本次减持计划所有主体保证向公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容与本次减持计划所有主体提供 的一致。 证券代码：002897 证券简称：意华股份 公告编号：2025-049 温州意华接插件股份有限公司 关于公司高级管理人员减持计划实施完成的公告 一、股东减持情况 注：上述股东减持股份来源于限制性股票激励计划获得的且已解除限售的股份。 二、本次减持前后持股变化 | 股东名称 | 股份性质 | 本次减持前持有股份 | | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | | | | 股数(股) | 占总股本 | 股数(股) | 占总股本 | | | | | 比例（%） | | 比例（%） | | 吴艳梅 | 合计持有股份 | 40,000 | 0.0206 | 30,000 | 0.0155 0 | | | 其中：无限售条件股份 | 10,000 | 0.0052 | 0 | | | | 有限售条件股份 | 30,000 | 0.0155 | 30,000 | 0.0155 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company experienced significant acceleration in performance growth, with a revenue of 4.96 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 270 million yuan, up 16.3% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.92 billion yuan, a year-on-year increase of 22.0% and a quarter-on-quarter increase of 14.1%, with a net profit of 110 million yuan, reflecting an impressive year-on-year growth of 85.3% [1] - The growth in profit significantly outpaced revenue growth, indicating an optimization in product structure and an increase in the proportion of high-margin products [1] Summary by Sections AI-Driven Growth - The development of domestic super nodes has exceeded expectations, creating opportunities for the industry chain. Major companies like Huawei and Alibaba have launched super node solutions, which are expected to enhance the penetration rate of super nodes and drive growth in the computing power industry chain [2] - The company is one of the few in China to achieve mass production of high-speed connectors and chip-to-IO high-speed optical modules, which are utilized in super node computing scenarios, establishing strong partnerships with clients like Huawei and ZTE [2] Solar Support Business - The global demand for photovoltaic installations is expected to maintain stable growth, driven by the acceleration of renewable energy initiatives and net-zero carbon goals in many countries. The global photovoltaic new installed capacity is projected to be between 466-549 GW in 2025, with a compound annual growth rate of approximately 6.9% from 2025 to 2030 [3] - The company is a key player in solar tracking supports, with core clients including globally recognized firms like Nextracker, and is enhancing its overseas production base in the U.S. and Thailand to improve supply chain resilience [3] Financial Forecast and Valuation - The company is projected to achieve net profits of 360 million yuan, 460 million yuan, and 590 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 25, 20, and 15 [4] - Revenue is expected to grow from 6.097 billion yuan in 2024 to 9.291 billion yuan in 2027, reflecting a compound annual growth rate of 16.40% [6]

Core Insights - Yihua Co., Ltd. reported a strong financial performance for the first three quarters of 2025, with revenue reaching 4.962 billion yuan, a year-on-year increase of 4.62%, and a net profit attributable to shareholders of 270 million yuan, up 16.33% [1] - The third quarter showed particularly impressive results, with revenue of 1.917 billion yuan, a 22.00% increase year-on-year, and a net profit of 108 million yuan, reflecting a substantial growth of 85.28% [1] Business Performance - The company's solar bracket business generated revenue of 1.761 billion yuan in the first half of 2025, a decline of 8.85%, accounting for 57.83% of total revenue, indicating its continued importance as a revenue source [3] - Despite the short-term pressure on the solar bracket business, the global energy transition driven by carbon neutrality goals is expected to support a recovery in demand and installation scale in the photovoltaic industry [3] Technological Advancements - Yihua Co., Ltd. is one of the few domestic companies capable of mass-producing high-speed connectors and chip-to-I/O optical modules, having overcome several key industry technologies and established a complete independent intellectual property system [2] - The company has developed and mass-produced several high-end products, including QSFP56200G and QSFP-DD400G series connectors, which are widely used in equipment from major clients like Huawei and ZTE [2] Market Position and Strategy - The company has built a strong moat in technology research and customer resources, with precision mold capabilities and a significant number of patents, including 95 invention patents and 611 utility model patents [4] - Yihua Co., Ltd. has established long-term partnerships with high-quality clients in the communication connector field, such as Huawei and Foxconn, and is expanding into consumer electronics and automotive electronics sectors [4] Future Outlook - The strategic layout of Yihua Co., Ltd. is entering a harvest phase, with the third quarter demonstrating a profit growth rate that significantly outpaces revenue growth, highlighting improved profitability and operational efficiency [5] - The company is expected to benefit from the AI computing infrastructure development and the ongoing trends of domestic substitution and intelligentization, indicating promising future growth potential [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company achieved a revenue of 4.962 billion RMB in the first three quarters of 2025, representing a year-on-year growth of 4.62%. The net profit attributable to shareholders was 270 million RMB, up 16.33% year-on-year. In Q3 2025 alone, revenue reached 1.917 billion RMB, marking a 22.0% increase year-on-year and a 14.1% increase quarter-on-quarter. The net profit for Q3 was 108 million RMB, showing an impressive year-on-year growth of 85.28% and a quarter-on-quarter increase of 11.44% [3][4]. Revenue and Profit Analysis - The growth in revenue and profit is primarily driven by the demand for high-speed communication connectors, supported by core clients' investments in high-speed network infrastructure and AI computing needs. The gross margin for Q3 2025 was 19.5%, slightly down by 0.45 percentage points year-on-year and 0.08 percentage points quarter-on-quarter, mainly due to the impact of the solar bracket business. The company has improved its cost control, leading to a decrease in sales, management, and R&D expense ratios, which has positively impacted net profit growth [4]. Market Position and Client Relationships - The company has established strong relationships with top-tier clients, including Huawei and Alibaba, as they accelerate the penetration of ultra-node products. The ultra-node architecture enhances computing cluster performance, which increases the demand for connectors. The company has over 30 years of experience in the connector industry, securing long-term partnerships with high-quality clients, which solidifies its market position [4]. Financial Forecast - The company is projected to achieve revenues of 7.118 billion RMB, 8.720 billion RMB, and 10.535 billion RMB for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 402 million RMB, 445 million RMB, and 534 million RMB for the same years, with corresponding P/E ratios of 23, 21, and 17 [5][10].

