证券代码：688379 证券简称：华光新材 公告编号：2025-076 杭州华光焊接新材料股份有限公司 关于以简易程序向特定对象发行股票摊薄即期回报的风险提示 及采取填补措施和相关主体承诺（修订稿）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。 重要提示： 1、本公告中关于杭州华光焊接新材料股份有限公司（以下简称"公司"或 "华光新材"）2025 年度以简易程序向特定对象发行股票后主要财务指标的分 析、描述均不构成公司的盈利预测，投资者不应仅依据该等分析、描述进行投资 决策，如投资者据此进行投资决策而造成任何损失的，公司不承担任何责任。公 司提示投资者，制定填补回报措施不等于对公司 2025 年、2026 年利润作出保证。 2、本公告中关于本次以简易程序向特定对象发行股票（以下简称"本次发 行"）的股份数量和发行完成时间均为预估和假设。本次发行尚需上海证券交易 所审核、中国证券监督管理委员会（以下简称"中国证监会"）注册，能否通过 审核、何时获准注册及发行时间等均存在不确定性，敬请投资者关注。 公司第五届董事会第二十次 ...

杭州华光焊接新材料股份有限公司 前次募集资金使用情况鉴证报告 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 目 录 | | 页 次 | | --- | --- | | 一、前次募集资金使用情况鉴证报告 | 1-2 | 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 前次募集资金使用情况鉴证报告 中汇会鉴[2025]11891号 杭州华光焊接新材料股份有限公司全体股东: 我们鉴证 ...

证券代码：688379 证券简称：华光新材 公告编号：2025-077 杭州华光焊接新材料股份有限公司 关于公司向银行申请综合授信额度及接受关联方担保的公告 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。 依据《上海证券交易所科创板股票上市规则》的规定，公司控股股东、实际控制 人金李梅女士系公司关联方，拟为公司及子公司向银行申请综合授信额度提供连带责 任担保，不收取公司任何担保费用，也不需要公司提供反担保，本次交易构成关联交 易。根据上述规则 7.2.11（五）的规定，上市公司单方面获得利益的交易，包括受赠 现金资产、获得债务减免、接受担保和资助等，可以免予按照关联交易的方式审议和 披露。 三、履行的审议程序 公司分别于 2025 年 12 月 20 日、2025 年 12 月 22 日召开第五届董事会审计委员 会第十二次会议、第五届董事会第二十六次会议审议通过了《关于 2026 年度公司向 银行申请综合授信额度及接受关联方担保的议案》，同意公司向银行申请不超过人民 币 300,000 万元的综合授信额度（最终以各家银行实 ...

证券代码：688379 证券简称：华光新材 公告编号：2025-080 杭州华光焊接新材料股份有限公司 第五届董事会第二十六次会议决议公告 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。 杭州华光焊接新材料股份有限公司（以下简称"公司"）第五届董事会第二 十六次会议（以下简称"本次会议"）于 2025 年 12 月 22 日 9:30 时以现场和视 频相结合的方式在公司会议室召开，本次会议由公司董事长金李梅女士召集和主 持，会议通知于 2025 年 12 月 20 日以电子邮件的方式发送至各董事。本次会议 应参加董事 7 名，实参加董事 7 名，会议的召集和召开程序、出席会议人员的资 格和表决程序均符合《中华人民共和国公司法》（以下简称"《公司法》"）、 《杭州华光焊接新材料股份有限公司章程》（以下简称"《公司章程》"）等相 关规定，本次会议及其决议合法有效。与会董事通过认真讨论，形成如下决议： 一、审议通过《关于公司 2025 年度以简易程序向特定对象发行股票竞价结 果的议案》 根据《中华人民共和国证券法》（以下简称"《 ...

