鸿博股份(002229.SZ)近日发布公告,宣布其全资子公司鸿博昊天科技有限公司自2026年1月8日起正式停 止印刷业务,启动业务转型。 根据鸿博股份2025年半年度报告,AI算力业务收入已达5.94亿,占总营收的比例已超过75%,公司整体由传 统业务向科技型企业的战略转型成效显著。此次子公司剥离亏损业务并坚定转型,也反映出管理层对公 司目前AI算力业务持续推进的信心。鸿博股份未来业务转型动态,及其如何在业绩上实现重塑升级,值得 我们持续关注。 公告显示,鸿博昊天成立于2010年,主营书刊印刷业务,近年来受行业数字化冲击等因素影响,其业绩持续多 年亏损,对上市公司整体业绩形成负担。本次鸿博股份主动实施的战略调整,剥离长期亏损的部分印刷业 务并寻求盘活资产,旨在优化业务结构、提升盈利能力,加速实现公司向科技型企业的全面战略转型。值 得一提的是,鸿博昊天位于首都北京市,占地面积29,491.70㎡,建筑面积46,866.42㎡,资产优质且具备良好的 区位优势,未来鸿博昊天若业务转型成功,有望助力公司进一步发展。 ...

Group 1 - The core viewpoint of the articles highlights the positive financial performance of Hongxin Electronics, with a revenue of 5.55 billion yuan and a net profit of 90.51 million yuan for the first three quarters of 2025, marking year-on-year increases of 24.75% and 65.47% respectively [1] - The FPC business segment has achieved profitability for the first time in four years, driven by breakthroughs in AI mobile phones, AIPC, AI glasses, and AI servers, benefiting from the recovery of the domestic mobile phone market and increased industry concentration [1] - The company has improved its market share in mid-to-high-end mobile phones and has increased the direct supply ratio to end customers, which has contributed to its revenue growth [1] Group 2 - Hongxin Electronics has adopted an "ALL IN AI" strategy, focusing on AI computing power as a key growth area, positioning itself as a provider of computing hardware and overall solutions [2] - The company has established a strategic layout of domestic computing chips and NVIDIA computing chip resources, enabling it to offer multi-scenario computing services to clients [2] - A complete commercial closed loop has been formed in the AI computing power industry, supported by a wealth of key resources and software and hardware capabilities, which will bolster future business development [2]

Core Viewpoint - The company has successfully transformed from a significant loss of 1.8 billion to a profit of 970 million, with a drastic reduction in debt ratio from 99% to 48%, showcasing a remarkable turnaround in its financial health and strategic direction [1][2]. Financial Performance - The company reported a net profit attributable to shareholders of 970 million, a significant recovery from a loss of 1.028 billion in the same period last year [1]. - The debt-to-asset ratio decreased from 99% at the end of 2024 to 48% in 2025, and the interest-bearing debt ratio fell from 45% to just 7% [1]. - The net assets increased 30 times to 3.05 billion compared to the beginning of the year [1]. Debt Restructuring - The company achieved a debt restructuring income of 1.4 billion, which played a crucial role in reversing its financial decline [2]. - On May 7, 2025, the company completed a debt-to-equity swap plan with a high approval rate of 98.33%, becoming the first domestic property company to clear its offshore US dollar debt [2]. - The restructuring involved proactive negotiations with investors, emphasizing a long-term cooperative approach rather than a one-sided debt restructuring [2][3]. Strategic Shift - The new issuance of mandatory convertible bonds at a price of 5.5 HKD per share will convert into company shares, effectively transforming rigid debt into potential equity, thus reducing liabilities while increasing shareholder equity [3]. - The company is now focusing on new business acquisitions, particularly in the AI computing power sector, marking a strategic shift from traditional logistics to a more technology-driven model [3].