香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼羣島註冊成立並於百慕達存續之有限公司） 於本公佈日期，執行董事為麥紹棠先生及鄭玉清女士，而獨立非執行董事為陳力先生、 鄒小岳先生及劉可傑先生。 （股份代號：00138） 關連交易 完成出售事項 — 出售目標公司全部股權 謹此提述中建富通集團有限公司（「本公司」）於 2025 年 7 月 25 日刊發的公佈（「該公佈」）。 除本公佈另作定義外，本公佈所用的詞彙與該公佈所賦予該等詞彙的定義相同。 董事會欣然宣佈出售事項於2025年7月30日完成。完成後，目標公司不再為本集團的附屬公 司，而目標集團的財務業績亦不再於本集團綜合財務報表中入賬。 承董事會命 中建富通集團有限公司 執行董事 麥紹棠 香港，2025 年 7 月 30 日 ...

Group 1 - The growth in downstream demand driven by AI will continue to boost the demand for high-end PCBs such as high-frequency high-speed boards, HDI boards, and IC substrates [1] - The PCB market inventory is expected to improve significantly in 2024, with a clear recovery in the industry due to sustained high demand in AI and automotive electronics, as well as improvements in consumer electronics [1] - The demand for AI computing power will continue to grow, driven by ongoing capital expenditure increases from global cloud server vendors, leading to sustained high prosperity in the AI server market [1] Group 2 - The company is actively seizing market opportunities by expanding its computing power product market, focusing on technological innovation to optimize product structure, and enhancing production efficiency through digitalization [1] - The overseas base in Thailand is progressing smoothly, with equipment commissioning completed by the end of March and trial production already underway [1] - The Thailand project is positioned for data center server and switch products, with a production capacity expected to reach between 150 million to 200 million units in 2025, laying a solid foundation for long-term performance growth [1] Group 3 - The company forecasts revenues of 4.96 billion, 5.87 billion, and 6.78 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 890 million, 1.13 billion, and 1.33 billion yuan for the same years [2] - The company has initiated coverage with a "buy" rating based on these projections [2]

智通财经APP获悉，6月20日，信通电子(001388.SZ)开启申购，发行价格为16.42元/股，申购上限为1.2万股，市盈率20.39 倍，行业市盈率38.1倍，属于深交所主板，招商证券证券为保荐人(主承销商)。 招股书显示，信通电子系一家以电力、通信等特定行业运行维护为核心服务目标的工业物联网智能终端及系统解决方案 提供商。主营业务旨在通过工业物联网智能终端及系统解决方案解决客户在运行维护环节的综合性智能化运维需求。 报告期内，信通电子主要产品为输电线路智能巡检系统、变电站智能辅控系统和移动智能终端。公司主要采取直销模 式，通过招投标、竞争性谈判和商业谈判等方式获取客户订单。凭借优良的产品质量和较强的技术实力，公司与国家电 网、南方电网、中国联通、中国移动、中国电信等大型国有企业以及为其提供配套产品或服务的行业客户、电商平台等 建立了长期稳定的合作关系。 具体收入结构如下： | 其他产品 | | 9,747.12 9.72% 17,118.63 18.43% 14,949.53 19.16% | | --- | --- | --- | | | 合计 | 100,320.68 100.00% 92,906 ...

Core Viewpoint - Guangzhou Guanghe Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and HSBC as joint sponsors [1] Company Overview - Guanghe Technology is a leading manufacturer of key components for computing power servers, primarily engaged in the research, production, and sales of customized PCBs for computing power servers and other computing scenarios [2] - The company ranks first among PCB manufacturers for computing power servers in mainland China and third globally, holding a 4.9% share of the global market [3] - In the CPU motherboard PCB segment for computing servers, Guanghe Technology also ranks first in mainland China and third globally, with a 12.4% global market share [3] Industry Trends - The demand for electronic devices is expected to grow significantly due to the proliferation of AI, data centers, vehicle networking, robotics, and IoT applications, presenting major growth opportunities for PCBs [3] - The increasing global demand for computing power is driving rapid development in the computing power PCB market [3] - The development of industrial control and automotive electronics is steadily increasing the demand for industrial scene PCBs [4] - The iteration and upgrade of consumer electronics are contributing to stable growth in the consumer scene PCB market [5] Competitive Landscape - The industry is characterized by intense competition and is technology-intensive, with global customers demanding more advanced technology, higher reliability, and PCBs tailored for specific applications [5] - Chinese PCB manufacturers have established a solid position in the global market, and their market share is expected to grow steadily as they gain recognition from global customers [5] - Technological advancements remain a key driver of competitiveness, with innovations in material technology and breakthroughs in high-precision, high-efficiency manufacturing processes accelerating industry upgrades [6] Financial Performance - Guanghe Technology's revenue for 2022, 2023, and 2024 is projected to be approximately RMB 2.412 billion, RMB 2.678 billion, and RMB 3.734 billion, respectively [6] - The company's comprehensive income for the same years is expected to be around RMB 280 million, RMB 415 million, and RMB 680 million [6] - The gross profit margin is expected to improve from 26.1% in 2022 to 33.4% in 2024, indicating enhanced profitability [7]

