Delton Technology (Guangzhou) Inc. 廣州廣合科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 董事會戰略與ESG委員會議事規則 （草案） （H股發行上市後適用） 第一章 總則 第一條 為適應廣州廣合科技股份有限公司（以下簡稱「公司」）戰略與可持續發展需 要，增強公司核心競爭力，確定公司發展規劃，健全投資決策程序，提升公司環境、社 會及公司治理（ESG）管理水平，加強決策科學性，提高重大投資決策的效益和決策的質 量，完善公司治理結構，根據《中華人民共和國公司法》《上市公司治理準則》《香港聯合 交易所有限公司證券上市規則》《廣州廣合科技股份有限公司章程》（以下簡稱「《公司章 程》」）及其他有關規定，公司特設立戰略與ESG委員會（以下簡稱「戰略與ESG委員會」 或「委員會」），並制定本議事規則。 第二條 戰略與ESG委員會是董事會下設的專門工作機構，主要負責對公司長期發展戰 略和重大投資決策進行研究並提出建議，負責公司ESG相關事宜的戰略發展及管理，指 導並監督公司ESG工作的有效實施。 –1– 第二章 人員組成 第三條 戰略與ESG委員會成員由三名董事組成，其中應至少 ...

Delton Technology (Guangzhou) Inc. 廣州廣合科技股份有限公司 第一章 總則 第一條 為進一步規範廣州廣合科技股份有限公司（以下簡稱「公司」）領導人員的產生機 制，優化董事會組成，完善公司治理結構，根據《中華人民共和國公司法》《上市公司治理 准則》《上市公司獨立董事管理辦法》《香港聯合交易所有限公司證券上市規則》》（以下簡 稱「《香港聯交所上市規則》」）等法律、法規和規範性文件以及《廣州廣合科技股份有限公 司章程》（以下簡稱「《公司章程》」）的有關規定，制訂本細則。 第二條 董事會提名委員會是董事會設立的專門工作機構，主要負責對公司董事和高級 管理人員的人選、選擇標準和程序進行選擇並提出建議。 本細則所稱「獨立董事」包括根據《香港聯交所上市規則》確定的「獨立非執行董事」。 第二章 人員組成 第三條 提名委員會成員由三名或以上董事組成，其中獨立董事佔二分之一以上。提名 委員會中至少有一名不同性別的董事。 （於中華人民共和國註冊成立的股份有限公司） 董事會提名委員會工作細則 （草案） （H股發行上市後適用） 第四條 提名委員會委員由董事長、二分之一以上獨立董事或者全體董事的三分之一 ...

Delton Technology (Guangzhou) Inc. 廣州廣合科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 董事會薪酬與考核委員會工作細則 （草案） （H股發行上市後適用） 第一章 總則 第一條 為進一步建立健全廣州廣合科技股份有限公司（以下簡稱「公司」）董事及高級管 理人員的考核和薪酬管理制度，根據《中華人民共和國公司法》《上市公司治理準則》《上 市公司獨立董事管理辦法》《香港聯合交易所有限公司證券上市規則》（以下簡稱「《香港聯 交所上市規則》」）等法律、法規、規範性文件以及《廣州廣合科技股份有限公司章程》 （以下簡稱「《公司章程》」）的有關規定，制訂本細則。 第二條 薪酬與考核委員會是董事會設立的專門工作機構，主要負責制訂、審查公司董 事及高級管理人員的薪酬政策和方案，負責制訂公司董事及高級管理人員的考核標准並 進行考核。 第三條 本細則所稱董事是指在公司領取薪酬的董事，高級管理人員是指董事會聘任的 總經理、副總經理、財務總監、董事會秘書以及《公司章程》規定的其他高級管理人員。 本細則所稱「獨立董事」包括根據《香港聯交所上市規則》確定的「獨立非執行董事」。 –1– 第七條 ...

Delton Technology (Guangzhou) Inc. 廣州廣合科技股份有限公司 董事會審計委員會工作細則 （草案） （H股發行上市後適用） （於中華人民共和國註冊成立的股份有限公司） 第一章 總則 第一條 為強化廣州廣合科技股份有限公司（以下簡稱「公司」）董事會決策功能，做到事 前審計、專業審計，確保董事會對管理層的有效監督，完善公司治理結構，根據《中華人 民共和國公司法》《中華人民共和國內部審計準則》《上市公司獨立董事管理辦法》《深圳證 券交易所上市公司自律監管指引第1號—主板上市公司規範運作》《香港聯合交易所有限公 司證券上市規則》（以下簡稱「《香港聯交所上市規則》」）等法律法規以及《廣州廣合科技 股份有限公司章程》（以下簡稱「《公司章程》」）的有關規定，制訂本細則。 第二條 公司董事會設置審計委員會，行使《公司法》規定的監事會的職權。董事會審計 委員會負責審核公司財務信息及其披露、監督及評估內外部審計工作和內部控制工作。 本細則所稱「獨立董事」包括根據《香港聯交所上市規則》確定的「獨立非執行董事」。 –1– 第二章 人員組成 公司現任外部審計機構的合夥人在其終止成為該審計機構的合夥人之日 ...

