Core Viewpoint - The stock price of Huicheng Vacuum has increased over 200% this year, but the fourth largest shareholder, Nanshan Bridge, has reduced its holdings by nearly 1.29 million shares, exiting the 5% shareholder category [1][2]. Group 1: Shareholder Activity - Nanshan Bridge reduced its stake from 6.29% to 4.999994% by selling 128.78 million shares in a recent transaction [1][2]. - The average selling price for the shares was 163.14 yuan per share, allowing Nanshan Bridge to realize approximately 210 million yuan from the sale [2]. - Nanshan Bridge had previously announced a plan to reduce its holdings by up to 3% of the total shares, indicating ongoing divestment activities [2]. Group 2: Stock Performance - Huicheng Vacuum's stock price has risen from approximately 55 yuan at the beginning of the year to over 180 yuan by the end of July, marking a year-to-date increase of over 210% [1][4]. - The stock closed at 161.40 yuan on August 12, reflecting a significant increase from the opening price of 61.76 yuan on January 2, resulting in a 161% rise [4]. Group 3: Company Performance - Huicheng Vacuum, known for its vacuum coating equipment, has reported disappointing financial results post-IPO, with 2024 revenues of 520 million yuan and a net profit of approximately 68 million yuan, representing declines of 0.35% and 16.02% year-over-year, respectively [5]. - In the first quarter of this year, while revenue saw a substantial increase of 35.82%, the net profit experienced a decline of 17.76% [5].

2021年8月，由于汇成真空业绩对赌未完成，南山架桥获得了118.575万股股份作为补偿，对价仅为3 元。这使得南山架桥持有的汇成真空股份总数达到628.78万股。汇成真空于2024年6月上市，今年6月5 日，包括南山架桥在内的部分股东所持股份迎来限售解除，其中南山架桥解除限售数量为510.2万股。 汇成真空主营真空镀膜设备业务，主要客户包括苹果、富士康、比亚迪等知名企业。公司被称为"真空 镀膜设备第一股"和"果链细分行业第一股"。然而，上市后公司业绩表现并不理想，2024年实现营收5.2 亿元，归母净利润6800余万元，同比分别下降0.35%及16.02%。今年第一季度，营收同比增长35.82%， 但归母净利润仍下滑17.76%。 汇成真空股价在今年表现强劲，年内最高涨幅超过200%。然而，该公司第四大股东深圳南山架桥卓越 智能装备投资合伙企业近期实施了大规模减持操作。8月7日至8月11日期间，南山架桥通过大宗交易方 式累计减持128.78万股，持股比例从6.29%降至4.999994%，正式退出持股5%以上股东行列。 南山架桥此次减持行为源于其7月16日公布的减持计划。该计划显示，南山架桥拟在8月7日至1 ...

Core Viewpoint - The major shareholder of Huicheng Vacuum, Nanshan Bridge, has reduced its stake below 5%, selling 1.2878 million shares, which reflects a significant change in ownership dynamics following a substantial increase in the company's stock price this year [1][2]. Group 1: Shareholder Actions - Nanshan Bridge reduced its holdings from 6.29% to 4.999994%, no longer qualifying as a major shareholder [1][2]. - The average selling price for the shares sold by Nanshan Bridge was 163.14 yuan per share, resulting in a potential cash realization of approximately 210 million yuan [2]. - Nanshan Bridge's reduction in shares is part of a broader plan to sell up to 3% of the company's total shares, citing operational development needs [2]. Group 2: Company Performance - Huicheng Vacuum's stock price has seen a significant increase, rising over 210% from around 55 yuan per share at the beginning of the year to a peak of over 180 yuan in late July [1]. - The company reported a revenue of 520 million yuan and a net profit of approximately 68 million yuan for 2024, marking a year-on-year decline of 0.35% and 16.02%, respectively [5]. - Despite a strong revenue growth of 35.82% in the first quarter, the net profit saw a decline of 17.76% [5]. Group 3: Historical Context - Nanshan Bridge became a shareholder of Huicheng Vacuum in 2018, with an initial investment of 50 million yuan, which has since appreciated significantly [3]. - The company is recognized as a leading player in the vacuum coating equipment sector, serving major clients such as Apple and BYD [4].

Core Insights - The company reported a revenue of 1.374 billion yuan and a net profit of 117 million yuan for the fiscal year 2024, with a significant increase in net cash flow from operating activities by 476.77% to approximately 24.71 million yuan, indicating improved operational quality and growth capability [1] Group 1: Strategic Transformation and Governance - The company completed a rebranding in 2024, marking a new phase in its strategic transformation, focusing on internal management and risk prevention mechanisms [2] - The company divested from low-efficiency assets, successfully completing the divestiture of its oil drilling business, and concentrated resources on high-value-added sectors [2] - Investments in joint ventures and acquisitions, such as increasing stake in Suzhou Daniu New Energy Technology Co., Ltd. and establishing a new company with Anhui Ruisi Micro Intelligent Technology Co., Ltd., are aimed at strengthening core technology [2] Group 2: Technological Innovation and Growth - The company increased R&D spending to over 56 million yuan, accounting for 4.08% of revenue, and filed 28 new patent applications in 2024, driving innovation in emerging industries [3] - The launch of the world's first vacuum magnetron sputtering evaporation integrated machine, with complete independent intellectual property rights, signifies a breakthrough in key technologies [3] - The company's vacuum coating technology is expected to be widely applied in high-growth sectors such as composite electrolytes, semiconductor packaging, optical coating, and AI intelligent manufacturing [3] Group 3: Sales Performance and Market Expansion - The company achieved record new orders of 121 million yuan for its ultra-precision vacuum coating equipment, with significant contributions from its subsidiary Hongxing Vacuum [4] - The company successfully delivered its first high-end copper foil system to Israel, marking a substantial breakthrough in international market expansion [4] - The expected growth in the composite electrolyte market, projected to reach 30 billion yuan by 2025, positions the company to benefit significantly from increased demand for its vacuum coating equipment [5] Group 4: Shareholder Returns and Future Outlook - The company has implemented a share buyback program totaling over 83 million yuan and proposed a dividend distribution plan of 1 yuan per 10 shares, amounting to over 20 million yuan [6] - The company plans to maintain a cash dividend ratio of no less than 30% of distributable profits over the next three years [6] - The strategic focus for 2025 includes enhancing the high-end equipment platform strategy and expanding overseas market presence to improve global competitiveness [6]