| 广东世运电路科技股份有限公司2025 | 年半年度报告摘要 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司代码：603920 | 公司简称：世运电路 | | | | | | | | | 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2025 | 年半年度报告摘要 | | | | | | | | | | 第一节 重要提示 | | | | | | | | | 展规划，投资者应当到 | http://www.sse.com.cn/网站仔细阅读半年度报告全文。 | | | | | | | | | 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。 | | | | | | | | | | 否 | | | | | | | | | | 第二节 | 公司基本情况 | | | | | | | | | 公司股票简况 | | | | | | | | | | 股票种类 | 股票上市交易所 股票简称 | | | | | | 股票代码 变更前股票 | | ...

证券代码：603920 证券简称：世运电路 公告编号：2025-062 广东世运电路科技股份有限公司 第五届董事会第八次会议决议公告 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。 一、董事会会议召开情况 广东世运电路科技股份有限公司（以下简称"公司"）第五届董事会第八次 会议（以下简称"会议"）通知于 2025 年 8 月 16 日以电子邮件方式发出，于 2025 年 8 月 26 日在公司三楼一号会议室以现场及通讯的方式召开，并以记名的方式 进行了表决。会议由董事长林育成先生主持，会议应参加董事 7 人，实际参加 7 人。公司监事及高级管理人员列席了本次会议。本次会议的召开符合有关法律法 规和《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 （一）审议并通过《关于〈世运电路 2025 年半年度报告〉及其摘要的议案》 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）上的 《世运电路 2025 年半年度报告》及其摘要， 《世运电路 2025 年半年度报告摘要》 将同步在公司选定信息披露媒体 ...

一、董事会在股东会的召开过程中，应当以维护股东的合法权益，确保正常 程序和议事效率为原则，认真履行法定职责。 二、参加公司 2025 年第三次临时股东会的股东，依法享有发言权、表决权 等权利，不得侵犯其他股东合法权益、扰乱会议的正常秩序，共同维护好股东会 秩序。 三、股东（代表）在会上有权发言和提问，有发言意向的股东（代表）报到 时向工作人员登记，由主持人视会议的具体情况合理安排股东（代表）发言，并 安排公司有关人员回答股东提出的问题，每位股东（代表）的发言请不要超过五 分钟，发言内容应当与本次会议表决事项相关。 -2- 世运电路 2025 年第三次临时股东会会议资料 广东世运电路科技股份有限公司 为了维护投资者的合法权益，确保股东在本公司 2025 年第三次临时股东会 期间依法行使权利，保证股东会的正常秩序和议事效率，依据《上市公司股东会 规则》等有关规定，制定如下有关规定： 四、本次会议表决采用现场投票和网络投票相结合的表决方式。公司股东只 能选择现场投票和网络投票中的一种表决方式。如同一股份通过现场和网络投票 系统重复进行表决的，以第一次投票表决结果为准。 世运电路 2025 年第三次临时股东会会议资料 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-068 广东世运电路科技股份有限公司 关于召开2025年第三次临时股东会的通知 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。 重要内容提示： (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 11 日 13 点 30 分 召开地点：广东省鹤山市共和镇世运路 8 号世运电路公司三楼会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 11 日 至2025 年 9 月 11 日 本次股东会审议议案及投票股东类型 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-069 广东世运电路科技股份有限公司 ? 会议召开方式：上证路演中心网络互动 ? 会议召开地点：上海证券交易所上证路演中心 （http://roadshow.sseinfo.com/） ? 投资者可以在2025年8月28日（星期四）至9月2日（星期二）16:00前登 录上证路演中心网站首页点击"提问预征集"栏目或者通过公司邮箱 （olympic@olympicpcb.com）进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 广东世运电路科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果及财务状况，公司计划于 2025 年 9 月 3 日（星期三）上午 一、说明会类型 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： ? 会议召开时间：2025年9月3日（星期三）上午10:00 ...

Investment Overview - The company plans to invest approximately RMB 1.5 billion in the "Chip Innovation and Intelligent Carrier" new generation PCB manufacturing base project, with an expected production capacity of 660,000 square meters per year [2][3] - The project aims to enhance the production capacity of chip-embedded PCB products and high-end HDI products to meet the increasing demand from downstream customers [2][4] Project Details - The project will be located in the Iron Ridge Industrial Zone, Gonghe Town, Heshan City [3] - The total investment includes RMB 463 million for construction, RMB 962 million for equipment purchase and installation, and RMB 60 million for working capital [3] - The project is expected to start construction in the second half of 2025 and begin production in mid-2026 [2][3] Market Demand and Strategic Importance - The demand for HDI and multilayer boards is projected to grow by 12.9% in 2025, driven by sectors such as artificial intelligence and electric vehicles [4] - The chip-embedded PCB technology offers advantages such as improved reliability, reduced electrical losses, and enhanced thermal performance, making it a key focus for future development [4][5] - The company aims to optimize its product structure and enhance competitiveness in the high-end PCB market, aligning with its long-term strategic goals [4][5] Financial Impact - The project is expected to generate new profit growth points and enhance the company's brand influence, aligning with its high-quality development strategy [5] - The funding for the project will come from the company's own or self-raised funds, which will not significantly impact the company's financial status [5][6] Risk Management - The company acknowledges potential risks related to market competition, project construction delays, and funding challenges, and plans to implement measures to mitigate these risks [6][7]

