Group 1 - The core viewpoint of the articles highlights the rapid growth in the communication business driven by the Micro TEC products and the potential new growth point in the energy storage sector through semiconductor dehumidifiers [1][2] Group 2 - In the communication sector, the company achieved sales revenue of 0.27 billion yuan in 2024, representing a year-on-year increase of 140.8%. The Micro TEC products for 5G network optical module temperature control have been supplied in bulk to several leading enterprises [1] - The company has developed projects with multiple optical module manufacturers for the application of Micro TEC in 400G/800G high-speed optical modules, currently in the reliability verification stage [1] - The company has an annual production capacity of 6 million Micro TEC units and can quickly expand capacity based on market demand, benefiting from the increasing demand for high-speed optical module thermal management [1] - The semiconductor dehumidifiers, made from the company's thermoelectric cooling technology, have advantages such as small size and high humidity control precision, addressing airflow issues in energy storage cabinets [1] - In 2024, the company generated sales revenue of 3.59 million yuan from semiconductor cabinet dehumidifiers, supplying to companies like Haibosichuang and completing product validation with major players like CATL and EVE Energy [1] - The rapid increase in the penetration of liquid cooling technology in electrochemical energy storage thermal management is expected to create a new profit growth point for the company [1][2] Group 3 - The company is continuously enhancing its semiconductor thermoelectric device technology through dual-driven innovation in technology and product development, with steady increases in R&D investment [2] - The company has become one of the few in the industry to master three preparation techniques for bismuth telluride-based semiconductor materials: zone melting, hot pressing, and hot extrusion [2] - The company has developed technologies for micro-device assembly and low cold loss sealing, effectively improving the performance and reliability of semiconductor thermoelectric devices [2] - The company is expected to drive domestic substitution of semiconductor thermoelectric devices through strengthened core technology competitiveness [2] - Earnings per share are projected to be 0.82, 1.20, and 1.52 yuan for 2025-2027, with an upward revision in revenue and gross margin leading to a target price of 39.36 yuan based on a 48x PE valuation for comparable companies [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 39.36 CNY based on a 48x PE valuation for 2025 [2][5][9]. Core Insights - The company is expected to achieve earnings per share of 0.82 CNY, 1.20 CNY, and 1.52 CNY for the years 2025, 2026, and 2027 respectively, reflecting an upward revision in revenue and gross margin forecasts [2][9]. - The Micro TEC product line is experiencing rapid growth, particularly in the communication sector, with a 140.8% year-on-year increase in sales revenue in 2024 [8]. - The company is expanding into the energy storage market, with its semiconductor thermoelectric cooling technology showing promise as a new growth driver [8]. Financial Forecasts - Revenue is projected to grow from 400 million CNY in 2023 to 973 million CNY in 2027, with a compound annual growth rate (CAGR) of 17.9% [4][11]. - Operating profit is expected to turn positive in 2024, reaching 151 million CNY by 2027, with significant growth rates in subsequent years [4][11]. - The gross margin is anticipated to improve from 24.7% in 2023 to 31.5% in 2027, indicating enhanced profitability [4][11]. Market Performance - The company's stock price as of July 4, 2025, was 35.41 CNY, with a 52-week high of 53.25 CNY and a low of 18.39 CNY [5]. - The company has a market capitalization of 3,125 million CNY [5]. Competitive Position - The company is one of the few in the industry that has mastered multiple preparation techniques for bismuth telluride-based semiconductor materials, enhancing its competitive edge [8]. - The ongoing investment in R&D is expected to further strengthen the company's core technology and product innovation capabilities [8].

