证券代码：300657 证券简称：弘信电子 公告编号：2025-41 厦门弘信电子科技集团股份有限公司 关于回购注销业绩承诺补偿股份并减少注册资本通知债权 人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门弘信电子科技集团股份有限公司（以下简称"公司"）于2025年3月27日、 2025年4月21日分别召开第四届董事会第三十九次会议、2024年年度股东大会， 审议通过了《关于子公司苏州市华扬电子有限公司业绩补偿暨注销股份的议案》， 同意公司以1元价格回购并注销华扬电子业绩承诺方应补偿股份数5,804,300股， 相应减少注册资本。 根据《中华人民共和国公司法》等相关法律、法规的规定，公司债权人自接 到通知之日起三十日内，未接到通知的自本公告刊登之日起四十五日内，均有权 凭有效债权证明文件及凭证向公司要求清偿债务或要求公司提供相应担保。债权 人如逾期未向公司申报债权，不会因此影响其债权的有效性，相关债务（义务） 将由公司根据原债权文件的约定继续履行。 债权人可以采用现场申报，也可以通过信函或电子邮件等方式申报，申报时 间自公告之日起四十五日内（工作日 ...

证券代码：300657 证券简称：弘信电子 公告编号：2025-39 厦门弘信电子科技集团股份有限公司 关于为子公司提供担保的进展公告 厦门弘信电子科技集团股份有限公司（以下简称"公司"）于 2025 年 3 月 12 日召开 2025 年第一次临时股东大会，审议通过了《关于公司 2025 年度为子公司 提供担保额度的议案》，具体内容详见公司在巨潮资讯网上披露的《关于公司2025 年度为子公司提供担保额度的公告》。 一、对外担保的进展情况 公司作为保证人，与中信银行股份有限公司厦门分行（以下简称"中信银行"） 签订了《最高额保证合同》，为全资子公司北京安联通科技有限公司（以下简称 "安联通"）向中信银行融资 3,000.00 万元提供连带责任保证担保。 二、合同主要内容 1、债权人：中信银行； 2、担保金额：3,000.00 万元； 3、担保方式：连带责任保证； 4、担保范围：主合同项下的主债权、利息、罚息复利、逃约金、损害赔偿 企、迟延履行期间的债务利息、迟延履行金为实现债权的费用(包括但不限于诉 讼费、仲裁费、律师费、差旅费、评估费、过户费、保金费、公告费、公证认证 费、翻译费、执行费、保全保险费等)和其 ...

Group 1: Financial Performance - In 2024, the company's operating revenue reached 5.875 billion CNY, a year-on-year increase of 68.91% [3] - The net profit attributable to shareholders turned from a loss of 436 million CNY in 2023 to a profit of 56.82 million CNY in 2024, representing a growth of 113.05% [3] - The net cash flow from operating activities increased by 41.90%, reaching 203 million CNY [3] - The weighted average return on equity improved from -28.91% in 2023 to 4.60% in 2024, an increase of 33.51 percentage points [3] Group 2: Business Segments - The traditional main business (FPC and backlight modules) generated 3.8 billion CNY in revenue in 2024, a year-on-year growth of 12.60% [4] - The revenue from the computing power business reached 1.988 billion CNY in 2024, a staggering year-on-year increase of 5,303.30% [5] - In Q1 2025, the traditional main business achieved revenue of 860 million CNY, maintaining stability compared to the previous year [4] Group 3: Strategic Initiatives - The company has focused on internal reforms, capacity optimization, and cost control to enhance operational efficiency and transition FPC business to the mid-to-high-end market [4] - The company is committed to a major customer development strategy, supplying to well-known smartphone manufacturers such as H Company, OPPO, VIVO, Xiaomi, and Honor [4] - The company is actively pursuing the "green computing" initiative and plans to build a diverse and heterogeneous green computing industry in key national hubs [6] Group 4: Market Outlook and Challenges - The soft board business is expected to benefit from the AI wave, with increasing demand for AI smartphones and devices [9] - The company is optimistic about the future of the soft board business, with a significant reduction in losses and an increase in gross margin to around 7% in Q1 2025 [9] - The recent U.S. tariff policies have not negatively impacted the soft board business, which is currently thriving in the domestic market [15] Group 5: Financing and Cash Flow - The company has successfully established diversified financing channels to support the capital needs of the computing power business [19] - The cash flow model for computing power services involves upfront costs for equipment procurement, with a collection period of approximately 4 to 6 months [12] - The company is actively pursuing strategic partnerships with state-owned enterprises and listed companies to enhance its financing capabilities [20]

