证券代码：920060 证券简称：万源通 公告编号：2025-102 昆山万源通电子科技股份有限公司董事、高级管理人员离 职管理制度 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、 审议及表决情况 公司第二届董事会第十四次会议审议通过《昆山万源通电子科技股份有限公 司董事、高级管理人员离职管理制度》，同意票数 5 票，反对票数 0 票，弃权票 数 0 票。该议案无需提交股东会审议。 二、 制度的主要内容，分章节列示： 昆山万源通电子科技股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范昆山万源通电子科技股份有限公司（以下简称"公司"） 董 事、高级管理人员离职管理，保障公司治理稳定性及股东合法权益，根据《中华 人民共和国公司法》《上市公司章程指引》等法律、法规、规章、规范性文件以 及《昆山万源通电子科技股份有限公司章程》（以下简称"公司章程"）等有关 文件规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的辞任、 任期届满、解 ...

证券代码：920060 证券简称：万源通 公告编号：2025-064 昆山万源通电子科技股份有限公司 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 7 日在北京证券交易所官方信息披露平台（www.bse.cn）上披露的《关于设立泰国 子公司的公告》（公告编号：2025-058）。 2025 年 6 月 12 日，公司已完成泰国子公司的注册登记手续，当地行政主管 部门签发了公司注册证书。 一、注册证书内容 中文名称：万源通电子（泰国）有限公司 英文名称：WANYUANTONG ELECTRONICS (THAILAND) CO., LTD. 关于泰国子公司取得注册证书的公告 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。 注册地址：泰国曼谷市辉煌区拉差达披色路富伦大厦 16 楼 184/69 号 主要经营范围：从事生产、代生产、包装、组装、设计、测试、研发柔性印 刷电路板、多层印刷电路板、单双面印刷电路板以及高密度互连积层板、新型电 子元器件、端子连接器装置、金属结构件、电子 ...

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of 31.05 CNY over a 12-month period [1]. Core Viewpoints - The company, Wanyuantong, specializes in PCB products and has been expanding its market presence since its establishment in 2011. It operates two production bases in Kunshan and Dongtai, Jiangsu, and its products are widely used in consumer electronics, automotive electronics, industrial control, home appliances, and communication devices [5][11]. - The PCB market is experiencing steady growth, driven by emerging technologies such as 5G, cloud computing, and the Internet of Things (IoT). The global PCB industry is projected to grow from 80.92 billion USD in 2021 to 101.56 billion USD by 2026, with a CAGR of 4.65% from 2021 to 2026 [5][45]. - The company has established long-term stable relationships with numerous well-known clients across various sectors, including automotive electronics and industrial control [5][72]. Financial Performance - The company's total revenue has increased from 681 million CNY in 2019 to 1,043 million CNY in 2024, with a five-year CAGR of 8.90%. In Q1 2025, the revenue was 242 million CNY, reflecting a year-on-year growth of 12.12% [5][20]. - The net profit attributable to the parent company has shown strong growth, rising from 38 million CNY in 2019 to 123 million CNY in 2024, with a five-year CAGR of 26.48% [5][22]. - The company's gross margin has improved due to better product structure optimization and cost control, with a gross margin of 23.41% in Q1 2025 [25][27]. Product Structure and Market Position - The company's main business segments include multilayer boards, double-sided boards, and single-sided boards, with multilayer boards' revenue share increasing significantly, reaching 41.34% in 2024 [29]. - The company has a diverse product range, including standard PCBs, metal substrates, and high-frequency boards, catering to various applications in consumer electronics, automotive, and industrial sectors [41][42]. Industry Outlook - The PCB industry is currently in its fifth growth cycle, benefiting from the rapid expansion of 5G infrastructure and the increasing demand for electric vehicles [45][46]. - The automotive electronics market is expected to grow significantly, with the market size projected to reach 148.6 billion USD by 2026, reflecting a CAGR of 6.12% [59].