证券代码：688379 证券简称：华光新材 公告编号：2025-081 杭州华光焊接新材料股份有限公司 第五届董事会审计委员会第十二次会议决议公告 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。 杭州华光焊接新材料股份有限公司（以下简称"公司"）第五届董事会审计委 员会第十二次会议于 2025 年 12 月 20 日在公司会议室召开。本次会议应参加委员 3 名，实参加委员 3 名，符合《中华人民共和国公司法》（以下简称"《公司法》"） 《杭州华光焊接新材料股份有限公司章程》（以下简称"《公司章程》"）《杭州 华光焊接新材料股份有限公司董事会审计委员会工作规程》的有关规定。本次会议 由独立董事金瑛主持，与会委员通过认真讨论，形成如下决议： 一、审议通过《关于公司 2025 年度以简易程序向特定对象发行股票竞价结果的 议案》 根据《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司证券 发行注册管理办法》及《上海证券交易所上市公司证券发行与承销业务实施细则》 等相关法律、法规和规范性文件的有关规定及公司 2024 年年 ...

杭州华光焊接新材料股份有限公司 第五届董事会独立董事专门会议 2025年第四次会议决议 杭州华光焊接新材料股份有限公司(以下简称"公司")第五届董事会独立董 事专门会议 2025年第四次会议(以下简称"本次会议")于 2025年 12月 22日 8:30 时以现场和视频相结合的方式在公司会议室召开,本次会议由公司独立董事黄列群 先生召集和主持。本次会议应参加独立董事3名,实参加独立董事3名,会议的召 集和召开程序、出席会议人员的资格和表决程序均符合《中华人民共和国公司法》、 《杭州华光焊接新材料股份有限公司章程》（以下简称"《公司章程》"）、《独 立董事工作制度》等相关规定,本次会议及其决议合法有效。与会独立董事通过认 真讨论,形成如下决议: 一、审议通过《关于公司 2025年度以简易程序向特定对象发行股票竞价结果的 议案》 经认真审阅,我们认为: 公司以简易程序向特定对象发行股票的最终竞价结果以及过程依据的原则、依 据、程序公允、合理,符合《公司法》《中华人民共和国证券法》(以下简称"《证 券法》")《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发 行与承销业务实施细则》等法律法规、规范性文件 ...

Group 1 - The core viewpoint of the article highlights Huaguang New Materials' announcement regarding its board meeting and the discussion of a stock issuance plan for 2025 [1] - Huaguang New Materials reported that its revenue composition for the year 2024 will be 99.8% from the welding materials manufacturing industry and 0.2% from other businesses [1] - As of the report, Huaguang New Materials has a market capitalization of 5.1 billion yuan [1] Group 2 - The article also mentions a significant increase in sales for the new energy heavy truck sector, with November sales experiencing a year-on-year growth of 178% [1] - The demand for these trucks is so high that customers are directly urging manufacturers for orders, indicating a rare market situation [1]

Core Viewpoint - The company plans to raise 199 million yuan through a simplified procedure by issuing 4.893 million shares at a price of 40.67 yuan per share, with the funds allocated entirely for the second phase of the Thailand Huaguang brazing materials production base project [1] Group 1 - The total amount to be raised is 199 million yuan [1] - The number of shares to be issued is 4.893 million [1] - The issue price per share is set at 40.67 yuan [1] Group 2 - The targeted investors for this issuance include Nord Fund Management Co., Ltd., Taikang Asset Management Co., Ltd., and Caitong Fund Management Co., Ltd., among others [1] - All investors will subscribe using cash in RMB [1] - The issuance is subject to approval by the Shanghai Stock Exchange and registration decision by the China Securities Regulatory Commission [1]

