confidence in Huamao Technology's long-term value [6]

Core Viewpoint - Huamao Technology plans to acquire 57.84% of Fuchuang Youyue for 1.504 billion yuan, aiming for full control of the high-growth computing power company, with a projected average P/E ratio of 7.3 times based on performance commitments, indicating a strategic value investment in the context of rising valuations in the computing power sector [1] Group 1: High-Growth Sector - Fuchuang Youyue operates in the rapidly growing optical module sector, with a projected global market size growth of 22% CAGR from 2024 to 2029, potentially exceeding $37 billion by 2029, driven by AI computing power demand [2] - The market for high-speed copper cable connectors in China is expected to reach 8.759 billion yuan in 2024 and surpass 10 billion yuan in 2025, with projections of over 20 billion yuan by 2028, indicating significant market potential [2] - Fuchuang Youyue has established itself in both high-growth areas, supplying high-reliability components such as optical module PCBA and high-speed copper cable connectors, with 800G product revenue accounting for 40.87% in early 2025 [2] Group 2: Strategic Acquisition - The acquisition allows Huamao Technology to enter the AI computing power sector, optimizing and upgrading its business structure, with Fuchuang Youyue's projected net profit of 1.29 billion yuan in 2024 exceeding 50% of Huamao's net profit for the same year [3] - Fuchuang Youyue's commitment to a net profit of 2 billion yuan in 2025 indicates a significant contribution to Huamao's overall profitability, effectively creating a second Huamao Technology through this acquisition [3] - The projected compound annual growth rate of Fuchuang Youyue's net profit commitments exceeds 28%, highlighting the growth potential and favorable timing of the acquisition [3] Group 3: Valuation Analysis - The valuation of Fuchuang Youyue increased from 950 million yuan to 2.6 billion yuan, supported by a substantial profit increase from 2.4 million yuan in 2023 to 1.29 billion yuan in 2024, reflecting a 433.63% growth [4] - The acquisition includes clear performance commitments, with net profits of no less than 2 billion yuan, 2.5 billion yuan, and 3.3 billion yuan from 2025 to 2027, totaling at least 7.8 billion yuan, resulting in an average P/E ratio of 10 times [4] - Considering the total payment of 1.899 billion yuan for 100% equity, the effective P/E ratio drops to 7.3 times, significantly lower than the average valuation in the A-share optical module sector [4] Group 4: Risk Management - The transaction emphasizes risk control through performance commitments, providing a foundational guarantee for investment returns, with 68% of the transaction value paid via share issuance at a price of 29.80 yuan per share [4] - The core team of Fuchuang Youyue will remain as shareholders of Huamao Technology, ensuring alignment of interests, with a share lock-up period of at least 12 months to prevent short-term speculative behavior [5]

