Core Viewpoint - The company is leveraging its first-mover advantage in overseas markets to expand into the domestic humanoid robot PCB sector, having established partnerships with three leading domestic humanoid robot companies [1] Group 1: Company Developments - The company has entered the small-batch supply phase for one project, which focuses on the control circuit of its first-generation commercial model [1] - Another project is in the late stage of sample validation, concentrating on high-power driver module PCB products [1]

Core Insights - The company has been collaborating with a leading North American humanoid robot enterprise since 2020, focusing on the development of key PCB products for core control modules and drive systems in humanoid robots [1] - The partnership has resulted in the completion of three generations of product iterations, establishing a technological moat in terms of signal transmission stability and anti-interference capabilities [1] - The company has reached a cooperation intention regarding mass production product supply and is preparing for key steps towards mass production, including reserving dedicated production line capacity and completing supply chain coordination [1] Development and Production - The company has delivered the first batch of mass production samples, which have passed validation, indicating readiness for subsequent orders as the client's production capacity is released [1] - The collaboration includes efforts to pass the client's mass production quality system audit, which is crucial for the transition to mass production [1]

Core Viewpoint - The company has developed a comprehensive technical capability in PCB products for humanoid robots, focusing on core control modules and drive systems, and is now entering the mass production phase with key partners in North America and China [1] Group 1: Collaboration and Development - Since 2020, the company has been collaborating with a leading North American humanoid robot enterprise on joint R&D, resulting in three generations of product iterations [1] - The company has established a technical moat in key indicators such as signal transmission stability and anti-interference [1] Group 2: Mass Production and Supply Chain - The company has reached a cooperation intention for product supply in the mass production phase and is preparing for key steps, including reserving dedicated production line capacity and completing supply chain coordination [1] - The first batch of mass production samples has been delivered and verified, with subsequent orders expected to be fulfilled as customer production capacity is released [1] Group 3: Domestic Market Expansion - In addition to its overseas advantages, the company is expanding into the domestic humanoid robot PCB market, having established partnerships with three leading domestic humanoid robot companies [1] - One project has entered the small batch supply stage, while another is in the late stage of sample verification, focusing on high-power drive module PCB products [1] Group 4: Future Investment and Growth - The company plans to increase R&D investment in the humanoid robot PCB field, with a focus on breakthroughs in high-density interconnection and lightweight substrate applications [1] - The goal is to deepen cooperation with domestic and international customers, gradually transforming the robotics-related business into a new growth driver for the company [1]

Group 1 - The company announced the restriction period for the stock options under the 2021 stock option incentive plan, which will be from October 24, 2025, to October 28, 2025 [1] - The second exercise period for the stock options is set from January 14, 2025, to December 6, 2025, and is currently in the exercise phase [1] - The company will apply to the China Securities Depository and Clearing Corporation Limited Shanghai Branch for the relevant matters regarding the restriction on exercising stock options [1]

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个别及连带责任。 根据广东世运电路科技股份有限公司（以下简称"公司"）《2021 年股票 期权激励计划（草案）》及中国证券登记结算有限责任公司上海分公司关于股票 期权自主行权的相关规定，结合公司 2025 年第三季度报告披露计划，现就 2021 年股票期权激励计划的股票期权限制行权时间公告如下： 证券代码：603920 证券简称：世运电路 公告编号：2025-078 特此公告。 广东世运电路科技股份有限公司 广东世运电路科技股份有限公司董事会 关于 2021 年股票期权激励计划限制行权期间的提示性公告 一、2021 年股票期权激励计划预留授予股票期权第二个行权期（期权代码： 1000000290）为 2025 年 1 月 14 日至 2025 年 12 月 6 日，目前尚处于行权阶段。 二、本次限制行权期为 2025 年 10 月 24 日至 2025 年 10 月 28 日，在此期间 全部激励对象将限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司 申请办理限制 ...

