证券日报网讯 华光新材11月20日在互动平台回答投资者提问时表示，公司资产负债率为60%左右，公 司综合考量实际经营情况，多渠道选择债权融资和股权融资相结合的融资方式。 ...

11月19日，华光新材举办2025年第三季度业绩说明会。公司就2025年第三季度的经营成果、财务状况与 投资者展开线上互动交流。 数据显示，公司前三季度营业收入与净利润实现双高增长，实现营业收入18.26亿元、归母净利润1.58亿 元，同比分别增长33.15%和100.79%，核心业务扩张成效显著。 对于投资者关心的公司能否如期完成或超额完成全年生产任务等问题，华光新材回应称，第四季度公司 积极推进各项业务，产量、销量及应收款管理等指标力争实现同比进一步增长。 近年来，华光新材充分发挥钎焊材料"工业万能胶"的特色，通过新产品新技术的创新及新市场的逐步拓 展，持续扩大产业链布局，在推动制冷暖通、电力电气等优势行业稳健增长的基础上，积极开拓新能源 汽车、电子半导体、AI 产业等新兴赛道。 围绕业务发展战略等问题，华光新材表示，公司一直重视新产品新技术的研发投入以及新市场的拓展， 近两年公司在新能源汽车、电子等新赛道的业务快速增长，同时2025年公司在AI液冷服务器领域开始 批量供货。公司围绕战略规划对相关产业和技术开展投资，实现产业和技术的协同。目前公司预成型高 活性锡焊片在半导体领域推进验证，还未实现批量供应。 ...

Core Insights - The company held its Q3 2025 earnings presentation on November 19, 2025, with full interaction from investors, achieving a 100% response rate to questions [1] Group 1: Project Updates - The Thailand project is currently in the equipment installation and trial production phase, with expected production start in early next year [2] - The company is actively pursuing a simplified procedure for a targeted issuance of new shares, with specific timelines to be announced in future announcements [3] Group 2: Financial Performance and Plans - The company is working on a share buyback plan, having already repurchased shares worth nearly 70 million yuan as of January 2025, with further plans to be disclosed as they develop [4] - The management reassured investors that the recent share reductions by executives are due to personal financial needs, not a lack of confidence in the company's future [5] Group 3: Business Development - The company reported continuous revenue growth in its data center-related business, particularly in the AI liquid cooling server sector, which is expected to contribute significantly to revenue as the AI industry expands [6][7] - The company is focusing on new product development and market expansion, with notable growth in the new energy vehicle and electronics sectors over the past two years [3][7] - The company is currently validating its pre-formed high-activity solder paste in the semiconductor field, but has not yet achieved mass supply [6][7] Group 4: Operational Metrics - The company's current capacity utilization rate exceeds 80% [6]

格隆汇11月19日｜有投资者在互动平台向华光新材提问：泰国项目什么时候能投产？华光新材回复称， 公司泰国项目正在安装设备、试生产调试和验证中，预计明年初投产。 ...

Core Viewpoint - Huaguang New Materials has experienced significant stock price fluctuations, with a year-to-date increase of 141.24% but a recent decline in the short term, indicating potential volatility in investor sentiment and market conditions [2][3]. Stock Performance - As of November 5, Huaguang New Materials' stock price was 48.26 CNY per share, down 2.05% during the trading session, with a market capitalization of 4.348 billion CNY [1]. - The stock has seen a net inflow of 112,600 CNY from main funds, with large orders accounting for 27.41% of purchases and 26.17% of sales [1]. - Over the past five trading days, the stock has decreased by 1.53%, and over the past 20 days, it has dropped by 12.28%, while showing a 17.35% increase over the last 60 days [2]. Company Overview - Huaguang New Materials, established on November 19, 1997, and listed on August 19, 2020, specializes in the research, production, and sales of brazing materials [2]. - The company's revenue composition includes silver brazing materials (42.20%), copper-based brazing materials (34.77%), and other products (22.81%) [2]. Financial Performance - For the period from January to September 2025, Huaguang New Materials reported a revenue of 1.826 billion CNY, representing a year-on-year growth of 33.15%, and a net profit attributable to shareholders of 158 million CNY, which is a 100.79% increase year-on-year [3]. - The company has distributed a total of 83.9708 million CNY in dividends since its A-share listing, with 50.1788 million CNY distributed over the past three years [4]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 9,368, up by 54.38%, while the average circulating shares per person decreased by 35.23% to 9,616 shares [3]. - Notably, Guojin Self-Innovation A (010615) has exited the list of the top ten circulating shareholders [4].

