Core Viewpoint - The investment by Guangdong Shiyun Circuit Technology Co., Ltd. in Shenzhen New Voice Semiconductor Co., Ltd. aims to enhance the company's future profitability and establish a strategic foothold in the semiconductor industry, particularly in the high-tech segment related to automotive electronics and AIOT applications [1][22][24]. Summary by Sections 1. Transaction Overview - The total investment in New Voice Semiconductor amounts to 269 million RMB, with Shiyun Circuit contributing 125 million RMB, which will be allocated as 9.49234 million RMB to registered capital and the remainder to capital reserves [1][13]. - The investment is structured as a capital increase, with Shiyun Circuit and its affiliates participating alongside non-affiliated investors [1][2]. 2. Related Party Relationships - Shiyun Circuit has no prior shareholding in New Voice Semiconductor, but its affiliate, Tianjin Shunke Juxin Venture Capital Fund, is involved in the investment, constituting a related party transaction [2][4]. - The transaction does not require shareholder approval as it does not exceed the stipulated thresholds for related party transactions [2][3]. 3. Target Company Information - New Voice Semiconductor, established in March 2021, specializes in the research, design, and sales of semiconductor components, particularly filters for communication devices [7][8]. - The company has shown significant growth, with total assets increasing from 320 million RMB to 458 million RMB within six months, and a revenue of 102 million RMB in the first half of 2025, reflecting a 25% year-on-year growth [8][21]. 4. Strategic Importance of the Investment - The investment aligns with the growing demand for filters in 5G/6G communications, smart vehicles, and IoT devices, positioning Shiyun Circuit to leverage New Voice Semiconductor's capabilities in high-end filter production [22][24]. - New Voice Semiconductor is the first domestic company to achieve AEC-Q200 automotive certification for its filters, indicating its readiness to meet the stringent requirements of the automotive industry [10][23]. 5. Future Collaboration and Market Potential - The partnership is expected to facilitate deeper collaboration in developing new automotive filter solutions, enhancing both companies' market reach and technological capabilities [24][25]. - The filter market is projected to grow significantly due to the increasing penetration of 5G technology and the shift towards electric and intelligent vehicles, providing a favorable environment for the investment [22][24].

Group 1 - The company has completed the transfer of 7,759,000 shares of Lail Technology, representing 5.00% of its total share capital, from Tainel Investment Co., Ltd. [1][2] - The transfer price was disclosed in a previous announcement on the Shanghai Stock Exchange [1]. - The share transfer registration was confirmed by the China Securities Depository and Clearing Corporation on August 12, 2025 [1][2]. Group 2 - The board of directors of the company approved the agreement to acquire shares of Lail Technology during the sixth meeting of the fifth board on July 3, 2025 [1]. - The completion of the share transfer aligns with the agreed payment and arrangement as per the initial agreement [2].

Core Viewpoint - The announcement details the transfer of 7,759,000 shares of the company by its controlling shareholder, Guangdong Tenair Investment Co., Ltd., to Guangdong Shiyun Circuit Technology Co., Ltd., without changing the control of the company [1] Group 1: Share Transfer Details - The controlling shareholder, Tenair, signed a share transfer agreement with Shiyun Circuit on July 3, 2025 [1] - The shares being transferred represent 5.00% of the company's total share capital [1] - The transfer price is set at 19.74 yuan per share, totaling 153,162,660.00 yuan [1] Group 2: Regulatory Compliance - The company has received a securities transfer registration confirmation from China Securities Depository and Clearing Corporation Limited [1] - The share transfer registration was completed on August 12, 2025 [1] - The completion of this share transfer will not result in a change of control for the company, as Tenair remains the controlling shareholder [1]

证券代码：603920 证券简称：世运电路 公告编号：2025-060 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（以下简称"公司"）于 2025 年 7 月 3 日 召开了第五届董事会第六次会议，审议通过了《关于协议受让莱尔科技部分股份 暨关联交易的议案》，同意公司协议受让广东特耐尔投资有限公司（以下简称"特 耐尔"）持有的广东莱尔新材料科技股份有限公司（股票代码：688683，以下简 称"莱尔科技"）7,759,000 股股份，占莱尔科技总股本的 5.00%，转让价格为 19.74 元/股，转让总价为 153,162,660 元。具体内容详见公司 2025 年 7 月 5 日 披露于上海证券交易所网站（www.sse.com.cn）上的《世运电路关于公司拟协议 受让莱尔科技部分股份暨关联交易的公告》（公告编号：2025-054）。 二、股份过户登记情况 近日，公司与特耐尔取得了中国证券登记结算有限责任公司出具的《证券过 户登记确认书》，公司本次协议受让莱尔科技股份已完成过户登记手续，股份过 户登记时间为 2025 年 8 月 12 日。 本次股份过户登记完成后，公司持有莱尔科技 7,759 ...

