Core Insights - The report highlights that Jingwang Electronics has achieved significant revenue growth in the first half of 2025, with operating income reaching 7.095 billion yuan, a 20.93% increase compared to 5.867 billion yuan in the same period of 2024, while net profit attributable to shareholders slightly decreased to 650 million yuan from 657 million yuan in 2024 [1] Group 1: Company Performance - In the AI server market, Jingwang Electronics has accelerated production and improved high-density HDI capabilities, responding to the high demand for advanced materials and products [2] - The company has established itself as the world's largest automotive PCB supplier, leveraging its strong customer base and expanding its product offerings to meet the growing demand in the automotive electronics sector [3] - The company is actively exploring new business opportunities in emerging fields such as humanoid robots and low-altitude aircraft, utilizing its advantages in automotive electronics to foster future growth [4] Group 2: Strategic Focus and Future Outlook - The company is focusing on high-end AI markets, with expectations of continued revenue growth, projecting operating income of 15.1 billion yuan in 2025, 17.9 billion yuan in 2026, and 21.1 billion yuan in 2027, with corresponding net profits of 1.588 billion yuan, 1.959 billion yuan, and 2.385 billion yuan [5] - The company is enhancing its production capacity through technological upgrades at its existing facilities and expanding its operations in Thailand to support high-end product development [2][4]

Core Viewpoint - Jingwang Electronics (603228) reported a mixed performance in its 2025 mid-year financial results, with revenue growth but a decline in net profit compared to the previous year [1] Financial Performance - The total operating revenue for the first half of 2025 reached 7.095 billion yuan, representing a year-on-year increase of 20.93% [1] - The net profit attributable to shareholders was 650 million yuan, showing a slight decline of 1.06% year-on-year [1] - In Q2 2025, the operating revenue was 3.752 billion yuan, up 20.08% year-on-year, while the net profit for the same period was 325 million yuan, down 4.11% [1] Key Financial Ratios - Gross margin decreased to 21.4%, down 10.84% year-on-year, while net margin fell to 9.21%, a decline of 17.13% [1] - The total of selling, administrative, and financial expenses was 404 million yuan, accounting for 5.69% of revenue, which is a decrease of 13.11% year-on-year [1] - Earnings per share (EPS) was 0.71 yuan, down 8.97% year-on-year, and operating cash flow per share was 0.97 yuan, down 26.37% [1] Accounts Receivable and Cash Flow - The accounts receivable reached 4.394 billion yuan, an increase of 21.17% year-on-year, with accounts receivable accounting for 375.9% of the net profit [1][2] - The cash and cash equivalents decreased to 2.579 billion yuan, down 6.01% year-on-year, indicating potential liquidity concerns [1][2] Investment Insights - Analysts expect the company's performance for 2025 to reach 1.479 billion yuan, with an average EPS forecast of 1.57 yuan [2] - The company's return on invested capital (ROIC) was reported at 8.92%, which is considered average compared to historical data [1] Fund Holdings - The largest fund holding Jingwang Electronics is E Fund Strategic Emerging Industries Stock A, with 5.4361 million shares, indicating increased investment interest [3] - Other funds have also shown interest, with several new entries into the top ten holdings for the company [3]

Group 1: Smart Consumer Terminal Industry Park - The unveiling of the first smart consumer terminal industry park in Guangdong province took place in Fushan Industrial Park, aiming to foster high-quality development in the smart consumer terminal industry with a target of exceeding 100 billion yuan in scale within five years [1][5] - Fushan Industrial Park is positioned as a significant platform for the real economy and industrial development in Zhuhai, focusing on a "3+1" industrial system that includes new-generation electronic information technology, new energy materials, high-end equipment manufacturing, and smart consumer terminals [3][5] - The park currently hosts around 500 enterprises, with 161 above-scale enterprises and 8 Fortune Global 500 companies, contributing significantly to the region's industrial output value [5] Group 2: Investment Projects - Zhuhai Guanyu Battery Co., Ltd. announced a new investment project for a new type of lithium battery production line, with an estimated investment of approximately 2 billion yuan, aimed at enhancing product competitiveness and expanding market share [9][11] - The project will be located in Doumen District, covering about 125,000 square meters, and is expected to be completed within 12 months [14] - Jingwang Electronics has initiated an expansion project for AI computing power and high-end smart automotive HDI boards in Zhuhai Economic Development Zone, with a total investment of 5 billion yuan, which will significantly boost the output value of the factory [15][19] Group 3: Industry Development Goals - The action plan for promoting high-quality development of the smart consumer terminal industry in Fushan Industrial Park aims to create a product system that is technologically advanced and highly market-recognized, with a focus on five key areas: smart short-distance transportation, smart personal care appliances, smart home appliances, key components for smart robots, and smart wearable devices [8][5] - By 2027, the smart consumer terminal industry scale in Fushan Industrial Park is projected to exceed 30 billion yuan, and by 2030, it is expected to surpass 100 billion yuan, establishing a competitive regional industry cluster [5]

