第三届董事会第一次会议决议的公告 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。 一、董事会会议召开情况 维峰电子（广东）股份有限公司（以下简称"公司"）于 2025 年 11 月 11 日 召开 2025 年第二次临时股东大会选举产生第三届董事会成员。为保证董事会工 作的衔接性及连续性，公司第三届董事会第一次会议于 2025 年 11 月 11 日在公 司会议室以现场表决方式召开，会议通知经全体董事同意，豁免通知方式及时限 的要求，于当日以电话、口头的方式发出。 经董事会全体成员推举，本次会议由董事李文化先生主持，应参加表决的董 事 5 名，实际参加表决的董事 5 名，公司高级管理人员、证券事务代表列席了本 次会议。本次会议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会审议情况 经与会董事认真审议，会议表决通过了以下议案并形成决议： 证券代码：301328 证券简称：维峰电子 公告编号：2025-055 维峰电子（广东）股份有限公司 表决结果：5 票赞成，0 票弃权，0 票反对。 具体内容详见公司同日披露于巨潮资讯网（http://www.cni ...

中国深圳福田区深南大道 4011 号香港中旅大厦 21A-3、22A、23A、24A、25A、26A 层， 21A-3/F., 22A/F.,23A/F.,24A/F., 25A/F., 26A/F., CTS Tower, No.4011, ShenNan Road, ShenZhen, 电话（Tel.）：（86）755-83025555；传真（Fax.）：（86）0755-83025068, 83025058 邮编(P.C.)：518048；网址（Website）：https://www.huashanglawyer.com 广东华商律师事务所 关于维峰电子（广东）股份有限公司 2025 年第二次临时股东大会的 法律意见书 广东华商律师事务所 二○二五年十一月 中国深圳福田区深南大道 4011 号香港中旅大厦 21A-3、22A、23A、24A、25A、26A 层 广东华商律师事务所 法律意见书 法律意见书 致：维峰电子（广东）股份有限公司 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》"）及中国证券监督管理委员会《上市公司 股东会规则》（以下简称 ...

Core Viewpoint - Weifeng Electronics (301328.SZ) is strategically expanding its production capacity to capitalize on growth opportunities in the energy storage sector, particularly for products like connectors used in energy storage battery BMS systems and photovoltaic storage inverters [1] Group 1: Company Developments - The company produces connectors such as pin headers, sockets, and IDC, which are applicable in the energy storage field [1] - Weifeng Electronics has proactively planned capacity expansion and upgrades in Dongguan, Kunshan, and Thailand to meet current and foreseeable customer order deliveries [1] - The existing capacity reserves are deemed sufficient to support the delivery of current and future customer orders [1]

Core Insights - The lithium battery sector experienced a significant rally on November 7, with multiple stocks hitting the daily limit up, indicating strong investor interest and market momentum [1]. Group 1: Stock Performance - Fengyuan Co., Tianci Materials, Yongshan Lithium, and Shengxin Lithium Energy were among the stocks that reached their daily limit up [1]. - Nearly 30 stocks in the sector saw price increases of 10% or more, showcasing broad-based strength in the lithium battery market [1]. Group 2: Notable Stock Gains - Andar Technology saw a price increase of 20.91%, with a current price of 8.00 [2]. - Ruitai New Materials increased by 20.00%, reaching a price of 26.70 [2]. - Qingshuiyuan rose by 19.97%, with a current price of 14.66 [2]. - Wanrun New Energy gained 19.43%, now priced at 94.70 [2]. - Huasheng Lithium Battery increased by 16.94%, with a current price of 76.06 [2]. - Other notable gains include Fuxiang Pharmaceutical (+15.78%), Defang Nano (+13.58%), and Haike New Source (+13.00%) [2].

Core Viewpoint - The energy storage sector is emerging as a critical growth engine for companies in the power market, with significant increases in orders and shipments reported by major players [2]. Group 1: Company Performance - Trina Solar secured a 1GWh energy storage order in Europe, utilizing its new generation flexible storage battery with a 12% increase in energy density and AI intelligent liquid cooling technology [4]. - Trina Solar's expected energy storage shipments for 2025 are projected at 8GWh, with 40% domestic and 60% international, and a forecasted growth of over 50% in 2026 [4]. - Trina Solar reported a revenue of 49.97 billion yuan for the first three quarters, with a net loss of 4.201 billion yuan, a significant increase from the previous year's loss of 847 million yuan [5]. - Canadian Solar's large-scale energy storage shipments reached 5.8GWh in the first three quarters, a 32% year-on-year increase, with Q3 shipments alone at 2.7GWh, up 50% [7]. - Canadian Solar's revenue for the first three quarters was 31.27 billion yuan, a decrease of 8.51%, with a net profit of 989 million yuan, down 49.41% [8]. - Far East Battery reported energy storage orders of 1.196 billion yuan in the first three quarters, a 43.10% increase, with significant projects including a 200MW/800MWh independent storage station in Hebei [10]. - Far East Battery's revenue for the first three quarters was 20.209 billion yuan, a 10.91% increase, with a net profit of 168 million yuan, up 268.86% [10]. - Haibo Innovation has 35GWh of orders on hand for 2025, with a target of delivering 30GWh due to capacity constraints, and aims for 70GWh in 2026 [12]. Group 2: Market Trends - The energy storage business is becoming a key component of overall performance for companies, with Canadian Solar highlighting its significant contribution to Q3 results despite overall revenue declines [8]. - The industry is witnessing a trend of increasing demand for energy storage solutions, driven by technological advancements and the integration of AI and flexible battery technologies [4][12].

