Group 1 - The company, Four Meeting Fushi (300852), confirmed that its optical module PCB is currently produced mainly in China [1] - The Thai factory is progressing well in terms of technology and is in the preparation stage for mass production [1] - The company aims to ensure the successful mass production of the Thai factory to better serve global customers [1]

Core Viewpoint - The company is actively implementing strategies to mitigate the impact of raw material price fluctuations on its operations through various measures [1] Group 1: Company Strategies - The company is developing multiple suppliers to introduce competitive materials [1] - Continuous optimization of supply chain management is being pursued [1] - Internal initiatives for cost reduction and quality improvement are being implemented [1] - The company is constructing a rooftop photovoltaic power generation project to reduce electricity costs [1] - Negotiations with customers for re-pricing and optimizing order structures are ongoing to minimize risks from material price volatility [1]

Group 1 - The core viewpoint of the article is that Sihui Fushi (300852.SZ) is progressing well with its technology at the Thailand factory, which is currently in the preparation stage for mass production [1] - The company emphasizes its commitment to ensuring the successful mass production of the Thailand factory to better serve global customers [1] - The company's optical module PCB is primarily produced domestically, indicating a focus on local production capabilities [1]

格隆汇9月4日丨四会富仕(300852.SZ)在投资者互动平台表示，公司光模块PCB目前主要在国内生产。泰 国工厂技术推进顺利，处于量产前的准备阶段，我们将全力确保泰国工厂顺利量产，以更好地服务全球 客户。 ...

Group 1 - The core viewpoint of the news is the performance and shareholder structure of Si Hui Fu Shi Electronic Technology Co., Ltd, which has seen a decline in stock price and trading volume [1] - As of the report, Si Hui Fu Shi's stock price dropped by 5% to 36.08 CNY per share, with a trading volume of 143 million CNY and a turnover rate of 2.83%, resulting in a total market capitalization of 5.097 billion CNY [1] - The company's main business involves the research, production, and sales of printed circuit boards, with revenue composition being 93.96% from printed circuit boards and 6.04% from other supplementary sources [1] Group 2 - From the perspective of major shareholders, Ping An Fund's advanced manufacturing theme stock fund has increased its holdings in Si Hui Fu Shi by 188,700 shares, bringing its total to 1.579 million shares, which accounts for 1.15% of the circulating shares [2] - The fund has reported a year-to-date return of 78.89% and a one-year return of 150.17%, ranking 50 out of 4222 and 12 out of 3789 respectively in its category [2] - The fund manager, Zhang Yinxian, has been in position for 1 year and 317 days, with the fund's total asset size at 1.425 billion CNY and a best return of 89.18% during his tenure [3] Group 3 - Si Hui Fu Shi is the seventh largest holding in Ping An Fund's advanced manufacturing theme stock fund, representing 3.59% of the fund's net value [4] - The fund has incurred an estimated floating loss of approximately 3 million CNY due to the recent decline in Si Hui Fu Shi's stock price [4]

