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]

Market Overview - The low-altitude economy sector experienced a decline of 1.38% on October 30, with Changyingtong leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Top Performers - Penghui Energy (300438) saw a significant increase of 20.00%, closing at 48.59 with a trading volume of 563,500 shares and a transaction value of 2.706 billion [1] - Xinan Century (688201) rose by 10.29%, closing at 16.93 with a trading volume of 422,500 shares and a transaction value of 693 million [1] - Guangha Communication (300711) increased by 8.06%, closing at 23.32 with a trading volume of 252,200 shares and a transaction value of 590 million [1] Underperformers - Changyingdao (688143) fell by 7.93%, closing at 39.36 with a trading volume of 52,300 shares and a transaction value of 210 million [2] - Shenkai Co., Ltd. (002278) decreased by 6.33%, closing at 12.42 with a trading volume of 943,500 shares and a transaction value of 1.199 billion [2] - Fenghua Gaoke (000636) dropped by 6.11%, closing at 16.59 with a trading volume of 775,700 shares and a transaction value of 1.303 billion [2] Capital Flow - The low-altitude economy sector saw a net outflow of 5.235 billion from institutional investors, while retail investors experienced a net inflow of 4.195 billion [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are actively buying [2] Individual Stock Capital Flow - Penghui Energy (300438) had a net inflow of 4.08 billion from institutional investors, while it faced a net outflow of 2.95 billion from speculative funds [3] - China Satellite (600118) recorded a net inflow of 3.54 billion from institutional investors, with a net outflow of 3.91 billion from retail investors [3] - New Clean Energy (605111) saw a net inflow of 1.41 billion from institutional investors, while retail investors had a net outflow of 1.35 billion [3]

Core Viewpoint - Huaguang New Materials has shown significant stock performance with a year-to-date increase of 149.94% and a market capitalization of 4.504 billion yuan as of October 30 [1] Group 1: Stock Performance - On October 30, Huaguang New Materials' stock price rose by 2.02% to 50.00 yuan per share, with a trading volume of 1.09 billion yuan and a turnover rate of 2.44% [1] - The stock has experienced a 5.13% increase over the last five trading days, a 5.59% increase over the last 20 days, and a 31.74% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on August 8, where it recorded a net purchase of 31.808 million yuan [1] Group 2: Company Overview - Huaguang New Materials, established on November 19, 1997, specializes in the research, production, and sales of brazing materials, with a primary revenue composition of 42.20% from silver brazing materials and 34.77% from copper-based brazing materials [2] - The company is classified under the machinery equipment sector, specifically in general equipment and metal products, and is involved in various concept sectors including new materials and commercial aerospace [2] Group 3: Financial Performance - For the first half of 2025, Huaguang New Materials reported a revenue of 1.206 billion yuan, reflecting a year-on-year growth of 39.03%, and a net profit attributable to shareholders of 123 million yuan, marking a 174.02% increase [2] - The company has distributed a total of 83.9708 million yuan in dividends since its A-share listing, with 50.1788 million yuan distributed over the past three years [3]

Core Viewpoint - Huaguang New Materials is actively advancing its "Huakai Global" strategy, with plans to expand production capacity in Thailand by an additional 4,500 tons in the second phase of its production base [1] Group 1: Strategic Initiatives - The company is focusing on a comprehensive strategy to enhance its global presence and production capabilities [1] - The Thailand production base will cater to multiple sectors, including HVAC, electrical power, new energy vehicles, and electronic manufacturing [1] Group 2: Market Positioning - The company aims to leverage its existing customer resources across over 50 countries to ensure effective capacity utilization and order matching [1] - The promotion of brazing technology in manufacturing is expected to support the company's operational efficiency and market competitiveness [1]

Core Viewpoint - Huaguang New Materials held a performance and cash dividend presentation on October 16, 2025, highlighting its diversified business in the electric power sector and advancements in emerging technologies [1] Group 1: Business Overview - The company's electric power and electrical business includes products for wind power, hydropower, and nuclear power, as well as core components like vacuum arc extinguishers, magnetrons, and electrical alloys [1] - The business expansion is not reliant on a single investment in renewable energy, indicating strong resilience against market fluctuations [1] Group 2: Technological Innovation - Huaguang New Materials is actively developing products and technology innovations in emerging fields such as AI liquid cooling, intelligent welding solutions, and humanoid robots [1]

Core Viewpoint - Huaguang New Materials reported significant revenue growth in the first half of 2025, driven by its diverse applications in various industries, including consumer electronics and automotive electronics [1] Group 1: Financial Performance - In the first half of 2025, Huaguang New Materials achieved revenue exceeding 190 million yuan, representing a year-on-year increase of 426.87% [1] - The company has successfully commenced bulk supply of solder paste, while semiconductor pre-formed solder pieces are currently in the sample verification stage [1] Group 2: Product Applications - The applications of Huaguang's products span multiple sectors, including consumer electronics, automotive electronics, telecommunications, industrial control, and photovoltaics [1] Group 3: Future Developments - The company is set to launch a new production line for "annual production of 4,000 tons of new green soldering materials" by the end of 2024, which is expected to have significant advantages in efficiency, quality, cost, and energy conservation [1]