Group 1 - The company, Xintong Electronics, plans to issue 39 million shares, accounting for 25% of the total share capital after the issuance, with the initial inquiry date set for June 17, 2025, and subscription date for June 20, 2025 [1] - The initial strategic placement will involve 7.8 million shares, representing 20% of the total issuance, with senior management and core employees expected to subscribe for up to 3.9 million shares, not exceeding 62.5 million yuan [1] - The company specializes in providing industrial IoT smart terminals and system solutions, focusing on operation and maintenance services in specific industries such as power and telecommunications since 2014 [1] Group 2 - The main products of the company include intelligent inspection systems for transmission lines, intelligent auxiliary control systems for substations, and mobile intelligent terminals [2] - The company adopts a direct sales model to secure customer orders through bidding, competitive negotiations, and commercial discussions, establishing long-term stable partnerships with major state-owned enterprises [2] - The company's revenue for the reporting period was 782 million yuan, 931 million yuan, and 1.005 billion yuan, with net profits of 117 million yuan, 124 million yuan, and 143 million yuan, indicating stable growth and a strong position in the industry [2]

Group 1 - Guanghe Technology (001389.SZ) reported its Q1 2025 financial results on April 30, 2025, with 21 institutional investors disclosing holdings in the company, totaling 337 million shares, which represents 79.22% of the total share capital [1] - The top ten institutional investors collectively hold 77.28% of the shares, with notable investors including Guangzhou Zhenyun Investment Co., Ltd. and Shenzhen Guangxie Investment Enterprise [1] Group 2 - In the public fund sector, two funds increased their holdings in Guanghe Technology, accounting for a 0.13% increase, while one fund, Southern CSI 1000 ETF, reported a slight decrease in holdings [2] - Three new public funds disclosed their holdings in Guanghe Technology, including E Fund Vision Growth Mixed A and E Fund Pioneer Growth Mixed A [2] - One new social security fund, the National Social Security Fund 117 Portfolio, disclosed its holdings in Guanghe Technology during this period [2]

