Core Viewpoint - The company, Sichuan Dongcai Technology Group Co., Ltd., has announced the early redemption of its convertible bonds, Dongcai Convertible Bonds, which will be redeemed at a price of 100.8055 CNY per bond, with the last trading day set for September 2, 2025, and the redemption date on September 8, 2025 [1][2][6]. Redemption Details - Redemption Registration Date: September 5, 2025 [1] - Redemption Price: 100.8055 CNY per bond [4] - Redemption Payment Date: September 8, 2025 [5] - Last Trading Day: September 2, 2025 [5] - Last Conversion Date: September 5, 2025 [5] Conditions for Redemption - The conditional redemption clause was triggered as the company's stock price closed above 130% of the conversion price (14.99 CNY) for 15 trading days from July 18 to August 7, 2025 [2][4]. - The redemption applies to all holders of Dongcai Convertible Bonds registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the redemption registration date [4]. Interest Calculation - The accrued interest for the bonds is calculated as follows: IA = B × i × t / 365, where: - IA: Accrued interest - B: Total face value of the bonds held - i: Annual coupon rate (1.00%) - t: Number of days from the last interest payment date (November 18, 2024) to the redemption date [4][6]. Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.6444 CNY per bond after tax [6]. - Resident enterprises are responsible for their own tax payments, while foreign institutions are exempt from income tax on bond interest until December 31, 2025 [6]. Trading and Conversion Reminders - Investors are reminded to convert or sell their bonds within the specified period to avoid forced redemption at the lower price [7]. - As of August 22, 2025, there are only 7 trading days left until the last trading day and 10 days until the last conversion day [5][7]. Delisting Information - Following the completion of the early redemption, Dongcai Convertible Bonds will be delisted from the Shanghai Stock Exchange on September 8, 2025 [6].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - CCL is experiencing a price increase trend, with major manufacturers like Jiantao and Hongruixing announcing price hikes for various products [5] - CCL is a core raw material for PCBs, accounting for 30% of PCB total costs, with raw material costs making up 60% of the total PCB cost [5][10] - The demand for PCBs is driven by the rapid growth of AI technology, leading to a strong demand for AI servers and an upward trend in PCB market conditions [5] - The supply of upstream materials for AIPCB is facing shortages, particularly in high-performance materials such as Low Dk electronic cloth and HVLP copper foil [5] - The report suggests focusing on companies like Honghe Technology, Tongguan Copper Foil, and Defu Technology, which are key players in the upstream materials for AIPCB [6] Summary by Sections Price Trends - Major manufacturers have announced price increases for CCL products, with Jiantao raising prices by 10 yuan per sheet and other manufacturers following suit due to rising copper prices [5] Cost Structure - CCL's cost structure shows that upstream raw materials account for approximately 90% of its costs, with copper foil, resin, and fiberglass being the primary components [5][12] Market Demand - The rapid development of AI technology is significantly boosting the demand for PCBs, particularly for high-performance materials required for AI server upgrades [5] Supply Constraints - The report highlights a tightening supply of high-end materials in the PCB industry, including Low Dk electronic cloth and HVLP copper foil, which are critical for meeting the growing demand [5] Investment Recommendations - The report recommends monitoring companies such as Honghe Technology, Tongguan Copper Foil, and Defu Technology for potential investment opportunities in the AIPCB upstream materials sector [6]

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-071 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 关于实施"东材转债"赎回暨摘牌的第六次提示性公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 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。 截至 2025 年 8 月 22 日收市后，距离 2025 年 9 月 2 日（"东材转债"最后 交易日）仅剩 7 个交易日，2025 年 9 月 2 日为"东材转债"最后一个交易日。 最后转股日：2025 年 9 月 5 日 截至 2025 年 8 月 22 日收市后，距离 2025 年 9 月 5 日（"东材转债"最后 转股日）仅剩 10 个交易日，2025 年 9 月 5 日为"东材转债"最后一个转股日。 本次提前赎回完成后，东材转债将自 2025 年 9 月 8 日起在上海证券交 易所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 11.53 元的转股价格进行转股外，仅能选择以 100 元/张的票 ...

