Financial Performance - The company's revenue for Q1 2025 was CNY 613,825,226.42, representing a 12.01% increase compared to CNY 547,989,957.54 in the same period last year[5]. - Net profit attributable to shareholders was CNY 122,874,159.30, a significant increase of 48.81% from CNY 82,573,664.41 year-on-year[5]. - The net profit after deducting non-recurring gains and losses was CNY 113,604,102.24, up 68.76% from CNY 67,316,429.86 in the previous year[5]. - Total operating revenue for the current period reached ¥613,825,226.42, an increase of 11.97% compared to ¥547,989,957.54 in the previous period[20]. - Net profit for the current period was ¥139,035,324.50, representing a 39.93% increase from ¥99,405,375.68 in the previous period[22]. - Earnings per share (EPS) for the current period was ¥0.27, consistent with the previous period's EPS of ¥0.26[22]. Assets and Liabilities - The company's total assets increased by 2.63% to CNY 7,790,561,074.57 from CNY 7,590,678,002.43 at the end of the previous year[5]. - The company's cash and cash equivalents increased to ¥2,972,247,505.97 from ¥2,517,063,389.45, reflecting a growth of approximately 18.06%[16]. - Total liabilities increased to ¥1,263,087,232.21 from ¥1,206,154,136.51, marking a rise of 4.73%[18]. - The total liabilities include accounts payable of ¥608,644,505.48, up from ¥528,697,987.21, indicating an increase of approximately 15.12%[17]. - The total non-current assets decreased slightly to ¥2,209,231,807.30 from ¥2,134,818,740.07, a decline of about 3.49%[17]. Cash Flow - The net cash flow from operating activities decreased by 26.10% to CNY 187,197,527.72 compared to CNY 253,328,495.05 in the same period last year[5]. - The net cash flow from investing activities improved by 113.07%, reaching CNY 269,466,617.44, mainly due to the recovery of cash from structured deposits[11]. - The net cash flow from investment activities was $269,466,617.44, a significant improvement from a negative cash flow of $2,061,313,341.21 in the previous period[24]. - The total cash outflow from operating activities was $490,357,231.00, an increase of 14.5% compared to $428,230,645.97[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,387[13]. - The largest shareholder, Hebei Semiconductor Research Institute, holds 54.41% of shares, totaling 245,418,282 shares[13]. Expenses - Total operating costs amounted to ¥480,455,609.64, up from ¥466,106,599.82, reflecting a growth of 3.93%[21]. - Research and development expenses were ¥70,651,789.52, slightly down from ¥72,267,587.48, reflecting a decrease of 2.23%[21]. - Financial expenses decreased by 312.70% to CNY -13,765,109.28, attributed to increased interest income from time deposits[10]. - The company reported a financial expense of -¥13,765,109.28, a significant increase in income compared to -¥3,335,360.72 in the previous period[21].

