Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].

Financial Performance - In 2024, the company achieved a revenue of 792 million yuan, representing a year-on-year growth of 14.46%, marking a historical high [2] - In Q1 2025, the company reported a revenue of 230 million yuan, a significant year-on-year increase of 59.41%, with a net profit attributable to shareholders of 11.79 million yuan, up 183.46% year-on-year [2] Industry Positioning - The company focuses on electronic vacuum manufacturing technology and product design, with a strong emphasis on R&D and core technology across all key production stages of electronic vacuum devices [3] - The company has established partnerships with leading firms in the new energy vehicle and charging infrastructure sectors, leveraging its ceramic material technology to develop high-voltage direct current contactors [3] - As an early entrant in the military aerospace and defense sectors, the company has developed a stable market position, particularly in military vacuum relays and direct current contactors [3] Market Trends - The domestic semiconductor equipment manufacturing sector is characterized by low localization rates and a scarcity of electronic component suppliers, with the company positioned as a pioneer in the market [4] - The company’s vacuum capacitors and relays are competitive with international brands in terms of performance, while benefiting from lower production costs [4] Innovation and Development - The company is committed to driving innovation in high-end equipment manufacturing, focusing on the miniaturization and localization of electronic vacuum devices to meet the demands of national defense and high-end manufacturing [5][6] - The company continuously enhances its core manufacturing technologies, including ceramic vacuum sealing and electromagnetic control, to produce high-performance, reliable electronic vacuum devices [6] Future Outlook - The company aims to expand its market share in high-end manufacturing sectors such as new energy, semiconductors, and aerospace, while participating in international competition [6]

Group 1 - The core viewpoint of the articles highlights the strong performance of Guokui Co., Ltd. in Q1 2025, with a revenue of 230 million yuan, representing a year-on-year increase of 59.4%, and a net profit attributable to shareholders of 11.79 million yuan, up 183.5% year-on-year [1] - The significant growth in performance is driven by the robust sales of differentiated product matrices, particularly in core products like control boxes and relays, which have shown substantial revenue increases [1] - Guokui has over 20 years of experience in the electronic vacuum device sector, with a comprehensive R&D capability covering the entire production chain, holding hundreds of patents and core technologies, especially in vacuum capacitors, breaking international monopolies [1] Group 2 - The company is seizing opportunities in strategic emerging fields such as new energy, semiconductors, and aerospace, establishing a diversified business structure [1] - Guokui's modular lightweight distribution devices have received orders from international automotive companies, with plans for mass delivery in 2025, benefiting from the high demand in the new energy vehicle sector [1] - The establishment of an AI research team in 2025 aims to enhance operational efficiency and accelerate product iteration and customization capabilities, supporting the company's strategy to capture high-end markets [2] Group 3 - Guokui occupies a critical position in the trillion-yuan markets of new energy and semiconductors, leveraging technological barriers and diversified layouts [2] - The company plans to expand its overseas market presence in 2025, enhancing its global share through a dual-driven strategy of "technology + market" [2] - The rapid increase in orders for vacuum capacitors is a key engine for the company's performance growth [1]

| 证券代码：688103 | 证券简称：国力股份 | 公告编号：2025-015 | | --- | --- | --- | | 转债代码：118035 | 转债简称：国力转债 | | | 非经常性损益 | | | | | | --- | --- | --- | --- | --- | | 的净利润 | | | | | | 基本每股收益 | 0.34 | 0.32 | 0.67 | -52.24 | | （元） | | | | | | 加权平均净资 | 2.90% | 2.66% | 5.97% | 减少 3.31 个百 | | 产收益率 | | | | 分点 | | 项目 | | 本报告期末 | 本报告期初 | 修正后的增减 | | | 修正前 | 修正后 | | 变动幅度（％） | | 总 资 产 | 223,428.15 | 221,385.01 | 205,882.69 | 7.53 | | 归属于母公司 | 114,146.41 | 113,863.32 | 112,523.36 | 1.19 | | 的所有者权益 | | | | | | 股 本 | 9,531.55 | 9,531.55 | 9 ...

本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 昆山国力电子科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第三届董事会第十九次会议、第三届监事会第十四次会议，审议通过了《关 于作废 2022 年限制性股票激励计划部分限制性股票的议案》，现将有关事项说 明如下： 一、2022年限制性股票激励计划已履行的决策程序和信息披露情况 | 证券代码：688103 | 证券简称：国力股份 | 公告编号：2025-023 | | --- | --- | --- | | 转债代码：118035 | 转债简称：国力转债 | | 昆山国力电子科技股份有限公司 关于作废 2022 年限制性股票激励计划 部分限制性股票的公告 1、2022 年 5 月 23 日，公司召开第二届董事会第十七次会议，审议通过了 《关于<昆山国力电子科技股份有限公司 2022 年限制性股票激励计划（草案）> 及其摘要的议案》《关于<昆山国力电子科技股份有限公司 2022 年限制性股票激 励计划实施考核管理办法>的议案》以及《关于提请股东大会授权董 ...

