Core Viewpoint - Honghua Digital Technology (688789.SH) announced the conclusion of its fundraising project for the production line of 3,520 sets of industrial digital printing equipment and plans to use the remaining funds for working capital [1] Group 1 - The company held its eighth board meeting on September 24, 2025, where it approved the conclusion of the fundraising project [1] - The remaining funds from the fundraising project, including interest income, amount to 163.2614 million yuan, which will be permanently allocated to supplement working capital [1]

Investment Rating - The report assigns an "Overweight" rating for the machinery industry [4]. Core Insights - The machinery industry maintains high prosperity, with both domestic sales and exports experiencing rapid growth. Companies with global manufacturing layouts, brand output capabilities, and channel integration advantages are recommended for investment. In the context of changing external environments and policy negotiations, companies with diversified capacity allocation, stable customer loyalty, and pricing power are expected to achieve sustained growth amid global trade adjustments. Key recommended stocks include Juxing Technology, Yindu Co., Taotao Vehicle, Honghua Digital Technology, and Jack Co. [5][20]. Summary by Sections Macroeconomic Overview - The Federal Reserve announced a 25 basis point rate cut, bringing the federal funds rate target range to 4.00%-4.25%. In August, the US CPI increased by 2.9% year-on-year, with a core CPI rise of 3.1%. Non-farm employment added 22,000 jobs [5]. Cost Tracking - As of September 17, 2025, the USD to RMB exchange rate was 7.11, a decrease of 0.23% from September 10. The Euro to RMB exchange rate was 8.41, an increase of 0.93% from September 10. The shipping costs for major routes showed a year-on-year decline, with the comprehensive index of China's export container freight rate index (CCFI) at 1125.30, down 38.11% year-on-year [5]. Industry High-Frequency Data Tracking - The report includes various industry metrics, such as the US restaurant performance index (RPI) and housing market index, indicating trends in consumer behavior and real estate activity. For instance, the US housing market index in September showed a year-on-year decline of 21.95% [5]. Company Earnings Forecast - The report provides earnings forecasts for key companies in the machinery sector, projecting EPS growth for the years 2025 to 2027, with corresponding PE ratios indicating potential for investment [20].

中信证券股份有限公司 关于杭州宏华数码科技股份有限公司 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 8 月 19 日对公司进行了募集资金半年度现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： 2025 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为杭州宏 华数码科技股份有限公司（以下简称"宏华数科"或"公司"或"上市公司"） 2022 年度向特定对象发行 A 股股票的保荐人，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》等相关规定，履行持续督导 职责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司主 ...

Core Viewpoint - The announcement details the completion of the board of directors' re-election and the appointment of senior management personnel at Hangzhou Honghua Digital Technology Co., Ltd. on September 15, 2025, highlighting the new leadership structure and governance compliance [1][14]. Board of Directors Election - The company held its second extraordinary general meeting of shareholders on September 15, 2025, using a cumulative voting system to elect three non-independent directors and three independent directors, forming the eighth board of directors [1][2]. - The newly elected board members include Jin Xiaotuan, Zheng Jing, Wang Qin as non-independent directors, and Gu Xinjian, Wu Xueyou, Xu Fang as independent directors [1][2]. Chairman and Committees Election - At the first meeting of the eighth board, Jin Xiaotuan was elected as the chairman, and various specialized committees were established, including the Strategy Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee [2]. - The Audit Committee, Nomination Committee, and Compensation and Assessment Committee have a majority of independent directors, ensuring compliance with governance standards [2]. Senior Management Appointments - The board appointed Jin Xiaotuan as the general manager and several individuals as vice general managers, including Zheng Jing, SEKINE TOSHIKATSU, Yu Jianli, and He Zengliang [3]. - Yu Jianli was appointed as the board secretary, and Ge Aiping was appointed as the financial officer, with all appointments aligning with the board's term [3][4]. Securities Affairs Representative Appointment - The board appointed Hu Jing as the securities affairs representative to assist the board secretary, with her term also aligned with the board's term [5]. Changes in Board and Management - Following the re-election, several individuals, including Yu Jianli, Hu Xiaolie, Yang Yingbiao, and Chen Zhimin, will no longer serve as directors or independent directors, and the company will no longer have a supervisory board [6][14]. - The audit committee will assume the responsibilities previously held by the supervisory board, ensuring continued governance oversight [6]. Compliance and Qualifications - All appointed senior management personnel meet the qualifications required by relevant laws and regulations, with no history of administrative penalties or disqualifications [4][8][11][12].