Profit Distribution and Financial Performance - The profit distribution plan approved by the board is to distribute a cash dividend of 4.2 CNY per 10 shares (including tax) based on a total of 451,052,859 shares[5]. - The company plans to distribute a cash dividend of 4.20 CNY per 10 shares, totaling 189,442,200.78 CNY, which represents 100% of the profit distribution amount[146]. - The net profit attributable to shareholders for 2024 is projected to be 539,158,451.03 CNY, with the parent company achieving a net profit of 293,766,098.13 CNY[146]. - The company’s retained earnings at the end of the reporting period amount to 1,958,634,182.00 CNY[146]. - The company’s profit distribution policy mandates a minimum cash dividend of 20% when in a growth phase with significant capital expenditures[146]. - The company achieved operating revenue of ¥2,648,495,638.64 in 2024, a decrease of 1.01% compared to the previous year[44]. - Net profit attributable to shareholders increased by 10.04% year-on-year, reaching ¥539,158,451.03[44]. - Revenue from electronic ceramic materials and components accounted for 59.62% of total revenue, with a slight increase of 1.23% from the previous year[45]. - Revenue from third-generation semiconductor devices and modules decreased by 12.05%, contributing 40.38% to total revenue[45]. Business Stability and Governance - The company has not changed its main business since its listing, indicating stability in its operations[18]. - The company has not experienced any changes in its controlling shareholders since its establishment, reflecting stability in ownership[18]. - The company maintains an independent asset structure, with no instances of asset or funds being occupied by the controlling shareholder[101]. - The company has established an independent financial department and operates its own bank accounts, ensuring financial independence from the controlling shareholder[102]. - The company has a complete governance structure with a board of directors, supervisory board, and various specialized committees[102]. - The company has committed to resolving existing minor competition issues with its controlling shareholder within five years post-restructuring[103]. Risk Management and Compliance - The company emphasizes the importance of understanding investment risks, including policy, operational, market, financial, and public opinion risks[3]. - The company acknowledges potential policy risks and plans to continuously monitor national economic policies to mitigate adverse impacts on development and fundraising projects[93]. - The company is addressing operational management risks by improving internal control systems and adopting advanced management concepts to meet future development needs[93]. - The company strictly adheres to the disclosure regulations set by the Shenzhen Stock Exchange and has provided accurate and timely information through official media[100]. - The company has not reported any major deficiencies in internal controls during the evaluation period, ensuring compliance with regulatory standards[151]. Research and Development - The company has a dedicated R&D team that independently develops core technologies and holds complete intellectual property rights[102]. - The company is actively involved in the development of third-generation semiconductor devices, contributing to the "new infrastructure" initiative in China[30]. - The company has established multiple R&D platforms for GaN RF devices, supporting business expansion and technology upgrades[35]. - The company has developed core technology indicators for ceramic heating plates that have reached international standards and have been validated by users[31]. - The company is focusing on the development of silicon carbide power modules and plans to establish a third-generation semiconductor process and packaging platform, enhancing technology levels and expanding production capacity[91]. Market Position and Competitive Advantage - The company holds the leading market share in GaN-based power amplifiers for 5G base stations in China[30]. - The company is a leading supplier of GaN RF chips in China, with a significant market share in the communication base station sector[39]. - The company has a complete industrial chain for silicon carbide power modules, covering R&D, design, manufacturing, and sales[39]. - The company has a strong competitive advantage in SiC power products, with existing modules including 650V, 1200V, and 1700V series, primarily used in electric vehicles and industrial power supplies[36]. - The company is recognized as the largest high-end electronic ceramic shell manufacturer in China, with continuous innovation in materials and lean technology[31]. Financial Management and Investments - The company has engaged Da Hua Accounting Firm for auditing, ensuring compliance and transparency in financial reporting[19]. - The company reported a total R&D expenditure of ¥289,917,905.59 in 2024, an increase of 3.09% from ¥281,239,548.28 in 2023, representing 10.95% of total revenue[59]. - The company has completed the acquisition of a 5.3971% stake in Beijing Guolian Wanzhong Semiconductor Technology Co., Ltd., making it a wholly-owned subsidiary[150]. - The company has engaged CITIC Securities and AVIC Securities as financial advisors for the period from November 16, 2023, to December 31, 2024[178]. - The company has not reported any significant changes in its operational or financial performance due to environmental issues[155]. Employee Management and Compensation - The total number of employees at the end of the reporting period is 915, with 617 from the parent company and 298 from major subsidiaries[137]. - The company has established a comprehensive employee compensation and benefits system to attract and retain key talent[139]. - The annual training plan includes various training programs aimed at enhancing employee skills and overall management quality[140]. - The total pre-tax compensation for directors, supervisors, and senior management during the reporting period amounted to 999.47 million CNY[127]. - The company emphasizes the importance of performance-based pay to align management interests with shareholder value[126]. Future Outlook and Strategic Initiatives - The company is focused on expanding its market presence and product offerings to maintain competitive advantages[44]. - The company plans to invest 4.15 million in production line construction, representing a 32% increase in capacity[83]. - The company is committed to innovation, with ongoing research in new technologies and products to meet market demands[114][115]. - Future guidance indicates a focus on sustainable growth and profitability, leveraging technological advancements and market expansion strategies[112][113]. - The company is exploring new market segments to diversify its revenue streams and reduce dependency on existing markets[113][114].

中瓷电子（003031）公告，2025年第一季度营收为6.14亿元，同比增长12.01%；净利润为1.23亿元，同 比增长48.81%。 ...