Financial Performance - Whirlpool expects a net profit of approximately 205 million yuan for the first half of 2025, an increase of about 174 million yuan or approximately 559% year-on-year [2] - Chipmotion Technology anticipates a net profit between 138 million to 169 million yuan for the first half of 2025, representing a year-on-year growth of approximately 144.46% to 199.37% [2] Mergers and Acquisitions - China Shipbuilding's absorption merger with China Shipbuilding Industry Corporation has been approved by the Shanghai Stock Exchange, pending further regulatory approvals [3] - Guotou Zhonglu plans to acquire 100% of China Electronic Engineering Design Institute through a share issuance, which constitutes a major asset restructuring [4] Shareholder Actions - Aotewei's actual controllers plan to transfer 4.99% of the company's shares, totaling 15.75 million shares, due to personal funding needs [5] - Yaguang Technology's chairman has been placed under detention, but the company's operations remain normal [5] Industry Developments - Ningbo Port expects a 9.8% year-on-year increase in container throughput for the first half of 2025 [8] - Three Trees anticipates a net profit growth of 80.94% to 119.04% for the first half of 2025 [8] - Zhuhai Group expects a net profit increase of 50.97% to 75.23% for the first half of 2025 [8] Project Wins - Sanxing Medical's subsidiary has pre-qualified for a 306 million yuan project with Southern Power Grid [8] - Hopu Co., Ltd. has jointly won a 449 million yuan shared energy storage demonstration project [8] - Hongsheng Huayuan's subsidiary has pre-qualified for an 1.127 billion yuan project with Southern Power Grid [8]

证券代码：688662 证券简称：富信科技 公告编号：2025-025 （二）参与本次询价转让报价的机构投资者家数为 13 家，涵盖了基金管理 公司、合格境外机构投资者、私募基金管理人、证券公司等专业机构投资者。参 与本次询价转让报价的机构投资者合计有效认购股份数量为 3,060,000 股，对应 的有效认购倍数为 1.16 倍。 广东富信科技股份有限公司 股东询价转让定价情况提示性公告 绰丰投资有限公司保证向广东富信科技股份有限公司提供的信息内容不存 在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性依 法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 根据 2025 年 7 月 4 日询价申购情况，广东富信科技股份有限公司（以下 简称"公司"）股东询价转让（以下简称"本次询价转让"）初步确定的转让价格 为 30.53 元/股。 一、本次询价转让初步定价 （一）经向机构投资者询价后，本次询价转让初步确定的转让价格为 30.53 元/股。 （三）本次询价转让拟转让股份已获全额认购，初步确定受让方为 13 家机 构投资者，拟受让股份总数为 2 ...

中信证券股份有限公司 关于广东富信科技股份有限公司股东 向特定机构投资者询价转让股份 相关资格的核查意见 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 1 中信证券股份有限公司（以下简称"中信证券"）受广东富信科技股份有限 公司（以下简称"富信科技"）股东绰丰投资有限公司（Richly World Investment Limited，以下简称"出让方"）委托，组织实施本次富信科技首发前股东向特定 机构投资者询价转让（以下简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《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股票上市规则（2025 年 4 月修订）》《上海证券交易所科创板上市公司自律监管指引第 4 号——询价 转让和配售（2025 年 3 月修订）》（以下简称"《询价转让和配售指引》"）等 相关规定，中信证券对参与本次询价转让股东的相关资格进行核查，并出具本核 查意见。 主营业务 投资 一、本次询价转让的委托 中信证券收到出让方关于本次询价转让的委托，委托中信证券组织实施本次 询价转让。 二、关于参与本次询价转让股东相关资格的核查情况 ...

证券代码：688662 证券简称：富信科技 公告编号：2025-024 广东富信科技股份有限公司 股东询价转让计划书 绰丰投资有限公司（以下简称"出让方"）保证向广东富信科技股份有限公 司（以下简称"富信科技"或"公司"）提供的信息内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其真实性、准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 拟参与富信科技首发前股东询价转让（以下简称"本次询价转让"）的 股东为绰丰投资有限公司（Richly World Investment Limited）； 出让方拟转让股份的总数为2,647,200股，占富信科技总股本的比例为 3.00%； 本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通过二 级市场减持。受让方通过询价转让受让的股份，在受让后6个月内不得转让； 本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资 者。 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 出让方委托中信证券股份有限公司（以下简称"中信证券"）组织实施本次 询价转让。截至 2025 年 ...

