Group 1 - The satellite internet concept stocks are active, with China Satellite achieving two consecutive trading limits and Huafeng Technology reaching a historical high [1] - On August 26, China successfully launched 10 low-orbit satellites for satellite internet using the Long March 8 rocket, marking a significant step in commercial satellite internet operations [1] - The upcoming military parade on September 3 is expected to create investment opportunities in the defense and military industry sectors, as historical data shows significant price increases in defense stocks before major parades [1] Group 2 - The "August 1" military industry ETF (512810) covers various sectors including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion, serving as an efficient investment tool for core defense assets [2] - On August 26, the defense industry ETF (512810) experienced a net subscription of over 35.83 million yuan, indicating strong buying interest despite market corrections [4]

Core Viewpoint - The news highlights the performance of the STAR Market and the launch of Huawei's new AI SSD, indicating a growing interest in AI storage solutions and the potential for investment opportunities in the tech sector [3][4]. Group 1: STAR Market Performance - As of August 26, 2025, the STAR Market 100 Index rose by 0.61%, with notable increases in constituent stocks such as Huafeng Technology (up 13.04%) and Zhuhai Guanyu (up 12.17%) [3]. - The STAR 100 Index ETF saw a 0.78% increase, marking its third consecutive rise, with a latest price of 1.3 yuan [3]. - Over the past week, the STAR 100 Index ETF accumulated a 5.49% increase, with a trading volume of 99.8865 million yuan and a turnover rate of 1.36% [3][4]. Group 2: Investment Trends and Fund Performance - The STAR 100 Index ETF experienced a net inflow of 27.3865 million yuan over the last ten trading days, despite a recent net outflow of 6.55234 million yuan [4]. - The ETF's net asset value increased by 23.84% over the past six months, ranking it 514 out of 3544 in the index stock fund category [5]. - The ETF's management fee is 0.15%, and its tracking error is 0.020%, indicating a competitive cost structure and high tracking precision compared to similar funds [5][6]. Group 3: Huawei's AI SSD Launch - Huawei is set to launch a new AI SSD on August 27, targeting the AI storage market by addressing the limitations of traditional HBM with innovative technology [3]. - The new product aims to meet the demands for large capacity and high performance in AI training and inference processes, potentially revitalizing the AI storage market [3]. - Huawei plans to collaborate with integrated machine manufacturers to enhance the current market landscape, suggesting a strategic move to increase competitiveness in the AI storage sector [3]. Group 4: Domestic Computing Power Chain - The release of DeepSeek-V3.1 is expected to boost the domestic computing power chain, with significant growth anticipated in related infrastructure due to increased capital expenditure from domestic internet companies [4]. - The focus on domestic computing power and its supporting industries, such as optical modules and switches, is projected to maintain high demand and growth in the coming years [4].

Market Overview - US stock market experienced a decline with Dow Jones down 0.77%, Nasdaq down 0.22%, and S&P 500 down 0.43% [1] - Notable stock movements include Tesla up 1.94%, Google A up 1.16%, and Nvidia up 1.03% while Meta down 0.26% and major tech companies like Apple, Amazon, and Microsoft down by up to 0.59% [1] Pharmaceutical Industry - US President Trump announced plans to reduce drug prices by 1400%-1500% and will soon impose tariffs on pharmaceuticals [2] AI and Technology - Nvidia introduced its new AI computing platform, Jetson Thor, which boasts a 6.5 times increase in computing power compared to its predecessor [2] - Google detailed its next-generation Ironwood TPU architecture, which shows a 16 times performance increase, achieving a single chip computing power of 4614 TFLOPs [3] Mining and Commodities - US agencies proposed to include copper and potassium fertilizers in the list of critical minerals [3] Carbon Market and Environmental Policies - The Central Committee and State Council of China released opinions on promoting green low-carbon transformation and strengthening the national carbon market, aiming for a comprehensive trading market by 2030 [15] - The average price of carbon emission allowances in China has nearly doubled from 46.60 yuan/ton in 2021 to 91.82 yuan/ton in 2024 [15] Automotive Industry - Huawei's HarmonyOS has delivered over 900,000 vehicles as of August 25, with expectations to surpass one million by October [12] - Multiple new car models are set to launch in collaboration with four major automakers, indicating a strong push in the automotive sector [12] Satellite Internet - China is set to issue satellite internet licenses, marking a significant step towards commercial operations in the sector [11] - China Star Network has accelerated its satellite launches, increasing the number of low-orbit satellites from 34 to 72 within a short period [11] Corporate Announcements - Puma's major shareholder, the Pino family, is considering selling their stake, leading to a 16% surge in Puma's stock price [8] - Dongfeng Motor Group is undergoing a merger, changing its controlling shareholder to Dongfeng Investment [18] Financial Performance - Notable financial results include: - Huafeng Technology reported a net profit of 1.51 billion yuan, turning a profit [20] - Zhuhai Guanyu plans to invest 2 billion yuan in a new lithium battery production project [20] - Sunshine Power reported a net profit of 7.735 billion yuan, a 55.97% increase year-on-year [20]

