Core Viewpoint - Southeast Electronics has experienced a decline in stock price recently, despite a significant increase in stock price year-to-date, indicating potential volatility in the market [1] Company Overview - Southeast Electronics, established on August 25, 1995, is located in Leqing Economic Development Zone, Zhejiang Province, and was listed on November 9, 2022 [1] - The company specializes in the design, research and development, production, and sales of micro switches [1] - Revenue composition includes: 67.75% from home appliance micro switches and components, 13.99% from other products, 6.57% from power tool micro switches, 6.35% from automotive micro switches and components, and 5.34% from smart low-voltage micro switches [1] Stock Performance - As of August 29, the stock price of Southeast Electronics is 21.35 CNY per share, with a market capitalization of 2.566 billion CNY [1] - Year-to-date stock price increase is 36.61%, with a recent decline of 5.53% over the last five trading days and a slight decrease of 0.05% over the last 20 days [1] - The stock has increased by 10.68% over the last 60 days [1] Financial Performance - For the first half of 2025, the company achieved a revenue of 155 million CNY, representing a year-on-year growth of 3.87% [1] - The net profit attributable to shareholders was 21.59 million CNY, showing a year-on-year decrease of 3.60% [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 16.24% to 8,217, with an average of 4,364 circulating shares per person, up by 18.17% [1] - The company has distributed a total of 107 million CNY in dividends since its A-share listing [2] - Notable institutional shareholders include Dazhong Zhongzheng 360 Internet + Index A and Nuoan Multi-Strategy Mixed A, with changes in their holdings noted [2]

Group 1 - Southeast Electronics experienced a decline of 5.12% on August 28, with a stock price of 20.58 CNY per share, a trading volume of 63.13 million CNY, a turnover rate of 8.19%, and a total market capitalization of 2.473 billion CNY [1] - The company, established on August 25, 1995, is located in the Yejing Economic Development Zone, Zhejiang Province, and specializes in the design, research and development, production, and sales of micro switches [1] - The revenue composition of Southeast Electronics includes 67.75% from household appliance micro switches and components, 13.99% from other sources, 6.57% from power tool micro switches, 6.35% from automotive micro switches and components, and 5.34% from smart low-voltage micro switches [1] Group 2 - Among the top ten circulating shareholders of Southeast Electronics, one fund under Huaxia Fund holds shares, specifically the Huaxia CSI 500 Index Enhanced A (007994), which reduced its holdings by 237,900 shares in the second quarter, now holding 294,700 shares, representing 0.82% of circulating shares [2] - The estimated floating loss for Huaxia CSI 500 Index Enhanced A today is approximately 327,100 CNY [2] - The fund was established on March 25, 2020, with a latest scale of 3.135 billion CNY, achieving a year-to-date return of 19.55% and a one-year return of 47.38% [2]

Core Viewpoint - Southeast Electronics (301359) reported mixed financial results for the first half of 2025, with a slight increase in total revenue but a decline in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 155 million yuan, a year-on-year increase of 3.87% [1] - Net profit attributable to shareholders was 21.59 million yuan, down 3.6% year-on-year [1] - In Q2 2025, total revenue was 85.16 million yuan, a decrease of 4.3% year-on-year, while net profit was 10.51 million yuan, down 14.2% [1] - Gross margin improved to 30.7%, an increase of 9.11% year-on-year, while net margin decreased to 13.92%, down 7.19% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 14.55 million yuan, representing 9.38% of revenue, a significant increase of 125.03% year-on-year [1] - Earnings per share decreased to 0.18 yuan, down 30.77% year-on-year, while operating cash flow per share increased to 0.15 yuan, up 21.92% [1] Balance Sheet and Cash Flow Summary - Accounts receivable increased to 108 million yuan, a rise of 5.1% year-on-year, with accounts receivable to net profit ratio reaching 235.84% [1][3] - Cash and cash equivalents decreased to 241 million yuan, down 12.34% year-on-year [1] - The company experienced a significant increase in financial expenses by 90.45%, attributed to reduced interest income [1] - Net cash flow from operating activities increased by 70.69% due to higher cash received from sales [2] - Net cash flow from investing activities rose by 85.33% due to the maturity of bank wealth management products [2] - The net increase in cash and cash equivalents was up 76.82%, also due to the maturity of bank wealth management products [2] Investment and Return Metrics - The company's return on invested capital (ROIC) was 4.31%, indicating weak capital returns, while the net profit margin was 14.43%, suggesting high value addition in products or services [2] - Historical data shows a median ROIC of 17.8% since the company went public, with the worst year being 2023 at 3.24% [2]