Group 1 - The core point of the news is that Jingwang Electronics has seen a significant decrease in the number of shareholders, with a reduction of 7,509 accounts, representing a decline of 15.29% from March 31 to June 30, 2025 [1] - As of June 30, 2025, the average number of shares held per shareholder increased from 19,000 to 22,500, with an average market value of 942,500 yuan [1] - Jingwang Electronics has a higher number of shareholders compared to the industry average, with 41,600 shareholders against the industry average of 40,800 [1] Group 2 - During the same period, Jingwang Electronics experienced a net outflow of 626 million yuan from major funds and 209 million yuan from speculative funds, while retail investors contributed a net inflow of 835 million yuan [2] - The stock was listed on the trading leaderboard twice, with institutional and Shanghai Stock Connect special seats also appearing twice [2] - Over the past three months, there has been a net inflow of 747 million yuan in financing, indicating an increase in financing balance, while the net inflow of short selling was 7.51 million, leading to an increase in short selling balance [2]

Core Viewpoint - The company reported a revenue increase of 20.93% in the first half of 2025, despite a slight decline in net profit, indicating resilience in a challenging global economic environment driven by trade tensions and geopolitical conflicts [2][3]. Financial Performance - Revenue for H1 2025 reached 7,095,186,521.63 CNY, up from 5,867,141,061.12 CNY in the same period last year, reflecting a growth of 20.93% [3]. - Net profit attributable to shareholders was 649,550,970.36 CNY, a decrease of 1.06% compared to 656,532,509.80 CNY in H1 2024 [3]. - The net profit after excluding non-recurring gains and losses was 537,390,109.68 CNY, down 9.02% from 590,670,835.34 CNY year-on-year [3]. - Total assets increased by 10.62% to 21,287,462,378.19 CNY, while net assets attributable to shareholders grew by 0.34% to 11,351,767,534.73 CNY [2][3]. Industry Trends - The PCB industry is experiencing structural growth driven by advancements in AI hardware, automotive ADAS, and high-end consumer electronics, despite global economic uncertainties [2]. - The demand for high-density interconnect (HDI), high-level circuit (HLC), and flexible printed circuit (FPC) boards is increasing, necessitating higher customization and advanced manufacturing capabilities [2]. Company Strategy and Operations - The company operates six production bases in China and is establishing a production base in Thailand, aiming for a sustainable international supply strategy [4]. - In the AI server sector, the company has accelerated mass production and enhanced its HDI capabilities, responding to high demand for high-end products [4]. - The company is upgrading its existing facilities and expanding its production capacity for high-end HDI to support AI servers and data centers [4]. Product Innovations - The company has achieved significant technological breakthroughs in high-frequency and high-speed communication products, including advanced HDI and multi-layer PTFE boards [5]. - In the automotive electronics sector, the company has become the largest automotive PCB supplier globally, focusing on high-level intelligent driving applications and expanding its customer base [6]. - The company is actively exploring new business opportunities in emerging fields such as humanoid robots and low-altitude aircraft, leveraging its expertise in automotive electronics [7]. Consumer Electronics - The company is positioned to benefit from the growing demand for AI-driven consumer electronics, including AI phones, PCs, and smart home devices, by leveraging its technological advantages in high-density boards [7].

