| 证券代码：603306 | 证券简称：华懋科技 | 公告编号：2025-107 | | --- | --- | --- | | 债券代码：113677 | 债券简称：华懋转债 | | 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。 华懋（厦门）新材料科技股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开 2025 年第二次临时股东会，审议通过了《关于取消监事会及重新制 定<公司章程>的议案》。截至 2025 年 8 月 27 日，"华懋转债"新增转股 322 股。因此公司注册资本由 32,906.0195 万元增加至 32,906.0517 万元，公司股本由 32,906.0195 万股增加至 32,906.0517 万股。具体内容详见公司在上海证券交易所 网站（www.sse.com.cn）披露的《华懋科技关于取消监事会并重新制定<公司章 程>及制定、修订公司部分制度的公告》（公告编号：2025-077）。 近日，公司已完成了上述工商变更登记及修改后的《公司章程》等相关事项 备案手续，并取得了厦门市市 ...

Core Viewpoint - Huamao Technology (603306.SH) announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Categories Share Buyback Details - The company has repurchased a total of 21.1384 million shares, which represents 6.42% of its total share capital of 329 million shares [1] - The highest price for the repurchased shares was 41.66 CNY per share, while the lowest price was 29.50 CNY per share [1] - The total amount spent on the share buyback reached 782 million CNY, excluding transaction fees such as stamp duty and commissions [1]

| 证券代码：603306 | 证券简称：华懋科技 公告编号：2025-106 | | --- | --- | | 债券代码：113677 | 债券简称：华懋转债 | 2024 年 12 月 19 日公司召开 2024 年第九次临时董事会，审议通过了《关于增 加 2024 年第二次以集中竞价方式回购股份规模的议案》，同意公司增加 2024 年第 二次以集中竞价方式回购公司股份方案的回购股份规模，由"不低于人民币 2.50 亿 元（含），不超过人民币 5.00 亿元（含）"增加为"不低于人民币 4.00 亿元（含）， 不超过 8.00 亿元（含）"。除调整回购规模外，本次回购方案的其他内容未发生变 化。具体内容详见公司分别于 2024 年 12 月 20 日在上海证券交易所网站 （http://www.sse.com.cn）披露的《华懋科技关于增加 2024 年第二次以集中竞价方 式回购股份规模的公告》（公告编号：2024-115）和《华懋科技关于 2024 年第二次 以集中竞价方式回购股份的回购报告书（修订稿）》（公告编号：2024-116）。 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 ...

Core Viewpoint - The company announced a share repurchase plan starting in December 2024, with a budget of 400 million to 800 million yuan for employee stock ownership plans or equity incentives [1] Group 1: Repurchase Plan Details - The repurchase period is set from December 2024 to December 3, 2025 [1] - The company has already repurchased 21,138,449 shares, accounting for 6.42% of the total share capital [1] - The total amount spent on repurchases to date is 782 million yuan, with actual repurchase prices ranging from 29.50 yuan to 41.66 yuan per share [1] Group 2: Compliance and Obligations - The company will fulfill its obligations regarding the repurchase and information disclosure as required by regulations [1]

