中国振华（集团）科技股份有限公司 2024年度独立董事述职报告 述职人：张 波 2024 年度，本人作为中国振华（集团）科技股份有限公司（以下简 称公司）独立董事，严格按照《公司法》《证券法》《上市公司独立董事 管理办法》以及公司《章程》《独立董事工作制度》等相关规定，坚持客 观、公正、独立的原则，勤勉尽责、独立履职，主动了解公司生产经营情 况，出席了公司相关会议，充分发挥自身的专业优势和独立作用，认真审 议董事会的各项议案并发表意见，切实维护了公司和广大股东尤其是中小 股东的利益。现将本人 2024 年的履职情况报告如下： 本人张波，1964 年 5 月出生，硕士研究生学历，电子科技大学集成 电路科学与工程学院（示范性微电子学院）教授、博士生导师，佛山市联 动科技股份有限公司独立董事。曾任电子科技大学微电子研究所教授，美 国 Virginia Tech 访问教授，电子科技大学微电子与固体电子学院教授、 副院长，深圳赛格股份有限公司独立董事、鹏鼎控股（深圳）股份有限公 司独立董事、深圳市民德电子科技股份有限公司独立董事等职。 1 本人自 2018 年 12 月 18 日起任职公司独立董事，因连续任职近 6 年 ...

中国振华（集团）科技股份有限公司 2024年度独立董事述职报告 述职人：李 俊 2024 年度，本人作为中国振华（集团）科技股份有限公司（以下简 称公司）独立董事，严格按照《公司法》《证券法》《上市公司独立董事 管理办法》以及公司《章程》《独立董事工作制度》等相关规定，坚持客 观、公正、独立的原则，勤勉尽责、独立履职，主动了解公司生产经营情 况，出席了公司相关会议，充分发挥自身的专业优势和独立作用，认真审 议董事会的各项议案并发表意见，切实维护了公司和广大股东尤其是中小 股东的利益。现将本人 2024 年的履职情况报告如下： 一、基本情况 (一)个人基本情况 本人李俊，1972 年 2 月出生，硕士研究生学历，公司独立董事，贵 阳宝弄投资咨询有限公司执行董事、总经理，贵阳宝弄商贸有限公司执行 董事、总经理。曾任世纪中天投资股份有限公司董事会秘书、执行副总裁， 上海虎铂股份投资管理合伙企业（有限合伙）合伙人、深圳市宝弄投资有 限公司执行董事等。 (二)出席董事会专门委员会、独立董事专门会议工作情况 （二）独立性情况说明 本人对独立性情况进行了自查，在履职公司独立董事期间，本人除担 任独立董事一职外，未在公司内兼 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥908,269,700.08, a decrease of 10.45% compared to ¥1,014,207,036.46 in the same period last year[3] - Net profit attributable to shareholders was ¥58,514,278.38, down 42.60% from ¥101,940,089.06 year-on-year[3] - Basic and diluted earnings per share were both ¥0.1056, representing a decrease of 42.73% from ¥0.1844 in the same period last year[3] - Net profit for the current period is ¥58,574,473.32, down 42.47% from ¥101,946,145.20 in the previous period[25] - Basic earnings per share decreased to ¥0.1056 from ¥0.1844, a decline of 42.54%[25] Cash Flow - The net cash flow from operating activities was negative at -¥30,232,745.44, a decline of 121.51% compared to ¥140,539,910.63 in the previous year[3] - Cash flow from operating activities showed a net outflow of ¥30,232,745.44, compared to a net inflow of ¥140,539,910.63 in the previous period[26] - The net cash flow from investing activities was -¥61,338,669.21, a decrease of 39.09% compared to -¥100,704,342.07 in the previous year[15] - Investment activities resulted in a net cash outflow of ¥61,338,669.21, compared to a net outflow of ¥100,704,342.07 in the previous period[26] - Financing activities generated a net cash outflow of ¥2,729,396.87, an improvement from a net outflow of ¥17,899,491.38 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,061,560,363.41, showing no significant change from ¥18,062,430,877.13 at the end of the previous year[3] - The total assets of China Zhihua (Group) Technology Co., Ltd. as of March 31, 2025, amounted to CNY 18,061,560,363.41, showing a slight decrease from CNY 18,062,430,877.13 at the beginning of the period[20] - The company's current assets totaled CNY 14,117,157,231.18, compared to CNY 14,081,889,508.33 at the beginning of the period, indicating a marginal increase[20] - The total liabilities decreased to CNY 3,254,925,539.49 from CNY 3,314,370,526.53, indicating a reduction of approximately 1.8%[21] - The owner's equity totaled CNY 14,806,634,823.92, slightly increasing from CNY 14,748,060,350.60, which is an increase of about 0.4%[23] Expenses - The company reported a significant increase in financial expenses, which amounted to ¥5,353,914.50, a decrease of 32.55% from ¥7,937,313.94 in the previous year[11] - Total operating costs decreased to ¥816,871,514.94 from ¥884,472,836.21, reflecting a reduction of 7.65%[24] - The company reported a decrease in sales expenses to ¥60,302,003.87 from ¥80,716,817.10, a reduction of 25.3%[24] - Research and development expenses decreased to ¥64,603,582.19 from ¥70,372,771.96, a decline of 8.5%[24] Investment and Shareholder Information - Investment income dropped by 65.61% to ¥1,458,061.17 from ¥4,239,695.95 year-on-year[13] - The company recorded a credit impairment loss of -¥6,931,045.79, an increase of 820.49% compared to -¥752,973.45 in the previous year[13] - The company has a significant shareholder, China Zhihua Electronics Group Co., Ltd., holding 31.01% of the shares, totaling 171,837,944 shares[18] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder holding over 31%[18] - The company has no reported changes in the participation of the top ten shareholders in margin financing and securities lending activities[18]

