Market Overview - On September 18, the component sector rose by 0.81% compared to the previous trading day, with Nanya Technology leading the gains [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Top Performers - Nanya Technology (688519) closed at 81.07, up 10.36% with a trading volume of 115,500 shares and a turnover of 926 million [1] - Guanghe Technology (001389) closed at 84.33, up 10.01% with a trading volume of 204,300 shares and a turnover of 1.687 billion [1] - Huazheng New Materials (603186) closed at 43.44, up 10.00% with a trading volume of 190,500 shares and a turnover of 804 million [1] - Other notable gainers include Huhua Electric (002463) up 6.38%, Shengyi Technology (600183) up 5.40%, and ChaoSheng Electronics (000823) up 5.09% [1] Underperformers - Sihui Fushi (300852) closed at 45.89, down 5.17% with a trading volume of 153,700 shares and a turnover of 710 million [2] - Jianghai Co. (002484) closed at 32.65, down 3.91% with a trading volume of 531,700 shares and a turnover of 1.773 billion [2] - Shiyun Circuit (603920) closed at 48.01, down 3.30% with a trading volume of 759,500 shares and a turnover of 3.744 billion [2] Capital Flow - The component sector experienced a net outflow of 1.877 billion from institutional investors, while retail investors saw a net inflow of 807 million [2][3] - Notable net inflows from retail investors were observed in companies like Xingsen Technology (002436) and Shengyi Technology (600183) [3] Summary of Individual Stocks - Xingsen Technology (002436) had a net inflow of 554 million from institutional investors, while retail investors saw a net outflow of 448 million [3] - Shengyi Technology (600183) had a net inflow of 335 million from institutional investors, with a net outflow of 227 million from retail investors [3] - Guanghe Technology (001389) had a net inflow of 135 million from institutional investors, with a net outflow of 48 million from retail investors [3]

Core Points - The company announced a profit distribution plan approved at the second extraordinary general meeting of shareholders on September 3, 2025 [1] - The distribution will be based on a total share capital of 2,429,262,930 shares, with a cash dividend of 0.4 yuan per share, totaling 971,705,172.00 yuan [1] - The cash dividends will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [1] Distribution Plan - The distribution year is set for the first half of 2025 [1] - The cash dividend will be distributed to shareholders who have completed designated transactions through the Shanghai Stock Exchange [1] - Specific shareholders, including Guangdong Guangxin Holdings Group Co., Ltd., Dongguan Guohong Investment Co., Ltd., and Weihua Electronics Co., Ltd., will receive dividends directly from the company [2] Taxation Details - For individual shareholders and securities investment funds, no income tax will be withheld at the time of cash dividend distribution [3] - The actual cash dividend per share is 0.4 yuan, with tax implications based on the holding period: 20% for holdings of one month or less, 10% for holdings between one month and one year, and no tax for holdings over one year [4] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.36 yuan per share [5] - Hong Kong Stock Exchange investors will also face a 10% withholding tax, leading to a net cash dividend of 0.36 yuan per share [5] - Other institutional investors will receive the full cash dividend of 0.4 yuan per share, responsible for their own tax payments [5] Contact Information - For inquiries regarding the equity distribution, shareholders can contact the board office at 0769-22271828-8225 [6]

Group 1 - The core viewpoint of the news is that Shengyi Technology has shown significant stock performance, with a year-to-date increase of 132.75% and a recent market capitalization of 132.589 billion yuan [1] - As of September 18, the stock price reached 54.58 yuan per share, with a trading volume of 10.54 billion yuan and a turnover rate of 0.82% [1] - The company has experienced net inflows of 43.8563 million yuan from major funds, with large orders accounting for 29.89% of total buying [1] Group 2 - Shengyi Technology, established on June 27, 1985, is located in Dongguan, Guangdong Province, and was listed on October 28, 1998 [2] - The company's main business includes the design, production, and sales of copper-clad laminates, printed circuit boards, and other electronic materials, with copper-clad laminates and bonding sheets contributing 65.96% to revenue [2] - As of June 30, 2025, Shengyi Technology reported a revenue of 12.680 billion yuan, a year-on-year increase of 31.68%, and a net profit of 1.426 billion yuan, up 52.98% [2] Group 3 - Since its A-share listing, Shengyi Technology has distributed a total of 12.911 billion yuan in dividends, with 4.547 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 166.7 million shares, a decrease of 16.4004 million shares from the previous period [3] - Other notable shareholders include various ETFs, with increases in holdings for Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF [3]

Group 1 - The company announced a cash dividend of 0.4 yuan per share (including tax) for the first half of 2025 [2] - The record date for the dividend is set for September 24, 2025 [2] - The ex-dividend date and the date of cash dividend distribution are both scheduled for September 25, 2025 [2]

证券代码：600183 证券简称：生益科技 公告编号：2025-050 广东生益科技股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.4元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/24 | － | 2025/9/25 | 2025/9/25 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 9 月 3 日的2025年第二次临时股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 2. 自行发放对象 本公司股东广东省广新控股集团有限公司、东莞市国弘投资有限公司、伟华电子有限公 司的现金红利由本 ...

