证券之星消息，7月31日军工电子板块较上一交易日下跌0.33%，*ST万方领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。军工电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688511 | *ST天微 | 23.79 | 15.54% | 6.90万 | | 1.56亿 | | 688629 | 华丰科技 | 57.28 | 6.29% | 25.13万 | | 14.35 Z | | 301213 | 观想科技 | 60.30 | 3.11% | 4.74万 | | 2.84亿 | | 300474 | 景嘉微 | 79.60 | 3.03% | 26.93万 | | 21.49亿 | | 301517 | 陕西华达 | 45.52 | 2.55% | 12.55万 | | 5.81亿 | | 002414 | 高德红外 | 11.74 | 2.35% | 126.59万 | | 14.91亿 ...

证券代码：688629 证券简称：华丰科技 公告编号：2025-032 四川华丰科技股份有限公司 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。 1 特此公告。 四川华丰科技股份有限公司董事会 2025 年 7 月 29 日 关于独立董事辞职的公告 四川华丰科技股份有限公司（以下简称"公司"）董事会于近日收到独立董 事向锦武先生的辞职报告。向锦武先生因个人原因申请辞去公司第二届董事会独 立董事职务，同时辞去公司第二届董事会提名委员会召集人及委员职务。辞职后， 向锦武先生将不再担任公司任何职务。截至本公告披露日，向锦武先生未持有公 司股份，不存在应当履行而未履行的承诺事项。 鉴于向锦武先生辞职将导致公司独立董事人数少于董事会成员的三分之一， 根据《中华人民共和国公司法》《上市公司独立董事管理办法》《公司章程》等有 关规定，向锦武先生的辞职报告将自公司股东大会选举产生新任独立董事后生效。 在此之前，向锦武先生仍将按照有关法律法规和《公司章程》的规定继续履行公 司独立董事和董事会提名委员会的职责。公司将按照有关规定，尽快完成独立 ...

Group 1 - The defense and military industry sector is experiencing active performance, with the China Securities Military Industry Index constituents showing significant gains, including a limit-up for Construction Industry and over 6% increases for several other stocks [1] - The "August 1" defense military ETF (512810) saw a rapid price increase of over 1%, with real-time transactions exceeding 31 million yuan [2] - The upcoming August 1 Army Day and the approaching September 3 military parade are expected to increase attention on the defense and military sector [1][4] Group 2 - As of July 25, 2025, several listed companies have reported their semi-annual results, showing structural characteristics with strong performance in segments like shipbuilding and low-cost precision-guided munitions [4] - The military electronics sector is performing well from an upstream perspective, and the defense industry is anticipated to enter a performance realization phase in the second half of 2025 due to personnel adjustments and institutional reforms [4] - Investment recommendations focus on three main lines: building systems with AI-enabled intelligent combat bases, addressing shortcomings in low-cost and intelligent sectors, and promoting companies with high military trade ratios [4] Group 3 - The "August 1" defense military ETF (512810) is highlighted as an efficient investment tool that covers various popular themes, including commercial aerospace, deep-sea technology, military AI, low-altitude economy, and large aircraft [4]

Core Insights - H20's resumption of sales to China is expected to alleviate supply pressure on computing chips, stimulating the entire computing infrastructure and AI industry chain [2][3] - Since the rebound on April 9, overseas computing has seen a significant increase of 40.9%, while domestic computing, represented by Huawei's chain, has only increased by 21.1% [3][4] - The performance of domestic computing has improved, and H20's impact on domestic computing is limited, indicating that domestic computing still has long-term growth potential [5] Industry Overview - The computing power industry chain has been catalyzed by H20's return to the Chinese market, which is designed to comply with U.S. export restrictions and is specifically tailored for the Chinese market [3][5] - The domestic computing power industry is entering a growth cycle, supported by technological advancements, commercial applications, and increasing demand for AI models [4] - Key companies in the domestic computing power sector, such as Huawei, have demonstrated significant performance improvements, with Huawei's computing cluster outperforming NVIDIA's GB200 NVL72 [4][5] Investment Opportunities - The report suggests focusing on specific segments within the computing infrastructure industry, including servers, liquid cooling, copper connections, PCBs, optical communications, cloud computing, and domestic computing [5] - The IPO acceptance of domestic GPU manufacturers like Muxi Integration and Moore Threads fills the gap in the A-share market for full-function GPUs, further supporting the domestic computing ecosystem [4]

