兴业证券股份有限公司 | 公司及股东承诺事项 | 是否履行承诺 | 未履行承诺的原因及 | | --- | --- | --- | | | | 解决措施 | | 1、关于股份流通限制、自愿锁定的承诺 | 是 | 不适用 | | 2、关于持股及减持意向的承诺 | 是 | 不适用 | | 3、关于公司上市后三年稳定股价的承诺 | 是 | 不适用 | | 4、关于利润分配政策的承诺 | 是 | 不适用 | | 5、关于填补被摊薄即期回报措施的承诺 | 是 | 不适用 | | 6、关于股份回购及损害赔偿的承诺 | 是 | 不适用 | | 7、关于避免同业竞争的承诺 | 是 | 不适用 | | 8、减少和规范关联交易的承诺 | 是 | 不适用 | 关于昆山万源通电子科技股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 （以下简称《上市规则》）等有关法律法规、规范性文件等的规定，兴业证券股 份有限公司（以下简称"兴业证券"或"保荐机构"）作为昆山万源通电子科技股份 有限公司（以下简称"万源通"或"公司"）的保荐机构，负责万源通的持续督导工 作，并出具 2 ...

电子 | 元件 北交所|公司点评报告 hyzqdatemark 2025 年 09 月 09 日 投资评级： 增持（维持） ——2025H1 营收 yoy+16%，光模块、AI 服务器 BBU、HDI 板有望打开增长潜力 投资要点： 盈利预测与估值（人民币） 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 09 | 月 08 | 日 | 2025 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 38.30 | | | | | | 一 内 / 低 | 最 | 年 | 高 | | | | | | 最 | | | | （元） | | | | | | | | | | 58.88/24.03 | | | 总市值（百万元 ...

Core Viewpoint - The company demonstrated strong operational resilience and strategic execution by achieving double growth in revenue and net profit despite a complex macroeconomic environment [1] Financial Performance - For the first half of 2025, the company reported revenue of 541 million yuan, a year-on-year increase of 16.40% - The net profit attributable to shareholders was 64.77 million yuan, reflecting a year-on-year growth of 7.56% - The company maintained a stable gross margin despite challenges such as rising precious metal prices and capacity constraints, thanks to product structure optimization and overseas market expansion [2] Product and Market Optimization - Revenue from double-sided and multi-layer boards saw significant growth, with year-on-year increases of 28.37% and 25.36% respectively - The company successfully expanded its overseas business, achieving a remarkable 100% year-on-year growth in foreign income, aided by the establishment of a subsidiary in Thailand [3] Research and Development - The company invested 20.93 million yuan in R&D during the reporting period, marking a 9.92% increase - Ongoing projects focus on advanced fields such as optical module products and thick copper plate technology, enhancing the company's core competitiveness [4] Financial Management - The company effectively utilized idle fundraising, with a cash management balance of 175 million yuan - The net cash flow from operating activities was 78.51 million yuan, indicating a healthy financial status to support daily operations and investment needs [5] Future Outlook - The company plans to continue focusing on traditional sectors like consumer electronics and automotive electronics while exploring emerging markets such as smart home technology and artificial intelligence - The construction of new facilities is expected to enhance production capacity and support long-term growth, positioning the company for broader development opportunities in the second half of 2025 and beyond [6]

（一）会议召开情况 1.会议召开时间：2025 年 8 月 27 日 2.会议召开地点：公司一楼会议室 证券代码：920060 证券简称：万源通 公告编号：2025-117 昆山万源通电子科技股份有限公司 第二届董事会第十五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 3.会议召开方式：现场与通讯会议相结合 4.发出董事会会议通知的时间和方式：2025 年 8 月 17 日以书面方式发出 5.会议主持人：王雪根 6.会议列席人员：胡友稳、徐健、季佳佳 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序等方面符合《公司法》和《公司章程》 的规定。 （二）会议出席情况 会议应出席董事 5 人，出席和授权出席董事 5 人。 董事长王雪根先生、董事汪立国先生、董事黄海峰先生现场会议出席；独立 董事王晓虎先生、独立董事闵长征先生通讯会议出席。 二、议案审议情况 （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 1.议案内容： 具体内容详 ...