弘信电子 20250116 摘要 • 弘信电子 2024 年营收 58.75 亿元，同比增长 69%，扭亏为盈，净利润 达 5,681 万元，同比增幅 113.05%。经营活动现金流净额增长 41.9%至 2 亿元，加权平均净资产收益率显著提升 33 个百分点至 4.6%。 • 公司软板业务通过内部改革和优化，绑定小米、OPPO 等头部品牌，高毛 利产品占比提升。2025 年 Q1 软板营收 8.6 亿元，与去年同期持平，毛利 率上升 7 个百分点，净亏损同比收窄 5,100 万元。 • AI 算力业务是增长引擎，2024 年营收 19.88 亿元，同比大幅增长。 2025 年 Q1 收入约 7.2 亿元，环比提升，但毛利率略降 1.6 个百分点，因 AI 服务器市场供求关系变化。公司布局 MPVC 及国产算力芯片资源。 • 公司战略聚焦 AI 解决方案，布局教育、智能制造等领域，践行东数西算战 略，建设多元异构绿色算力产业。通过收购和合作，推进国产显卡及服务 器研发，支持国产替代。 • 软板行业经历深度内卷后，供求关系改善，AI 终端需求增加，市场容量稳 步上升。公司坚持研发投入和品质，订单充足，预计未来持 ...

一季度营收同比下降近5%，净利润同比大幅下滑75%以上，一季度业绩不及预期，弘信电子 （300657.SZ）4月16日早盘大跌超过12%。 弘信电子15日披露的一季报显示，2025年一季度，该公司实现营收15.87亿元，同比下降4.97%；净利润 仅680万元，同比大幅下滑75.8%。 弘信电子是柔性电路板（FPC）龙头，主营业务是柔性印制电路板研发、设计、制造和销售，产品以各 种高精密度的挠性印制电路板产品为主。受制于近几年消费电子需求的疲软，该公司业绩从2020年就一 路大幅下滑，2021年到2023年连续亏损3年。 从2023年开始，弘信电子布局AI算力服务器的研发、设计、制造和销售，AI算力业绩在2024年开始兑 现，全年实现相关业务收入19.88亿元，同比增长5303.3%，占营业收入的比重从1%快速提升至 33.84%。 但到了今年一季度，该公司业绩再次变脸，AI算力业务的可持续性和盈利水平遭到质疑。 根据披露，该公司今年一季度算力业务实现营收7.16亿元，去年同期为7.6亿元，整体下滑5.8%，在营 收中的占比45%。在算力业务占比不变的情况下，该公司今年一季度销售毛利率为9.3%，较去年同期的 ...

证券代码：300657 证券简称：弘信电子 公告编号：2025-38 经与会监事审议并表决，审议通过了如下议案： 1、会议以赞成 3 票，反对 0 票，弃权 0 票，审议通过《关于公司 2025 年第 一季度报告的议案》。 经审核，监事会认为：公司董事会编制和审核公司 2025 年第一季度报告的 程序符合法律、法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 上述事项具体内容请见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的 有关公告。 二、备查文件 厦门弘信电子科技集团股份有限公司 第四届监事会第二十九次会议决议公告 本公司及监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。 厦门弘信电子科技集团股份有限公司（以下简称"公司"）第四届监事会第二 十九次会议于 2025 年 4 月 15 日 11:00 在公司会议室以通讯表决的形式召开，公 司已于 2025 年 4 月 10 日以电子邮件的方式向各位监事发送了会议通知和相关 会议议案。本次监事会应出席监事 3 人，实际出席人数 3 人 ...

