Group 1 - The company, Shaanxi Huada (301517.SZ), specializes in the research, production, and sales of electrical connectors and interconnection products [2] - Main products include RF coaxial connectors, low-frequency connectors, and RF coaxial cable assemblies, which are widely used in aerospace, weaponry, and communications sectors [2]

Core Viewpoint - Shaanxi Huada experienced a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [2]. Group 1: Financial Performance - As of June 30, 2025, Shaanxi Huada reported a revenue of 254 million yuan, a year-on-year decrease of 22.80% [2]. - The company recorded a net profit attributable to shareholders of -13.89 million yuan, reflecting a significant year-on-year decline of 156.20% [2]. Group 2: Shareholder and Market Activity - As of September 30, 2023, Shaanxi Huada's stock price increased by 0.90%, with a trading volume of 122 million yuan [1]. - The company had a total of 17,000 shareholders as of June 30, 2025, an increase of 27.99% from the previous period [2]. - The average number of circulating shares per shareholder was 3,498, which is a 9.38% increase compared to the last period [2]. Group 3: Financing and Margin Trading - On September 30, 2023, Shaanxi Huada had a financing balance of 207 million yuan, accounting for 8.21% of its market capitalization [1]. - The financing buy-in amount for the day was 14.07 million yuan, while the financing repayment was 22.30 million yuan, resulting in a net financing outflow of 8.23 million yuan [1]. - The company had no short selling activity on September 30, 2023, with a short selling balance of 0 shares [1]. Group 4: Business Overview - Shaanxi Huada, established on August 10, 2000, specializes in the research, production, and sales of electrical connectors and interconnection products [1]. - The revenue composition includes RF coaxial connectors (43.55%), low-frequency connectors (23.02%), RF coaxial cable assemblies (18.70%), and other products [1]. Group 5: Dividend and Institutional Holdings - Since its A-share listing, Shaanxi Huada has distributed a total of 22.36 million yuan in dividends [3]. - As of June 30, 2025, the second-largest circulating shareholder was Changcheng Jiujia Innovation Growth Mixed A, holding 1.4 million shares as a new shareholder [3].

Company Overview - Shaanxi Huada Technology Co., Ltd. is located in Xi'an, Shaanxi Province, and was established on August 10, 2000. The company was listed on October 17, 2023. Its main business involves the research, production, and sales of electrical connectors and interconnection products [1]. Business Revenue Composition - The revenue composition of Shaanxi Huada is as follows: RF coaxial connectors account for 43.55%, low-frequency connectors 23.02%, RF coaxial cable assemblies 18.70%, other products 10.89%, electroplating services 3.07%, and other business income (sales of raw materials) 0.77% [1]. Stock Performance - On September 4, Shaanxi Huada's stock fell by 5.04%, closing at 44.42 CNY per share, with a trading volume of 208 million CNY and a turnover rate of 7.69%. The total market capitalization is 6.718 billion CNY [1]. Major Shareholders - Among the top ten circulating shareholders of Shaanxi Huada, Changxin Fund's Changxin Jinli Trend Mixed A (519994) reduced its holdings by 200,000 shares in the second quarter, now holding 550,000 shares, which represents 0.92% of the circulating shares. The estimated floating loss today is approximately 1.298 million CNY [2]. Fund Manager Information - The fund manager of Changxin Jinli Trend Mixed A is Gao Yuan, who has been in the position for 8 years and 247 days. The total asset scale of the fund is 5.821 billion CNY, with the best fund return during his tenure being 54.05% and the worst being 4.54% [3].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 250 million yuan in the first half of 2025, a year-over-year decline of 22.8%, with a net profit attributable to shareholders of -14 million yuan, compared to 25 million yuan in the first half of 2024. The performance aligns with expectations [1]. - In the second quarter of 2025, the company saw a significant quarter-on-quarter revenue increase of 95.4%, reaching 170 million yuan, with a year-over-year growth of 14.7%. However, the net profit decreased by 68.8% year-over-year, but turned positive from a loss in the first quarter [1]. - The company is one of the earliest manufacturers of electrical connectors in China, with over fifty years of experience, and has established a stable customer base. It is actively optimizing its industrial structure and expanding into new business areas such as quantum technology, semiconductors, and data centers [4]. Summary by Sections Financial Performance - The company's gross margin for the first half of 2025 decreased by 2.8 percentage points to 35.2%, while the net margin fell by 12.5 percentage points to -4.8%. In the second quarter, the gross margin was 33.1%, down 10.2 percentage points year-over-year, and the net margin was 4.1%, down 6.6 percentage points [1]. - The company experienced a significant increase in research and development expenses, with the R&D expense ratio rising by 3.1 percentage points to 10.0% and total R&D expenses increasing by 12.2% to 25 million yuan [3]. Product Performance - In the first half of 2025, the revenue breakdown by product showed that the RF coaxial connectors generated 110 million yuan (44% of total revenue, down 20.6% year-over-year), low-frequency connectors 60 million yuan (23%, down 25.2%), RF coaxial cable assemblies 50 million yuan (19%, down 33.0%), and electroplating services 10 million yuan (3%, up 90.3%) [2]. Future Outlook - The company is expected to achieve net profits of 67 million yuan, 151 million yuan, and 223 million yuan for the years 2025, 2026, and 2027, respectively. The current stock price corresponds to price-to-earnings ratios of 117x, 52x, and 35x for the same years [4][5].

