Core Viewpoint - Junya Technology (603386) is expected to turn a profit in the first half of 2025, with net profit attributable to shareholders projected between 36 million to 42 million yuan, and net profit excluding non-recurring gains and losses estimated between 23 million to 29 million yuan [1] Financial Performance - The company's PCB business has increased compared to the same period last year, contributing to the rise in operating revenue and gross margin [1] - Improvements in cost management and a decrease in period expenses have positively impacted the company's performance [1]

Core Viewpoint - Junya Technology (603386.SH) faces significant challenges, including declining performance, delayed investment projects, and a lack of competitiveness in the high-layer PCB market, which has led to a three-year consecutive decline in revenue and profit [2][3][10] Financial Performance - The company reported revenues of 2.573 billion yuan in 2022, 2.427 billion yuan in 2023, and projected 2.347 billion yuan in 2024, with net profits of 163 million yuan, 69 million yuan, and a loss of 154 million yuan respectively, indicating a downward trend [2] - The gross margin plummeted from 18.63% in 2022 to 9.30% in 2024, a decrease of 9.33 percentage points [3][6] Market Position and Product Strategy - Junya Technology's core product, PCB, accounted for 88.64% of revenue in 2024, but revenue from PCB declined from 2.34 billion yuan in 2022 to 2.08 billion yuan in 2024 [3][6] - The company has a low presence in high-layer PCBs (8 layers and above), with only 9% market share, while competitors have successfully targeted high-growth areas such as AI servers and high-speed communication [4][5] Customer Dependency and Sales Strategy - The company's largest customer, Flex, saw sales drop from 166 million yuan in 2023 to 46.81 million yuan in 2024, forcing Junya to adopt a low-margin domestic sales strategy to maintain production [3][4] Acquisition and Investment Issues - Junya Technology's aggressive acquisitions in 2019 resulted in significant goodwill, but the acquired companies have underperformed, leading to impairment losses [7] - The company initiated a fundraising project in 2021 for a high-precision PCB project, but actual funds raised were only 184 million yuan, with project completion delayed to December 2025 and only 53.63% of the investment made by the end of 2024 [8][9][10]

Core Viewpoint - The company has faced multiple delays in its fundraising project due to various market and economic factors, leading to a cautious approach in capital investment and project implementation [1][2][3] Group 1: Fundraising Project Delays - The company raised a net amount of 184 million RMB from a non-public stock issuance in 2020, intended for an 800,000 square meter smart interconnected high-precision circuit board project, which has been delayed multiple times, now expected to complete by December 2025 [1] - The project has seen a total investment of 23 million RMB in 2024, with 65 million RMB of the raised funds still unreturned as of May 2024 [1] - The company’s monetary funds and long-term borrowings totaled 518 million RMB by the end of 2024 [1] Group 2: Market Environment and Business Development - The consumer electronics market saw a decline of 2.37% in 2023, with a projected compound annual growth rate (CAGR) of only 2.25% from 2023 to 2028, significantly lower than the global electronics CAGR of 5.7% [2] - The company’s products are primarily used in consumer electronics and renewable energy sectors, facing intense competition and longer product certification cycles [2][3] - The company has been cautious in capital investments since Q4 2021, slowing down project implementation to mitigate adverse impacts on performance due to market conditions [3] Group 3: Financial Performance - The company reported a revenue of 234.72 million RMB in 2024, down 3.30% year-on-year, with a net loss of 15.44 million RMB, a significant decline of 325.20% compared to the previous year [5] - The company’s performance has been under pressure due to macroeconomic factors, leading to a cautious approach in project funding and execution [5][6] Group 4: Fund Utilization and Compliance - The company has utilized part of the raised funds for temporary working capital, with a total of 160 million RMB returned to the special account by the end of 2023 [10][12] - The company has ensured that the use of funds complies with regulations, with no evidence of misappropriation or violation of fund usage rules [14]

