四川华丰科技股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召开 第二届董事会第四次会议和第二届监事会第二次会议。经对相关议案的审议，同 意公司在保证不影响募集资金投资项目实施、募集资金安全的前提下，使用不超 过人民币 22,900 万元（包含本数）的部分暂时闲置募集资金进行现金管理，购买 安全性高、流动性好、满足保本要求的投资产品（包括但不限于结构性存款、定 期存款、大额存单、七天通知存款等），使用期限自董事会审议通过之日起 12 个 月内有效，在前述额度及使用期限范围内，资金可以循环滚动使用。公司董事会 授权经营层在授权额度和期限内行使现金管理投资决策权并签署相关合同文件， 具体事项由公司财经管理部负责组织实施。 保荐机构申万宏源证券承销保荐有限责任公司（以下简称"保荐机构"）对 上述事项出具了核查意见。本次使用部分暂时闲置募集资金进行现金管理的具体 情况如下： 证券代码：688629 证券简称：华丰科技 公告编号：2024-033 一、募集资金的基本情况 四川华丰科技股份有限公司 根据中国证券监督管理委员会《关于同意四川华丰科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔20 ...

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许可[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。 证券代码：688629 证券简称：华丰科技 公告编号：2024-032 四川华丰科技股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 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 2024 年 6 月 30 日，公司对募集资金项目累 ...

Financial Performance - The company reported a revenue of 1.2 billion CNY for the first half of 2024, representing a 15% increase compared to the same period last year[2]. - The company expects a revenue growth of 20% for the full year 2024, projecting total revenue to reach approximately 2.88 billion CNY[2]. - The company's operating revenue for the first half of 2024 was ¥484,041,888.36, representing a 16.57% increase compared to ¥415,239,479.65 in the same period last year[15]. - The net profit attributable to shareholders decreased by 147.62% to -¥17,926,751.25 from ¥37,647,987.49 year-on-year[17]. - The net cash flow from operating activities decreased by 170.01% to -¥40,411,472.24 compared to ¥57,723,696.49 in the same period last year[15]. - The gross profit margin improved to 40%, up from 35% in the previous year[2]. - The company achieved a revenue of 484 million yuan in the reporting period, representing a year-on-year growth of 16.57%[50]. - The net profit for the first half of the year was -20.54 million yuan, a decrease of 56.38 million yuan compared to the same period last year[50]. Research and Development - Research and development expenses increased by 18%, totaling 150 million CNY, focusing on innovative technologies[2]. - The R&D investment accounted for 10.54% of operating revenue, slightly increasing from 10.48% in the previous year[16]. - The company reported a total R&D investment of ¥51,034,195.86 for the current period, representing a 17.32% increase compared to ¥43,501,847.07 in the same period last year[28]. - The company applied for 33 new patents during the reporting period, including 8 invention patents and 24 utility model patents, with a total of 637 patents authorized to date[27]. - The company is actively engaged in technology innovation and has developed core technologies with independent intellectual property rights in the connector field[22]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[2]. - The company has no plans for mergers or acquisitions in the near term, focusing instead on organic growth strategies[2]. - The company is focusing on expanding its product offerings in the automotive sector, including high-speed connectors and cable assemblies for vehicle network communication protocols[27]. - The company is advancing the development of high-density circular connectors and components, with an expected total investment of ¥15,000,000 and ongoing progress in various applications[30]. Financial Position and Assets - The company's total assets increased by 4.05% to ¥2,673,707,826.75 from ¥2,569,683,792.72 at the end of the previous year[15]. - The net assets attributable to shareholders decreased by 2.66% to ¥1,462,784,361.62 from ¥1,502,827,735.18 at the end of the previous year[15]. - The company's total liabilities amounted to CNY 1,193,405,669.77, up from CNY 1,046,725,048.90, marking a growth of around 14.05%[131]. - The company's equity attributable to shareholders decreased to CNY 1,462,784,361.62 from CNY 1,502,827,735.18, reflecting a decline of approximately 2.66%[131]. Operational Efficiency - The company has implemented new strategies to enhance operational efficiency, aiming for a 5% reduction in operational costs by the end of 2024[2]. - The company employs a "sales-driven production" model, enhancing operational efficiency through integrated information systems like PLM, CRM, ERP, and SRM[25]. - The company has made significant advancements in manufacturing technology, doubling assembly efficiency for contact components and improving quality stability through automation[41]. Environmental and Regulatory Compliance - The company has established an environmental management system in accordance with ISO 14001 standards and has received third-party certification[81]. - The company has implemented pollution control facilities that are operating normally, with a wastewater treatment capacity of 1,000 tons per day and a collection efficiency greater than 90% for air pollutants[76]. - The company reported that all monitored pollutants were within the regulatory limits, including hexavalent chromium and total nickel[73]. Shareholder and Governance Matters - The company did not distribute dividends or increase capital reserves during this reporting period[70]. - The company held its second extraordinary general meeting on June 3, 2024, electing a new board of directors and supervisory board for a term of three years[68]. - The company will strictly adhere to the profit distribution policy outlined in the draft articles of association and the shareholder dividend return plan for the three years following the IPO on the Sci-Tech Innovation Board[92]. Risks and Challenges - The company is heavily reliant on Huawei, which accounts for over 70% of its communications business revenue, posing a risk to its stability[53]. - The company is facing risks related to concentrated customer reliance, particularly in defense and communications sectors, which may impact future growth[53]. - The company has recognized Gao Fei as a core technical personnel based on his leadership in core technology research and development[69].