Core Viewpoint - Huafeng Technology (688629.SH) plans to raise up to 1 billion yuan through a private placement to expand production and enhance research and development capabilities, aiming to improve its technological level and competitiveness [1][2]. Fundraising and Investment Plans - The company intends to issue A-shares to no more than 35 specific investors, with the raised funds allocated as follows: 388 million yuan for high-speed wire module expansion, 387 million yuan for defense connector base construction, 60 million yuan for communication connector R&D upgrades, and 165 million yuan for working capital [2]. - The fundraising is primarily directed towards technological innovation, which is expected to enhance the company's technical capabilities and product structure [2]. Research and Development Focus - Huafeng Technology has consistently invested in R&D, maintaining R&D expenses at around 10% of sales revenue. In 2024, the company applied for 68 new patents and received 52 new authorizations [1][6]. - The company is actively expanding its production capacity, with the third phase of its connector industrial park nearing completion, covering nearly 40,000 square meters and involving a total investment of 270 million yuan [6]. Financial Performance and Trends - As of the first quarter of 2025, Huafeng Technology reported cash reserves of 289 million yuan and a debt-to-asset ratio of 48.7%. The company indicated that the demand for working capital is increasing alongside business growth [4]. - The company's revenue showed a growth trend from 2022 to 2024, with figures of 984 million yuan, 904 million yuan, and 1.091 billion yuan, although net profit fluctuated, with losses reported in 2024 [6][7]. - In the first quarter of 2025, the company achieved a revenue of 406 million yuan, a year-on-year increase of 79.82%, and a net profit of 31.81 million yuan, up 207.17% year-on-year [7].

Core Viewpoint - Huafeng Technology (688629.SH) plans to raise up to RMB 100 million through a private placement of A-shares, with the funds allocated for expansion projects and working capital [1] Fundraising and Project Allocation - The total investment for the projects is RMB 116.45 million, with the following allocations: - High-speed line module expansion project: RMB 44.97 million, using RMB 38.80 million from the raised funds - Defense connector base construction and capacity expansion project: RMB 47.02 million, using RMB 38.74 million from the raised funds - Communication connector R&D capability upgrade project: RMB 8 million, using RMB 6 million from the raised funds - Supplementing working capital: RMB 16.46 million, using RMB 16.46 million from the raised funds [2] Issuance Details - The issuance will target up to 35 specific investors, including qualified institutional investors and individuals, with all subscriptions made in cash at the same price [3] - The pricing will be based on 80% of the average trading price over the 20 trading days prior to the pricing date, with a maximum issuance of 30 million shares, not exceeding 6.51% of the total share capital [4] Shareholding Structure - As of the announcement date, Changhong Group holds 31.61% of the company, with a total control of 41.66% through indirect holdings, ensuring no change in control post-issuance [5] Financial Performance - In 2024, the company reported revenue of RMB 1.09 billion, a 20.8% increase year-on-year, but incurred a net loss of RMB 17.75 million, a decline of 124.5% compared to the previous year [6][7] - The operating cash flow was negative at RMB -0.31 million, a decrease of 102.6% year-on-year [6][7]

Group 1 - The company Sichuan Huafeng Technology Co., Ltd. plans to issue A-shares to specific investors, with a total fundraising amount not exceeding RMB 100,000 million, aimed at expanding production capacity and enhancing competitiveness in the connector industry [24][19][18] - The issuance requires approval from relevant state-owned asset authorities, the company's shareholders' meeting, and compliance with procedures from the Shanghai Stock Exchange and the China Securities Regulatory Commission [2][4][26] - The company has a strong market position in the connector industry, particularly in high-speed connectors, which are essential for applications in 5G communication, new energy vehicles, and industrial automation [14][15][19] Group 2 - The connector industry is classified as a strategic emerging industry in China, with government policies encouraging its development, which provides significant growth opportunities for domestic companies [15][14] - The global connector market is expanding, driven by increasing demands for performance, reliability, and miniaturization, particularly in high-performance computing and AI applications [16][15] - The company aims to enhance its production capabilities for high-speed connector modules, which are critical for AI computing clusters and data centers, addressing the growing market demand [17][19][30] Group 3 - The company has experienced revenue growth over the past three years, with revenues of RMB 98,398.58 million in 2022, RMB 90,363.95 million in 2023, and RMB 109,189.60 million in 2024, indicating a positive trend [19][18] - The planned projects funded by the issuance include the expansion of high-speed line module production, the establishment of a defense connector base, and upgrades to communication connector R&D capabilities [29][34][18] - The company is positioned to leverage national policies supporting digital economy initiatives, which will enhance its operational efficiency and international competitiveness in the connector market [32][15][14]

