Core Viewpoint - The company emphasizes its commitment to investor returns and has established a clear shareholder dividend return plan for the next three years (2025-2027) [1] Group 1 - The company has developed a specific shareholder dividend return plan, which can be found in the announcement titled "Hankao Group Co., Ltd. Future Three-Year (2025-2027) Shareholder Dividend Return Plan" [1] - The company will strictly adhere to regulatory requirements and fulfill relevant information disclosure obligations in a timely manner [1] - The company aims to safeguard investors' rights to information and returns [1]

Core Viewpoint - Aihua Group's stock performance shows a slight increase, with notable financing activities indicating a mixed sentiment among investors [1][2]. Group 1: Stock Performance and Financing - On January 15, Aihua Group's stock rose by 0.23%, with a trading volume of 70.89 million yuan [1]. - The financing buy-in amount for Aihua Group on the same day was 7.49 million yuan, while the financing repayment was 11.20 million yuan, resulting in a net financing outflow of 3.71 million yuan [1]. - As of January 15, the total financing and securities lending balance for Aihua Group was 174 million yuan, with the financing balance accounting for 2.54% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Shareholder and Financial Performance - As of September 30, Aihua Group had 25,700 shareholders, an increase of 15.62% from the previous period, while the average circulating shares per person decreased by 13.51% to 15,617 shares [2]. - For the period from January to September 2025, Aihua Group reported operating revenue of 2.944 billion yuan, a year-on-year decrease of 0.73%, while the net profit attributable to shareholders increased by 11.59% to 221 million yuan [2]. - Since its A-share listing, Aihua Group has distributed a total of 1.657 billion yuan in dividends, with 285 million yuan distributed over the past three years [2]. Group 3: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder of Aihua Group, holding 3.2509 million shares, a decrease of 1.8295 million shares from the previous period [2]. - Guoshou Anbao Smart Life Stock A and Western Li De New Trends Mixed A were new entrants among the top ten circulating shareholders, holding 2.9 million shares and 1.2003 million shares, respectively [2]. - Two funds, China Merchants Quantitative Selected Stock Initiated A and Dacheng Competitive Advantage Mixed A, exited the top ten circulating shareholders list [2].

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 - Aihua Group's stock has shown a positive trend with a 3.99% increase year-to-date and a notable rise in trading activity, indicating investor interest and potential growth in the electronic components sector [1][2]. Group 1: Stock Performance - As of January 9, Aihua Group's stock price reached 17.45 CNY per share, with a market capitalization of 6.959 billion CNY [1]. - The stock has experienced a 3.99% increase in price since the beginning of the year, with a 5.12% rise over the past 20 days [1]. - The trading volume on January 9 was 36.5073 million CNY, with a turnover rate of 0.53% [1]. Group 2: Financial Performance - For the period from January to September 2025, Aihua Group reported a revenue of 2.944 billion CNY, reflecting a year-on-year decrease of 0.73% [2]. - The net profit attributable to shareholders for the same period was 221 million CNY, showing an increase of 11.59% compared to the previous year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 15.62% to 25,700, while the average number of circulating shares per shareholder decreased by 13.51% to 15,617 shares [2]. - The company has distributed a total of 1.657 billion CNY in dividends since its A-share listing, with 285 million CNY distributed over the last three years [3]. Group 4: Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 3.2509 million shares, a decrease of 1.8295 million shares from the previous period [3]. - New institutional shareholders include Guoshou Anbao Smart Life Stock A and Western Benefit New Direction Mixed A, which have entered the top ten circulating shareholders list [3].

Group 1 - The company, AiHua Group (603989.SH), is recognized as a qualified supplier for Huawei and has maintained a long-term cooperative relationship with the tech giant [1] - Due to confidentiality requirements, the specific details of the cooperation cannot be disclosed [1]

Core Viewpoint - Aihua Group's products are applicable in the optical module sector, specifically solid aluminum electrolytic capacitors and high-performance liquid aluminum electrolytic capacitors, which are key components in power management circuits for optical modules [1] Group 1 - The company has confirmed that its products can be utilized in the optical module field [1] - Solid aluminum electrolytic capacitors and high-performance liquid aluminum electrolytic capacitors are highlighted as critical components [1]

Group 1 - The core viewpoint of the article is that Aihua Group (603989) is actively engaging with investors regarding its products and applications in the fast-charging solutions for liquid-cooled supercharging piles and battery swapping systems [1] - The company highlights that aluminum electrolytic capacitors are primarily used in high-power charging modules [1] - Aihua Group's bullhorn capacitors have already been applied in relevant solutions [1]

Core Viewpoint - Aihua Group (603989.SH) emphasizes the importance of aluminum electrolytic capacitors as essential components for achieving high-density and high-reliability AI computing power in liquid-cooled servers [1] Group 1 - Aluminum electrolytic capacitors are crucial for the power supply unit (PSU) and voltage regulator modules (VRM) in liquid-cooled servers [1] - The company currently offers relevant solutions for liquid-cooled servers [1]

Group 1 - The company, AiHua Group (603989.SH), maintains a long-term stable partnership with Delta, covering multiple business areas including consumer power supplies, automotive, server power supplies, and new energy [1]

Group 1 - The core viewpoint of the article is that Aihua Group (603989.SH) positions its products as essential components in the AI computing hardware power supply and energy management chain, applicable in critical areas of AI infrastructure such as server power supply and energy systems [1] Group 2 - The company's products are highlighted as key foundational elements in the AI infrastructure, indicating a strategic focus on the growing AI market [1] - Aihua Group's involvement in AI power supply solutions suggests potential growth opportunities within the rapidly expanding AI sector [1] - The emphasis on energy management systems reflects the increasing importance of efficient energy solutions in technology applications [1]