Core Viewpoint - The company has successfully entered the supply chain of NVIDIA and AMD through an OEM model, indicating a strategic expansion in partnerships with leading technology firms [1] Group 1: Collaboration with NVIDIA - The company is deeply collaborating with Tier 1 enterprises to supply high-speed connector modules and power module products [1] - In response to the increasing demand for computing power, the company is jointly developing next-generation material application solutions with NVIDIA to enhance signal transmission performance [1] Group 2: Collaboration with AMD - The company has completed the certification process for all of AMD's product lines [1] - The company is currently preparing for mass production, marking a significant step in its partnership with AMD [1]

Core Insights - The company has successfully entered the supply chain of NVIDIA and AMD through an OEM model, indicating a strategic partnership with leading technology firms [1] Group 1: NVIDIA Collaboration - The company is deeply collaborating with Tier 1 enterprises to supply high-speed connector modules and power module products [1] - In response to the increasing demand for computing power, the company and NVIDIA are jointly developing next-generation material application solutions to enhance signal transmission performance [1] Group 2: AMD Collaboration - The company has completed the certification process for all of AMD's product lines and is currently preparing for mass production [1]

证券代码：603920 证券简称：世运电路 公告编号：2025-077 广东世运电路科技股份有限公司 关于公司股票期权激励计划 2025 年第三季度自主行权结果 暨股份变动公告 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。 重要提示内容： 2021 年股票期权激励计划首次授予股票期权行权结果：2021 年股票期 权激励计划首次授予股票期权第三个行权期可行权股票期权数量为 4,046,497 股，行权方式为自主行权，行权期为 2024 年 10 月 25 日至 2025 年 8 月 19 日。2025 年第三季度行权 45,450 股，累计行权 4,034,797 股，占首次授予股票期权第三个行权期可行权股票期权总量的 99.71%。 2021 年股票期权激励计划预留授予股票期权行权结果：2021 年股票期 权激励计划预留授予股票期权第二个行权期可行权股票期权数量为 920,000 股，行权方式为自主行权，行权期为 2025 年 1 月 14 日至 2025 年 12 月 6 日。2025 年第三季度行权 0 股，累计行权 9 ...

Market Overview - The component sector experienced a decline of 3.87% on October 10, with Fangbang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Notable gainers included *ST Dongjing, which rose by 4.96% to a closing price of 11.01, and Sihui Furun, which increased by 2.49% to 41.56 [1] - Fangbang Co., Ltd. saw a significant drop of 9.99%, closing at 60.55, while other major declines included ShenNan Circuit (-9.03%) and Shenghong Technology (-6.77%) [2] Trading Volume and Capital Flow - The component sector saw a net outflow of 4.263 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.897 billion yuan [2] - The trading volume for major stocks included Shengyi Technology with 58.77 million shares and Sihui Furun with 12.17 million shares [1][2] Capital Flow Analysis - Major net inflows were observed in stocks like Shengyi Technology (75.38 million yuan) and Sihui Furun (40.40 million yuan), while Fangbang Co., Ltd. had a net inflow of 7.72 million yuan [3] - Conversely, significant net outflows were recorded for stocks such as *ST Dongjing (-1.37 million yuan) and ShenNan Circuit (-1.43 million yuan) [3]

Core Insights - The company, Shiyun Electric Circuit (603920.SH), is leveraging its extensive experience in the research and production of electric vehicles to advance its humanoid robot business [1] - The company has successfully secured a new product designation from a leading North American humanoid robot enterprise, with design plans now frozen and entering the mass production preparation phase [1] - A new factory being built in Thailand is expected to commence production by the end of 2026, which will enhance the company's ability to meet overseas market demands and expand its supply chain for robotic products [1] Market Strategy - The company is extending its domestic PCB market presence by utilizing its first-mover advantage in the overseas electric vehicle PCB sector, positioning humanoid robots as a key development area [1] - Collaborations with leading domestic humanoid robot clients have already begun, indicating a proactive approach to securing project designations in the domestic market [1]