Core Insights - Xinning Electric reported a decrease in the number of shareholders to 11,351 as of November 20, down by 1,172 from the previous period, representing a decline of 9.36% [2] - The closing price of Xinning Electric was 30.03 yuan, reflecting an increase of 4.71%, although the stock has cumulatively decreased by 12.96% since the concentration of shares began [2] - The latest margin trading data shows a total margin balance of 57.3738 million yuan as of November 21, with a reduction of 23.9347 million yuan, or 29.44%, since the concentration of shares began [2] - For the first three quarters, the company achieved a revenue of 353 million yuan, marking a year-on-year growth of 6.61%, and a net profit of 17.8551 million yuan, which is a year-on-year increase of 67.87% [2] Financial Performance - Revenue for the first three quarters reached 353 million yuan, up 6.61% year-on-year [2] - Net profit for the same period was 17.8551 million yuan, reflecting a significant year-on-year increase of 67.87% [2] - Basic earnings per share were reported at 0.1700 yuan, with a weighted average return on equity of 1.83% [2]

Core Viewpoint - Xinning Electric experienced a stock price increase of 5.13%, reaching 30.15 CNY per share, with a total market capitalization of 3.089 billion CNY as of November 24 [1] Group 1: Company Overview - Xinning Electric Co., Ltd. is located in the Leqing Economic Development Zone, Zhejiang Province, and was established on March 31, 1999, with its listing date on November 9, 2022 [1] - The company's main business involves the research, development, production, and sales of low-voltage electrical products, with revenue composition as follows: relays 68.37%, distribution control 29.75%, and others 1.88% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Xinning Electric, Huatai-PB Fund's Huatai-PB CSI 2000 Index Enhanced A (019923) entered the list in the third quarter, holding 132,100 shares, which is 0.48% of the circulating shares [2] - The fund has achieved a year-to-date return of 40.9%, ranking 499 out of 4209 in its category, and a one-year return of 42.57%, ranking 299 out of 3982 [2] Group 3: Fund Manager Performance - The fund managers of Huatai-PB CSI 2000 Index Enhanced A include Sheng Hao, Lei Wenyuan, and Kong Lingye, with Sheng Hao having a tenure of 10 years and 46 days, managing assets totaling 4.417 billion CNY, and achieving a best return of 119.7% during his tenure [3] - Lei Wenyuan and Kong Lingye both have a tenure of 3 years and 113 days, managing assets of 2.345 billion CNY and 2.334 billion CNY respectively, with both achieving a best return of 64.47% during their tenure [3]

Core Viewpoint - The semiconductor supply chain is undergoing significant consolidation, with multiple A-share companies actively pursuing acquisitions to enhance their market positions and adapt to evolving industry dynamics [1][4]. Industry Trends - The electronic components distribution sector is experiencing increased merger and acquisition activity, reflecting growth momentum and a trend towards greater market concentration within the global electronics supply chain [1][3]. - Approximately 44% of electronic components are procured directly by downstream manufacturers from original manufacturers, while 56% rely on distribution channels, indicating the critical role of distributors in the supply chain [2][3]. Market Concentration - The revenue share of the top four distributors is projected to be 53.91% of the total revenue of the top 50 distributors in 2024, a slight decrease from 56.72% in 2023, indicating a trend of increasing concentration in the industry [3]. - Chinese distributors are rapidly emerging, with companies like Zhongdian Port and Yachuang Electronics making significant market strides, as evidenced by Zhongdian Port's revenue reaching 486.39 billion in 2024 [3][4]. Diversification Strategies - Distributors are diversifying their operations by extending their services upstream to original manufacturers and downstream to foundries, as well as venturing into semiconductor R&D and smart manufacturing [5][6]. - Companies like Arrow Electronics and WPG have engaged in numerous acquisitions to enhance their market presence and service offerings [4][5]. Digital Transformation - The semiconductor industry is witnessing a shift towards direct sales and optimized distribution channels, driven by the increasing adoption of digital procurement by semiconductor manufacturers [7]. - Distributors are required to enhance their service capabilities, particularly in supply chain management and technical support, to adapt to the changing market landscape [7]. Long-term Outlook - The rapid development of the domestic electronics industry presents significant opportunities for the electronic components distribution sector, with emerging technologies like 5G and AI driving demand for electronic components [8]. - Chinese distributors are encouraged to innovate and expand their international presence through overseas acquisitions, thereby integrating into the global market [8].

欣灵电气 法律意见书 江 苏 世 纪 同 仁 律 师 事 务 所 关 于 欣 灵 电 气 股 份 有 限 公 司 2025 年 第 二 次 临 时 股 东 会 的 法 律 意 见 书 南 京 市 建 邺 区 贤 坤 路 江 岛 智 立 方 C 座 4 层 邮 编 ： 2 1 0 0 1 9 电 话 ： + 8 6 2 5 - 8 3 3 0 4 4 8 0 传 真 ： + 8 6 2 5 - 8 3 3 2 9 3 3 5 欣灵电气 法律意见书 江苏世纪同仁律师事务所 关于欣灵电气股份有限公司 2025 年第二次临时股东会的法律意见书 致：欣灵电气股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证监会《上 市公司股东会规则》等法律、法规和规范性文件以及《欣灵电气股份有限公司章 程》（以下简称《公司章程》）的规定，本所受贵公司董事会的委托，指派本所 律师出席贵公司 2025 年第二次临时股东会，并就本次股东会的召集、召开程序、 出席会议人员资格、召集人资格、表决程序以及表决结果的合法有效性等事项出 具法律意见。 为出具本法律意见书，本所律师对本次股东会所涉及的有关事项进行了审查， 查阅了 ...

