Core Viewpoint - The announcement details the share reduction plans of major shareholders and executives of Hengmingda, indicating a potential shift in ownership dynamics and investor sentiment towards the company [1][2][3]. Shareholder Reduction Plans - Major shareholders, including the controlling shareholders, plan to reduce their holdings by up to 7,484,677 shares, representing 3% of the total share capital excluding repurchased shares, within a specified period from July 18, 2025, to October 17, 2025 [1]. - The financial officer, Wu Zhixing, intends to reduce his holdings by up to 127,113 shares, which is 0.0509% of the total share capital excluding repurchased shares, during the same period [1]. - Other shareholders through employee stock ownership platforms also plan to reduce their holdings, with a total of up to 241,863 shares from Shanghai Waicheng and 12,675 shares from Tongling Hengshifeng [2][3]. Company Background - Hengmingda was listed on the Shenzhen Stock Exchange on February 1, 2019, with an initial public offering of 30,378,003 shares at a price of 18.72 yuan per share, raising a total of approximately 568.68 million yuan [3]. - The company has conducted multiple fundraising activities, including a non-public offering in 2021 that raised 350 million yuan and a recent issuance in 2024 that raised approximately 755.99 million yuan [4][5]. - The total amount raised by Hengmingda through these fundraising activities amounts to approximately 1.67 billion yuan [6].

Group 1 - The controlling shareholders of Hengmingda, including Jing Shiping and others, plan to reduce their holdings by up to approximately 748,000 shares, representing 3% of the total share capital after excluding shares in the repurchase account, within three months after the announcement [2] - The financial officer, Wu Zhixing, intends to reduce his holdings by up to approximately 130,000 shares, which is 0.0509% of the total share capital after excluding shares in the repurchase account, within the same timeframe [2] - Other shareholders, including Shanghai Weicheng and Tongling Hengshifeng, also plan to reduce their holdings by various amounts, with the largest being 231,000 shares, representing 0.9258% of the total share capital after excluding shares in the repurchase account [2] Group 2 - For the year 2024, Hengmingda's revenue composition is heavily weighted towards manufacturing, which accounts for 98.5% of total revenue, while other businesses contribute only 1.5% [3]

Summary of Key Points Core Viewpoint - Suzhou Hengmingda Electronics Technology Co., Ltd. announced a share reduction plan involving major shareholders, including the controlling shareholder and senior management, indicating a potential shift in ownership dynamics and liquidity in the market [1][5]. Group 1: Share Reduction Plans - The controlling shareholder and actual controllers, including Mr. Jing Shiping and others, plan to reduce their holdings by up to 7,484,677 shares, representing 3% of the total share capital excluding repurchased shares, within three months starting from July 18, 2025 [2]. - Specific reduction details include Mr. Jing Shiping reducing 2,318,514 shares (0.9293%), Ms. Xia Chen reducing 2,631,688 shares (1.0548%), Ms. Jing Jingping reducing 1,926,061 shares (0.7720%), and Mr. Jing Jiang reducing 608,414 shares (0.2439%) [2]. Group 2: Additional Management Reductions - The financial director, Mr. Wu Zhixing, plans to reduce his holdings by up to 127,113 shares, which is 0.0509% of the total share capital excluding repurchased shares, within the same three-month period [3]. - Employees holding shares through management platforms, including Shanghai Weicheng and Tongling Hengshifeng, also plan to reduce their holdings by a total of 241,863 shares (0.0969%) and 12,675 shares (0.0051%) respectively [4]. Group 3: Reasons and Conditions for Reduction - The shareholders cited personal financial needs as the reason for the share reduction, with the selling price to be determined based on market conditions at the time of sale [5]. - The reduction plans are consistent with previous commitments regarding shareholding intentions and do not violate any existing agreements, ensuring that control of the company remains unchanged [5].

2、持有公司股份 508,450 股（占剔除公司回购专用账户股份后总股本比例 0.2038%）的董事、 财务负责人吴之星先生计划在本公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 7 月 18 日至 2025 年 10 月 17 日），以集中竞价和大宗交易方式合计减持本公司股份不超过 127,113 股（占剔除 公司回购专用账户股份后总股本比例 0.0509%）。 证券代码：002947 证券简称：恒铭达 公告编号：2025-048 苏州恒铭达电子科技股份有限公司 关于控股股东、实际控制人、部分董事、监事及高级管理人员减持股份预披露公告 股东荆世平先生、荆京平女士、夏琛女士、荆江先生、齐军先生、吴之星先生、朱小华女 士、邹兵先生、黄淮明先生、薛剑先生保证向公司提供的信息内容的真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 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。 特别提示： 1、合计持有苏州恒铭达电子科技股份有限公司（以下简称"公司"）股份 83,197,269 股（占 剔除公司回购专用账户股份后总股本比例 33.3470%）的控股股东、实际控制人荆世平 ...