Core Viewpoint - Guangdong Junya Electronics Technology Co., Ltd. has experienced a decline in revenue and net profit for three consecutive years, with a reported loss in 2024, primarily due to challenges in the printed circuit board (PCB) sector [2][18]. Group 1: Financial Performance - The company's revenue from PCB products decreased from 2.34 billion yuan in 2022 to 2.08 billion yuan in 2024, reflecting a downward trend in profitability [2][16]. - The gross profit margin for PCB products dropped from 16.14% in 2023 to 9.30% in 2024, indicating significant pressure on margins [16][17]. - The company reported a total revenue of 2.20 billion yuan in 2024, down from 2.30 billion yuan in 2023, with a total cost of 1.99 billion yuan [16][19]. Group 2: Customer and Supplier Dynamics - The top ten customers for 2024 accounted for 32.43% of total sales, with significant changes in customer composition due to market conditions [2][6]. - Major customers such as Weichuangli and Souluan experienced order declines due to inventory destocking in the overseas photovoltaic sector and international trade impacts [2][6]. - The top ten suppliers accounted for 50.14% of total purchases, with changes driven by procurement strategy adjustments and supplier performance [6][7]. Group 3: Production and Cost Structure - PCB production volume decreased from 3.11 million square meters in 2023 to 2.97 million square meters in 2024, while sales volume also declined [8][12]. - The cost structure for PCB products remained stable, with direct materials accounting for 66.06% of total costs in 2024, up from 64.37% in 2023 [8][12]. - The average procurement prices for key raw materials such as copper foil and gold salt increased, contributing to higher production costs [11][20]. Group 4: Industry Context - The global PCB market is projected to grow, with a forecasted value of $73.57 billion in 2024, driven by demand in sectors like AI and electric vehicles [13][17]. - The PCB industry faces intense competition, with over 2,200 manufacturers globally, leading to price erosion and margin pressures [14][15]. - Despite a recovery in the PCB market, the company struggles with specific customer demand and competitive pricing strategies, impacting overall profitability [20].

民生证券股份有限公司 关于广东骏亚电子科技股份有限公司 2024 年报告的信息披露监管问询函的核查意见 上海证券交易所： 根据贵所出具的《关于广东骏亚电子科技股份有限公司 2024 年年度报告的 信息披露监管问询函》（上证公函【2025】0753 号）（以下简称"年报问询函"） 的要求，民生证券股份有限公司（以下简称"持续督导机构"）作为广东骏亚电 子科技股份有限公司（以下简称"骏亚科技"或"公司"）非公开发行股票的持 续督导保荐机构，会同公司及相关中介机构，就年报问询函提及的事项逐项进行 了认真讨论、核查与落实，并出具了核查意见如下： 一、年报及相关公告显示，公司 2020 年非公开发行股票募集资金净额 1.84 亿元，拟全部投向"年产 80 万平方米智能互联高精密线路板项目"募投项目。 该项目原定预计完成时间为 2021 年 12 月，先后四次延期至 2022 年 12 月、2023 年 12 月、2024 年 12 月、2025 年 12 月。该项目 2024 年投入 0.23 亿元，截至 2024 年末累计投入 0.99 亿元，投入进度为 53.63%，尚未投入金额 0.85 亿元。 2021 年至 ...

容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于广东骏亚电子科技股份有限公司 2024 年年度报告的信息披露监管问询函的回复 容诚专字[2025]518Z0638 号 上海证券交易所： 我们收到了广东骏亚电子科技股份有限公司（以下简称"骏亚科技"或"公司"） 转来的贵所下发的《关于广东骏亚电子科技股份有限公司 2024 年年度报告的信息 披露监管问询函》（上证公函【2025】0753 号）（以下简称"问询函"）。我们已对 问询函中需要会计师发表意见的事项，进行了审慎的核查，现回复如下： 在本《问询函》相关问题的回复中，若合计数与各分项数值相加之和在尾数上 存在差异，均因四舍五入所致。如无特别说明，本回复中使用的简称或名词释义与 《广东骏亚电子科技股份有限公司 2024 年年度报告》一致。 1.年报及前期公告显示，2022年至 2 ...

证券代码：603386 证券简称：骏亚科技 公告编号：2025-025 广东骏亚电子科技股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复 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。 广东骏亚电子科技股份有限公司（以下简称"公司"）近期收到上海证券交 易所《关于广东骏亚电子科技股份有限公司 2024 年年度报告的信息披露监管问 询函》（上证公函【2025】0753 号）（以下简称"《问询函》"），根据上海证券交 易所的要求，经公司认真分析，现就《问询函》有关问题回复如下： 在本《问询函》相关问题的回复中，若合计数与各分项数值相加之和在尾数 上存在差异，均因四舍五入所致。如无特别说明，本回复中使用的简称或名词释 义与《广东骏亚电子科技股份有限公司 2024 年年度报告》一致。 1.年报及前期公告显示，2022 年至 2024 年公司分别实现营业收入 25.73 亿 元、24.27 亿元、23.47 亿元，归母净利润分别为 1.63 亿元、0.69 亿元、-1.54 亿元，营收、净利润连续三年下降且 20 ...

