Major Events - China Railway announced an investigation into the construction accident at the Qianzhai Yellow River Bridge, which resulted in 12 fatalities and 4 missing persons. The bridge is 1596.2 meters long with a contract value of approximately 436 million yuan. The company stated that this incident will not have a significant impact on its operations and performance [4] - Greenme announced plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [5] - Jingwang Electronics plans to invest 5 billion yuan in the Zhuhai Jinwan base expansion project, focusing on high-growth areas such as AI computing power and automotive intelligence [6][7] - Mingtai Aluminum intends to sell a 2.5% stake in Sanmenxia Aluminum to Jiaozuo Wanfang, with the share price set at 5.39 yuan per share, expecting to receive 149 million shares [8] - Dingsheng New Materials also plans to sell a 0.57% stake in Sanmenxia Aluminum under similar terms [9] Performance Overview - Xiyu Co. reported a net profit of 1.062 billion yuan for the first half of 2025, a year-on-year increase of 32.76%, with total revenue of 21.093 billion yuan, up 12.35% [10] - Jintailang reported a net profit of 358 million yuan, a 3.95% increase, with revenue of 9.528 billion yuan, up 2.49% [11] - Huaxia Eye Hospital achieved a net profit of 282 million yuan, a 6.2% increase, with revenue of 2.139 billion yuan, up 4.31% [12] - Juxin Technology reported a net profit growth of 123.19%, reaching 91.375 million yuan, with revenue of 449 million yuan, up 60.12% [13][14] - Zhendong Pharmaceutical reported a net profit of 7.9313 million yuan, a decline of 74.13%, with revenue of 1.457 billion yuan, down 3.3% [15] - China Merchants South Oil reported a net profit decline of 53.28%, totaling 570 million yuan, with revenue of 2.772 billion yuan, down 21.43% [16] - Chongqing Construction reported a net loss of 249 million yuan, with revenue of 14.359 billion yuan, down 7.97% [17] - Huacan Optoelectronics reported a net loss of 115 million yuan, with revenue of 2.532 billion yuan, up 33.93% [18] - Digital Government reported a net loss of 18.6927 million yuan, with revenue of 321 million yuan, down 40.34% [19] Major Contracts - Zhonggong International signed a contract for an overseas road engineering project in Nicaragua, valued at approximately 513 million yuan, which represents 4.2% of the company's total revenue for 2024 [20] Shareholding Changes - Tiancheng Technology announced that shareholder Qingxun Electronics plans to reduce its stake by up to 119,000 shares, representing no more than 0.1% of the total share capital [22] - Ailong Technology's controlling shareholder plans to reduce its stake by up to 1.69% through various trading methods [23]

Core Viewpoint - The company announced a 5 billion yuan expansion investment plan for the Zhuhai Jinwan base, focusing on enhancing production capacity for high-end HDI, HLC, and SLP products in AI computing, high-speed network communication, automotive intelligence, and AI edge applications [1] Group 1: Investment and Expansion - The investment plan includes technical upgrades to existing facilities, new AI server HDI production lines, and the construction of a new high-end HDI factory [1] - The expansion aims to integrate resources at the Zhuhai Jinwan base and strengthen the company's manufacturing capabilities for high-end products [1] - The construction period for the expansion is set from 2025 to 2027 [1] Group 2: Market Demand and Capacity - There is a projected rapid growth in demand for high-layer boards and high-end HDI thick boards in the AI server market, with current high-end capacity being relatively tight [1] - The company is expected to make significant progress in high-end product technology for core computing clients both domestically and internationally [1] - The existing production capacity at the Zhuhai Jinwan factory includes 1.2 million square meters of high-layer boards and 300,000 square meters of HDI/SLP boards [1] Group 3: Financial Outlook - The company maintains previous revenue forecasts for 2025-2027, with expectations of increased orders from North American clients due to the accelerated investment in AI PCB capacity [2] - The company is well-positioned in various downstream application fields, with ongoing product introductions in data communication and automotive sectors [2] - The upgrade of high-end computing capacity is anticipated to open up long-term performance and valuation growth opportunities for the company [2]