Financial Performance - The company's operating revenue for 2024 was ¥5,219,282,776.27, a decrease of 32.99% compared to ¥7,789,286,189.22 in 2023[16] - The net profit attributable to shareholders for 2024 was ¥970,184,122.63, down 63.83% from ¥2,682,093,963.01 in 2023[16] - Basic earnings per share for 2024 were ¥1.7512, a decline of 65.85% from ¥5.1277 in 2023[16] - The company reported a significant increase in non-recurring gains, totaling CNY 132.38 million in 2024, compared to CNY 128.81 million in 2023[22] - The company reported a net profit attributable to shareholders of CNY 970 million, a decrease of 63.83% year-over-year[37] - The company's net profit for the fiscal year 2024 is CNY 1,091,776,579.32, after accounting for statutory and discretionary reserves totaling CNY 218,355,315.86[135] - The total distributable profit available for shareholders at year-end is CNY 1,654,057,234.41, with a cash dividend distribution plan of CNY 99,750,497.58, equating to CNY 1.80 per 10 shares[135] Cash Flow and Investments - The net cash flow from operating activities increased by 29.95% to ¥1,600,812,101.61 in 2024, compared to ¥1,231,863,787.38 in 2023[16] - The total cash inflow from investment activities rose significantly by 71.15% year-on-year to ¥5,213,527,796.15, mainly from the recovery of cash from structured deposits and the sale of stocks[52][55] - The net cash flow from financing activities decreased by 142.66% year-on-year, resulting in a net outflow of ¥908,427,308.76, largely due to a reduction in cash received from issuing stocks[52][56] - The company reported a retained undistributed profit of CNY 1,554,306,736.83 after the dividend distribution[135] Assets and Liabilities - Total assets at the end of 2024 were ¥18,062,430,877.13, reflecting a slight increase of 0.49% from ¥17,974,514,043.52 at the end of 2023[16] - The net assets attributable to shareholders increased by 2.79% to ¥14,749,329,513.19 at the end of 2024, compared to ¥14,348,600,240.98 at the end of 2023[16] - The total amount of accounts receivable decreased by 0.97% year-on-year, amounting to ¥4,577,863,060.31, as the company actively communicated with clients to manage collection pressures[62] - The long-term borrowings decreased by 1.44% year-on-year to ¥412,971,000.00, primarily due to the reclassification of some long-term borrowings to current liabilities[63] Research and Development - The company applied for a total of 395 patents during the reporting period, with 222 patents granted, including 79 invention patents, enhancing its innovation portfolio[30] - The number of R&D personnel increased by 6.21% to 1,231 in 2024, compared to 1,159 in 2023[50] - R&D investment amounted to ¥407,869,273.04 in 2024, a decrease of 18.70% from ¥501,687,273.64 in 2023[50] - The proportion of R&D investment to operating income rose to 7.81% in 2024 from 6.44% in 2023, an increase of 1.37%[50] Market and Competition - The company is facing increased competition in the basic components sector due to policy changes and market dynamics, impacting profit margins[37] - The company is strategically targeting emerging sectors such as commercial aerospace and new energy vehicles, which are expected to drive demand for electronic components[25] - The company has established a comprehensive sales network and is actively expanding into strategic emerging sectors such as commercial aerospace and new energy vehicles[32] Corporate Governance - The board of directors consists of 7 members, including 4 independent directors, complying with legal and regulatory requirements[102] - The company has established a performance evaluation system for senior management, linking their performance directly to compensation[103] - The company maintains complete independence from its controlling shareholders in terms of business, personnel, assets, and finance[105] - The company has a diverse board with members holding various positions in other organizations, enhancing governance and oversight[117] Environmental Compliance - The company has obtained environmental impact assessment approvals for its projects, including the switch and display control component R&D project[153] - The company holds valid pollution discharge permits for its subsidiaries, with one permit valid until September 14, 2028[154] - The company has implemented measures to ensure compliance with environmental protection regulations and standards[150] - The company reported a total wastewater discharge of 0.00035 million tons, with no exceedance of permitted limits for total phosphorus[155] Social Responsibility - The company is committed to social responsibility, integrating it into its development strategy and operations[170] - The company signed 14 new welfare and job management policies in 2024 to enhance employee rights protection[171] - A total of 288 safety inspections were conducted, identifying 904 safety hazards, all of which were rectified[174] - The company organized 50 volunteer activities, accumulating 500 hours of service in 2024[175]

