目 录 江阴华新精密科技股份有限公司章程 第一章 总则 第一条 为维护江阴华新精密科技股份有限公司（以下简称"公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，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》"）及其他相关法律、行政法规和规范性文件的规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定，由原有限责任公司整体变 更设立的股份有限公司，原有限公司的股东现为股份公司的发起人。公司在无锡 市行政审批局注册登记，取得企业法人营业执照（统一社会信用代码： 第三条 公司于【】年【】月【】日经中国证券监督管理委员会（以下简称 "中国证监会"）同意注册，首次向社会公众发行人民币普通股【】万股，于【】 年【】月【】日在上海证券交易所上市。 第四条 公司注册名称：（中文）江阴华新精密科技股份有限公司 （英文）Jiangyin Huaxin Precision Technology Corporation 第五条 公司住所：江阴市顾山镇新龚村云顾路 137 号（经营场所：顾山镇 新龚村云顾路 19 号），邮政编码：214413。 第六条 ...

持续投入产能建设，发力车规、服务器业 务 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 0.40、0.48、0.58 元（原 25-26 年预测分别 为 0.47/0.51 元，主要根据市场情况调整了收入和毛利率预测），根据可比公司 26 年 36 倍 PE 估值水平，对应目标价为 17.28 元，维持买入评级。 风险提示 ⚫ 扩产进度不及预期风险、下游需求不及预期风险、资产减值风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,017 | 3,150 | 3,756 | 4,306 | 4,974 | | 同比增长 (%) | -4.3% | 4.4% | 19.2% | 14.6% | 15.5% | | 营业利润(百万元) | 311 | 375 | 371 | 494 | 601 | | 同比增长 (%) | 23.2% | 20.7% | -0.9% | 33.1% | 21.6% | | 归属母公司 ...

Core Viewpoint - Fenghua High-Tech (000636) announced on August 26 that it plans to maintain a high capacity utilization rate for its main products in the first half of 2025 and is advancing the construction of new capacity for its main products, including MLCC, chip resistors, and inductors, to steadily release new capacity [1] Group 1 - The company aims to keep a high capacity utilization rate for its main products in the first half of 2025 [1] - The company is progressing with the construction of new capacity for MLCC, chip resistors, and inductors [1] - The company is focused on steadily releasing new capacity [1]

Group 1: Company Performance - In the first half of 2025, the company achieved record high sales and revenue in its main products, with automotive electronics sales increasing by 39%, communications by 22%, and industrial control by 21% [2] - The top ten customers' sales increased by 27%, and the new category of supercapacitors saw a sales growth of 138% year-on-year [2] - Emerging market segments such as AI computing, energy storage, and intelligent robotics experienced significant sales growth [2] Group 2: Production and Capacity Utilization - The company's production capacity utilization rate remained high in the first half of 2025, with ongoing construction of new capacities for MLCC, chip resistors, and inductors [3] - The company has made advancements in high-capacity product development, achieving a breakthrough of 220μF in extreme high-capacity MLCCs, meeting industry benchmark standards [3] Group 3: Research and Development - R&D expenses in the first half of 2025 totaled 124 million CNY, reflecting a year-on-year increase of 23.79% [4] - The company focused on key material breakthroughs for high-capacity and high-reliability MLCCs, successfully developing several core technologies [5] - Multiple high-end automotive and extreme high-capacity MLCC products have completed strategic customer certifications, enhancing the company's competitive edge [5] Group 4: Market Strategy and Pricing - The company will adjust pricing strategies based on market supply and demand, customer needs, and product structure to optimize overall gross margin [4] - The supercapacitor product line has been successfully applied in various fields, with a focus on expanding market share in robotics and intelligent control [5]

