格隆汇1月29日丨洪田股份（维权）(603800.SH)公布，经财务部门初步测算，预计2025年年度实现归属 于母公司所有者的净利润1,150万元到1,725万元，与上年同期（法定披露数据）相比，将减少10,549.01 万元到9,974.01万元，同比减少90.17%到85.26%。预计2025年年度实现归属于母公司所有者的扣除非经 常性损益的净利润-410万元到-205万元，与上年同期（法定披露数据）相比，将减少8,182.70万元到 7,977.70万元，同比减少105.27%到102.64%。 2025年以来，尽管电解铜箔行业景气度回升，下游电解铜箔厂商在经历了阶段性调整后重启扩产，但作 为锂电铜箔行业的上游，公司所在的设备行业复苏时间存在一定的滞后性。报告期内，公司控股子公司 洪田科技部分设备订单仍处于生产、交付或安装调试阶段，未能于本会计年度内完成最终验收并确认收 入，导致公司净利润同比出现下滑。 ...

Summary of Hongtian Co., Ltd. Conference Call Company and Industry Overview - **Company**: Hongtian Co., Ltd. (鸿天股份) - **Industry**: High-end optical and aerospace sectors, including semiconductor equipment and commercial space applications Key Points and Arguments 1. **Acquisition of Sichuan Zhizhen Optics**: Hongtian successfully completed the acquisition of Sichuan Zhizhen Optics, overcoming challenges related to shareholder rights and complex state-owned shareholder processes, which lays a foundation for future collaborations and aligns with the company's strategic layout in the high-end optical field [2][3] 2. **Sichuan Zhizhen's Role in Semiconductor**: Sichuan Zhizhen is a core supplier for Huawei's new subsidiary, having delivered 14nm lithography products and actively developing 7nm and 5nm products, while also engaging in high-end optical applications like the Starlink project and laser communication [2][4] 3. **Commercial Space Orders**: Sichuan Zhizhen has secured commercial space orders worth tens of millions for 2025, with significant negotiations ongoing, indicating a substantial increase in future orders, primarily competing against state-owned enterprises and a few technologically advanced firms [2][10] 4. **Technological Capabilities**: Hongtian possesses high-precision product capabilities in the aerospace sector, having established long-term collaborations with research institutions, which makes it difficult for competitors to replace them due to the rigorous validation processes [2][8] 5. **Expansion in Commercial Space**: The company has delivered multiple products to leading domestic research institutions in the commercial space sector, with successful feedback on laser communication components and terminals, and anticipates a significant expansion period in 2026 [6][12] 6. **Unit Value of Products**: The unit value for space cameras varies based on precision requirements, ranging from hundreds of thousands to millions, while laser communication devices also have a unit value around the million mark [7] 7. **Competitive Landscape**: The domestic competition in space cameras and laser communication is primarily among state-owned enterprises and a few with strong technical capabilities, such as Zhizhen, which has unique advantages in large-diameter off-axis aspheric optical components [11] 8. **Future Order Growth Expectations**: Hongtian expects exponential growth in commercial space and satellite orders in 2026, driven by increasing customer demand and the national satellite launch schedule [12] 9. **Recent Developments in Copper Foil Equipment**: The HVLP copper foil equipment has seen good shipment performance, with negotiations for surface treatment machine modifications exceeding previous year's totals, potentially leading to several hundred million in new orders [4][13][14] 10. **Shareholder Incentive Plans**: The subsidiary's stock incentive plan is expected to be completed next month, with a financing amount of several tens of millions already determined to ensure effective incentives [18] 11. **Regulatory Progress**: Hongtian is nearing the conclusion of its regulatory proceedings, with ongoing communication with regulatory bodies, although specific timelines remain uncertain [16] 12. **Impact of Regulatory Issues on Collaborations**: The regulatory issues and collaborations with Sichuan core companies are independent events, and the company is working to increase its shareholding in Sichuan Zhizhen while managing public sentiment [17] Additional Important Information - **Control Over Core Companies**: Hongtian holds nearly 68% of the core target company, achieving absolute control and decisive influence over major decisions [20] - **Order Targets for 2026**: The order target for 2026 is set at nearly 100 million, contingent on the delivery and acceptance of orders [19]

涉嫌未按规定披露关联交易。 陷入关联交易疑云，相关高管均被证监会立案调查的洪田股份（603800.SH）和诺德股份 （600110.SH），4月28日开盘即双双跌停，跌停价分别为24.56元/股、3.16元/股。截至收盘，两家公司 也未打开跌停板。 其中，洪田股份总市值为51亿元，诺德股份总市值为55亿元。截至3月31日，两家公司的股东总户数合 计为14.27万户。 查不清楚的关联交易 不仅如此，洪田股份于2024年发生的一笔关联交易也暴露了该公司存在的信披问题。 2024年5月7日，洪田股份与苏州陆海控股有限公司（下称"陆海控股"）签署协议，将位于上海市闵行区 新龙路的一处办公用房以总价484.6万元（含税）的价格出售给陆海控股，并于当日完成交割。 值得注意的是，陆海控股的实际控制人为舒志高的直系亲属，为此，这笔交易构成了关联关系。 但这笔关联交易，直到将近一年后的2024年年报才补充披露出来。洪田股份在《关于补充确认关联交易 的公告》中表示，本次交易的目的为盘活公司闲置资产，提高公司资金使用效率。不存在损害公司和股 东利益的情形，不会对公司主要业务的独立性造成影响。但并未提及此前一直未确认该关联交易的原 ...