Core Viewpoint - The company has demonstrated significant growth in revenue and net profit in Q1 2025, driven by its strong technological capabilities and strategic market positioning in the consumer electronics, communication, and new energy sectors [1][1][1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 649 million yuan, representing a year-on-year increase of 52.59% [1] - The net profit attributable to shareholders was 108 million yuan, reflecting a growth of 53.69% compared to the same period last year [1] Group 2: Business Development and Strategy - The company is expanding its production capacity globally, with investments in a wholly-owned subsidiary in Hong Kong and production bases in Kunshan, Huizhou, and Vietnam [1][1] - The company is actively exploring opportunities in emerging fields such as humanoid robots and AI glasses, leveraging its extensive experience and stable customer network [1][1] Group 3: Operational Resilience - The company maintains stable relationships with major clients, and its order delivery schedule has not been significantly affected by external factors such as tariff events [1][1] - The company emphasizes a multi-dimensional approach to drive steady growth, including technological innovation, efficient supply chain management, and a diversified business layout in key sectors [1][1]

Group 1 - The core viewpoint of the article highlights the recent research conducted by a well-known private equity firm, Fusheng Asset, on a listed company, Hengmingda, which reported significant revenue and profit growth in Q1 2025 [1] - Hengmingda achieved an operating income of 649 million yuan, representing a year-on-year increase of 52.59%, and a net profit of 108 million yuan, up 53.69% year-on-year [1] - The company focuses on precision flexible structural components, utilizing multi-layer composite technology and innovative design to meet the demands of upgrading terminal equipment [1] Group 2 - Hengmingda has established production bases in Hong Kong, Kunshan, Huizhou, and Vietnam, creating a multi-regional capacity collaboration network [1] - The company is actively monitoring trends in robotics and AI glasses, aiming to seize opportunities and expand new growth points [1] - Details regarding the implementation of share buybacks will be arranged based on future business development needs and compliance requirements [1] Group 3 - The company's stock incentive targets remain unchanged, and it maintains a positive attitude towards achieving these goals [1] - Hengmingda has stable cooperative relationships with major clients, and the order delivery rhythm has not been significantly affected [1] - The growth in performance is attributed to the company's technological research and development capabilities, supply chain management, diversified business layout, and a stable core management team [1]

Core Viewpoint - Suzhou Hengmingda Electronics Technology Co., Ltd. has completed its share repurchase plan, utilizing its own funds to buy back a total of 5,523,394 shares, which accounts for 2.16% of the company's total share capital, with a total expenditure of approximately RMB 159.99 million [2][3]. Group 1: Share Repurchase Plan - The company approved a share repurchase plan with a maximum price of RMB 57.30 per share and a total fund allocation between RMB 80 million and RMB 160 million [1]. - The share repurchase was executed from April 9, 2025, to June 4, 2025, and the highest and lowest transaction prices were RMB 33.36 and RMB 25.88 per share, respectively [2]. Group 2: Impact on Company - The share repurchase will not significantly affect the company's financial, operational, research and development capabilities, or future development [3]. - The company's control structure and listing status remain unchanged post-repurchase, complying with relevant regulations [3]. Group 3: Compliance and Future Arrangements - The share repurchase adhered to the regulations set forth by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [3]. - The repurchased shares will be stored in a dedicated account and are intended for future employee stock ownership plans or equity incentive plans [5][6].

证券代码：002947 证券简称：恒铭达 公告编号：2025-047 苏州恒铭达电子科技股份有限公司 关于股份回购完成暨股份变动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或 者重大遗漏。 苏州恒铭达电子科技股份有限公司（以下简称"公司"）分别于2025年4月8日、2025年4月9日 召开第三届董事会第二十次会议、第三届董事会第二十一次会议，审议并通过了《关于回购公司股 份方案的议案》《关于增加回购股份资金总额的议案》，拟使用自有资金以不超过57.30元/股的价 格回购公司股份，公司本次回购股份的资金总额预计为不低于人民币8,000万元（含本数），不超 过人民币16,000万元（含本数），本次回购股份的实施期限为经董事会审议通过回购股份方案之日 起 不 超过 12个 月 。具体 内 容详 见公 司 于 2025年 4 月 9日 、 2025 年4 月10 日 在巨 潮资 讯网 （http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》《关于增加回购股份资金 总额的公告》。 截至2025年6月4日，公司本次回购股份方案已实施完毕，根据《深圳 ...