Financial Performance - The company reported a net loss attributable to equity holders of approximately HKD 396 million for the year ended December 31, 2024, a decrease of about 31.4% compared to a net loss of approximately HKD 577 million in 2023[5]. - The company's revenue for 2024 was approximately HKD 578 million, a decrease of about HKD 187 million or 24.4% compared to 2023[28]. - The gross profit for 2024 was HKD 132 million, down 23.3% from HKD 172 million in 2023[28]. - The Ferrari business generated revenue of approximately HKD 420 million in 2024, an increase of 22.1% from HKD 344 million in 2023[34]. - The Maserati business recorded revenue of approximately HKD 61 million in 2024, a decline of 51.6% from HKD 126 million in 2023[35]. - The high-value collectibles and logistics business saw a revenue drop of 65.8% to approximately HKD 51 million in 2024, with an operating loss of HKD 52 million[36]. - The property investment and holding segment reported a rental income decrease of 25.0% to approximately HKD 6 million in 2024, with an operating loss of HKD 121 million[32]. - The securities business recorded an operating loss of HKD 4 million in 2024, significantly improved from a loss of HKD 251 million in 2023[33]. - Total revenue for 2024 was approximately HKD 578,000,000, a decrease of about 24.4% from HKD 765,000,000 in 2023, with 99.7% of revenue coming from Hong Kong, Macau, and mainland China[39]. - The company's equity attributable to shareholders decreased to approximately HKD 672,000,000 in 2024 from HKD 731,000,000 at the beginning of the year, a reduction of about HKD 59,000,000[40]. Dividend Policy - The company did not declare a final dividend for 2024, maintaining cash reserves to address future challenges, consistent with no dividends declared in 2023[6]. - The board of directors does not recommend a final dividend for 2024, maintaining cash reserves to address future challenges, consistent with no dividends declared in 2023[149]. - The company has adopted a dividend policy since January 2019, allowing for the declaration and distribution of dividends to shareholders while retaining sufficient reserves for future growth[136]. - The board will consider the group's financial performance, overall financial condition, and other relevant factors when proposing any dividends[138]. Business Operations - The property business in Hong Kong continues to consolidate amid a weak economy and low investment sentiment, with expectations of uncertainty in the property market for 2025 due to economic factors[8][9]. - The securities business generated stable interest income from receivable bills, as the company refrained from trading listed stocks or securities to preserve cash and reduce risk[10]. - Blackbird Group's Ferrari business saw a 70% increase in vehicle deliveries compared to 2023, with significant growth in personalized vehicle options, which increased by 33%[12]. - The launch of the Ferrari V12 GT car "12Cilindri" attracted 320,000 visitors during a four-day event in Hong Kong, exceeding initial sales targets by 80%[13]. - The Maserati Grecale was the best-selling model for Blackbird Tridente in 2024, with plans to introduce the GranTurismo model to the Hong Kong and Macau markets next year[15]. - The antique car and investment-grade vehicle business faced challenges due to a slowing global market, but management remains cautiously optimistic about long-term prospects[16]. - The company plans to expand cross-border services between Hong Kong and China, as well as Hong Kong and Macau, and will launch new projects including unloading RoRo cargo by 2025[17]. - The company has agreed to sell its stage sound and lighting business for a total consideration of HKD 8,100,000, with completion expected by February 28, 2025[18]. Risk Management - The outlook for 2025 is filled with uncertainties and challenges, including geopolitical instability and inflation, which pose significant risks to economic recovery[19]. - The company has identified key risks including geopolitical risks, inflation, and government policy changes that could significantly impact operations[127]. - The company employs a conservative approach to risk management, covering various types of risks including operational and market risks[123]. - The internal audit department conducts semi-annual reviews of the internal control system based on risk criteria[121]. - The board believes that the risk management and internal control systems are effective and sufficient for the year 2024[122]. Corporate Governance - The company has maintained a dual leadership structure with the same individual serving as both Chairman and CEO, which has been effective for strategic planning and execution[73]. - The company has adhered to all provisions of the corporate governance code for the fiscal year ending December 31, 2024, except for the separation of roles between Chairman and CEO[71]. - The board has established an ESG governance framework to oversee sustainability and related risks[70]. - The company has established three board committees: the Remuneration Committee, Audit Committee, and Nomination Committee, each with clearly defined responsibilities to assist the board in its duties[100]. - The Audit Committee is composed entirely of three independent non-executive directors, ensuring a high level of financial expertise[106]. - The board consists of two executive directors and three independent non-executive directors, maintaining a balance of skills and experience[88]. - The company has adopted a board diversity policy since August 2013, focusing on various aspects such as gender, age, and professional experience[113]. - The company has sufficient and appropriate liability insurance for directors and senior management against claims arising from corporate activities[87]. Employee Engagement - The company encourages employee training and development, providing competitive compensation and benefits[61]. - The company emphasizes employee welfare, providing competitive compensation and a safe working environment, with a focus on professional development[178]. - The company has implemented environmental management practices aimed at reducing operational impact and promoting sustainability[177]. Financial Obligations - The company has obtained waivers for financial covenants related to loans amounting to HKD 1.157 billion[81]. - The company is actively seeking opportunities to sell several assets, particularly properties, with expected completion between mid-2025 and late 2025[81]. - The board has reviewed the group's cash flow forecast, which covers a period of at least twelve months from the reporting date, and believes there will be sufficient working capital to meet financial obligations due by December 31, 2025[82]. - The group has a revolving loan amounting to HKD 344,000,000, which is renewed every three to twelve months, with a strong historical record of renewal[83]. Shareholder Communication - The company has established a shareholder communication policy to ensure active two-way communication with shareholders, providing timely and comprehensive information[133]. - The board reviewed the implementation and effectiveness of the shareholder communication policy and deemed it effective[135]. Charitable Contributions - The group made charitable donations of approximately HKD 56,000 in 2024, reflecting its commitment to community engagement[64]. - The company reported a charitable donation of approximately HKD 56,000 during the year, compared to HKD 50,000 in 2023[165].

Assets and Collateral - As of December 31, 2024, the group's assets with a net book value of approximately HKD 2,103,000,000 were pledged as collateral, compared to HKD 1,814,000,000 as of December 31, 2023[4] Financial Position - The group maintained fixed deposits of HKD 20,000,000, unchanged from the previous year[4] - The clarification does not affect other financial data disclosed in the 2024 annual results announcement[5]

Group 1 - Guanghe Technology (001389.SZ) released its 2024 annual report on April 1, 2025, indicating that as of March 31, 2025, 215 institutional investors disclosed holdings in Guanghe Technology A-shares, totaling 338 million shares, which accounts for 79.58% of the total share capital [1] - The top ten institutional investors include Guangzhou Zhenyun Investment Co., Ltd., Shenzhen Guangxie Investment Enterprise (Limited Partnership), and others, with a combined holding ratio of 77.28%, showing a decrease of 0.54 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 202 new public funds were disclosed this period compared to the previous quarter, including major funds such as Morgan Stanley Digital Economy Mixed A and Xinao New Energy Industry Stock [2] - There were 16 public funds that were not disclosed this period, including Internet Leaders ETF and Huatai-PineBridge MSCI China A50 Connect ETF [2]

