Group 1: Company Insights - BGI Genomics faces challenges such as declining demand, operational complexity, and high prices in the genetic testing industry, but is enhancing efficiency through automation and AI, while expanding into reproductive health and cancer prevention [1] - Nanshan Zhishang reported a 12.84% year-on-year increase in net profit for Q1, driven by new materials business, particularly ultra-high molecular weight polyethylene fibers [2] - Jizhi Co. saw a 54.89% increase in revenue year-on-year in Q1, benefiting from stable growth in balancing machine sales and automation line revenue [3] - Huangma Technology's export sales grew over 30% in Q1 2025, with improved gross margins due to increased production and lower raw material costs [4] - Proya Cosmetics aims to become the first beauty company in China to exceed 10 billion in revenue by 2024, focusing on expanding its product matrix and enhancing online and offline channels [5] - Daotong Technology is advancing its "embrace AI" strategy, significantly enhancing its digital repair and energy products, with a 60% growth in its TPMS series [6] - Lianchuang Optoelectronics experienced significant revenue growth in Q1 2025, with a focus on optimizing asset quality in the backlight source industry [7] - Hengshuai Co. reported a 16.04% decline in revenue for Q1 2025, facing challenges in traditional cleaning and motor businesses, but is expanding its ADAS cleaning system business [8] - Weifeng Electronics achieved a 9.77% revenue growth in 2024, despite a decline in net profit due to reduced non-operating income and increased expenses [9] - Perfect World continues to enhance its gaming portfolio with successful updates and expansions, including the launch of new titles and esports initiatives [11] - Xiangsheng Medical invested 80 million in R&D in 2024, focusing on AI technology in ultrasound products and maintaining a strong dividend policy [12] - Jiuhua Tourism reported a 30.13% revenue increase in Q1 2025, driven by a rise in tourist visits and ongoing infrastructure projects [13] - Jingzhida's semiconductor business line saw a revenue share increase to over 70% in Q1 2025, with ongoing efforts to localize core components [14] - Teruid's management outlined plans for international expansion and the development of a virtual power plant platform to enhance service offerings [15] Group 2: Industry Trends - The genetic testing industry is experiencing increased competition and cost pressures, prompting companies to innovate and optimize operations [1] - The new materials sector is becoming a key growth driver, particularly in high-performance fibers used in various applications [2] - Automation and AI are reshaping traditional manufacturing and service sectors, enhancing efficiency and product offerings [3][6] - The beauty and cosmetics industry is focusing on market expansion and product diversification to capture a larger share of the global market [5] - The gaming industry is evolving with continuous updates and new releases, indicating a strong demand for innovative gaming experiences [11] - The tourism sector is recovering with increased visitor numbers, highlighting the importance of infrastructure development and service enhancement [13]

Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 1.5 billion yuan, a year-on-year increase of 9.77% [3] - The net profit attributable to shareholders in 2024 was 85.47 million yuan [3] - In Q1 2025, the operating revenue reached 440 million yuan, a year-on-year growth of 44.61% [3] - The net profit attributable to shareholders in Q1 2025 was 25.45 million yuan, reflecting a year-on-year increase of 39.99% [3] Group 2: Reasons for Profit Fluctuations - The decline in net profit in 2024 was attributed to three main factors: 1. A significant non-operating income from land sales in 2023 [3] 2. Increased cash consumption due to ongoing project construction and reduced interest income from bank deposits [3] 3. Depreciation and amortization impacts from new projects launched in June 2024 [3] Group 3: Cost and Expense Analysis - The increase in management expenses in 2024 was due to: 1. Additional depreciation from new projects [4] 2. Salary system reforms leading to higher payroll costs [4] 3. Increased consulting fees [4] - Sales expenses rose primarily due to participation in overseas exhibitions [4] Group 4: Market and Competitive Position - The company’s direct exports to the U.S. account for less than 1%, minimizing the impact of tariff fluctuations [4] - Plans to accelerate the construction of a factory in Thailand to diversify overseas markets [4] - The industrial control business saw a reverse growth in gross margin due to a diverse customer base and emerging applications [4] - Competitive advantages in the high-frequency and high-speed connector market include: 1. Multiple invention patents providing cost competitiveness [4] 2. A broad customer base from nearly a decade of experience in the automotive sector [4] 3. Strong customization capabilities for small-batch production [4]

Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing stable revenue growth but a significant decline in net profit due to industry cost fluctuations and non-recurring losses [1] Group 1: 2024 Annual Results - In 2024, the company achieved revenue of 534 million yuan, a year-on-year increase of 9.77% [1] - The net profit attributable to shareholders was 85 million yuan, a year-on-year decline of 34.4% [1] - The revenue from industrial control connectors was 258 million yuan, a year-on-year decrease of 3.5% [1] - The revenue from automotive connectors was 139 million yuan, a year-on-year increase of 15.7% [1] - The revenue from new energy connectors was 131 million yuan, a year-on-year increase of 39.7% [1] Group 2: 2025 Q1 Results - In Q1 2025, the company achieved revenue of 145 million yuan, a year-on-year increase of 44.6% [2] - The net profit attributable to shareholders was 25 million yuan, a year-on-year increase of 39.99% [2] - The revenue and net profit growth rates of approximately 40% indicate a significant recovery trend in overall business [2] Group 3: Market and Industry Outlook - The company’s product structure focuses on three main downstream applications: industrial control, automotive, and new energy, with the industrial automation industry facing cyclical adjustments and increased competition [1] - The emerging field of robotics presents strong growth potential, leveraging the company's long-term technology and customer base in the industrial control sector [2] - The company is expected to benefit from the "embodied intelligence" trend, with products applicable to industrial, service, and humanoid robots [2] Group 4: Profit Forecast and Valuation - The profit forecast for 2025 has been revised down to 128 million yuan, with new forecasts for 2026 and 2027 at 148 million yuan and 176 million yuan respectively [2] - The current stock price corresponds to a PE ratio of 32/28/23 for 2025-2027, while comparable companies have an average PE of 39.6 [2] - The target market value for the company is set at 5.1 billion yuan, indicating over 20% upside potential from the current market value [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 534 million yuan for 2024, a year-on-year increase of 9.77%, while the net profit attributable to shareholders decreased by 34.4% to 85 million yuan. In Q1 2025, the company achieved a revenue of 145 million yuan, a year-on-year growth of 44.6%, and a net profit of 25 million yuan, up 39.99% [4][5] - The company's performance in Q1 2025 exceeded expectations, indicating a clear recovery trend in overall business, with revenue and net profit growth around 40%, marking the highest quarterly revenue growth in the past two years [6] - The company is expected to benefit from emerging fields such as robotics, leveraging its long-term technology and customer base in the industrial control sector, which is anticipated to enhance earnings elasticity and valuation levels [6] Financial Data and Earnings Forecast - For 2025, the company is projected to have a total revenue of 666 million yuan, with a year-on-year growth rate of 24.6%. The net profit is expected to be 128 million yuan, reflecting a growth rate of 49.5% [5][8] - The earnings per share (EPS) for 2025 is estimated at 1.16 yuan, with a projected price-to-earnings (PE) ratio of 32 [5] - The company’s net profit forecasts for 2025-2027 are 128 million yuan, 148 million yuan, and 176 million yuan respectively, with corresponding PE ratios of 32, 28, and 23 [6]

Core Insights - The company reported a total revenue of 534 million yuan for 2024, ranking 22nd among disclosed peers [1] - The net profit attributable to shareholders was 85.47 million yuan, a decrease of 44.89 million yuan compared to the same period last year, representing a year-on-year decline of 34.44% [1] - The net cash inflow from operating activities was 125 million yuan, ranking 14th among peers, with a decrease of 12.45 million yuan year-on-year, down 9.08% [1] Financial Metrics - The latest debt-to-asset ratio is 7.32%, an increase of 0.96 percentage points from the same period last year [3] - The latest gross profit margin stands at 41.06% [3] - The return on equity (ROE) is 4.48%, ranking 15th among peers, with a decrease of 2.47 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.78 yuan, down 0.41 yuan from the same period last year, reflecting a year-on-year decline of 34.45% [3] - The total asset turnover ratio is 0.26 times, ranking 26th among peers [3] - The inventory turnover ratio is 2.76 times, ranking 24th among peers [3] Shareholder Structure - The number of shareholders is 11,900, with the top ten shareholders holding 82.99 million shares, accounting for 75.52% of the total share capital [3] - The top shareholders include Li Wenhua (31.2%), Luo Shaochun (17.00%), and Kangnaite (Shenzhen) Industrial Investment Partnership (11.3%) [3] Research and Development - The total R&D investment is 64.36 million yuan, ranking 15th among disclosed peers, with a decrease of 7.98 million yuan year-on-year, down 11.03% [3] - The latest R&D investment ratio is 12.05%, a decrease of 2.81 percentage points from the same period last year [3]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 添加文末微信，加 先进封装 群 2025势银异质异构集成封装产业大会 将于 4月29日 在浙江宁波 · 甬江实验室举办。 会议议程 ⊙ 09:00 - 12:00 专题论坛： 异构集成研究中心成立仪式 09:00 09:10 相关领导 主办方、联合主办方致辞 09:10 09:20 相关领导 混合键合在异构集成先进封装中的应用 09:20 钟飞 主任助理、信息材料与微纳器件制备 09:40 平台负责人 爵江实验室 Chiplet EDA全流程:设计空间探索,物 理实现及多物理验证 09:40 吴晨 项目总监 10:00 芯粒CAD和制造浙江省工程研究中心/深圳 市比昂芯科技有限公司 聚焦2.5D/3D先进封装EDA平台,探索后 10:00 端全流程设计、仿真与验证协同创新模式 10:20 赵毅 创始人兼首席科学家 珠海硅芯科技有限公司 空部 10:20 1 ...