Core Viewpoint - Yihua Co., Ltd. is a leading domestic manufacturer of high-speed connectors and optical modules, primarily engaged in the research, production, and sales of communication connectors and components, with a focus on various technology concepts including 5.5G and AI chips [1][2]. Financial Performance - For Q3 2025, Yihua reported revenue of 4.962 billion yuan, ranking 8th in the industry, with the top competitor, ZTE, achieving 100.52 billion yuan [2]. - The company's net profit for the same period was 282 million yuan, placing it 11th in the industry, while the industry leader, Zhongji Xuchuang, reported a net profit of 7.57 billion yuan [2]. Business Composition - The revenue composition includes solar brackets at 1.761 billion yuan (57.83%), communication connectors at 601 million yuan (19.74%), and other connectors and components at 413 million yuan (13.56%) [2]. Financial Ratios - As of Q3 2025, Yihua's debt-to-asset ratio was 60.34%, higher than the industry average of 38.12%, indicating significant debt pressure [3]. - The gross profit margin was reported at 19.33%, below the industry average of 30.08%, suggesting room for improvement in profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.38% to 32,400, while the average number of shares held per shareholder increased by 3.50% to 5,630.93 [5]. - Major shareholders include Hong Kong Central Clearing Limited and new entrants like Dongfanghong New Power Mixed A [5]. Future Projections - Guojin Securities forecasts Yihua's revenue for 2025-2027 to be 81.678 billion, 33 billion, and 79.879 billion yuan, with net profits of 311 million, 390 million, and 465 million yuan, respectively [5]. - Zheshang Securities anticipates revenues of 7.29 billion, 8.64 billion, and 10.21 billion yuan for the same period, with net profits of 360 million, 460 million, and 590 million yuan [6]. Business Highlights - Yihua is positioned at the forefront of high-speed communication connector technology, with a 28.14% increase in communication connector revenue in the first half of 2025 [5]. - The company is strengthening its market share by collaborating closely with leading clients like Huawei and ZTE [6]. - Despite short-term challenges in the photovoltaic bracket business, the company's global strategy shows resilience [6].

Core Viewpoint - Yihua Co., Ltd. has shown a significant stock price increase of 18.84% year-to-date, with a recent surge of 14.16% over the past five trading days, indicating strong market interest and performance [2] Group 1: Stock Performance - As of October 30, Yihua's stock price rose by 2.06% to 49.02 CNY per share, with a trading volume of 4.81 billion CNY and a turnover rate of 5.50%, resulting in a total market capitalization of 95.04 billion CNY [1] - The stock has experienced a 25.40% increase over the past 60 days, while it has seen a slight decline of 0.83% over the last 20 days [2] Group 2: Financial Performance - For the period from January to September 2025, Yihua reported a revenue of 4.962 billion CNY, reflecting a year-on-year growth of 4.62%, and a net profit attributable to shareholders of 270 million CNY, which is a 16.33% increase compared to the previous year [2] - The company has distributed a total of 177 million CNY in dividends since its A-share listing, with 64.41 million CNY distributed over the last three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yihua decreased by 3.38% to 32,400, with an average of 5,630 circulating shares per shareholder, which is an increase of 3.50% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second largest, increasing its holdings by 2.2432 million shares to 3.2448 million shares [3]