Financial Overview - The total assets of the company at the end of the reporting period amounted to CNY 16,693,786,032.90, an increase from CNY 16,252,206,820.15 at the beginning of the period, reflecting a growth of approximately 2.7% [1][2][3] - Total liabilities increased to CNY 4,224,649,584.99 from CNY 3,884,865,059.91, representing an increase of about 8.7% [2][3] - The total equity of the company rose to CNY 12,469,136,447.91 from CNY 12,367,341,760.24, indicating a growth of approximately 0.8% [2][3] Revenue and Profitability - The total operating revenue for the first half of 2025 was CNY 2,771,527,694.20, compared to CNY 2,390,876,742.46 in the same period of 2024, marking an increase of about 15.9% [3][4] - Total operating costs increased to CNY 2,576,466,342.50 from CNY 2,166,460,771.62, which is an increase of approximately 19% [3][4] - The net profit for the first half of 2025 was CNY 274,802,294.69, compared to CNY 170,663,039.76 in the previous year, reflecting a significant increase of about 60.9% [4][5] Cash Flow - The net cash flow from operating activities was CNY 363,152,629.67, a substantial increase from CNY 165,064,059.88 in the previous year [6][7] - Cash and cash equivalents at the end of the period were CNY 4,572,434,524.06, up from CNY 4,271,856,729.60 at the beginning of the period, indicating a growth of approximately 7.1% [6][7] Expenses - Research and development expenses increased to CNY 124,015,210.25 from CNY 100,179,289.18, representing a growth of about 23.7% [4][5] - Management expenses decreased to CNY 130,479,895.59 from CNY 146,995,107.33, showing a reduction of approximately 11.3% [4][5] Shareholder Equity - The company's retained earnings at the end of the reporting period were CNY 3,161,844,756.57, slightly down from CNY 3,167,139,322.68 at the beginning of the period [2][3] - The total comprehensive income attributable to the parent company's shareholders was CNY 273,293,856.52, compared to CNY 178,661,685.40 in the previous year, indicating a significant increase [5][6]

Group 1 - The core viewpoint of the article highlights the rapid growth in the manufacturing of digital products, particularly in the fields of smart unmanned aerial vehicles and smart vehicle-mounted equipment, with respective value increases of 80.8% and 21% in July [2] - The Philippines government is providing incentives for Samsung's $1 billion project, including electricity subsidies, with the project expected to commence construction in January next year [2] - Samsung's market share in DRAM memory and smartphone display panels has declined, with DRAM market share dropping from 41.5% to 32.7%, and smartphone display panel share decreasing from 50.1% to 39.9% [2] - A new smart cleaning robot headquarters project with a total investment of 500 million yuan has commenced in Suzhou, aiming for an annual production of 6 million units and an expected annual output value of 2 billion yuan [2]

从秦巴山间到汉江两岸，一个个县域工业园区如雨后春笋般涌现。汉中各县（区）因地制宜，推动 特色产业向规模化、品牌化发展。绿水青山间，一幅生态美、产业兴、百姓富的画卷正徐徐铺展。 今年以来，汉中市锚定生态城市建设战略目标，加快发展县域经济，推动工业园区提质增效，依托 有机产业、绿色经济塑造发展新动能。目前，汉中市10个县域工业集中区已全部升级为省级园区。今年 上半年，汉中市县域生产总值增长7%，在全市生产总值中的占比达77.4%。 绿色有机托起富民产业 8月6日，在位于汉中朱鹮国家级自然保护区核心区域的洋县纸坊街道草坝村，千亩有机稻田绿浪翻 涌，田野上空朱鹮翩跹。 依托洋县40多年的朱鹮保护成果，草坝村大力发展有机产业，实现了翻天覆地的乡村蝶变。 8月6日，在位于洋县绿色（有机）循环产业园区的陕西朱鹮酒业有限公司，一瓶瓶黑米佳酿正待装 箱外运。 "朱鹮酒业拥有年产万吨黑米酒生产线，是目前全国最大的黑色有机食品生产企业。"该公司副总经 理杨烨介绍，公司建设有机黑谷种植示范基地2000亩，专供有机酒的生产，形成了"公司+基地+农 户"的有机产业链，实现了产销一体化、农工贸一条龙的产业化经营模式。 如今，洋县以有机生产 ...