Core Viewpoint - Sichuan Huafeng Technology Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in the telecommunications and industrial electric vehicle sectors [12][14]. Financial Performance - The company achieved operating revenue of 1.10 billion yuan, a 128.26% increase compared to the same period last year [4]. - The total profit reached 154.10 million yuan, a significant recovery from a loss of 21.24 million yuan in the previous year [4]. - Net profit attributable to shareholders was 150.70 million yuan, up from a loss of 17.93 million yuan [4]. - The net cash flow from operating activities was -235.90 million yuan, indicating increased operational costs [4]. - The company's net assets increased by 10.35% to 1.61 billion yuan, and total assets grew by 26.35% to 3.50 billion yuan [4]. Industry Overview - The company operates in the connector manufacturing industry, which is experiencing steady growth globally, with the market expected to reach 112.4 billion USD by 2025 [6][12]. - The Chinese connector market reached 205.8 billion yuan in 2023, growing by 9.1% year-on-year [6]. - The connector industry is crucial for various sectors, including defense, aerospace, telecommunications, automotive, and industrial applications [6][12]. Business Development - The company focuses on high-speed backplane connectors and electric vehicle connectors, benefiting from the rise of AI and the increasing penetration of electric vehicles [12][14]. - The company has established partnerships with major clients such as Huawei, ZTE, and BYD, enhancing its market position [13][14]. - The company is actively involved in developing new technologies and products, including high-speed connectors for AI servers and electric vehicles [14][16]. Research and Development - The company invested 64.97 million yuan in R&D, a 27.31% increase from the previous year, and filed for 38 new patents during the reporting period [14][15]. - The company has developed advanced products such as 56G and 112G backplane connectors, and is working on 224G upgrades [14][16]. - The company emphasizes collaboration with educational institutions to enhance its talent pool and innovation capabilities [14][15].

第一节 重要提示 四川华丰科技股份有限公司2025 年半年度报告摘要 公司代码：688629 公司简称：华丰科技 四川华丰科技股份有限公司 四川华丰科技股份有限公司2025 年半年度报告摘要 | 金流量净额 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 加权平均净资产收 | | | | | | | | | | | | | | | 益率（%） | | | | | | | | | | | | | | | 基本每股收益（元／ | | | | | | | | | | | | | | | 股） | | | | | | | | | | | | | | | 稀释每股收益（元／ | | | | | | | | | | | | | | | 股） | | | | | | | | | | | | | | | 研发投入占营业收 | | | | | | | | | | | | | | | 入的比例（%） | | | | | | | | | | | | ...