Group 1 - The core investment plan for the Zhuhai Jinwan base involves a total investment of RMB 5 billion, with a tax return period of approximately 7.5 years, including the construction period from 2025 to 2027 [1] - The investment includes RMB 1 billion for targeted technological upgrades in high-layer factories and the addition of advanced HDI production lines for AI servers, aimed at overcoming existing production bottlenecks and enhancing technical capabilities, expected to be completed in the second half of 2025 [1] - A planned investment of RMB 3.2 billion for a new high-end HDI factory is expected to achieve an annual production capacity of 800,000 square meters, with construction starting in the second half of 2025 and production commencing in mid-2026 [1] Group 2 - The market for high-end PCBs is projected to grow significantly, driven by advancements in AI servers and high-speed network infrastructure, with a compound annual growth rate of 15.7% for multilayer boards over 18 layers and 6.4% for HDI from 2024 to 2029 [2] - The company has over 30 years of experience in PCB manufacturing and is recognized as a national high-tech enterprise, providing a solid technical foundation for the successful implementation of the expansion project [2] - The expansion aligns with national industrial policies and industry trends, addressing the long-term demand for high-end PCBs in emerging fields, while enhancing the company's production capacity for advanced HDI, SLP, and HLC products [2]

Core Viewpoint - Jingwang Electronics (603228) plans to invest in the expansion project of Zhuhai Jinwan Base with a total investment of 5 billion yuan [1] Group 1: Investment Details - The estimated post-tax investment recovery period for the expansion project is approximately 7.5 years, including the construction period [1] - The construction period for the project is set from 2025 to 2027, with phased implementation based on market demand and business progress [1] Group 2: Focus Areas - The expansion will primarily focus on high-growth areas such as AI computing power, high-speed network communication, automotive intelligent driving, and AI edge applications [1]

Core Viewpoint - Jingwang Electronics (603228) plans to invest 5 billion yuan in the Zhuhai Jinwan base expansion project, focusing on high-growth areas such as AI computing power, high-speed network communication, automotive intelligence driving, and AI edge applications [1] Investment Details - Total investment for the expansion project is 50 billion yuan [1] - The after-tax investment payback period is approximately 7.5 years, including the construction period [1] - The construction period is set from 2025 to 2027, with phased implementation based on market demand and business progress [1] Construction Breakdown - Investment in targeted technology for high multi-layer factory: 1 billion yuan, aimed at overcoming existing production bottlenecks, scheduled for implementation in the second half of 2025 [2] - New high-end HDI factory construction: 3.2 billion yuan, expected to produce 800,000 m² of high-end HDI annually, with construction starting in the second half of 2025 and production commencing in mid-2026 [2] - Investment to enhance key process capacity using reserved land: 800 million yuan, aimed at solving critical technical challenges, planned for construction in early 2027 and production within 2027 [2] - Total investment across all projects amounts to 50 billion yuan, with the actual construction period subject to final project timelines [2]

| | | 深圳市景旺电子股份有限公司 关于珠海金湾基地扩产投资计划的补充公告 2、项目建设周期：2025 年至 2027 年，公司将根据市场需求和业务进展等 具体情况分阶段实施，具体如下。 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。 深圳市景旺电子股份有限公司（以下简称"公司"、"景旺电子"）于 2025 年 8 月 23 日披露了《景旺电子关于珠海金湾基地扩产投资计划的公告》（公告编 号：2025-094），现就上述公告涉及的投资事项补充说明如下： 一、本次扩产投资概况 1、项目投资规模：预计总投资人民币 50 亿元。经初步测算，本次扩产投资 项目税后投资回收期约为 7.5 年（含建设期）。 | 建设内容 | | 投资金额 | | 预计形成产能 | | 建设周期 | | --- | --- | --- | --- | --- | --- | --- | | 在高多层工厂针对性的技术 | | | | 利用现有厂房空间，加 | | | | 改造补齐瓶颈工序产能、在 | | | 亿元 | 大设备投入，突破现有 | | 202 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company announced a 5 billion yuan expansion investment plan at its Zhuhai Jinwan base, focusing on enhancing AI PCB production capacity in high-end applications such as AI computing, high-speed network communication, and automotive intelligence [1][7]. - The expansion aims to integrate resources at the Jinwan base, improve manufacturing capabilities for high-end products, and accelerate the company's product layout in high-end HDI, HLC, and SLP products [1][7]. - The construction period for the expansion is set from 2025 to 2027, with expectations of increased production capacity and technological capabilities to meet customer demands in various high-end sectors [1][7]. Financial Data and Valuation - Total revenue is projected to grow from 10,757 million yuan in 2023 to 21,152 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18% [2][15]. - Operating profit is expected to increase from 1,052 million yuan in 2023 to 2,519 million yuan in 2027, reflecting a growth rate of 22% in the later years [2][15]. - Net profit attributable to shareholders is forecasted to rise from 936 million yuan in 2023 to 2,230 million yuan in 2027, with a similar growth trajectory [2][15]. - Earnings per share (EPS) are anticipated to grow from 0.99 yuan in 2023 to 2.36 yuan in 2027, indicating a strong upward trend in profitability [2][15]. Market Performance - The current stock price is 54.18 yuan, with a total market capitalization of 51.1 billion yuan [3]. - The company has shown a strong performance over the past 12 months, with a 134% increase in absolute performance [5]. Future Outlook - The report projects that the company will benefit from the increasing demand for high-end multi-layer boards and HDI products, particularly in the AI server market [7]. - The expansion investment is expected to solidify the company's position in the high-end PCB market, especially for clients in North America and the ASIC field [7]. - The company is well-positioned for long-term growth due to its broad application areas, strong management capabilities, and ongoing product introductions in the data communication and automotive sectors [7].