为推动更多群众从"出远门"务工转向"近家门"就业，云南省红河哈尼族彝族自治州积极用好政策工具， 多措并举优化就业服务，大力建设"家门口的务工车间"，同时延伸建设"家门口的就业孵化园"。据统 计，去年以来，红河州共招引"小商"178个，建成务工车间181个，吸纳2.56万人就地就近就业，让更多 群众实现了就业增收和就近顾家兼得。 招引企业 为了给群众在家门口务工打好基础，红河州各级政府在充分盘活闲置资源基础上，突破"高大上"招商传 统思维，精准锁定产业"小商""优商"，不断提升企业服务保障水平。 "没想到工厂开到了家乡，我的两个孩子刚上幼儿园，在这上班正好能照顾他们。"在红河州元阳县德熙 纺织厂车间上班的龙家明告诉记者，自己此前在广西贵港的德熙纺织厂务工，今年春节返乡得知该厂在 元阳建分厂招工，便报了名。 促成这一变化的，是元阳县创新的"中介引企"模式。2024年2月，元阳县保收劳务有限公司了解到，广 西贵港市德熙纺织厂有意扩大生产，正多方寻找投资地，便积极推介元阳县人力资源优势，诚邀德熙纺 织厂赴元阳发展。元阳县也迅速组建招商小分队赴广西洽谈，邀请厂方实地考察，最终双方达成合作意 向。目前，元阳德熙纺织厂一期 ...

Core Viewpoint San Bian Science & Technology Co., Ltd. is set to issue 32,051,282 new shares to specific investors, with the expected listing date on July 15, 2025, at a price of 6.17 RMB per share after adjustments. Group 1: Issuance Details - The company will issue a total of 32,051,282 shares, which will be listed on the Shenzhen Stock Exchange on July 15, 2025 [1][17]. - The issuance price is set at 6.17 RMB per share, adjusted from an initial price of 6.24 RMB due to a dividend distribution [9][8]. - The total amount raised from this issuance is approximately 197.76 million RMB, with a net amount of about 192.70 million RMB after deducting issuance costs [9][10]. Group 2: Lock-up Period and Share Distribution - San Bian Group has committed to a lock-up period of 18 months post-issuance, during which it will not sell the shares acquired in this issuance [2][17]. - The share distribution post-issuance will comply with the Shenzhen Stock Exchange's listing requirements, ensuring no change in control of the company [2][18]. Group 3: Financial Impact - The issuance is expected to affect the company's earnings per share and net asset value, with projected basic earnings per share of 0.30 RMB for 2023 and 0.41 RMB for 2024 post-issuance [19]. - The net asset value per share is projected to increase to approximately 2.49 RMB for 2023 and 2.89 RMB for 2024 after the issuance [19]. Group 4: Regulatory Compliance - The issuance has received necessary approvals from regulatory bodies, including the China Securities Regulatory Commission and the Shenzhen Stock Exchange [15][16]. - The underwriting process has been deemed compliant with relevant laws and regulations, ensuring fairness and transparency in the issuance [14][16].

Core Insights - The demand for electronic components in data centers is significantly driven by the growth of artificial intelligence, with a notable increase in shipments of inductors and capacitors [1][2] - The total shipment value of electronic components in Japan for 2024 is projected to be 4.4844 trillion yen, reflecting a year-on-year growth of 3% [1] - The electronic components industry is expected to achieve positive growth due to the recovery of the industrial equipment market and steady demand from AI applications [1] Summary by Sections Shipment Growth - In 2024, 7 out of 11 categories of electronic components saw an increase in shipment value compared to the previous year, with inductors and capacitors growing by 14% and 7% respectively [1] - The December shipment value for electronic components was 367.3 billion yen, marking a year-on-year increase of 6% [2] Component Breakdown - Capacitor shipments reached 124.8 billion yen, while inductor shipments totaled 33.4 billion yen, with respective year-on-year growth rates of 10% and 14% [2] - Connectors also experienced a year-on-year growth of 7%, reaching 50.3 billion yen [2] Future Projections - The Japan Electronics and Information Technology Industries Association forecasts that the value of electronic components produced by Japanese companies will reach 11.2142 trillion yen by 2025, representing a 6% increase year-on-year [1] - The electronic components sector is expected to maintain competitiveness, accounting for approximately 30% of global production value [1]