Economic Information - The price of upstream storage chips has surged, leading several smartphone manufacturers, including Xiaomi, OPPO, and vivo, to suspend their storage chip purchases for the current quarter. Many manufacturers have inventory levels below two months, with some DRAM inventories dropping to less than three weeks. They are hesitant to accept price quotes from original manufacturers (Micron, Samsung, SK Hynix) that approach a 50% increase. The demand for storage chips has surged due to the AI model wave, with data centers willing to pay higher prices for procurement, often exceeding prices offered to smartphone manufacturers by over 30% for the same products [2][8]. - The Ningbo Shipping Exchange reported that the Ningbo Export Container Freight Index (NCFI) closed at 999.7 points, down 5.1% from the previous week. Among 21 shipping routes, 6 saw an increase in freight index, while 14 experienced a decline, and 1 remained stable. In major ports along the "Maritime Silk Road," 5 ports saw an increase in freight index, while 11 ports saw a decrease [2][8]. Company Alerts - China Fortune Land Development has seen a cumulative increase of 256% over 14 trading days, significantly higher than the industry and Shanghai Composite Index, and is now under suspension for verification [4]. - Contemporary Amperex Technology Co., Ltd. (CATL) has its third-largest shareholder, Huang Shilin, planning to transfer 1% of shares, valued at approximately 18.4 billion yuan [4]. - Other companies, including Baida Group, Chahua Co., and Yifeng Pharmacy, have announced plans for share reductions by various stakeholders, with reductions ranging from 0.0176% to 3% [4][8]. Overseas Alerts - The U.S. stock market saw mixed results last Friday, with the Dow Jones down 0.65%, S&P 500 down 0.05%, and Nasdaq up 0.13%. Notable tech stocks had varied performances, with Oracle rising over 2% and Netflix dropping over 3% [5]. - The Chinese Ministry of Foreign Affairs issued a travel advisory, warning citizens to avoid traveling to Japan due to deteriorating safety conditions and recent incidents involving Chinese nationals [5].

Core Points - The company held its third extraordinary general meeting of shareholders on November 13, 2025, with no resolutions rejected [2][3] - The meeting was conducted in compliance with relevant laws and regulations, including the Company Law and the company's articles of association [2][3] - All current directors attended the meeting, with some participating via video [3] Meeting Details - The meeting took place at the company's R&D office in Dongguan, Guangdong Province [2] - Voting was conducted through a combination of on-site and online methods, presided over by the chairman [2] - The presence of directors, supervisors, and the board secretary was noted, with some unable to attend due to work commitments [3] Resolutions Passed - The proposal to abolish the supervisory board and amend the articles of association was approved [4] - Several governance documents were revised and approved, including the rules for shareholder meetings and board meetings [5] - The proposal to amend the remuneration management system for directors and senior management was passed, with related shareholders abstaining from voting [5] Legal Verification - The meeting was witnessed by lawyers from a reputable law firm, confirming that all procedures and resolutions were in accordance with legal requirements [6] - The legal opinion stated that the resolutions passed were valid and effective [6] Board Composition Changes - Following the meeting, the board of directors increased from 11 to 12 members, with the addition of a worker representative director [8] - Chen Renxi was elected as the worker representative director, transitioning from a non-worker director role [8][9] - The board's structure remains compliant with regulations regarding the proportion of worker representatives [9]

Core Viewpoint - Shengyi Technology announced the election of Mr. Chen Renxi as the employee director of the company, following approval by the employee representative assembly [2] Company Summary - Shengyi Technology held an employee representative assembly to review and approve the election of Mr. Chen Renxi as the employee director [2]

广东生益科技股份有限公司 关于选举职工董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 根据《公司法》《公司章程》等相关规定，广东生益科技股份有限公司（以下简称"公 司"）于 2025 年 11 月 13 日召开职工代表大会，本次会议的召集、召开和表决程序符合职工 代表大会的相关程序。 股票简称：生益科技 股票代码：600183 公告编号：2025—060 董事会 2025 年 11 月 14 日 陈仁喜简历如下： 陈仁喜，男，1967 年出生，中国国籍，无境外永久居留权，本科学历，正高级工程师(科 技型企业家)，高级经济师。 1989 年 6 月毕业于华南理工大学有机化学专业。1989 年 7 月至 1990 年 7 月，任职东莞 市氮肥厂；1990 年 8 月至 1995 年 11 月，任香港东方线路板有限公司技术工程师；1995 年 12 月至 1997 年 12 月，任香港生益有限公司市场服务工程师；1997 年 3 月至 2024 年 6 月， 历任广东生益科技股份有限公司生产总厂长兼营运总监、副总经理、董 ...