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 649 million CNY, representing a 52.59% increase compared to the same period last year [2] - The net profit attributable to shareholders was 108 million CNY, reflecting a 53.69% year-on-year growth [2] Group 2: Product Development and Innovation - The company focuses on precision flexible structural components, addressing technical challenges through multi-layer composite technology and innovative design [2] - Continuous investment in R&D drives technological innovation, enabling product upgrades and the exploration of new business growth points [3] Group 3: Business Expansion and Capacity Planning - The company has established a global strategic layout with subsidiaries in Hong Kong and production bases in Kunshan, Huizhou, and Vietnam [4] - A flexible production capacity network allows the company to adjust production rhythms based on customer demand [4] Group 4: Market Opportunities and Future Plans - The company is exploring opportunities in humanoid robots, AI glasses, and new materials, leveraging its extensive industry experience and stable customer network [5] - The company maintains a stable relationship with major clients, with no significant impact on order delivery due to external tariff events [8] Group 5: Strategic Goals and Risk Management - The company has not adjusted its stock incentive targets and remains confident in achieving them through product structure optimization and deepening customer cooperation [7] - The company emphasizes risk management by optimizing capacity allocation and enhancing long-term strategic partnerships with clients [8]

Company and Industry Summary Company: 恒铭达 (Hengmingda) Key Points - **Industry Focus**: Hengmingda benefits from the growth in the consumer electronics sector, particularly in North America, driven by the demand for composite functional materials. The average selling price (ASP) per unit is expected to exceed $10, with trends in AI terminals, ultra-thin designs, and foldable screens further driving demand and value [2][3][4]. - **Acquisition and Expansion**: The acquisition of Huayangtong has allowed Hengmingda to enter the telecommunications industry, achieving a leading position in AI computing communication, particularly in metal structures and heat dissipation, resulting in significant growth [2][3]. - **Financial Performance**: For 2024, the company anticipates revenues nearing 2.5 billion yuan, a 37% year-on-year increase, with net profit around 460 million yuan, reflecting a 62% increase. The gross margin is 32%, and the net margin is 18%, indicating substantial improvement in profitability, surpassing industry averages [2][5]. - **Trends in Consumer Electronics**: The industry is experiencing two main trends: product upgrades and enhancements driven by edge AI. New technologies such as foldable screens, periscope lenses, and advanced battery technologies present structural opportunities for upstream suppliers, with increased demand for components due to edge AI [2][6]. - **Mobile Phone Market Growth**: Global smartphone shipments are projected to grow by 7% in 2024, with the Chinese market expected to grow by 4.4%. Apple has surpassed Samsung to become the leading smartphone manufacturer, capturing 67% of the market share, benefiting upstream supply chains significantly [2][7]. - **R&D Investment**: Hengmingda's R&D investment has been increasing annually, reaching 113 million yuan in 2024, with a five-year compound growth rate of approximately 30%. The R&D team comprises 11.84% of the total workforce, indicating a strong commitment to innovation [3][14]. - **Communication and New Energy Ventures**: Through Huayangtong, Hengmingda provides metal structural components and cabinet products for the telecommunications sector, achieving 390 million yuan in revenue in 2024, a 50% year-on-year increase. The company also supplies precision components for new energy applications [12][13]. - **Client Relationships**: Hengmingda has established strong partnerships with major clients, including Apple, Huawei, and Xiaomi, with the top five clients contributing 72% of revenue in 2024. This highlights the company's reliance on key customers [13][16]. - **Valuation and Profit Forecast**: Revenue projections for 2025 to 2027 are 3.98 billion, 5.87 billion, and 7.26 billion yuan, with year-on-year growth rates of 60.18%, 47.46%, and 23.71%, respectively. The estimated price-to-earnings (PE) ratio for 2025 is around 16, suggesting a target price of approximately 45 yuan [15]. Risks - **Customer Dependency**: High reliance on major clients poses a risk; any changes in relationships could significantly impact performance [16]. - **Competitive Pressure**: The need for continuous R&D investment is critical due to rapid technological advancements and market competition [16]. - **Trade and Tariff Risks**: The potential impact of trade tensions and tariffs, particularly with major international clients, could affect export sales [16].