证券代码：301388 证券简称：欣灵电气 公告编号：2025-046 欣灵电气股份有限公司 2025年第二次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 （六）会议召开的合法、合规性：本次会议的召集、召开符合《公司法》《上市公 司股东会规则》《深圳证券交易所创业板股票上市规则》等有关法律、行政法规、部门 规章、规范性文件和《公司章程》的有关规定。 （七）会议的出席情况： 1、股东出席的总体情况 一、会议召开和出席情况 （一）会议召开时间： 1、现场会议时间：2025年11月13日（星期四）15:30 2、网络投票时间：通过深圳证券交易所交易系统投票的具体时间为：2025年11月13 日9:15-9:25、9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体 时间为：2025年11月13日9:15至15:00期间的任意时间。 （二）现场会议召开地点：浙江省乐清经济开发区浦南五路55号欣灵电气股份有限 公司 ...

Summary of Key Points Core Viewpoint - On November 12, a total of 46 stocks were involved with institutional investors, with 17 stocks showing net buying and 29 stocks showing net selling. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Aerospace Intelligent Equipment: Net buying amount of 175 million CNY, with a price increase of 16.57% [1][2] - Huayu Mining: Net buying amount of 96.63 million CNY, with a price increase of 8.65% [1][2] - Jianfa Zhixin: Net buying amount of 81.76 million CNY, with a price increase of 14.64% [1][2] Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - *ST Songfa: Net selling amount of 142.24 million CNY [1][3] - Yunhan Xincheng: Net selling amount of 12.7 million CNY [1][3] - Zhongsheng Pharmaceutical: Net selling amount of 9.902 million CNY [1][3]

Group 1 - Yinghuate will distribute a cash dividend of 0.8 yuan (including tax) for every 10 shares, with the record date on November 13, 2025, and the ex-dividend date on November 14, 2025 [1] - Maihe will distribute a cash dividend of 0.7 yuan (including tax) for every 10 shares, with the record date on November 12, 2025, and the ex-dividend date on November 13, 2025 [1] - Yueda Investment will distribute a cash dividend of 0.03 yuan (including tax) per share, with the record date on November 12, 2025, and the ex-dividend date on November 13, 2025 [1] Group 2 - Huabao will distribute a cash dividend of 0.5 yuan (including tax) for every 10 shares, with the record date on November 12, 2025, and the ex-dividend date on November 13, 2025 [2]

Core Viewpoint - Xinling Electric reported that as of October 31, 2025, the number of registered shareholders in China Securities Depository and Clearing Co., Ltd. is 12,066 [1] Summary by Categories - **Shareholder Information** - The company has a total of 12,066 registered shareholders, which includes both ordinary accounts and margin trading credit accounts [1]

Company Overview - Xining Electric was established on March 31, 1999, and was listed on the Shenzhen Stock Exchange on November 9, 2022. The company is located in Zhejiang Province and specializes in low-voltage electrical products, possessing differentiated advantages in technology research and development [1] Financial Performance - For Q3 2025, Xining Electric reported revenue of 353 million yuan, ranking 22nd among 26 companies in the industry. The top company, Chint Electric, achieved revenue of 46.396 billion yuan, while the industry average was 3.727 billion yuan [2] - The net profit for the same period was 19.6511 million yuan, placing the company 21st in the industry. Chint Electric led with a net profit of 5.656 billion yuan, and the industry average was 362 million yuan [2] Financial Ratios - As of Q3 2025, Xining Electric's debt-to-asset ratio was 18.28%, up from 16.01% the previous year, which is significantly lower than the industry average of 40.49%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 22.31%, an increase from 19.92% year-on-year, but slightly below the industry average of 23.98% [3] Executive Compensation - The chairman, Hu Zhixing, received a salary of 385,500 yuan in 2024, an increase of 37,900 yuan from 2023. The general manager, Zhang Pengchun, also earned 385,500 yuan, which is an increase of 101,100 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.40% to 11,500, while the average number of circulating A-shares held per shareholder increased by 0.40% to 2,376.35 [5]

Summary of Key Points Core Viewpoint - On October 28, a total of 35 stocks were involved with institutional investors, with 16 stocks showing net buying and 19 stocks showing net selling. Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Jingwang Electronics: Net buying amount of 322.31 million yuan, with a price increase of 10.00% [1][2] - Hengbao Co., Ltd.: Net buying amount of 192.52 million yuan, with a price increase of 3.53% [1][2] - Yunhan Chip City: Net buying amount of 146.44 million yuan, with a price decrease of 7.29% [1][2] Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - Shengyi Electronics: Net selling amount of 392.35 million yuan, with a price decrease of 8.54% [1][4] - Founder Technology: Net selling amount of 188.58 million yuan, with a price increase of 10.01% [1][3] - Zhongtung High-tech: Net selling amount of 104.60 million yuan, with a price increase of 10.02% [1][3]