法律意见书 北京市康达（广州）律师事务所（下称"本所"）接受广东生益科技股份有 限公司（下称"生益科技"或"公司"）委托，指派律师出席公司 2025 年第三 次临时股东大会。根据《中华人民共和国公司法》（下称"《公司法》"）、《中 华人民共和国证券法》（下称"《证券法》"）、《上市公司股东会规则》（下 称"《股东会规则》"）等法律、法规、规范性文件以及《广东生益科技股份有 限公司章程》（下称"生益科技《公司章程》"）的规定，本所律师对本次股东 大会的召集、召开程序、出席会议人员资格以及表决方式、表决程序、表决结果 等事项进行见证并出具本法律意见书。 关于广东生益科技股份有限公司 2025 年第三次临时股东大会的法律意见书 康达(广州)股会字【2025】第 0056 号 致：广东生益科技股份有限公司 广州市天河区珠江东路 32 号利通广场 29 层 邮编：510623 29/F, Lea Top Plaza, 32#Zhujiang East Road, Tianhe District, Guangzhou, 510623 电话/TEL：(8620) 37392666 传真/FAX：(8620) 3739282 ...

证券代码：600183 证券简称：生益科技 公告编号：2025-059 广东生益科技股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 13 日 (二)股东大会召开的地点：广东省东莞市松山湖园区工业西路 5 号 公司研发办 公大楼二楼 222 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,292 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,562,778,077 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 64.3351 | 本次股东大会的召集、召开和表决符合《公司法》、《上市公司股东会规则》、 《公司章程》等法律、法规和规范性文件的规定。 (五)公司董事、监事和董事会秘书的出席情况 二 ...

Core Insights - The PCB industry is experiencing unprecedented growth opportunities driven by the AI wave, with new policies aimed at promoting high-end, green, and intelligent transformation [1] - The demand for AI servers and high-speed networks is significantly boosting the high-end PCB market, with substantial projected growth rates for specific PCB products [1] - The financial performance of PCB companies reflects this market boom, with notable revenue and profit increases across the sector [3][4] Industry Overview - The Ministry of Industry and Information Technology has solicited opinions on a draft regulation to eliminate outdated capacity and encourage technological innovation in the PCB industry [1] - According to Prismark, the market for 18-layer and above high multilayer boards and HDI boards is expected to grow by 40.3% and 18.8% year-on-year in 2024, respectively [1] - The annual compound growth rate for AI server-related HDI from 2023 to 2028 is projected to be 16.3%, marking it as the fastest-growing segment in the AI server PCB market [1] Company Performance - A total of 44 listed PCB companies in A-shares reported a combined revenue of 216.19 billion yuan, a year-on-year increase of 25.36%, and a net profit of 20.86 billion yuan, with a growth rate of 62.15% [3] - Over 75% of these companies reported a year-on-year increase in net profit, with four companies successfully turning losses into profits [3] - Leading company Shengyi Technology saw a remarkable revenue increase of 114.79% and a net profit surge of 497.61% in the first three quarters [3] - Another company, Xingsen Technology, reported over 23% revenue growth and is expanding its production capacity [3] Capital Market Interest - As of the end of Q3, 13 PCB concept stocks were heavily held by QFII, with a total market value of 16.635 billion yuan [4] - Shengyi Technology had a QFII holding ratio of 12.32%, with a market value of 15.936 billion yuan, indicating strong foreign investor confidence [4] - Other companies like Jingwang Electronics and Junya Technology also attracted QFII investments, with notable foreign institutions among their top shareholders [4]