Company Overview - Shengyi Technology Co., Ltd. is located in Dongguan, Guangdong Province, established on June 27, 1985, and listed on October 28, 1998. The company specializes in the design, production, and sales of copper-clad laminates, bonding sheets, printed circuit boards, ceramic electronic components, LCD products, electronic-grade glass cloth, epoxy resin, copper foil, flexible electronic materials, display materials, packaging materials, and insulation materials [2][3] - The main business revenue composition includes: copper-clad laminates and bonding sheets (65.96%), printed circuit boards (28.63%), waste resource comprehensive utilization (3.37%), and others (2.04%) [2] Financial Performance - For the first half of 2025, Shengyi Technology achieved operating revenue of 12.68 billion yuan, a year-on-year increase of 31.68%, and a net profit attributable to the parent company of 1.43 billion yuan, a year-on-year increase of 52.98% [2] - The company has cumulatively distributed cash dividends of 11.939 billion yuan since its A-share listing, with 3.575 billion yuan distributed in the last three years [3] Stock Market Activity - On September 15, Shengyi Technology's stock price increased by 2.03%, reaching 54.22 yuan per share, with a trading volume of 1.367 billion yuan and a turnover rate of 1.08%, resulting in a total market capitalization of 131.715 billion yuan [1] - The stock has risen 131.22% year-to-date, with a 16.48% increase over the last five trading days, 21.32% over the last 20 days, and 88.46% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on March 19, where it recorded a net buy of -548 million yuan [1] Shareholder Structure - As of June 30, 2025, the number of shareholders of Shengyi Technology was 75,100, a decrease of 14.25% from the previous period, with an average of 31,561 circulating shares per person, an increase of 16.61% [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 166.7 million shares, and various ETFs such as Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and others, with some increasing their holdings [3]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Industrials - **Outlook**: The industrial sector in China is facing a challenging trajectory in 2H25, with persistent macro headwinds and a cautious outlook due to muted demand and external risks, particularly from US tariffs [10][11][24][25]. Core Insights 1. **Earnings Performance**: In 1H25, 39% of companies reported earnings beats, a notable increase from 20% in 2H24, indicating improved performance against lower expectations [1]. 2. **Manufacturing Activity**: The Manufacturing PMI fell below 50 during Apr-Aug 2025, reflecting weak domestic consumption and cooling export orders [11][12]. 3. **Corporate Profits**: Industrial profits declined by 1.7% year-on-year to RMB 4 trillion (approximately USD 559 billion) in 7M25, with a slight recovery noted in July due to government measures [14]. 4. **Capex Intentions**: There is a significant contraction in Japan's machine tool orders to China, indicating a risk-off sentiment among manufacturers [16][20]. 5. **Destocking Cycle**: The destocking phase is nearing an end, but restocking is not yet in sight, as businesses await improved demand and profit margins [21]. Investment Strategies Barbell Strategy - **High-Risk Basket**: Focus on sectors like AI infrastructure, factory automation, and humanoid robots. Key picks include: - **AI Infra**: Kingboard Laminates (KBL), Shengyi Technology (SYTECH), Han's CNC [26][27]. - **Factory Automation**: Wuxi Lead, UBTECH, Hengli Hydraulic [43][46]. - **Low-Risk Basket**: Emphasize infrastructure and export sectors, with a preference for: - **China Infrastructure**: CRRC, Lesso, China State Construction International (CSCI) [5][61]. - **Export**: Techtronic, Shenzhou, Stella, focusing on high dividend yields [5]. Key Company Insights 1. **Kingboard Laminates (KBL)**: Reported 1H25 earnings growth of 28% to HKD 933 million, with expectations of improved gross margins in 2H25 due to price increases [28][29]. 2. **Shengyi Technology (SYTECH)**: Anticipates a 10-15% increase in shipments of AI-related materials, with ongoing expansion plans [33][34]. 3. **Wuxi Lead**: Expected to benefit from an EV battery capex cycle turnaround, with new orders projected to exceed previous guidance [47][48]. 4. **UBTECH**: Revised delivery guidance for humanoid robots upwards, indicating strong demand in the auto and electronics sectors [52][53]. 5. **CRRC**: Upgraded to Buy due to strong earnings and increased high-speed rail tenders, with a target price raised to HKD 7.30 [62][64]. Additional Considerations - **Policy Response**: The effectiveness of government policies in stimulating demand remains uncertain, with a need for decisive action to restore private sector confidence [24]. - **Market Sentiment**: The overall sentiment in the industrial sector is cautious, with a preference for companies with strong balance sheets and exposure to structural growth themes [25]. This summary encapsulates the key points discussed in the conference call, highlighting the current state of the China industrial sector, investment strategies, and specific company insights.