振华科技（000733）公告，2024年营业收入52.19亿元，同比减少32.99%。归属于上市公司股东的净利 润9.7亿元，同比减少63.83%。公司经本次董事会审议通过的利润分配预案为：以5.54亿股为基数，向 全体股东每10股派发现金红利1.8元(含税)，送红股0股(含税)，不以公积金转增股本。 ...

振华科技（000733）公告，公司控股股东中国振华电子集团有限公司计划自2024年10月23日起6个月内 增持公司股份，增持金额不低于1亿元，不超过2亿元，增持价格不高于59.6元/股。截至本公告披露 日，中国振华累计增持公司A股股份226.46万股，占公司总股本的0.4086%，合计增持金额1亿元(不含各 类规费及手续费)。本次增持计划已实施完成，中国振华持有公司A股股份1.72亿股，占公司已发行总股 本的31.0082%。 ...

Group 1 - Liu Gesong's funds reported a total scale of 32.171 billion yuan at the end of Q1, a decrease of approximately 2 billion yuan compared to the previous quarter [2] - The main sectors for investment include new energy vehicles, electronics, lithium batteries, photovoltaics, and military industry [2] - The flagship fund, Guangfa Shuangqing Upgrade, has a year-to-date return of -3.89%, underperforming its benchmark [2] Group 2 - The concentration of the top ten holdings in Guangfa Shuangqing Upgrade decreased to 71.21% from 81.76% in the previous quarter, a decline of about 10% [2] - Six out of the top ten holdings were reduced, with the largest reduction in Beifang Huachuang, which saw a decrease of 33.83% in shares held [2][3] - New entrants to the top ten holdings include Zhenhua Technology and Fenzhong Media, while Tianhe Energy and AVIC Optoelectronics exited [3] Group 3 - Guangfa Industry Fund's latest scale is 6.38 billion yuan, down by approximately 400 million yuan [4] - New top ten holdings include Xiaomi Group-W and Alibaba-W, with Tencent Holdings seeing over a 20% increase in shares held [4] Group 4 - Guangfa Technology Pioneer Fund reduced its holdings in Seris by 10.76%, with a latest holding of 6.67 million shares valued at 840 million yuan [6] - Guangfa Small Cap Growth Fund significantly reduced its holdings in EVE Energy by 53%, with a latest holding of 3.92 million shares [7] Group 5 - Liu Gesong anticipates a steady recovery in the domestic economy, driven by government policies focusing on livelihood, consumption, and real estate [8] - The technology growth sector is expected to perform independently of economic cycles, with a higher probability of a prosperous market [9] - Liu maintains an optimistic outlook for the overall economic environment in 2024, expecting a gradual recovery of internal economic momentum [9]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating an expectation for the industry to outperform the overall market [7][31]. Core Insights - The defense and military industry is expected to experience robust growth in the coming years, driven by a clear upward trend in fundamentals and increased military spending due to geopolitical factors [7]. - The report highlights that the industry is entering a phase of accelerated mechanization and informatization as it approaches the centenary of the