Core Viewpoint - The company, as a core PCB supplier for T client, is effectively responding to customer demands and supplying PCB products related to autonomous driving [1] Group 1: Business Collaboration - The company maintains a close collaborative relationship with T client in technology research and development [1] - The collaboration includes shared core technology architectures for electric vehicles and humanoid robots, such as the three-electric system and intelligent perception [1] Group 2: Future Growth Potential - The compatibility of chip computing solutions is high, indicating potential for future growth in PCB demand [1] - As the company deepens its business and technical cooperation with T client, emerging businesses like AI chip autonomous driving and humanoid robots are expected to progress towards mass production, leading to sustained growth in PCB demand [1]

Core Viewpoint - The company is focusing on the development of energy storage-related PCB products, which are expected to see significant growth due to partnerships with leading international renewable energy companies and the expansion of production capacity in its Shanghai facility [1] Group 1: Business Focus - Energy storage products are a key development direction for the company both currently and in the future [1] - The company is collaborating with a major international renewable energy client, referred to as T client, which is projected to double its energy storage business from 14.7 GWh in 2023 to 31.4 GWh in 2024 [1] Group 2: Production and Growth - The company anticipates a substantial increase in the shipment volume of its energy storage PCB products, driven by the ramp-up of production at its Shanghai energy storage super factory [1] - The company expects to maintain a rapid growth trend in the shipment of its energy storage products [1]

Core Viewpoint - The company is actively expanding its international and domestic robotics business, with significant developments in humanoid robot PCB products and new factory construction in Thailand to meet overseas demand [1] Group 1: International Market Development - Since 2020, the company has been collaborating with clients to develop and produce humanoid robot PCB products, successfully securing new product design points with a leading North American humanoid robot company [1] - The design plans have been finalized and are entering the mass production preparation phase [1] - A new factory in Thailand is expected to commence production by the end of 2025, which will enhance the company's ability to meet overseas market demands and further expand its international robotics business [1] Group 2: Domestic Market Strategy - The company is leveraging its first-mover advantage in the overseas electric vehicle PCB sector to extend its reach into the domestic PCB market [1] - Humanoid robots have been identified as a key development area, with ongoing collaborations and project designations with leading domestic humanoid robot clients [1]

Core Viewpoint - The company is focusing on the development of humanoid robot PCBs and has made significant progress in collaboration with leading companies in the industry [1] Group 1: Company Development - The company has been developing humanoid robot PCB products since 2020, covering various electronic circuit applications such as central control systems, visual perception systems, joint drive systems, energy management, wireless charging, and dexterous hands [1] - The company has successfully secured a new product designation from a leading North American humanoid robot company, with design plans frozen and preparations for mass production underway [1] - The company is actively advancing partnerships with domestic leading humanoid robot clients and has obtained new project designations through client certifications for the next generation of humanoid robots [1]

Market Overview - On September 25, the component sector declined by 1.11%, with Jingsai Technology leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the component sector included: - Fala Electronics (Code: 600563) with a closing price of 125.08, up 4.50% and a trading volume of 66,500 shares, totaling 822 million yuan [1] - Zhongfu Circuit (Code: 300814) with a closing price of 53.09, up 3.75% and a trading volume of 157,000 shares, totaling 825 million yuan [1] - Major decliners included: - Jingsai Technology (Code: 871981) with a closing price of 39.02, down 5.25% and a trading volume of 30,300 shares, totaling 120 million yuan [2] - Jingwang Electronics (Code: 603228) with a closing price of 67.80, down 3.61% and a trading volume of 372,500 shares, totaling 2537 million yuan [2] Capital Flow - The component sector experienced a net outflow of 2.997 billion yuan from institutional investors, while retail investors saw a net inflow of 2.282 billion yuan [2] - Notable capital flows included: - Shunluo Electronics (Code: 002138) with a net inflow of 12.6 million yuan from institutional investors, but a net outflow of 14 million yuan from retail investors [3] - Shiyun Circuit (Code: 603920) with a net inflow of 12.5 million yuan from institutional investors, but a net outflow of 16.3 million yuan from retail investors [3]

Core Viewpoint - The PCB (Printed Circuit Board) industry is a crucial component of modern electronic products, with China leading the global market in production value and growth rate [1][3]. Industry Overview - The global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, while China's market is expected to reach $41.213 billion, growing at 9.0% [1]. - Guangdong province accounts for approximately 60% of China's PCB production capacity, housing a cluster of listed companies with a combined market value exceeding one trillion yuan [3][6]. Historical Development - China's PCB industry has evolved from limited production capabilities in the 1950s to becoming the world's largest producer by the mid-2000s, with significant contributions from Taiwan and Japan [5][6]. - The industry is concentrated in the Pearl River Delta and Yangtze River Delta regions, with Guangdong being the primary production base [5]. Market Dynamics - As of September 2025, there are 43 listed PCB companies in China's A-share market, with a total market capitalization of 1.46 trillion yuan, representing 1.27% of the total A-share market [6]. - Major cities for PCB companies include Shenzhen, Huizhou, Changzhou, and Shanghai, with Guangdong's listed companies valued at 1.03 trillion yuan [6]. Regional Development - The PCB industry is experiencing a shift towards midwestern cities, with regions like Jiangxi and Anhui emerging as new hubs due to favorable policies and cost advantages [8][10]. - Xinfeng County in Jiangxi has attracted over 200 electronic enterprises, achieving a production value of 22.887 billion yuan in 2024, marking a 23.2% increase [9]. - Guangde County in Anhui has developed into a significant PCB production area, with over 92 electronic circuit companies and an annual output exceeding 10 billion yuan [10]. Technological Advancements - The rise of AI technology is driving demand for high-performance PCBs, particularly for applications in AI servers and smart driving, necessitating advanced manufacturing processes [12]. - Leading companies in the PCB sector are increasing investments in high-end production capabilities, particularly in Zhuhai, which is becoming a new center for high-end PCB manufacturing [12][14]. Investment Trends - Major PCB manufacturers are planning significant expansions, with investments in advanced PCB production facilities across various cities, including Zhuhai and Huizhou [13][14]. - For instance, Jingwang Electronics is investing 5 billion yuan in a high-end HDI production project in Zhuhai, while Dongshan Precision has a total investment plan of $1 billion for its operations [13][14].

