Financial Performance - The company's basic earnings per share for Q1 2025 decreased by 27.36% to 0.1869 yuan compared to Q1 2024, which was 0.2573 yuan [1] - The net profit for Q1 2025 was 0.28 billion yuan, a decline of 6.67% from 0.3 billion yuan in Q1 2024 [1] - The return on equity (ROE) dropped significantly by 48.3% to 2.73% in Q1 2025 from 5.28% in Q1 2024 [1] - The company's total revenue for Q1 2025 was 2.42 billion yuan, reflecting a 12.04% increase from 2.16 billion yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 11.5352 million shares, accounting for 18.95% of the circulating shares, which is a decrease of 14.1587 million shares from the previous period [1] - Notable changes in the top shareholders include a decrease in holdings for Wang Lei by 28.43 million shares and Liu Lizhi by 137.60 million shares [2] - New entrants to the top ten shareholders include Zhou Changzhi and Yang Huaizhi, while several previous shareholders have exited, including New World Electronics (Changshu) Co., Ltd. and Shanghai Luoshi Investment Management Center [2] Dividend Policy - The company has announced that it will not distribute dividends or bonus shares this time [3]

证券代码：920060 证券简称：万源通 公告编号：2025-054 5.会议主持人：黄海峰 6.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 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 昆山万源通电子科技股份有限公司 第二届监事会第九次会议决议公告 本公司及监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 1.会议召开时间：2025 年 4 月 25 日 2.会议召开地点：公司一楼会议室 3.会议召开方式：现场会议 4.发出监事会会议通知的时间和方式：2025 年 4 月 21 日以书面方式发出 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 （一）审议通过《关于 2025 年第一季度报告的议案》 1.议案内容： 具体内容详见公司同日在北京证券交易所信息披露平台（www.bse.cn）披露 的《2025 年一季度报告》( ...

一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 4 月 25 日 2.会议召开地点：公司一楼会议室 3.会议召开方式：现场与通讯会议相结合 证券代码：920060 证券简称：万源通 公告编号：2025-053 昆山万源通电子科技股份有限公司 第二届董事会第十二次会议决议公告 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）审议通过《关于 2025 年第一季度报告的议案》 1.议案内容： 具体内容详见公司同日在北京证券交易所信息披露平台（www.bse.cn）披露 的《2025 年一季度报告》（公告编号：2025-055）。 4.发出董事会会议通知的时间和方式：2025 年 4 月 21 日以书面方式发出 5.会议主持人：王雪根 6.会议列席人员：黄海峰、李伟席、王立萍、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 ...

Financial Performance - Net profit attributable to shareholders for the first quarter of 2025 was CNY 28,419,681.99, a decrease of 5.12% year-on-year[9] - Operating revenue for the first quarter of 2025 reached CNY 241,999,073.18, representing a 12.12% increase compared to the same period last year[9] - The company's total assets increased from ¥1,678,344,083.03 on December 31, 2024, to ¥1,684,390,554.94 on March 31, 2025, marking a growth of about 0.4%[29] - Total operating revenue for Q1 2025 reached ¥241,999,073.18, an increase from ¥215,834,219.54 in Q1 2024, representing a growth of approximately 12.1%[33] - Net profit for Q1 2025 was ¥28,419,681.99, slightly down from ¥29,952,535.65 in Q1 2024, reflecting a decrease of approximately 5.1%[34] - The total profit before tax for Q1 2025 was ¥31,611,950.02, compared to ¥33,364,675.15 in Q1 2024, reflecting a decrease of approximately 5.3%[34] Assets and Liabilities - Total assets as of March 31, 2025, amounted to CNY 1,684,390,554.94, reflecting a 0.36% increase compared to the end of the previous year[9] - The company's total liabilities to assets ratio decreased to 37.34% from 38.81% at the end of the previous year[9] - Total liabilities decreased from ¥651,289,490.88 as of December 31, 2024, to ¥628,916,280.80 as of March 31, 2025, representing a reduction of approximately 3.4%[29] - Total current assets as of March 31, 2025, amounted to ¥1,173,944,865.28, showing a slight increase from ¥1,170,246,840.52 as of December 31, 2024[27] - Total restricted assets amount to 410,017,774.56 yuan, including cash deposits and real estate[24] Cash Flow - The company's cash flow from operating activities for the first quarter was CNY 51,360,399.75, up 3.09% year-on-year[9] - Operating cash flow for Q1 2025 is CNY 51,360,399.75, an increase of 3.1% from CNY 49,820,429.82 in Q1 2024[38] - The company reported a net cash outflow from investing activities of CNY -190,735,109.73 in Q1 2025, compared to CNY -5,802,043.26 in Q1 2024, indicating increased investment activity[38] - Total cash outflow from investing activities was $258,631,440.00, significantly higher than $108,280.90 in the previous period, indicating a substantial increase in investment activities[40] - The ending balance of cash and cash equivalents stood at $143,643,741.62, compared to $50,753,754.51 in the previous period, indicating a significant liquidity position[40] Shareholder Information - The total number of ordinary shares is 152,044,663, with 10,179 shareholders[17] - Major shareholders include Wang Xuegen with 34.94% and Wang Liguan with 14.97% of the shares[18] - The proportion of unrestricted shares increased from 19.50% to 40.02%, while restricted shares decreased from 80.50% to 59.98%[16] - There are no pledged or frozen shares among the major shareholders[19] Expenses - The company's financial expenses decreased by 80.42% to CNY 174,267.64, due to repayment of bank loans and lower interest rates[11] - Total operating costs for Q1 2025 were ¥209,232,767.07, up from ¥185,884,194.34 in Q1 2024, indicating an increase of about 12.6%[33] - Research and development expenses for Q1 2025 were ¥9,812,328.21, slightly higher than ¥9,369,430.36 in Q1 2024, showing an increase of about 4.7%[33] Other Information - The company has no new external guarantee matters as of the reporting period[22] - The company has not reported any litigation or arbitration matters during the reporting period[21] - The company has fulfilled all disclosed commitments as per the prospectus[22] - The company plans to focus on market expansion and new product development in the upcoming quarters[35]

