杭州华光焊接新材料股份有限公司 2025 年第四次临时股东会会议资 料 杭州华光焊接新材料股份有限公司 2025 年第四次临时股东会会议资料 2025 年 9 月 1 | 议案一附件 9 | | --- | 杭州华光焊接新材料股份有限公司 2025 年第四次临时股东会会议资 料 2025 年第四次临时股东会会议须知 为了维护全体股东的合法权益，保障股东依法行使股东权利，确保股东会的正常 秩序和议事效率，杭州华光焊接新材料股份有限公司（以下简称"公司"）根据《公司章 程》以及《公司股东会议事规则》等相关规定，制定本次股东会会议须知： 一、董事会以维护股东的合法权益、确保股东会正常秩序和议事效率为原则，认 真履行《公司章程》中规定的职责。 二、为能及时、准确地统计出席会议的股东（或其授权代表）所持有的股份总数， 登记出席股东会的各位股东或其代理人应准时到达会场签到并确认参会资格。股东参 会登记结束前没有通过现场、传真或邮件方式登记的，或不在签到表上登记签到的， 或会议正式开始后没有统计在会议公布股权总数之内的股东或股东授权代表，不得参 加表决和发言。 三、为保证本次股东会的严肃性和正常秩序，切实维护与会股东（或其 ...

Market Overview - The general equipment sector experienced a decline of 0.63% on September 2, with Huaguang New Materials leading the losses [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Top Gainers - Hengjin Induction (Code: 838670) saw a significant increase of 29.99%, closing at 24.79 with a trading volume of 196,800 shares [1] - Jiyang Precision (Code: 836720) rose by 20.06%, closing at 20.35 with a trading volume of 284,600 shares [1] - Anpeilong (Code: 301413) increased by 13.42%, closing at 136.00 with a trading volume of 120,000 shares [1] Top Losers - Huaguang New Materials (Code: 688379) fell by 9.36%, closing at 51.21 with a trading volume of 82,900 shares [2] - Dayuan Quanye (Code: 603757) also dropped by 9.36%, closing at 47.95 with a trading volume of 177,500 shares [2] - Tongfei Co., Ltd. (Code: 300990) decreased by 9.25%, closing at 70.75 with a trading volume of 101,200 shares [2] Capital Flow - The general equipment sector saw a net outflow of 1.543 billion yuan from institutional investors, while retail investors had a net inflow of 1.991 billion yuan [2][3] - Notable stocks with significant capital inflow include Wuzhou Xinchun (Code: 603667) with a net inflow of 449 million yuan [3] - Qin Chuan Machine Tool (Code: 000837) had a net inflow of 441 million yuan from institutional investors [3]

Group 1 - A significant number of high-profile stocks, including Jingwang Electronics, Changfei Fiber, and Jimin Health, have hit the daily limit down [1] - Over 30 stocks, such as Tianfu Communication and Huahong Company, have experienced declines exceeding 10% [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by demolition income recognition [1] - The second quarter of 2025 showed a decline in net profit, indicating short-term pressure on profitability despite overall revenue growth [2] Financial Performance - In H1 2025, the company achieved revenue of 1.206 billion yuan, up 39.03% year-on-year, and a net profit of 123 million yuan, up 174.02% year-on-year [1] - The Q2 2025 revenue was 620 million yuan, reflecting a year-on-year increase of 22.29%, while net profit decreased by 25.46% to 28 million yuan [1] - The gross margin for H1 2025 was 11.07%, down 3.97 percentage points year-on-year, and for Q2 2025, it was 11.47%, down 6.15 percentage points [2] Business Segments - The company’s core businesses in refrigeration and electrical sectors saw revenue growth of 22.47% and 66.95% respectively in H1 2025 [3] - The electronic and new energy sectors experienced substantial growth, with revenues increasing by 75.92% and 50.01% year-on-year [3] - The company is actively expanding into new products such as electronic connection materials and high-precision soldering materials, which are expected to enhance overall profitability [2] Emerging Opportunities - The company is leveraging opportunities in AI cooling solutions and robotics, with the liquid cooling segment generating nearly 29 million yuan in revenue in H1 2025, accounting for 2.4% of total revenue [3] - The company’s international strategy is yielding results, with overseas revenue increasing by 37.96% year-on-year, covering over 50 countries [3] Future Outlook - Revenue projections for 2025-2027 are 2.512 billion, 3.421 billion, and 4.356 billion yuan, with year-on-year growth rates of 31.0%, 36.2%, and 27.3% respectively [4] - Expected net profits for the same period are 195 million, 190 million, and 244 million yuan, with growth rates of 142.1%, -2.5%, and 28.0% respectively [4]

Core Viewpoint - Minsheng Securities has issued a research report on Huaguang New Materials (688379.SH), recommending a buy rating based on several growth factors and potential improvements in profitability [1] Group 1: Financial Performance and Projections - The company's profits are expected to be under short-term pressure until Q2 2025, but new product development is anticipated to enhance profitability [1] - The cooling and power business is experiencing steady growth, while the electronics and new energy sectors are witnessing rapid expansion [1] Group 2: Growth Opportunities - Emerging fields such as AI computing liquid cooling and robotics are opening up a third growth space for the company [1]