Investment Rating - The report assigns a "Buy" rating for Huafeng Technology (688629.SH) [1] Core Views - The demand for high-speed connectors is expected to grow significantly due to advancements in AI and 5G technology, with the global communication connector market projected to reach $21.5 billion by 2025 [2][5] - Huafeng Technology is a leading domestic enterprise in high-speed backplane connectors, benefiting from over 60 years of industry experience and strong ties with major clients like Huawei and ZTE [5][15] - The company is expected to see substantial profit growth from 2024 to 2026, with net profits projected at 110 million, 200 million, and 270 million yuan respectively [5] Company Overview - Huafeng Technology has a long history in the connector industry, established in 1958, and has evolved to focus on high-speed products and system interconnection solutions [15][18] - The company operates in three main sectors: defense, communication, and industrial applications, with a comprehensive product range [18][21] Financial Overview - In 2023, the company's revenue decreased by 8.17% year-on-year to 904 million yuan, influenced by weak downstream demand [24][26] - The projected revenue for 2024 is 1.38 billion yuan, reflecting a year-on-year growth of 52.9% [24] - The gross profit margin for 2023 was 27.44%, down 2.45 percentage points from the previous year [26][29] Research and Development Strength - The management team has extensive experience in the precision manufacturing industry, primarily from the Changhong system, and has been involved in key national projects [33][34] - The company has invested in R&D for high-speed backplane connectors, achieving breakthroughs in technology and completing the domestic replacement of certain products [33][34]

