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。 苏州可川电子科技股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日召开第三届董事会第八次会议、第三届监事会第八次会议，审议通过了《关 于终止向不特定对象发行可转换公司债券并撤回申请文件的议案》，同意公司 终止向不特定对象发行可转换公司债券并撤回申请文件，现将有关事项公告如 下： 一、本次向不特定对象发行可转换公司债券的基本情况 1、2025 年 2 月 17 日，公司召开第三届董事会第五次会议及第三届监事会 第五次会议，审议通过了公司向不特定对象发行可转换公司债券（以下简称 "本次发行事项"）的相关议案。具体内容详见公司于 2025 年 2 月 19 日在上 海证券交易所网站披露的《向不特定对象发行可转换公司债券预案》等相关文 件。 证券代码：603052 证券简称：可川科技 公告编号：2025-046 苏州可川电子科技股份有限公司 关于终止向不特定对象发行可转换公司债券 并撤回申请文件的公告 2、2025 年 3 月 6 日，公司召开 2025 年第二次临时股 ...

证券代码：603052 证券简称：可川科技 公告编号：2025-045 苏州可川电子科技股份有限公司 第三届监事会第八次会议决议公告 苏州可川电子科技股份有限公司（以下简称"公司"）第三届监事会第八 次会议于 2025 年 10 月 16 日在公司会议室以现场会议方式召开。会议通知已于 2025 年 10 月 15 日通过邮件的方式送达各位监事，经全体监事同意，本次会议 豁免通知时限要求。本次会议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席全赞芳主持，公司高级管理人员列席会议。会议召开符合 有关法律、法规、规章和《公司章程》的规定。出席会议的监事对各项议案进行 了认真审议并做出了如下决议： 二、监事会会议审议情况 （一）审议通过《关于终止向不特定对象发行可转换公司债券并撤回申请 文件的议案》 监事会认为：本次终止向不特定对象发行可转换公司债券并撤回申请文件不 会对公司的生产经营造成重大不利影响，不存在损害公司及股东、特别是中小股 东利益的情形。 本公司监事会及全体监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。 一、监事会会议召开 ...

证券代码：603052 证券简称：可川科技 公告编号：2025-044 苏州可川电子科技股份有限公司 自公司申请本次发行以来，公司与中介机构积极推进相关工作。综合考虑公 司发展规划和实际情况等诸多因素，经与相关各方充分沟通及审慎分析后，公司 决定终止本次向不特定对象发行可转换公司债券事项并撤回相关申请文件。 根据公司 2025 年第二次临时股东大会的授权，本事项无需提交公司股东大 会审议。 公司独立董事专门会议发表了一致同意的审核意见。 表决结果：同意 7 票；反对 0 票；弃权 0 票。 具体内容详见公司在上海证券交易所网站（http://www.sse.com.cn/）披露 的《关于终止向不特定对象发行可转换公司债券并撤回申请文件的公告》（公告 第三届董事会第八次会议决议公告 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。 一、董事会会议召开情况 苏州可川电子科技股份有限公司（以下简称"公司"）第三届董事会第八 次会议于 2025 年 10 月 16 日在公司会议室以现场结合通讯的方式召开。会议通 知已于 2025 年 1 ...

可川科技公告，公司于2025年10月16日召开第三届董事会第八次会议、第三届监事会第八次会议，审议 通过了《关于终止向不特定对象发行可转换公司债券并撤回申请文件的议案》，同意公司终止向不特定 对象发行可转换公司债券并撤回申请文件。公司决定终止本次向不特定对象发行可转换公司债券事项并 撤回相关申请文件。 ...