Core Viewpoint - The company intends to issue A-shares to specific investors, which is deemed necessary and feasible for funding technology innovation, aligning with national industrial policies and the company's strategic development plan [1][2]. Group 1: Issuance Details - The company is planning to issue A-shares to specific investors, complying with relevant laws and regulations [1]. - The issuance plan is supported by a feasibility analysis report, indicating a positive market outlook and economic benefits [1]. - The company has prepared a report on the usage of previously raised funds, which accurately reflects the actual situation [2]. Group 2: Impact on Shareholders - The company has conducted a thorough analysis of the impact of the issuance on immediate returns and proposed specific measures to mitigate any dilution of returns [2]. - The proposed dividend return plan aligns with legal regulations and aims to establish a transparent dividend decision-making mechanism, ensuring reasonable returns for shareholders [2]. - The issuance plan is subject to approval by the shareholders' meeting and must be reviewed by the Shanghai Stock Exchange and registered by the China Securities Regulatory Commission before implementation [2][3].

Core Viewpoint - Sichuan Huafeng Technology Co., Ltd. has not faced any regulatory measures or penalties from securities regulatory authorities or the Shanghai Stock Exchange in the past five years [1][2] Group 1: Compliance and Governance - The company has adhered to various laws and regulations, including the Company Law of the People's Republic of China and the Securities Law of the People's Republic of China, since its listing [1] - The company has continuously improved its corporate governance structure and internal control systems to enhance operational standards and protect investors' rights [1] Group 2: Regulatory Status - A self-examination revealed that there have been no penalties imposed by securities regulatory authorities or the Shanghai Stock Exchange in the last five years [2] - The company has also not been subject to any regulatory measures during the same period [2]

Core Viewpoint - Sichuan Huafeng Technology Co., Ltd. has established a shareholder dividend return plan for the next three years (2025-2027) to enhance transparency and stability in profit distribution, ensuring maximum investment returns for shareholders [1][2]. Summary by Sections 1. Considerations for Dividend Return Plan - The company focuses on long-term sustainable development, considering factors such as development strategy, industry trends, current and future profitability, cash flow, investment needs, and external financing environment [1]. 2. Principles of Dividend Return Plan - The plan aims to protect investors' rights and ensure a stable and transparent profit distribution while balancing long-term sustainable development [2]. 3. Specific Dividend Return Plan for 2025-2027 - **Basic Principles**: The company will implement a continuous, stable, and transparent profit distribution policy to protect investors' rights [2]. - **Distribution Methods**: The company may use cash dividends, stock dividends, or a combination of both, prioritizing cash dividends when conditions are met [2][3]. - **Distribution Conditions**: Cash dividends will be distributed if the company is profitable, has positive retained earnings, and meets specific cash flow and investment criteria [2][3]. - **Cash Dividend Ratio**: The total cash dividends distributed in a single year should not be less than 15% of the distributable profits [3][4]. 4. Dividend Distribution Timing and Procedures - The company will conduct annual profit distributions and may also issue interim cash dividends or stock dividends based on profitability and funding needs [4]. - The profit distribution proposal will be developed by the board and requires approval from independent directors and the board before being submitted to the shareholders' meeting [4][5]. 5. Special Circumstances and Policy Changes - If the company cannot adhere to the established cash dividend policy, it must disclose the reasons in the annual report [5]. - Any changes to the profit distribution policy must be approved by a two-thirds majority of the voting rights at the shareholders' meeting, with independent directors providing independent opinions [6]. 6. Planning Cycle for Shareholder Returns - The company will establish a shareholder return plan every three years, making necessary adjustments based on feedback from independent directors and public shareholders [6].