维峰电子（广东）股份有限公司 2024 年度会计师事务所履职情况评估报告 维峰电子（广东）股份有限公司（以下简称"公司"）聘请立信会计师事务所 （特殊普通合伙）（以下简称"立信"）作为公司 2024 年度财务报告及内部控制审 计机构。根据财政部及中国证券监督管理委员会颁布的《国有企业、上市公司选 聘会计师事务所管理办法》要求，公司对立信在 2024 年度审计中的履职情况进 行了评估，具体情况如下： 一、2024 年年审会计师事务所基本情况 （一）基本信息 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 名，签署过证券服务业务审计报告的注册会计师 743 名。 （三）业务规模 立信 2024 年业务收入（未经审计）50.01 亿元，其中审计业务收入 35.16 亿 元，证券业务收入 17.65 亿元。 2024 年度，立信为 693 家上市公司提供年报审计服务，涉及的主要行业： 制造业、信息传输、软件和信息技术服务业、科学研究和技术服务业、批发和零 售业、建筑业、采矿业、房地产业、交通运输、仓储和邮政业、水利、环境和公 共设施管理业。审计收费 8.54 ...

法定代表人： 李文化 主管会计工作的负责人： 戴喜燕 会计机构负责人：戴喜燕 1 维峰电子（广东）股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：维峰电子（广东）股份有限公司 单位：元 | 非经营性 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2024 年期初占 | 2024 年占用累计发 生金额（不含利 | 2024 年占用 资金的利息 | 2024 年偿还累计 | 2024 年 12 | 月 31 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资金占用 | | 司的关联关系 | 的会计科目 | 用资金余额 | 息） | （如有） | 发生金额 | 日占用资金余额 | | | | | 控股股东、实际控制人及附属企业 | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | 前控股股东、实际控制人及附属企业 | | | | | | | | | | | | | 小计 ...

维峰电子（广东）股份有限公司 未来三年（2025—2027 年）股东分红回报规划 为了进一步完善维峰电子（广东）股份有限公司（以下简称"公司"）的利润 分配政策，建立对投资者持续、稳定、科学的回报机制，保持公司利润分配政策 的透明度、连续性和稳定性，积极回报投资者，引导投资者树立长期投资和理性 投资理念，公司董事会根据《关于进一步落实上市公司现金分红有关事项的通知》 《上市公司监管指引第 3 号——上市公司现金分红》及《维峰电子（广东）股份 有限公司公司章程》（以下简称《公司章程》）的有关规定，结合公司的实际经 营情况及未来发展需要，特制定公司《未来三年（2025—2027 年）股东分红回报 规划》（以下简称"本规划"）。2025 年 4 月 25 日，公司召开了第二届董事会第 十六次会议及第二届监事会第十二次会议，审议通过了《关于制定〈公司未来三 年（2025—2027 年）股东分红回报规划〉的议案》，该议案尚需公司股东大会审 议通过，现将具体内容公告如下： 一、本规划制定的考虑因素 1、公司现金分红的具体条件 公司实施现金分红应同时满足以下条件： （1）公司该年度或半年度实现的可分配利润（即公司弥补亏损、 ...

1 目录 | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 02 | | 走进维峰电子 | 03 | | 数说 2024 | 03 | | 公司简介 | 05 | | 产业布局 | 07 | | 企业文化 | 08 | | 企业荣誉 | 08 | | 股权架构 | 08 | | 发展历程 | 09 | | 可持续发展治理 | 10 | | 可持续发展治理目标 | 10 | | 可持续发展治理架构 | 11 | | 利益相关方沟通 | 12 | | | 夯实治理之基 | | --- | --- | | 规范公司治理 推进稳健经营 | 16 | | 加强投关管理 保护股东权益 | 18 | | 强化合规管理 坚守商业底线 | 19 | | 重视数据安全 严防隐私泄露 | 22 | | 创新升级， | | | --- | --- | | 稳固价值链条 | | | 聚焦创新驱动 共促产业发展 | 36 | | 加强质量立身 铸就优质品牌 | 40 | | 深化采购管理 推进提韧保供 | 45 | | 低碳运营， | | | --- | --- | | | 共建绿色家园 | | 应对气候变化 ...