廣州廣合科技股份有限公司 章 程 （草案） （H股發行上市後適用） – 1 – | 目 錄 | | 2 | | --- | --- | --- | | 第一章 | 總 則 | 4 | | 第二章 | 經營宗旨和范圍 | 5 | | 第三章 | 股 份 | 6 | | 第一節 | 股份發行 | 6 | | 第二節 | 股份增減和回購 | 8 | | 第三節 | 股份轉讓 | 10 | | 第四章 | 股東和股東會 | 12 | | 第一節 | 股 東 | 12 | | 第二節 | 控股股東和實際控制人 | 17 | | 第三節 | 股東會的一般規定 | 18 | | 第四節 | 股東會的召集 | 22 | | 第五節 | 股東會的提案與通知 | 24 | | 第六節 | 股東會的召開 | 27 | | 第七節 | 股東會的表決和決議 | 31 | | 第五章 | 董事和董事會 | 39 | | 第一節 | 董 事 | 39 | | 第二節 | 董事會 | 44 | | 第三節 | 獨立董事 | 51 | | 第四節 | 董事會專門委員會 | 55 | | 第六章 | 高級管理人員 | 58 | | 第七章 | ...

本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。本公告並非招股章程。潛在投資者在決 定是否投資所提呈發售的 H 股前，應細閱廣州廣合科技股份有限公司（「本公司」）刊發的日期為 2026 年 3 月 12 日的招股章程（「招股章程」）以了解下文所述有關全球發售的詳細資料。投資者應僅依賴招股章程所載 資料作出有關發售股份的任何投資決定。本公司尚未且將不會根據經修訂的 1940 年《美國投資公司法》登 記。 除非本公告另有界定，否則本公告所用詞彙與招股章程所界定者具有相同涵義。 發售股份的潛在投資者應注意，保薦人兼整體協調人（為其本身及代表整體協調人及香港包銷商）有權在招 股章程「包銷－包銷安排及開支－香港公開發售－終止理由」一節所載任何事件於上市日期（目前預計將為 2026 年 3 月 20 日（星期五））上午八時正（香港時間）之前任何時間發生後，終止其於香港包銷協議項下的責 任，即時生效。 –1– 香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司（「香港結算」 ）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容 ...

Investment Rating - The report assigns an IPO-specific rating of 6.4 out of 10 for the company, based on various criteria including operational performance, industry outlook, valuation, and market sentiment [5]. Core Insights - The company, Guanghe Technology, specializes in the research, production, and sales of customized printed circuit boards (PCBs) for computing power scenarios, primarily serving the AI server and general server markets. It has three production bases in Guangzhou, Huangshi, and Thailand, with a focus on high-end server PCBs in Guangzhou [1]. - The global PCB market is experiencing significant growth driven by increasing demand for computing power, particularly in AI and data centers, as well as steady growth in industrial and consumer electronics sectors. The company ranks third globally and first in mainland China in the computing power server PCB market [2]. - The company has established a strong position in the industry, with a focus on high-end products and a growing number of direct sales customers, indicating high customer loyalty and stable relationships with leading brands [3]. Company Overview - Guanghe Technology's revenue is projected to grow from 2.412 billion yuan in 2022 to 3.734 billion yuan in 2024, with net profit increasing from 280 million yuan to 676 million yuan during the same period. By the first nine months of 2025, revenue reached 3.835 billion yuan, and profit was 724 million yuan, reflecting a net profit margin increase from 11.6% in 2022 to 18.9% in the first nine months of 2025 [1]. - The company has a strong financial performance with a gross margin improvement from 26.1% in 2022 to 34.8% in the first nine months of 2025, and a stable gross margin of over 36% for its core computing power PCB business [3]. Industry Status and Outlook - The report highlights that the global PCB market is poised for substantial growth, driven by three main factors: the continuous increase in global computing power demand, the development of industrial control and automotive electronics, and the upgrade of consumer electronics [2]. - The company is well-positioned to capitalize on the growth in the computing power sector, benefiting from its early entry into the AI server PCB market and its strong customer relationships [3]. Financial Performance - The company has demonstrated consistent revenue and profit growth, with a positive cash flow from operating activities and improving liquidity ratios, indicating a healthy financial structure [3]. - The projected net profit for the company as of September 30, 2025, is 907 million yuan, corresponding to a price-to-earnings (PE) ratio of 33.0x, with an IPO price of up to 71.88 HKD, reflecting a significant discount compared to the market price [11]. Fundraising and Use of Proceeds - The company plans to raise approximately 3.306 billion HKD through its IPO, with 71.8% allocated for capacity expansion and upgrades, 10% for enhancing R&D capabilities, and 8.2% for strategic partnerships and investments [10].