Group 1 - The report highlights a slight adjustment in the A-share market post-National Day, with the ChiNext index dropping by 3.86% [2] - The central bank's net withdrawal of funds amounted to 426.3 billion yuan after the holiday, indicating a return to liquidity in the market [2] - The report anticipates a more proactive fiscal policy and moderately loose monetary policy in the fourth quarter to address potential geopolitical risks and economic targets [2] Group 2 - The convertible bond market is experiencing a TACO trading phenomenon again, with a significant decrease in the scale of convertible bonds held by insurance institutions [4][32] - The report suggests maintaining a neutral to low position in convertible bonds in the short term while focusing on low-priced bonds with favorable terms [4][32] - The domestic micro-enterprise performance recovery is gaining consensus, with a focus on sectors like AI, semiconductors, and military electronics for potential growth [4][32] Group 3 - The public REITs market in China has undergone several phases, with the current stage focusing on normalizing issuance and addressing structural differentiation [6][34] - The cash flow discounting method is the primary valuation method for public REITs, with differences in valuation based on the type of underlying assets [6][36] - The report emphasizes the importance of macroeconomic conditions, regulatory changes, and liquidity in influencing the performance of public REITs [6][36] Group 4 - The report on Wuling Motors indicates a steady revenue growth of 2.0% year-on-year, with a significant increase in net profit by 306.2% [19][37] - The company has improved its gross margin to 12.0%, reflecting enhanced product value and cost control [19][39] - Wuling Motors is strategically focusing on new energy and intelligent vehicle layouts, with its joint venture brand showing a 9% increase in sales [19][40]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 42.00 CNY per share, based on a current price of 29.5 CNY [6]. Core Insights - The company is positioned to benefit from the dual growth drivers of 3C and automotive functional components, with new growth curves emerging from composite aluminum foil and optical modules [1][2]. - The functional components sector is expected to see a turning point due to the resonance between the new energy and 3C cycles, with significant growth potential in battery-related products [2][5]. - The composite aluminum foil market is projected to grow from approximately 2 billion CNY in 2023 to over 24 billion CNY by 2026, with the company already having completed validation with major clients [3]. - The optical interconnection segment is anticipated to grow significantly, driven by AI and communication technologies, with the company establishing a full-chain capability in optical modules [4]. Summary by Sections Company Overview - The company, established over 10 years ago, focuses on functional components and has expanded into new energy battery sectors, forming three main product categories: battery, structural, and optical components [1][14]. - The company has a strong client base, including major players in the consumer electronics and automotive industries, ensuring stable revenue streams [15][16]. Functional Components - The functional components are critical non-standard parts that enhance the performance of end products, with a direct correlation to the global lithium battery output, which is expected to continue growing [2][37]. - The company’s battery functional components are closely linked to the lithium battery market, with a projected increase in demand as the market recovers [2][53]. Composite Aluminum Foil - The composite aluminum foil is positioned to capture a significant market opportunity, with the company planning to invest 500 million CNY in expanding production capabilities [3][23]. - The company has already secured production capacity with leading 3C battery manufacturers, indicating strong market validation [3][24]. Optical Modules - The optical module business is set to benefit from the increasing demand for high-speed communication technologies, with the company having developed a complete production process for optical chips and modules [4][24]. - Revenue projections for the optical module segment are optimistic, with expected revenues of 1.2 billion CNY in 2025, growing to 4.3 billion CNY by 2026 [4][5]. Financial Projections - The company is expected to see revenue growth from 1.09 billion CNY in 2025 to 2.18 billion CNY in 2027, with net profits projected to rise from 780 million CNY to 4.05 billion CNY in the same period [5][18]. - The report anticipates a recovery in profit margins as new products gain traction and operational efficiencies improve [25][29].