证券代码：920060 证券简称：万源通 公告编号：2025-114 昆山万源通电子科技股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 授权闲置募集资金现金管理情况 （一）审议情况 昆山万源通电子科技股份有限公司（以下简称"公司"）于 2024 年 12 月 24 日召开独立董事 2024 年第一次专门会议、第二届董事会第十次会议、第二届监 事会第七次会议，于 2025 年 1 月 9 日召开 2025 年第一次临时股东会，审议通过 了《关于使用闲置募集资金进行现金管理的议案》；在确保资金安全、不影响募 集资金投资项目建设的前提下，公司拟使用额度不超过人民币 18,000 万元的闲 置募集资金进行现金管理，在上述额度内，资金可循环滚动使用。公司拟投资安 全性高、流动性好、可以保障投资本金安全的产品，主要为结构性存款、大额存 单、通知存款等产品，不影响募集资金投资计划正常进行。使用部分闲置募集资 金进行现金管理事项自公司股东会审议通过之日起 ...

Group 1 - In the past month (from July 6 to August 5), 23 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 96 institutions [1] - The types of institutions conducting the research included 20 brokerages, 9 funds, 8 private equity firms, and 3 insurance companies [1] - The companies that received the most institutional attention were Minshida, Xingtum Control, Taihu Snow, and Yuanhang Precision, with 96, 37, 36, and 23 institutions participating in their investigations, respectively [1] Group 2 - The most frequently investigated companies included Xingtum Control, Hanwei Technology, and Hengli Drill Tools, each receiving two rounds of institutional research [2] - Companies that were investigated by institutions saw an average stock price increase of 8.93% over the month, with notable gainers including Hengli Drill Tools (up 172.72%), Guangxin Technology (up 14.15%), and Sanwei Equipment (up 13.68%) [2] - The average market capitalization of all companies on the BSE was 3.136 billion yuan, while the average market capitalization of the companies that received institutional research was 3.609 billion yuan [2] Group 3 - A detailed list of companies investigated includes Minshida, Xingtum Control, Taihu Snow, and others, with their respective number of institutions involved, research frequency, latest closing prices, and percentage changes in stock prices [3] - The highest stock price increase was recorded by Hengli Drill Tools, while other companies like Guangxin Technology and Sanwei Equipment also showed significant gains [3]

Summary of Key Points Core Viewpoint - As of July 31, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 6.33 billion yuan, showing a decrease of 11.37 million yuan from the previous trading day, indicating a slight contraction in market activity [1]. Financing and Margin Data - The financing balance was 6.33 billion yuan, down by 11.32 million yuan, while the securities lending balance was 71.83 thousand yuan, down by 5.50 thousand yuan [1]. - The stocks with the highest financing balances included Jinbo Biological (360 million yuan), Airon Software (166 million yuan), and Better Ray (166 million yuan), with an average financing balance to market capitalization ratio of 1.19% [1]. - The stocks with the highest ratios of financing balance to market capitalization were Shengye Electric (5.25%), Wanyuantong (4.01%), and Litong Technology (3.54%) [1]. Sector Performance - In terms of industry statistics, the sectors with the most stocks receiving net financing above 1 million yuan were machinery equipment (11 stocks), pharmaceutical biology (4 stocks), and automotive (3 stocks) [2]. - On July 31, stocks with net financing above 1 million yuan had an average increase of 11.91%, with notable gainers including Dingjia Precision (up 479.12%), Hujiang Materials (up 4.16%), and Xinjiang (up 3.46%) [2]. - Conversely, 27 stocks experienced declines, with the largest drops seen in Wuxin Tunnel Equipment, Guangzi International, and Zizhong Palace [2]. Trading Activity - The weighted average turnover rate for stocks with net financing above 1 million yuan was 6.32%, with the highest turnover rates recorded for Dingjia Precision (89.34%), Xinjiang (19.36%), and Wanyuantong (18.18%) [2]. - The average daily turnover rate for BSE stocks on that day was 4.52% [2]. Notable Stocks - The stocks with the largest increases in financing balance included Wuxin Tunnel Equipment (increase of 12.68 million yuan), Sanyuan Gene (increase of 9.71 million yuan), and Deyuan Pharmaceutical (increase of 8.65 million yuan) [2][3]. - Other notable stocks with significant financing balance increases were Wanyuantong, Huifeng Diamond, and Dingjia Precision, with respective increases of 7.33 million yuan, 4.78 million yuan, and 4.25 million yuan [2][3].