Financial Performance - The company reported a net loss attributable to shareholders of approximately HKD 396 million for the year ended December 31, 2024, a decrease of about 31.4% compared to a net loss of approximately HKD 577 million in 2023[4]. - In 2024, the company's revenue was approximately HKD 578 million, a decrease of about HKD 187 million or 24.4% compared to 2023, primarily due to a weak classic car market and the cessation of investment in stage sound and lighting engineering business[24]. - The gross profit for 2024 was HKD 132 million, reflecting a decrease of 23.3% year-over-year[24]. - The company reported a net loss of HKD 396 million for the year, an improvement of 31.1% compared to a loss of HKD 575 million in 2023[24]. - The company recorded a loss per share of HKD 0.25 for 2024, compared to HKD 0.43 in 2023[91]. - The group recorded a pre-tax loss of HKD 396 million for 2024, compared to a loss of HKD 577 million in 2023, indicating a 31.3% improvement year-over-year[155]. Revenue Breakdown - Revenue from the property investment and holding segment decreased by 25.0% to approximately HKD 6 million, with operating losses increasing to approximately HKD 121 million from HKD 80 million in the previous year[27]. - The Ferrari business generated revenue of approximately HKD 420 million in 2024, up from HKD 344 million in 2023, with operating profit of approximately HKD 10 million, a decrease of about HKD 2 million year-over-year[29]. - Maserati business revenue fell to approximately HKD 61 million in 2024 from a historical high of approximately HKD 126 million in 2023, resulting in an operating loss of approximately HKD 15 million due to rising operational costs[30]. - Revenue from customer contracts for 2024 was approximately HKD 572 million, compared to HKD 757 million in 2023, indicating a decrease of about 24.4%[133]. - Total revenue from Hong Kong, Macau, and mainland China was approximately HKD 576 million, a decrease of about HKD 83 million or 12.6% compared to 2023[34]. Business Operations - The real estate business in Hong Kong continues to face economic uncertainties, with expectations of ongoing challenges in the property market into 2025[7]. - The logistics business maintained profitability in 2024, although operating profit margins slightly declined due to economic recession[18]. - The company will no longer operate the stage sound and lighting engineering business after selling the related joint venture for HKD 8.1 million, expected to complete by February 28, 2025[19]. - The company is expanding its cross-border service team and launching new projects, including unloading RoRo cargo, in 2025[18]. - The company is cautiously optimistic about the long-term development of the classic car trading and investment business despite global market slowdowns[16]. Cash Management and Financial Position - The company plans to conserve cash reserves and therefore does not recommend the payment of a final dividend for 2024, consistent with no interim dividend in 2024[5]. - The company's total liabilities amounted to HKD 1,605 million, slightly decreasing from HKD 1,617 million in 2023, with 99.1% of the debt being short-term[36]. - Shareholders' equity was approximately HKD 672 million as of December 31, 2024, down from HKD 731 million at the beginning of the year, reflecting a decrease of about HKD 59 million[35]. - The company's net current liabilities increased to approximately HKD 1,150 million, up by about HKD 1,089 million due to reclassification of certain bank loans[38]. - The company expects to rely on cash generated from operating activities, additional borrowing, and fundraising activities to meet operational and capital expenditure needs[39]. Corporate Governance and Compliance - The board believes that the subsidiary has a reasonable chance of successfully defending against the legal claims, and therefore no provisions are required for the litigation as of the reporting date[51]. - The company has not reported any significant violations of applicable laws and regulations as of December 31, 2024, except for the disclosed matters[52]. - The board is dedicated to maintaining high standards of corporate governance to protect the interests of shareholders and ensure sustainable development[59]. - The company acknowledges the importance of transparency and accountability to shareholders and has adhered to all corporate governance code provisions as of December 31, 2024, except for the noted deviations[59]. Future Outlook and Strategy - The company plans to launch 3-4 new Ferrari models in 2025, including the highly acclaimed limited edition 296 series[14]. - The company aims to focus on developing core businesses and exploring new market opportunities to create long-term value for shareholders[56]. - The company is committed to integrating corporate social responsibility into its daily operations, focusing on environmental management and energy efficiency[54]. - The company is exploring acquisition opportunities to enhance its product portfolio, with a target of completing at least one acquisition by the end of the fiscal year[121]. - The company plans to enhance its market expansion strategies in the upcoming fiscal year[91].