| 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2025-074 | | --- | --- | --- | | 债券代码：113667 | 债券简称：春23转债 | | 苏州春秋电子科技股份有限公司 关于公司"提质增效重回报"专项行动方案的公告 公司是消费电子产品结构件等元器件综合产品服务供应商及新能源汽车镁 铝合金应用零部件服务供应商，主营业务为消费电子产品结构件模组及相关精密 模具的研发、设计、生产和销售、新能源汽车轻量化镁铝合金应用，公司的主要 产品为笔记本电脑及其他电子消费品的结构件模组、相关精密模具及新能源汽车 镁铝合金应用零部件。 公司以高质量发展为指引，不断提升精细化管理水平，注重研发投入，不断 提升经营质量。近年来，公司通过加大对汽车电子的投入形成"一体两翼"的战 略升级，一体为笔记本电脑结构件，两翼为电子通讯和汽车电子，与主体协作发 展，共同推进公司不断成长，实现跨越发展。2025 年前三季度，公司实现营业 收入 31.97 亿元，实现归属于上市公司股东的净利润 2.31 亿元。 二、发展新质生产力，增强企业竞争力 公司深入实施创新驱动发展战略，将科技创新作为培育新质生产 ...

| 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：113667 | 债券简称：春23转债 | | 苏州春秋电子科技股份有限公司 关于注销回购股份、减少注册资本并修订《公司章程》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。 苏州春秋电子科技股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日召开第四届董事会第十一次会议，审议通过了《关于注销回购股份、减少注册 资本并修订〈公司章程〉的议案》，对《公司章程》部分条款做相应修改，并提 请股东大会授权董事会或董事会授权人士办理相应的工商变更登记手续事项。具 体情况如下： 一、注销回购股份、减少注册资本的情况 2022 年 5 月 5 日，公司召开第三届董事会第五次会议，会议审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》。2022 年 5 月 31 日，公司在 上海证券交易所网站（www.sse.com.cn）披露了《关于以集中竞价交易方式回购 公司股份的回购 ...

| 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：113667 | 债券简称：春23转债 | | 第四届董事会第十一次会议决议公告 苏州春秋电子科技股份有限公司 苏州春秋电子科技股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日 举行了公司第四届董事会第十一次会议（以下简称"会议"）。会议通知已于 2025 年 11 月 28 日以书面方式向全体董事发出。本次会议采用现场结合通讯方式在公 司会议室召开。会议由公司董事长薛革文先生召集和主持，应到董事 7 人，实到 7 人。本次会议的召集、召开以及参与表决董事人数符合《中华人民共和国公司 法》和《公司章程》的规定。 二、董事会会议审议情况 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 表决结果：同意 7 票，反对 0 票，弃权 0 票。 具体内容详见公司同日披露于《中国证券报》、《上海证券报》和上海证券交 易所网站（www.sse.com.cn）的 ...

Core Viewpoint - Suzhou Spring Autumn Electronics Technology Co., Ltd. announced significant amendments to its articles of association, which were approved during the 10th meeting of the 4th Board of Directors [2] Group 1: Capital Changes - The registered capital and total shares of Spring Autumn Electronics will increase due to the conversion of capital reserves into share capital. The company issued 12,434,372 shares from October 21 to November 20, 2025, resulting in total shares changing from 443,509,937 to 455,944,309 [5] - The registered capital will rise from approximately RMB 443.5 million to about RMB 455.9 million [5] Group 2: Governance Structure - The "Strategic Committee" under the previous Board of Directors has been officially renamed to "Strategic and ESG Committee." The revised articles specify that this committee will be responsible for researching and proposing suggestions on the company's medium to long-term development strategy and major investment financing plans [5]

Group 1 - Institutional reports today issued 21 buy ratings involving 20 stocks, with Huafeng Aluminum receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 10 provided future target prices, with 7 stocks showing an upside potential exceeding 20%. China Pacific Insurance has the highest upside potential at 36.86% with a target price of 47.97 yuan [1] - The average increase for stocks with buy ratings today was 0.59%, outperforming the Shanghai Composite Index, with notable gainers including Spring Autumn Electronics and Aladdin [1] Group 2 - The power equipment industry is the most favored, with stocks like Putailai and Zhenyu Technology making the buy rating list. The pharmaceutical and electronics sectors also received attention with 4 and 3 stocks respectively [2] - A detailed list of stocks with institutional buy ratings includes China Pacific Insurance, Huafeng Aluminum, and others, with various target prices and latest closing prices provided [2]

