证券代码：300726 证券简称：宏达电子 公告编号：2025-006 株洲宏达电子股份有限公司 第四届董事会第六次会议决议公告 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。 一、董事会会议召开情况 株洲宏达电子股份有限公司（以下简称"公司"）第四届董事会第六次会议于 2025 年 4 月 14 日以邮件方式发出会议通知，并于 2025 年 4 月 25 日在株洲市天 元区渌江路 2 号公司 6 号楼 312 会议室以现场结合通讯表决的方式召开。出席会 议董事应到 7 人，实到 7 人。公司董事长钟若农女士主持了本次会议，公司董事 刘畅先生和独立董事张瑛女士、王晓明先生、杜晶女士以通讯表决方式参与会议； 公司监事、高级管理人员列席了本次会议。会议的召集、召开和表决方式符合《公 司法》、《公司章程》等法律法规的有关规定，会议合法有效。 二、董事会会议审议情况 1、审议通过《关于公司<2024 年年度报告及摘要>的议案》 2、审议通过《关于公司<2024 年度总经理工作报告>的议案》 全体董事认真审阅了总经理曾琛女士提交的《2024 年度总经理工作报告》， 认为 ...

Financial Performance - The company reported a significant decline in performance during the reporting period, with inventory levels remaining high despite a decrease[6]. - The company's operating revenue for 2024 was ¥1,585,507,562.63, a decrease of 7.07% compared to ¥1,706,207,368.44 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥279,239,205.81, down 40.81% from ¥471,740,213.15 in 2023[22]. - The net cash flow from operating activities for 2024 was ¥508,074,092.33, a decline of 16.10% compared to ¥605,555,939.45 in 2023[22]. - The company's basic earnings per share for 2024 were ¥0.678, a decrease of 40.81% from ¥1.1454 in 2023[22]. - The total profit amounted to 440.86 million yuan, reflecting a decline of 26.47% year-on-year[39]. - The company achieved total revenue of CNY 1,585.51 million, a decrease of 7.07% compared to the previous year[44]. - Revenue from electronic components declined by 10.53% year-on-year, while revenue from modules and other products increased by 8.34%, now accounting for over 20% of total revenue[44][46]. Dividend Distribution - The company plans to distribute a cash dividend of 6 RMB per 10 shares to all shareholders, based on a total of 411,839,845 shares[6]. - The company proposed a cash dividend of 6.00 CNY per 10 shares, totaling 247,103,907.00 CNY, which represents 100% of the profit distribution[137][138]. - The cash dividend payout ratio is in line with the company's policy, which mandates a minimum of 80% payout during mature stages without significant capital expenditure plans[137]. Research and Development - The company is focused on research and development of high-reliability electronic components and solutions[3]. - The company invested CNY 138.05 million in R&D, a decrease of 14.32% year-on-year, reflecting a cautious approach due to external uncertainties[44]. - The company has developed 22 R&D projects in 2024, with 5 government and cooperative projects and 17 self-funded projects, leading to the launch of advanced transformers and capacitors[40]. - The company is committed to R&D driven by customer needs and collaborates with universities and research institutions for new product development[38]. - The company plans to enhance R&D investment to upgrade tantalum capacitor technology and expand into semiconductor sectors[86]. Market and Competition - The company operates in a high-reliability product sector that is sensitive to international and geopolitical changes, which could adversely affect its operations[3]. - The company acknowledges the potential for increased competition if market entry conditions change, which could impact its operational environment[3]. - The company expects continued growth in the high-reliability electronic components market, with a projected market size exceeding ¥500 billion by 2025[31]. - The domestic passive component industry is experiencing rapid growth, driven by increased demand for localization due to supply chain security concerns[32]. Governance and Management - The company has established a robust governance structure and internal control mechanisms to enhance its management capabilities[4]. - The company has completed the election of its board of directors, which consists of 7 members, including 3 independent directors, ensuring compliance with legal requirements[98]. - The company has a clear and complete asset ownership structure, with no reliance on controlling shareholders for resources or financial support[102]. - The company has a commitment to social responsibility and stakeholder engagement as part of its governance strategy[100]. - The company has established an independent financial department with a complete accounting system, allowing for independent financial decision-making and tax compliance[102]. Risks and Challenges - The company faces risks related to large accounts receivable and notes receivable, primarily due to long payment cycles from major clients[6]. - The company has a significant amount of accounts receivable and notes receivable, which poses a risk due to long payment cycles from major clients, potentially affecting cash flow and increasing bad debt risk[88]. - The company has a high inventory level, which, if not managed effectively, could lead to increased liquidity risks and potential inventory write-downs, impacting profit margins[89]. - Potential risks include macroeconomic changes and increased competition, with strategies in place to adapt to industry shifts[87]. Environmental and Social Responsibility - The company has not faced any environmental accidents or administrative penalties in the past three years, demonstrating effective environmental management practices[177]. - In 2024, the company processed approximately 71.7 tons of hazardous waste, adhering to national regulations for safe disposal[179]. - The company actively engages in social responsibility activities, including donations and support for local communities, with 49 care packages distributed to elderly individuals in January 2024[181]. Financial Management - The company has established a comprehensive internal control environment, ensuring clear division of responsibilities and effective communication channels among departments[140][144]. - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2024, with a standard unqualified opinion issued[174]. - The company has implemented a robust internal supervision mechanism involving the supervisory board, board of directors, and management to ensure effective oversight[167]. - The company has established a comprehensive information disclosure management system to ensure timely, accurate, and complete information dissemination to protect investor rights[166].

