Group 1: Financial Performance - The company's gross profit margin significantly improved in Q3 compared to H1 due to enhanced cost control and optimized production efficiency [2] - Continuous improvement in capacity utilization effectively reduced fixed costs, leading to an overall cost structure upgrade [2] Group 2: Production Capacity and Supply Chain - In addition to the Meizhou production base, the company has reserved capacity for liquid cooling modules in its self-built park in Suzhou and purchased a factory in Thailand to meet overseas customer demands [3] - Land has been acquired in Vietnam for future factory construction, aiming to enhance global supply chain flexibility and reduce external uncertainties [3] Group 3: Product Focus and Clientele - The company's liquid cooling products primarily target the network communication and server sectors, with key products including liquid cooling plate modules and comprehensive liquid cooling solutions [3] - Domestic collaborations have been established with leading manufacturers like ZTE, while the company has also secured sample qualifications from major North American clients [3] Group 4: Strategic Direction and Investor Confidence - The company plans to continue focusing on its core business and enhancing competitiveness, with liquid cooling modules identified as a key growth area [3] - Management is committed to improving shareholder confidence through steady operations, excellent performance, stock buybacks, and cash dividends to reward investor trust [3]

Group 1 - The new industrialization sector led the decline, dropping by 1.85% [1] - Industrial Fulian fell by 2.65%, Feiwo Technology decreased by 2.45%, and Hongfuhan dropped by 2.42% [1] - Top Group and Huawei Technology both experienced declines exceeding 3% [1]

Core Insights - Hongfuhuan's stock price increased by 10.70% on November 6, with a trading volume of 487 million yuan [1] - The company reported a financing net purchase of 25.13 million yuan on the same day, with a total financing balance of 225 million yuan, representing 2.61% of its market capitalization [1] - For the period from January to September 2025, Hongfuhuan achieved a revenue of 650 million yuan, a year-on-year increase of 7.87%, while its net profit attributable to shareholders decreased by 25.79% to 81.66 million yuan [2] Financing and Trading Activity - On November 6, Hongfuhuan had a financing buy amount of 81.32 million yuan and a financing repayment of 56.19 million yuan, resulting in a net financing purchase of 25.13 million yuan [1] - The total financing and securities lending balance reached 225 million yuan, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - No shares were sold or repaid in the securities lending market on November 6, with a balance of 0 shares, also indicating a high level of inactivity in this area [1] Company Overview - Hongfuhuan Technology Co., Ltd. was established on February 13, 2008, and listed on October 20, 2021 [1] - The company's main business includes the design, research and development, production, and sales of functional components for consumer electronics and automation equipment [1] - The revenue composition of Hongfuhuan is as follows: 73.40% from functional components for consumer electronics, 12.76% from thermal products, 8.89% from automation equipment and related products, and 4.96% from materials and others [1] Shareholder and Dividend Information - As of September 30, 2025, Hongfuhuan had 11,700 shareholders, a decrease of 6.02% from the previous period, with an average of 4,062 circulating shares per shareholder, an increase of 6.40% [2] - The company has distributed a total of 291 million yuan in dividends since its A-share listing, with 231 million yuan distributed over the past three years [2] - Notably, one of the top ten circulating shareholders, Dazheng Zhongzheng 360 Internet + Index A, has exited the list as of September 30, 2025 [2]

Group 1 - The consumer electronics sector increased by 1.87% on November 6, with Hongfuhuan leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Group 2 - The net inflow of main funds into the consumer electronics sector was 1.328 billion yuan, while retail funds experienced a net outflow of 633 million yuan [2] - The net outflow of speculative funds was 695 million yuan [2]

Core Viewpoint - Hongfuhuan (301086) announced the nomination of candidates for its third board of directors, including both non-independent and independent directors [1] Group 1: Board of Directors Nominations - The current board approved the nomination of Zhang Dingwu, Li Wenbin, and Qiu Chuangqi as non-independent director candidates [1] - The board also approved the nomination of Liu Shanmin (an accounting professional), Li Yufeng, and Deng Fengfeng as independent director candidates [1]

Group 1 - Hongfuhang (SZ 301086) announced its second board meeting on November 4, 2025, to discuss the adjustment of independent director remuneration [1] - For the first half of 2025, Hongfuhang's revenue composition was 95.04% from manufacturing and 4.96% from other businesses [1] - As of the report, Hongfuhang's market capitalization was 8 billion yuan [1] Group 2 - A significant increase in overseas orders for a certain industry, with a surge of 246%, covering over 50 countries and regions [1] - Entrepreneurs have warned about the risk of cutthroat competition as some are selling at a loss [1]

