Core Viewpoint - The report from Dongwu Securities indicates that the recovery in downstream demand has led to a continuation of high growth in Yihua's performance for H1 2025, with a net profit attributable to shareholders of 282 million yuan, representing a year-on-year increase of 26.49% [1] Group 1: Company Performance - Yihua achieved a net profit of 282 million yuan in H1 2025, reflecting a year-on-year growth of 26.49% [1] - The company's performance has shown a recovery trend since Q1, primarily driven by strong demand in the new energy and automotive sectors [1] Group 2: Business Development - Yihua has deepened its FA (Factory Automation) business layout, successfully developing a product system that includes 199 major categories, 4,573 subcategories, and over 2.58 million SKUs [1] - The number of customers transacted by the company is expected to reach nearly 40,000 in 2024, with an increase of approximately 3,000 new customers compared to 2023 [1] Group 3: Future Growth Potential - The FB (Flexible Business) segment is anticipated to enter a rapid growth phase, supported by a production model that integrates "intelligent quoting system + automatic intelligent programming + flexible intelligent production line" to meet the market demand for numerous "long-tail orders" [1] - The company maintains a "buy" rating, indicating confidence in its growth trajectory [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 34.40 [1][5]. Core Views - The company reported a revenue of RMB 1.461 billion for the first half of 2025, representing a year-on-year increase of 18.70%, and a net profit attributable to shareholders of RMB 282 million, up 26.49% year-on-year. The growth is primarily driven by the high revenue increase in the new energy lithium battery and automotive sectors [1][5]. - The company has adjusted its revenue growth forecast for the new energy lithium battery and automotive sectors from 20% to 50% for 2025, reflecting a strong recovery in downstream demand [5]. - The gross margin for the first half of 2025 was 39.10%, an increase of 3.46 percentage points year-on-year, indicating improved profitability driven by the recovery in the new energy and automotive sectors [3][5]. Summary by Sections Revenue and Profitability - In the first half of 2025, the company's revenue from the 3C mobile phone sector accounted for 24% of total revenue, showing a decline of 4% year-on-year. In contrast, the automotive sector saw a revenue increase of 53%, accounting for 12% of total revenue. The semiconductor sector grew by 28%, while other sectors increased by 42% [2]. - The gross margins for the 3C, new energy lithium battery, and automotive sectors in the first half of 2025 were 40.48%, 33.85%, and 37.12%, respectively, with significant year-on-year improvements [3]. Strategic Direction - The company aims to build a comprehensive strategic framework to enhance product capabilities, focusing on a one-stop procurement platform that includes FA (non-core standard parts), FB (non-standard parts), and FX (core branded components) [4]. Financial Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 508 million, RMB 616 million, and RMB 773 million, respectively. The price-to-earnings ratio for comparable companies in 2025 is projected to be 36 times, while the company is given a higher PE of 43 times due to its strong business model [5][11].

Group 1 - The company has approved a profit distribution plan, distributing a cash dividend of 1.5 yuan (including tax) for every 10 shares based on a total share capital of 634,202,712 shares, with no bonus shares issued [2] - There have been no changes in the controlling shareholder or actual controller during the reporting period [3][4] - There are no preferred shareholders or related information regarding preferred shares during the reporting period [4] Group 2 - The company does not require retrospective adjustments or restatements of previous accounting data [2] - There are no significant matters reported during the half-year report [4]

Core Viewpoint - Dongguan Yihua Automation Co., Ltd. has established a comprehensive system for managing external donations, ensuring compliance with relevant laws and regulations while fulfilling its social responsibilities [1][2][3]. Group 1: General Principles - The system aims to regulate the company's external donation behavior, ensuring the protection of shareholders, creditors, and employees' rights [1]. - External donations are defined as voluntary and gratuitous transfers of legally owned assets to legitimate recipients for public welfare purposes unrelated to business operations [1][2]. - The company and its subsidiaries must adhere to this system and cannot engage in external donations without authorization [1][2]. Group 2: Principles of External Donations - Donations must be voluntary and cannot create unfair market advantages for the recipient [2]. - Responsibilities must be clearly defined, prohibiting employees from making donations in their personal capacity [2]. - The company should only donate within its financial capacity, avoiding donations that could lead to losses or affect normal operations [2]. - The company must act in good faith and comply with internal decision-making rules regarding donations [2]. Group 3: Scope and Types of Donations - Eligible assets for donations include cash and physical assets, while certain assets like fixed assets and those with unclear ownership are excluded [3]. - Types of donations include: - Public welfare donations for education, health, and environmental protection [3]. - Relief donations for disaster-stricken areas and vulnerable groups [3]. - Other donations aimed at promoting social development [3]. Group 4: Decision-Making Procedures - External donations must follow strict approval procedures based on the amount donated, with different thresholds for managerial and board approval [4][5]. - Donations are categorized based on a 12-month cumulative total, with specific approval requirements for amounts exceeding 2 million yuan or 1% of the company's audited net profit [4][5]. - The finance department must analyze the impact of donations on the company's financial status before approval [5]. Group 5: Legal Responsibilities - Unauthorized donations or those made for personal gain will result in disciplinary actions against responsible personnel, including potential criminal charges [6]. - The company must maintain a detailed record of all donations, including relevant documentation and evidence [5][6]. Group 6: Implementation and Amendments - The board of directors is responsible for revising and interpreting the donation system, which takes effect upon approval [7].