Financial Performance - The company's revenue for Q1 2025 was ¥328,187,591.32, representing a 6.03% increase compared to ¥309,518,736.81 in the same period last year[4] - Net profit attributable to shareholders decreased by 29.92% to ¥55,008,459.71 from ¥78,490,001.71 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥41,764,043.72, down 33.14% from ¥62,462,218.15 in the previous year[4] - Basic and diluted earnings per share fell by 29.91% to ¥0.1336 from ¥0.1906 year-on-year[4] - Operating profit for the current period was ¥83,965,005.92, a decrease of 15.8% from ¥99,691,218.34 in the previous period[22] - Net profit for the current period was ¥62,940,485.81, down 27.4% from ¥86,669,104.77 in the previous period[22] - Earnings per share (EPS) for the current period was ¥0.1336, compared to ¥0.1906 in the previous period, indicating a decline of 29.9%[23] Cash Flow - Operating cash flow increased by 30.49% to ¥45,496,117.46, compared to ¥34,866,367.75 in the same period last year[4] - Cash generated from operating activities was ¥290,537,303.21, compared to ¥327,462,458.90 in the previous period, showing a decrease of 11.3%[25] - Net cash flow from operating activities was $45.50 million, up from $34.87 million[26] - Cash outflow for operating activities totaled $256.97 million, a decrease from $298.44 million[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,901,358,536.55, showing no significant change from ¥5,901,121,117.42 at the end of the previous year[4] - The company's total current assets amount to 4,649,582,609.29 yuan, slightly up from 4,629,442,422.80 yuan at the beginning of the period[19] - The total liabilities decreased to ¥600,129,236.67 from ¥666,625,675.10, a reduction of approximately 9.9%[20] - Total equity increased to ¥5,301,229,299.88 from ¥5,234,495,442.32, reflecting a growth of 1.3%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 23,351[15] - The top shareholder, Zeng Chen, holds 34.19% of shares, totaling 140,800,000 shares[15] - The second-largest shareholder, Zhong Ruonong, owns 29.72% of shares, amounting to 122,401,896 shares[15] - The top ten shareholders collectively hold significant stakes, with the first three shareholders accounting for over 69% of the total shares[15] - The company has no preferred shareholders or restricted shares reported during this period[17] Expenses - The company reported a significant decrease in sales expenses by 37.58%, from ¥3,497.47 million to ¥2,182.99 million, mainly due to reduced sales personnel compensation[11] - Management expenses increased by 30.80% to ¥4,206.45 million, primarily due to increased share-based payment expenses[11] - Research and development expenses were ¥29,873,003.38, slightly down from ¥31,598,772.32, indicating a decrease of 5.5%[22] Investment Activities - Cash received from investment activities increased significantly by 116.11% to ¥77,800.00 million, primarily from the maturity of bank wealth management products[13] - Investment cash inflow reached $782.97 million, significantly higher than $361.50 million[26] - Net cash flow from investment activities was -$94.58 million, compared to $114.56 million previously[26] - Cash outflow for investment activities was $877.54 million, up from $246.95 million[26] Other Financial Metrics - The company received cash from other operating activities amounting to ¥329.13 million, a decrease of 31.80% compared to the previous year[13] - The company's cash and cash equivalents decreased to 581,899,136.32 yuan from 645,135,488.37 yuan[18] - Accounts receivable increased to 1,449,804,467.77 yuan from 1,346,277,294.72 yuan[19] - The company has a total of 1,251,775,927.26 yuan in non-current assets, down from 1,271,678,694.62 yuan[19] - The company reported a credit impairment loss of ¥-12,818,410.85, contrasting with a gain of ¥2,301,086.65 in the previous period[22]