Investment Rating - The report maintains a "Recommended" rating for leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd. [4][5] Core Viewpoints - The PCB industry is experiencing rapid advancements in packaging and high-density interconnect technologies, with traditional HDI and substrate technologies evolving into mSAP processes to meet the demands of high-speed signal transmission and large-scale integration [1][2] - The demand for PCB is driven by AI applications, leading to significant expansions in production capacity among leading companies, with total investments exceeding 30 billion RMB [2][20] - The core materials for PCB, including copper foil, electronic cloth, and resin, are undergoing upgrades to meet the high-frequency and high-speed requirements of AI applications [2][20][26] Summary by Sections 1. CoWoP and mSAP as Core Technologies - CoWoP (Chip-on-Wafer-on-PCB) is emerging as a future packaging route, enhancing interconnect density and reducing costs by directly using large-size PCBs [1][11] - mSAP (Modified Semi-Additive Process) is becoming the core process for achieving sub-10 µm line capabilities, essential for high-performance applications [1][14] 2. PCB Capacity Expansion and Material Upgrades - Leading PCB manufacturers are actively expanding production capacity, with significant investments announced by companies like Huadian Co., Ltd. and Shenghong Technology [2][20] - The upgrade of core materials includes the transition of copper foil from HVLP1 to HVLP5, electronic cloth to third-generation low-dielectric cloth, and resin to hydrocarbon and PTFE types [2][20][28] 3. Tight Supply of Core Equipment and Acceleration of Domestic Substitution - The supply of core PCB equipment, including drilling, plating, and etching imaging, is tight, with domestic manufacturers accelerating their layouts in advanced process equipment [2][49] - Companies like Dazhu CNC and Ding Tai High-Tech are focusing on high-layer boards and HDI equipment to meet the increasing demands of the industry [2][49] 4. Investment Recommendations - The report suggests focusing on leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd., as well as material companies with core technologies like Honghe Technology and Zhongcai Technology [3][4] - Equipment manufacturers involved in domestic substitution, such as Dazhu CNC and Xinqi Microelectronics, are also highlighted as potential investment opportunities [3][4]

Core Viewpoint - Dongcai Technology's stock experienced a significant increase, reaching a limit up of 9.99% on August 22, with a trading price of 19.12 yuan per share and a total market capitalization of 17.325 billion yuan [1] Company Overview - Sichuan Dongcai Technology Group Co., Ltd. is located in Mianyang Economic and Technological Development Zone and focuses on the research, manufacturing, and sales of new materials [1] - The company specializes in optical film materials, environmentally friendly flame-retardant materials, and advanced electronic materials, serving over 50 countries and regions [1] - Dongcai Technology aims to become a world-renowned innovative new material production service provider through systematic innovation, technological integration, product diversification, and specialized services [1] Financial Performance - For the period from January to March 2025, Dongcai Technology achieved operating revenue of 1.134 billion yuan, representing a year-on-year growth of 23.23% [1] - The net profit attributable to shareholders for the same period was 91.8773 million yuan, showing a year-on-year increase of 81.16% [1] - As of March 31, the number of shareholders was 35,800, with an average of 25,000 circulating shares per person [1]

证券代码：601208 证券简称：东材科技 公告编号：2025-070 转债代码：113064 转债简称：东材转债 四川东材科技集团股份有限公司关于实施"东材转债"赎回暨摘牌的第五次提示性公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实、准确和完整承担个别及连带责任。 重要内容提示 截至2025年8月21日收市后，距离2025年9月2日（"东材转债"最后交易日）仅剩8个交易日，2025年9月2 日为"东材转债"最后一个交易日。 ● 最后转股日：2025年9月5日 截至2025年8月21日收市后，距离2025年9月5日（"东材转债"最后转股日）仅剩11个交易日，2025年9月 5日为"东材转债"最后一个转股日。 ● 投资者所持可转债除在规定时限内通过二级市场继续交易或按照11.53元的转股价格进行转股外，仅 能选择以100元/张的票面价格加当期应计利息（即100.8055元）被强制赎回。若被强制赎回，可能面临 较大投资损失。 ● 特提醒"东材转债"持有人注意在限期内转股或卖出。 自2025年7月18日至2025年8月7日，四川东材科技集团股份有限公司（以下简称" ...