Core Viewpoint - The company has announced adjustments to the conversion price of its convertible bonds, reflecting changes in its share capital due to profit distribution and share buybacks [1][2][3] Summary by Sections Convertible Bond Conversion Price Adjustment - The conversion price of the "Fu Shi Convertible Bond" will be adjusted based on the company's actions that affect its share capital, ensuring the protection of bondholders' rights [1] - The initial conversion price was set at 41.77 yuan/share, which was adjusted to 29.68 yuan/share on May 8, 2024, following a profit distribution and capital reserve conversion [1] - On May 8, 2025, the conversion price was further adjusted from 29.68 yuan/share to 29.54 yuan/share due to a cash dividend distribution [2] Reasons for Adjustment - The company completed the cancellation of 1,179,800 shares, which is 0.83% of the total shares before cancellation, as part of its share buyback program [2] - The adjustment of the conversion price is calculated using a specific formula that considers the previous conversion price, the average buyback price, and the percentage of shares canceled [3] Result of Adjustment - After the recent share buyback and cancellation, the new conversion price will be set at approximately 29.57 yuan/share, effective from August 29, 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company achieved steady revenue growth, with a 31.63% year-on-year increase in revenue for the first half of 2025, reaching 860 million yuan. However, the net profit attributable to the parent company decreased by 15.89% to 75 million yuan due to rising raw material costs and high fixed costs from a newly established subsidiary in Thailand [2][4]. - The company is actively expanding its global presence, having established trade companies in Hong Kong and Japan, and is set to commence production in Thailand in the second half of 2024. This expansion includes successful mass production of complex products such as HDI boards and optical modules [2][3]. - The company has established long-term partnerships with leading firms in the industrial control and automotive electronics sectors, with over 80% of its revenue coming from these areas. It is also focusing on AI-driven products and services, positioning itself to capitalize on emerging opportunities in the robotics and AIOT sectors [3][4]. Financial Summary - Revenue projections for 2025-2027 are estimated at 19.16 billion yuan, 24.63 billion yuan, and 31.00 billion yuan, respectively. Net profits for the same period are expected to be 2.08 billion yuan, 2.71 billion yuan, and 3.46 billion yuan [4][10]. - The company's P/E ratios are projected to decrease from 25.0 in 2025 to 14.8 by 2027, indicating potential value appreciation as earnings grow [4][10]. - The report highlights a decrease in return on equity (ROE) from 13.5% in 2023 to an estimated 8.7% in 2024, with a gradual recovery expected thereafter [10].

Market Performance - The component sector increased by 2.69% on August 29, with Jianghai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers - Jianghai Co., Ltd. (002484) closed at 33.31, up 10.01% with a trading volume of 1.3678 million shares [1] - Xinsen Technology (002436) also rose by 10.01% to 21.00, with a trading volume of 2.5926 million shares [1] - Other notable gainers include: - Qiaohui Fushi (300852) up 9.16% to 39.55 [1] - Dongshan Precision (002384) up 8.34% to 66.02 [1] - Huhua Electric (002463) up 7.28% to 68.79 [1] Top Losers - Fangbang Co., Ltd. (688020) saw a decline of 9.16%, closing at 68.91 [2] - Huilun Crystal (300460) decreased by 7.54% to 10.54 [2] - Other significant declines include: - Zhongfu Circuit (300814) down 6.30% to 45.10 [2] - Zecheng Electronics (837821) down 5.72% to 34.29 [2] Capital Flow - The component sector experienced a net outflow of 748 million yuan from institutional investors, while retail investors saw a net outflow of 198 million yuan [2][3] - Conversely, speculative funds recorded a net inflow of 945 million yuan [2][3] Individual Stock Capital Flow - Xinsen Technology (002436) had a net inflow of 5.71 billion yuan from institutional investors, while it faced a net outflow of 2.15 billion yuan from speculative funds [3] - Other stocks with notable capital flows include: - Shiyun Circuit (603920) with a net inflow of 3.05 billion yuan from institutional investors [3] - Huhua Electric (002463) with a net inflow of 2.40 billion yuan from institutional investors [3]

Group 1 - The company, Si Hui Fu Shi (stock code: 300852), announced the completion of the repurchase and cancellation of 1,179,800 shares [1] - The share cancellation was confirmed by the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. [1] - The cancellation of shares took place on August 27, 2025 [1]

| 证券代码：300852 | 证券简称：四会富仕 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：123217 | 债券简称：富仕转债 | | 四会富仕电子科技股份有限公司 关于回购股份注销完成暨股份变动的公告 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。 3、截至2025年2月17日，公司回购股份完成，通过股份回购专用证券账户以集中 竞价交易方式回购公司股份1,179,800股，已回购股份占公司总股本的比例为0.83%， 最高成交价为32.2元/股，最低成交价为20.26元/股，成交总金额为31,041,717.8元 （不含交易费用）。公司回购股份总金额已超回购方案中回购资金总额下限2,000万 元，且未超过回购方案中回购资金总额上限4,000万元。上述情况符合公司既定的回 购股份方案及法律法规的要求，实际执行情况与原披露的回购股份方案不存在差异。 详见公司2025年2月17日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于 回购公司股份实施完成暨股份变动公告》（公告编号：2025-0 ...