Core Viewpoint - The military electronics sector has experienced a significant decline, with multiple stocks dropping over 5% [1] Group 1 - Torch Electronics, Zhenhua Wind Power, Zhenhua Technology, Hongda Electronics, and Hongyuan Electronics all saw declines exceeding 5% [1] - Other companies such as Zhimingda, Aerospace Electric, Ruichuang Micro-Nano, and Mengsheng Electronics also followed the downward trend [1]

Summary of the Conference Call on the Military Industry Industry Overview - The military industry, particularly the upstream electronic components sector, is experiencing a positive recovery trend, with significant order increases observed in companies like Hongda Electronics and Lili Electric [3][4][5] - The military industry has shown upward changes since early 2020, with a notable increase in orders for upstream components and mechanical processing companies [3][4] Key Points and Arguments - **Order Growth**: Hongda Electronics reported a month-on-month order increase to 240 million yuan in February 2025, up from 150 million yuan in the same month last year, indicating a fundamental change in downstream demand [4][5] - **Driving Factors**: The surge in foreign trade demand and the rigid requirements of the 14th Five-Year Plan are the main drivers of this growth, with foreign orders expected to significantly increase from the second half of 2024 [3][4][5] - **Sustained Demand**: The military industry's large-scale procurement needs are a fundamental logic, with expectations for ammunition demand to exceed historical peaks by 2025 and maintain high levels in 2026 [7][8] - **Investment Recommendations**: Three categories of military stocks are suggested for investment: - Blue-chip stocks with strong performance capabilities (e.g., Fuhua, AVIC Optoelectronics) [9] - Controversial stocks that present investment opportunities (e.g., Optoelectronic Aviation Equipment) [9] - Dark horse stocks with significant expectation gaps (e.g., chip companies Chengdu Huamei, Tianjin Equipment) [9] Notable Companies and Their Prospects - **Chengdu Huamei**: This company has enhanced its product capabilities in both digital and analog chips, launching new products for AI computing. It is positioned as a leading player in the domestic market [11][12][15] - **Tianjin Equipment**: A dark horse in the missile sector, this company has a strong market share in missile packaging and related materials, with expectations for high growth in the next 2-3 years [14][16] - **Philihua**: Holds a monopoly in the quartz fiber sector, with strong pricing power and significant growth potential expected in 2025 [9] Sector-Specific Insights - **Deep Sea Sector**: The deep-sea field is a key focus of the 14th Five-Year Plan, with investment opportunities in titanium alloy companies involved in underwater equipment construction, such as Western Materials and Baotai Co. [10] - **Overall Market Sentiment**: The military industry is expected to maintain high prosperity levels, with a positive outlook on order and contract sustainability due to stable budget execution and increased demand from various military sectors [6][7][8] Conclusion - The military industry is poised for significant growth driven by external demand and strategic planning, making it a compelling area for investment. Key players in the electronic components sector are expected to benefit from this trend, with specific companies highlighted as strong investment candidates.

株洲宏达电子股份有限公司 证券代码：300726 证券简称：宏达电子 公告编号：2025-005 关于使用部分闲置募集资金购买理财产品到期赎回 并继续购买理财产品的进展公告 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。 株洲宏达电子股份有限公司（以下简称"公司"）第四届董事会第三次会议 和第四届监事会第三次会议审议通过了《关于使用部分闲置募集资金和自有资金 进行现金管理的议案》，同意公司在确保不影响募集资金投资项目进度、不影响 公司正常生产经营及确保资金安全的情况下，使用部分闲置募集资金购买安全性 高、流动性好、满足保本要求的理财产品，使用部分闲置自有资金购买安全性高、 流动性好的低风险理财产品。其中闲置募集资金的使用额度不超过人民币 40,000 万元，自有资金的使用额度不超过 150,000 万元。在上述额度范围内，资 金可以滚动使用，期限不超过 12 个月。具体内容详见公司于 2024 年 11 月 18 日 在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 | 受托方 | 产品名称 | 金额 | 类型 | 起始日 | 到期日 | 是 ...