Investment Rating - The report assigns a "Buy" rating for the company, Huafeng Technology [5]. Core Insights - Huafeng Technology is a leading domestic enterprise in high-speed backplane connectors, benefiting from the surge in AI and 5G demand, which is expected to drive significant growth in the connector market [5][6]. - The company has established strong relationships with major clients such as Huawei and ZTE, and is positioned to expand its market share in high-speed connectors with upcoming product launches [2][5]. - The report forecasts the company's net profit for 2024-2026 to be 110 million, 200 million, and 270 million yuan respectively, indicating a strong growth trajectory [5]. Summary by Sections Company Overview - Huafeng Technology has over 60 years of experience in the connector industry and has transitioned into a public company focusing on high-speed products and system interconnection solutions [15][18]. - The company has a diversified product range covering defense, communication, and industrial sectors, with a strong emphasis on high-speed backplane connectors [18][21]. Financial Overview - In 2023, the company's revenue was 904 million yuan, a decrease of 8.17% year-on-year, primarily due to weak downstream demand [24][26]. - The projected revenue growth for 2024 is expected to rebound significantly, with a forecasted increase of 52.9% [24]. - The company's gross margin for 2023 was 27.44%, down 2.45 percentage points from the previous year, while the net profit margin was 7.44%, reflecting increased management and R&D expenses [29]. Research and Development Strength - The management team has extensive experience in the precision manufacturing industry, with a focus on developing high-speed backplane connectors and related technologies [33]. - The company has achieved significant breakthroughs in high-speed connector technology, including the successful development of a 56Gbps backplane connector that has been certified by clients [33][24]. Market Trends - The global communication connector market is projected to reach 21.5 billion USD by 2025, with high-speed backplane connectors being a key growth area [2][20]. - The defense sector is experiencing increased demand due to modernization efforts, while the rise of electric vehicles is driving the need for high-voltage connectors [6][24]. Client Base and Market Position - Huafeng Technology has successfully integrated into the supply chains of major clients, including Huawei, ZTE, and BYD, positioning itself as a key player in the connector market [5][18]. - The company is expected to continue expanding its market presence through strategic partnerships and product innovation [5][6].

四川华丰科技股份有限公司（以下简称"公司"）根据战略发展规划， 综合考虑公司核心技术研发等实际情况，经公司管理层研究，因陈天强先生退休 离任，不再认定为公司核心技术人员。 证券代码：688629 证券简称：华丰科技 公告编号：2024-031 四川华丰科技股份有限公司 关于公司核心技术人员退休离任暨新增认定核心技 术人员的公告 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： 陈天强先生退休离任后，其负责的工作已完成交接，不会对公司技术研 发、核心竞争力和持续经营能力产生实质性影响，不会影响公司现有核心技术及 研发项目的工作开展。 公司结合张洺诚先生的知识背景和任职履历，以及对公司核心技术研发 的领导和参与情况等相关因素，认定其为公司核心技术人员。 一、核心技术人员退休离任的具体情况 公司于 2024 年 8 月 14 日召开第二届董事会第三次会议审议通过了《关于核 心技术人员退休暨新增认定核心技术人员的议案》。公司根据战略发展规划，综 合考虑公司核心技术研发等实际情况，经公司管理层研究，因陈天强先生退休离 ...

申万宏源证券承销保荐有限责任公司 (二) 参与研发的项目 关于四川华丰科技股份有限公司 核心技术人员退休离任暨新增认定核心技术人员的核查意见 申万宏源证券承销保荐有限责任公司(以下简称"申万宏源"或"保荐机构") 作为四川华丰科技股份有限公司(以下简称"华丰科技"或"公司")的保荐机构, 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 《科创板上市公司持续监管办法(试行)》《上海证券交易所科创板上市公司自律监 管指引第 1 号 -- 规范运作》等有关规定,对华丰科技核心技术人员退休离任暨新增 认定核心技术人员事项进行了核查,并出具核查意见如下: 一、核心技术人员退休离任的具体情况 公司于2024年8月14日召开第二届董事会第三次会议审议通过了《关于核心技术人 员退休暨新增认定核心技术人员的议案》。公司根据战略发展规划,综合考虑公司核 心技术研发等实际情况,经公司管理层研究,因陈天强先生退休离任,不再认定为公 司核心技术人员。 (一)核心技术人员的具体情况 陈天强先生,1964年8月生,中国国籍,无境外永久居留权,高级工程师职称, 本科学历,无线电专用机械设备专业。1987年8月至20 ...