证券代码：300657 证券简称：弘信电子 公告编号：2025-36 厦门弘信电子科技集团股份有限公司 第四届董事会第四十次会议决议公告 二、备查文件 1、公司第四届董事会第四十次会议决议； 2、公司 2025 年第一季度报告。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门弘信电子科技集团股份有限公司（以下简称"公司"）第四届董事会第四 十次会议通知以电话、电子邮件等相结合的方式于 2025 年 4 月 10 日发出。会议 于 2025 年 4 月 15 日上午 10：00 以通讯表决方式召开。本次会议应到董事 9 人， 出席本次会议董事 9 人，公司高级管理人员、监事列席了本次会议。 本次会议由公司董事长李强先生召集并主持，会议的召开符合《中华人民共 和国公司法》和《公司章程》的有关规定，合法、有效。 一、董事会会议审议情况 经过与会董事的认真审议，本次会议以书面记名投票的表决方式，表决通过 如下决议： 1、会议以赞成 9 票，反对 0 票，弃权 0 票，审议通过《关于公司 2025 年第 一季度报告的议案》。 董事会经核查认为：公司 2025 年第 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,587,055,577.68, a decrease of 4.97% compared to ¥1,669,987,666.48 in the same period last year[5] - Net profit attributable to shareholders was ¥6,800,710.55, down 75.80% from ¥28,101,611.19 year-on-year[5] - Total operating revenue decreased to ¥1,587,055,577.68 from ¥1,669,987,666.48, representing a decline of approximately 4.9% year-over-year[25] - Net profit for the period was ¥15,356,062.54, down from ¥79,770,804.45, indicating a decrease of about 80.7% year-over-year[26] - Operating profit fell to ¥23,113,962.52 from ¥108,525,705.31, a decline of approximately 78.7% year-over-year[26] - The total comprehensive income attributable to the parent company's shareholders was ¥6,800,710.55, down from ¥28,101,611.19, indicating a decrease of about 75.8% year-over-year[27] - Basic earnings per share decreased to ¥0.01 from ¥0.06, a decline of approximately 83.3% year-over-year[27] Cash Flow and Investments - The net cash flow from operating activities was -¥294,527,320.03, representing a decline of 90.30% compared to -¥154,766,539.03 in Q1 2024[11] - Cash flow from operating activities showed a net outflow of ¥294,527,320.03, worsening from a net outflow of ¥154,766,539.03 in the previous period[28] - Net cash flow from investment activities was -242,674,532.70, with cash inflows of 10,072.10 and outflows of 242,684,604.80[29] - Cash flow from financing activities generated a net inflow of 582,587,824.29, with total cash inflows of 878,941,135.56 and outflows of 296,353,311.27[29] - The net increase in cash and cash equivalents was 45,629,686.69, compared to a decrease of -226,511,863.87 in the previous period[29] - The ending balance of cash and cash equivalents was 205,313,469.30, up from 159,683,782.61 at the beginning of the period[29] - The company received cash from borrowings amounting to 476,078,080.00 during the financing activities[29] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 98,006,524.80[29] - Cash paid for other financing activities totaled 172,475,273.85[29] - The impact of exchange rate changes on cash and cash equivalents was 243,715.13[29] Assets and Liabilities - Total assets increased by 2.34% to ¥6,761,364,627.46 from ¥6,606,705,830.47 at the end of the previous year[5] - The total liabilities increased to ¥5,331,630,118.16 from ¥5,199,396,287.88, reflecting a growth of about 2.5%[23] - The company reported a significant increase in long-term borrowings, which rose by 102.20% to ¥398,807,964.12[9] - Long-term borrowings increased significantly to ¥398,807,964.12 from ¥197,232,500.08, reflecting a growth of approximately 102.5%[23] - Total current assets amount to 3,485,347,995.69 CNY, an increase from 3,315,001,631.56 CNY at the beginning of the period[21] - Accounts receivable increased to 2,001,049,972.09 CNY from 1,889,278,028.89 CNY, reflecting a growth of approximately 5.9%[20] - Inventory decreased to 693,420,936.37 CNY from 721,200,276.46 CNY, indicating a reduction of about 3.8%[20] - Short-term borrowings decreased to 731,109,294.71 CNY from 767,316,073.62 CNY, a decline of about 4.7%[21] Expenses - Management expenses rose by 31.45% to ¥43,811,227.85 due to increased share-based payment expenses[10] - Financial expenses increased by 42.84% to ¥21,767,342.06, attributed to a larger financing scale[10] - Research and development expenses rose to ¥34,137,695.31 from ¥33,468,288.32, an increase of approximately 2% year-over-year[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 84,225[14] - The largest shareholder, Hongxin Chuangye Investment Group Co., Ltd., holds 17.24% of shares, totaling 84,185,311 shares, with 45,500,000 shares pledged[14] - The company has a total of 31,777,433 shares under lock-up restrictions, with no shares released during the reporting period[18] - The total number of preferred shareholders is zero, indicating no preferred shares outstanding[16] - The company has not reported any changes in the number of shares lent or returned due to securities lending activities[15] Other Information - The company plans to expand its capabilities in computing power and has made significant investments in related infrastructure[12] - The company did not undergo an audit for the first quarter report[31] - The new accounting standards will be implemented starting from 2025[30]

