| 交易日期 | 证券商称 | 证券代码 | 成交价(元) | | 成交金额[万元) 成交量(*) 买入营业部 | | 类出管业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-04 | 宏华数科 | 688789 | 73.66 | 515.62 | 7 | | 皇图 | KA | | 2025-12-04 | 宏华数科 | 688789 | 73.66 | 220.98 | 3 | 小雪感酸的有限 | | KA | | 2025-12-04 | 定华数科 | 688789 | 73.66 | 206.25 | 2.8 | 机构专用 | | 종 | | 2025-12-04 | 宏华数科 | 688789 | 73.66 | 202.57 | 2.75 | 机构专用 | | 잡 | | 2025-12-04 | 宏华数科 | 688789 | 73.66 | 202.57 | 2.75 | 机构专用 | | Kat | | 2025-12-04 | 宏华数科 | 688789 | 73.66 | 202 ...

证券代码：688789 证券简称：宏华数科 公告编号：2025-052 杭州宏华数码科技股份有限公司 关于持股 5%以上股东部分股份解除质押的公告 本公司董事会及全体董事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： 一、本次股份解除质押情况 公司于 2025 年 12 月 4 日接到公司股东新湖智脑通知，获悉其所持有公司的部 分股份解除质押，具体事项如下： 公司股东新湖智脑本次解除质押的股份暂无后续质押计划。未来如有变动，新 湖智脑将根据实际情况及时履行告知义务，公司将按照相关规定及时履行信息披露 义务。 二、股东股份累计质押情况 截至本次解除质押日，上述股东累计质押股份情况如下： 单位：股 单位：股 | 股东名称 | 新湖智脑 | | --- | --- | | 本次解除质押股份 | 3,502,800 | | 占其所持股份比例 | 23.80% | | 占公司总股本比例 | 1.94% | | 解除质押时间 | 2025 年 12 月 3 日 | | 持股数量 | 14,717,230 | | 持股比例 | 8.16% | ...

南财智讯12月4日电，宏华数科公告，公司于2025年12月4日接到股东浙江新湖智脑投资管理合伙企业 （有限合伙）通知，获悉其所持有公司的部分股份解除质押。本次解除质押股份数量为3,502,800股，占 其所持股份比例的23.80%，占公司总股本比例的1.94%。解除质押日期为2025年12月3日。本次解除质 押后，新湖智脑累计质押公司股份11,211,080股，占其持股总数的76.18%，占公司总股本的6.22%。公 司股东新湖智脑本次解除质押的股份暂无后续质押计划。未来如有变动，将根据实际情况及时履行告知 义务，公司将按照相关规定及时履行信息披露义务。 ...

Core Insights - The company Honghua Digital Technology experienced a slight decline of 0.01% in stock price on November 21, with a trading volume of 107 million yuan [1] - As of November 21, the company had a total margin balance of 172 million yuan, indicating a high level of margin activity [1][2] Financing Summary - On November 21, Honghua Digital Technology had a financing buy amount of 18.37 million yuan, with a net financing purchase of 8.97 million yuan after repayments [1] - The current financing balance stands at 170 million yuan, which is 1.23% of the circulating market value, exceeding the 90th percentile level over the past year [1] - The company also reported a securities lending balance of 2.28 million yuan, with a lending volume of 29,700 shares, indicating a high level of short selling activity [1] Business Performance - For the period from January to September 2025, Honghua Digital Technology achieved a revenue of 1.632 billion yuan, reflecting a year-on-year growth of 29.02% [2] - The net profit attributable to the parent company for the same period was 388 million yuan, representing a year-on-year increase of 25.08% [2] Shareholder Information - As of September 30, the number of shareholders increased by 37.71% to 5,894, while the average circulating shares per person decreased by 27.38% to 30,446 shares [2] - Since its A-share listing, the company has distributed a total of 401 million yuan in dividends, with 332 million yuan distributed over the past three years [3]

证券日报网讯 11月20日晚间，宏华数科发布公告称，公司于近日收到中国证券登记结算有限责任公司 上海分公司出具的《证券变更登记证明》，公司完成了2024年限制性股票激励计划首次及预留授予第一 个归属期归属的股份登记工作。 （文章来源：证券日报） ...

证券代码：688789 证券简称：宏华数科 公告编号：2025-051 杭州宏华数码科技股份有限公司 关于 2024 年限制性股票激励计划首次及预留授予第一 个归属期归属结果暨股份上市的公告 本公司董事会及全体董事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： 年 7 月 25 日，公司在上海证券交易所网站（www.sse.com.cn）披露了《杭州宏华 数码科技股份有限公司 2024 年限制性股票激励计划(草案)》及其摘要等相关公告。 2、2024 年 7 月 25 日，公司在上海证券交易所网站（www.sse.com.cn）披露 了《关于独立董事公开征集委托投票权的公告》（公告编号：2024-046），独立董事 陈智敏女士受其他独立董事的委托作为征集人，就公司 2024 年第二次临时股东大 会审议的股权激励计划相关议案向公司全体股东征集投票权。 3、2024 年 7 月 25 日至 8 月 3 日，公司对本次激励计划首次授予激励对象的 姓名和职务在公司内部进行了公示。在公示的时限内，公司监事会未收到任何员 工对本次激励计划拟 ...

