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：603678 证券简称：火炬电子 公告编号：2025-059 福建火炬电子科技股份有限公司 关于以集中竞价交易方式回购股份的进展公告 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号—回购股份》等相关规定，在回购期限内根据市场情况择机做出回 购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务，敬 请广大投资者注意投资风险。 特此公告。 重要内容提示： 福建火炬电子科技股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日召 开第六届董事会第二十三次会议，全票审议通过《关于以集中竞价交易方式回购 公司股份的预案》，同意以自有资金通过集中竞价交易方式回购公司部分股份，回 购资金总额不低于 3,000 万元、不超过 5,000 万元，回购价格不超过 47 元/股， 回购期限自 2025 年 8 月 15 日至 2026 年 8 月 14 日，公司已于 2025 年 8 月 16 日 披露了回购报告书，并于 20 ...

会议召开时间：2025年9月12日（星期五）下午14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 证券代码：603678 证券简称：火炬电子 公告编号：2025-060 福建火炬电子科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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: 董事长兼总经理：蔡劲军 董事会秘书：陈世宗 财务总监：周焕椿 独立董事：林涛 会议召开方式：上证路演中心网络互动 投资者可于2025年9月5日(星期五)至9月11日(星期四)16:00前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司邮箱investor@torch.cn 进行提问，公司将在说明会上对投资者普遍关注的问题进行回答。 福建火炬电子科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 ...

Summary of Key Points Core Viewpoint - Torch Electronics (603678.SH) has announced a share buyback program, indicating a commitment to returning value to shareholders through the repurchase of its own shares [1] Company Actions - As of August 31, 2025, the company has repurchased a total of 524,283 shares, which represents 0.11% of its total share capital [1] - The highest price paid for the shares was 39.081 CNY per share, while the lowest price was 37.18 CNY per share [1] - The total amount spent on the share buyback, excluding transaction fees, is approximately 19.9947 million CNY [1]

Performance Overview - In the first half of 2025, the company achieved operating revenue of 1.772 billion yuan (+24.20%) and a net profit attributable to shareholders of 261 million yuan (+59.04%), with an EPS of 0.57 yuan and a non-recurring net profit of 253 million yuan (+62.71%) [1] - In Q2, the company reported operating revenue of 1.01 billion yuan (YoY +30.3%, QoQ +32.5%) and a net profit attributable to shareholders of 155 million yuan (YoY +71.8%, QoQ +44.9%) [1] Industry Turning Point - The company’s main business segments, including components and ceramic new materials, have reached a turning point in 2025 [1] - In the components sector, the competitive landscape for mid-to-high-end products is favorable, with a recovery in orders from high-reliability application areas leading to positive revenue growth across all product lines [1] - The new materials segment has seen rapid sales growth due to the acceleration of customer pilot line projects, with strong demand driving significant increases in business scale and profitability [1] Main Business Recovery - The company’s core business is recovering rapidly, with the components segment generating revenue of 692 million yuan (+27.62%) due to low inventory levels among downstream customers and a full recovery of military orders [2] - The international trade segment achieved revenue of 941 million yuan (+15.86%) driven by increased investment in core products and the trend of domestic substitution in industries like new energy vehicles and industrial automation [2] - The new materials segment saw a strong sales increase, achieving revenue of 133 million yuan (+101.88%), with improved operational efficiency contributing to enhanced profitability [2] Future Growth Potential - The demand for passive components in high-reliability fields is expected to maintain high growth during the 14th Five-Year Plan period due to the increasing trend of weapon electronicization and domestic substitution [2] - The development of ceramic materials is anticipated to exceed expectations, with stable production of third-generation ceramic fibers and increasing demand from downstream customers [2] - The company has entered the liquid cooling market through a strategic acquisition, aiming to expand its applications in data centers, industrial equipment, and special equipment [2] Investment Outlook - The company is positioned as a dual-driven enterprise in components and new materials, with rapid performance growth expected to continue due to the recovery of component orders and increasing downstream demand for new materials [2] - Projected revenues for 2025-2027 are 3.591 billion yuan, 4.569 billion yuan, and 5.940 billion yuan, with corresponding net profits of 528 million yuan, 661 million yuan, and 847 million yuan, indicating significant growth rates [2]