Group 1 - The company completed the registration and change of business license, reflecting updates in its corporate structure and governance [3] - The company held its second extraordinary general meeting of shareholders in 2024, where it approved amendments to the Articles of Association and elected new members for the board of directors and supervisory board [2] - The company has changed its corporate type in accordance with the Foreign Investment Law of the People's Republic of China [3] Group 2 - The company’s registered capital is RMB 326,325,560, and it was established on November 22, 2005 [3] - The company operates in various sectors including the sale and manufacturing of electronic components, mobile communication equipment, and 5G communication technology services [3] - The company is classified as a joint-stock company with investments from Hong Kong, Macau, and Taiwan, and is publicly listed [4]

证券代码：603386 证券简称：骏亚科技 公告编号：2025-024 广东骏亚电子科技股份有限公司 关于完成工商变更并换发营业执照的公告 统一社会信用代码：914413007820108867 名称：广东骏亚电子科技股份有限公司 1 类型：股份有限公司（港澳台投资、上市） 法定代表人：叶晓彬 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。 广东骏亚电子科技股份有限公司（以下简称"公司"）于 2024 年 12 月 23 日召开了 2024 年第二次临时股东会，审议通过了《关于修订<公司章程>的议案》 《关于公司董事会换届选举第四届董事会非独立董事的议案》等议案，完成了章 程修订、董事会及监事会的换届选举；同日，公司召开第四届董事会第一次会议 及第四届监事会第一次会议，审议通过了《关于选举公司董事长的议案》《关于 聘任公司总经理的议案》等议案，董事会选举了公司第四届董事会董事长、聘任 了公司高级管理人员，监事会选举了监事会主席。具体内容详见公司在上海证券 交易所网站（www.sse.com.cn）上披露的《骏亚科技：2024 ...

Core Viewpoint - The company has provided guarantees for its wholly-owned subsidiaries, Huizhou Junya Precision Circuit Co., Ltd. and Huizhou Junya Digital Technology Co., Ltd., to support their bank financing needs, with a total guarantee limit of RMB 80 million [2][5]. Group 1: Guarantee Details - The total guarantee amount for Huizhou Junya Precision and Huizhou Junya Digital is RMB 80 million, with actual guarantees provided as of June 14, 2025, being RMB 90.605 million and RMB 32.8 million respectively [2][6]. - There are no counter-guarantees associated with this guarantee [2][5]. - The guarantee has been approved by the company's annual general meeting and does not require further shareholder approval [4][7]. Group 2: Decision-Making Process - The company held board meetings on April 25, 2025, and May 16, 2025, to approve the guarantee proposal for the fiscal year 2025, allowing for a total guarantee amount not exceeding RMB 298.15 million [6][18]. - The company can provide additional guarantees of RMB 50.5 million for Huizhou Junya Precision and RMB 34.5 million for Huizhou Junya Digital within the approved limits [6][7]. Group 3: Subsidiary Information - Huizhou Junya Precision Circuit Co., Ltd. is a wholly-owned subsidiary of the company, established on December 2, 2021, with a registered capital of RMB 100 million [11][12]. - Huizhou Junya Digital Technology Co., Ltd. is also a wholly-owned subsidiary, established on June 23, 2015, with a registered capital of RMB 12.3 million [12][13]. Group 4: Guarantee Agreement - The guarantee agreement with Industrial Bank Co., Ltd. Huizhou Branch includes a maximum principal guarantee limit of RMB 50 million for Huizhou Junya Precision and RMB 30 million for Huizhou Junya Digital [14][15]. - The guarantee period is set for three years from the maturity date of each financing obligation [14][15]. Group 5: Necessity and Reasonableness of Guarantee - The guarantee is deemed necessary to meet the operational needs of the subsidiaries and aligns with the company's overall interests and development strategy [17]. - The company has sufficient understanding and control over the subsidiaries' financial conditions, making the guarantee risk manageable [17]. Group 6: Cumulative Guarantee Status - As of June 14, 2025, the total guarantees provided by the company and its subsidiaries amount to RMB 413.70997 million, representing 308.54% of the company's latest audited net assets [19][20]. - There are no overdue guarantees reported as of the announcement date [20].