Core Viewpoint - Zhongci Electronics is a leading domestic supplier of electronic ceramics and third-generation semiconductors, focusing on self-controlled core sectors and addressing critical supply issues, which is expected to enhance its valuation [1] Group 1: Business Overview - Zhongci Electronics has achieved mass production of precision ceramic components, addressing key supply chain challenges in the industry [1] - The company has a compound annual growth rate (CAGR) of 34% in revenue and 35% in net profit from 2016 to 2021, indicating strong growth potential [1] - The company completed significant asset restructuring in 2023, acquiring Bowei and Guolian Wanzhong, which opens new market opportunities in the third-generation semiconductor sector [1][3] Group 2: Market Potential - The Chinese electronic ceramics market is projected to reach a scale of 100 billion yuan, with a current localization rate of only 23%, indicating substantial room for growth [1] - The advanced structural ceramics market in China is expected to reach approximately 28.6 billion yuan by 2025, with a localization rate of only 20% in 2021 [2] Group 3: Product Development - The company has made breakthroughs in the localization of precision semiconductor ceramic components, achieving international-level core technology in products like electrostatic chucks and ceramic heaters [2] - Zhongci Electronics has successfully mass-produced 800G optical communication device housings, comparable to foreign products, and continues to invest in production line expansion [1] Group 4: Strategic Acquisitions - The acquisition of Bowei focuses on GaN RF chips, with the domestic RF chip localization rate currently at around 30%, indicating significant growth potential in the RF electronics market, projected to be approximately 10.3 billion yuan in 2023 [3] - Guolian Wanzhong is primarily engaged in SiC automotive chips, with the power electronics market expected to reach about 15.3 billion yuan in 2023, benefiting from the rapid growth of the new energy vehicle sector [3] Group 5: Financial Projections - The company forecasts net profits of 538 million yuan, 701 million yuan, and 876 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 10%, 30%, and 25% [3] - The current market capitalization corresponds to price-to-earnings ratios of 38x, 29x, and 23x for 2024, 2025, and 2026, respectively, reflecting the company's strategic positioning in electronic ceramics and semiconductors [3]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][5]. Core Insights - The company is a leading domestic supplier of electronic ceramics and third-generation semiconductors, focusing on the core track of domestic self-control. It has achieved mass supply of precision ceramic components, addressing critical supply chain issues, and its valuation is expected to improve [1][2]. - The company has a compound annual growth rate (CAGR) of 34% in revenue and 35% in net profit from 2016 to 2021, and it has opened new market opportunities following significant asset restructuring in 2023 [1][2]. - The electronic ceramics market in China is projected to reach nearly 100 billion, with a domestic production rate of only 23%, indicating substantial room for growth [1][44]. Summary by Sections 1. Electronic Ceramics and Third-Generation Semiconductors - The company is backed by China Electronics Technology Group and has established itself as a benchmark for self-control in the industry. It has successfully expanded into the third-generation semiconductor market through strategic acquisitions [16][25]. - The dual focus on electronic ceramics and third-generation semiconductors positions the company as a leader in domestic substitution and technological innovation [25][26]. 2. AI-Driven Upgrades in Optical Modules - The demand for high-end optical modules is expected to surge, with the company already achieving mass production of 800G optical communication device shells, comparable to international products [1][44][69]. - The company is investing in the construction of production lines for electronic ceramic shells, which will continue to release capacity and potentially lead to a performance inflection point [1][69]. 3. Precision Ceramic Components Breakthrough - The market for advanced structural ceramics in China is expected to reach approximately 28.6 billion by 2025, with the current domestic production rate at only 20% [79]. - The company has achieved breakthroughs in the domestic production of key components used in semiconductor equipment, which are expected to contribute significantly to profits and enhance valuation [1][76]. 4. Acquisition of Bowei and Guolian Wanzhong - The company completed a major asset restructuring in 2023, acquiring Bowei and Guolian Wanzhong to deepen its involvement in the third-generation semiconductor sector [2][19]. - Bowei focuses on GaN RF chips, with a market size of approximately 10.3 billion in 2023, while Guolian Wanzhong specializes in SiC automotive chips, benefiting from the rapid growth of the electric vehicle market [2][20]. 5. Profit Forecast - The company is projected to achieve net profits of 538 million, 701 million, and 876 million for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 10%, 30%, and 25% [3][10].

Core Viewpoint - Hebei Zhongci Electronic Technology Co., Ltd. has approved the use of idle raised funds for cash management, allowing for the investment of up to RMB 2.38 billion in low-risk, liquid, and principal-protected bank-issued deposits with a maximum investment period of 12 months [1][7]. Group 1: Cash Management Implementation - The company signed a sales agreement with China Bank to invest RMB 45 million and RMB 55 million in structured deposits, with maturity dates on January 24, 2025 [2]. - The company has successfully redeemed these structured deposits, receiving principal amounts of RMB 45 million and RMB 55 million, along with returns of RMB 28.86 thousand and RMB 10.63 thousand, respectively [2]. - In the past twelve months, the company has utilized idle funds for cash management, including a previous redemption of RMB 10 million with a return of RMB 17.58 thousand and another RMB 20 million with a return of RMB 66.91 thousand [3][11]. Group 2: Financial Management Strategy - The company aims to enhance fund utilization efficiency and generate investment returns without affecting the construction of fundraising projects and normal operations [9]. - The company has committed to a prudent investment approach, ensuring that idle funds are not used for high-risk investments such as stocks or unsecured bonds [11]. - The company will regularly disclose the status of cash management products in its periodic reports, ensuring transparency in fund usage [11].