Core Viewpoint - The company plans to invest a total of RMB 5 billion in the expansion of its Zhuhai Jinwan base to enhance its production capacity and technological capabilities in high-end products, particularly in AI computing, high-speed network communication, and automotive intelligence applications [2][4][12]. Group 1: Investment Overview - The investment project is named the Zhuhai Jinwan Base Expansion Project [6]. - The total investment amount is estimated at RMB 5 billion, with funding sourced from self-owned or self-raised funds [2][11]. - The project aims to upgrade existing factory technology, increase production capacity, and construct new facilities to meet high-end product demands [4][9]. Group 2: Project Details - The project will be implemented by Jingwang Electronics Technology (Zhuhai) Co., Ltd. [8]. - The construction location is at the Zhuhai Jinwan Base Park, specifically at No. 801, Nanshui Avenue, Nanshui Town, Zhuhai City [7]. - The construction period for the project is set from 2025 to 2027 [10]. Group 3: Board Approval - The investment plan was approved unanimously by the board of directors during the meeting held on August 22, 2025 [5][16]. - The decision does not involve related transactions and does not constitute a major asset restructuring as per relevant regulations [5]. Group 4: Impact on the Company - The expansion project is expected to strengthen the company's competitive advantage in high-end products and enhance its market position, ultimately contributing positively to future operational performance and profitability [12].

Group 1 - The core business of the company is the research, production, and sales of printed circuit boards, with applications in communication devices, computers, consumer electronics, and automotive electronics [1] - The company plans to invest 5 billion yuan to expand its Zhuhai Jinwan base, focusing on upgrading existing factory technology and constructing new facilities, with a project timeline from 2025 to 2027 [1] - The aim of the expansion is to enhance the production capacity and technological capabilities of high-end HDI, HLC, and SLP products [1] Group 2 - On August 22, the company's stock price closed at 54.18 yuan, down 0.02 yuan, with a trading volume of 328,665 hands and a transaction amount of 1.79 billion yuan [1] - On the same day, the net inflow of main funds was 11.90 million yuan, accounting for 0.02% of the circulating market value, while the cumulative net outflow over the past five trading days was 298.46 million yuan, representing 0.59% of the circulating market value [1]

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. plans to invest RMB 5 billion in the expansion of its Zhuhai Jinwan base to enhance its production capacity and technological capabilities in high-end products, particularly in AI computing, high-speed network communication, and automotive intelligence applications [1][2][3] Group 1: Investment Overview - The total investment for the Zhuhai Jinwan base expansion project is estimated at RMB 5 billion, with funding sourced from self-owned or self-raised funds [1][2] - The project aims to upgrade existing facilities and build new ones to increase the production capacity of high-end HDI, HLC, and SLP products [2][3] - The investment decision was unanimously approved by the board of directors on August 22, 2025 [2] Group 2: Project Details - The project will take place at the Zhuhai Jinwan base located at 801 Nanshui Avenue, Nanshui Town, Zhuhai City [3] - The construction period for the project is set from 2025 to 2027 [4] - The expansion will focus on technological upgrades to address bottlenecks in production and the establishment of new production lines for advanced HDI products [3][4] Group 3: Impact on the Company - The expansion project is expected to strengthen the company's competitive advantage in high-end product manufacturing and enhance its market position in the PCB industry [4] - It will help the company meet the long-term and high-standard demands of global customers, thereby improving operational efficiency and profitability [4]