Group 1: Recommended Stocks - Torch Electronics (603678.SH) shows confidence with an employee stock ownership plan despite a 20.04% decline in revenue to CNY 2.8 billion in 2024[9] - Jiejie Microelectronics (300623.SZ) reported a 35.05% increase in revenue to CNY 2.845 billion and a 115.87% rise in net profit to CNY 473 million in 2024[13] - Meige Intelligent (002881.SZ) leads in smart cockpit modules with a 35.1% market share, achieving 881,000 units shipped in 2024[19] - Kingsoft Office (688111.SH) achieved a revenue of CNY 26.57 billion in H1 2025, a 10.12% year-on-year increase[20] - Parker New Materials (605123.SH) aims for high-end markets with a focus on aerospace and energy sectors, despite a 46.37% drop in net profit in 2024[25] - Jinyinhai (300619.SZ) is a leader in lithium battery equipment, expecting revenues of CNY 18.95 billion in 2025[29] Group 2: Financial Metrics and Projections - Torch Electronics forecasts EPS of CNY 1.10, 1.40, and 1.74 for 2025-2027[12] - Jiejie Microelectronics anticipates EPS of CNY 0.78, 1.02, and 1.35 for 2025-2027[16] - Kingsoft Office projects net profits of CNY 17.68 billion, 21.50 billion, and 26.93 billion for 2025-2027, with a PE ratio of 84, 69, and 55 respectively[23] - Jinyinhai expects net profits of CNY 0.11 billion, 0.80 billion, and 2.60 billion for 2025-2027, with a PE ratio of 318.45X, 45.82X, and 14.01X[35]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5]. Core Views - The company has experienced significant revenue growth, with total operating income reaching 1.772 billion yuan in H1 2025, a year-on-year increase of 24.2%. The net profit attributable to shareholders was 261 million yuan, up 59.04% year-on-year [1]. - The recovery of the self-produced components business, which generated 692 million yuan in revenue, reflects a year-on-year growth of 27.62%. This growth is attributed to the release of delayed orders and the initiation of new equipment under the "14th Five-Year Plan" [2]. - The new materials segment has shown remarkable growth, with revenue increasing by 101.88% to 133 million yuan. The company is positioned to benefit from the increasing demand for ceramic materials in next-generation aerospace equipment [3]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved total operating revenue of 1.772 billion yuan, a 24.2% increase year-on-year. The net profit attributable to shareholders was 261 million yuan, reflecting a 59.04% increase year-on-year. The second quarter saw revenue of 1.010 billion yuan, up 30.29% year-on-year and 32.52% quarter-on-quarter [1]. Cost Management - The company reported a total expense ratio of 16.14% in the first half of 2025, a decrease of 2.85 percentage points year-on-year. The individual expense ratios for sales, management, R&D, and financial costs were 4.27%, 8.52%, 2.83%, and 0.52%, respectively, all showing a decline compared to the previous year [1]. Business Segments - The self-produced components business generated 692 million yuan in revenue, marking a 27.62% year-on-year increase. The recovery in orders is expected to drive performance, supported by the military's informationization process and new product developments [2]. - The new materials segment achieved revenue of 133 million yuan, a 101.88% increase year-on-year. The company is well-positioned to benefit from the strategic significance of ceramic materials in new-generation equipment [3]. Financial Forecast - The company is projected to achieve net profits of 502 million yuan, 722 million yuan, and 905 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 37.92, 26.36, and 21.04 [3][4].