Group 1 - The core viewpoint of the article is that Weifeng Electronics (301328.SZ) has made progress in the medical robotics field, with some products already in application, such as connectors for surgical robot control systems, which have achieved small-scale supply [1] - The company is focusing on the industrialization process and the pace of scaling up, which will depend on the development cycle of downstream customers [1] - Weifeng Electronics will continue to monitor industry demand and deepen its layout in niche areas [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has benefited from the domestic substitution trend in high-precision connectors, with significant revenue and profit growth in the first three quarters of 2025. Revenue reached 513 million yuan, up 33.49% year-on-year, and net profit attributable to the parent company was 82 million yuan, up 19.95% year-on-year [1] - The company is expanding into emerging markets such as humanoid robots while maintaining strong growth in industrial control connectors and benefiting from the automotive and new energy sectors [2][3] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 513 million yuan, a year-on-year increase of 33.49%, and a net profit of 82 million yuan, a year-on-year increase of 19.95%. The gross profit margin was 39.84%, slightly down by 0.81 percentage points [1] - In Q3 2025, revenue was 176 million yuan, up 22.25% year-on-year but down 8.73% quarter-on-quarter. Net profit for the quarter was 27 million yuan, up 27.68% year-on-year but down 9.56% quarter-on-quarter [1] - The company expects net profits for 2025, 2026, and 2027 to be 128 million yuan, 155 million yuan, and 185 million yuan respectively, with a slight downward adjustment from previous estimates [1] Business Strategy and Market Position - The company focuses on high-end precision connectors and is leveraging opportunities in the new energy and electric vehicle markets, aiming for a diversified business layout [2] - The company has established a strong technical barrier in high-precision connectors, with over 50,000 mass production part numbers and 100,000 reserved part numbers, allowing for quick responses to customer needs in emerging fields [3] - The company is actively expanding into new sectors such as humanoid robots and data centers, with a comprehensive business layout covering various types of robots [3] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 39.6, 32.7, and 27.3 respectively, indicating a favorable valuation outlook [4] - The company's revenue is expected to grow significantly, with projections of 653 million yuan in 2025, 768 million yuan in 2026, and 955 million yuan in 2027, reflecting a compound annual growth rate [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3][6]. Core Insights - The company achieved a revenue of 513 million yuan in the first three quarters of 2025, representing a year-on-year growth of 33.49%. The net profit attributable to the parent company was 82 million yuan, up 19.95% year-on-year [1]. - In Q3 2025, the company reported a revenue of 176 million yuan, a year-on-year increase of 22.25%, but a quarter-on-quarter decrease of 8.73%. The net profit for the same period was 27 million yuan, reflecting a year-on-year growth of 27.68% [2]. - The company focuses on emerging application scenarios, particularly in automotive, new energy, and robotics, which are expected to drive future growth [2][3]. Financial Performance Summary - For Q3 2025, the gross margin was 39.26%, slightly down by 0.14 percentage points year-on-year and 0.86 percentage points quarter-on-quarter. The net profit margin was 16.26%, up 1.22 percentage points year-on-year but down 0.32 percentage points quarter-on-quarter [2]. - The company has established a high barrier to entry in the connector business, maintaining a gross margin around 40% due to its high reliability industrial-grade products [3]. - The company has a robust R&D team of over 200 people and invests above the industry average in R&D, which supports its competitive edge in high-end precision industrial connectors [3]. Earnings Forecast and Financial Metrics - The company’s projected net profits for 2025-2027 are 117 million yuan, 146 million yuan, and 182 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 44, 35, and 28 [5][3]. - Revenue is expected to grow from 534 million yuan in 2024 to 966 million yuan in 2027, with growth rates of 9.8%, 23.4%, 20.9%, and 21.2% for the respective years [5][11].

Core Insights - The company reported a revenue of 513 million yuan for Q3 2025, marking a year-on-year increase of 33.49%, with a net profit of 81.6 million yuan, up 19.95% [1] - The strategic focus on industrial control connectors, automotive, and new energy connectors has positioned the company to capitalize on market opportunities in smart manufacturing and robotics [1][2] Financial Performance - For Q3 2025, the company achieved a revenue of 176 million yuan, reflecting a 22.25% year-on-year growth, and a net profit of 26.7 million yuan, which is a 27.68% increase [1] - The automotive connector segment reported a revenue of 82.1 million yuan for the first half of the year, up 55.85%, while the new energy connector segment achieved 93.9 million yuan, a growth of 86.00% [4] Industry Positioning - The company has established a significant presence in the industrial robotics sector, leveraging its understanding of the industrial nature of robots and its manufacturing capabilities [2][3] - As the only A-share listed connector company with an industrial control background, the company is benefiting from the increasing domestic production rates in core applications such as servo motors and PLCs [3] Product Development - The company has developed a comprehensive product portfolio with over 50,000 product specifications across 17 major product series, covering industrial control, automotive, and new energy sectors [5] - In the automotive sector, the company has introduced high-frequency and high-speed connectors for smart cockpits, autonomous driving, and vehicle networking, with multiple products already in small-scale production [4] Market Trends - The integration of artificial intelligence and industrial sectors is accelerating, with significant growth in the production of industrial and service robots, indicating a robust market for the company's products [2] - The supportive policies for industries such as automotive and new energy are expected to further enhance the company's growth prospects [6]

Group 1 - The company announced the nomination of Mr. Li Wenhua and Mr. Li Ruixin as candidates for non-independent directors of the third board of directors [1] - The company also nominated Mr. Tan Xuming (an accounting professional) and Mr. Liu Bin as candidates for independent directors of the third board of directors [1]