Group 1 - The company Huaguang New Materials announced the election of Ms. Jin Limei as the representative of the company to execute company affairs and serve as the legal representative [2]

Core Viewpoint - Huaguang New Materials is a leading enterprise in the domestic brazing materials sector, with advanced R&D technology and a comprehensive industrial chain layout, serving multiple high-end fields [1] Group 1: Business Performance - In Q3 2025, Huaguang New Materials achieved operating revenue of 1.826 billion yuan, ranking 17th among 82 companies in the industry, with the industry leader, CIMC, at 117.061 billion yuan [2] - The main business composition includes silver brazing materials with revenue of 509 million yuan (42.20%), copper-based brazing materials at 419 million yuan (34.77%), and other materials at 275 million yuan (22.81%) [2] - The net profit for the same period was 158 million yuan, ranking 18th in the industry, with the top performer, CIMC, at 2.395 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Huaguang New Materials was 59.10%, higher than the previous year's 57.44% and above the industry average of 39.81% [3] - The gross profit margin for Q3 2025 was 12.23%, down from 15.08% in the previous year and below the industry average of 22.64% [3] Group 3: Executive Compensation - The chairman, Jin Limei, received a salary of 691,000 yuan in 2024, an increase of 67,400 yuan from 2023 [4] - The general manager, Huang Weiqing, earned 749,100 yuan in 2024, up by 172,100 yuan from the previous year [4] Group 4: Shareholder Information - As of June 30, 2025, the number of A-share shareholders increased by 8.92% to 6,068, with an average holding of 14,800 circulating A-shares, a decrease of 8.19% [5] - The company’s performance in the first half of 2025 met expectations, with notable growth in cooling and power businesses, and a 37.96% year-on-year increase in overseas revenue [5] Group 5: Future Outlook - Analysts expect Huaguang New Materials to achieve revenues of 2.512 billion, 3.421 billion, and 4.356 billion yuan from 2025 to 2027, with net profits of 195 million, 190 million, and 244 million yuan respectively [5] - The company is focusing on expanding its market presence across various temperature ranges and sectors, including electronics and overseas markets, which is anticipated to drive growth [6]

证券代码：688379 证券简称：华光新材 公告编号：2025-073 杭州华光焊接新材料股份有限公司 关于召开 2025 年第三季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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025年11月19日（星期三）下午13:00-14:00 会议召开地点：上 海 证 券 交 易 所 上 证 路 演 中 心 ( 网址： http://roadshow.sseinfo.com/) 及全景网" 投 资 者 关 系 互 动 平 台 " （网址：https://ir.p5w.net），也可直接进入杭州华光焊接新材料股份有限公 会议召开方式：在上证路演中心及全景网同步以网络文字互动方式召开 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 19 日下午 13:00-14:00 （二）会议召开地点：上 海 证 券 交 易 所 上 证 路 演 中 心 ( 网址： http://roadshow.sseinfo.com/) 及 全景网 " 投 资 者 关 系 互 动 平 ...

