股票简称：华丰科技 股票代码：688629 四川华丰科技股份有限公司 （四川省绵阳市经开区三江大道 118 号） 2025 年度向特定对象发行 A 股股票 募集说明书 （申报稿） 保荐人（主承销商） 声 明 本公司及全体董事、监事、高级管理人员承诺本募集说明书不存在任何虚假 记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相应的法律 责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 （新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室） 二〇二五年十月 四川华丰科技股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 公司的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，本次证券依法发行后，公司经营与收益的变化，由 公司自行负责。 投资者自主判断公司的投资价值，自主作出投资决策，自行承担证券依法 ...

四川华丰科技股份有限公司 审计报告 德皓审字[2025]00001136 号 Beijing Dehao International Certified Public Accountants (Limited Liability Partnership) （2024 年 1 月 1 日至 2024 年 12 月 31 日止） 四川华丰科技股份有限公司 | | 目 | 录 | 页 次 | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-6 | | 二、 | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | | | 合并利润表 | | 3 | | | 合并现金流量表 | | 4 | | | 合并股东权益变动表 | | 5-6 | | | 母公司资产负债表 | | 7-8 | | | 母公司利润表 | | 9 | | | 母公司现金流量表 | | 10 | | | 母公司股东权益变动表 | | 11-12 | | | 财务报表附注 | | 1-96 | 审计报告及财务报表 北 京 德 皓 国 际 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) 四川华 ...

申万宏源证券承销保荐有限责任公司 关于 四川华丰科技股份有限公司 2025 年度向特定对象发行 A 股股票 之 发行保荐书 保荐人（主承销商） 二〇二五年十月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"本 保荐人"）接受四川华丰科技股份有限公司（以下简称"发行人"、"公司"或"华 丰科技"）委托，担任其科创板向特定对象发行股票（以下简称"本次发行"）的 保荐人。 本保荐人及相关保荐代表人已根据《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》"）、《证券发行上市保 荐业务管理办法》、《上市公司证券发行注册管理办法》（以下简称"《注册管理办 法》"）、《保荐人尽职调查工作准则》等法律法规和中国证监会及上海证券交易所 的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则、行业执业规 范和道德准则出具发行保荐书，并保证所出具文件的真实性、准确性和完整性。 3-1-1 第一节 本次证券发行基本情况 一、本次具体负责推荐的保荐代表人 申万宏源证券承销保荐有限责任公司作为四川华丰科技股份有限公司向特 定对象发行 A 股股票的保荐人，指派具体负 ...

上海市锦天城律师事务所 关于四川华丰科技股份有限公司 2025 年度向特定对象发行 A 股股票的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 声明事项 1 | | | --- | --- | | 释 义 3 | | | 正 文 5 | | | 一、 本次发行的批准和授权 | 5 | | 二、 发行人本次发行的主体资格 | 6 | | 三、 发行人本次发行的实质条件 | 7 | | 四、 发行人的独立性 | 10 | | 五、 控股股东及实际控制人 | 12 | | 六、 发行人的股本及其演变 | 13 | | 七、 发行人的业务 | 13 | | 八、 关联交易及同业竞争 | 14 | | 九、 发行人的主要财产 | 26 | | 十、 发行人的重大债权债务 | 27 | | 十一、发行人的重大资产变化及收购兼并 | 28 | | 十二、发行人章程的制定与修改 | 28 | | 十三、发行人股东大会、董事会、监事会议事规则及规范运作 29 | | | 十四、发行人董事、监事和高级管 ...

申万宏源证券承销保荐有限责任公司 关于 四川华丰科技股份有限公司 2025年度向特定对象发行A股股票 之 上市保荐书 保荐人（主承销商） 二〇二五年十月 申万宏源证券承销保荐有限责任公司及其保荐代表人已根据《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》"）、《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》 （以下简称"《注册管理办法》"）、《上海证券交易所科创板股票上市规则》等法 律法规和中国证监会及上海证券交易所的有关规定，诚实守信，勤勉尽责，严格 按照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真 实、准确、完整。 现将有关情况报告如下： 3-2-1 （二）发行人的主营业务 公司是我国率先从事电连接器研制和生产的核心骨干企业及国家高新技术 企业，长期专注于光、电连接器及线缆组件的研发、生产与销售，并为客户提供 系统解决方案。 公司坚持以科技创新驱动高质量发展，以世界科技前沿、国家重大需求为导 向，持续开展关键核心技术攻关，目前已具备突破关键核心技术的基础和能力， 掌握具有自主知识产权的连接器核心技术，产品广泛应用于 ...