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 1.会议召开时间：2025 年 4 月 21 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 证券代码：920060 证券简称：万源通 公告编号：2025-051 昆山万源通电子科技股份有限公司 2024 年年度股东大会决议公告 5.会议主持人：董事长王雪根先生 6.召开情况合法、合规、合章程性说明： 本次股东大会会议的召集、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大会的股东共 10 人，持有表决权的股份总数 96,307,788 股，占公司有表决权股份总数的 63.34%。 其中通过网络投票参与本次股东大会的股东共 5 人，持有表决权的股份总数 11,990,650 股，占公司有表决权股份总数的 7.89%。 （三）公司董事 ...

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 2024 年年度股东大会 法律意见书 致：昆山万源通电子科技股份有限公司 为出具本法律文件，本所律师对本次股东大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，确信没有任何遗漏。 本所律师在此同意，贵公司可以将本法律意见书作为本次股东大会公告的法 定文件，随公司其他文件一并提交予以公告，但不得用于其他任何目的。 本所律师根据《上市公司股东大会规则》第五条的要求，按照律师行业公认 的业务标准、道德规范和勤勉尽责精神，出席了本次股东大会，并发表具体法律 意见如下： 一、 公司本次股东大会的召集和召开 经本所律师审查，2025 年 3 月 30 日，公司召开第二届董事会第十一次会议, 第 1 页 共 7 页 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佘珉玥律师、于胜寒律师（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 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company focuses on the printed circuit board (PCB) business, with production bases in Kunshan and Dongtai, and is well-positioned to benefit from trends in consumer and automotive electronics, as well as the growth in server and optical module markets driven by AI [5][10]. - The company has optimized its product structure, increasing the revenue share of multilayer boards from 24% in 2021 to 41% in 2024, which enhances profitability and market competitiveness [10][32]. - The company has established a strong customer base, including well-known domestic and international clients, which supports its revenue stability [10][52]. Summary by Sections 1. Business Overview - The company specializes in PCB production, offering single-sided, double-sided, and multilayer boards, with a focus on high-quality, flexible manufacturing to meet diverse customer needs [16]. - In 2023, the company generated revenues of 431.72 million yuan from consumer electronics and 283.77 million yuan from automotive electronics [31]. 2. Basic Business Foundation - The company has accumulated a strong client portfolio, including Delta Group, LG Group, and others, which enhances its market position [52]. - The global PCB market is expected to exceed 100 billion USD by 2026, with significant contributions from sectors like mobile phones, servers, and automotive electronics [10][52]. 3. Growth Potential - The AI boom is expected to drive demand for server and optical module PCBs, with the Chinese server PCB market projected to grow from 19.40 billion yuan in 2023 to 28.72 billion yuan by 2029 [10][11]. - The company is actively expanding into emerging applications such as storage/servers and communication, which are anticipated to be significant growth areas [10][11]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 1.043 billion yuan in 2024, with a year-on-year growth of 5.97%, and a net profit of 123.31 million yuan, reflecting a 4.45% increase [7][44]. - The expected net profits for 2025-2027 are 136 million, 150 million, and 171 million yuan, respectively, with corresponding P/E ratios of 34.7, 31.4, and 27.6 [8][10].

