Group 1: Industry Overview - The computing power industry is categorized into three main types: basic computing power, intelligent computing power, and supercomputing power, with intelligent computing power seeing rapid demand growth due to AI applications [12][15][19] - The computing power industry chain includes upstream hardware production (chips, devices, energy), midstream integration and delivery (data centers), and downstream applications across various sectors such as finance and AI [13][18] Group 2: Growth of Computing Power in China - China's intelligent computing power is projected to reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028, with a compound annual growth rate (CAGR) of 46.2% from 2023 to 2028 [19][20] - General computing power in China is expected to reach 85.8 EFLOPS by 2025 and 140.1 EFLOPS by 2028, with a CAGR of 18.8% during the same period [20] Group 3: Increasing Demand for Computing Hardware - The CPU market in China is estimated to grow from approximately 216.03 billion yuan in 2024 to 248.4 billion yuan in 2025, reflecting a year-on-year growth of 6.47% [23][24] - The GPU market is projected to increase from about 107.3 billion yuan in 2024 to 120 billion yuan in 2025, with a significant year-on-year growth of 32.96% [26][29] - The server market is expected to grow from approximately 249.21 billion yuan in 2024 to 282.35 billion yuan in 2025, showing a year-on-year increase of 41.25% [35][37] Group 4: Liquid Cooling Market Development - The IT energy consumption of AI data centers is projected to reach 77.7 TWh in 2025, doubling from 2023, and is expected to grow to 146.2 TWh by 2027, with a CAGR of 44.8% from 2022 to 2027 [36] - By 2028, it is anticipated that 60% of data centers will adopt innovative solutions such as microgrids and liquid cooling systems to address energy constraints and sustainability [36] Group 5: Company Profiles - Fangsheng Co., Ltd. focuses on the research, design, production, and sales of heat exchangers and systems, with its revenue composition in the first half of 2025 being 68.57% from plate heat exchangers and 28.45% from heat systems [42][44] - Wanyuantong Co., Ltd. specializes in the research, production, and sales of printed circuit boards, with its revenue composition in the first half of 2025 being 43.54% from multilayer boards, 29.70% from double-sided boards, and 18.72% from single-sided boards [55][57] Group 6: Financial Performance of Companies - In 2024, Fangsheng Co., Ltd. achieved a revenue of 347 million yuan, a year-on-year increase of 1.10%, while in the first half of 2025, it reported a revenue of 180 million yuan, up 15.41% [48] - Wanyuantong Co., Ltd. reported a revenue of 1.043 billion yuan in 2024, a year-on-year increase of 5.96%, and 541 million yuan in the first half of 2025, reflecting a growth of 16.40% [60]

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。 证券代码：920060 证券简称：万源通 公告编号：2025-122 昆山万源通电子科技股份有限公司 关于泰国子公司进展情况的公告 泰国子公司已按签署的《土地买卖协议》付款条件，于 2025 年 9 月 23 日支 付土地购买价款的 80%，付款金额为 75,314,770 泰铢。 为控制投资风险，公司将根据泰国子公司项目进展等具体情况分步、分期进 行相关资本金投入，泰国子公司将按照买卖双方签署的土地买卖协议相关约定的 付款条件继续落实支付计划。 四、风险提示 一、对外投资概述 昆山万源通电子科技股份有限公司（以下简称"公司"）于 2025 年 5 月 6 日召开的第二届董事会第十三次会议审议通过了《关于设立泰国子公司的议案》， 决议在泰国投资设立海外子公司万源通电子（泰国）有限公司（以下简称"泰国 子公司"）。 具体内容详见公司分别于 2025 年 5 月 7 日、2025 年 6 月 13 日、2025 年 7 月 29 日和 2025 年 9 月 1 ...

Policy and Market Trends - The Ministry of Industry and Information Technology and eight other departments issued a plan aiming for approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%[7] - The plan emphasizes the core position of intelligent development and promotes the industrial application of intelligent network technology, including the approval of L3 level vehicles for conditional autonomous driving[13] Industry Analysis - The market for automotive-grade SoC (System on Chip) in China is projected to reach 38.1 billion yuan in 2024, representing a year-on-year growth of 42.7%[26] - SoC chips have become the mainstream intelligent driving chips due to their enhanced computing power and data transmission efficiency, addressing the challenges faced by traditional MCU chips[21] Stock Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was -1.84% from September 15 to September 19, 2025, with 43 companies (28%) experiencing an increase[45] - Notable gainers included Kaiter Co. (+33.76%), Anhui Phoenix (+19.99%), and Tianhong Lithium (+19.11%) during the same period[45] Valuation Metrics - The median TTM (Trailing Twelve Months) P/E ratio for the automotive industry increased by 2.96% to 38.2X, while the electronic equipment industry saw a decrease from 63.1X to 60.7X[45] - The median market capitalization for the automotive industry rose from 22.1 billion yuan to 22.6 billion yuan[45] Company Developments - Kaiter Co. specializes in automotive sensors and has a market capitalization of 7.728 billion yuan with a TTM P/E ratio of 47.65[44] - Aweit intends to establish a wholly-owned subsidiary in Anhui Province with a registered capital of 30 million yuan[39]

