Core Insights - Changhong Energy reported a revenue of 2.018 billion yuan for the first half of 2025, marking a year-on-year increase of 23.91% [2] - The company achieved a net profit attributable to shareholders of 111 million yuan, reflecting a growth of 28.79% compared to the previous year [2] - The net cash flow from operating activities reached 250 million yuan, up by 16.26% year-on-year [2] Company Overview - Changhong Energy is a national high-tech enterprise engaged in the research, manufacturing, and sales of a full range of alkaline batteries, cylindrical high-rate lithium batteries, and polymer lithium-ion batteries [2] - The company has made strategic acquisitions, including Changhong Sanjie in Jiangsu and Changhong Polymer Source in Shenzhen, establishing a three-in-one business structure encompassing alkaline batteries, high-rate lithium batteries, and polymer lithium batteries [2] Industry Context - The battery industry is undergoing significant transformation and development driven by global energy changes and technological advancements [2] - In the first half of the year, Changhong Energy's three major business segments showed positive trends, with the alkaline battery sector benefiting from strong brand reputation and market credibility [3] - The lithium battery segment experienced substantial growth in sales revenue and profit, particularly in high-rate lithium batteries, which are gaining market share in traditional applications such as power tools and garden tools [3] Strategic Positioning - The company's three business segments work synergistically, effectively diversifying market risks and leveraging advantages in different technological fields and market channels [3] - Changhong Energy is transitioning from a traditional battery manufacturer to a technology innovation-driven enterprise, showcasing significant results from this transformation [3] - The company is actively embracing change in the era of smart manufacturing, accelerating digital transformation across its business segments and continuously increasing production capacity [3]

| 证券代码：300739 | 证券简称：明阳电路 | 公告编号：2025-104 | | --- | --- | --- | | 债券代码：123087 | 债券简称：明电转债 | | | 债券代码：123203 | 债券简称：明电转 02 | | 深圳明阳电路科技股份有限公司 关于提前赎回"明电转债"的第二十二次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1．"明电转债"赎回价格：101.83 元/张（含当期应计利息，当期年利率 为 2.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中国结算"）核准的价格为准。 10．根据安排，截至 2025 年 9 月 5 日收市后仍未转股的"明电转债"将被 强制赎回，本次赎回完成后，"明电转债"将在深圳证券交易所（以下简称"深 交所"）摘牌，特提醒"明电转债"持券人注意在限期内转股。债券持有人持有 的"明电转债"如存在被质押或被冻结的，建议在停止转股日前解除质押或冻结， 以免出现因无法转股而被赎回的情形。 11．债券持有人若转股，需开通创业板交 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Mingyang Circuit (300739) in its 2025 mid-year report, showing a revenue increase of 13.11% year-on-year and a net profit increase of 32.6% [1] - As of the reporting period, the company's total revenue reached 882 million yuan, with a net profit attributable to shareholders of 41.51 million yuan [1] - In the second quarter, the total revenue was 461 million yuan, reflecting a year-on-year growth of 14.31%, while the net profit for the same period was 29.49 million yuan, up 30.99% year-on-year [1] Group 2 - The company's gross margin increased by 0.94% year-on-year to 23.23%, and the net margin rose by 18.52% to 4.69% [1] - Total selling, administrative, and financial expenses amounted to 85.65 million yuan, accounting for 9.71% of revenue, which is a decrease of 24.21% year-on-year [1] - The earnings per share (EPS) increased by 20.0% to 0.12 yuan, while the operating cash flow per share decreased by 34.53% to 0.23 yuan [1] Group 3 - The company's return on invested capital (ROIC) was reported at 1.5%, indicating weak capital returns, with a historical median ROIC of 9.78% since its listing [2] - The net profit margin for the previous year was 0.69%, suggesting low added value for the company's products or services [2] - The company relies heavily on research and development, marketing, and capital expenditures, necessitating careful evaluation of its capital spending projects [2]

