https://www1.hkexnews.hk/app/sehk/2026/108368/documents/sehk26033000687.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行并上市的 证券代码：920060 证券简称：万源通 公告编号：2026-078 昆山万源通电子科技股份有限公司 关于向香港联交所递交境外上市外资股（H 股）发行并上市的申请 并刊发申请资料的公告 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。 昆山万源通电子科技股份有限公司（以下简称"公司"）于 2026 年 3 月 30 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市 外资股（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行并上市"） 的申请，并于同日在香港联交所网站刊登了本次发行并上市的申请资料。该申请 资料为公司按照香港证券及期货事务监察委员会（以下简称"香港证监会"）及 香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新和 修订，投资者不应根 ...

证券代码：920060 证券简称：万源通 公告编号：2026-075 1.会议召开时间：2026 年 3 月 29 日 2.会议召开地点：东台市经济开发区东区五路 89 号江苏广谦三楼会议室 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 昆山万源通电子科技股份有限公司 2025 年年度股东会决议公告 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 （一）会议召开情况 5.会议主持人：董事长王雪根先生 6.召开情况合法合规的说明： 本次股东会会议的召集、召开、议案审议程序符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的相关规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 5 人，持有表决权的股份总数 83,912,452 股，占公司有表决权股份总数的 55.19%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （三）公司董事、高级管理人员出席或列席股东会情况 1. 公 ...

兴业证券股份有限公司 关于昆山万源通电子科技股份有限公司 2025 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 2025 年度持续督导跟踪报告。 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构及时审阅公司信息披露文件。 | | 2、督导公司建立健全并有效执行规则制度的 | 保荐机构督导公司建立健全规章制度（包括 | | | 但不限于根据新《公司法》及《上市规则》 | | | 的规定，修改完善公司治理及内部控制制度， | | | 本督导期内，万源通有效执行了规则制度。 | | 情况 | 保荐机构提示公司按照修订后的内外部制度 | | | 履行内部程序、做好信息披露，不断提高公 | | | 司治理及内部控制水平。 | | 3、募集资金使用监督情况 | 保荐机构定期查阅公司募集资金账户对 ...

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于昆山万源通电子科技股份有限公司 2025 年年度股东会 法律意见书 致：昆山万源通电子科技股份有限公司 上海市锦天城律师事务所周俊岭律师、远锐坤律师（以下简称"本所律师"） 接受昆山万源通电子科技股份有限公司（以下简称"公司"）之委托，出席公 司 2025 年年度股东会（以下简称"本次股东会"），并依据《中华人民共和国 公司法》、《中华人民共和国证券法》、中国证券监督管理委员会《上市公司股 东会规则》等相关法律、法规、规范性文件及《公司章程》、《股东会议事规则》 的规定，就公司本次股东会的召集、召开程序、出席会议人员资格、表决程序 等相关问题出具法律意见。 在本法律意见中，本所律师仅根据法律意见书出具日以前已经发生或存在的 事实和中国现行的法律、行政法规及规范性文件，以及公司现行的《公司章程》 的规定发表法律意见。 为出具本法律文件，本所律师对本次股东会所涉及的相关事项进行了必要的 核查和验证，审查了本所律师认为出具本法律意见书所需的相关文件、资料。公 司已经承诺和保证其向本所律师提供的所有法律文件、资料均是真实、准确、完 整和及时的，确信没有任 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Kunshan Wanyuantong Electronics Technology Co., Ltd. 昆山萬源通電子科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本 申 請 版 本 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）及 證 券 及 期 貨 事 務 監 察 委 員 會（「證監會」）的 要 求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。您閱覽本文件，即代表您知 悉、接納並向昆山萬源通電子科技股份有限公司（「本公司」）、其保薦人、整體協調人、顧問或承銷團成 員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據呈交香港公司註冊處處長註冊的 本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (i) 本文件僅為向香港公眾人士提供有關本公司的資料 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Kunshan Wanyuantong Electronics Technology Co., Ltd. 昆山萬源通電子科技股份有限公司 (A joint stock company incorporated in the Peo ...

Group 1 - The report highlights that the North Exchange has entered a relatively low valuation phase, presenting a window for investment in hard technology and newly listed stocks [2][12][18] - The North Exchange's valuation has become more attractive, with the North 50 and North Specialized New indices showing a decline in performance, indicating a potential recovery opportunity [3][14][39] - The report suggests focusing on companies with low valuations in high-tech sectors, particularly those benefiting from the ongoing geopolitical tensions, such as the US-Iran conflict [3][40] Group 2 - The North Exchange's market performance shows that the North 50 index has decreased, with a current P/E ratio of 41.98X, indicating a significant valuation gap compared to other indices [3][11][18] - The report identifies specific sectors such as high-end equipment, information technology, and chemical new materials as having favorable P/E ratios, with the highest being 85.53X in information technology [3][18][41] - The report recommends a stock pool that includes companies like Wanyuantong and Beitery, which are positioned well within their respective industries and have shown strong growth potential [3][41][44] Group 3 - The North Exchange has seen a significant drop in daily trading volume, with an average of 135.53 billion yuan, down 14.80% from the previous week, indicating a decline in liquidity [27][30][32] - The report notes that the average daily turnover rate for the North 50 and North Specialized New indices has also decreased, reflecting a broader trend of reduced trading activity [30][32] - The report emphasizes the importance of monitoring liquidity trends as they can impact investment strategies and market sentiment [27][30][32] Group 4 - The report outlines the current IPO status, with three companies having passed the review and three awaiting approval, indicating ongoing activity in the North Exchange's listing process [4][8] - The report provides insights into the performance of newly listed companies, highlighting significant first-day gains, such as a 136.56% increase for Puang Medical [4][11][41] - The North Exchange continues to cultivate companies that may transition to larger exchanges, showcasing its role as a breeding ground for future market leaders [4][11][41]

