Group 1 - The company Hongrida announced a change in its continuous supervision and sponsorship representatives for its 2022 initial public offering on the ChiNext board, appointing Ms. Li Zhe and Mr. Xu Xin [1] - The continuous supervision period is set to last until December 31, 2025 [1]

证券代码：301285 证券简称：鸿日达 公告编号：2025-066 鸿日达科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的进展公告 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。 鸿日达科技股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开第二届董 事会第十六次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》， 同意在不影响募集资金投资项目建设和公司正常经营的前提下，公司及子公司使用不超 过人民币 2.9 亿元的闲置募集资金进行现金管理，使用期限自前次募集资金现金管理的 授权到期之日起 12 个月内有效，即 2025 年 11 月 3 日至 2026 年 11 月 2 日。在上述额 度的有效期内，资金可滚动使用，同时授权公司董事长在上述额度和期限范围内行使投 资决策权并签署相关文件，公司财务部门具体办理相关事宜。具体内容详见公司 2025 年 8 月 26 日披露于巨潮资讯网（www.cninfo.com.cn）的《关于使用部分闲置募集资金 进行现金管理的公告》（公告编号：2025-060 ...

证券代码：301285 证券简称：鸿日达 公告编号：2025-065 鸿日达科技股份有限公司 关于更换持续督导保荐代表人的公告 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。 公司董事会对蔡晓涛先生在公司 2022 年首次公开发行并在创业板上市项目 以及持续督导期间所作出的贡献表示衷心感谢！ 特此公告。 鸿日达科技股份有限公司董事会 2025 年 10 月 17 日 附件：徐欣先生简历 徐欣：男，保荐代表人，东吴证券投资银行部业务总监，2011年开始从事投 资银行业务，曾负责或参与了中泰桥梁、东山精密、苏州科达、瑞可达、苏大维 格、华阳智能等IPO及再融资项目的承销保荐工作。 鸿日达科技股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日收到 公司保荐机构东吴证券股份有限公司（以下简称"东吴证券"）出具的《关于更 换持续督导保荐代表人的函》。东吴证券为公司 2022 年首次公开发行并在创业 板上市项目的保荐机构，原委派李喆女士、蔡晓涛先生担任公司持续督导工作的 保荐代表人，持续督导期至 2025 年 12 月 31 日。 蔡晓涛先生因工作变动， ...

Core Insights - Hongri Da's stock price decreased by 0.45% on October 10, with a trading volume of 202 million yuan. The company experienced a net financing outflow of 869.97 million yuan on the same day [1] Financing and Margin Trading - On October 10, Hongri Da had a financing buy-in amount of 15.52 million yuan, with a total financing balance of 324 million yuan, representing 8.50% of its market capitalization. This financing balance is above the 90th percentile of the past year, indicating a high level [1] - In terms of margin trading, there were no shares sold or repaid on October 10, with a margin balance of 0.00 yuan, also above the 80th percentile of the past year, indicating a high level [1] Company Overview - Hongri Da Technology Co., Ltd. is located in Kunshan, Suzhou, Jiangsu Province, and was established on June 27, 2003. The company was listed on September 28, 2022, and specializes in the research, production, and sales of precision connectors [1] - The main revenue composition of the company includes connectors (64.99%), institutional components (23.86%), and others (11.16%) [1] Financial Performance - As of June 30, the number of shareholders for Hongri Da was 8,366, a decrease of 4.67% from the previous period. The average circulating shares per person increased by 4.62% to 9,383 shares [2] - For the first half of 2025, Hongri Da reported a revenue of 438 million yuan, a year-on-year increase of 12.41%. However, the net profit attributable to the parent company was -7.14 million yuan, a decrease of 144.42% year-on-year [2] Dividend and Shareholding - Since its A-share listing, Hongri Da has distributed a total of 34.52 million yuan in dividends [3] - As of June 30, 2025, Hongri Da's top ten circulating shareholders saw Hong Kong Central Clearing Limited exit from the list [3]

