兴瑞科技股份回购进展，董事会换届，海外产能布局持续推进

Core Viewpoint - Recent developments in Xingrui Technology, including share buybacks, board restructuring, and overseas capacity expansion, are noteworthy for investors [1] Group 1: Stock Buyback - As of January 31, 2026, Xingrui Technology has repurchased a total of 2.64 million shares, accounting for 0.89% of the total share capital, with a total expenditure of approximately 59.91 million yuan. The repurchase price ranged from 16.739 yuan to 24.349 yuan per share, aligning with the company's established plan [2] Group 2: Board Restructuring - On December 10, 2025, the company announced the results of its board restructuring election, forming a new board consisting of 11 members (7 non-independent directors and 4 independent directors) with a term of three years. Notably, Cao Jun was elected as the employee representative director, Chen Jiawei was appointed as the board secretary, and Zhang Ruiqi was named deputy general manager. This change aims to optimize the company's governance structure [3] Group 3: Project Advancement - The company is enhancing its presence in the Southeast Asian market, with plans to advance the acquisition of a production base in Thailand to improve local service capabilities. Additionally, the production base on Batam Island in Indonesia has achieved stable operations, and the Vietnam base resumed production in 2023 after being affected by the pandemic [4] Group 4: Convertible Bonds - The 462 million yuan convertible bonds issued in 2023 entered the conversion period in January 2024. As of January 31, 2026, the total share capital increased to 298 million shares due to the conversion, which may have a lasting impact on the share structure [5] Group 5: Financial Status - According to the Q3 2025 report, the company reported a revenue of 1.328 billion yuan for the first three quarters, a year-on-year decrease of 10.13%. The net profit attributable to shareholders was 119 million yuan, down 38.42% year-on-year. The high proportion of accounts receivable requires attention to future collection situations. The business structure shows that the automotive electronics segment accounts for 52.32% of total revenue, while smart terminals account for 26.26%. The company faces competitive pressures and cost challenges in the industry [6] Group 6: Fund Movements - As of February 2, 2026, the financing balance stood at 355 million yuan, representing 5.10% of the market capitalization, which is at the 90th percentile level over the past year. The margin balance was 337,500 yuan, also at a high level, indicating significant market funding divergence [7]