Group 1 - The company, Shunhao Co., Ltd. (002565), announced a plan to repurchase shares worth between 100 million to 200 million yuan for the purpose of implementing an employee stock ownership plan or equity incentive [1] - The maximum repurchase price is set at 11.82 yuan per share, inclusive [1]

证券代码：002565 证券简称：顺灏股份 公告编号：2025-054 上海顺灏新材料科技股份有限公司 关于实施2025年第二次回购公司股份方案暨 取得金融机构股票回购专项贷款承诺函的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、回购股份的种类：上海顺灏新材料科技股份有限公司（以下简称"公司"） 已发行的人民币普通股（A 股）股票。 2、回购股份的用途：用于实施员工持股计划或股权激励。若公司未能在本 次股份回购实施结果暨股份变动公告日后三年内使用完毕已回购股份，尚未使用 的已回购股份将依法予以注销。 3、回购股份的价格：拟不超过 11.82 元/股（含）。该价格不高于公司董事 会通过回购方案决议前 30 个交易日公司股票交易均价的 150%。 4、回购股份的方式：通过深圳证券交易所股票交易系统以集中竞价交易方 式回购。 5、回购股份的数量及占公司总股本的比例：按回购股份价格上限 11.82 元/ 股测算，预计回购股份数量为 8,460,237 股至 16,920,474 股，占公司目前总股 本比例的 0.80%至 1.60%（为四舍五入后 ...

证券代码：002565 证券简称：顺灏股份 公告编号：2025-053 上海顺灏新材料科技股份有限公司 第六届董事会第十次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 上海顺灏新材料科技股份有限公司（以下简称"公司"）第六届董事会第十 次会议于 2025 年 9 月 18 日以通讯方式召开。会议通知已于 2025 年 9 月 16 日以 口头、电话等方式送达，会议应到董事 6 人，实到董事 6 人。会议由公司董事长 王钲霖先生召集并主持，部分高级管理人员列席会议，本次会议的召集、召开符 合《公司法》和《公司章程》的规定。 经与会董事审议，会议通过了如下决议： 1 特此公告。 二、董事会会议审议情况 1、审议通过《关于实施 2025 年第二次回购公司股份方案的议案》 基于对公司未来高质量、可持续发展的信心和对公司价值的认可，为增强投 资者信心、维护广大投资者的利益，同时为进一步完善公司治理结构、健全公司 长效激励机制、充分调动核心骨干及优秀员工积极性，公司在综合考虑经营情况、 业务发展前景、财务状况以及未来盈利能力的基础上，董事 ...

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on September 19, 2025, from 15:00 to 17:00 via an online platform [2] - The meeting was attended by key company executives, including Chairman and CEO Wang Zhenglin, CFO Shen Bin, and Secretary of the Board Du Yunbo [2] Group 2: Key Questions and Responses - The company is actively discussing the H-share listing with relevant intermediaries, but specific details have not been finalized [2] - For new tobacco brands, investors were directed to the company's periodic reports for information on market breakthroughs [2] - The first experimental satellite is expected to launch by the end of 2025, subject to external factors [3] - In the first half of 2025, the company reported a revenue of 186 million yuan from aluminum-plated paper products, with normal production conditions [3] - The company acknowledged a market value decrease of over 2 billion yuan in the past month and stated it would manage its market value based on market dynamics and financial arrangements [3]

Core Viewpoint - Shunhao Co., Ltd. is actively preparing for the launch of its first experimental satellite, expected by the end of 2025, although the exact date may vary due to external factors such as approvals and launch site scheduling [1] Company Overview - Shunhao Co., Ltd. is a high-tech enterprise engaged in the research, manufacturing, and sales of environmentally friendly packaging materials [1] - The company operates in four main business areas: research, production, and sales of specialty eco-friendly paper; research, production, and sales of printed products; deep processing of industrial hemp and application scenario development; and research, production, and sales of new tobacco products [1]

Company Overview - Shanghai Shunhao New Materials Technology Co., Ltd. was established on December 21, 2004, and listed on March 18, 2011. The company is located at 200 Zhenchen Road, Putuo District, Shanghai [2] - The main business includes research, production, processing, and sales of vacuum aluminum-coated paper, composite film paper, white cardboard, printed products, and cigarette polypropylene fiber bundles [2] - The revenue composition is as follows: printed products 48.07%, aluminum-coated paper 30.03%, others (supplement) 8.51%, composite film paper 5.56%, others 3.93%, optical anti-counterfeiting film 2.02%, new tobacco 1.65%, and white cardboard 0.23% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 620 million yuan, a year-on-year decrease of 12.19%. The net profit attributable to the parent company was 33.30 million yuan, a year-on-year increase of 23.11% [2] - Since its A-share listing, the company has distributed a total of 427 million yuan in dividends, with 68.81 million yuan distributed in the last three years [3] Stock Performance - On September 17, the stock price of Shunhao fell by 2.03%, trading at 7.24 yuan per share, with a total market capitalization of 7.674 billion yuan [1] - Year-to-date, the stock price has increased by 141.25%, but it has decreased by 5.73% in the last five trading days and 14.72% in the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on July 22, where it recorded a net buy of -21.52 million yuan [1] Shareholder Information - As of June 30, the number of shareholders was 46,100, a decrease of 11.52% from the previous period. The average circulating shares per person increased by 13.01% to 23,011 shares [2]