Summary of Key Points Core Viewpoint The announcement provides a detailed account of the fundraising activities and the management of the raised funds by Guangdong Shiyun Circuit Technology Co., Ltd. It outlines the total amount raised, the allocation of funds, and the management practices in place to ensure compliance with regulations. Fundraising Overview - The company raised a total of RMB 179,305.65 million by issuing 117,964,243 shares at RMB 15.20 per share, with net proceeds amounting to RMB 177,700.23 million after deducting various fees [1][2] - The funds were verified by Tianjian Accounting Firm, which issued a verification report [1] Fund Usage and Balance - As of the reporting period, the company had utilized RMB 54,940.41 million of the raised funds, with a net interest income of RMB 2,415.65 million [2][3] - The remaining balance of the raised funds was RMB 125,249.04 million, showing a discrepancy of RMB 73.57 million due to various fees and interest [2][3] Fund Management Practices - The company has established a fundraising management system to ensure the proper use and oversight of the raised funds, in compliance with relevant laws and regulations [3][4] - Funds are stored in dedicated bank accounts, and a tripartite supervision agreement was signed with the underwriter and banks to clarify the rights and obligations of all parties involved [4] Investment and Cash Management - The company has not used idle funds to temporarily supplement working capital and has instead engaged in cash management by investing in low-risk financial products [5][6] - The board approved the use of up to RMB 150,000 million of temporarily idle funds for cash management, ensuring that it does not affect the normal operation of investment projects [5][6] Fund Allocation and Project Status - The company has not changed the use of the raised funds for any projects and has adhered to the planned allocation [7] - There are no significant issues reported regarding the use and disclosure of the raised funds during the reporting period [7]

证券代码：603920 证券简称：世运电路 公告编号：2025-064 广东世运电路科技股份有限公司 关于变更部分募投项目及部分募投项目延期的公告 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。 重要内容提示： ? 原项目一名称：鹤山世茂电子科技有限公司年产 300 万平方米线路板新 建项目（二期）（以下简称"原项目一"） ? 原项目二名称：广东世运电路科技股份有限公司多层板技术升级项目（以 下简称"原项目二"） ? 新项目名称、投资金额：泰国高峰绿色工业园新建年产 120 万平方米高 端、高精密度印制电路板建设项目（一期）（以下简称"新项目"），计划总投 资额为 112,649.78 万元。 ? 变更募集资金投向的金额：原项目一的募集资金承诺投资总额为 于原项目一的实际建设进度，剩余尚未投入的募集资金合计 49,515.35 万元（截 至 2025 年 6 月 30 日已投入 8,184.88 万元，不包括累计收到的银行存款利息及 现金管理产品收益等扣除银行手续费后的净额，实际金额以转出及销户当日募集 资金专户中的余额为准） ...

Core Viewpoint - The company has adjusted its investment strategy for idle funds, allowing for a more efficient use of capital while ensuring that the investments remain within a controlled risk framework [2][3]. Investment Purpose - The primary goal is to enhance the efficiency of idle funds without affecting the company's core business operations, thereby aiming to improve asset returns and provide better investment returns for the company and its shareholders [2]. Investment Amount and Duration - The company plans to use up to RMB 2.1 billion (210,000 million) for entrusted wealth management, with a maximum of RMB 500 million (50,000 million) allocated to R3 risk level products. The investment will be valid for 12 months from the board's approval date, allowing for rolling investments within the specified limits [3][4]. Funding Source - The funds for the entrusted wealth management will come from the company's idle self-owned funds [3]. Investment Method and Types - The company will adhere to prudent investment principles, selecting financial institutions that issue liquid and overall risk-controlled investment products, with a risk level not exceeding R3. This includes various financial products such as bank wealth management products and structured deposits [3][4]. Implementation Method - The board has authorized the general manager to make investment decisions and sign relevant contracts, including selecting appropriate financial institutions and defining investment amounts and terms [4][5]. Review Procedure - The adjustment of investment types does not require shareholder approval, and the other original review matters remain unchanged [5]. Impact on the Company - Utilizing idle funds for entrusted wealth management will not disrupt the company's normal cash flow or operational needs. It is expected to enhance the efficiency of fund usage and generate certain investment returns, aligning with the interests of the company and its shareholders [6].