Group 1: Business Growth Drivers - The growth of the company's multi-layer PCB business is driven by the expansion of automotive electronics and consumer electronics applications [5] - The demand for PCBs in the automotive sector is significantly increasing due to the rising penetration of new energy vehicles and the electrification of applications [5] - Major global technology companies are increasing their investments in AI, leading to a surge in PCB application demand [5] Group 2: Market Coverage and Product Layout - The company has covered all mainstream automotive brands through a supply chain model involving Tier 1 and Tier 2 suppliers [6] - The company has made progress in high-end server applications, particularly in BBU power supply and optical communication modules [7] Group 3: Revenue and Profitability Insights - The overseas revenue growth in 2024 is attributed to the automotive electronics sector and collaboration with major clients in Southeast Asia [8] - The slight decline in gross profit in 2024 is due to lower utilization rates of single-sided boards, price adjustments from major clients, and rising costs of raw materials [9][10] - The company aims to maintain profitability in 2025 through capacity expansion and product structure optimization [10] Group 4: Future Developments - The Thai subsidiary is expected to begin construction in Q3 2025 and complete its first phase by Q3 2026 to meet global supply chain demands [11] - The demand for PCBs is anticipated to grow due to large-scale shipments of AI servers and the transition of Chinese new energy vehicles from L2 to L3 levels [12]

证券代码：920060 证券简称：万源通 公告编号：2025-062 昆山万源通电子科技股份有限公司股票解除限售公告 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、本次股票解除限售数量总额为 6,200,000 股，占公司总股本 4.0777%，可交 易时间为 2025 年 5 月 30 日。 二、本次股票解除限售的明细情况及原因 单位：股 | | | 是否为 | | | | | 尚未 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 控股股 | 董事、监 | 本次 | | 本次解除 | 解除 | | 序 | | 东、实际 | 事、高级 | 解限 | 本次解除限 | 限售股数 | 限售 | | 号 | 股东姓名或名称 | 控制人 | 管理人 | 售原 | 售登记股票 | 占公司总 | 的股 | | | | 或其一 | 员任职 | 因 | 数量 | 股本比例 | 票数 | | | | 致行动 | 情况 | | | | | | | | ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company achieved a revenue of 242 million yuan in Q1 2025, representing a year-on-year increase of 12.12%, while the net profit attributable to the parent company was 28.42 million yuan, down 5.12% [5] - The company is planning to establish a subsidiary in Thailand to expand its overseas market presence, with a total investment not exceeding 20 million USD [7] - The global PCB industry is showing signs of recovery, with emerging sectors like artificial intelligence expected to contribute to incremental demand [6] Financial Summary - In 2024, the company is projected to achieve a revenue of 1.043 billion yuan (+5.96%) and a net profit of 123 million yuan (+4.45%) [5] - The revenue for 2025 is estimated at 1.139 billion yuan (+9.2%), with net profit expected to reach 140 million yuan (+13.5%) [8] - The company's gross margin is projected to be 24.7% in 2025, with a net margin of 12.3% [8] Production Capacity and Utilization - The company has excess capacity for single-sided boards with a utilization rate of 68.36%, while the double-sided multilayer board capacity is nearly saturated at 91.73% [7] - A new project for high-end PCB production is expected to be completed by August 2026, with an annual production capacity of 500,000 square meters [7] Earnings Forecast - The forecasted net profits for 2025, 2026, and 2027 are 140 million yuan, 156 million yuan, and 182 million yuan, respectively, with corresponding EPS of 0.92, 1.03, and 1.20 yuan per share [5][8]

