Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year increase of 19% in net profit attributable to the parent company for Q3 2025, with the Thailand factory expected to commence production in Q3 2026, aiding global expansion [5] - The automotive electronics business is becoming the main growth driver, with over 40% of revenue coming from this sector, driven by the increasing penetration of new energy vehicles [7] - The company is also benefiting from a strong demand in consumer electronics due to a replacement wave and new product launches, particularly in the multi-layer board segment [7] - The server segment is showing promising growth, with successful mass production of auxiliary power supplies for AI servers [7] - The company is actively constructing a factory in Thailand, expected to have an annual production capacity of approximately 4 million square meters, facilitating global supply chain needs [7] Financial Summary - Revenue for 2025 is projected to be 1,207 million RMB, with a year-on-year growth rate of 15.71% [6] - Net profit attributable to the parent company is expected to reach 148 million RMB in 2025, reflecting a year-on-year growth of 19.96% [6] - Earnings per share (EPS) is forecasted to be 0.97 RMB in 2025, with a price-to-earnings (P/E) ratio of 35.56 [6] - The company’s return on equity (ROE) is projected to be 12.92% in 2025 [6]

证券代码：920060 证券简称：万源通 公告编号：2025-127 昆山万源通电子科技股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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。 一、 委托理财概述 （一） 委托理财目的 昆山万源通电子科技股份有限公司（以下简称"公司"）为提高资金的使用 效率，合理利用资金增加投资收益，在不影响公司主营业务的正常开展并确保正 常经营需求的前提下，拟使用部分闲置自有资金购买安全性高、流动性好的理财 产品。 （二） 委托理财金额和资金来源 在不影响公司主营业务正常发展的前提下，公司本次拟使用不超过人民币 1.5 亿元（按理财产品存续余额计）的闲置自有资金进行现金管理。 （三） 委托理财方式 三、 风险分析及风控措施 (一) 可能存在的风险 1、公司拟购买本金安全的理财产品属于低风险投资品种，但金融市场受宏 观经济影响，不排除该项投资受到市场波动的影响； 2、公司将根据经济形势及金融市场的变化适时适量的介入相关产品，因此 短期投资的实际收益不可预期； 3、相关工 ...

证券代码：920060 证券简称：万源通 公告编号：2025-125 昆山万源通电子科技股份有限公司 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.召开情况合法合规的说明： 第二届董事会第十六次会议决议公告 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 （一）会议召开情况 1.会议召开时间：2025 年 10 月 24 日 2.会议召开地点：公司一楼会议室 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。 董事汪立国先生、董事黄海峰先生现场会议出席；董事长王雪根先生、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 年第三季度报告的议案》 1.议案内容： 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 10 月 21 日以书面方式发出 具体内容详见公司同日在 ...

Core Viewpoint - Wanyuantong (920060.BJ) is planning to issue H shares and list on the Hong Kong Stock Exchange to enhance its international brand recognition and meet overseas financing needs as part of its internationalization strategy [2]. Company Overview - Wanyuantong specializes in the research, production, and sales of printed circuit boards (PCBs) and is recognized as a high-tech enterprise [2]. - The company was listed on the Beijing Stock Exchange on November 19, 2024, with a closing stock price of 33.91 CNY and a total market capitalization of 5.156 billion CNY as of October 24, 2024 [2]. Financial Performance - For the first half of 2025, Wanyuantong reported operating revenue of 540.64 million CNY, representing a year-on-year increase of 16.4% [6]. - The net profit attributable to shareholders was 64.77 million CNY, up 7.56% year-on-year, while the net profit after deducting non-recurring items decreased by 3.27% to 55.50 million CNY [6]. - The basic earnings per share fell by 17.67% to 0.4260 CNY [6]. Shareholding Structure - The actual controller of Wanyuantong is Wang Xuegen, who directly holds 34.94% of the shares and indirectly controls an additional 3.99% through associated entities, totaling 38.92% of the voting rights [5].

Core Viewpoint - Wanyuantong is planning to discuss the issuance of H-shares and listing with relevant intermediaries, with details yet to be determined [2] Company Overview - Wanyuantong, established in 2011, is a high-tech company specializing in the production of rigid single-sided and multi-layer printed circuit boards (PCBs) [2] - The company's products are widely used in various fields including consumer electronics, automotive electronics, industrial control, home appliances, communication equipment, 5G, new energy, and medical devices [2]

相关事项的提示性公告 昆山万源通电子科技股份有限公司 关于筹划发行 H 股股票并在香港联合交易所有限公司上市 证券代码：920060 证券简称：万源通 公告编号：2025-124 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"）为满足国际化战略 发展及海外业务布局需要，提升国际品牌知名度，满足海外公司融资需求，公司 依据总体发展战略及经营规划，正在筹划境外发行股份（H 股）并在香港联合交 易所有限公司（以下简称"香港联交所"）挂牌上市（以下简称"本次发行 H 股并上市"）的相关工作。截至目前，公司正计划与相关中介机构就本次发行 H 股并上市的相关工作进行商讨，关于本次发行 H 股并上市的细节尚未确定。 根据《中华人民共和国公司法》《中华人民共和国证券法》《北京证券交易 所股票上市规则》《境内企业境外发行证券和上市管理试行办法》《香港联合交 易所有限公司证券上市规则》以及中国香港法律对在中国境内注册成立的发行人 在香港发行股票并上市的有关规定等法律、法规和 ...

证券代码：920060 证券简称：万源通 公告编号：2025-123 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 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。 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、2025 年 9 月 15 日和 2025 年 9 月 23 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）、《关于泰国 子公司进展情况的公告》（公告编号：2025-113）、《关于泰国子公司进展情况 的公告》（公告编号：2025-121）和《关于泰国子公司进展情况的公 ...

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]