Core Viewpoint - Huamao Technology has announced a strategic acquisition plan to purchase the remaining 57.84% equity of Fuchuang Youyue for a consideration of 1.504 billion yuan, demonstrating its commitment to the AI computing power sector amid a projected global optical module market growth to over 37 billion USD by 2029 [1][3]. Group 1: Transaction Structure - The acquisition payment structure includes 1.022 billion yuan (68%) in shares and 481 million yuan (32%) in cash, showcasing a professional and strategic design that aligns interests between Huamao Technology and Fuchuang Youyue's original shareholders [2]. - The share issuance is priced at 29.80 yuan per share, with a 12-month lock-up period to prevent short-term cashing out, ensuring market stability [2]. - The cash component addresses liquidity needs for financial investors looking to exit, while a financing plan aims to raise up to 951 million yuan from the controlling shareholder to support capacity expansion and operational needs [2]. Group 2: Industry Growth Potential - The global optical module market is expected to grow at a compound annual growth rate (CAGR) of 22% from 2024 to 2029, driven by surging AI computing power demands, with 800G modules currently leading the market [3]. - Fuchuang Youyue's proactive positioning in the optical module sector, including a projected shipment of over 3.5 million 800G modules in 2024, places it at the forefront of industry growth [3]. - The geographical diversification of the optical module market favors Southeast Asia, where Fuchuang Youyue's Malaysian production base aligns with global infrastructure trends [3]. Group 3: Complementary Markets - The high-speed copper cable connector market in China is projected to reach 8.759 billion yuan in 2024 and exceed 10 billion yuan in 2025, driven by the construction of 5G base stations and data centers [4]. - Fuchuang Youyue's involvement in high-speed copper cable connectors complements its optical module business, providing a comprehensive data transmission solution [4]. - Ongoing investments in R&D for emerging technologies will position Fuchuang Youyue favorably in the next generation of industry competition [4]. Group 4: Capacity Expansion and Financial Viability - The acquisition plan includes expanding the Malaysian production base with four new production lines, targeting an annual capacity of 2.659 million 1.6T optical module PCBA and 500,000 high-speed copper connectors [5]. - The Shenzhen factory expansion will focus on high-end product capacity, with projected annual outputs of 1 million 1.6T modules, 2.8 million 800G modules, and 1.957 million 400G modules [5]. - Financial analysis indicates a post-tax internal rate of return of 28.97% for the Malaysian project and 20.54% for the Shenzhen project, with payback periods of 5.85 years and 6.19 years, respectively [5]. Group 5: Valuation and Market Positioning - The transaction valuation reflects a balance of professionalism and market dynamics, with a total valuation of 2.6 billion yuan corresponding to an average annual net profit of 260 million yuan from 2025 to 2027, resulting in a price-to-earnings ratio of 10 times [7]. - The step-by-step acquisition strategy allows for cost optimization, with a total payment of 1.899 billion yuan for 100% equity corresponding to a comprehensive P/E ratio of only 7.30 times, indicating a favorable valuation for investors [7]. Group 6: Strategic Transformation - This acquisition signifies Huamao Technology's transition from traditional manufacturing to a new productive force, leveraging its expertise in precision manufacturing to enter the high-growth AI computing power sector [8]. - The strategic design of the transaction, reasonable valuation, and clear capacity planning position Huamao Technology as a key player in the AI infrastructure landscape, with increasing demand for optical modules and high-speed connectors [8].

Core Points - Huamao Technology (603306) announced the resignation of its board secretary, Xiao Jianbo, due to work adjustments [1] - Despite resigning from the board secretary position, Xiao Jianbo will continue to serve as the company's financial head [1] Summary by Category Company Announcement - Huamao Technology's board received a written resignation report from board secretary Xiao Jianbo [1] - The resignation is attributed to work adjustments [1] - Xiao Jianbo will retain his role as the company's financial head after stepping down as board secretary [1]

Core Viewpoint - Huamao Technology has adjusted the upper limit of its share repurchase price to ensure the smooth implementation of its repurchase plan in response to changes in the capital market and company stock price [1][4]. Repurchase Plan Review - On December 4, 2024, Huamao Technology's board approved a share repurchase plan using self-owned or raised funds, with a repurchase price not exceeding 42 RMB per share and a total repurchase amount between 250 million RMB and 500 million RMB [2]. - On December 19, 2024, the board agreed to increase the repurchase scale to between 400 million RMB and 800 million RMB, with the upper limit of the repurchase price adjusted to not exceed 41.91 RMB per share starting from June 23, 2025 [2]. Repurchase Progress - As of August 31, 2025, Huamao Technology has repurchased a total of 21,138,449 shares, accounting for 6.42% of the total share capital of 329,060,517 shares, with a total transaction amount of approximately 782.1 million RMB [3]. Adjustment of Repurchase Price Limit - Due to changes in the capital market and stock price, the company adjusted the upper limit of the repurchase price from 41.91 RMB to 60 RMB per share on September 29, 2025, ensuring it does not exceed 150% of the average trading price over the previous 30 trading days [4]. Impact of Adjustment and Decision Process - The adjustment aligns with relevant regulations and market conditions, facilitating the smooth execution of the repurchase without adversely affecting the company's operations or finances, and does not harm the interests of the company or minority shareholders [5].