证券代码：002565 证券简称：顺灏股份 公告编号：2025-052 上海顺灏新材料科技股份有限公司 关于参加2025年上海辖区上市公司集体接待日 暨中报业绩说明会活动的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、会议召开时间：2025年9月19日(星期五)15:00-17:00 2、会议召开地点："全景路演"网站(https://rs.p5w.net/html/175611728 073329.shtml)；或关注微信公众号(名称：全景财经)；或下载全景路演 APP 3、会议召开方式：全景路演网络远程 上海顺灏新材料科技股份有限公司（以下简称"公司"）已于2025年8月15日 发布公司2025年半年度报告，为便于广大投资者更全面深入地了解公司2025年半 年度经营成果、财务状况，公司计划于2025年9月19日（星期五）15:00-17:00参 加2025年上海辖区上市公司集体接待日暨中报业绩说明会，就投资者关心的问题 进行交流。 一、说明会类型 本次投资者说明会以网络远程的形式召开，公司将针对2025年半年度的经营 成果及财务指标的 ...

Investment Rating - The report maintains an "Accumulate" rating for the space computing industry [6] Core Insights - Space computing represents a new paradigm for AI computing infrastructure, extending capabilities from terrestrial to orbital environments, leveraging unique conditions in space for enhanced efficiency and autonomy [12][17] - The demand for computing power is expected to surge, with projections indicating that global AI data center (AIDC) electricity demand could reach 347 GW by 2030, highlighting the urgent need for innovative solutions like space computing to address energy and cooling challenges [2][67] - Several companies, including Starcloud and ADA Space, are actively developing space computing projects, indicating a strong market potential and commercial viability for this technology [3][15] Summary by Sections What is Space Computing? - Space computing involves deploying data centers in low or medium Earth orbit, utilizing modular server nodes capable of AI inference and training, thus forming "orbital data centers" [17][20] - It is distinct from edge computing, as it integrates distributed AI architecture in space, enhancing real-time processing and collaboration capabilities [20] Energy Constraints and Cooling Challenges - The report emphasizes that the explosive growth in computing demand is straining existing energy supplies, particularly in the U.S., where electricity infrastructure has not kept pace with demand [13][69] - Space computing offers significant advantages in energy efficiency and cooling, as it can harness solar energy continuously and utilize the vacuum of space for effective heat dissipation [14][14] Global Deployment Progress - Numerous companies are initiating space computing projects, with notable examples including Starcloud's plans for a gigawatt-scale data center in space and ADA Space's launch of AI satellites [3][15] - The report suggests that space computing is transitioning from conceptual validation to engineering implementation, with strong commercial prospects [3][15] Investment Recommendations - The report advises investors to focus on companies that are strategically positioning themselves within the space computing supply chain, such as SOCE, RKLB in the U.S., and Shunhao Co., Hangang Co., Putian Technology, and China Satellite in China [4][15]

Group 1: Business Strategy and Development - The company adheres to a dual development strategy of "environmentally friendly low-carbon new materials + biological health," focusing on special environmentally friendly paper, printing products, and industrial hemp processing [2][3]. - Continuous efforts are made to optimize production lines and implement cost-reduction reforms while expanding new customer markets and investing in R&D for industrial hemp technologies and products [2][3]. Group 2: Product Innovation and Market Expansion - The special anti-counterfeit environmentally friendly paper includes vacuum aluminum paper and laser anti-counterfeit materials, with a focus on technological innovation and market expansion [3]. - The company plans to actively explore overseas markets, particularly in South America and Southeast Asia, to meet the demand for high-end packaging orders and promote environmentally friendly film paper technology [4][5]. Group 3: Environmental Compliance and Efficiency - The company has reduced VOC emissions by over 75% by adopting water-based inks, complying with national and EU environmental regulations [6]. - Implementation of an AI visual inspection system and a digital production management system has improved production efficiency and reduced labor costs [5][6]. Group 4: Industrial Hemp Development - The company collaborates with Yunnan University to establish a CBD research center, focusing on the potential applications of CBD in various medical fields [7]. - Multiple patents related to industrial hemp extraction and purification have been applied for, supporting drug formulation development [7]. Group 5: Financial Performance and Future Plans - In the first half of 2025, the company's main revenue decreased by 12.19%, while net profit increased by 23.11% due to high-value business expansion and cost control measures [9]. - The company is in discussions for an H-share listing, which is expected to enhance its global strategy and brand image [9].

Market Performance - The packaging and printing sector increased by 0.15% on September 10, with Yongji Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Gainers - Yongji Co., Ltd. (603058) closed at 9.47, up 5.22% with a trading volume of 263,500 shares and a turnover of 245 million yuan [1] - Shunhao Co., Ltd. (002565) closed at 7.68, up 5.21% with a trading volume of 635,700 shares and a turnover of 488 million yuan [1] - Zhuhai Zhongfu (000659) closed at 3.24, up 4.52% with a trading volume of 1,616,100 shares and a turnover of 523 million yuan [1] Market Capital Flow - The packaging and printing sector experienced a net outflow of 324 million yuan from institutional investors, while retail investors saw a net inflow of 329 million yuan [2] - The overall market showed a mixed trend with some stocks experiencing significant inflows from retail investors despite the outflow from institutional investors [2] Individual Stock Flow - Shunhao Co., Ltd. had a net inflow of 66.79 million yuan from institutional investors, while retail investors had a net outflow of 62.68 million yuan [3] - Yongji Co., Ltd. saw a net inflow of 3.74 million yuan from institutional investors, with retail investors also experiencing a net outflow of 5.66 million yuan [3] - The overall trend indicates a divergence in investment behavior between institutional and retail investors within the sector [3]