Summary of AI Industry Conference Call Industry Overview - The AI chip demand is surging, driving the development of the industry chain, with major players like Meta and Google accelerating their ASIC chip deployments and repeatedly raising their demand forecasts for 2026, particularly with Google's V7 chip set to fully adopt liquid cooling technology [1][2] Key Points and Arguments - **Liquid Cooling Technology**: - Liquid cooling has become a standard for AI giants, with Google planning to fully adopt it by 2026 and Meta already implementing it in their self-developed chips [1][3] - Infinet is collaborating with Google to develop a universal CDU suitable for various ASIC chips, indicating a trend towards silent liquid cooling in the future [1][4] - **High-Speed Optical Modules**: - The evolution towards 1.6T optical modules is evident, with Google's V7 chip primarily utilizing this technology, benefiting leading companies like Zhongji Xuchuang and Xinyi Sheng [1][5] - The demand for CW light sources is also increasing, positively impacting companies like Yuanjie Technology [1][5] - **OCS Switches**: - Google's OCS switches are expected to achieve over 50% growth next year, benefiting manufacturers like Dekoli and Guangku Technology, as well as component suppliers like Tengjing Technology and Juguang Technology [1][6] - **Competitive Advantages**: - Infinet stands out in the global AI industry chain due to its comprehensive solutions and delivery capabilities, having secured clients like Intel, Meta, Google, and OpenAI [1][7][8] - Zhongji Xuchuang and Xinyi Sheng are recognized as leaders in the high-speed optical module sector, while Yuanjie Technology is a key supplier in the CW light source market [1][8] Additional Insights - **Market Dynamics**: - The global AI industry chain is accelerating, particularly in overseas markets, with OpenAI collaborating with major chip companies like Broadcom, AMD, and NVIDIA, creating a significant siphoning effect [2] - The domestic AI computing card market is currently facing a supply shortage, but improvements are expected in 2026, with major domestic players like Alibaba, ByteDance, and Tencent likely to increase their AI investments significantly [11] - **Emerging Technologies**: - The supernode technology is anticipated to explode in 2026, presenting opportunities across various sectors, including chips, machine manufacturing, optical modules, liquid cooling, copper connections, and server power supplies [12][13] - **AIDC Sector Outlook**: - The AIDC sector, which includes data center construction and power systems, is expected to see improved bidding progress as domestic chip supply increases in 2026, benefiting companies in cooling, power supply, and data center management [14] - **Market Volatility**: - Short-term market fluctuations due to tariff disturbances are not expected to alter the long-term growth trajectory of the AI industry, with upcoming catalysts likely to positively impact the entire industry chain [15]

Investment Rating - The industry investment rating is "Maintain Overweight" [10] Core Viewpoints - The escalation of US-China trade tensions is expected to benefit domestic software, particularly in the foundational software sector, as the US imposes new tariffs and export controls on key software [2] - The introduction of the first policy document for large models in the government sector is expected to heat up the AI bidding market, with significant budgets allocated for various AI projects [3] - Major tech companies are accelerating their investments in embodied intelligence, indicating a global competition in robotics and AI applications [4] Summary by Sections Market Review - During the past week (October 6-12), the Shanghai Composite Index rose by 0.37%, while the ChiNext Index fell by 3.86%. The CSI 300 Index decreased by 0.51%, and the computer sector index (Shenwan) dropped by 1.83%, underperforming the Shanghai Composite by 2.20 percentage points and outperforming the ChiNext by 2.03 percentage points [1] Policy Developments - The Central Cyberspace Affairs Commission and the National Development and Reform Commission issued guidelines for the deployment and application of AI large models in government sectors, providing a framework for various applications [3] Industry Trends - The bidding market for AI large models in government is gaining momentum, with notable procurement announcements and significant budget allocations for projects in cities like Nanjing, Hangzhou, and Beijing [3] - Tech giants like Alibaba and companies like Sais and Volcano Engine are forming partnerships to advance embodied intelligence technologies, indicating a shift towards practical applications in the physical world [4] Investment Recommendations - Suggested companies to focus on include those in computing power such as Huafeng Technology, Shenling Environment, and Cambrian; in AIDC such as Kehua Data and Yunsai Zhili; and in AI applications like Kingsoft Office and iFlytek [10]