Market Overview - On August 27, the other electronic sector declined by 1.23%, with Southeast Electronics leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the electronic sector included: - Igor (002922) with a closing price of 22.48, up 7.71% and a trading volume of 616,900 shares, totaling 1.376 billion yuan [1] - Xuguang Electronics (600353) closed at 17.50, up 7.69% with a trading volume of 1,043,300 shares [1] - Ruikeda (688800) closed at 72.74, up 3.77% with a trading volume of 203,200 shares [1] - Conversely, Southeast Electronics (301359) saw a significant decline, closing at 21.69, down 5.28% with a trading volume of 40,000 shares [2] - Other notable decliners included: - Yuanwanggu (002161) down 4.99% to 8.00 [2] - Yingtang Zhikong (300131) down 4.60% to 9.13 [2] Capital Flow - The other electronic sector experienced a net outflow of 730 million yuan from institutional investors, while retail investors saw a net inflow of 908 million yuan [2]

Company Overview - Dongnan Electronics Co., Ltd. is located in Leqing Economic Development Zone, Zhejiang Province, and was established on August 25, 1995. The company went public on November 9, 2022. Its main business involves the design, research and development, production, and sales of micro switches [1]. Business Composition - The revenue composition of Dongnan Electronics is as follows: 67.75% from household appliance micro switches and components, 13.99% from other products, 6.57% from power tool micro switches, 6.35% from automotive micro switches and components, and 5.34% from smart low-voltage micro switches [1]. Stock Performance - On August 27, Dongnan Electronics' stock fell by 5.02%, closing at 21.75 CNY per share, with a trading volume of 79.16 million CNY and a turnover rate of 9.89%. The total market capitalization is 2.614 billion CNY [1]. Major Shareholders - Among the top ten circulating shareholders of Dongnan Electronics, a fund under Dacheng Fund holds a significant position. The Dacheng CSI 360 Internet + Index A fund (002236) increased its holdings by 58,100 shares in the first quarter, bringing its total to 576,300 shares, which accounts for 2.21% of the circulating shares [2]. Fund Performance - The Dacheng CSI 360 Internet + Index A fund, managed by Xia Gao, has a total asset size of 669.8 million CNY. Year-to-date, it has achieved a return of 37.4%, ranking 607 out of 4,222 in its category. Over the past year, the return is 92.9%, ranking 313 out of 3,766. Since its inception, the fund has returned 224.05% [2][3].

Group 1 - The board of directors of Southeast Electronics held its second meeting of the fourth session on August 25, 2025, with all 9 directors present, including independent director Chang Xiaodong attending via telecommunication [1] - The board approved the proposal regarding the "2025 Half-Year Report" and its summary, confirming that the report accurately reflects the company's operational status for the first half of 2025 and complies with relevant regulations [2] - The board also approved the "Special Report on the Storage, Management, and Use of Raised Funds for the First Half of 2025," affirming that the report accurately reflects the management of raised funds without any misdirection or harm to shareholder interests [2][3] Group 2 - The voting results for both proposals were unanimous, with 9 votes in favor, 0 against, and 0 abstentions [2][3] - The company ensures that the procedures for report preparation and review comply with legal and regulatory requirements [2] - The detailed reports are available on the company's official disclosure platform [2]

Group 1 - The company Southeast Electronics announced that its fourth board of directors held its second meeting on August 26, where it reviewed and approved the proposal regarding the agenda [2]

Group 1 - The company reported a revenue of 155,075,164.30 yuan for the first half of 2025, representing a year-on-year increase of 3.87% [1] - The net profit attributable to shareholders of the listed company was 21,588,599.00 yuan, showing a year-on-year decrease of 3.60% [1]

Core Insights - Southeast Electronics (301359.SZ) reported a revenue of 155 million yuan for the first half of 2025, representing a year-on-year increase of 3.87% [1] - The net profit attributable to shareholders of the listed company was 21.59 million yuan, showing a year-on-year decrease of 3.60% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 19.60 million yuan, reflecting a year-on-year decline of 12.55% [1] - The basic earnings per share stood at 0.18 yuan [1]

| | | | | 2025年半年度 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 續制单位:东南电子股份有限公司 | | | | | | | | | | 单位:人民币万元 | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2025年期初 | 2025年半年3月 出租 : 大 : | 2025年年 度占用资金 | 2025年半年度 偿还累计发生 | 2025年半年度 期末占用资金 | 占用形成原因 | 占用性质 | | | | 司的关联关系 | 的会计科目 | 占用资金会领 | 金额 (不会划刷) | 的利息(如 有) | 会组 | + 87 | | | | 控股股东、实际控制人及其 | | | | | | | | | | 非经营性占用 | | 时属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | | - | - | | | | | | | - | | 前控股股东、实际控制人及 | | | | | | | | | | 非经 ...