多领域业务受关注，回应具体问题低毛利率与改善措施：通信制造行业竞争激烈，公司在精益管理等方 面有改进空间，目前正在制定系统性提高毛利率方案并强力推进，预计毛利率会有很好改善。股东股份 拍卖与取消：公司股东股权涉及的相关司法处置，请以法院发布的信息为准，公司将严格履行信息披露 义务。MIM技术与产品：公司研发围绕精密金属管制造等三大模块进行，报告期内重点研发金属注射 成形工艺，适用于高频通信场景。客户信息暂未披露，公司将视情况推进该产业。云塔电子投资：公司 拟投资总额不超过1亿元，交易完成后以期持有安徽云塔不超过20%股权，后续将视新项目运营情况决 策是否继续投资或并购，并及时履行信息披露义务。5G - A进展：公司作为行业引领者，新一代5G - A 系列新品已完成技术孵化并开始批量交付，具备更低功耗等技术优势，可满足市场新需求。军工业务： 公司拥有相关制造平台，正在向航天航空及军工领域开拓，军工业务处于相对早期阶段，营收已合并统 计，具体利润和后续进展将按信息披露规则适时公布。海外业务：海外客户包括通信等领域全球领先的 知名客户，2024年海外销售约5.47亿元，占营业收入比重约24%。未来公司将同步拓展国内 ...

大富科技（安徽）股份有限公司 | | □媒体采访 ■业绩说明会 | | --- | --- | | 投资者关 | □特定对象调研 □分析师会议 | | 系活动类 | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位 | | | 名称及人 | 线上参与公司 2025 年半年度业绩网上说明会的投资者 | | 员姓名 | | | 时间 | 2025 年 09 月 10 日 15:00-16:30 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司 | 董事长周学保先生、副董事长/总工程师童恩东先生、董事/总裁肖竞先生、独立董事周蕾 | | 接待人员 | 女士、财务总监郭淑雯女士、董事会秘书后杏萍女士 | | 姓名 | | | | 本次业绩说明会中投资者提出的主要问题及回复整理如下： | | | 公司管理层有没有业绩转亏为盈的信心？有什么举措？时间目标？ 1. | | | 答：尊敬的投资者您好，管理层对业绩转亏为盈具有充分的信心，并采取了一系列 | | | 举措以改善经营状况和提升盈利能力。具 ...

Group 1 - The number of newly registered private equity and venture capital fund managers in July 2025 surged by 77.8% compared to June, reaching four times the number in July 2024 [1] - A total of 552 financing events occurred in the domestic primary equity investment market, with a year-on-year growth of 5.1% and a month-on-month increase of 11.7%, disclosing a total financing amount of approximately 71.756 billion yuan, which is a 142.0% increase compared to July 2024 [1] - The average single financing amount reached nearly 130 million yuan, marking the highest point in nearly seven months [1] Group 2 - Xichuang Investment, a state-owned equity investment institution, manages over 240 billion yuan in capital and has invested nearly 90 billion yuan across more than 1,000 companies, focusing on strategic emerging industries such as biomedicine and advanced manufacturing [3] - The Jiangsu Wuxi Low-altitude Economy and Aerospace Industry Special Mother Fund has a registered capital of 2 billion yuan, focusing on low-altitude economy and commercial aerospace sectors [4] - Xichuang Investment disclosed six equity investment events during the reporting period, representing a 200% increase year-on-year, although there was a slight decrease of 25% compared to the previous month [4] Group 3 - Xichuang Investment's investment focus is primarily on early-stage investments, with over 66% of investments in angel and A-round financing [6] - Approximately two-thirds of the projects invested by Xichuang Investment are located in Wuxi, Jiangsu, while one-third are registered in Shanghai [8] - Particle Boundary Technology, a 3D graphics engine provider, completed a multi-million dollar B3 round financing led by Xichuang Investment, which had previously invested in the company during its A3 round [10]

Core Insights - The report highlights the current advantages of the Hong Kong stock market, including low valuations and increasing trading activity under the "profit-making effect," maintaining a relatively optimistic medium to long-term outlook [4] - In July, both A-shares and Hong Kong stocks recorded different gains ranging from 2% to 5%, with the healthcare sector performing the best, as evidenced by the 23% increase in the Wind Hang Seng Medical Health Index [4] - The report suggests continued focus on sectors such as artificial intelligence, robotics, semiconductors, and industrial software, as well as new consumption sectors supported by policy initiatives [4] Market Review - The Hang Seng Index closed at 23,831 points, down 145 points or 0.61%, while the Hang Seng Tech Index rose by 0.2% [2] - The market turnover decreased to 82.799 billion, with net inflows recorded in the Hong Kong Stock Connect totaling 484 million, indicating continued interest from mainland investors [2] - New consumption stocks showed a collective rebound, with notable increases in companies like Pop Mart (9992HK) and Lao Pu Gold (6181HK) [2] Company Performance - The report mentions that the company ZTE Corporation (0763HK) is a leading global telecommunications manufacturer, with a projected revenue of 121.299 billion in 2024, a slight decrease of 2.38% year-on-year [10] - Despite a small decline in revenue and net profit, ZTE maintains a high overall gross margin of 37.91% [10] - The company has shown significant growth in its government enterprise and consumer business segments, particularly in the computing power sector [10] Industry Insights - The report emphasizes the ongoing innovation and positive developments in the pharmaceutical sector, suggesting a focus on leading companies like Fosun Pharma (2196HK) and Shanghai Pharma (1093HK) [9] - The report also notes the impact of recent regulatory measures aimed at promoting the high-quality development of commercial health insurance, which could benefit the biopharmaceutical industry [9]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows from the Stock Connect totaling 484 million HKD [1][5] - The US stock market showed mixed results, with the S&P 500 index closing at 6,362 points, down 7 points or 0.1% [2] Industry Insights - The report highlights the current advantages of the Hong Kong stock market, including low valuations and increasing trading activity under the "profit-making effect," suggesting a positive medium to long-term outlook [3] - The report emphasizes the continued investment value in Hong Kong stocks, particularly in sectors such as artificial intelligence, robotics, semiconductors, and industrial software [3] - The healthcare sector, particularly innovative pharmaceuticals and traditional Chinese medicine, is also recommended for attention due to policy support [3] Company Performance - Notable declines were observed in the electric vehicle sector, with Li Auto dropping nearly 13% and BYD falling close to 6% [1] - In the healthcare sector, companies like 3SBio and Hengrui Medicine saw declines of nearly 5% and over 3%, respectively [1] - The report suggests focusing on companies like Giant Legend and DMG Entertainment, which are positioned well within the cultural industry, as they reported significant revenue growth [9]