证券代码：603256 证券简称：宏和科技 宏和电子材料科技股份有限公司 Grace Fabric Technology Co.,Ltd. （上海市浦东康桥工业区秀沿路 123 号） 2025 年度向特定对象发行 A 股股票 募集说明书 （申报稿） 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年八月 宏和电子材料科技股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书 声 明 本公司及全体董事、审计委员会成员、高级管理人员承诺募集说明书及其他 信息披露资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准 确性及完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 募集说明书中财务会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行 ...

中信证券股份有限公司 关于 宏和电子材料科技股份有限公司 向特定对象发行A股股票 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年八月 宏和电子材料科技股份有限公司 发行保荐书 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）接受宏和电子材料 科技股份有限公司（以下简称"宏和科技"、"发行人"或"公司"）的委托，担任宏 和电子材料科技股份有限公司向特定对象发行 A 股股票（以下简称"本次发行"）的 保荐人，为本次发行出具发行保荐书。 中信证券股份有限公司及其保荐代表人根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司 证券发行注册管理办法》（以下简称"《注册管理办法》"）、《〈上市公司证券发行注册 管理办法〉第九条、第十条、第十一条、第十三条、第四十条、第五十七条、第六十条 有关规定的适用意见——证券期货法律适用意见第 18 号》（以下简称"《证券期货法律 适用意见第 18 号》"）等有关法律、法规和中国证券监督管理委员会（以下简称"中 国证监会"）、上海证券交易所（以下简称 ...

中信证券股份有限公司 之 上市保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年八月 宏和电子材料科技股份有限公司 上市保荐书 关于 宏和电子材料科技股份有限公司 向特定对象发行A股股票 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）及其保荐代表人已 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发行注册管理 办法》等有关法律、法规和中国证券监督管理委员会（以下简称"中国证监会"）、上 海证券交易所（以下简称"上交所"）的有关规定，诚实守信，勤勉尽责，严格按照依 法制订的业务规则和行业自律规范出具上市保荐书，并保证所出具文件的真实性、准确 性和完整性。 如无特别说明，本上市保荐书中的简称与《宏和电子材料科技股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书》中的简称具有相同含义。 3-2-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | | 一、发行人基本情况 3 | | | 二、本次发行情况 9 | | | 三、项目保荐代表人、项目协办人及项目组其他成员情况 12 | | | ...

上海市金茂律师事务所 关于 宏和电子材料科技股份有限公司 2025 年度向特定对象发行 A 股股票 之 法律意见书 二〇二五年八月 | 目 录 1 | | | | | --- | --- | --- | --- | | 第一节 释 义 | | | 3 | | 第二节 | 引 | 言 | 6 | | 第三节 正 文 | | | 7 | | 一、本次发行的批准和授权 7 | | | | | 二、本次发行的主体资格 7 | | | | | 三、本次发行的实质条件 8 | | | | | 四、发行人的设立 12 | | | | | 五、发行人的独立性 12 | | | | | 六、发行人的主要股东、控股股东及实际控制人 13 | | | | | 七、发行人的股本及其演变 15 | | | | | 八、发行人的业务 15 | | | | | 九、关联交易及同业竞争 16 | | | | | 十、发行人的主要财产 18 | | | | | 十一、发行人的重大债权债务 19 | | | | | 十二、发行人的重大资产变化及收购兼并 20 | | | | | 十三、发行人公司章程的制定与修改 21 | | | | | 十四、 ...

宏和电子材料科技股仹有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 6-1-1 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2512536 号 宏和电子材料科技股仹有限公司全体股东： 一、审计意见 我们审计了后附的宏和电子材料科技股仹有限公司 (以下简称"宏和科技") 财务报表，包 括 2024 年 12 月 31 日的合幵及母公司资产负债表，2024 年度的合幵及母公司利润表、合幵 及母公司现金流量表、合 ...