证券代码：688789 证券简称：宏华数科 公告编号：2025-041 杭州宏华数码科技股份有限公司 关于完成董事会换届选举及聘任高级管理人员、证券事务代表的公 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。 杭州宏华数码科技股份有限公司（以下简称"宏华数科"或"公司"）于 2025 年 9 月 15 日召开 2025 年第二次临时股东会，选举产生了公司第八届董事会成员。 同日，公司召开第八届董事会第一次会议，选举产生董事长、董事会各专门委员会 委员及其召集人，并聘任高级管理人员、证券事务代表，公司董事会的换届选举已 经完成，现就相关情况公告如下： 一、董事会换届选举情况 （一）董事选举情况 2025 年 9 月 15 日，公司召开 2025 年第二次临时股东会，本次股东会采用累积 投票制的方式选举金小团先生、郑靖先生、王钦先生担任第八届董事会非独立董事， 选举顾新建先生、吴学友先生、胥芳女士担任第八届董事会独立董事。本次股东会 选举的 3 名非独立董事和 3 名独立董事，与公司于 2025 年 8 月 29 日召开的 ...

国浩律师（杭州）事务所 关于 杭州宏华数码科技股份有限公司 2025 年第二次临时股东会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年九月 国浩律师（杭州）事务所 宏华数科 2025 年第二次临时股东会法律意见书 国浩律师（杭州）事务所 关 于 杭州宏华数码科技股份有限公司 2025 年第二次临时股东会 法律意见书 致：杭州宏华数码科技股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受杭州宏华数码科技股份 有限公司（以下简称"公司"）的委托，指派律师出席公司 2025 ...

本次会议是否有被否决议案：无 证券代码：688789 证券简称：宏华数科 公告编号：2025-040 杭州宏华数码科技股份有限公司 2025年第二次临时股东会决议公告 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： 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 09 月 15 日 （二） 股东会召开的地点：浙江省杭州市滨江区滨盛路 3911 号杭州宏华数码科 技股份有限公司九楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 22 | | --- | --- | | 普通股股东人数 | 22 | | 2、出席会议的股东所持有的表决权数量 | 86,080,413 | | 普通股股东所持有表决权数量 | 86,080,413 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 47.9686 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | ...

Group 1 - The core viewpoint of the news is that Honghua Digital Technology Co., Ltd. has seen a stock price increase of 5.06%, reaching 75.84 CNY per share, with a total market capitalization of 13.61 billion CNY [1] - The company specializes in digital printing technology, focusing on industrial applications in textile digital printing, providing comprehensive solutions including pre-sales consulting, in-process debugging, after-sales service, and software support [1] - The main revenue composition of the company includes digital printing equipment (64.61%), ink (26.24%), other (5.07%), and automated sewing equipment (4.07%) [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under China Merchants Asset Management holds a significant position in Honghua Digital Technology [2] - The fund, China Merchants Asset Management Zhi Yuan Growth Mixed A (880007), held 26,700 shares in the second quarter, accounting for 2.05% of the fund's net value, ranking as the seventh largest heavy stock [2] - The fund has a total scale of 57.57 million CNY and has achieved a return of 23.25% since its establishment [2] Group 3 - The fund manager of China Merchants Asset Management Zhi Yuan Growth Mixed A is Cai Lin, who has been in position for 3 years and 107 days, with a total asset scale of 94.92 million CNY [3] - During Cai Lin's tenure, the best fund return was 23.25%, while the worst return was -10.38% [3] - The co-manager, He Huaizhi, has been in position for 78 days, with a similar asset scale and a best return of 23.25% [3]