深圳市鸿富瀚科技股份有限公司 董事和高级管理人员持有公司股份及其变动管理制度 第一章 总则 第一条 为加强深圳市鸿富瀚科技股份有限公司（以下简称"公司"、"本公 司"）董事和高级管理人员所持本公司股份及其变动的管理，维护证券市场秩序， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）《上市公司董事和高级管理人员所持本公司股份及其 变动管理规则》（2025 修订）《深圳证券交易所创业板股票上市规则》《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》《深圳证券交易所 上市公司自律监管指引第 10 号——股份变动管理》等有关法律、法规、规范性文件及 《深圳市鸿富瀚科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 结合公司实际情况，制订本制度。 第二条 本制度适用于公司董事和高级管理人员。 公司董事和高级管理人员所持本公司股份是指登记在其名下的所有本公司股份 及其衍生品种；公司董事和高级管理人员从事融资融券交易的，其所持本公司股份 还包括记载在其信用账户内的本公司股份。 第三条 公司董事和高级管理人员在买卖公司股票及其 ...

深圳市鸿富瀚科技股份有限公司 对外投资管理制度 第一章 总则 第一条 为规范深圳市鸿富瀚科技股份有限公司（下称"公司"）对外投资行 为，防范投资风险，提高对外投资效益，根据《公司法》《证券法》《深圳证券交 易所创业板股票上市规则》等法律、法规、规范性文件的相关规定，结合《深圳市 鸿富瀚科技股份有限公司章程》（下称"公司章程"）等公司制度，制定本制度。 第二条 本制度所称对外投资是指公司为实现公司发展战略在扩大经营规模， 以提高公司核心竞争力为目的，用现金、实物、无形资产等新设公司或与他人共同 投资设立合资公司、收购股权、兼并等对外投资行为。本制度所称对外投资不包括 证券投资。 第三条 公司对外投资的原则： （一）遵守国家法律、法规，符合国家产业政策； （二）符合公司发展战略及经营规划，突出公司主营业务； 第四条 公司对外投资主要包括以下类型： （一）公司独立兴办企业； （二）公司出资与其他境内、外独立法人实体、自然人成立合资、合作公司或开 发项目； （三）控股、参股、兼并其他境内、外独立法人实体； （四）委托理财、投资交易性金融资产、可供出售金融资产、持有至到期投资等。 （五）深圳证券交易所或《公司章程》认定 ...

深圳市鸿富瀚科技股份有限公司 年度报告信息披露重大差错责任追究制度 第一条 为了完善深圳市鸿富瀚科技股份有限公司内部制度，落实对年报信息披 露责任人的问责机制，提高年报信息披露质量，提高自治自律水平，根据《中华人民共 和国公司法》《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》（下 称"《创业板上市规则》"）等相关规定及《深圳市鸿富瀚科技股份有限公司公司章程》 （下称"《公司章程》"）、《深圳市鸿富瀚科技股份有限公司信息披露管理制度》 （下称"《信息披露管理制度》"）以及《深圳市鸿富瀚科技股份有限公司年度报告制 度》（下称"《年度报告制度》"），结合公司的实际情况，制定本制度。 第二条 本制度是年报信息披露工作中有关人员未按规定履行职责、义务或其他 个人原因导致年报信息发生重大差错，给公司造成重大经济损失或不良影响时的追究与 处理制度。 第三条 本制度适用于下列人员：公司董事、高级管理人员，公司控股股东、实 际控制人及持股 5%以上的股东，公司子公司和各部门的负责人及与年报信息披露有关 的其他人员。 第四条 年报信息披露重大差错责任追究应遵循以下原则：客观公正、实事求是、 权利与责任对等、过错与责 ...

第二条 本制度所称提供担保，是指公司为他人提供的担保，包括公司对控股 子公司（含全资子公司，以下简称"子公司"）的担保。本制度所称"公司及子公司 的对外担保总额"，是指包括公司对子公司担保在内的公司对外担保总额与子公司对外 担保总额之和。 公司控股子公司为公司合并报表范围内的法人或者其他组织提供担保的，公司应当 在控股子公司履行审议程序后及时披露。 深圳市鸿富瀚科技股份有限公司 对外担保管理制度 第一章 总 则 第一条 为规范深圳市鸿富瀚科技股份有限公司（以下简称"公司"）对外担保 管理，规范公司担保行为，控制公司经营风险，根据《中华人民共和国公司法》《中华 人民共和国民法典》《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监 管要求》《深圳证券交易所创业板股票上市规则》等有关法律、法规、规范性文件及 《深圳市鸿富瀚科技股份有限公司章程》的有关规定，制订本制度。 上市公司控股子公司为前款规定主体以外的其他主体提供担保的，视同上市公司提 供担保，应当遵守本制度相关规定。 公司及其控股子公司提供反担保应当比照本制度的相关规定执行，以其提供的反担 保金额为标准履行相应审议程序和信息披露义务，但公司及其控 ...