Core Viewpoint - The company has been actively exporting its products to various countries, primarily in South Asia and Europe, indicating a diverse international market presence [2]. Group 1 - The company participated in the "2024 FESPA Exhibition" in Amsterdam, Netherlands [2]. - The company confirmed that it has not exported to the Netherlands in the past two years but has exported to other EU countries [2]. - The primary overseas markets for the company's products include South Asian countries such as Pakistan, India, Bangladesh, and Indonesia, as well as European countries like Italy and Turkey [2].

Core Insights - Macro Hua Digital Technology Co., Ltd. experienced a stock decline of 1.67% on November 14, with a trading volume of 56.90 million yuan [1] - The company reported a financing net purchase of 1.71 million yuan on the same day, with a total financing and securities balance of 164 million yuan [1][2] - For the period from January to September 2025, the company achieved a revenue of 1.632 billion yuan, reflecting a year-on-year growth of 29.02% [2] Financing and Securities - On November 14, Macro Hua had a financing buy-in of 9.27 million yuan, with a current financing balance of 162 million yuan, representing 1.18% of the circulating market value [1] - The company's financing balance is above the 80th percentile level over the past year, indicating a high level of financing activity [1] - The securities lending data shows no shares were repaid, with 200 shares sold, amounting to 15,300 yuan, and a securities lending balance of 2.14 million yuan, exceeding the 90th percentile level over the past year [1] Shareholder and Profitability Information - As of September 30, the number of shareholders increased to 5,894, a rise of 37.71%, while the average circulating shares per person decreased by 27.38% to 30,446 shares [2] - The company has distributed a total of 401 million yuan in dividends since its A-share listing, with 332 million yuan distributed over the past three years [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 8.2827 million shares, a decrease of 1.057 million shares from the previous period [3]

Group 1: A-Share Market Strategy - The A-share market is experiencing narrow fluctuations around the 4000-point mark, with a breakthrough on October 28 followed by a retreat below 4000, indicating a warning signal of crowding [1][24] - The October CPI has rebounded year-on-year, while PPI's decline continues to narrow, leading to a widening PPI-CPI scissors difference [1][25] - The initial phase of the bull market sees funds favoring a few high-growth sectors, while later stages may see a focus on mainline stocks, making it harder for new funds to profit [1][26] Group 2: Social Financing and Economic Indicators - In October, the social financing scale increased by 815 billion yuan, which is 597 billion yuan less than the same period last year, with a notable decrease in new government bonds and RMB loans [3][31] - The PPI's decline continues to narrow, while the CPI has turned positive year-on-year, indicating a mixed economic recovery [3][31] - The economic data for October shows a weakening trend in industrial output, retail sales, and investment, with industrial value-added growth at 4.9%, below expectations [1][25] Group 3: Medical Device Industry Insights - The medical device sector's revenue decreased by 1.65% year-on-year in the first three quarters of 2025, with a significant drop in net profit by 21.13% [8] - The bidding activities for medical devices have shown signs of recovery, with a 42% year-on-year increase in the total amount of successful bids in the first nine months of 2025 [8] - Companies like United Imaging and Mindray are accelerating their global expansion, with overseas revenue growth of 41.97% and 11.93% respectively in Q3 2025 [8] Group 4: Fixed Income Market Trends - The 3-5 year government bonds have shown better performance with a decline in interest rates, primarily driven by institutional buying behavior [7] - The market is currently in a phase of uncertainty, awaiting key factors that could break the current deadlock, such as the resolution of the US-China tariff dispute and central bank bond purchases [7][30] - The overall liquidity in the bond market is tightening, with a decrease in the net buying activity of various institutions [32][33] Group 5: Paper Industry Developments - Nine Dragons Paper achieved a revenue of 63.24 billion yuan in FY2025, a year-on-year increase of 6.3%, with a significant net profit growth of 135% [18] - The supply-demand pressure in the boxboard and corrugated paper market is easing, with expectations of price support due to seasonal demand and rising costs [18] - The company's integrated pulp and paper development strategy is yielding results, with a projected net profit of 3.12 billion yuan for FY2026 [18]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [2][14]. Core Insights - The company has shown steady growth in performance, with a revenue of 1.632 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 29.02%. The net profit attributable to shareholders reached 388 million yuan, up 25.08% year-on-year [4][5]. - The transition from traditional dyeing equipment to digital printing technology has driven significant growth in orders and sales, contributing to the company's revenue and profit increases [5][6]. - The company's gross margin decreased by 2.45 percentage points to 44.00%, while the expense ratio decreased by 1.13 percentage points to 16.36% [5]. - The capacity of the Tianjin factory is set to be released soon, which will enhance production capabilities and growth potential [5][6]. - The company is actively exploring applications of digital printing technology and expanding its business in various sectors, including digital printing for books and automatic sewing equipment [6]. Financial Projections - Revenue projections for 2025-2027 are 2.295 billion, 2.929 billion, and 3.680 billion yuan, with year-on-year growth rates of 28.16%, 27.64%, and 25.64% respectively. Net profit attributable to shareholders is expected to be 516 million, 636 million, and 782 million yuan, with growth rates of 24.62%, 23.12%, and 23.04% [7][10]. - The estimated P/E ratios for 2025-2027 are 26.85, 21.81, and 17.72, indicating a favorable valuation trend [7][10].