Investment Rating - The report recommends subscription for Guanghe Technology (1989.HK) [1][4] Core Insights - The company specializes in the research, production, and sales of customized printed circuit boards (PCBs) used in computing servers and other computing scenarios. It ranks third among global PCB manufacturers for computing servers based on cumulative revenue from 2022 to 2024 [2][3]. - The global PCB market is expected to grow steadily, increasing from USD 62.0 billion in 2020 to USD 75.0 billion by 2024, with a compound annual growth rate (CAGR) of 4.9%. The market is projected to continue growing at a CAGR of 4.5% from 2024 to 2029, driven by the recovery of the global economy and the rise of new applications such as data centers, AI, autonomous driving, and AR/VR [3]. - The company's revenue for the years 2022, 2023, and 2024 is projected to be RMB 2,412.4 million, RMB 2,678.3 million, and RMB 3,734.3 million, respectively, with corresponding net profits of RMB 279.65 million, RMB 414.69 million, and RMB 680.26 million [3]. - The highest issue price for the Hong Kong stock is set at HKD 71.88 per share, which is 50% of the A-share closing price on March 11, 2026 (RMB 124.1 per share). The valuation is considered to have a certain margin of safety, with an expected price-to-earnings (PE) ratio of approximately 20 times for 2026 [4]. Summary by Relevant Sections - **IPO Details**: The company aims to raise HKD 3.1754 billion through its IPO, with a total offering of 46 million shares, of which 4.14 million shares are for international placement and 460,000 shares for public offering [1]. - **Market Position**: The company is positioned as a key player in the PCB market for computing servers, which are essential for handling data-intensive workloads [2]. - **Financial Performance**: The projected revenue and profit growth indicate a positive financial outlook, with significant increases expected in the coming years [3].

Investment Rating - The report recommends subscription for Guanghe Technology (1989.HK) [1][4] Core Insights - The company specializes in the research, production, and sales of customized printed circuit boards (PCBs) used in computing servers and other computing scenarios, ranking third among global PCB manufacturers for computing servers based on cumulative revenue from 2022 to 2024 [2][3] - The global PCB market is expected to grow steadily, increasing from USD 62.0 billion in 2020 to USD 75.0 billion by 2024, with a compound annual growth rate (CAGR) of 4.9%. The market is projected to continue growing at a CAGR of 4.5% from 2024 to 2029, driven by the recovery of the global economy and the rise of new applications such as data centers, AI, autonomous driving, and AR/VR [3] - The company's revenue for the years 2022, 2023, and 2024 is projected to be RMB 2,412.4 million, RMB 2,678.3 million, and RMB 3,734.3 million, respectively, with corresponding net profits of RMB 279.65 million, RMB 414.69 million, and RMB 680.26 million [3] Summary by Relevant Sections IPO Details - The IPO price is set at HKD 71.88 per share, with a total fundraising amount of HKD 3.1754 billion, and the subscription period is from March 12 to March 17, 2026 [1] - The total number of shares available for subscription is 46 million, with 90% allocated for international placement and 10% for public offering [1] Market Position and Valuation - The highest issuance price of HKD 71.88 per share represents 50% of the A-share closing price of RMB 124.1 on March 11, 2026, and is estimated to have a price-to-earnings (PE) ratio of approximately 20 times for 2026, indicating a certain margin of safety in valuation [4]

Group 1: Market Overview - The International Energy Agency (IEA) agreed to release a record 400 million barrels of oil from emergency reserves to stabilize the market amid rising energy prices due to geopolitical tensions [8][12] - The US initiated a Section 301 trade investigation against several economies, including China and the EU, paving the way for new tariffs [12][8] - The Shanghai Composite Index closed up 0.25% at 4133.43 points, while the Hang Seng Index fell 0.24% to 25898.76 points, indicating mixed market reactions [5][8] Group 2: Company Specific Developments - Guanghe Technology, a manufacturer of customized printed circuit boards (PCBs) for computing servers, is set to launch an IPO in Hong Kong, aiming to raise up to HKD 3.31 billion [10] - The company plans to allocate approximately 52.1% of the IPO proceeds for expanding and upgrading its production facilities in Guangzhou [10] - The company reported a net profit of RMB 724 million for the first three quarters of 2025, representing a year-on-year growth of 43.1% [10] Group 3: Industry Insights - The copper cultural product market in China is projected to grow, with a leading company holding a 35% market share as of 2024 [10] - The beverage industry is facing challenges, with China Resources Beverage expected to see a 40% decrease in annual profit due to increased marketing investments and structural adjustments [13] - Cathay Pacific is preparing to raise fuel surcharges due to a doubling of aircraft fuel prices in March compared to January and February [13]