证券代码：300726 证券简称：宏达电子 公告编号：2025-004 株洲宏达电子股份有限公司 关于控股子公司增资及股权转让暨关联交易的公告 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。 株洲宏达电子股份有限公司（以下简称"公司"或"宏达电子"）于 2025 年 2 月 25 日召开的第四届董事会第五次会议、第四届监事会第五次会议审议通过了《关 于控股子公司增资及股权转让暨关联交易的议案》，现将具体情况公告如下： 一、关联交易概述 为进一步满足宏达电子控股子公司湖南宏微电子技术有限公司（以下简称 "湖南宏微"）的经营发展需要，提升子公司核心团队的凝聚力，增强子公司发展 动力，湖南宏微将通过转增股本及股权转让的方式对公司的股本结构进行优化。 1、湖南宏微将截止 2024 年 12 月 31 日公司未分配利润转增股本，将公司注 册资本由 2450 万元增至 4450 万元，原股东的持股比例保持不变，具体情况如下 表： | 股东名称 | 增资前 | | 增资后 | | | --- | --- | --- | --- | --- | | | 出资额 | 出资比例 ...

证券代码：300726 证券简称：宏达电子 公告编号：2025-002 株洲宏达电子股份有限公司 该议案已经独立董事专门会议和董事会审计委员会审议通过。 具体内容详见公司同日于巨潮资讯网（http://www.cninfo.com.cn）披露的相 关公告。 第四届董事会第五次会议决议公告 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。 一、董事会会议召开情况 株洲宏达电子股份有限公司（以下简称"公司"）第四届董事会第五次会议于 2025 年 2 月 21 日以邮件方式发出会议通知，并于 2025 年 2 月 25 日在株洲市天 元区渌江路 2 号公司 6 号楼 312 会议室以现场结合通讯表决的方式召开。出席会 议董事应到 7 人，实到 7 人。公司董事长钟若农女士主持了本次会议，公司监 事、高级管理人员列席了本次会议。会议的召集、召开和表决方式符合《公司法》、 《公司章程》等法律法规的有关规定，会议合法有效。 二、董事会会议审议情况 1、审议通过《关于控股子公司增资及股权转让暨关联交易的议案》 经审议：同意 6 票，反对 0 票，弃权 0 票，关联董事胥迁均 ...

株洲宏达电子股份有限公司 第四届董事会独立董事第三次专门会议 审核意见 （此页无正文，专为《株洲宏达电子股份有限公司第四届董事会独立董事第 三次专门会议审核意见》之签署页） 独立董事签名： 王晓明 张 瑛 杜 晶 2025 年 2 月 25 日 根据《中华人民共和国公司法》、《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》、《上市公司独立董事管理办法》等有关 法律法规、部门规章、规范性文件和《公司章程》《独立董事制度》等公司规章 制度的规定，株洲宏达电子股份有限公司（以下简称"公司"）已于 2025 年 2 月 25 日召开第四届董事会独立董事第三次专门会议，基于独立判断立场，本着 认真、严谨、负责的态度，就本次会议的事项发表审核意见如下： 经核查我们认为，此次关联交易的价格是按照市场公允价格定价，遵循市场 规律、按照公开、公平、公正的原则确定的，不存在损害公司、股东和其他方利 益的情形。 综上，我们同意将上述议案提交公司第四届董事会第五次会议审议，在公司 董事会审议关联交易议案时，关联董事需回避表决。 （以下无正文） ...

证券代码：300726 证券简称：宏达电子 公告编号：2025-003 株洲宏达电子股份有限公司 第四届监事会第五次会议决议公告 二、 监事会会议审议情况 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。 一、监事会会议召开情况 株洲宏达电子股份有限公司（以下简称"公司"）第四届监事会第五次会议于 2025 年 2 月 21 日以电话、邮件通知方式送达全体监事，并于 2025 年 2 月 25 日 在株洲市天元区渌江路 2 号公司 6 号楼 312 会议室以现场表决的方式召开会议。 出席会议监事应到 3 人，实到 3 人，监事会主席陈雪梅女士主持了本次会议。会 议的召集、召开和表决方式符合《公司法》、《公司章程》等法律法规的有关规 定，会议合法有效。 三、备查文件 1、《株洲宏达电子股份有限公司第四届监事会第五次会议决议》。 特此公告。 株洲宏达电子股份有限公司 监 事 会 2025 年 2 月 25 日 1、审议通过《关于控股子公司增资及股权转让暨关联交易的议案》 具体内容详见公司同日于巨潮资讯网（http://www.cninfo.com.cn）披露的相 关 ...