杭州华光焊接新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开了第五届董事会第二十五次会议，审议通过了《关于选举代表公司执 行公司事务的董事的议案》《关于确认审计委员会成员及召集人的议案》。具体 情况公告如下： 公司于 2025 年 9 月 16 日召开了 2025 年第四次临时股东大会，审议通过了 《关于取消监事会、调整董事会人数、修订<公司章程>并办理工商变更登记的议 案》。根据相关管理部门的指导意见，公司需完成以下选聘及确认事项。 一、选举代表公司执行公司事务的董事 证券代码：688379 证券简称：华光新材 公告编号：2025-072 杭州华光焊接新材料股份有限公司 关于选举代表公司执行公司事务的董事、确认审计委员会成员 及召集人的公告 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。 为提高公司治理水平，根据新《公司法》和《公司章程》的规定，公司董事 会下设审计委员会，董事会确认金瑛女士、金李梅女士、吴昊先生为公司第五届 董事会审计委员会成员，其中金瑛女士为审计委员会召集人且为会计专业人 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥619,475,041.45, representing a year-on-year increase of 23.01%[3] - The total profit for the year-to-date period was ¥172,429,989.40, showing a significant increase of 100.55% compared to the same period last year[3] - The net profit attributable to shareholders for Q3 2025 was ¥34,671,935.70, reflecting a year-on-year growth of 2.99%[3] - Total operating revenue for the first three quarters of 2025 reached CNY 1,825,698,631.57, a 33.1% increase from CNY 1,371,210,673.79 in the same period of 2024[21] - Operating profit for the first three quarters of 2025 was CNY 173,768,788.18, compared to CNY 86,596,757.19 in the previous year, reflecting a growth of 100.7%[22] - Net profit for the first three quarters of 2025 was CNY 157,883,652.26, up 100.5% from CNY 78,630,537.71 in the same period of 2024[22] - Basic earnings per share for the first three quarters of 2025 were CNY 1.84, compared to CNY 0.92 in the previous year, indicating a significant increase[23] Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥2,773,607,494.16, marking a 16.88% increase from the end of the previous year[5] - As of September 30, 2025, the total assets of the company reached RMB 2,773,607,494.16, an increase from RMB 2,373,071,319.12 as of December 31, 2024, representing a growth of approximately 16.83%[15] - The company's current assets totaled RMB 2,118,560,839.90, up from RMB 1,828,265,964.27, indicating an increase of about 15.87%[16] - Total liabilities as of the end of the reporting period amounted to CNY 1,639,211,151.28, up from CNY 1,376,914,496.53 year-over-year[18] - The total liabilities decreased to RMB 1,800,560,000.00 from RMB 1,800,000,000.00, showing a slight reduction of about 0.03%[16] - Total equity attributable to shareholders reached CNY 1,134,396,342.88, an increase from CNY 996,156,822.59 in the previous year[18] Cash Flow - The company reported a negative cash flow from operating activities of -¥139,306,529.93, primarily due to cash settlements with suppliers and high accounts receivable[10] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 1,282,400,012.18, compared to CNY 1,029,419,309.34 in the same period of 2024, marking a growth of 24.5%[25] - The net cash flow from operating activities was -$139.31 million, an improvement from -$355.49 million in the previous period, indicating a 60.9% reduction in cash outflow[26] - Total cash inflow from investment activities was $80.69 million, compared to $10.51 million in the previous period, showing a significant increase of 669.4%[26] - Cash outflow from investment activities totaled $139.85 million, up from $61.71 million, representing a 126.5% increase[26] - The net cash flow from financing activities was $158.46 million, a decrease of 51.9% from $328.88 million in the previous period[26] - The total cash and cash equivalents at the end of the period were $145.67 million, compared to $113.41 million in the previous period, reflecting a 28.4% increase[26] Research and Development - Research and development expenses totaled ¥24,817,384.47 for the quarter, which is an increase of 54.74% year-on-year[5] - Research and development expenses for the first three quarters of 2025 were CNY 57,416,217.63, up from CNY 43,744,559.42 in the previous year, reflecting a 31.2% increase[21] Shareholder Information - The company reported a total of 9,368 shareholders at the end of the reporting period[12] - The top shareholder, Jin Limei, holds 36.54% of the shares, totaling 32,918,000 shares[12] - The company has a repurchase account holding 2,288,630 shares, representing 2.54% of the total share capital[14] - The company has not reported any significant changes in shareholder relationships or actions regarding share lending[13] Operational Efficiency - The increase in operating revenue is attributed to the development of new customers and markets, leading to a rise in order volume[9] - The company recognized gains from the demolition of its Liangzhu plant, contributing to the increase in total profit[9] - The net profit margin for the year-to-date period improved to 8.99%, reflecting the company's operational efficiency[3] Inventory and Receivables - Inventory increased to RMB 871,787,809.35 from RMB 740,681,913.23, reflecting a rise of approximately 17.73%[16] - Accounts receivable rose to RMB 524,708,229.85 from RMB 430,242,054.53, marking an increase of approximately 22%[15]