| | 中信银行 | 共赢智信汇率 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 鸿日达科 | 昆山高新 | 挂钩人民币结 | | 保本浮 | 2025 年 | 2025 年 | | 闲置募 | | 技股份有 | 技术产业 | 构性存款 | 2,500 | 动收益 | 7 月 1 | 9 月 29 | 10.79 | 集资金 | | 限公司 | 开发区支 | | | 型 | 日 | 日 | | | | | | A07842 期 | | | | | | | | | 行 | | | | | | | | | | 中信银行 | 共赢智信利率 | | | | | | | | 东台润田 | 昆山高新 | | | 保本浮 | 2025 年 | 2025 年 | | | | | | 挂钩人民币结 | | | | | | 闲置募 | | 精密科技 | 技术产业 | 构性存款 | 1,000 | 动收益 | 6 月 21 | 9 月 22 | 4.46 | 集资金 | | 有限公司 | 开发区支 | | | 型 | 日 | 日 | ...

Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including 沪电股份, 美格智能, 中际旭创, 天孚通信, 鸿日达, 中国移动, 工业富联, 中国电信, 新亚电子, and 鼎通科技 [1][2][3] Core Insights - The OCS (Optical Circuit Switch) market is accelerating due to advancements in AI and is expected to see significant growth, with a projected market size increase from $72.78 million in 2020 to $366.47 million by 2024, reflecting a CAGR of 49.80% [2][16][35] - The quantum computing sector is experiencing rapid development, with significant investments from major tech companies, including a commitment of over £31 billion from Microsoft, Nvidia, Google, and OpenAI to enhance AI infrastructure and quantum technology in the UK [3][6][17] - The report highlights the potential for large-scale applications of OCS technology across various fields, driven by the increasing demand for high-speed, low-energy optical switching solutions [2][35] Summary by Sections OCS Market Insights - The OCS technology is positioned as a mainstream direction for next-generation switching technology, showcasing advantages such as high bandwidth capacity and low energy consumption [2][21] - The global OCS switch market is expected to reach $2,022.21 million by 2031, with a CAGR of 17.12% from 2025 to 2031 [16][32] - The report identifies key OCS technology solutions, including MEMS, digital liquid crystal (DLC), and direct beam steering (DBS) [24][27] Quantum Computing Developments - The quantum computing market is projected to grow from $1.1 billion in 2022 to $7.6 billion by 2027, with a CAGR of 48.1% [19][51] - Significant advancements in quantum computing architecture have been achieved, including the development of the AshN instruction set architecture, which enhances operational efficiency and reduces error accumulation [18][37] - The report emphasizes the ongoing acceleration of quantum computing technology and its potential for diverse applications [19][51] Communication Industry Dynamics - The communication sector index increased by 0.52% during the week of September 15-19, 2025, outperforming the broader market [11][12] - Key recommended stocks in the communication sector include 中国移动, 中国电信, and 中际旭创, among others [20][8] - The report notes the competitive landscape in the OCS market, with major players like Google expected to dominate the market share [29][32]

Core Points - The company Hongrida (301285.SZ) reported a revenue of 438 million yuan for the first half of 2025, marking a year-on-year increase of 12.41% [1][2] - The net profit attributable to shareholders was -7.14 million yuan, a significant decline from 16.08 million yuan in the same period last year, representing a decrease of 144.42% [1][2] - The net profit after deducting non-recurring gains and losses was -12.14 million yuan, down from 12.87 million yuan year-on-year, indicating a decrease of 194.34% [1][2] - The net cash flow from operating activities was -101.83 million yuan, compared to -23.50 million yuan in the previous year, reflecting a decline of 333.25% [1][2] Financial Performance - For the year 2024, the company achieved a revenue of 830 million yuan, which is a 15.22% increase year-on-year [2] - The net profit attributable to shareholders for 2024 was -7.57 million yuan, down from 30.99 million yuan the previous year [2] - The net profit after deducting non-recurring gains and losses for 2024 was -9.01 million yuan, compared to 17.04 million yuan in the prior year [2] - The net cash flow from operating activities for 2024 was 38.16 million yuan, showing a decline of 56.17% year-on-year [2] IPO Information - Hongrida was listed on the Shenzhen Stock Exchange's ChiNext board on September 28, 2022, with an initial public offering of 51.67 million shares at a price of 14.60 yuan per share [3] - The total amount raised from the IPO was 754.38 million yuan, with a net amount of 675.83 million yuan, exceeding the original target by 193.30 million yuan [3] - The funds were intended for the production project of precision connectors in Kunshan and to supplement working capital [3] Issuance Costs - The total issuance costs for the IPO amounted to 78.55 million yuan, with underwriting and sponsorship fees accounting for 57.15 million yuan [4]