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]

Market Performance - The glass fiber sector increased by 5.11% on August 22, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Zhongcai Technology (002080) closed at 35.29, up 10.01%, with a trading volume of 599,100 shares and a transaction value of 2.053 billion [1] - Honghe Technology (603256) closed at 40.50, up 9.99%, with a trading volume of 141,300 shares and a transaction value of 558 million [1] - Other notable performers include Changhai Co. (300196) up 4.44%, China Jushi (600176) up 4.15%, and International Composite Materials (301526) up 4.01% [1] Capital Flow Analysis - The glass fiber sector saw a net inflow of 549 million from institutional investors, while retail investors experienced a net outflow of 218 million [2][3] - Major stocks like Zhongcai Technology and Honghe Technology attracted significant institutional investment, with Zhongcai Technology receiving a net inflow of 366 million [3] Summary of Stock Movements - The table of stock movements indicates that Zhongcai Technology and Honghe Technology were the top gainers, while stocks like Yao Pi Glass (618009) and Kaisheng New Energy (600876) faced declines [2][3] - The overall trend shows a strong performance in the glass fiber sector, with institutional investors showing confidence in leading companies [2][3]

天眼查商业履历信息显示，宏和电子材料科技股份有限公司，成立于1998年，位于上海市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本87972.75万人民币，实缴资本 87972.75万人民币。公司法定代表人为毛嘉明。 通过天眼查大数据分析，宏和电子材料科技股份有限公司共对外投资了3家企业，参与招投标项目8次， 知识产权方面有商标信息12条，专利信息124条，此外企业还拥有行政许可136个。 来源：金融界 金融界消息 截至2025年8月22日收盘，宏和科技（603256）报收于40.5元，上涨9.99%，换手率1.61%， 成交量14.13万手，成交金额5.58亿元。 资金流向方面，今日主力资金净流入1.46亿元，占比成交额26.24%。其中，超大单净流入1.74亿元、占 成交额31.23%，大单净流出2780.55万元、占成交额4.99%，中单净流出流出7005.74万元、占成交额 12.56%，小单净流出7629.58万元、占成交额13.68%。 宏和科技最新一期业绩显示，截至2025一季报，公司营业总收入2.46亿元、同比增长29.52%，归属净利 润3087.32万元，同比增长4 ...

Core Viewpoint - As of August 22, 2023, 202 stocks have experienced consecutive increases for 5 trading days or more, indicating a strong upward trend in the market [1] Group 1: Stock Performance - Yalian Machinery (001395), Tongzhou Electronics (002052), Weicet Technology, and Guangdian Yuntong (002152) have seen consecutive increases for 10 trading days [1] - Tianrongxin (002212), Bochao Electronics, China Science Publishing (601858), and Honghe Technology (603256) have recorded consecutive increases for 8 trading days [1] - During the consecutive increase period, Tongzhou Electronics achieved a cumulative increase of 104.96%, while Kosen Technology (603626) saw a cumulative increase of 77.24% [1]

Group 1 - The PCB sector experienced a significant surge on the 22nd, with notable stock increases such as Ding Tai Gao Ke rising nearly 18% and Guangxin Materials up over 10% [1] - The demand for printed circuit boards (PCBs) is expected to explode due to the acceleration of AI computing infrastructure construction, with a projected CAGR of 11.6% for server and storage PCBs from 2024 to 2029 according to Prismark and CITIC Securities [1] - High-layer boards, high-density interconnect (HDI) boards, and IC carrier boards are anticipated to see rapid growth in output value, with leading domestic PCB companies expected to invest 41.9 billion yuan from 2025 to 2026 [1] Group 2 - AI servers will have higher requirements for PCB usage, density, and performance, leading to increased precision demands in processes such as exposure, drilling, plating, and inspection [1] - Domestic PCB equipment manufacturers are expected to capitalize on the favorable conditions in the AI PCB market, accelerating the validation of emerging technologies and expanding their market share and value [1] - Companies focusing on AI PCB equipment, particularly in laser, vision, and inspection technologies, are recommended for investment consideration [1]