Group 1 - The company establishes rules to ensure the legal governance structure and proper conduct of the general manager, in accordance with relevant laws and regulations [1] - The general manager's qualifications include not having civil incapacity, not having been convicted of certain crimes within specified time frames, and not being a person of significant debt or under market prohibition [2][3] - The general manager has specific responsibilities, including compliance with laws, executing board resolutions, and reporting to the board on work progress [2][3] Group 2 - The general manager must act in the best interests of the company and shareholders, avoiding actions that could harm company interests [3][4] - The general manager is required to report significant events or changes in the company's operations or finances to the board promptly [4] - The company will determine the specifics of the general manager's remuneration and the procedures for their appointment and resignation [1][4]

东莞怡合达自动化股份有限公司 第一章 总 则 第一条 为规范东莞怡合达自动化股份有限公司(以下简称"公司")董事会 及其成员的行为，保证董事会工作效率，提高董事会决策的科学性和正确性，切 实行使董事会的职权，根据《中华人民共和国公司法》（以下简称"《公司法》"） 及其他有关现行法律、法规和《东莞怡合达自动化股份有限公司章程》（以下简 称"《公司章程》"）的规定，并结合公司的实际情况，制定本议事规则。 第二条 董事会是公司经营管理的决策机构，对股东会负责并报告工作。 第三条 本规则对公司全体董事、董事会秘书、列席董事会会议的高级管理 人员和其他有关人员均具有约束力。 第二章 董事会的组成及职权 第四条 董事会由8名董事组成，设董事长1人，职工董事1人，独立董事3 人。 董事由股东会选举或更换，可在任期届满前由股东会解除其职务。董事任期 三年。董事任期届满，可连选连任。董事在任期届满以前，股东会不能无故解除 其职务。但是，董事连续两次未能亲自出席，也不委托其他董事出席董事会会议， 视为不能履行职责，董事会应当建议股东会予以撤换。 董事会设立审计委员会，并根据需要设立战略、提名、薪酬与考核等相关专 门委员会。专门委 ...

证券代码：301029 证券简称：怡合达 公告编号：2025- 员、证券部工作人员列席了会议。 东莞怡合达自动化股份有限公司 第三届董事会第十八次会议决议公告 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 月 1 日以电话、电子邮件、专人送达等形式送达至各位董事，董事会 会议通知中包括会议的相关材料，同时列明了会议的召开时间、 地点、 内容和方式。 议采取现场结合通讯方式召开。 出席人数为 3 人，董事冷憬、独立董事陈行甲、易兰、胡劲峰以通讯 方式参加会议并表决。 表决结果：同意 7 票，反对 0 票，弃权 0 票，议案获得通过。 详细情况见公司同日在中国证监会创业板指定信息披露网站巨潮 资讯网披露的《关于 2025 年半年度利润分配方案的公告》。 工商变更登记的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票，议案获得通过。 该议案尚需提交公司股东大会审议。需经出席股东大会的股东 （包括股东代理人）所持有效表决权的三分之二以上表决通过。 详细情况见公司同日在中国证监会创业板指定信息披露网站巨潮 资讯网披露的《关于变更公司注 ...

东莞怡合达自动化股份有限公司 2025 年半年度报告摘要 东莞怡合达自动化股份有限公司 2025 年半年度报告 摘要 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 ?不适用 证券代码：301029 证券简称：怡合达 公告编号：2025-041 东莞怡合达自动化股份有限公司 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监 会指定媒体仔细阅读半年度报告全文。 董事会审议的报告期利润分配预案或公积金转增股本预案 ?适用 □不适用 是否以公积金转增股本 □是 ?否 公司经本次董事会审议通过的利润分配预案为：以公司总股本 634,202,712 股为基数，向全体股东每 10 股派发现金红利 董事会决议通过的本报告期优先股利润分配预案 □适用 ?不适用 | 二、公司基本情况 | | | | | | | --- | --- | --- | --- | --- | --- | | 股票简称 | 怡合达 | | 股票代码 | | 301029 | | 股票上市交易所 | 深圳证券交易所 | | | | | | 变更前的股票简称（ ...

Core Viewpoint - The company has announced its profit distribution plan for the first half of 2025, which includes a cash dividend to shareholders based on its financial performance and retained earnings [1][2]. Group 1: Profit Distribution Plan - The company achieved a net profit attributable to shareholders of 281,679,275.91 yuan for the first half of 2025, with the parent company reporting a net profit of 181,595,055.80 yuan [2]. - As of June 30, 2025, the cumulative undistributed profits amounted to 1,781,125,673.41 yuan for the consolidated statements and 1,408,323,425.64 yuan for the parent company [2]. - The proposed cash dividend is 1.5 yuan per 10 shares, totaling 95,130,406.80 yuan to be distributed to shareholders, with no stock dividends or capital reserve transfers [2]. Group 2: Justification of the Profit Distribution Plan - The profit distribution plan is in accordance with the company's cash dividend policy and relevant regulations, ensuring that it does not adversely affect the company's liquidity or operational capabilities [3]. - The plan aims to enhance investor satisfaction and reflects the company's commitment to sharing its operational success with shareholders [3].

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 2, 2025, at 15:00 [1] - Network voting will be available on the same day from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 [1] - Shareholders can attend the meeting in person or appoint a proxy to vote on their behalf [1][4] Agenda Items - The meeting will discuss the proposal to change the company's registered capital and amend the Articles of Association [2][9] - A special report on the use of raised funds for the first half of 2025 will also be presented [3][9] Registration and Voting Procedures - Shareholders must register by providing necessary identification documents, including a proxy authorization letter if applicable [4] - Voting will be conducted through a non-cumulative voting system, where shareholders can express their opinions as agree, disagree, or abstain [7] - Detailed procedures for online voting through the Shenzhen Stock Exchange will be provided [7] Contact Information - For inquiries, shareholders can contact Zhang Meiqi at 0769-82886777-785 or via email at lys@yiheda.com [4]