Core Viewpoint - Huamao Technology is a leading player in the automotive passive safety sector, specializing in the research, production, and processing of automotive airbag fabrics and airbags, with significant advantages in these fields [1] Group 1: Business Performance - In Q3 2025, Huamao Technology reported revenue of 1.784 billion yuan, ranking 20th out of 41 in the industry, with the industry leader, Huayu Automotive, generating 130.853 billion yuan [2] - The company's net profit for the same period was 162 million yuan, ranking 17th in the industry, while the top performer, Fuyao Glass, achieved a net profit of 7.068 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huamao Technology's debt-to-asset ratio was 39.72%, lower than the industry average of 42.48%, and an increase from 25.99% in the previous year [3] - The company's gross profit margin stood at 30.34%, higher than the industry average of 22.52%, and slightly up from 29.95% year-on-year [3] Group 3: Management and Shareholder Structure - The chairman, Wu Liming, has a rich background with experience at DuPont and Intel, while the general manager, Zhang Chuqian, received a salary increase to 1.7342 million yuan in 2024 from 1.6062 million yuan in 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 44.49% to 28,500, with an average holding of 11,500 circulating A-shares, a decrease of 30.70% [5] Group 4: Future Outlook and Strategic Moves - Huamao Technology is actively pursuing a second growth curve in the AI sector and plans to expand into semiconductor and computing power manufacturing [5] - The company intends to acquire the remaining equity of Fuchuang Youyue for 1.5 billion yuan to achieve full control, with the controlling shareholder fully subscribing to 950 million yuan in supporting financing [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][22]. Core Insights - The company has shown stable growth in its core automotive passive safety business, with a revenue of 1.784 billion yuan for the first three quarters of 2025, reflecting a year-over-year increase of 15.87%. However, the net profit attributable to shareholders decreased by 12.06% to 172 million yuan due to increased financial expenses and other factors [7]. - The company is actively developing its AI business segment, particularly through acquisitions, which are expected to create a second growth curve. The acquisition of Shenzhen Fuchuang Youyue is a key strategy to enhance capabilities in optical communication and AI-related fields [7]. - The company has a leading market share in domestic automotive passive safety products and is accelerating its overseas expansion, particularly in Vietnam, where it has established a new production base [7]. Financial Summary - Total revenue projections for the company are as follows: 2,213 million yuan in 2024, 2,556 million yuan in 2025, 3,494 million yuan in 2026, and 4,186 million yuan in 2027, with respective growth rates of 7.7%, 15.5%, 36.7%, and 19.8% [2][8]. - The net profit attributable to shareholders is projected to grow from 277 million yuan in 2024 to 1,026 million yuan in 2027, with growth rates of 14.6%, 24.6%, 129.0%, and 29.7% respectively [2][8]. - The earnings per share (EPS) is expected to increase from 0.84 yuan in 2024 to 3.12 yuan in 2027, reflecting the company's growth trajectory [2][8]. Market Position - The company has a total market capitalization of 16.923 billion yuan and a debt-to-asset ratio of 39.72%, indicating a solid financial position [3]. - The company has been recognized as a leader in the automotive passive safety sector, having established partnerships with most mainstream domestic vehicle manufacturers [7].

Summary of Huamao Technology Conference Call Company Overview - **Company**: Huamao Technology - **Period**: First three quarters of 2025 Key Financial Performance - **Net Profit**: Decreased due to employee stock ownership plan, Vietnam subsidiary production, and convertible bond interest expenses, but adjusted net profit increased by approximately 15% year-on-year [2][3] - **Revenue**: Achieved 1.784 billion yuan, a year-on-year increase of 15.87% [3] - **Third Quarter Revenue**: 677.6 million yuan, up 18.34% year-on-year [3] - **Net Profit for Q3**: Approximately 37 million yuan, showing a decline [3] Impact of Vietnam Factory - **Production Start**: Vietnam factory officially started production in Q2 2025, with gradual capacity ramp-up expected [4] - **Challenges**: Slow production ramp-up due to automotive industry characteristics and customer inspection cycles, leading to short-term profit decline [4][5] - **Future Expectations**: Anticipated significant growth in 1.6T optical module shipments, with expected output of 1.5 to 2 million units in 2026 [4][13] Subsidiary Performance - **Fuchuang**: Revenue close to 1.4 billion yuan with net profit between 160 to 170 million yuan [6] - **Xuzhou Bokan**: Reported an investment loss of approximately 50 million yuan due to capitalization progress issues [6] Market Demand - **Domestic Market**: Orders are pulsed due to cloud factory investment bidding cycles [8] - **Overseas Market**: Major customer count increased by 10% to 15%, with expectations for accelerated growth in Q4 and Q1 of the following year [8] Product Development - **1.6T Product**: R&D started in 2024, with batch shipments beginning in Q2 2025, currently at a scale of several hundred thousand units, expected to grow by 80 to 100 times next year [9] - **Pricing**: 800G boards priced at over 100 USD, while 1.6T boards priced at over 200 USD [10] Revenue Recognition Method - **Accounting Method**: Utilizes net method for revenue recognition, which significantly reduces reported revenue compared to gross method [11] Future Revenue and Profit Expectations - **2026 Projections**: Anticipated 20% growth in automotive parts business and doubling of optical communication business revenue [15] Competitive Landscape - **Market Position**: Holds 60% to 70% market share in high-speed module market, with limited competition in high-speed optical communication module PCB A sector [20][22] - **Strategic Focus**: Prioritizing high-quality customers and expanding production capacity [20][22] Additional Insights - **OCS Business**: Actively expanding in OCS-related services, with higher profitability per unit compared to optical modules [18] - **Silicon Photonics and CPU Technology**: Providing silicon photonics solutions and manufacturing based on customer designs [14] - **Light-sensitive Resin Business**: Plans to advance light-sensitive resin business in collaboration with Bokan [19]

