申万宏源证券承销保荐有限责任公司 关于 四川华丰科技股份有限公司 2025年度向特定对象发行A股股票 之 上市保荐书 保荐人（主承销商） 二〇二五年十月 申万宏源证券承销保荐有限责任公司及其保荐代表人已根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》 （以下简称"《注册管理办法》"）、《上海证券交易所科创板股票上市规则》等法 律法规和中国证监会及上海证券交易所的有关规定，诚实守信，勤勉尽责，严格 按照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真 实、准确、完整。 现将有关情况报告如下： 3-2-1 （二）发行人的主营业务 公司是我国率先从事电连接器研制和生产的核心骨干企业及国家高新技术 企业，长期专注于光、电连接器及线缆组件的研发、生产与销售，并为客户提供 系统解决方案。 公司坚持以科技创新驱动高质量发展，以世界科技前沿、国家重大需求为导 向，持续开展关键核心技术攻关，目前已具备突破关键核心技术的基础和能力， 掌握具有自主知识产权的连接器核心技术，产品广泛应用于 ...

Summary of AI Industry Conference Call Industry Overview - The AI chip demand is surging, driving the development of the industry chain, with major players like Meta and Google accelerating their ASIC chip deployments and repeatedly raising their demand forecasts for 2026, particularly with Google's V7 chip set to fully adopt liquid cooling technology [1][2] Key Points and Arguments - **Liquid Cooling Technology**: - Liquid cooling has become a standard for AI giants, with Google planning to fully adopt it by 2026 and Meta already implementing it in their self-developed chips [1][3] - Infinet is collaborating with Google to develop a universal CDU suitable for various ASIC chips, indicating a trend towards silent liquid cooling in the future [1][4] - **High-Speed Optical Modules**: - The evolution towards 1.6T optical modules is evident, with Google's V7 chip primarily utilizing this technology, benefiting leading companies like Zhongji Xuchuang and Xinyi Sheng [1][5] - The demand for CW light sources is also increasing, positively impacting companies like Yuanjie Technology [1][5] - **OCS Switches**: - Google's OCS switches are expected to achieve over 50% growth next year, benefiting manufacturers like Dekoli and Guangku Technology, as well as component suppliers like Tengjing Technology and Juguang Technology [1][6] - **Competitive Advantages**: - Infinet stands out in the global AI industry chain due to its comprehensive solutions and delivery capabilities, having secured clients like Intel, Meta, Google, and OpenAI [1][7][8] - Zhongji Xuchuang and Xinyi Sheng are recognized as leaders in the high-speed optical module sector, while Yuanjie Technology is a key supplier in the CW light source market [1][8] Additional Insights - **Market Dynamics**: - The global AI industry chain is accelerating, particularly in overseas markets, with OpenAI collaborating with major chip companies like Broadcom, AMD, and NVIDIA, creating a significant siphoning effect [2] - The domestic AI computing card market is currently facing a supply shortage, but improvements are expected in 2026, with major domestic players like Alibaba, ByteDance, and Tencent likely to increase their AI investments significantly [11] - **Emerging Technologies**: - The supernode technology is anticipated to explode in 2026, presenting opportunities across various sectors, including chips, machine manufacturing, optical modules, liquid cooling, copper connections, and server power supplies [12][13] - **AIDC Sector Outlook**: - The AIDC sector, which includes data center construction and power systems, is expected to see improved bidding progress as domestic chip supply increases in 2026, benefiting companies in cooling, power supply, and data center management [14] - **Market Volatility**: - Short-term market fluctuations due to tariff disturbances are not expected to alter the long-term growth trajectory of the AI industry, with upcoming catalysts likely to positively impact the entire industry chain [15]

Core Insights - Huafeng Technology's stock price has increased by 172.11% year-to-date, with a recent decline of 8.15% over the last five trading days [1] - The company reported a significant revenue growth of 128.26% year-on-year, reaching 1.105 billion yuan in the first half of 2025, and a staggering net profit increase of 940.64% [2] - The company has a diverse product portfolio, with components accounting for 61.65% of revenue, connectors 29.83%, and system interconnection products 5.90% [2] Stock Performance - As of October 14, Huafeng Technology's stock was trading at 91.13 yuan per share, with a market capitalization of 42.01 billion yuan [1] - The stock has seen a trading volume of 1.68 billion yuan, with a turnover rate of 1.02% [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the latest appearance on September 18, where it recorded a net purchase of 203 million yuan [1] Shareholder Information - As of June 30, 2025, Huafeng Technology had 22,200 shareholders, a decrease of 1.83% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.84% to 8,171 shares [2] - Notable institutional shareholders include Guotai Asset Management and new entrants such as Guotai Ruijin Advanced Manufacturing Mixed Fund [3]