Core Viewpoint - The company is positioned for growth through its functional components in the 3C and automotive sectors, with new opportunities in composite aluminum foil and optical modules, indicating a potential turning point in its main business [1][2][5]. Group 1: Functional Components - Functional components are critical non-standard parts that enhance product performance, impacting quality, reliability, and lifespan [2]. - The company’s products are categorized into battery components (3C and power batteries), structural components (3C products), and optical components (displays and chips) [2]. - The shipment volume of battery components is correlated with global lithium battery shipments, which are experiencing sustained high growth [2]. - The price of functional components is expected to recover alongside the rising prices of lithium batteries due to raw material cost increases [2]. - Demand for structural components is driven by increased shipments of mobile phones and PCs, influenced by AI, trade-in programs, and innovation cycles [2]. Group 2: Composite Aluminum Foil - Composite aluminum foil is a multifunctional material combining aluminum with other materials, offering high barrier properties and metal characteristics [3]. - The global market for composite aluminum foil is projected to grow from approximately 2 billion yuan in 2023 to over 24 billion yuan by 2026 [3]. - The company plans to issue 500 million yuan in convertible bonds to expand its composite aluminum foil production, with a total investment of 750 million yuan [3]. - The company has achieved stable mass production capabilities and has secured production capacity with leading 3C battery manufacturers [3]. - Two new composite aluminum foil battery mobile products are expected to launch between the second half of 2025 and the first half of 2026, with one already in mass production [3]. - Revenue projections for the composite aluminum foil project are estimated at 220 million yuan, 590 million yuan, and 750 million yuan for 2026, 2027, and 2028, respectively, contributing net profits of 77 million yuan, 207 million yuan, and 220 million yuan [3]. Group 3: Optical Modules - The AI-driven demand for optical communication devices is expected to grow significantly, with the CPO market projected to increase from 6 million USD in 2022 to 328 million USD by 2033 [4]. - The company has established a complete supply chain capability in the optical chip and module sector, covering design, wafer testing, and module packaging for 400G and 800G products [4]. - The first production line has a monthly capacity of 40,000 to 50,000 units, with plans for mass production to begin in the fourth quarter of 2025 [4]. - Revenue forecasts for the optical module business are expected to reach 120 million yuan, 430 million yuan, and 320 million yuan for 2025, 2026, and 2027, respectively, with gross margins of 25%, 35%, and 35% [5]. Group 4: Financial Projections - The company anticipates a turning point in its main business, with composite aluminum foil and optical module businesses expected to drive growth [5]. - Revenue projections for the company are estimated at 1.09 billion yuan, 1.8 billion yuan, and 2.18 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to reach 78 million yuan, 282 million yuan, and 405 million yuan [5]. - The target market capitalization is approximately 7.9 billion yuan, with a corresponding valuation of 28 times for 2026, leading to a target price of approximately 42 yuan per share [5].

Core Points - The company Kecuan Technology (603052) announced the renewal of the "Consistent Action Agreement" between its controlling shareholder Zhu Chunhua and Shi Huiqing to maintain control stability and improve decision-making efficiency [1][2] - As of the announcement date, Zhu Chunhua holds 68,600,000 shares (36.51% of total shares), while Shi Huiqing holds 62,837,600 shares (33.44%), together controlling 131,437,600 shares (69.95% of total shares) [1] - The renewal of the agreement is a continuation of previous agreements signed in April 2018 and October 2020, with the current agreement effective for two years [2] Summary by Sections - **Agreement Details** - The renewed agreement stipulates that both parties will maintain consistent opinions and actions regarding major operational decisions and other significant matters [2] - In case of disagreement, Zhu Chunhua's opinion will prevail [2] - The agreement does not change the actual control of the company, which remains with Zhu Chunhua and Shi Huiqing [2] - **Impact on Company Governance** - The renewal is expected to stabilize the actual control of the company and ensure consistency in major decision-making [2] - It aims to safeguard the continuity and stability of the company's development strategy and management [2] - There are no indications that this agreement harms the interests of minority investors [2]

朱春华先生、施惠庆先生于 2018 年 4 月 24 日签署了《苏州可川电子科技 股份有限公司一致行动协议》（以下简称"原一致行动协议"），主要约定了 在公司重大事项决策过程中，保持一致行动。2020 年 10 月 1 日，朱春华先生、 施惠庆先生签署了《苏州可川电子科技股份有限公司一致行动协议之补充协议》 （以下简称"补充协议"），主要补充约定了原一致行动协议约定的有效期至 公司首次公开发行股票上市后 36 个月。 证券代码：603052 证券简称：可川科技 公告编号：2025-043 苏州可川电子科技股份有限公司 关于控股股东、实际控制人续签一致行动协议 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。 苏州可川电子科技股份有限公司（以下简称"公司"）控股股东、实际控 制人朱春华先生、施惠庆先生为维护公司控制权的稳定性及提高公司重大事项 的决策效率，双方于 2025 年 10 月 10 日续签了《苏州可川电子科技股份有限公 司一致行动协议》（以下简称"一致行动协议"），具体情况如下： 一、本次签署一致行动协议的背景情 ...

Core Viewpoint - Kecuan Technology (603052.SH) announced the renewal of the "Suzhou Kecuan Electronics Technology Co., Ltd. Joint Action Agreement" by its controlling shareholders, Zhu Chunhua and Shi Huiqing, to maintain the stability of the company's control and improve decision-making efficiency for significant matters [1] Group 1 - The controlling shareholders are Zhu Chunhua and Shi Huiqing [1] - The agreement was renewed on October 10, 2025 [1] - The purpose of the agreement is to enhance the stability of control and decision-making efficiency for major company matters [1]