Core Viewpoint - Huaguang New Materials (688379) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, although there were some declines in certain profitability metrics [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.206 billion yuan, a year-on-year increase of 39.03% [1]. - Net profit attributable to shareholders was 123 million yuan, up 174.02% year-on-year [1]. - In Q2 2025, total revenue was 620 million yuan, reflecting a 22.29% increase year-on-year, while net profit decreased by 25.48% to 27.78 million yuan [1]. - The gross margin was 11.06%, down 26.42% year-on-year, while the net margin improved to 10.21%, an increase of 97.1% [1]. - The total of selling, administrative, and financial expenses was 54.54 million yuan, accounting for 4.52% of revenue, a decrease of 18.92% year-on-year [1]. - Earnings per share rose to 1.43 yuan, a significant increase of 169.81% [1]. Balance Sheet and Cash Flow Summary - Accounts receivable increased to 553 million yuan, a 29.60% rise, with accounts receivable to net profit ratio at 685.89% [1][5]. - Cash and cash equivalents rose to 155 million yuan, a 79.16% increase [1]. - Long-term borrowings surged by 158.64% due to increased bank loans for factory construction and operations [4]. - The net cash flow from operating activities increased by 17.77%, attributed to higher sales and improved cash collection [4]. Operational Insights - The company is expanding into new sectors such as electronics and new energy vehicles, contributing to revenue growth [4]. - The increase in operating costs by 45.53% was driven by higher sales volume and rising raw material prices [4]. - Research and development expenses grew by 17.66%, indicating a commitment to innovation [4]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was 6.73%, with a historical median ROIC of 9.02% since its listing [4]. - Analysts expect the company's performance in 2025 to reach a net profit of 215 million yuan, with an average earnings per share forecast of 2.38 yuan [5].

Core Viewpoint - Huaguang New Materials (688379.SH) reported significant growth in both revenue and net profit for the first half of the year, indicating strong operational performance and financial health [1] Financial Performance - The company achieved operating revenue of 1,206.22 million yuan, representing a year-on-year increase of 39.03% [1] - The net profit attributable to shareholders reached 123.21 million yuan, marking a substantial year-on-year growth of 174.02% [1] - The net profit after deducting non-recurring gains and losses was 44.02 million yuan, with a modest year-on-year increase of 1.08% [1] Dividend Distribution - The company declared a cash dividend of 1.50 yuan for every 10 shares to all shareholders [1]

Core Points - The board of directors of Hangzhou Huaguang Welding New Materials Co., Ltd. held its 23rd meeting of the 5th session, where several key resolutions were passed [1][2][3][4][5]. Group 1: Financial Reports and Evaluations - The board approved the semi-annual report and summary for 2025, confirming compliance with financial regulations and the absence of false records or omissions [1][2]. - The board also approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Return" action plan for 2025, emphasizing a commitment to high-quality development and shareholder returns [2][3]. Group 2: Governance Structure Changes - A resolution was passed to cancel the supervisory board, adjust the number of directors, and amend the company's articles of association to enhance corporate governance [3][4]. - The board agreed to revise and establish several governance systems to promote standardized operations, including 26 sub-resolutions related to internal governance [4][5]. Group 3: Profit Distribution and Shareholder Meetings - The board approved the profit distribution plan for the first half of 2025, ensuring it aligns with industry characteristics and does not harm the interests of shareholders, particularly minority shareholders [5]. - A resolution was made to convene the fourth extraordinary general meeting of shareholders in 2025, with participation from shareholders, directors, supervisors, and invited guests [5].

Meeting Overview - The fifth session of the Supervisory Board of Hangzhou Huaguang Welding New Materials Co., Ltd. was held on August 29, 2025, via a combination of in-person and video conferencing [1] - The meeting was convened by the chairwoman of the Supervisory Board, Ms. Wang Ping, with all three supervisory members present for voting [1] Resolutions Passed - The Supervisory Board approved the proposal regarding the 2025 semi-annual report and summary, confirming that the report's preparation and review procedures comply with legal regulations and accurately reflect the company's actual situation [1][2] - The voting results for this resolution were unanimous, with 3 votes in favor, 0 against, and 0 abstentions [2] Governance Structure Changes - The Supervisory Board approved a proposal to abolish the Supervisory Board, adjust the number of directors, and amend the company's articles of association to enhance corporate governance and operational standards [2] - This proposal also requires submission to the shareholders' meeting for further approval [2] Profit Distribution Proposal - The Supervisory Board approved the 2025 semi-annual profit distribution plan, which considers industry characteristics, development stage, operational model, profitability, and major asset expenditure arrangements [3] - The plan aims to protect the long-term interests of all shareholders and will also be submitted for approval at the upcoming shareholders' meeting [3]

证券代码：688379 证券简称：华光新材 公告编号：2025-061 杭州华光焊接新材料股份有限公司 关于召开2025年第四次临时股东会的通知 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。 重要内容提示： （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 召开地点：杭州市余杭区余杭经济开发区奉运路 8 号杭州华光焊接新材料股 份有限公司会议室 （五） 网络投票的系统、起止日期和投票时间。 （七） 涉及公开征集股东投票权 无 二、 会议审议事项 本次股东会审议议案及投票股东类型 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 16 日 至2025 年 9 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股 ...