Core Points - The company has ensured that the content of the information disclosure is true, accurate, and complete, with no false records, misleading statements, or significant omissions [1][7][65]. Financial Data - The third quarter financial report has not been audited [3][6]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - Non-recurring gains and losses are applicable, primarily due to tax incentives for key groups [3]. Shareholder Information - The total number of shareholders holding more than 5% of shares and the top ten shareholders' holdings have been reported [4][5]. - The company will no longer have a supervisory board, with its functions transferred to the audit committee of the board of directors [10]. Meeting Announcements - The fifth board meeting approved the third quarter report with unanimous consent [7][8]. - A temporary shareholders' meeting is scheduled for November 14, 2025, to discuss various proposals [62][65]. Proposals and Resolutions - Multiple proposals were approved, including amendments to the company's articles of association and various management systems [10][19][30]. - The proposals will be submitted for approval at the upcoming shareholders' meeting [11][20][31].

温州意华接插件股份有限公司 股东会议事规则 第一章 总则 第一条 为规范温州意华接插件股份有限公司（以下简称"公司"）行为，保 障股东会依法行使职权，确保股东会高效规范运作和科学决策，完善公司治理结 构，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》"）、《深圳证券交易所股票上市规则》（以 下简称"《上市规则》"），《上市公司股东会规则》（以下简称"《股东会规则》"） 等有关法律法规、规范性文件和《温州意华接插件股份有限公司章程》（以下简 称"《公司章程》"）的规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关 规定召开股东会，保证股东能够依法行使权利。公司董事会应当切实履行职责， 认真、按时组织股东会。公司全体董事应当勤勉尽责，确保股东会正常召开和依 法行使职权。 第三条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公 司法》第一百一十三条规定的应当召开临时股东会的 ...

第一章 总则 第一条 为规范温州意华接插件股份有限公司（以下简称"公司"）及其他信息 披露义务人的信息披露行为，加强信息披露事务管理，保护投资者合法权益，根 据《公司法》《证券法》《上市公司信息披露管理办法》《深圳证券交易所股票 上市规则》（下称"上市规则"）《深圳证券交易所上市公司自律监管指引第 5 号 ——信息披露事务管理》等法律、法规及公司章程的有关规定，制定本制度。 温州意华接插件股份有限公司 信息披露制度 第二条 本制度所称"信息"是指所有能对公司股票价格产生重大影响的信息 以及证券监管部门要求披露的信息；所称"披露"是指在规定的时间内、通过规定 的媒体、按规定的程序、以规定的方式向社会公众公布，并按规定报送证券监管 部门。 本制度所称"信息披露义务人"是指公司及其董事、高级管理人员、股东、 实际控制人，收购人，重大资产重组、再融资、重大交易有关各方等自然人、单 位及其相关人员，以及法律、行政法规和中国证监会、证券交易所规定的其他承 担信息披露义务的主体。 第三条 信息披露义务人应当及时依法履行信息披露义务，披露的信息应当真 实、准确、完整，简明清晰、通俗易懂，不得有虚假记载、误导性陈述或者重大 遗 ...

温州意华接插件股份有限公司 募集资金管理制度 第一章 总则 第一条 为规范公司募集资金的存放、管理和使用，提高募集资金使用效益，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》）、《上市公司募集资金监管规则》《深圳证券交易所股票 上市规则》（以下简称《股票上市规则》）、《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》等法律法规和《公司章程》的有关要求， 结合公司的实际情况，特制定本制度。 第二条 本制度所指募集资金，是指公司通过发行股票或者其他具有股权性质的 证券，向投资者募集并用于特定用途的资金，不包括公司为实施股权激励计划募集 的资金。 本制度所称超募资金，是指实际募集资金净额超过计划募集资金金额的部分。 第三条 募集资金投资项目通过公司的子公司或者公司控制的其他企业实施的， 公司应当确保该子公司或者受控制的其他企业遵守本制度规定。 第四条 公司董事会应当持续关注募集资金存放、管理和使用情况，有效防范投 资风险，提高募集资金使用效益。 公司的控股股东、实际控制人及其他关联人不得占用公司募集资金，不得利用 公司募集资金投资项目获取 ...