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [15]. Core Insights - The release of DeepSeek V3.2-Exp model is expected to drive the development of the domestic AI ecosystem, showcasing the synergy between domestic chips and large models, which leads to significant improvements in computational efficiency and cost reduction [5]. - The introduction of the DeepSeek Sparse Attention mechanism allows for a substantial enhancement in long text processing efficiency, overcoming traditional computational complexity limitations [5]. - The cost of AI applications is anticipated to decrease significantly, with the DeepSeek API prices reduced by over 50%, making advanced AI models more accessible to developers and businesses [5]. - Investment focus is recommended on domestic chip manufacturers like Cambricon and Hygon, as well as companies within the Huawei supply chain and various AI application firms [5]. Industry Basic Data - The computer industry comprises 337 listed companies with a total market capitalization of approximately 61,619.92 billion and a circulating market capitalization of about 55,710.57 billion [2]. Relative Index Performance - The absolute performance of the computer industry over the past 1 month, 6 months, and 12 months is -1.6%, 24.3%, and 72.1% respectively, while the relative performance is -4.3%, 6.3%, and 47.3% [3].

Group 1 - The core viewpoint of the news is the performance and market position of Sichuan Huafeng Technology Co., Ltd., which saw a stock price increase of 5.31% to 104.49 CNY per share, with a total market capitalization of 48.169 billion CNY [1] - The company specializes in the research, production, and sales of optical and electrical connectors and cable components, with its main business revenue composition being 61.65% from components, 29.83% from connectors, 5.90% from system interconnection products, and 1.68% from other supporting components [1] - The company was established on November 21, 1994, and was listed on June 27, 2023, indicating a relatively recent entry into the public market [1] Group 2 - From the perspective of fund holdings, Jin Xin Fund has a significant position in Huafeng Technology, with its Jin Xin Multi-Strategy Selected Mixed A Fund holding 20,000 shares, representing 3.95% of the fund's net value, making it the fifth-largest holding [2] - The Jin Xin Multi-Strategy Selected Mixed A Fund has shown impressive performance, with a year-to-date return of 42.92% and a one-year return of 106.93%, ranking 236 out of 8010 in its category [2] - The fund manager, Tan Zhiming, has been in position for 174 days, with the fund's total asset size at 142 million CNY, achieving a best return of 45.06% during his tenure [3]

Market Overview - The military electronics sector experienced a decline of 1.09% on September 26, with Huafeng Technology leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the military electronics sector included: - Chengdian Optoelectronics (code: 920008) with a closing price of 31.20, up 2.73% [1] - AVIC Chengfei (code: 302132) with a closing price of 88.07, up 2.72% [1] - Liujia 6912 (code: 301592) with a closing price of 136.18, up 1.41% [1] - Major decliners included: - Huafeng Technology (code: 688629) with a closing price of 98.67, down 6.81% [2] - Jinxin Technology (code: 300252) with a closing price of 14.55, down 6.19% [2] - Guoguang Electric (code: 688776) with a closing price of 66.58, down 6.07% [2] Capital Flow - The military electronics sector saw a net outflow of 643 million yuan from institutional investors, while retail investors contributed a net inflow of 619 million yuan [2][3] - Specific stock capital flows included: - AVIC Chengfei had a net inflow of 1.28 billion yuan from institutional investors [3] - Huafeng Technology experienced a significant net outflow of 675.7 million yuan from institutional investors [3] - Zhenxin Technology had a net inflow of 486.3 million yuan from institutional investors [3]

Core Points - Huafeng Technology's stock price dropped by 5.06% to 100.52 CNY per share, with a trading volume of 677 million CNY and a turnover rate of 3.63%, resulting in a total market capitalization of 46.339 billion CNY [1] - The company, established on November 21, 1994, specializes in the research, production, and sales of optical and electrical connectors and cable components, providing system solutions to customers [1] - The revenue composition of Huafeng Technology includes components (61.65%), connectors (29.83%), system interconnection products (5.90%), other supporting components (1.68%), and others (0.94%) [1] Fund Holdings - Hai Fu Tong Fund has a significant holding in Huafeng Technology, with its Hai Fu Tong Research Selected Mixed Fund C (006556) maintaining 20,100 shares, unchanged from the previous period, accounting for 2.06% of the fund's net value, ranking as the sixth largest holding [2] - The fund has a total scale of 10.9828 million CNY and has achieved a year-to-date return of 44.65%, ranking 1614 out of 8171 in its category [2] - Over the past year, the fund has returned 60.4%, ranking 2136 out of 8004, and since its inception, it has achieved a return of 63.42% [2] Fund Manager Information - The fund manager of Hai Fu Tong Research Selected Mixed Fund C is Wang Jinxiang, who has been in the position for 6 years and 331 days [3] - The total asset scale of the fund under Wang's management is 55.6015 million CNY, with the best return during his tenure being 106.91% and the worst being -1.85% [3]