中信证券股份有限公司 关于广东世运电路科技股份有限公司 拟投资深圳新声半导体有限公司暨关联交易的核查意见 （一）交易情况 为进一步提升公司未来盈利空间，公司与顺科聚芯、泓生嘉诚拟分别通过增 资的方式对新声半导体进行投资，各方合计向新声半导体增资 26,900 万元 （204.2751 万元计入注册资本，26,695.7249 万元计入资本公积），其中，公司 拟以自有资金向新声半导体增资 12,500 万元（94.9234 万元计入注册资本， 12,405.0766 万元计入资本公积）。本次投资完成后，公司持有新声半导体 3.8238% 的股权。 （二）关联关系 本次交易前，公司未持有新声半导体股份。公司关联方顺科聚芯为新豪国际 集团有限公司（以下简称"新豪国际"）、广东顺德科创管理集团有限公司（以 下简称"顺德科创"）及广东顺德高新创业投资管理有限公司（以下简称"顺德 高新"）共同出资设立的合伙企业，公司关联人顺德高新为顺科聚芯的执行事务 1 合伙人，根据《上海证券交易所股票上市规则》的相关规定，顺科聚芯为公司的 关联人，因此，本次交易构成公司与关联人顺科聚芯共同投资，构成关联交易。 截至本公告披露日，过去 ...

Market Performance - The component sector increased by 7.03% on August 13, with Sanhuan Group leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers in the Component Sector - Sanhuan Group (300408) closed at 40.66, up 15.51% with a trading volume of 960,600 shares and a transaction value of 3.763 billion [1] - Huadian Co., Ltd. (002463) closed at 58.28, up 10.00% with a trading volume of 1,102,000 shares and a transaction value of 6.248 billion [1] - Shenzhen South Circuit (002916) closed at 153.78, up 10.00% with a trading volume of 188,800 shares and a transaction value of 2.810 billion [1] Market Capital Flow - The component sector saw a net inflow of 4.001 billion from main funds, while retail funds experienced a net outflow of 1.891 billion [2][3] - Major stocks like Huadian Co., Ltd. and Dongshan Precision (002384) had significant net inflows from main funds, indicating strong institutional interest [3] Notable Decliners - ST Dongjing (002199) closed at 10.60, down 5.02% with a trading volume of 152,800 shares and a transaction value of 166 million [2] - Gaohua Technology (688539) closed at 33.56, down 2.87% with a trading volume of 53,000 shares and a transaction value of 179 million [2]

Group 1 - The Shanghai Composite Index opened high and rose, with the Shanghai TMT Index increasing by 1.2% to 2077.09 points and a trading volume of 90.995 billion yuan [1] - The Shanghai TMT Index has risen by 5.85% in the past month, 8.93% in the past three months, and 9.65% year-to-date [1] - The Shanghai TMT Index consists of 50 listed companies in the TMT sector with good scale and liquidity, reflecting the overall performance of TMT-related companies in the Shanghai market [1] Group 2 - The top ten weights in the Shanghai TMT Index are: Industrial Fulian (3.51%), Jingwang Electronics (3.17%), Shengyi Technology (2.61%), Cambrian (2.5%), Hengsheng Electronics (2.37%), Shiyun Circuit (2.3%), Wealth Trend (2.23%), Chipone (2.21%), Fenghuo Communication (2.17%), and Hengtong Optic-Electric (2.1%) [1] - The Shanghai TMT Index is fully composed of companies listed on the Shanghai Stock Exchange, with an 80.98% weight in Information Technology and 19.02% in Communication Services [1] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made under special circumstances [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to calculation and maintenance guidelines [2]