Summary of Macro Hua Digital Technology Conference Call Company Overview - **Company**: Macro Hua Digital Technology - **Industry**: Digital Printing Equipment Key Points and Arguments - **Investment Attractiveness**: Macro Hua is positioned to benefit from potential consumer growth opportunities due to expected interest rate cuts in the U.S. and has not seen significant price increases post-tariff adjustments, making its current valuation relatively low and attractive for investment [2][4] - **Performance Comparison**: The company's annual growth rate of approximately 30% significantly outpaces the 10% growth of its competitor, Shenzhou International, indicating a strong growth potential that exceeds industry averages [2][5] - **Technological Innovation**: The adoption of digital printing machines over traditional printing methods and the innovative business model of selling equipment along with ink and consumables are key factors driving the company's superior growth [2][6] - **Market Share**: Macro Hua holds over 60% of the domestic digital direct printing market and 10%-15% of the global market, ranking third globally, showcasing its leading position in the industry [2][9] - **Stock Performance**: The ongoing share reduction by West Lake Smart Brain has exerted some pressure on the stock price, but this negative factor is expected to dissipate as the reduction plan concludes, aiding in stock price stabilization [2][11] Competitive Advantages - **Integrated Business Model**: The company's core competitive advantage lies in its integrated business model that combines software, equipment, and consumables, creating a high barrier to entry and supporting long-term stable profitability [3][23] - **Strategic Partnerships**: A deep partnership with Kyocera for print heads enhances the company's competitive edge, as it controls 70%-80% of Kyocera's production capacity, leading to cost advantages over competitors [3][26] Industry Trends - **Digital Printing Growth**: The digital printing equipment industry is expected to grow as consumer demand shifts towards smaller, faster orders, with digital printing penetration increasing from 2% in 2015 to 18% currently [7][17] - **Cost Competitiveness**: The cost of digital printing is gradually decreasing, making it more competitive against traditional printing methods, especially for smaller orders [20][18] Financial Performance - **Revenue Growth**: The company has maintained a steady growth rate of 30%-35% annually, with a projected profit of 560 million yuan for 2025 and 720 million yuan for 2026, reflecting a nearly 30% year-on-year increase [13][27] - **Valuation**: The current valuation is approximately 18 times the expected earnings for 2026, which is considered very cheap compared to historical valuations [4][27] Sales Strategy - **Sales Approach**: The company employs a "equipment first, consumables follow" sales strategy, which enhances its bargaining power with customers and improves profitability, with domestic equipment and ink pairing rates exceeding 90% [14][2] Market Dynamics - **Global Market Size**: The global printing volume is approximately 60 billion meters, with China accounting for one-third. The penetration of digital printing is expected to rise significantly as costs decrease and demand for customization increases [17][21] Conclusion - **Future Outlook**: The company is well-positioned for future growth, especially if stricter environmental regulations lead to the replacement of traditional equipment with new digital solutions. The potential for significant returns on investment exists, particularly if favorable industry conditions arise [27]

Investment Rating - The report maintains a strong buy recommendation for the industry, highlighting specific companies such as Juxing Technology, QuanFeng Holdings, Jack Technology, and Honghua Digital Science as key investment opportunities [4][9]. Core Insights - The overall revenue growth rate for the sample companies in the first half of 2025 was 15.04%, while the net profit growth rate was 23.34%, indicating that profit growth outpaced revenue growth [3][15]. - The average gross margin for the sample companies in the first half of 2025 was 30.95%, a slight decrease of 0.53 percentage points year-on-year, while the average net margin increased by 0.96 percentage points to 14.15% [3][21]. - Cash flow conditions improved significantly, with operating net cash flow rising from 5.384 billion in the first half of 2024 to 6.978 billion in the first half of 2025 [3][21]. Summary by Sections 1. Overview of Consumer Goods Export Chain Companies - The report analyzes 21 companies in the mechanical industry that primarily serve the C-end consumer market or manufacture products for C-end consumption, with a significant portion of their revenue coming from overseas markets [2][12]. 2. Stock Performance - Stock performance showed significant differentiation, with companies in the garden tools and two-wheeler sectors performing well. Notable performers in Q1 2025 included Jiexing Technology and QuanFeng Holdings, driven by the robotics sector [7][13]. 3. Profit Growth Outpacing Revenue Growth - The report notes that several companies experienced revenue growth exceeding 20%, including Daya Co. with a 132.3% increase in revenue due to seasonal demand and acquisitions [15][16]. 4. Profitability Improvement - Most sample companies demonstrated strong profitability, with net profit margins increasing year-on-year. Companies like Yindu Co. and Honghua Digital Science reported high net margins of 24.3% and 25.47%, respectively [21][22]. 5. Cash Flow Status - The cash flow situation for the sample companies is reported to be good, with a net cash ratio consistently above 1, indicating healthy cash flow management [3][21]. 6. Future Outlook - The report emphasizes the importance of monitoring tariff and interest rate changes, which could catalyze demand in certain sub-industries. The anticipated interest rate cuts in the U.S. are expected to enhance demand elasticity for related products [8][9]. 7. Investment Recommendations - The report suggests focusing on companies with advanced global layouts that are likely to gain market share amid tariff changes. Specific recommendations include Juxing Technology, QuanFeng Holdings, and Jack Technology [8][9].