证券代码：601208 证券简称：东材科技 公告编号：2025-070 ? 赎回款发放日：2025 年 9 月 8 日 ? 最后交易日：2025 年 9 月 2 日 截至 2025 年 8 月 21 日收市后，距离 2025 年 9 月 2 日（"东材转债"最后 交易日）仅剩 8 个交易日，2025 年 9 月 2 日为"东材转债"最后一个交易日。 ? 最后转股日：2025 年 9 月 5 日 转债代码：113064 转债简称：东材转债 四川东材科技集团股份有限公司 关于实施"东材转债"赎回暨摘牌的第五次提示性公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 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。 ? 赎回登记日：2025 年 9 月 5 日 ? 赎回价格：100.8055 元/张 截至 2025 年 8 月 21 日收市后，距离 2025 年 9 月 5 日（"东材转债"最后 转股日）仅剩 11 个交易日，2025 年 9 月 5 日为"东材转债"最后一个转股日。 ? 本次提前赎回完成后，东材转债将自 2025 年 9 月 8 日起在上海证券交 易所摘牌。 ? 投资 ...

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-070 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 关于实施"东材转债"赎回暨摘牌的第五次提示性公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 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。 截至 2025 年 8 月 21 日收市后，距离 2025 年 9 月 2 日（"东材转债"最后 交易日）仅剩 8 个交易日，2025 年 9 月 2 日为"东材转债"最后一个交易日。 最后转股日：2025 年 9 月 5 日 截至 2025 年 8 月 21 日收市后，距离 2025 年 9 月 5 日（"东材转债"最后 转股日）仅剩 11 个交易日，2025 年 9 月 5 日为"东材转债"最后一个转股日。 本次提前赎回完成后，东材转债将自 2025 年 9 月 8 日起在上海证券交 易所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 11.53 元的转股价格进行转股外，仅能选择以 100 元/张的票 ...

Group 1 - The company Sichuan Dongcai Technology Group Co., Ltd. announced the redemption and delisting of "Dongcai Convertible Bonds" [1] - The conditional redemption clause is triggered if the company's stock closing price remains above 130% of the current conversion price for 15 trading days from July 18 to August 7, 2025 [1] - The redemption price is set at 100.8055 yuan per bond, with the redemption payment date scheduled for September 8 [1] Group 2 - The last trading day for "Dongcai Convertible Bonds" is September 2, and the last conversion day is September 5 [1] - Investors who do not convert or sell within the specified period may face significant losses due to forced redemption [1]

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-069 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 关于实施"东材转债"赎回暨摘牌的第四次提示性公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 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。 截至 2025 年 8 月 20 日收市后，距离 2025 年 9 月 2 日（"东材转债"最后 交易日）仅剩 9 个交易日，2025 年 9 月 2 日为"东材转债"最后一个交易日。 特提醒"东材转债"持有人注意在限期内转股或卖出。 自 2025 年 7 月 18 日至 2025 年 8 月 7 日，四川东材科技集团股份有限公司 （以下简称"公司"或"本公司"）股票已有 15 个交易日的收盘价格不低于"东 材转债"当期转股价格的 130%（即 14.99 元/股）。根据《四川东材科技集团股 赎回登记日：2025 年 9 月 5 日 赎回价格：100.8055 元/张 赎回款发放日：2025 年 9 月 8 日 最后交易日 ...