Core Viewpoint - Torch Electronics has shown a significant increase in revenue and net profit in the first half of 2025, indicating strong business performance and growth potential [2]. Company Overview - Torch Electronics, established on December 20, 2007, and listed on January 26, 2015, is located in Quanzhou, Fujian Province, specializing in the R&D, production, sales, testing, and service of electronic components and new materials [1]. - The company's main business revenue composition includes: international trade (53.08%), self-produced passive components (34.32%), self-produced ceramic materials (7.29%), self-produced active components (4.73%), and others (0.57%) [1]. Financial Performance - For the period from January to June 2025, Torch Electronics achieved operating revenue of 1.772 billion yuan, representing a year-on-year growth of 24.20%, and a net profit attributable to shareholders of 261 million yuan, reflecting a year-on-year increase of 59.04% [2]. - Since its A-share listing, the company has distributed a total of 961 million yuan in dividends, with 289 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders of Torch Electronics increased by 6.67% to 29,600, with an average of 16,077 circulating shares per person, a decrease of 3.49% [2]. - The top ten circulating shareholders include several mutual funds, with notable increases in holdings from firms like GF Small and Medium Cap Selected Mixed Fund and Fortune Tianhui Growth Mixed Fund [3].

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

Market Overview - The Shanghai Composite Index rose by 3.49% last week, closing at 3825.76 points, with a peak of 3825.76 points [1] - The Shenzhen Component Index increased by 4.57%, closing at 12166.06 points, with a peak of 12167.28 points [1] - The ChiNext Index saw a rise of 5.85%, closing at 2682.55 points, with a peak of 2683.9 points [1] - In the global market, the Nasdaq Composite Index fell by 0.58%, while the Dow Jones Industrial Average rose by 1.53% and the S&P 500 increased by 0.27% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 0.27%, while the Nikkei 225 Index fell by 1.72% [1] New Stock Issuance - One new stock was issued last week, with the details as follows: - Stock Code: 920112.BJ, Stock Name: 巴兰任, Subscription Date: 20250819 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 21477.3 billion yuan, with a financing balance of 21327.89 billion yuan and a securities lending balance of 149.41 billion yuan [3] - The margin trading balance increased by 917.9 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 10948.37 billion yuan, up by 473.51 billion yuan, while the Shenzhen market's balance was 10528.93 billion yuan, up by 444.39 billion yuan [3] - A total of 3444 stocks had margin buying, with 265 stocks having buying amounts exceeding 1 billion yuan, led by 东方财富 (212.35 billion yuan), 北方稀土 (122.35 billion yuan), and 中兴通讯 (119.31 billion yuan) [3][4] Fund Issuance - Eight new funds were issued last week, including: - 诺安稳健回报混合D, 博时稳健回报债券(LOF)E, 华宝宝康债券D, 华富可转债债券D, 汇添富双鑫添利债券D, 安信平衡养老目标三年持有期混合发起, 长盛元赢30天持有债券C, and 长盛元赢30天持有债券A [5][6] Company Buybacks - Thirteen companies announced share buybacks last week, with the top five by execution amount being: - 中国石化, 星网锐捷, 飞鹿股份, 火炬电子, and 意华股份 [7][8] - The highest buyback amounts were concentrated in the oil and petrochemical, telecommunications, and basic chemical industries [8]

Financial Performance - The company's total revenue for the first half of 2025 was 1.772 billion yuan, an increase of 345 million yuan compared to the same period last year, representing a year-on-year growth of 24.20% [1] - The net profit attributable to shareholders was 261 million yuan, an increase of 96.98 million yuan compared to the same period last year, reflecting a year-on-year increase of 59.04% [1] - The operating cash flow was negative at -67.18 million yuan [1] Profitability Metrics - The latest gross profit margin was 35.59%, up 1.24 percentage points from the previous quarter and up 2.65 percentage points from the same period last year [3] - The return on equity (ROE) was 4.26%, an increase of 1.27 percentage points compared to the same period last year [3] - The diluted earnings per share were 0.57 yuan, an increase of 0.21 yuan compared to the same period last year, representing a year-on-year increase of 58.33% [3] Efficiency Ratios - The total asset turnover ratio was 0.23 times, an increase of 0.04 times compared to the same period last year, reflecting a year-on-year growth of 22.27% [3] - The inventory turnover ratio was 0.85 times, an increase of 0.12 times compared to the same period last year, representing a year-on-year increase of 15.88% [3] Shareholder Structure - The number of shareholders was 29,600, with the top ten shareholders holding a total of 234 million shares, accounting for 49.20% of the total share capital [3] - The largest shareholder, 察明通, held 35.0 million shares [3]