证券代码：688629 证券简称：华丰科技 公告编号：2025-034 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。 一、募集资金基本情况 经中国证券监督管理委员会证监发行字[2023]893 号文核准，并经上海证券交易所同意， 本公司由主承销商申万宏源证券承销保荐有限责任公司于 2023 年 6 月 14 日向社会公众公开 发行普通股（A 股）股票 6,914,8924 万股，每股面值 1 元，每股发行价人民币 9.26 元。截 至 2023 年 6 月 20 日止，本公司共募集资金 640,319,036.24 元，扣除发行费用 68,835,655.58 元，募集资金净额 571,483,380.66 元。 截至 2023 年 6 月 20 日，本公司上述发行募集的资金已全部到位，业经大华会计师事务 所（特殊普通合伙）以"大华验字[2023]000326 号"验资报告验证确认。 截至 2025 年 6 月 30 日，公司对募集资金项目累计投入 516,650,175.58 元，其中：公司 ...

Core Viewpoint - Sichuan Huafeng Technology Co., Ltd. is actively implementing the "Quality Improvement, Efficiency Enhancement, and Return to Investors" action plan for 2025, focusing on enhancing operational quality and efficiency while maintaining a commitment to social responsibility [1][7]. Group 1: Business Performance and Strategy - The company achieved an operating profit of 154.19 million yuan and a net profit attributable to the parent company of 150.70 million yuan during the reporting period [1]. - Revenue growth was significantly driven by strong performance in the communications sector and the industrial new energy vehicle field [1]. - The company aims to achieve a gross profit margin of over 25% in 2025 to enhance profitability [1]. Group 2: Operational Efficiency and Digital Transformation - The company improved overall operational efficiency by over 10% through systematic information technology construction and refined management [2]. - Five new or upgraded manufacturing systems are under construction, and the company is implementing detailed management across the entire business process [2]. - A digital support system centered on ERP has been established, covering sales, R&D, and supply chain processes [2]. Group 3: Research and Development - R&D investment reached approximately 64.97 million yuan, a year-on-year increase of 27.31% [2]. - The company applied for 38 new patents during the reporting period, including 22 invention patents and 14 utility model patents [2]. Group 4: Governance and Investor Relations - The company has implemented strict governance measures and enhanced information disclosure, with 59 announcements made in the first half of 2025 [4]. - The company actively engages with investors through various communication channels, including performance briefings and interactive sessions [5]. - The company has initiated its first ESG report, achieving an A rating, which reflects its commitment to sustainable development [4]. Group 5: Future Plans and Shareholder Returns - The company has not conducted profit distribution for 2024 but has outlined a three-year dividend plan for 2025-2027 [6]. - The company is committed to providing stable and sustainable returns to shareholders while sharing growth and development outcomes [6]. Group 6: Ongoing Initiatives - The company is successfully implementing measures outlined in the "Quality Improvement, Efficiency Enhancement, and Return to Investors" action plan and will continue to focus on core business development and operational quality [7].

Core Viewpoint - The company plans to continue using part of its temporarily idle raised funds for cash management, with an investment amount of up to RMB 64 million, ensuring high safety and liquidity of the investment products [1][4][9]. Summary by Sections 1. Basic Situation of Raised Funds - The company has raised a total of RMB 640.32 million by issuing 69.1489 million shares at RMB 9.26 per share, with a net amount of RMB 571.48 million after deducting issuance costs [2]. - The raised funds have been fully received and stored in a dedicated account, with a regulatory agreement in place [2]. 2. Investment Projects of Raised Funds - The total investment amount for the projects funded by the raised capital is RMB 475.78 million, with the entire amount planned to be funded by the raised capital [2]. 3. Previous Use of Idle Raised Funds - In August 2024, the company approved the use of up to RMB 229 million of temporarily idle raised funds for cash management, focusing on high-safety and high-liquidity investment products [3][4]. 4. Current Use of Idle Raised Funds - The company intends to use up to RMB 64 million of temporarily idle raised funds for cash management, with the investment period aligned with the board's resolution validity of 12 months [4][5]. - The investment products will include structured deposits, time deposits, large certificates of deposit, and seven-day notice deposits, ensuring they are not used for pledging or securities investment purposes [4][5]. 5. Decision-Making and Implementation - The board has authorized the management to make investment decisions within the approved limits and timeframes, with the finance department responsible for implementation [5][9]. 6. Impact on Daily Operations - The use of idle funds for cash management will not affect the progress of the investment projects or the company's main business, and it aims to enhance the efficiency of fund usage and increase returns for the company and its shareholders [8][9]. 7. Review Procedures and Opinions - The board and supervisory committee have approved the cash management plan, confirming it does not harm the interests of the company or its shareholders [9][10].