Group 1 - Aike Cyber (688719.SH) shareholders Dachen Chuangtong and Dachen Chuanghong reduced their holdings by 2,298,151 shares, accounting for 1.99% of the total share capital, and did not complete the planned reduction [1] - Benchuan Intelligent (300964.SZ) controlling shareholder Dong Xiaojun reduced his holdings by 355,787 shares, accounting for 0.4582% of the total share capital, bringing his shareholding down to 21.64% [1] - Changlian Co., Ltd. (603648.SH) completed its reduction plan by selling 3,624,050 shares, which is 1% of the total share capital [1] Group 2 - Chuan Yi Technology (002866.SZ) controlling shareholder Zou Weimin and his concerted party reduced their holdings, with Zou's shareholding dropping to 48.53% [2] - Daoshi Technology (300409.SZ) controlling shareholder Rong Jihua plans to reduce his holdings by up to 15,416,611 shares, accounting for 1.97% of the total share capital [2] - Electric Alloy (300697.SZ) completed its reduction plan by selling 2,741,390 shares, which is 0.63% of the total share capital [2] Group 3 - Fujirei (688272.SH) shareholders Suzhou Kongkong, Suzhou Zhaorong, and Shanghai Zhaoren reduced their holdings by 1,215,618 shares, 1,463,490 shares, and 44,944 shares, accounting for 1.60%, 1.93%, and 0.06% of the total share capital respectively [3] - Gaoweida (300465.SZ) controlling shareholder Yingtan Yinggao Investment Consulting Co., Ltd. reduced its holdings by 4,261,700 shares, accounting for 0.96% of the total share capital, bringing its shareholding down to 22.00% [3] - Haizheng Materials (688203.SH) shareholder Sinopec Capital plans to reduce its holdings by up to 3,525,600 shares, accounting for 1.74% of the total share capital [3] Group 4 - Hangyu Micro (300053.SZ) shareholder Yan Jun reduced his holdings by 3,930,000 shares, accounting for 0.56% of the total share capital [4] - He Shi Eye Hospital (301103.SZ) shareholder Advanced Manufacturing Industry Investment Fund plans to reduce its holdings by up to 3,106,074 shares, accounting for 2% of the total share capital [4] - He Yuan Gas (002971.SZ) shareholder Baishide Chuangye completed its reduction plan by selling 854,064 shares, which is 0.415% of the total share capital [4] Group 5 - Huaren Health (301408.SZ) shareholder Saifu Investment reduced its holdings by 2,107,696 shares, accounting for 0.53% of the total share capital [5] - Jiangsu Boyun (301003.SZ) shareholder Gong Wei reduced his holdings by 1,558,900 shares, accounting for 1.57% of the total share capital [5] - Jeya Co., Ltd. (301108.SZ) shareholders Mingyuan Fund and its concerted party did not reduce their holdings, and the reduction plan period expired [5] Group 6 - Longxin General (603766.SH) directors plan to reduce their holdings by up to 350,000 shares and 100,000 shares, accounting for 0.0170% and 0.0049% of the total share capital respectively [6] - Ruchuang Micro-Nano (688002.SH) shareholder Li Weicheng plans to reduce his holdings by up to 8,000,000 shares, accounting for 1.75% of the total share capital [6] - Shilan Micro (600460.SH) shareholder Luo Huabing plans to reduce his holdings by up to 500,000 shares, accounting for 0.03005% of the total share capital [6] Group 7 - Tongfu Microelectronics (002156.SZ) shareholder National Integrated Circuit Industry Investment Fund reduced its holdings by 15,175,969 shares, accounting for 1% of the total share capital [7] - Wangzi New Materials (002735.SZ) controlling shareholder Wang Jinjun reduced his holdings by 9,717,874 shares, accounting for 2.54% of the total share capital [7] - Xingye Co., Ltd. (603928.SH) shareholder Shen Genzhen reduced his holdings by 2,620,000 shares, accounting for 1.00% of the total share capital [7] Group 8 - Yikang Co., Ltd. (301085.SZ) controlling shareholder concerted party reduced its holdings by 633,700 shares, accounting for 0.73% of the total share capital [8] Group 9 - Yiming Pharmaceutical (002826.SZ) major shareholder Zhou Zhan reduced his holdings by 3,586,777 shares, accounting for 1.88% of the total share capital [9] - Yiming Pharmaceutical (002826.SZ) director Xi Ke reduced his holdings by 283,862 shares, accounting for 0.15% of the total share capital [9] - Youyan Powder Materials (688456.SH) concerted party reduced its holdings by 1,030,000 shares, accounting for 0.99% of the total share capital [9] Group 10 - Zhongma Transmission (603767.SH) directors plan to reduce their holdings through block trading and centralized bidding [10] - Zhongqi Co., Ltd. (301215.SZ) shareholder Jiangsu Yueda Group did not reduce its holdings, and the reduction plan period expired [10]