Core Insights - The report predicts that the North Exchange 50 Index will undergo component adjustments on September 11, 2025, with a review cutoff date of July 31, 2025 [3] - The predicted additions to the North Exchange 50 Index include Xingtu Measurement Control, Wanyuantong, Kanglwei, Lintai New Materials, and Juxing Technology, while Tianfangbiao, Huami New Materials, Haosheng Electronics, Chuangyuan Xinke, and Gebijia are expected to be removed [3][4] - Historical data indicates that, prior to adjustments, the average return of newly added stocks outperformed the index in 9 out of 11 instances, with an average excess return of 4.8%, while stocks being removed underperformed in 9 instances with an average excess return of -2.7% [3][8] Component Adjustments - The average daily trading volume and total market capitalization over the past six months were used to determine the adjustments, with specific metrics for each stock listed [3][4] - The predicted new components have varying average daily trading volumes, with Kanglwei at 632.9 million yuan and Lintai New Materials at 145.06 million yuan [4] - The report also lists potential candidates for inclusion, such as Yizhi Moyu, Wantong Hydraulic, Leishen Technology, and Wuhan Land Electric [3][4] Impact of Index Adjustments - The North Exchange 50 Index product size reached 11.162 billion yuan, accounting for 8.86% of the free float market capitalization, indicating a growing trend in index-based investments [3][11] - The report calculates the impact coefficients for the stocks being added and removed, with Kanglwei having the highest impact coefficient at 3.46, followed by Lintai New Materials at 2.17 [3][11] - The report emphasizes the importance of monitoring stocks with high impact coefficients as the adjustment date approaches [3]

Group 1 - The company, Wanyuantong, is set to be listed on the Beijing Stock Exchange on November 19, 2024, in the computer, communication, and other electronic equipment manufacturing industry [3][25] - The IPO sponsor is Industrial Securities, with representatives Shan Lei and Guo Jiaxin [3][25] - The total score for Wanyuantong's IPO project is 94.5, classified as Grade A, with negative factors including the need for improved information disclosure quality and high issuance cost rate [3][33] Group 2 - The underwriting and sponsorship fees for Wanyuantong amount to 33.8176 million yuan, with a commission rate of 8.50%, higher than the overall average of 7.71% [12][28] - On the first day of listing, the stock price increased by 373.84% compared to the issue price [14][29] - After three months of listing, the stock price rose by 211.92% compared to the issue price [16][30] Group 3 - The issuance price-earnings ratio for Wanyuantong is 15.40 times, significantly lower than the industry average of 39.33 times, making it 39.16% of the industry average [18][31] - The company expects to raise 392 million yuan, with actual fundraising reaching 398 million yuan, resulting in an oversubscription ratio of 1.52% [19][32] - In 2024, the company's operating revenue is projected to grow by 5.97% year-on-year, with net profit attributable to the parent company increasing by 4.45% year-on-year, and non-recurring net profit rising by 5.73% year-on-year [21][32]

Market Overview - On July 31, the A-share market closed with the Shanghai Composite Index at 3573.21, down 1.18%, and the Shenzhen Component Index at 11009.77, down 1.73% [1] Top Stocks Performance - Among the top 10 stocks by trading volume on the Beijing Stock Exchange, 5 stocks experienced price increases, with an average increase of 102.09%. N Dingjia (920005) led with a trading volume of 1.06 billion yuan and a price increase of 479.12% [1][2] - The other stocks in the top 10 included Hengli Drilling Tools (836942) with a decrease of 11.39%, Wuxin Suizhuang (835174) down 7.19%, and Parallel Technology (839493) up 1.73% [2] Capital Flow Analysis - In terms of capital flow, 5 out of the top 10 stocks showed net inflows of main funds, indicating positive investor sentiment towards these stocks [1]