Trading Information - On August 28, 2025, Mingyang Circuit (300739) closed at 18.1 yuan, an increase of 8.77%, with a turnover rate of 16.74%, trading volume of 582,300 shares, and a transaction amount of 1.037 billion yuan [1] - On the same day, the net inflow of main funds was 6.4386 million yuan, while the net outflow of speculative funds was 74.5341 million yuan, and the net inflow of retail funds was 68.0955 million yuan [4] Shareholder Changes - As of June 30, 2025, the number of shareholders of Mingyang Circuit was 27,900, an increase of 371 from March 31, 2025, representing a growth rate of 1.35%. The average number of shares held per account decreased from 12,500 to 12,300 shares, with an average market value of 182,700 yuan [1][4] Financial Performance - For the first half of 2025, the company reported a main revenue of 882 million yuan, a year-on-year increase of 13.11%. The net profit attributable to shareholders was 41.51 million yuan, up 32.6% year-on-year, and the net profit excluding non-recurring gains and losses was 35.21 million yuan, an increase of 84.13% year-on-year [2][3][4] - In Q2 2025, the company achieved a single-quarter main revenue of 461 million yuan, a year-on-year increase of 14.31%. The net profit attributable to shareholders for the quarter was 29.49 million yuan, up 30.99% year-on-year, and the net profit excluding non-recurring gains and losses was 22.07 million yuan, a significant increase of 132.55% year-on-year [2][4] Financial Ratios - The company's debt ratio was 30.65%, with investment income of 2.64 million yuan and financial expenses of 1.31 million yuan. The gross profit margin was 23.23% [2] - The net cash flow from operating activities was 78.05 million yuan, a decrease of 26.29% compared to the previous year [3][4] - Basic and diluted earnings per share were both 0.12 yuan, reflecting a year-on-year increase of 20%. The weighted average return on equity was 1.72%, up 0.09% from the previous year [3] Asset Overview - As of the end of the reporting period, total assets amounted to 3.475 billion yuan, an increase of 0.56% from the end of the previous year. The net assets attributable to shareholders were 2.408 billion yuan, up 0.24% from the previous year-end [5]

Core Insights - Mingyang Circuit (300739.SZ) reported a total operating revenue of 882 million yuan for the first half of 2025, an increase of 102 million yuan or 13.11% year-on-year [1] - The net profit attributable to shareholders reached 41.51 million yuan, up by 10.21 million yuan or 32.60% compared to the same period last year [1] Financial Performance - Operating cash flow was 78.05 million yuan, ranking 22nd among disclosed peers [1] - The latest debt-to-asset ratio is 30.65%, ranking 15th among peers, a decrease of 11.85 percentage points year-on-year [3] - Gross margin stands at 23.23%, ranking 18th among peers, with a sequential increase of 1.12 percentage points and a year-on-year increase of 0.22 percentage points [3] - Return on equity (ROE) is 1.72%, an increase of 0.13 percentage points year-on-year [3] - Diluted earnings per share are 0.12 yuan, an increase of 0.02 yuan or 20.00% year-on-year [3] - Total asset turnover ratio is 0.25 times, an increase of 0.03 times or 12.77% year-on-year [3] - Inventory turnover ratio is 2.61 times, ranking 21st among peers [3] Shareholder Structure - The number of shareholders is 27,900, with the top ten shareholders holding 186 million shares, accounting for 53.96% of total equity [3] - The largest shareholder is Fengxian Runjiaxi Enterprise Management Co., Ltd., holding 47.64% [3]

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： | 证券代码：300739 | 证券简称：明阳电路 | 公告编号：2025-103 | | --- | --- | --- | | 债券代码：123087 | 债券简称：明电转债 | | | 债券代码：123203 | 债券简称：明电转 02 | | 深圳明阳电路科技股份有限公司 关于提前赎回"明电转债"的第二十一次提示性公告 1．"明电转债"赎回价格：101.83 元/张（含当期应计利息，当期年利率 为 2.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中国结算"）核准的价格为准。 10．根据安排，截至 2025 年 9 月 5 日收市后仍未转股的"明电转债"将被 强制赎回，本次赎回完成后，"明电转债"将在深圳证券交易所（以下简称"深 交所"）摘牌，特提醒"明电转债"持券人注意在限期内转股。债券持有人持有 的"明电转债"如存在被质押或被冻结的，建议在停止转股日前解除质押或冻结， 以免出现因无法转股而被赎回的情形。 11．债券持有人若转股，需开通创业板交 ...