Group 1: Company Developments - Shengtun Mining announced a capital increase of approximately 1.424 billion RMB (199.95 million USD) for its wholly-owned subsidiary, Shengtun Gold Holdings, to optimize its overseas subsidiary's equity structure and promote international development [2] - The company has been actively acquiring gold assets, including the recent cash acquisition of all issued and outstanding shares of Canadian company Loncor to obtain its gold mining assets in the Democratic Republic of Congo [2][3] - Shengtun Mining reported a significant increase in revenue, achieving 21.717 billion RMB in the first three quarters, a year-on-year growth of 22.99%, and a net profit of 1.702 billion RMB, a slight increase of 0.06% [3] Group 2: Industry Trends - The PCB market is experiencing significant expansion driven by AI demand, with high-end product categories seeing substantial growth in value [4] - According to Prismark data, the value of 18-layer and above high multilayer boards and HDI boards is expected to grow by 40.3% and 18.8% year-on-year, respectively, in 2024 [4] - The PCB industry has shown strong performance in 2023, with listed companies in the sector achieving a total revenue of 216.191 billion RMB, a year-on-year increase of 25.36%, and a net profit of 20.859 billion RMB, up 62.15% [5] Group 3: Market Performance - In the first three quarters, 75% of PCB listed companies reported a year-on-year increase in net profit, with notable performers including Shengyi Technology and Victory Technology, both exceeding 100% growth [6] - Shengyi Technology reported a revenue of 6.829 billion RMB, a year-on-year increase of 114.79%, and a net profit of 1.115 billion RMB, up 497.61% [6] - QFII investments in PCB stocks have increased, with a total holding value of 16.635 billion RMB across 13 stocks, led by Shengyi Technology with a holding value of 15.936 billion RMB [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant increase in performance, with a revenue of 20.614 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 39.80%. The net profit attributable to shareholders reached 2.443 billion yuan, up 78.04% year-on-year [2][5]. - In Q3 2025 alone, the company achieved a revenue of 7.934 billion yuan, marking a 55.10% year-on-year increase and a 12.24% quarter-on-quarter increase. The net profit for the quarter was 1.017 billion yuan, reflecting a year-on-year growth of 131.18% and a quarter-on-quarter increase of 17.83% [2][5]. - The gross margin and net margin for the first three quarters were 26.74% and 13.89%, respectively, while for Q3 2025, they were 28.14% and 15.64% [2][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 20.614 billion yuan and a net profit of 2.443 billion yuan, with respective year-on-year growth rates of 39.80% and 78.04% [2][5]. - In Q3 2025, the revenue was 7.934 billion yuan, with a year-on-year growth of 55.10% and a quarter-on-quarter growth of 12.24%. The net profit for this quarter was 1.017 billion yuan, showing a year-on-year increase of 131.18% and a quarter-on-quarter increase of 17.83% [2][5]. Market Position and Strategy - The company is benefiting from strong demand in the AI sector, successfully implementing price adjustments for its copper-clad laminates in response to rising costs. This strategic move has led to successful price increases across its product lines [10]. - The company maintains a leading position in the market, continuously innovating and collaborating with advanced terminal customers to meet evolving technical requirements. It has developed a full range of high-speed products with varying dielectric loss characteristics [10]. Future Outlook - The company is expected to achieve net profits of 3.560 billion yuan, 5.607 billion yuan, and 7.922 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios at the current stock price are projected to be 40.02, 25.41, and 17.98 [10].

Core Insights - The Ministry of Industry and Information Technology (MIIT) is seeking public opinion on the management measures for the printed circuit board (PCB) industry, focusing on eliminating outdated capacity, encouraging technological innovation, and clarifying technical indicators to promote high-end, green, and intelligent development of the industry [1][4]. Market Expansion - The PCB market is experiencing significant expansion driven by AI demand, with high-end product output value increasing substantially [2][3]. - According to Prismark, the output value of high-layer boards (18 layers and above) and HDI boards is expected to grow by 40.3% and 18.8% year-on-year in 2024, respectively, fueled by strong demand from AI servers and high-speed networks [3]. Industry Performance - In the first three quarters of the year, the PCB industry in the A-share market, comprising 44 listed companies, reported a total revenue of 216.19 billion yuan, a year-on-year increase of 25.36%, and a net profit attributable to shareholders of 20.86 billion yuan, up 62.15% [4]. - Notably, 75% of the companies reported a year-on-year increase in net profit, with significant growth from companies like Shengyi Technology and Nanya New Material, both exceeding 100% growth [4]. Company Highlights - Shengyi Technology reported a revenue of 6.83 billion yuan, a year-on-year increase of 114.79%, and a net profit of 1.12 billion yuan, up 497.61% [4]. - Xingsen Technology achieved the fastest revenue growth among the companies, reaching 5.37 billion yuan, a 23.48% increase year-on-year, and is expanding its capacity in CSP packaging substrates [5]. Foreign Investment - As of the end of the third quarter, several PCB stocks have attracted foreign investment, with QFII holding a total market value of 16.635 billion yuan in 13 stocks [6]. - Shengyi Technology leads in QFII holdings with a market value of 15.936 billion yuan, followed by Jingwang Electronics and Junya Technology [6].