Core Viewpoint - Shengyi Technology's stock has seen a continuous increase over three days, with a cumulative rise of 15.82%, reflecting positive market sentiment and potential investor interest [1]. Company Overview - Shengyi Technology, established on June 27, 1985, and listed on October 28, 1998, is located in Dongguan, Guangdong Province. The company specializes in the design, production, and sales of various electronic materials, including copper-clad laminates, printed circuit boards, and flexible materials [1]. - The main revenue sources for Shengyi Technology are copper-clad laminates and bonding sheets (65.96%), printed circuit boards (28.63%), and other segments [1]. Shareholder Insights - E Fund's Hu Shen 300 ETF (510310) is among the top ten circulating shareholders of Shengyi Technology, having increased its holdings by 149.05 thousand shares in Q2, now holding 15.4283 million shares, which is 0.65% of circulating shares. The fund has gained approximately 5.7085 million yuan today and 11.2 million yuan during the three-day rise [2]. - E Fund's Anxin Return Mixed A (001182) also holds 535.4 thousand shares of Shengyi Technology, representing 1.33% of the fund's net value, with a floating profit of about 198.1 thousand yuan today and 3.887 million yuan over the three-day period [4]. Fund Performance - E Fund's Hu Shen 300 ETF has a total asset size of 266.516 billion yuan, with a year-to-date return of 18.08% and a one-year return of 46.21% [2]. - E Fund's Anxin Return Mixed A has a total asset size of 1.215 billion yuan, with a year-to-date return of 8.89% and a one-year return of 14.89% [4]. Fund Manager Profiles - The fund manager of E Fund's Hu Shen 300 ETF, Yu Haiyan, has a tenure of 14 years and 281 days, with a total asset size of 385.764 billion yuan [3]. - The fund manager of E Fund's Anxin Return Mixed A, Li Zhongyang, has a tenure of 4 years and 118 days, managing assets totaling 2.807 billion yuan [5].

Group 1 - The core viewpoint of the news is that Shengyi Technology has shown significant stock price growth and trading activity, with a year-to-date increase of 129.85% and a recent trading volume of 27.36 billion yuan [1] - As of June 30, 2025, Shengyi Technology reported a revenue of 12.68 billion yuan, representing a year-on-year growth of 31.68%, and a net profit attributable to shareholders of 1.43 billion yuan, up 52.98% year-on-year [2] - The company has a diverse business model, with its main revenue sources being copper-clad laminates and bonding sheets (65.96%) and printed circuit boards (28.63%) [2] Group 2 - Shengyi Technology has a total market capitalization of 130.94 billion yuan and a trading turnover rate of 2.17% [1] - The company has distributed a total of 11.94 billion yuan in dividends since its A-share listing, with 3.57 billion yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 14.25% to 75,100, while the average circulating shares per person increased by 16.61% to 31,561 shares [2]

Core Points - Senior executives of Shengyi Technology completed their share reduction plan, with Zeng Honghui, Tang Fuyun, and Zeng Yaode cashing out approximately 20.49 million yuan, 6.55 million yuan, and 24.01 million yuan respectively [1][2] - The share reduction plan was initiated due to personal funding needs, with the executives reducing their holdings between June 10 and September 9 [1][2] Summary by Sections Executive Shareholdings - Before the reduction, Zeng Honghui held 2,307,936 shares (0.0950% of total shares), Tang Fuyun held 880,000 shares (0.0362%), and Zeng Yaode held 2,774,858 shares (0.1142%) [1] - After the reduction, Zeng Honghui now holds 1,770,546 shares (0.0729%), Tang Fuyun holds 700,000 shares (0.0288%), and Zeng Yaode holds 2,097,958 shares (0.0864%) [2] Reduction Details - Zeng Honghui's reduction period was from June 26 to September 9, with a price range of 30.10 to 46.36 yuan per share, totaling 20,487,896 yuan [2] - Tang Fuyun's reduction period was from June 26 to July 28, with a price range of 30.10 to 40.60 yuan per share, totaling 6,549,200 yuan [2] - Zeng Yaode's reduction period was from June 11 to September 9, with a price range of 28.26 to 46.61 yuan per share, totaling 24,014,957 yuan [2] Compliance with Reduction Plan - The actual reduction matched the previously disclosed plan, achieving the minimum reduction quantity and not terminating the plan early [2] - Following the completion of a share buyback on June 12, 2025, the total share capital will decrease from 2,429,360,530 shares to 2,429,262,930 shares [2]