广东富信科技股份有限公司 证券代码：688662 证券简称：富信科技 公告编号：2025-023 2025 年 3 月 17 日，公司在上海证券交易所网站（www.sse.com.cn）披露了 《董事及监事集中竞价减持股份计划公告》（公告编号：2025-007）。因个人资金 需求，公司监事会主席梁竞新先生计划自 2025 年 4 月 8 日至 2025 年 7 月 7 日期 间，以集中竞价交易方式减持公司股份不超过 20,000 股，即减持不超过公司总 股本的 0.0227%。 2025 年 6 月 30 日，公司收到梁竞新先生出具的《关于减持计划的结果告知 函》。截至 2025 年 6 月 30 日，梁竞新先生已通过集中竞价交易方式累计减持 20,000 股，占公司总股本的 0.0227%。本次减持计划已实施完毕。 重要内容提示： 监事持股的基本情况 本次减持计划实施前，广东富信科技股份有限公司（以下简称"公司"）监 事会主席梁竞新先生持有公司股份 225,000 股，占公司总股本的比例为 0.2550%， 来源于公司首次公开发行前直接持有的股份，已于 2022 年 4 月 1 日上市流通。 一、减持主体减 ...

王 北京德和衡律师事务所 关于 广东富信科技股份有限公司 差异化分红事项之 专项法律意见书 德和衡证律意见（2025）第 00259 号 二零二五年六月 北京德和衡律师事务所 关于广东富信科技股份有限公司 差异化分红事项之专项法律意见书 德和衡证律意见（2025）第 00259 号 致：广东富信科技股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受广东富信科技股份有限公司 （以下简称"公司"或"贵公司"）的委托，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》） 、 《上 海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下简称《回购股 份指引》）等法律、法规及规范性文件以及《广东富信科技股份有限公司章程》 （以下简称《公司章程》）就公司 2024 年度利润分配所涉及的差异化事项（以 下简称"本次差异化分红"）出具本法律意见书。 本所在出具本法律意见书之前已得到公司的保证，即公司提供给本所律师的 所有文件及相关资料均是真实的、完整的、有效的，无任何隐瞒、遗漏和虚假之 处，文件资料为副本、复印件的内容均与正本或原件相符，提交给本所的各项文 件的 ...

证券代码：688662 证券简称：富信科技 公告编号：2025-022 广东富信科技股份有限公司 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： ? 是否涉及差异化分红送转：是 ? 每股分配比例 每股现金红利0.35元 ? 相关日期 股权登记日 除权（息）日 现金红利发放日 一、通过分配方案的股东会届次和日期 本次利润分配方案经广东富信科技股份有限公司（以下简称"公司"）2025 年 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （公司回购专用证券账户除外）。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等相关法律、行政法规、部门规章 及其他规范性文件以及《公司章程》的有关规定，公司回购专用证券账户中的股 份不享有股东会表决权、利润分配、公积金转增股本、认购新股等权利。 （1）差异化分红方案 根据公司 2024 年年度股东会审议通过 ...