昆山国力电子科技股份有限公司 二、2024 年年审会计师事务所履职情况 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他执业规 范，容诚对公司 2024 年度财务报告及 2024 年 12 月 31 日的财务报告内部控制的 有效性进行了审计，同时对公司募集资金存放与实际使用情况、控股股东及其他 关联方占用资金情况等进行核查并出具了专项报告。 董事会审计委员会监督容诚会计师事务所（特殊普通合伙） 的履职情况报告 昆山国力电子科技股份有限公司（以下简称"公司"）聘请容诚会计师事务 所（特殊普通合伙）（以下简称"容诚会计师事务所"或"容诚"）作为对公司 2024 年度财务报告出具审计报告的会计师事务所。根据财政部、国务院国有资 产监督管理委员会、中国证券监督管理委员会颁布的《国有企业、上市公司选聘 会计师事务所管理办法》，公司审计委员会切实对容诚在 2024 年度的审计工作 情况履行了监督职责。具体情况如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普通 合伙）更名而来，初始成立于 1988 年 8 月，2013 ...

一、独立董事独立性自查情况 昆山国力电子科技股份有限公司 董事会关于独立董事独立性自查情况的专项报告 经深入核查独立董事陆利康、王琦龙、卜璐的任职经历以及签署的相关自查 文件，确认上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要 股东公司担任任何职务，与公司以及公司主要股东之间不存在利害关系或其他可 能妨碍其进行独立客观判断的关系。 昆山国力电子科技股份有限公司(以下简称"公司")现有独立董事 3 人，分 别为陆利康、王琦龙、卜璐。根据《上市公司独立董事管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》相关规定,公司独立董事对自身的独立性情况进行了自查，并 将自查情况提交了董事会。自查结果显示，公司独立董事均符合《上市公司独立 董事管理办法》第六条对独立性的相关要求，与公司以及公司主要股东之间不存 在利害关系或其他可能妨碍其进行独立客观判断的关系，能够独立履行职责，不 受公司及其主要股东、实际控制人等单位或个人的影响。 公司独立董事在 2024 年度始终保持高度的独立性，其履职行为符合《上市 公司独立董事管理办法》《上海证券交易所科创 ...

| 证券代码：688103 | 证券简称： 国力股份 | 公告编号：2025-021 | | --- | --- | --- | | 转债代码：118035 | 转债简称：国力转债 | | 昆山国力电子科技股份有限公司 到账后，公司以募集资金置换预先已投入募集资金投资项目的自筹资金 6,881.72 万元；（2）直接投入募集资金项目 16,084.63 万元。截至 2024 年 12 月 31 日，公司累计使用募集资金 22,966.35 万元，扣除累计已使用募集资金后， 募集资金余额为 683.62 万元，累计收到的募集资金专用账户利息收入、理财收 益扣除银行手续费等的净额 294.95 万元，募集资金专户 2024 年 12 月 31 日余 额合计为 978.57 万元。 （二）向不特定对象发行可转换公司债券 经中国证券监督管理委员会《关于同意昆山国力电子科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可［2023］1065 号）同 意注册，公司向不特定对象发行面值总额为 480,000,000.00 元的可转换公司债 券，债券期限为 6 年。截止 2023 年 6 月 16 日，公司 ...

| | | 昆山国力电子科技股份有限公司 关于续聘公司 2025 年度审计机构的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 拟续聘的会计师事务所名称：容诚会计师事务所（特殊普通合伙）（以下 简称"容诚会计师事务所"或"容诚"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 容诚会计师事务所初始成立于1988年8月，2013年12月10日改制为特殊普通 合伙企业，是国内最早获准从事证券服务业务的会计师事务所之一，长期从事证 券服务业务，拥有 30多年的证券业务从业经验。容诚所在全国设有20家分支机 构，总部位于北京注册地址为北京市西城区阜成门外大街22号110层1001-1至 1001-26。 2.人员信息 容诚首席合伙人刘维，截至2024年12月31日，容诚共有合伙人212人，共有 注册会计师1,552人，其中781人签署过证券服务业务审计报告。 4.投资者保护能力 容诚会计师事务所已购买注册会计师职业责任保险，职业保险累计赔偿限额 不低于2亿元，职业保险购买符合相关规定。 近三 ...

昆山国力电子科技股份有限公司 关于 2024 年度"提质增效重回报"专项行动方案的评估报告暨 2025 年度"提质增效重回报"专项行动方案 为积极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行 动的倡议》，进一步推动公司高质量发展和投资价值提升，增强投资者回报，昆 山国力电子科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日披露了 《昆山国力电子科技股份有限公司 2024 年度"提质增效重回报"行动方案》。 2024 年度公司根据"提质增效重回报"行动方案内容积极开展和落实相关工作， 在研发创新、公司治理及投资者关系等方面取得了较好成效。 2025 年，公司将继续秉承"客户第一、合作共赢、创新超越、责任担当、热 情温暖"的核心价值，结合自身发展战略和经营情况，制定了 2025 年度"提质 增效重回报"行动方案。 公司 2024 年度"提质增效重回报"行动方案执行情况及 2025 年度"提质增 效重回报"行动方案主要举措如下： 一、聚焦主业发展，提升核心竞争力 自成立以来，公司始终以"持续高效地提供低成本、高品质的产品和服务， 为客户创造价值，对社会承担责任，与员工共创美好生活 ...