Core Insights - Hongxin Electronics (300657) reported a revenue of 1.587 billion yuan for the first quarter of 2025, representing a year-on-year decline of 4.97% [1] - The net profit for the same period was 6.8007 million yuan, showing a significant year-on-year decrease of 75.80% [1] Company Performance - Revenue for Q1 2025: 1.587 billion yuan, down 4.97% year-on-year [1] - Net profit for Q1 2025: 6.8007 million yuan, down 75.80% year-on-year [1]

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The ongoing tariff war between the US and China has intensified, with the US imposing a 34% tariff on Chinese imports, prompting China to respond with similar tariffs, which accelerates the domestic innovation and localization process in the technology sector [1][3][14] - The Chinese government emphasizes "technological self-reliance" as a core agenda, with policies aimed at enhancing key technology breakthroughs and increasing investment in basic research, which supports the growth of the domestic technology industry [2][26] - The tariff situation has led to significant market volatility, with the Chinese stock market experiencing a drop of over 7% in a single day, but state-owned enterprises have stepped in to stabilize the market through share buybacks and acquisitions [3][32] Summary by Sections 1. Changes in Foreign Tariff Policies - The US has implemented a "reciprocal tariff" policy, raising tariffs on Chinese goods, which has increased the cost of imported high-end components for the Chinese tech industry, particularly in hardware sectors like chips and servers [1][14][19] - The tariff war has created short-term challenges for the domestic innovation industry, but it also accelerates the push for domestic alternatives and self-sufficiency in technology [19][35] 2. Policy Promotion of Self-Reliance - The Chinese government has introduced measures to strengthen key technology research and optimize the layout of scientific research resources, aiming to create a trillion-level domestic innovation industry cluster by 2027 [2][28] - Local governments are also implementing supportive policies to promote domestic technology development, focusing on areas such as artificial intelligence and software ecosystems [28][30] 3. Corporate Actions and Domestic Tariff Responses - In response to the tariff war, state-owned enterprises have increased share buybacks to bolster market confidence, with 18 central enterprises taking action to stabilize the market [3][32] - The domestic chip market is benefiting from the increased prices of imported chips, highlighting the competitive advantage of domestic alternatives [3][31] 4. Investment Recommendations - Beneficial targets include core domestic innovation companies such as China Software, China Great Wall, and Dongfang Tong, as well as domestic computing and chip firms like Tuwei Information and Haiguang Information [4][39]