证券代码：003031 证券简称：中瓷电子 公告编号：2025-025 河北中瓷电子科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 河北中瓷电子科技股份有限公司与中国银行股份有限公司石家庄市合西支行 签订了《中国银行挂钩型结构性存款销售协议书》，分别使用闲置募集资金 4,500 万元、5,500 万元购买了"挂钩型结构性存款（机构客户）"。产品起息日 均为 2025 年 1 月 24 日。具体内容详见公司于 2025 年 1 月 25 日在《证券时报》 《上海证券报》及巨潮资讯网（http://www.cninfo.com.cn）披露的《关于使用部 分闲置募集资金进行现金管理的进展公告》（公告编号：2025-010）。 截至本公告日，公司已如期赎回上述理财产品，分别赎回本金 4,500 万元、 5,500 万元，获得理财收益分别为 28.86 万元、10.63 万元。本金及理财收益已全 额存入募集资金专户。 河北中瓷电子科技股份有限公司（以下简称"公司"或"中瓷电子"）于 2024 年 4 ...

证券代码：003031 证券简称：中瓷电子 公告编号：2025-026 河北中瓷电子科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 河北中瓷电子科技股份有限公司（以下简称"公司"或"中瓷电子"）于 2024 年 4 月 25 日召开第二届董事会第二十次会议、第二届监事会第十七次会 议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，该议案经 2024 年 5 月 16 日召开的 2023 年年度股东大会审议通过，同意公司使用不超过人 民币 23.8 亿元的闲置募集资金进行现金管理，用于购买安全性高、流动性好、满 足保本要求、产品投资期限最长不超过 12 个月的由银行发行的保本型约定存 款。上述资金额度在有效期内循环滚动使用。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）和指定信息披露媒体上刊登的《关于使用部分闲置 现将公司使用部分闲置募集资金进行现金管理的实施进展情况公告如下： 一、本次使用部分闲置募集资金进行现金管理的进展情况 河北中瓷电子科技股份 ...

证券代码：003031 证券简称：中瓷电子 公告编号：2025-023 河北中瓷电子科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 河北中瓷电子科技股份有限公司（以下简称"公司"或"中瓷电子"）于 2024 年 4 月 25 日召开第二届董事会第二十次会议、第二届监事会第十七次会 议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，该议案经 2024 年 5 月 16 日召开的 2023 年年度股东大会审议通过，同意公司使用不超过人 民币 23.8 亿元的闲置募集资金进行现金管理，用于购买安全性高、流动性好、满 足保本要求、产品投资期限最长不超过 12 个月的由银行发行的保本型约定存 款。上述资金额度在有效期内循环滚动使用。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）和指定信息披露媒体上刊登的《关于使用部分闲置 募集资金进行现金管理的公告》（公告编号 2024-021）。 现将公司使用部分闲置募集资金进行现金管理的实施进展情况公告如下： 一、本次使 ...

中信证券股份有限公司 关于河北中瓷电子科技股份有限公司 二、募集资金投向的情况 根据公司《发行股份购买资产并募集配套资金暨关联交易报告书》，公司重 大资产重组募集资金在支付重组相关费用后拟投入以下项目： 核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 河北中瓷电子科技股份有限公司（以下简称"公司"、"上市公司"或"中瓷电 子"）发行股份购买资产并募集配套资金暨关联交易（以下简称"重大资产重组"） 的独立财务顾问，根据《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》《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》等相关法律法规的要求，对中瓷电子使用募集资金向控股子公司 提供委托贷款用于募投项目的事项进行了核查，具体情况如下： 一、募集资金的到位情况 三、本次使用募集资金向控股子公司提供委托贷款的情况 经中国证券监督管理委员会出具《关于同意河北中瓷电子科技股份有限公司 发行股份购买资产并募集配套资金注册的批复》（证监许可〔2023〕1519 号）， 同意公司向中国电科十三所等 7 名交易对方发行股份购买相关资产，同时发行股 份募集配套 ...