40年深耕：顺着产业浪潮踏浪而行 回溯世运电路的成长脉络，其每一步成长始终与本土PCB产业的发展同频共振。1985年，佘英杰踏入 PCB行业。彼时，中国电子产品领域尚处空白，PCB作为电子产业的基础工业，正迎来发展机遇。 "当时我就判断，随着电子产品不断创新，PCB的需求一定会持续增长，这是一个有未来的行业。"佘英 杰的这一判断，成为世运电路40年坚守的起点。 创业初期，世运电路先在香港扎根，依托香港的区位优势对接海外市场与资源。1991年，佘英杰将工厂 迁至深圳，成立深圳世运电子厂。"深圳的产业配套逐步完善，政策也鼓励制造业发展，我们顺势而 为，在这里开启了规模化发展的新阶段。"他说。 到2000年，世运电路的工厂面积扩展至1.5万平方米，年产值接近3亿元。此后，因深圳产业政策调整以 及企业对发展空间的需求增加，世运电路将目光投向了江门。"一方面是因为广东作为改革开放前沿， 产业配套成熟、客户资源集中，留在广东能更好地服务客户；另一方面，江门的环保条件、土地资源更 契合企业长远布局需求。"佘英杰表示。 此后，世运电路逐步成长为行业领先企业。2017年4月，世运电路成为江门市首家在上交所挂牌的企 业。 40年 ...

Core Viewpoint - The company has announced the progress of using part of its idle raised funds for cash management, specifically through the subscription of a new structured deposit product after a previous attempt was unsuccessful due to insufficient bank product quotas [1][2]. Summary by Relevant Sections Cash Management Overview - The company plans to use a maximum of 110,000 million yuan of temporarily idle raised funds for cash management, focusing on high safety, good liquidity, and principal-protected deposits or financial products, with individual investment product terms not exceeding 12 months [2]. New Investment Details - The newly subscribed product is "共赢慧信汇率挂钩人民币结构性存款A13537期（C25A13537）" with an investment amount of 50,000 million yuan, expected annualized return rate between 1.00% and 1.74%, and the investment period from September 23, 2025, to October 23, 2025 [2][3]. Existing Cash Management Products - As of the announcement date, the company has several outstanding cash management products, including: - "银河金鼎"收益凭证5049期 with an investment of 10,000 million yuan, expected return of 1.5% - 4% [3] - "收益宝"4号 with an investment of 10,000 million yuan, expected return of 1.60% - 2.32% [3] - Other products with similar structures and varying expected returns [3]. Company’s Rationale - The company emphasizes that the use of idle raised funds for cash management does not affect the normal investment plans of the raised funds and aims to enhance the efficiency of fund utilization, ultimately benefiting the company and its shareholders [3].

广东世运电路科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 证券代码：603920 证券简称：世运电路 公告编号：2025-076 重要内容提示： 前次现金管理的基本情况 广东世运电路科技股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日披露了《关于使用部分闲置募集资金进行现金管理的进展公告》（公告编号： 2025-074），其中于 2025 年 9 月 18 日起息的中信银行股份有限公司"共赢慧信 汇率挂钩人民币结构性存款 A13321 期（C25A13321）"的理财产品，因银行相关 理财产品额度不足导致未能认购成功，募集资金 50,000 万元未能成功划款。 | 产品名称 | 共赢慧信汇率挂钩人民币结构性存款 A13537 | | | | | | | | 期（C25A13537） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 受托方名称 | 中信银行股份有 ...

Group 1 - The company secretary, Yin Jialiang, holds 106,490 shares, accounting for 0.0148% of the total share capital, acquired through equity incentives [2] - Yin Jialiang plans to reduce his holdings by up to 26,600 shares, which is 0.0037% of the total share capital and 25% of his total holdings, within three months after the announcement [2] - The reduction plan will be adjusted if there are changes in the number of shares due to stock dividends or capital increases during the reduction period [2] Group 2 - There are no concerted actions among the shareholders involved in the reduction [3] - The actual start of the reduction may be postponed if the company's stock is suspended [4] - The company will continue to monitor the situation regarding the shareholder's reduction of shares and will fulfill its information disclosure obligations in accordance with relevant regulations [7]