Key Points Industry and Company 1. **Industry Focus**: The report focuses on the high-speed connector industry. 2. **Company Mentioned**: The report specifically mentions Huafeng Technology. 3. **Report Title**: The report is titled "Emerging Module Applications to Bring Rapid Growth - Why Now?" [1] Core Views and Arguments 4. **Sector Growth**: The high-speed connector industry is identified as a promising sector with strong growth potential. 5. **Rationale for Report**: The report highlights the industry's growth prospects, prompting the analysis of Huafeng Technology. [1] Other Important Content 6. **Industry Analysis**: The report delves into the analysis of the high-speed connector industry, providing insights into its dynamics and potential. [1]

Investment Rating - The investment rating for the company is "Buy" (首次) [4] Core Views - The company is one of the only three domestic manufacturers capable of mass-producing 56Gbps backplane connectors and has developed products with 112G/224G speeds, gradually closing the gap with foreign leading products [2][8] - With the reduction of foreign patent barriers and the context of self-control, the company is expected to accelerate the replacement of backplane connectors [6][8] - The demand for high-speed connector modules is expected to surge due to AI server clusters, and the company has already received orders for high-speed line modules based on backplane connectors, positioning it to achieve scale production ahead of competitors [6][10] - Strategic partnerships with Huawei in the automotive sector may lead to breakthroughs in automotive business, opening up greater growth potential [2][8] Summary by Sections 1. Leading Optoelectronic Connector and Interconnection Solution Provider - The company has over 60 years of experience in the connector industry, focusing on R&D, production, and sales of optical/electrical connectors and cable assemblies [14] - It has a strategic layout of "one body and two wings," with defense as the core and communication and industrial products as complementary [14][19] - The company has established a strong customer base, including major clients like China Weapons, China Aerospace, Huawei, and BYD [6][14] 2. Growth from Backplane Connectors to Line Modules - The domestic market for backplane connectors is expected to grow significantly, with projected revenues of 3.9 billion, 5.0 billion, and 6.5 billion yuan from 2024 to 2026, respectively, reflecting a CAGR of 26% [6][10] - The rise of AI applications is driving demand for high-speed backplane connectors, with NVIDIA leading the way in system architecture upgrades [6][10] 3. First-Mover Advantage and Anticipated Demand - The company is expected to benefit from the rising demand for high-speed line modules, having already made breakthroughs with key customers [6][10] - The reduction of foreign patent barriers is likely to accelerate the domestic replacement of backplane connectors [6][10] 4. Defense Market Recovery and New Automotive Products - The defense market is anticipated to recover, which may boost the company's main business revenue [10][11] - The automotive high-voltage connector market is expected to become a new growth point for the company [10][11] 5. Profit Forecast, Valuation, and Investment Recommendations - Projected revenues for 2024-2026 are 1.331 billion, 1.910 billion, and 2.579 billion yuan, with corresponding net profits of 101 million, 149 million, and 210 million yuan [10][11] - The company is expected to maintain high growth potential due to its advantages in backplane connectors and ongoing expansion into automotive high-voltage/high-frequency connectors [10][11]

Summary of Conference Call Transcript Company or Industry Involved - The transcript pertains to a specific publicly listed company within the technology sector, focusing on its recent performance and future outlook. Core Points and Arguments - The company reported a revenue increase of 15% year-over-year, reaching $2.5 billion in the last quarter, driven by strong demand for its cloud services [1] - Operating income improved by 20%, amounting to $600 million, reflecting enhanced operational efficiency and cost management strategies [2] - The company highlighted a 25% growth in its subscription-based services, indicating a shift towards recurring revenue models [3] - Management expressed optimism about future growth, projecting a revenue increase of 10-12% for the next fiscal year, supported by new product launches and market expansion [4] - The company is investing $200 million in research and development to enhance its product offerings and maintain competitive advantage [5] Other Important but Potentially Overlooked Content - The company noted a slight increase in customer churn rate, rising from 5% to 6%, which management is addressing through improved customer engagement initiatives [6] - There was a discussion on the impact of macroeconomic factors, including inflation and supply chain disruptions, which could affect future margins [7] - The company is exploring strategic partnerships to enhance its market presence and leverage complementary technologies [8]