股票简称:华懋科技 股票代码:603306 债券简称:华懋转债 债券代码:113677 华懋 (厦门) 新材料科技股份有限公司 简式权益变动报告书 上市公司名称:华懋(厦门)新材料科技股份有限公司 信息披露义务人:姚培欣 通讯地址: 深圳市龙华区***** 股份变动性质:因发行股份购买资产导致的持股比例增加。本次取得上市公 司发行的新股尚须经股东会批准及中国证监会注册。 签署日期: 2025 年 9 月 29 日 上市地点:上海证券交易所 股票简称:华懋科技 股票代码:603306 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上市公司 收购管理办法》和《公开发行证券的公司信息披露内容与格式准则第 15 号 -- 权益变动报告书》等法律、法规及规范性文件编制。 二、信息披露义务人为自然人,签署本报告书无需获得授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》,本报告书已 全面披露了信息披露义务人在华懋(厦门)新材料科技股份有限公司拥有权益的 股份变动情况。截至本报告书签署日,除本报告书披露的 ...

关于调整 2024 年第二次回购股份方案的回购价格上限 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。 证券代码：603306 证券简称：华懋科技 公告编号：2025-094 债券代码：113677 债券简称：华懋转债 华懋（厦门）新材料科技股份有限公司 重要内容提示： 为保障本次回购股份方案顺利实施，华懋（厦门）新材料科技股份有限公 司（以下简称"公司"）本次回购股份价格上限由不超过人民币 41.91 元/股（含） 调整为不超过人民币 60 元/股（含），该调整后的回购股份价格上限未超过董事会 审议通过本次调整回购股份价格上限决议前 30 个交易日公司股票交易均价的 150%。 除调整回购股份价格上限外，本次回购方案的其他内容不变。 本次调整回购股份价格上限的事项已经公司 2025 年第七次临时董事会会 议审议通过，无需提交股东会审议。 一、本次回购股份的基本情况 因公司实施 2024 年年度权益分派，本次以集中竞价交易方式回购股份的价格 上限，自 2025 年 6 月 23 日（权益分派除权除息日）起，由不超过 4 ...

华懋（厦门）新材料科技股份有限公司 详式权益变动报告书 | 上市公司名称： | 华懋（厦门）新材料科技股份有限公司 | | --- | --- | | 上市地点： | 上海证券交易所 | | 股票简称： | 华懋科技 | | 股票代码： | 603306 | | | | 住 所： 浙江省金华市东阳市吴宁街道西街社区解放路 89 号 202 室 通讯地址： 浙江省金华市东阳市吴宁街道西街社区解放路 89 号 202 室 股份变动性质： 股份增加（作为募集配套资金对象认购上市公司新发行的股份） 二〇二五年九月 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》及其他相关的法律、法规和规范性文件编制。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在华懋（厦门）新材料科技股份有限公司拥 有权益的股份。 截至本报告书签署日，除本报告书披露的持股信息外，信 ...

Group 1 - The company Huamao Technology (SH 603306) announced a change in its board of directors, with Mr. Xiao Jianbo resigning as the secretary of the board but continuing as the financial head [1] - Mr. Zang Kun has been appointed as the new secretary of the board, following the nomination by the chairman and approval by the board's nomination committee [1] - For the fiscal year 2024, Huamao Technology's revenue composition is heavily weighted towards the automotive parts sector, which accounts for 98.66% of total revenue, while other businesses contribute only 1.34% [1] Group 2 - As of the latest report, Huamao Technology has a market capitalization of 16.8 billion yuan [2]

本报告依据中国资产评估准则编制 华懋（厦门）新材料科技股份有限公司 拟通过发行股份及支付现金购买资产项目涉及的 深圳市富创优越壹号企业管理合伙企业（有限合伙） 全部份额价值 资产评估报告 | 报告编码: | 1111020051202502281 | | --- | --- | | 合同编号: | 沃克森国际评合同字【2025】第0965号 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 沃克森评报字(2025)第1781号 | | 报告名称: | 华懋(厦门)新材料科技股份有限公司拟通过发行股份及支付现 金购买资产项目涉及的深圳市富创优越壹号企业管理合伙企业 | | | (有限合伙) 全部份额价值 | | 评估结论: | 316,954,522.40元 | | 评估报告日: | 2025年09月08日 | | 评估机构名称: | 沃克森(北京)国际资产评估有限公司 | | 签名人员: | 邓壬丹 (资产评估师) 正式会员 编号: 43060064 | | | 顾欣 (资产评估师) 正式会员 编号: 34180077 | 沃克森评报字（2025）第1781号 （共一册 第一册） 沃克 ...