Core Viewpoint - The company announced a voluntary cash offer to acquire all shares of Asetek A/S to enhance synergies between different business segments [1] Group 1: Synergy and Strategic Complementarity - The acquisition is expected to create significant synergies, achieving a "1+1>2" effect, as the company is a leading provider of notebook structural components with integrated services from precision mold design to manufacturing [2] - Both companies have overlapping customer bases, allowing for rapid expansion of product offerings and market share, which will enhance overall profitability [2] - The company will leverage its strengths in precision manufacturing and supply chain management to internalize Asetek's production processes, effectively reducing manufacturing costs and accelerating capacity expansion [2] Group 2: Strategic Transformation and New Growth Areas - The acquisition will facilitate a strategic transformation from electronic manufacturing to an "electronic + liquid cooling solutions" model, integrating Asetek's core liquid cooling technology [3] - Asetek has over 20 years of experience in the liquid cooling sector and has previously collaborated with major companies in developing data center liquid cooling products, which may be revived post-acquisition [3] Group 3: Financial Projections and Investment Recommendations - The company is projected to achieve revenues of 4.629 billion, 5.639 billion, and 6.767 billion yuan from 2025 to 2027, with year-on-year growth rates of 17.4%, 21.8%, and 20.0% respectively [4] - Expected net profits for the same period are 334 million, 460 million, and 605 million yuan, with growth rates of 58.2%, 37.7%, and 31.4% respectively, leading to a strong investment recommendation [4]

Market Overview - On November 27, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index up by 0.49%, the Shenzhen Component Index up by 0.38%, and the ChiNext Index up by 0.56%. The total trading volume in the Shanghai and Shenzhen markets reached 1.097 trillion yuan, a decrease of 46.9 billion yuan compared to the previous trading day, with over 3,300 stocks rising across the market [2]. Consumer Electronics Sector - The consumer electronics sector showed strong performance, with several stocks such as Spring Autumn Electronics hitting the daily limit [5]. - Spring Autumn Electronics announced plans to acquire all shares of Asetek A/S for a total consideration of up to 547 million Danish kroner (approximately 598 million yuan), aiming to acquire at least 90% of the shares [7]. Semiconductor Sector - The semiconductor sector continued to rise, with Electric Science Chip (600877) hitting the daily limit within three minutes. Other stocks like Lixin Micro and Xidi Micro rose over 10% [4]. - Electric Science Chip reported increased market pressure in the consumer electronics and security electronics markets, leading to delayed customer payments and significant price reductions in the industry, which impacted revenue and net profit. The company is actively expanding into key markets such as satellite communication, industrial control, and smart connected vehicles to drive stable business development [4]. Retail Sector - The retail sector remained active, with Maoye Commercial achieving three consecutive daily limits, and other stocks like Guangbai Co. and Dongbai Group also seeing gains [9]. - A recent government initiative aims to enhance the adaptability of consumer goods supply and demand, targeting a significant optimization of the supply structure by 2027, with the goal of creating three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [10].

Group 1 - The consumer electronics contract manufacturing index increased by 5.28%, closing at 7864.92, with a trading volume of 204.94 billion and a market capitalization ratio of 32.1 [1] - Notable stock performances include昀冢科技 reaching a 20% limit up, with other companies like 春秋电子, 福日电子, and 惠威科技 also hitting their upper limits [2] - The stock prices of several companies showed significant increases, with 688260 的家科技 up by 19.99%, and 688775 影石创新 up by 11.84% [3] Group 2 - Huawei announced the launch of the new Mate80 and Mate80 Pro series, which will feature the HarmonyOS6 operating system and will be available for sale starting November 28 [4]

Core Viewpoint - The A-share market has seen a significant rally in electronic consumer concept stocks, with multiple companies experiencing substantial price increases, indicating strong investor interest in this sector [1]. Group 1: Stock Performance - Yunji Technology (688260) reached a 20% limit up, with a total market value of 4.589 billion and a year-to-date increase of 174.12% [2]. - Lian De Equipment (300545) rose over 14%, with a market capitalization of 5.985 billion and a year-to-date increase of 3.73% [2]. - Zhidong Power (300686) increased nearly 11%, with a market value of 4.282 billion and a year-to-date increase of 88.20% [2]. - Spring Autumn Electronics (603890) and Furi Electronics (600203) both hit the 10% limit up, with market values of 7.856 billion and 8.432 billion respectively, and year-to-date increases of 48.59% and 59.00% [2]. - Zhongke Lanyun (688332) rose over 7%, with a market capitalization of 17.7 billion and a year-to-date increase of 13.51% [2]. - Other notable performers include Tongxingda (002845) up over 6%, Huanxu Electronics (601231) up over 6%, and Yigor (002922) up over 5% [1][2]. Group 2: Market Trends - The collective strength of electronic consumer stocks suggests a growing trend in investor confidence within this sector, reflecting broader market dynamics and potential growth opportunities [1]. - The significant year-to-date increases across various companies indicate a robust performance in the electronic consumer market, attracting attention from investors [2].

Group 1 - The consumer electronics sector is experiencing a significant rally, with multiple companies seeing substantial stock price increases [1] - Yunzhu Technology has reached a 20% limit up, indicating strong investor interest and confidence [1] - Both Chunqiu Electronics and Furi Electronics have also hit their daily limit up, reflecting a broader positive trend in the sector [1] Group 2 - Kaiwang Technology has increased by over 9%, showcasing robust performance among smaller players in the market [1] - Industrial Fulian has risen by more than 6%, contributing to the overall positive sentiment in the consumer electronics industry [1] - Other companies such as Gongda Electronics, Huanxu Electronics, and Changying Precision are also experiencing gains, indicating a widespread upward movement in the sector [1]