Core Viewpoint - The company anticipates an increase in credit impairment losses in Q3 2025 compared to the previous year, primarily due to a rise in accounts receivable and the corresponding increase in bad debt provisions [1] Group 1: Financial Performance - The increase in credit impairment losses is attributed to a higher balance of accounts receivable, which necessitates greater provisions for bad debts [1] - The company's main clients are state-owned enterprises and research institutions in high-reliability sectors, with sales primarily conducted on credit and longer payment cycles [1] Group 2: Risk Management - The company plans to continuously optimize its accounts receivable management by enhancing customer credit assessments and improving collection incentive mechanisms to mitigate risks [1] - Specific financial data and operational analysis will be available in the company's periodic reports [1]

Group 1 - The core viewpoint of the article highlights that the company, Zhenhua Wind Power, is actively engaged in the production of various storage chip products and has successfully transitioned approximately 10 products to production with small batch orders received [1] - The company focuses on high-reliability integrated circuits in the satellite aerospace sector, primarily supporting commercial space with over 30 products having completed relevant testing and some validated by customers [1] - Products developed based on radiation-resistant technology, such as radiation-level R/D converters and high-power operational amplifiers, have been applied in the commercial satellite field, with some products included in the commercial satellite selection directory and achieving order conversion [1] Group 2 - The company plans to continue deepening its technological advantages in high-reliability integrated circuits, with a focus on technological innovation and product iteration, although specific business directions will depend on market dynamics and national industrial policies [1]

Core Viewpoint - The company is focusing on high-reliability integrated circuits for the satellite aerospace sector, with plans for continued innovation and product iteration based on market dynamics and national industrial policies [1] Group 1: Product Development - The company produces a range of storage chip products including NAND FLASH, EMMC, DDR, EEPROM, and NOR FLASH, with approximately 10 products having completed production transformation and received small batch orders [1] - In the commercial aerospace sector, the company has completed tests for over 30 products in the small satellite field, with some products validated by customers [1] Group 2: Market Focus - The company is primarily focused on the high-reliability integrated circuit market, particularly in commercial aerospace applications, mainly in launch vehicles [1] - Products developed with radiation-resistant technology, such as radiation-grade R/D converters and high-power operational amplifiers, have been applied in commercial satellite fields and included in commercial satellite selection directories, leading to order conversions [1] Group 3: Future Plans - The company plans to continue deepening its technological advantages in high-reliability integrated circuits and will prioritize technological innovation and product iteration [1] - The specific business direction will depend on market dynamics and national industrial policies [1]

Core Viewpoint - The company, Zhenhua Wind Power, has confirmed that it is currently not involved in the production of High Bandwidth Memory (HBM) products, focusing instead on its existing DRAM series products [2]. Group 1 - The company has stated that its current memory products include a series of DRAM, and further details can be found in publicly disclosed product materials and responses on the investor interaction platform [2]. - The company emphasizes its commitment to compliance with information disclosure regulations and will adhere to legal obligations if there are significant changes in its business layout in the future [2].

Core Viewpoint - The company clarified the difference between product delivery cycles and inventory turnover days, indicating that longer cycles are due to specific industry requirements and have implemented measures to optimize cash flow and operational efficiency [1] Group 1: Product Delivery and Inventory Management - The product delivery cycle is defined as the time from order signing to product delivery, which ranges from 3 to 6 months [1] - Inventory turnover days are longer due to the need for special integrated circuits to undergo multi-scenario validation and safety stock requirements [1] - The company acknowledges that the longer accounts receivable cycle is related to downstream customer settlement processes and industry characteristics [1] Group 2: Financial Impact and Optimization Measures - The extended collection period may increase funding costs and impact profits [1] - The company has implemented several optimization measures, including an order-driven production model to reduce raw material inventory [1] - Strengthening collection management through a phased payment mechanism aims to improve cash flow [1] - The company is enhancing operational efficiency through digital systems [1] - Relevant financial impacts have been disclosed in periodic reports [1]

Core Viewpoint - The company, Zhenhua Fengguang, clarified that it is not currently involved in the production of High Bandwidth Memory (HBM) products, despite having relevant technology patents and reserves [1] Group 1: Company Information - Zhenhua Fengguang responded to an investor inquiry regarding its capabilities in producing HBM products, stating that it does not currently manufacture such products [1] - The company’s existing memory products include a series of DRAM, with further details available in publicly disclosed product information and investor interaction platform responses [1] - The company emphasizes its commitment to compliance with information disclosure regulations and will adhere to legal obligations if there are significant changes in its business layout in the future [1]

Core Viewpoint - Shenzhen Zhenghe Xing plans to reduce its holdings in Zhenhua Wind Power (688439.SH) by up to 6 million shares, representing no more than 3% of the company's total share capital [1] Group 1 - Shenzhen Zhenghe Xing intends to sell shares due to its own funding needs [1] - The total number of shares to be reduced is capped at 6 million [1] - The reduction will not exceed 3% of the company's total share capital [1]

Core Viewpoint - Shenzhen Zhenghe Xing plans to reduce its holdings in Zhenhua Wind Power (688439.SH) by up to 6 million shares, representing a maximum of 3% of the company's total share capital [1] Summary by Category Share Reduction Plan - The reduction will occur in two phases: up to 2 million shares (1% of total share capital) will be sold through centralized bidding within three months after the announcement, starting 15 trading days post-announcement [1] - An additional 4 million shares (2% of total share capital) will be sold through block trading, also within three months after the announcement, starting 15 trading days post-announcement [1]

证券代码：688439 证券简称：振华风光 公告编号：2026-001 贵州振华风光半导体股份有限公司 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持有的基本情况 截至本公告披露日，贵州振华风光半导体股份有限公司（以下简称"振华风 光"或"公司"）股东深圳市正和兴电子有限公司（以下简称"深圳正和兴"）持 有公司股份 33,754,734 股，占公司总股本的 16.88%。上述股份来源为公司首次 公开发行前取得的股份，已于 2023 年 8 月 28 日解除限售并上市流通。 减持计划的主要内容 深圳正和兴因自身资金需要，拟减持公司股份合计不超过 6,000,000 股，合 计不超过公司总股本比例 3%。其中：拟通过集中竞价交易方式进行减持的，将于 减持计划公告披露之日起 15 个交易日之后的 3 个月内减持不超过 2,000,000 股， 不超过公司总股本比例 1%；拟通过大宗交易方式减持的，将于本减持计划公告 披露之日起 15 个交易日之后的 3 个 ...

证券代码：688439 证券简称：振华风光 公告编号：2026-001 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持有的基本情况 截至本公告披露日，贵州振华风光半导体股份有限公司（以下简称"振华风 光"或"公司"）股东深圳市正和兴电子有限公司（以下简称"深圳正和兴"）持 有公司股份 33,754,734 股，占公司总股本的 16.88%。上述股份来源为公司首次 公开发行前取得的股份，已于 2023 年 8 月 28 日解除限售并上市流通。 减持计划的主要内容 深圳正和兴因自身资金需要，拟减持公司股份合计不超过 6,000,000 股，合 计不超过公司总股本比例 3%。其中：拟通过集中竞价交易方式进行减持的，将 于减持计划公告披露之日起 15 个交易日之后的 3 个月内减持不超过 2,000,000 股，不超过公司总股本比例 1%；拟通过大宗交易方式减持的，将于本减持计划 公告披露之日起 15 个交易日之后的 3 个月内减持不超过 4,000,000 ...