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]

证券代码：920357 证券简称：雅葆轩 公告编号：2026-004 芜湖雅葆轩电子科技股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 □业绩说明会 二、 投资者关系活动情况 活动时间：2026 年 3 月 5 日 活动地点：上海浦东金茂君悦酒店 参会单位及人员：开源证券、新华基金、颐歌资产、长江证券、联储证券 上市公司接待人员：董事会秘书张娟娟女士 三、 投资者关系活动主要内容 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 □其他 问题 5：PCBA、PCB 涨价逻辑的传导情况，包括涨价传导的时间点、幅度， 以及公司产品是否提价、提价幅度？ 问题 1：2026 年新增产能的释放进度如何？汽车、工控、消费领域的业务 增长情况是怎样的？ 回答：公司将积极推动新增产能的逐步释放，预计 2026 年新增产能逐步爬 坡，并于 2027 年完成产能释放。公司预计汽车电子将呈现高速增长的态势，工 业控制呈现稳健增长的态势 ...

证券代码：920357 证券简称：雅葆轩 公告编号：2026-003 芜湖雅葆轩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。 芜湖雅葆轩电子科技股份有限公司（以下简称"公司"）于 2026 年 2 月 5 日 收到国元证券股份有限公司（以下简称"国元证券"）出具的《关于变更芜湖雅 葆轩电子科技股份有限公司持续督导工作保荐代表人的函》。 芜湖雅葆轩电子科技股份有限公司 董事会 2026 年 2 月 5 日 附件：汤雨城先生简历 汤雨城先生，保荐代表人，国元证券投资银行总部资深经理，硕士研究生。 作为主要人员曾参与迎丰股份、富春染织、科威尔、胜通能源等首次公开发行股 票项目以及富春染织、志邦家居可转债项目；曾担任雅葆轩北交所上市项目协办 人；曾负责祥龙钻探、中旭建设、华运超市、好思家、小小科技等新三板挂牌项 目。 国元证券作为公司向不特定合格投资者公开发行股票并在北京证券交易所 上市的保荐机构，原委派顾寒杰先生、樊俊臣先生担任持续督导保荐代表人，持 ...

Financial Performance - The company's operating revenue for the reporting period reached ¥598,163,475.09, representing a 58.73% increase compared to ¥376,834,740.01 in the same period last year[4] - The total profit for the period was ¥74,538,833.98, up 36.68% from ¥54,536,281.41 year-on-year[4] - Net profit attributable to shareholders was ¥64,750,994.33, reflecting a 34.16% increase from ¥48,265,721.61 in the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥61,661,044.42, which is a 47.06% increase compared to ¥41,930,097.94 last year[4] - Basic earnings per share increased to ¥0.81, a growth of 35.00% from ¥0.60 in the same period last year[4] Assets and Equity - Total assets at the end of the reporting period were ¥701,795,257.33, a 29.18% increase from ¥543,280,764.61 at the beginning of the period[4] - Shareholders' equity attributable to the company was ¥402,216,540.34, up 6.55% from ¥377,502,351.16 at the beginning of the period[4] Market and Risks - The earnings growth was primarily driven by increased demand in the downstream market, particularly in automotive electronics and industrial control products[6] - The company cautions that the financial data presented is preliminary and has not been audited, urging investors to be aware of investment risks[7] - The company plans to disclose detailed financial data in the 2025 annual report[7]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing at 4122.58 points, above the annual line, reflecting a slight increase of 0.14% [1] Group 1: Market Performance - The total trading volume of A-shares reached 27,165.07 billion yuan [1] - 120 A-shares have surpassed the annual line, indicating a bullish trend in the market [1] Group 2: Notable Stocks - Stocks with significant deviation rates include: - Teruisi (特瑞斯) with a deviation rate of 22.45% and a daily increase of 29.98% [1] - Qingyun Technology (青云科技) with a deviation rate of 17.76% and a daily increase of 20.00% [1] - Zhongbei Communication (中贝通信) with a deviation rate of 9.06% and a daily increase of 10.00% [1] - Other stocks with smaller deviation rates that have just crossed the annual line include: - Meiansen (梅安森) and Founder Securities (方正证券) [1]

二、 本次减持计划的主要内容 | 股东名 | 计划减持数 | 计划减持 数量占总 | 减持 | 减持 | 减持价 | 拟减持股份 | 拟减 | | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 量 | 股本比例 | 方式 | 期间 | 格区间 | 来源 | 持 | | | （股） | | | | | | 原因 | | | | （%） | | | | | | | 胡啸宇 | 不高于 | | 集中 | 本公告披露 之日起 15 | 根据市 | 北交所上市 前取得（含权 | 自身 | | | | 2% | | | 场价格 | | 资金 | | | 1,601,600 | | 竞价 | 个交易日后 | 确定 | 益分派转增 | 需求 | | | | | | 的 3 个月内 | | 股） | | 证券代码：920357 证券简称：雅葆轩 公告编号：2026-001 芜湖雅葆轩电子科技股份有限公司 股东拟减持股份的预披露公告（再次披露） 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连 ...