Group 1 - The company Shaanxi Huada plans to acquire 100% equity of Shaanxi Huajing Microelectronics through a share issuance, with the stock resuming trading on August 26 [2][4] - The acquisition aims to enhance the company's product offerings in high-reliability electronic components, including thick film hybrid integrated circuits and power modules [4][6] - The share issuance price is set at 34.75 yuan per share, which is 80% of the average trading price over the last 60 trading days [4][6] Group 2 - Shaanxi Huajing Microelectronics reported revenues of 241 million yuan and 175 million yuan for 2023 and 2024, respectively, with net profits of 40.55 million yuan and 20.76 million yuan [4] - The transaction is expected to create synergies in product categories, technology development, customer resources, and sales channels between Shaanxi Huada and Shaanxi Huajing [6][7] - The restructuring is part of a broader strategy by Shaanxi Electronic Information Group to optimize its industrial layout and support high-quality development of its listed companies [7]

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的 风险因，审慎作出投资决定。 陕西华达科技股份有限公司 Shaanxi Huada Science Technology Co.,Ltd. （陕西省西安市高新区普新二路 5 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 陕西华达科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册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 对发行人的盈利能力、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》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 ...

不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的 风险因，审慎作出投资决定。 陕西华达科技股份有限公司 Shaanxi Huada Science Technology Co.,Ltd. （陕西省西安市高新区普新二路 5 号） 首次公开发行股票并在创业板上市 招股意向书 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 保荐人（主承销商） 陕西华达科技股份有限公司 招股意向书 陕西华达科技股份有限公司 招股意向书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | --- | --- | --- | --- | --- | | 发行股数 | 本次发行股票数量为 2,700.67 | | | 万股，且占发行后总股本的比例 | | | 为 25%，本次发行不涉及股东公开发售 | | | | | 每股面值 | 人民币 1.00 元 | | | | | 每股发行价格 | 人民币【】元 | | | | | 预计发行 ...

不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的 风险因素，审慎作出投资决定。 陕西华达科技股份有限公司 Shaanxi Huada Science Technology Co.,Ltd. （陕西省西安市高新区普新二路 5 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行上市申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书全文作为作出投资决定的依据。 保荐人（主承销商） 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 陕西华达科技股份有限公司 招股说明书（注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册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 对发行人的盈利能力、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 ...