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 ...

Core Viewpoint - The article highlights the emergence of new industrial opportunities in cities like Zhuhai, driven by advancements in AI computing power and the expansion of the PCB (Printed Circuit Board) industry, particularly through significant investments like the 5 billion yuan project by Jingwang Electronics [1][3][4]. Group 1: Industry Growth and Investment - Jingwang Electronics has initiated the largest PCB industry expansion project in China this year, with a total investment of 5 billion yuan in Zhuhai, aiming to enhance its production capacity for high-end HDI boards [1][3]. - The PCB industry is experiencing a surge due to the growth of sectors such as electric vehicles, 5G, and AI, with the global PCB market expected to reach 78.6 billion USD by 2025, driven by high-end products [3][9]. - The expansion of Jingwang Electronics is expected to increase its annual output value in Zhuhai to over 10 billion yuan, contributing significantly to the local economy [1][4]. Group 2: Regional Development and Competitive Landscape - Zhuhai has over 100 PCB companies, ranking third in Guangdong in terms of output value, and is becoming a hub for high-end PCB manufacturing as companies from Shenzhen relocate there [1][6]. - The local government and enterprises share a vision for high-end manufacturing, with efforts to transition from mid-range to high-end PCB production, particularly in AI server and automotive electronics [4][10]. - The PCB industry in Zhuhai has seen significant growth, with 174 companies generating 44.4 billion yuan in output, accounting for 15.2% of China's total and 8.5% globally [6][10]. Group 3: Future Prospects and Challenges - The global PCB market is evolving, with a projected annual growth rate of 5.2% from 2024 to 2029, driven by demand in AI, data centers, and automotive electronics [9][10]. - To remain competitive, Zhuhai must enhance its high-end manufacturing capabilities and adapt to the shifting dynamics of the PCB industry, as companies increasingly look to Southeast Asia for production [10].

深圳市景旺电子股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范深圳市景旺电子股份有限公司（以下简称"公司"） 董事、 高级管理人员离职程序，保障公司治理结构的稳定性和连续性，维护公司及股东 的合法权益，根据《中华人民共和国公司法》《上市公司章程指引》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等法律法规、规范性文件和《深圳市景旺电子股份有限公司章程》的有关规 定，制定本制度。 第五条 董事、高级管理人员任期届满，除非经股东会或职工代表大会选举 或董事会聘任连任，其职务自任期届满之日起自然终止。 第六条 股东会可以决议解任非职工代表董事，职工代表大会（或其他民主 形式）可以决议解任职工代表董事，决议作出之日解任生效。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的辞任、 辞职、任期届满、解任等离职情形。 第二章 离职情形与生效条件 第三条 董事、高级管理人员可以在任期届满前辞任或辞职。 董事、高级管理人员辞任应当提交书面辞职报告。董事辞任的，自公司收到 通知之日辞任生效。高级管理人员辞任的，自董事会收到辞职报告时生效。 ...

深圳市景旺电子股份有限公司 内部审计管理制度 第一章 总则 第一条 为加强和规范深圳市景旺电子股份有限公司（以下简称"公司"） 内部审计工作，保护投资者的合法权益，明确内部审计机构、人员的责任和工作 范围，提高内部审计工作质量，保证公司内部审计工作的规范化，根据《中华人 民共和国审计法》《审计署关于内部审计及工作的规定》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》等法律法规、规范性文件和《深圳市景旺 电子股份有限公司章程》的有关规定，结合公司实际业务，制定本制度。 第二条 本制度适用于深圳市景旺电子股份有限公司及下属分、子公司、控 股公司的内部审计管理。 第三条 本制度所称内部审计，是指公司内部审计部门或人员，对公司及下 属分、子公司、具有重大影响的参股公司的内部控制和风险管理的有效性、财务 信息的真实性和完整性以及经营活动的效率和效果等进行独立、客观的监督和评 价活动。 第四条 本制度所称被审计单位，是指公司各部门、子公司、分公司以及对 公司具有重大影响的参股公司及上述主体的相关责任人员。 第二章 机构设置和人员 第五条 公司内部审计机构为审计监察部，由审计委员会领导，对其负责并 报告工作 ...

深圳市景旺电子股份有限公司2025 年半年度报告 公司代码：603228 公司简称：景旺电子 深圳市景旺电子股份有限公司 2025 年半年度报告 1 / 186 深圳市景旺电子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 不适用 五、 前瞻性陈述的风险声明 √适用 □不适用 本报告中有涉及公司经营和发展战略等未来计划的前瞻性陈述，不构成公司对投资者的实质 承诺，请投资者注意投资风险。 六、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 一、 公司全体董事出席董事会会议。 二、 本半年度报告未经审计。 三、 公司负责人刘绍柏、主管会计工作负责人孙君磊及会计机构负责人（会计主管人员）成杏 娜声明：保证半年度报告中财务报告的真实、准确、完整。 四、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 七、 是否存在违反规定决策程序对外提供担保的情况 否 八、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 九、 重大风险 ...