Core Viewpoint - 华懋科技 has shown a mixed financial performance with a notable increase in revenue but a decline in net profit, alongside significant trading activity in its stock and a growing number of shareholders [2][3]. Group 1: Financial Performance - For the period from January to September 2025, 华懋科技 achieved operating revenue of 1.784 billion, representing a year-on-year growth of 15.87% [2]. - The net profit attributable to shareholders for the same period was 172 million, reflecting a year-on-year decrease of 12.06% [2]. Group 2: Stock Trading Activity - On October 29, 华懋科技's stock price increased by 1.32%, with a trading volume of 552 million [1]. - The financing buy-in amount for 华懋科技 on the same day was 74.68 million, while the financing repayment was 62.43 million, resulting in a net financing buy-in of 12.25 million [1]. - As of October 29, the total margin trading balance for 华懋科技 was 1.129 billion, with the financing balance accounting for 6.65% of the circulating market value, indicating a high level of trading activity [1]. Group 3: Shareholder Information - As of September 30, the number of shareholders for 华懋科技 reached 28,500, an increase of 44.49% compared to the previous period [2]. - The average number of circulating shares per shareholder was 11,549, which decreased by 30.70% from the previous period [2]. - The top ten circulating shareholders include notable funds, with 博时汇兴回报一年持有期混合 holding 7.2994 million shares, remaining unchanged from the previous period [3].

Group 1 - Huamao Technology (603306.SH) reported its Q3 2025 results, with 15 institutional investors holding a total of 106 million shares, representing 32.11% of the company's total equity as of October 28, 2025 [1] - The top ten institutional investors collectively hold 32.06% of the shares, with a slight decrease of 0.18 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Bank of China Securities Preferred Industry Leaders Mixed A, increased its holdings, while two funds, Bosera Huirong Mixed A and Bosera Huizhi Mixed, reduced their holdings [2] - Five new public funds were disclosed this quarter, including E Fund Supply-side Reform Mixed and Huatai-PB CSI 1000 Index Enhanced A [2] - A total of 162 public funds were not disclosed this quarter, including Changxin Jinli Trend Mixed A and Southern CSI 1000 ETF [2]

Core Viewpoint - The company, Huamao (Xiamen) New Materials Technology Co., Ltd., emphasizes the accuracy and completeness of its quarterly report, ensuring no false statements or significant omissions exist [2][3]. Financial Data - The financial statements for the third quarter are not audited [3]. - The report period refers to the three months from the beginning to the end of the quarter [3]. - Non-recurring gains and losses are applicable, with the company required to explain any significant items not listed in the relevant disclosure guidelines [4]. Shareholder Information - There is no change in the number of shareholders holding more than 5% of shares or the top ten shareholders due to securities lending activities [5]. - The company does not have any reminders regarding significant operational information for the reporting period [6]. Audit Information - The financial statements are prepared without an audit opinion [7]. - The company will implement new accounting standards starting from 2025, which may affect the financial statements [7].