Group 1 - PCB concept stocks experienced significant gains, with ShenNan Circuit rising over 8% to reach a historical high [1] - International Composites hit the daily limit, indicating strong market interest [1] - Other notable gainers included Chipbond, Dongshan Precision, Mingyang Circuit, Honghe Technology, and Dazhu CNC, all showing substantial increases [1]

Meeting Overview - The fourth meeting of the supervisory board of Shenzhen Mingyang Circuit Technology Co., Ltd. was held on August 26, 2025, combining on-site and remote voting methods [1] - The meeting was chaired by Mr. Qin Xiaohu, with three supervisors present, and the resolutions formed were deemed legal and effective [1] Financial Reporting - The supervisory board approved the "2025 Half-Year Report" and its summary, confirming that the report's preparation and review processes complied with relevant laws and regulations, accurately reflecting the company's actual situation without any false records or omissions [1][2] - The voting result for this agenda was 3 votes in favor, 0 against, and 0 abstentions [2] Fund Management - The supervisory board approved the "2025 Half-Year Special Report on the Storage, Management, and Use of Raised Funds," affirming that the report accurately reflects the company's fund management practices and complies with regulatory requirements [2][3] - The voting result for this agenda was also 3 votes in favor, 0 against, and 0 abstentions [2] Stock Incentive Plan - The supervisory board reviewed and approved the "2025 Restricted Stock Incentive Plan (Draft)" and its summary, stating that it meets legal requirements and is beneficial for the company's sustainable development [3][4] - The voting result for this agenda was 2 votes in favor, 0 against, and 0 abstentions, with one related supervisor abstaining due to a conflict of interest [4][5] Implementation Management - The supervisory board approved the "2025 Restricted Stock Incentive Plan Implementation Assessment Management Measures," which align with legal regulations and ensure the smooth implementation of the incentive plan [5][6] - The voting result for this agenda was 2 votes in favor, 0 against, and 0 abstentions, with the same related supervisor abstaining [5] Incentive Object Verification - The supervisory board verified the list of incentive objects for the "2025 Restricted Stock Incentive Plan," confirming that all candidates meet the necessary qualifications and do not include any inappropriate individuals [6][7] - The voting result for this agenda was 2 votes in favor, 0 against, and 0 abstentions, with the related supervisor abstaining [6] Documentation - The meeting resolutions and related documents are available for review [7]

证券简称：明阳电路 证券代码：300739 债券简称：明电转债 债券代码：123087 债券简称：明电转 02 债券代码：123203 深圳明阳电路科技股份有限公司 2025 年限制性股票激励计划 （草案）摘要 深圳明阳电路科技股份有限公司 二〇二五年八月 深圳明阳电路科技股份有限公司 2025 年限制性股票激励计划（草案）摘要 声 明 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》和其他有关法律法规、规范性文件，以及《深圳 明阳电路科技股份有限公司章程》制订。 二、公司不存在《上市公司股权激励管理办法》第七条规定的不得实行股权 激励的下列情形： （一）最近一个会计年度财务会计报告被注册 ...

深圳明阳电路科技股份有限公司 一、限制性股票激励计划分配情况 2025 年限制性股票激励计划激励对象名单 注：1、上述任何一名激励对象通过全部有效期内的股权激励计划获授的本公司股票均未超过本激励计 划草案公告时公司股本总额的 1.00%。公司全部有效期内的激励计划所涉及的标的股票总数累计不超过本 激励计划草案公告时公司股本总额的 20.00%。 | 姓名 | 国籍 | 职务 | 获授的限制性 股票数量 | 占本激励计划 授予限制性股 | 占股本 总额的 | | --- | --- | --- | --- | --- | --- | | | | | （万股） | 票总数的比例 | 比例 | | 胡诗益 | 中国 | 董事、副总经理 | 35.00 | 7.26% | 0.10% | | 窦旭才 | 中国 | 董事、副总经理 | 35.00 | 7.26% | 0.10% | | 赵春林 | 中国 | 董事 | 30.00 | 6.22% | 0.09% | | 张伟 | 中国 | 财务总监、董事会秘书 | 20.00 | 4.15% | 0.06% | | | | 人） 中层管理人员和核心骨干人员（92 | 3 ...