昆山万源通电子科技股份有限公司（以下简称"公司"）于 2026 年 3 月 9 日在北京证券交易所指定信息披露平台（www.bse.cn）、证券时报（www.stcn.com） 发布了《2025 年年度报告》（公告编号：2026-014）以及《2025 年年度报告摘要》 （公告编号:2026-015）。为加强与投资者的交流，使投资者更加全面、深入地了 解公司经营业绩、发展战略等情况，公司拟召开 2025 年年度报告业绩说明会， 与投资者进行沟通和交流，广泛听取投资者的意见和建议。 二、 说明会召开的时间、地点 证券代码：920060 证券简称：万源通 公告编号：2026-073 昆山万源通电子科技股份有限公司 2025 年年度报告业绩说明会预告公告 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、 说明会类型 （一）会议召开时间：2026 年 3 月 27 日（星期五）15:00 至 16:30。 （二）会议召开地点 本次年度报告业绩说明会将采用网络方式召开，投资者可登陆全景网"投资 者关系互动平台 ...

Investment Rating - The report does not explicitly provide an investment rating for the hydrogen energy industry or specific companies within it. Core Insights - The hydrogen energy comprehensive application pilot work has been initiated, aiming to reduce the average terminal hydrogen price to below 25 RMB/kg by 2030. This initiative is part of a broader strategy to promote the high-quality development of the hydrogen energy industry through large-scale applications and technological innovations [1][5]. - China is the world's largest hydrogen producer, with an annual production of approximately 33 million tons. The demand for hydrogen is expected to reach 37.15 million tons by 2030 and 130 million tons by 2060, with industrial hydrogen usage accounting for 60% of total demand [1][17]. - The report identifies 13 companies in the hydrogen energy industry chain listed on the Beijing Stock Exchange, covering various sectors such as carbon fiber, silicon materials, and gas distribution [1][32]. Summary by Sections Section 1: Hydrogen Demand and Applications - By 2030, China's hydrogen demand is projected to reach 37.15 million tons, with industrial hydrogen remaining the dominant demand structure. By 2060, industrial hydrogen demand could reach approximately 77.94 million tons [1.2][30]. - The pilot program aims to expand hydrogen applications from fuel cell vehicles to various industrial sectors, enhancing the supply capacity of clean hydrogen [1.1][5]. Section 2: Market Performance - The median price-to-earnings (P/E) ratio for the mechanical equipment industry on the Beijing Stock Exchange is reported to be between 3.68% and 43.4X. The median market capitalization for electronic device companies has decreased from 2.26 billion RMB to 2.08 billion RMB [2][34]. Section 3: Company Announcements - Yintu Network plans to invest in establishing Beijing Hongjing Crystal Energy Technology Co., Ltd., contributing 5.1 million RMB for a 51% stake [4][34]. Section 4: Hydrogen Industry Chain Companies - The report lists 13 companies involved in the hydrogen energy industry chain, including Jilin Carbon Valley, Silane Technology, and Tianli Composite, among others, detailing their business focus and market capitalization [1][32][33].

Core Viewpoint - The Beijing Stock Exchange (BSE) has reached a significant milestone with 300 listed companies, marking a 3.7 times increase in company numbers since its inception in November 2021, and a total market capitalization of approximately 900 billion yuan [1][4]. Group 1: Market Growth and Performance - The BSE has shown remarkable growth over four years, with the number of listed companies increasing from 81 to 300 and total market capitalization rising from under 300 billion yuan to around 900 billion yuan [4]. - In 2025, 63% of the 293 companies that reported earnings achieved revenue growth, with three companies experiencing revenue increases exceeding 100% [5]. - The average research and development intensity among the 300 listed companies exceeds 5%, with total fundraising surpassing 60 billion yuan, primarily directed towards R&D and capacity expansion [5]. Group 2: New Listings and Industry Focus - In 2026, 12 new companies were listed on the BSE, with a strong emphasis on high-end equipment, artificial intelligence, new materials, biomedicine, and industrial software [7]. - Over 70% of the new listings are classified as national-level specialized and innovative "little giants," showcasing a focus on cutting-edge technology and niche market leadership [7]. - The first-day stock price increases for new listings predominantly fell within the 100% to 200% range, indicating a robust market response and improved investor confidence [7]. Group 3: Future Outlook and Strategic Recommendations - The increase to 300 listed companies represents not only growth but also a new starting point for the BSE, emphasizing the need for continued reform and optimization of the market ecosystem [9][11]. - Experts suggest that the BSE should enhance its appeal to quality companies and improve market liquidity by potentially introducing an ETF and accelerating the implementation of reform measures [10]. - The BSE aims to differentiate itself by focusing on serving innovative small and medium-sized enterprises, ensuring a sustainable growth trajectory and a supportive market environment [10][11].