Core Viewpoint - After the acquisition by local state-owned assets, the PCB manufacturer Shiyun Circuit is expanding its profit margins by investing in the filter field, specifically in Shenzhen New Sound Semiconductor Co., Ltd. with an investment of 125 million yuan to acquire a 3.82% stake [1][2]. Investment Details - Shiyun Circuit, along with partners Shunke Juxin and Hongsheng Jiacheng, plans to invest a total of 269 million yuan in New Sound Semiconductor, with Shiyun Circuit contributing 125 million yuan, of which 949,234 yuan will be registered as capital and 124 million yuan as capital reserve [2]. - New Sound Semiconductor specializes in the research, production, and sales of SAW (Surface Acoustic Wave) filters and BAW (Bulk Acoustic Wave) filters, with products already supplied to major smartphone brands like Xiaomi, Honor, and Samsung [2][3]. Market Potential - The demand for automotive-grade filters is expected to grow rapidly with the advancement of intelligent driving technology. Shiyun Circuit aims to leverage its customer resources in the automotive electronics sector to support New Sound Semiconductor in reaching end customers and accelerating the introduction of automotive-grade filters [3]. Strategic Positioning - The investment aligns with Shiyun Circuit's strategic goal of establishing a presence in high-tech segments of the electronic information industry, focusing on innovative technology needs in smart vehicles and AIoT applications [3]. - The company anticipates forming a deep cooperative relationship with New Sound Semiconductor to promote the adoption of new automotive filters and modular solutions in the industry, aiming for mutual benefits [3]. Ownership Structure - The transaction constitutes a related party transaction as Shunke Juxin is an affiliate of Shiyun Circuit. The ownership structure indicates that Shunke Juxin is a partnership established by several entities controlled by the Foshan Shunde District State-owned Assets Supervision and Administration Commission [4]. - The introduction of local state-owned assets is expected to enhance the financial credibility and capital strength of Shiyun Circuit, facilitating domestic market expansion and connections with new energy vehicle manufacturers and leading internet companies [5].

Focus Events - Zhongxing Microtechnology has restarted its IPO process and is seeking to list on the Sci-Tech Innovation Board, with Galaxy Securities as the counseling institution [1] Corporate Dynamics - Industrial Fulian reported a revenue of 360.76 billion yuan for the first half of 2025, a year-on-year increase of 35.6%, and a net profit of 12.11 billion yuan, up 38.6%, both reaching historical highs [20] - Wan Tong Development plans to invest 854 million yuan to acquire a 62.98% stake in Beijing Shudu Information Technology Co., making it a subsidiary [23] - *ST Sailong announced a complete board reshuffle due to a change in control, with the resignation of multiple board members and the appointment of a new president [24] - Springlight Technology intends to invest no more than 1 billion yuan to establish a project for producing 8 million clean electrical appliances annually [25] - Changqing Co. reported a net profit of 42.28 million yuan for the first half of 2025, a year-on-year increase of 117.75% [26] - Yanjing Beer disclosed a net profit of 1.103 billion yuan for the first half of 2025, reflecting a 45.45% year-on-year growth [29] Industry Dynamics - The State Council has introduced policies to support the artificial intelligence industry in Henan, including the establishment of a 3 billion yuan AI industry fund [11] - Beijing Economic and Technological Development Zone released ten measures to support the development of embodied intelligent robots [15] - The establishment of the Hubei Brain-Computer Interface Industry Innovation Development Alliance aims to foster collaboration among academia, industry, and healthcare [19]

Group 1: Company News - Industrial Fulian reported a revenue of 360.76 billion yuan for the first half of the year, a year-on-year increase of 35.58%, and a net profit of 12.11 billion yuan, up 38.61% [3] - Jinghua New Materials announced a revenue of 0.947 billion yuan for the first half of the year, a year-on-year increase of 10.53%, but a net profit of 3.77 million yuan, down 7.30% [4] - Yanjing Beer reported a revenue of 8.558 billion yuan for the first half of the year, a year-on-year increase of 6.37%, and a net profit of 1.103 billion yuan, up 45.45% [4] - Bawei Storage reported a revenue of 3.912 billion yuan for the first half of the year, a year-on-year increase of 13.70%, but a net loss of 226 million yuan [4] - Kaipu Testing announced a revenue of 0.111 billion yuan for the first half of the year, a year-on-year increase of 3.23%, and a net profit of 40.79 million yuan, up 3.73% [4] - Fangsheng Pharmaceutical's subsidiary received approval for a clinical trial of its innovative traditional Chinese medicine, indicating progress in its R&D efforts [4] - Jiachuan Video announced a change in control, which may impact its future operations and governance [5] - Chunguang Technology plans to invest up to 1 billion yuan in a new project for clean electrical appliances, indicating expansion in its operational capacity [5] - Shiyun Circuit plans to invest 125 million yuan in Shenzhen New Sound Semiconductor, acquiring a 3.8238% stake, which reflects its strategy to enhance its technological capabilities [5] - Wantong Development plans to invest 854 million yuan to acquire a 62.98% stake in Shudu Technology, aligning with its strategy to transition into digital technology [6] Group 2: Industry Insights - The A-share market will see 34 stocks facing unlocks this week, with a total unlock volume of 3.057 billion shares, representing a week-on-week increase of 149.66% [2] - The medical device industry is experiencing significant growth in international business, with many companies seeing high growth rates in overseas markets [7] - The medical device sector is expected to witness a performance turning point in the second half of the year, driven by policy optimizations and improving market conditions [7] - The market lacks a clear main narrative, but sectors like pharmaceuticals and overseas computing are identified as potential high-growth areas [7]