Group 1: Investor Relations Activity Overview - The company held an earnings briefing on April 11, 2025, via a remote platform [3] - Participants included the company's chairman, general manager, and financial director, along with representatives from the underwriting securities firm [3] Group 2: Key Questions and Responses - **Q1:** Inquiry about Q1 report performance and growth trends **Response:** The Q1 report will be disclosed on April 28, 2025 [4] - **Q2:** Discussion on R&D investment and innovation assurance **Response:** The company emphasizes R&D, plans to increase investment, and aims to enhance its R&D and product innovation systems [4] - **Q3:** Status of collaboration with Huawei **Response:** The company does not have direct business with Huawei but supplies components indirectly through clients [4] - **Q4:** Collaboration with Xiaomi **Response:** There is no direct business with Xiaomi; however, components are supplied indirectly through clients [4] Group 3: Operational Insights - **Q5:** Inquiry about current orders and capacity utilization **Response:** Single-sided board capacity is sufficient, while double-sided and multi-layer board capacity is nearly full, with ample orders on hand [5] - **Q6:** Plans for a factory in Thailand **Response:** The company is monitoring industry shifts to Southeast Asia and exploring opportunities for overseas supply capabilities [6] - **Q7:** Timeline for multi-layer board project completion **Response:** The project for high-end printed circuit boards is expected to be completed by August 2026 [6] - **Q8:** Plans for stock buyback **Response:** Any stock buyback plans will be disclosed in accordance with legal requirements [6]

（一）会议召开时间：2025 年 4 月 11 日（星期五）15:00-16:30。 （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"（http://ir.p5w.net）参与本次年度报告业绩说明会。 三、 参加人员 证券代码：920060 证券简称：万源通 公告编号：2025-049 昆山万源通电子科技股份有限公司 2024 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 昆山万源通电子科技股份有限公司（以下简称"公司"）于 2025 年 3 月 31 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《2024 年年度报告》（公告编号：2025-017）以及《2024 年年度报告摘要》 （公告编号： 2025-016 ）， 并 于 2025 年 4 月 1 日 在 中 国 日 报 网 （https://cn.chinadaily.com.cn） ...

Core Viewpoint - The company reported growth in revenue and net profit for 2024, but the growth rates have significantly slowed down compared to previous years, raising concerns about its profitability and market position [1][4][5]. Revenue Performance - The company achieved total revenue of 1.043 billion yuan in 2024, representing a year-on-year increase of 5.96%, which is an improvement from 1.51% in 2023 but still far below the 39.71% growth seen in 2022 [4]. - Despite maintaining a market share in consumer electronics and automotive electronics, the company faces challenges due to intensified competition and weak market demand, leading to a noticeable slowdown in revenue growth [4][6]. - The company's strategy of focusing on "small-batch, multi-variety, high-quality, and quick response" has not resulted in the expected revenue growth, particularly in the competitive consumer electronics and automotive electronics sectors [4]. Profitability Analysis - The net profit attributable to shareholders was 123 million yuan in 2024, with a year-on-year growth of 4.45%, a significant decline from 124.75% in 2023 [5][6]. - The company's non-recurring net profit was 116 million yuan, reflecting a 5.73% increase, which is also lower than the 108.05% growth in 2023 [5]. - The decline in net profit growth indicates pressure on the company's profitability, exacerbated by rising raw material costs and increased market competition, leading to a decrease in both gross and net profit margins [5][6]. Market Activity - On March 25, 2025, the company experienced two block trades totaling 10.92 million yuan at a price of 36.40 yuan, which was a 1.99% discount to the closing price on that day [7]. - In the past month, the stock has seen 36 block trades with a total transaction value of 318 million yuan, indicating market uncertainty regarding the company's future [7]. - The stock price has dropped by 9.02% over the last five days, reflecting investor concerns about the company's future profitability and market position, despite mentions of new market strategies and R&D investments in the annual report [7].