除上述办公地址外，公司投资者联系电话、电子邮箱等信息均保持不变。公 司办公地址变更后，公司最新联系方式如下： 1.办公地址：芜湖市南陵县经济开发区籍山西路 92 号 证券代码：920357 证券简称：雅葆轩 公告编号：2025-118 芜湖雅葆轩电子科技股份有限公司 关于公司办公地址变更的公告 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。 芜湖雅葆轩电子科技股份有限公司（以下简称"公司"）结合自身发展现状 及未来战略规划，公司办公地址信息发生变更，现将变更信息公告如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 芜湖市南陵县经济开发区 | 芜湖市南陵县经济开发区 | | | 大屋路 8 号 | 籍山西路 92 号 | 2.投资者联系电话：0553-2392888 3.电子邮箱：zqb@yabosion.com 芜湖雅葆轩电子科技股份有限公司 董事会 2025 年 12 月 29 日 ...

证券代码：920357 证券简称：雅葆轩 公告编号：2025-119 芜湖雅葆轩电子科技股份有限公司 股东拟减持股份的预披露公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 二、 本次减持计划的主要内容 | 股东名 | 计划减持数 | 计划减持 数量占总 | 减持 | 减持 | 减持价 | 拟减持股份 | 拟减 | | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 量 | 股本比例 | 方式 | 期间 | 格区间 | 来源 | 持 | | | （股） | | | | | | 原因 | | | | （%） | | | | | | | 胡啸宇 | 不高于 | | 集中 | 本公告披露 之日起 30 | 根据市 | 北交所上市 前取得（含权 | 自身 | | | | 2% | | | 场价格 | | 资金 | | | 1,601,600 | | 竞价 | 个交易日后 | 确定 | 益分派转增 | 需求 | | | | | | 的 3 个月内 | | 股） | | （ ...

本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 证券代码：920357 证券简称：雅葆轩 公告编号：2025-117 芜湖雅葆轩电子科技股份有限公司 持股 5%以上股东减持股份结果公告 三、 备查文件 一、 减持主体减持前基本情况 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | （%） | | | 孙昌来 | 持股 5%以上 | 8,362,310 | 10.4424% | 北交所上市前取得（含 | | | 股东 | | | 权益分派转增股） | 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： | | | 减持数 | | | | | | 减 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 量占总 | | | | | | 持 | | | | 股 | | 股本比 | 减 | ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Insights - The company, Yabo Xuan, is positioned as a "small giant" in the PCBA electronic manufacturing services sector, benefiting from the demand for automotive electronics and the digital transformation in industrial control [5][10]. - The EMS industry is experiencing strong growth, with a market size of 1.9687 trillion yuan in 2023, reflecting a year-on-year increase of 4.9% [6][20]. - The demand for PCBA services is driven by various sectors, including consumer electronics, automotive electronics, and industrial control, with significant growth expected in these areas [10][24]. Industry Overview - The EMS industry relies on upstream electronic component manufacturing, which includes chips, PCBs, and passive components, directly impacting the development of EMS [15][18]. - The downstream market includes automotive electronics, consumer electronics, and industrial control, where demand fluctuations significantly influence the industry's growth and profitability [15][18]. Business Performance - Yabo Xuan specializes in PCBA electronic manufacturing services, covering consumer electronics, automotive electronics, and industrial control, with a comprehensive service chain that includes BOM optimization, technical support, and testing [32][37]. - The company reported a revenue of 419 million yuan in Q1-Q3 2025, representing a year-on-year growth of 55.90%, with a net profit of 48.72 million yuan, up 36.59% year-on-year [51][52]. - The automotive electronics segment saw a revenue increase of 194.96% in the first half of 2025, driven by the trend towards multi-screen and large-screen displays in vehicles [39][41]. Future Prospects - The company is expected to expand its production capacity with a new project set to be operational by mid-2026, enhancing its ability to meet growing demand [56][57]. - Yabo Xuan holds 51 patents, including 14 invention patents, and continues to invest in R&D to maintain its technological edge [56][57]. - The potential for new business opportunities in FPC soft boards is highlighted as a long-term growth driver, leveraging dual demand from display customers for both hard and soft boards [11][56].