Investment Rating - The report rates the liquid cooling industry as "Overweight," indicating that it is expected to outperform the overall market [3]. Core Insights - The MLCP (Micro-Channel Liquid Cooling Plate) technology is highlighted as an innovative solution to address the cooling challenges posed by ultra-high power chips, with expected power consumption exceeding 2000W [3][5]. - The report emphasizes the importance of micro-channel design, forced convection, and optimized fluid dynamics in achieving high heat exchange efficiency [5]. - Key companies in the industry are recommended for attention, including Jiangshun Technology, Yingweike, and Kangsheng Co., among others, due to their advancements in liquid cooling technology [5]. Summary by Sections Industry Overview - The MLCP technology utilizes micro-scale fluid channels to achieve efficient heat exchange, capable of handling extreme thermal loads [5]. - The manufacturing processes for micro-channels include etching, 3D printing, and stamping, each with its advantages and limitations [5]. Key Companies and Valuations - Jiangshun Technology: Market cap of 48.74 billion, projected net profit of 1.55 billion in 2024 [6]. - Yingweike: Market cap of 756.61 billion, projected net profit of 4.53 billion in 2024 [6]. - Kangsheng Co.: Market cap of 54.89 billion, with a projected net profit of -0.98 billion in 2024 [6]. - Other notable companies include Nanfeng Co., Huazhu High-Tech, and Yinhong Co., with varying market caps and profit projections [6].

Core Viewpoint - Hongrida Technology Co., Ltd. has announced the redemption of cash management products purchased with idle raised funds and will continue cash management activities, aiming to enhance overall performance and shareholder returns [1][4]. Cash Management Activities - The company redeemed a cash management product from CITIC Securities, amounting to 9 million yuan, with an actual return of 0.31 thousand yuan [2]. - On September 8, 2025, the company invested 15 million yuan in a structured deposit with CITIC Bank, with an expected annual yield of 1.00%-1.95% [2]. - Additionally, on September 10, 2025, the company purchased another fixed income product from CITIC Securities for 9 million yuan, with an expected annual yield of 1.77% [2]. Approval and Risk Control - The cash management plan was approved by the company's board and does not require further approval, as it falls within the authorized limits [3]. - The company has implemented multiple measures to control risks, including adherence to prudent investment principles and regular monitoring by internal audit and sponsoring institutions [3]. Impact on the Company - The use of idle raised funds for cash management will not affect the normal operation of daily funds or the company's main business [4]. - This strategy is expected to generate investment returns, benefiting the company's overall performance and providing better returns for shareholders [4]. Previous Cash Management Situation - The company disclosed that as of the announcement date, it had utilized 297.5 million yuan of idle raised funds for cash management, which is within the approved limits [5].

证券代码：301285 证券简称：鸿日达 公告编号：2025-063 鸿日达科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的进展公告 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。 鸿日达科技股份有限公司（以下简称"公司"）于 2024 年 8 月 9 日召开第二届董事 会第八次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意 在不影响募集资金投资项目建设和公司正常经营的前提下，公司及子公司使用不超过人 民币 40,000 万元的闲置募集资金进行现金管理，使用期限自前次募集资金现金管理的 授权到期之日起 12 个月内有效，即 2024 年 11 月 3 日至 2025 年 11 月 2 日。在上述额 度的有效期内，资金可滚动使用，同时授权公司董事长在上述额度和期限范围内行使投 资决策权并签署相关文件，公司财务部门具体办理相关事宜。具体内容详见公司 2024 年 8 月 10 日披露于巨潮资讯网（www.cninfo.com.cn）的《关于使用部分闲置募集资金 进行现金管理的公告》（公告编号：2024-05 ...