military, with a focus on quality and quantity improvements [7]. - The impact of tariff conflicts is viewed positively for the military industry, as it emphasizes the comparative advantages of domestic demand and is expected to accelerate investment in the sector [7]. - New forms of combat capabilities, including AI and robotics, are anticipated to become key growth drivers for the industry, creating new investment opportunities [7]. - The construction of remote sensing constellations and the upcoming aerospace conference are expected to boost the sector's performance [7]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.55%, while the overall market indices showed mixed results, with the Shanghai Composite Index rising by 1.19% [3][8]. - The report notes that the defense and military sector's performance ranked last among 31 primary industry categories [8]. - The top five performing stocks in the defense and military sector last week included Beimo Gaoke (up 11.94%), Taihe New Materials (up 9.38%), and others, while the worst performers included Zhenhua Technology (down 16.23%) and Hongyuan Electronics (down 13.17%) [8][16][17]. Valuation Changes - The current PE-TTM for the defense and military sector is 68.10, indicating it is in the upper range historically, with a valuation percentile of 54.04% since January 2014 [17]. - The report identifies a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [17][22]. Key Investment Targets - The report suggests increasing attention on high-end combat capabilities and new combat capabilities, with specific stocks highlighted for potential investment [7][24]. - Notable stocks include Feiliwa, Tianqin Equipment, and others in the high-end combat category, as well as Chengdu Huami and Huaying Technology in the new combat capabilities category [7][24].

Core Viewpoint - The military electronics sector has experienced a significant decline, with multiple stocks dropping over 5% [1] Group 1 - Torch Electronics, Zhenhua Wind Power, Zhenhua Technology, Hongda Electronics, and Hongyuan Electronics all saw declines exceeding 5% [1] - Other companies such as Zhimingda, Aerospace Electric, Ruichuang Micro-Nano, and Mengsheng Electronics also followed the downward trend [1]

从中证500相对价值指数持仓的市场板块来看，上海证券交易所占比55.14%、深圳证券交易所占比 44.86%。 金融界4月14日消息，上证指数高开高走，中证500相对价值指数 (500R价值，H30354)报6989.26点。 数据统计显示，中证500相对价值指数近一个月下跌7.13%，近三个月上涨1.59%，年至今下跌5.15%。 据了解，中证500相对价值指数综合考察中证500指数样本的价值和成长特征，选取价值风格较为突出的 证券为样本，并采用经综合价值概率调整后的自由流通市值加权，以反映中证500指数中具有价值风格 特征证券的整体表现，为市场提供更具多元化风险收益特征的投资标的。该指数以2004年12月31日为基 日，以1000.0点为基点。 从指数持仓来看，中证500相对价值指数十大权重分别为：苏州银行（1.04%）、东山精密（1.03%）、 永泰能源（0.91%）、华天科技（0.78%）、长沙银行（0.76%）、振华科技（0.75%）、东吴证券 （0.75%）、财通证券（0.72%）、云天化（0.72%）、浙江龙盛（0.7%）。 从中证500相对价值指数持仓样本的行业来看，工业占比19.84%、原材 ...