Summary of Key Points Core Insights - The report highlights the upcoming listings and trading activities of several companies on May 19, 2025, indicating a busy market day with multiple new entries [1][2][3]. Upcoming Listings - Company 001390 Guqi Fur Material will be available for online subscription on May 19, 2025 [1]. - Companies 301595 N Taili and 603014 N Weigao will officially list on the same day, with allocations for general institutional investors [1]. - Company 920060 Wanyuantong will also list on May 19, 2025, specifically for the public portion [1]. Suspension Announcements - Company 002092 ST Zhongtai and 002259 ST Shengda will be suspended for one day due to the announcement of the withdrawal of other risk warnings [2]. - The Invesco Great Wall S&P Consumer Select ETF (QDII) and Guotai S&P 500 ETF will also be suspended until 10:30 AM on May 19, 2025, to protect investor interests [2]. - Company 300506 *ST Mingjia will be suspended for one day following the announcement of the withdrawal of delisting risk warnings [2]. Special Suspensions - Company 000151 Zhongcheng Co. will be suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 16, 2025 [3]. - Company 000584 *ST Gongzhi and 000622 *ST Hengli will also face suspensions due to potential delisting risks and failure to disclose periodic reports within the legal timeframe [3]. - Company 002336 *ST Renle will be suspended for one day due to the announcement of potential delisting risks [3].

证券代码：920060 证券简称：万源通 公告编号：2025-060 公司本次发行的超额配售选择权已于 2024 年 12 月 18 日行使完毕。公司已 于 2024 年 12 月 19 日收到超额配售选择权新增发行 465.00 万股对应的募集资金 总额 51,894,000.00 元，扣除发行费用后的募集资金净额 47,482,571.32 元。上 述资金到位情况已经容诚会计师事务所（特殊普通合伙）审验，并出具了《验资 报告》(容诚验字[2024]215Z0054 号)。 二、募集资金管理情况 为规范公司募集资金管理，保护投资者合法权益，根据《北京证券交易所股 票上市规则》《北京证券交易所上市公司持续监管指引第 9 号—募集资金管理》 等相关法律法规规定，以及公司制定的《募集资金管理制度》相关要求，公司对 募集资金进行专户存储管理。公司及公司全资子公司江苏广谦电子有限公司已与 保荐机构兴业证券股份有限公司、存放募集资金的商业银行签订《募集资金三方 监管协议》《募集资金四方监管协议》。 昆山万源通电子科技股份有限公司 关于注销部分募集资金专项账户的公告 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， ...

现将权益分派事宜公告如下： 证券代码：920060 证券简称：万源通 公告编号：2025-059 昆山万源通电子科技股份有限公司 2024 年年度权益分派实施公告 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 2024 年年度权益分派方案已获 2025 年 4 月 21 日召开的股东会审议通过，本次实施分配方案距离股东会审议通过的时间 未超过两个月。 本次权益分派基准日合并报表归属于母公司的未分配利润为 383,019,890.29 元，母公司未分配利润为 137,256,194.59 元。本次权益分派共计派发现金红利 76,022,331.50 元。 一、权益分派方案 1、本公司 2024 年年度权益分派方案为： 以公司现有总股本 152,044,663 股为基数，向全体股东每 10 股派 5 元人民币 现金。 2、扣税说明 （1）个人股东、投资基金适用股息红利差别化个人所得税政策, 个人股东、 投资基金持股 1 个月（含 1 个月）以内，每 10 股补缴税款 1 元 ...

证券代码：920060 证券简称：万源通 公告编号：2025-058 昆山万源通电子科技股份有限公司 关于设立泰国子公司的公告 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 （一）基本情况 为实现公司国际化发展战略，增强市场竞争力，应对未来的国际贸易风险， 拓展海外市场业务，快速响应海外客户的订单需求，昆山万源通电子科技股份有 限公司（以下简称"公司"）拟成立泰国子公司，在泰国投资新建生产基地。该 项目计划总投资金额不超过 2,000.00 万美金（按当前汇率折算合约人民币 15,000.00 万元或等值外币），包括但不限于购买土地、建设厂房、购建固定资产 等相关事项，实际投资金额以中国及泰国当地主管部门批准金额为准。为控制投 资风险，公司将根据市场需求和业务进展等具体情况分步、分期对泰国子公司进 行相关投入，本次投资项目为公司主营业务。 根据泰国有关法律法规的规定，在泰国设立公司需要 2 名自然人联合发起， 且最终需要维持 2 名股东（自然人或法人均可）的股权架构。因此，在设立泰国 ...