Section I Definitions [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for common terms used in the report, including company names, regulatory bodies, key subsidiaries, and related parties, clarifying the reporting period from January 1, 2025, to June 30, 2025 - The reporting period is defined as **January 1, 2025, to June 30, 2025**[18](index=18&type=chunk) - Lists the Chinese and foreign names of the company and its main subsidiaries and related parties, such as "Circuit World", "Shunkong Group", and "Xinhao International"[18](index=18&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=6&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name and abbreviation, and legal representative - The company's Chinese name is Guangdong Circuit World Technology Co., Ltd., abbreviated as **Circuit World**[20](index=20&type=chunk) - The legal representative is **Lin Yucheng**[20](index=20&type=chunk) [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, to facilitate investor communication - The Board Secretary is **Yin Jialiang**, and the Securities Affairs Representative is **Liu Sheng**[21](index=21&type=chunk) - The contact address for both is **No. 8 Shiyun Road, Gonghe Town, Heshan City, Guangdong Province**[21](index=21&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section describes the company's basic information, such as registered address, office address, website, and email, noting no significant changes during the reporting period - The company's registered and office address is **No. 8 Shiyun Road, Gonghe Town, Heshan City**[22](index=22&type=chunk) - There were no historical changes to the company's registered address during the reporting period[22](index=22&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section lists the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the location for report storage, indicating no changes during the reporting period - The company's selected newspapers for information disclosure include **China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily**[23](index=23&type=chunk) - The website address for publishing semi-annual reports is **http://www.sse.com.cn/**[23](index=23&type=chunk) [V. Company Stock Overview](index=6&type=section&id=V.%20Company%20Stock%20Overview) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code - The company's stock is **A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Circuit World and stock code 603920**[24](index=24&type=chunk) [VI. Other Relevant Information](index=6&type=section&id=VI.%20Other%20Relevant%20Information) This section discloses information about the accounting firm and sponsor institution appointed by the company for continuous supervision, including their names, office addresses, and signing personnel - The company's appointed accounting firm is **Tianjian Certified Public Accountants (Special General Partnership)**, with signing accountants **Long Qi and Xiao Bin**[26](index=26&type=chunk) - The sponsor institution responsible for continuous supervision is **CITIC Securities Co., Ltd.**, with signing sponsor representatives **Wang Xiaoyu and Yu Yuncai (formerly Shen Fei)**[26](index=26&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details the company's key accounting data and financial indicators for the first half of 2025, comparing them with the same period last year, showing significant growth in revenue and net profit, and improved cash flow 2025 H1 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (Yuan) | Prior Year Same Period (Yuan) | Change from Prior Year Same Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,578,768,934.58 | 2,395,654,508.53 | 7.64 | | Total Profit | 431,827,273.01 | 343,541,280.70 | 25.70 | | Net Profit Attributable to Shareholders of Listed Company | 384,134,793.67 | 302,735,169.28 | 26.89 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 356,547,034.64 | 298,245,792.66 | 19.55 | | Net Cash Flow from Operating Activities | 428,266,324.20 | 329,614,300.45 | 29.93 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 6,444,805,740.60 | 6,471,158,063.35 | -0.41 | | Total Assets (Period-end) | 8,881,072,466.48 | 8,988,996,135.42 | -1.20 | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Same Period | Change from Prior Year Same Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.53 | 0.51 | 3.92 | | Diluted Earnings Per Share (Yuan/share) | 0.53 | 0.48 | 10.42 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (Yuan/share) | 0.5000 | 0.4987 | 0.27 | | Weighted Average Return on Net Assets (%) | 5.69 | 6.89 | Decrease of 1.20 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 5.28 | 6.79 | Decrease of 1.51 percentage points | - Operating revenue increased by **7.64%**, primarily due to increased orders and optimized product structure[30](index=30&type=chunk) - Net profit attributable to shareholders of the listed company increased by **26.89%**, mainly due to increased operating revenue, improved gross profit margin, and higher investment and exchange gains[30](index=30&type=chunk) - Net cash flow from operating activities increased by **29.93%**, primarily due to growth in revenue and net profit[30](index=30&type=chunk) [IX. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section lists non-recurring gains and losses and their amounts for the reporting period, primarily including fair value changes in financial assets and government subsidies, totaling **27,587,759.03 Yuan** impact on net profit 2025 H1 Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -476,915.56 | | Government subsidies recognized in current profit/loss | 2,156,763.77 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains/losses of financial assets and liabilities | 31,971,501.43 | | Other non-operating income and expenses | -255,524.30 | | Less: Income tax impact | 5,126,136.60 | | Impact on minority interests (after tax) | 681,929.70 | | **Total** | **27,587,759.03** | Section III Management Discussion and Analysis [I. Overview of the Company's Industry and Main Business during the Reporting Period](index=10&type=section&id=I.%20Overview%20of%20the%20Company's%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) This section elaborates on the Printed Circuit Board (PCB) industry, its development stage, cyclical characteristics, and the company's position within it, detailing the company's main business, product applications, operating model, and market standing, emphasizing the support from automotive electronics and emerging businesses for performance - PCB is a critical interconnect component for electronic products, widely used, with industry growth closely tied to the overall development of the electronic information industry, exhibiting both weak cyclicality and growth characteristics[36](index=36&type=chunk)[37](index=37&type=chunk) - The company ranks **32nd among the top 100 global PCB suppliers** (Prismark 2024) and **19th in China's electronic circuit industry**, demonstrating strong industry competitiveness[38](index=38&type=chunk) - The company's main business involves the R&D, production, and sales of various PCBs, including high-layer rigid boards, HDI, flexible PCBs, rigid-flex PCBs, and metal-based PCBs, widely applied in automotive electronics