综上，我们同意提名张波先生为公司第二届董事会独立董事候选人，并同意 将该议案提交公司第二届董事会第十五次会议进行审议。 四川华丰科技股份有限公司董事会提名委员会 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》《上市公司独立董事管理办法》及《四川华丰科技股份有限公司 章程》等有关规定，公司第二届董事会提名委员会对第二届董事会独立董事候选 人张波先生的任职资格进行了审核并发表审核意见如下： 四川华丰科技股份有限公司董事会提名委员会 料，上述独立董事候选人未直接持有公司股份，与公司其他董事、监事、高级管 理人员以及持股 5%以上股东不存在关联关系，不存在《公司法》规定的不得担 任公司董事的情形；未被中国证监会采取证券市场禁入措施；未被证券交易所公 开认定为不适合担任上市公司董事；未受过中国证监会行政处罚和证券交易所公 开谴责或通报批评；没有因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规被中 国证监会立案调查等情形；经查询不属于失信被执行人，符合有关法律、行政法 规、部门规章、规范性文件等规定的任职资格和独立性要求。 关于第二届董事会独立董事候选人的审核意见 规章与规则，其任职资格、 ...

Core Views - The report outlines the continuous supervision and guidance provided by Shenwan Hongyuan Securities for Sichuan Huafeng Technology Co., Ltd. during its initial public offering and subsequent listing on the Sci-Tech Innovation Board [1][2][3] Continuous Supervision Work - Shenwan Hongyuan has established and effectively implemented a continuous supervision work system, including a corresponding work plan [1] - A continuous supervision agreement has been signed with Huafeng Technology, clarifying the rights and obligations of both parties during the supervision period [1] - The supervision work includes daily communication, regular visits, on-site inspections, and due diligence to understand Huafeng Technology's operational status [1][2] - No violations or breaches of commitments were reported during the supervision period [1][5] Information Disclosure - Huafeng Technology has strictly adhered to information disclosure regulations, ensuring that all major information is disclosed truthfully, accurately, completely, and timely [6][7] - The continuous supervision personnel reviewed the company's information disclosure documents, confirming compliance with relevant regulations [6][7] Financial Performance - For the first half of 2025, Huafeng Technology reported a revenue of approximately 1.10 billion yuan, a 128.26% increase compared to the same period in 2024 [9] - The net profit attributable to shareholders was approximately 150.70 million yuan, a significant recovery from a loss of 17.93 million yuan in the previous year [9] - The gross profit margin improved to 32.86%, an increase of 13.4 percentage points year-on-year [9] Core Competitiveness - The company focuses on "high-speed" and "system" products, which are its core competitive offerings [10][11] - Significant innovations in high-speed transmission technologies have been achieved, including the development of 112G copper cable products for data centers and defense applications [10][11] - The company is also advancing in system integration technologies, addressing new market demands in areas such as low-altitude economy and AI [10][11] Research and Development - R&D expenditures for the first half of 2025 amounted to approximately 64.97 million yuan, a 27.31% increase from the previous year [12] - The company has made progress in developing high-reliability connectors for commercial satellites and deep space exploration applications [12] Use of Raised Funds - The total amount raised from the IPO was approximately 640.32 million yuan, with 595.87 million yuan deposited into a dedicated account for fund management [13][15] - The use of raised funds complies with relevant regulations, and there are no indications of misappropriation or changes in intended use [13][15]