Core Insights - Huafeng Technology's stock price has increased by 172.11% year-to-date, with a recent decline of 8.15% over the last five trading days [1] - The company reported a significant revenue growth of 128.26% year-on-year, reaching 1.105 billion yuan in the first half of 2025, and a staggering net profit increase of 940.64% [2] - The company has a diverse product portfolio, with components accounting for 61.65% of revenue, connectors 29.83%, and system interconnection products 5.90% [2] Stock Performance - As of October 14, Huafeng Technology's stock was trading at 91.13 yuan per share, with a market capitalization of 42.01 billion yuan [1] - The stock has seen a trading volume of 1.68 billion yuan, with a turnover rate of 1.02% [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the latest appearance on September 18, where it recorded a net purchase of 203 million yuan [1] Shareholder Information - As of June 30, 2025, Huafeng Technology had 22,200 shareholders, a decrease of 1.83% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.84% to 8,171 shares [2] - Notable institutional shareholders include Guotai Asset Management and new entrants such as Guotai Ruijin Advanced Manufacturing Mixed Fund [3]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the continuous demand for computing power driven by advancements in AI, with significant developments from both domestic and international players [4][5] - The report emphasizes the emergence of various AI models and applications, showcasing the competitive landscape and innovation within the industry [5] - Investment suggestions include focusing on companies involved in computing power, AI data centers (AIDC), and AI applications [6] Summary by Sections Industry Overview - The report discusses the computer industry, particularly the ongoing growth in computing power demand due to AI advancements [1] Recent Developments - OpenAI launched Sora 2, a new video generation model, and announced a partnership with AMD for deploying 6 GW of GPU computing power [4] - Domestic AI models are proliferating, with notable releases from Alibaba, DeepSeek, Kuaishou, and Tencent, indicating a vibrant competitive environment [5] Investment Recommendations - Suggested companies for investment include: - Computing Power: Huafeng Technology, Shenling Environment, Cambrian, Haiguang Information, and Ambotong - AIDC: Kehua Data, Yunsai Zhili, Hongxin Electronics, Runjian Shares, Runze Technology, and Dataport - AI Applications: Kingsoft Office, iFlytek, Dingjie Smart, Hand Information, Zhuoyi Information, and Puyuan Information [6]

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [15]. Core Insights - The release of DeepSeek V3.2-Exp model is expected to drive the development of the domestic AI ecosystem, showcasing the synergy between domestic chips and large models, which leads to significant improvements in computational efficiency and cost reduction [5]. - The introduction of the DeepSeek Sparse Attention mechanism allows for a substantial enhancement in long text processing efficiency, overcoming traditional computational complexity limitations [5]. - The cost of AI applications is anticipated to decrease significantly, with the DeepSeek API prices reduced by over 50%, making advanced AI models more accessible to developers and businesses [5]. - Investment focus is recommended on domestic chip manufacturers like Cambricon and Hygon, as well as companies within the Huawei supply chain and various AI application firms [5]. Industry Basic Data - The computer industry comprises 337 listed companies with a total market capitalization of approximately 61,619.92 billion and a circulating market capitalization of about 55,710.57 billion [2]. Relative Index Performance - The absolute performance of the computer industry over the past 1 month, 6 months, and 12 months is -1.6%, 24.3%, and 72.1% respectively, while the relative performance is -4.3%, 6.3%, and 47.3% [3].