Summary of Key Points Core Viewpoint - The company, Shenzhen Jingwang Electronics Co., Ltd., is continuing to use raised funds to provide loans to its wholly-owned subsidiary for the implementation of investment projects, following the necessary approvals and regulatory compliance [1][6]. Fundraising Overview - The total amount raised through the issuance of convertible bonds was RMB 1,154 million, with a net amount of RMB 1,139.62 million after deducting issuance costs of RMB 14.38 million [1][2]. - The funds are managed in a dedicated account as per the regulations set by the China Securities Regulatory Commission [2]. Fund Replacement Details - The company approved the use of RMB 339.57 million of the raised funds to replace self-raised funds previously invested in the projects and to cover issuance costs [2][3]. Investment Project Overview - The total investment for the project, specifically for the first phase of the PCB project at Jingwang Electronics Technology (Zhuhai) Co., Ltd., is RMB 2,587.15 million, with RMB 1,154 million allocated from the raised funds [3]. Loan Details - The company plans to provide a loan of up to RMB 30 million to its subsidiary, Zhuhai Jingwang, to ensure the smooth implementation of the investment project [4][6]. - The loan will be effective from the date of board approval until the completion of the project [4]. Subsidiary Information - Zhuhai Jingwang, a wholly-owned subsidiary, has a registered capital of RMB 3 billion and is involved in the R&D, production, and sales of printed circuit boards and related electronic components [5]. Impact of the Loan - The loan aligns with the company's investment strategy and complies with relevant laws and regulations, ensuring that the interests of the company and its shareholders are protected [6]. Approval Process - The board of directors approved the loan, and it does not require further shareholder approval as it does not constitute a related party transaction or a major asset restructuring [6]. Sponsor's Verification Opinion - The sponsor, Minsheng Securities, confirmed that the use of raised funds for the loan to the subsidiary complies with internal approval processes and does not alter the intended use of the funds [6].

Group 1 - The core viewpoint of the article is that Jingwang Electronics (603228.SH) reported a revenue of 7.095 billion yuan for the first half of 2025, reflecting a year-on-year growth of 20.93% [1] - The net profit attributable to shareholders of the listed company was 649 million yuan, showing a slight decline of 1.06% compared to the previous year [1] - The basic earnings per share (EPS) for the company was reported at 0.71 yuan [1]

| 证券代码：603228 | 证券简称：景旺电子 | | | 公告编号：2025-096 | | --- | --- | --- | --- | --- | | 债券代码：113669 | 债券简称：景 | 23 | 转债 | | 深圳市景旺电子股份有限公司 第五届董事会第三次会议决议公告 二、董事会会议审议情况 （一）审议通过了《公司 2025 年半年度报告》及其摘要。 经核查，董事会认为： （1）《公司 2025 年半年度报告》及其摘要的编制和审议程序符合相关法律、 法规及《公司章程》的规定。 （2）报告内容和格式符合中国证券监督管理委员会和上海证券交易所的规 定，报告真实地反映了公司的经营业绩、财务状况等事项。 （3）报告编制过程中，未发现公司参与报告编制的人员存在违反保密规定 的违法违规行为。 （4）董事会保证《深圳市景旺电子股份有限公司 2025 年半年度报告》及其 摘要披露的信息真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 本议案已经公司董事会审计委员会审议通过。 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 ...

Core Viewpoint - Jingwang Electronics reported a revenue of 7.095 billion yuan for the first half of 2025, representing a year-on-year growth of 20.93%. However, the net profit attributable to shareholders of the listed company was 649 million yuan, showing a slight decline of 1.06% compared to the previous year [1]. Financial Performance - The company's revenue for the first half of 2025 reached 7.095 billion yuan, which is an increase of 20.93% year-on-year [1]. - The net profit attributable to shareholders was 649 million yuan, reflecting a decrease of 1.06% year-on-year [1].

民生证券股份有限公司 关于深圳市景旺电子股份有限公司继续使用募集资金 向全资子公司提供借款用于实施募投项目的核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为深圳 市景旺电子股份有限公司（以下简称"景旺电子"或"公司"）2023 年公开发行 可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公 司募集资金监管规则》《上海证券交易所股票上市规则》和《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》等相关规定，就景旺电子继续使用募 集资金向全资子公司提供借款用于实施募投项目事项进行了审慎核查，核查情况 如下： 一、本次募集资金基本情况 经中国证券监督管理委员会《关于核准深圳市景旺电子股份有限公司公开发 行可转换公司债券的批复》（证监许可[2023]127 号）核准，公司于 2023 年 4 月 4 日向社会公众公开发行可转换公司债券 1,154.00 万张，每张面值 100 元，募 集资金总额为人民币 115,400.00 万元，扣除发行费用人民币 1,438.46 万元，募 集资金净额为 113,961.54 万元。上述募集资金已于 2023 年 4 月 11 ...