Core Viewpoint - The stock price of Huaguang New Materials (688379.SH) surged due to the favorable policies in commercial aerospace and the booming CPO (Co-Packaged Optics) sector, reflecting a dual drive of valuation and performance, although concerns about negative free cash flow and potential valuation corrections are emerging [2][4][10]. Group 1: Stock Performance and Market Sentiment - On December 17, Huaguang New Materials' stock rose by 18.34% to close at 55.30 CNY per share, nearing the 20% limit for the Sci-Tech Innovation Board [2]. - The stock continued to perform well, reaching a high of 59.88 CNY per share the next day, with a cumulative increase of 12.45% [2]. - The stock's two-day surge was driven by a combination of high valuation in the sector and strong earnings performance, but market sentiment is shifting towards a potential correction due to three consecutive years of negative free cash flow [2][10]. Group 2: Industry Trends and Drivers - Recent weeks have seen a rotation in the A-share technology sector, driven by commercial aerospace launches and the demand for computing power, with significant trading activity in both sectors [3][4]. - The commercial aerospace sector was ignited by the anticipated launches of Long March 12 and Gushenxing 2, leading to a surge in related stocks [3]. - The CPO sector also gained momentum, with a daily increase of 4.86% on December 17, following a cumulative increase of 9.62% the previous week [4]. Group 3: Company Overview and Product Offering - Huaguang New Materials, established in 1995, specializes in the research and development of brazing technology and high-quality brazing materials, with applications across various industries including aerospace [5]. - The company's main products include copper-based, silver-based, aluminum-based brazing materials, and other electronic connection materials, characterized as "industrial universal adhesives" [5]. - The company relies on technological innovation and customized solutions to capture market share, offering thousands of customized product specifications [5]. Group 4: Financial Performance and Risks - For the first three quarters of the year, Huaguang New Materials reported revenue of 1.826 billion CNY, a year-on-year increase of 33.15%, and a net profit of 158 million CNY, up 100.79% [6][8]. - However, the third quarter showed a revenue of 619 million CNY, a year-on-year growth of only 23.01%, with net profit increasing by just 2.99% [7]. - The company faces challenges with inventory and accounts receivable, with accounts receivable totaling 834 million CNY, reflecting a 13.25% year-on-year increase [8]. Group 5: Long-term Outlook and Challenges - The company has consistently reported negative free cash flow, raising concerns about its long-term sustainability and the potential for profits to be merely "paper wealth" [10]. - The long-term value of Huaguang New Materials hinges on maintaining a return on equity (ROE) above 15% and turning free cash flow positive [10]. - The global market for brazing materials is approximately 20 billion CNY, with high-margin aerospace and semiconductor-grade brazing materials accounting for less than 10% [11].

Summary of Huagong New Materials Conference Call Company Overview - Huagong New Materials specializes in brazing materials, covering medium, low, and high-temperature products with a market capacity exceeding 50 billion RMB [2][3] - The company has expanded into conductive gel products, particularly silver paste, with a total market capacity of approximately 80 billion RMB [2][3] - Huagong has over 6,400 product specifications and possesses customization and flexible manufacturing capabilities [2][3] Key Customers and Market Segments - The company serves over 3,000 clients, including well-known brands like Midea and Gree, across various sectors such as HVAC, electrical appliances, electronics, and new energy vehicles [2][6] - In the electrical and electronic industry, Huagong's growth rate exceeds 30%, with significant contributions from clients like Dongfang Electric and Xiangdian Group [2][9] - The electronic semiconductor sector is projected to see revenues rise to 2.5 billion RMB by 2025, with the new energy vehicle segment also being a crucial business area [2][10] Revenue Growth and International Expansion - Overseas revenue increased from over 30 million RMB in 2020 to 150 million RMB in 2024, with expectations to exceed 200 million RMB in 2025 [2][13] - The goal is to achieve a balance between domestic and international revenue, with a fully owned subsidiary established in Thailand to support this strategy [2][13] Technological Innovation and Product Development - Huagong emphasizes technological innovation, maintaining a strong R&D team of over 100 personnel and collaborating with research institutions [5][12] - The company has made significant advancements in silver paste products, with over 50 high and low-temperature series developed since 2020 [4][14] - Plans to enter the AI liquid cooling server market in 2025, with expected revenues of 100 million RMB from partnerships with companies like NVIDIA [4][15] Future Development Strategy - The strategic focus includes maintaining technological leadership, enhancing industrial capacity, and digital transformation [7][8] - The company aims to achieve a revenue target of 10 billion RMB within five years, focusing on emerging sectors such as AI, humanoid robots, and aerospace [17][29] Production Capacity and Market Position - Huagong currently has over 10,000 tons of domestic production capacity, primarily in copper, silver, and tin-based solder materials [18][19] - The planned overseas capacity in Thailand is 4,500 tons, covering various solder materials [18][19] Competitive Landscape and Supply Chain Management - The liquid cooling market is rapidly growing, with Huagong positioned as a leader in domestic supply capabilities [22][25] - The company employs strategic procurement and digital management systems to optimize supply chain efficiency and mitigate raw material price volatility [28] Conclusion - Huagong New Materials is well-positioned for future growth, leveraging its technological innovations, strong customer base, and strategic international expansion to achieve its ambitious revenue goals [29]