Company Overview - Sichuan Huafeng Technology Co., Ltd. is located in Mianyang, Sichuan Province, established on November 21, 1994, and listed on June 27, 2023. The company specializes in the research, production, and sales of optical and electrical connectors and cable components, providing system solutions to customers [1]. Business Composition - The main business revenue composition is as follows: components account for 61.65%, connectors for 29.83%, system interconnection products for 5.90%, other supporting components for 1.68%, and other (supplementary) products for 0.94% [1]. Stock Performance - On September 26, Huafeng Technology's stock fell by 5.06%, trading at 100.52 yuan per share, with a transaction volume of 678 million yuan and a turnover rate of 3.63%. The total market capitalization is 46.339 billion yuan [1]. Fund Holdings - Huafeng Technology is a significant holding in the Zhonghai Mixed Reform Dividend Mixed A Fund (001574), which reduced its holdings by 2,316 shares in the second quarter, now holding 16,400 shares, representing 3.61% of the fund's net value, ranking as the seventh-largest holding [2]. Fund Performance - The Zhonghai Mixed Reform Dividend Mixed A Fund was established on November 11, 2015, with a latest scale of 25.9529 million. Year-to-date returns are 2.94%, ranking 7,252 out of 8,171 in its category; the one-year return is 9.38%, ranking 6,771 out of 8,004; and since inception, the return is 11.9% [2]. Fund Manager - The fund manager of Zhonghai Mixed Reform Dividend Mixed A is Shi Yi, who has been in the position for 1 year and 90 days. The total asset size of the fund is 18.7 million, with the best return during the tenure being 49.46% and the worst being 2.63% [3].

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 28.778 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 6.361 billion yuan [1] - A total of 231 stocks saw net inflows, while 358 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 237 stocks rose, with two stocks, Pinming Technology and Shangwei New Materials, hitting the daily limit [1] - The stock with the highest net inflow was Aters, with 225 million yuan, followed by Haiguang Information and Huafeng Technology, with net inflows of 211 million yuan and 209 million yuan, respectively [1] Continuous Fund Flow - There are 32 stocks that have seen continuous net inflows for more than three trading days, with Hanwujing leading at 27 consecutive days [2] - Conversely, 144 stocks have experienced continuous net outflows, with Shangsheng Electronics leading at 18 consecutive days [2] Top Net Inflows - The top stocks by net inflow include: - Aters: 22.49 million yuan, with a flow rate of 15.44% and a price increase of 3.14% [2] - Haiguang Information: 21.07 million yuan, with a flow rate of 1.63% and a price increase of 3.09% [2] - Huafeng Technology: 20.87 million yuan, with a flow rate of 9.93% and a price increase of 2.81% [2] Notable Outflows - The stock with the highest net outflow was SMIC, with a net outflow of 1.11 billion yuan and a price decrease of 0.64% [1] - Other notable outflows include Dongxin Co. and Jinghe Integration, with net outflows of 420 million yuan and 371 million yuan, respectively [1]

Market Overview - The military electronics sector experienced a decline of 0.48% on September 25, with *ST WanFang leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the military electronics sector included: - *ST Tianwei: Closed at 23.36, up 6.86% with a trading volume of 25,200 shares [1] - Yuanbo Electronics: Closed at 74.53, up 3.10% with a trading volume of 28,800 shares [1] - Huafeng Technology: Closed at 105.88, up 2.81% with a trading volume of 198,900 shares [1] - Conversely, *ST WanFang saw a significant decline, closing at 3.95, down 4.82% with a trading volume of 341,800 shares [2] Capital Flow - The military electronics sector saw a net outflow of 370 million yuan from institutional investors, while retail investors contributed a net inflow of 76.04 million yuan [2] - The capital flow for key stocks included: - Huafeng Technology: Net inflow of 22.8 million yuan from institutional investors [3] - Jinxin Technology: Net inflow of 11.5 million yuan from institutional investors [3] - *ST Tianwei: Net inflow of 11.52 million yuan from institutional investors [3]