证券代码：920060 证券简称：万源通 公告编号：2025-120 昆山万源通电子科技股份有限公司 关于变更持续督导保荐代表人的公告 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 2025 年 9 月 12 日收到兴业证券股份有限公司（以下简称"兴业证券"）出具的《关于变更昆山 万源通电子科技股份有限公司持续督导保荐代表人的函》。 本次保荐代表人变更不影响兴业证券对公司的持续督导工作。变更后，兴业 证券负责公司持续督导工作的保荐代表人为单磊先生和陈嫣女士。 公司董事会对过嘉欣女士担任公司保荐代表人期间所做的工作表示忠心感 谢！ 特此公告。 昆山万源通电子科技股份有限公司 董事会 2025 年 9 月 15 日 附件： 陈嫣女士个人简历 陈嫣女士，保荐代表人、注册会计师，拥有法律职业资格证书，现就职于兴 业证券投资银行业务总部。曾参与贝因美非公开发行股票项目、永冠新材公开发 行可转债项目以及多家公司 IPO 项目，具有较为丰富的投资银行业务经验。 ...

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、对外投资概述 昆山万源通电子科技股份有限公司（以下简称"公司"）于 2025 年 5 月 6 日召开的第二届董事会第十三次会议审议通过了《关于设立泰国子公司的议案》， 决议在泰国投资设立海外子公司。 证券代码：920060 证券简称：万源通 公告编号：2025-121 昆山万源通电子科技股份有限公司 关于泰国子公司进展情况的公告 具体内容详见公司分别于 2025 年 5 月 7 日、2025 年 6 月 13 日和 2025 年 7 月 29 日在北京证券交易所信息披露平台（www.bse.cn）披露的《关于设立泰国 子公司的公告》（公告编号：2025-058）、《关于泰国子公司取得注册证书的公 告》（公告编号：2025-064）和《关于泰国子公司进展情况的公告》（公告编号： 2025-113）。 二、对外投资的进展情况 （一）买卖土地签署情况 卖方：304 INDUSTRIAL PARK 7 COMPANY LIMITED 买方：万源通电子（泰国）有 ...

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 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 541 million yuan in H1 2025, representing a year-on-year increase of 16%, with a net profit attributable to shareholders of 64.77 million yuan, up 8% year-on-year [7] - The growth is driven by demand in automotive electronics, consumer electronics, and AI servers, with significant overseas market breakthroughs [7] - The company is focusing on high-potential applications such as optical modules, server BBU, and HDI boards, with a new subsidiary in Thailand expected to add 4 million square meters of production capacity [7] Summary by Sections Market Performance - Closing price as of September 8, 2025, is 38.30 yuan, with a total market capitalization of 5,823.31 million yuan and a circulating market value of 2,684.88 million yuan [3] Financial Performance - In H1 2025, the company reported a net cash flow from operating activities of 78.51 million yuan, with a sales expense ratio of 1.31% and a management expense ratio of 3.10% [7] - For Q2 2025, revenue reached 299 million yuan, a year-on-year increase of 20%, with a net profit of 36.35 million yuan, also up 20% year-on-year [7] Revenue and Profit Forecast - The company forecasts revenues of 1,207 million yuan in 2025, with a year-on-year growth rate of 15.71%, and net profits of 148 million yuan, reflecting a growth rate of 19.96% [8] - Expected earnings per share (EPS) for 2025 is 0.97 yuan, with a projected price-to-earnings (P/E) ratio of 39.37 [8] Strategic Focus - The company is expanding its focus on high-end server BBU applications and optical communication modules, with significant investments in R&D, amounting to 20.93 million yuan in H1 2025 [7] - The automotive electronics segment has become the largest application area, accounting for over 40% of revenue in H1 2025, driven by the electrification trend in new energy vehicles [7]

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 ...