广东世运电路科技股份有限公司 第五届董事会第六次会议决议公告 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"）第五届董事会第六次 会议（以下简称"会议"）通知于 2025 年 6 月 18 日以电子邮件方式发出，于 2025 年 7 月 3 日在公司三楼一号会议室以现场结合通讯表决的方式召开，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（其中：以通讯表决方式出席的董事 5 名）。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《关于协议受让莱尔科技部分股份暨关联交易的议案》 证券代码：603920 证券简称：世运电路 公告编号：2025-053 该议案表决结果：6 票赞成、0 票反对、0 票弃权、1 票回避表决。关联董事 王鹏先生回避表决。 具体内容详见公司同日披露于上海证券交易所网站（www.sse. ...

Core Viewpoint - The controlling shareholder, Tenail, plans to transfer 7.759 million shares, representing 5.00% of the total share capital of the company, to Shiyun Circuit for a total price of 153 million yuan [1] Group 1 - Before the transfer, Tenail held a 51.55% stake in the company, which will decrease to 46.55% after the transfer [1] - Shiyun Circuit did not hold any shares prior to the transfer and will hold 5.00% after the transaction [1] - This equity change does not involve a change in the company's control and will not significantly impact the company's governance structure or ongoing operations [1]

Investment Summary - The report maintains an "Overweight" rating for the semiconductor and consumer electronics sectors, highlighting the acceleration of semiconductor technology breakthroughs driven by AI, which is expected to enhance the upgrade of consumer electronics [1][2]. Semiconductor Technology Breakthrough - The semiconductor industry is experiencing a structural transformation due to the dual pressures of "bottleneck" and "breakthrough," leading to a decrease in the proportion of externally sourced chips from 63% in 2024 to 42% in 2025 [9]. - Emerging application fields such as low-altitude economy, commercial aerospace, AI, new energy vehicles, and intelligent robotics are driving the demand for precision electronic components, accelerating the domestic substitution process [9]. AIDC Sector - AI is driving an increase in server power, leading to a growth in demand for major equipment. The demand for data centers is continuously increasing due to the surge in data volume driven by cloud computing, big data, and AI technologies [12]. - The shift from traditional CPUs to GPUs in AI computing core devices is resulting in a significant increase in power requirements, necessitating higher system efficiency and reliability in power distribution [12]. Consumer Electronics - The market for domestic System on Chip (SoC) is growing, providing high-performance hardware support and customized software solutions for various industries, including smart homes and industrial automation [15]. - SoC chips are widely used in AI applications due to their high performance, low power consumption, and high integration, becoming essential components in consumer electronics such as smartphones and tablets [15]. CIS Market Recovery - The CIS market is experiencing rapid recovery, driven by increased shipments from manufacturers like OmniVision, Gekewei, and Sitaiwei, fueled by demand from smartphones, smart cars, and emerging fields like drones and AR/VR [17]. - Domestic CIS manufacturers are intensifying market expansion efforts, with high-end products expected to continue gaining market share, particularly in flagship smartphones [17].

Core Viewpoint - The announcement details the results of the stock option incentive plan for the second quarter of 2025, highlighting the execution of the plan and the stock options exercised by the company's employees [1][4]. Summary by Sections Stock Option Incentive Plan Approval and Disclosure - The company has completed the approval procedures and information disclosure for the 2021 stock option incentive plan, including the review of relevant proposals by the board and independent directors [1][2]. - The independent directors provided opinions on the proposals related to the stock option incentive plan [1][3]. Stock Option Exercise Results - For the first grant of stock options under the 2021 incentive plan, 98.59% of the options for the third exercise period were exercised, totaling 110,990 shares [4][10]. - The reserved stock options for the second exercise period saw 99.95% exercised, with a total of 919,500 shares exercised cumulatively [4][10]. - In total, 175,990 shares were exercised in the second quarter of 2025 from both the first grant and reserved stock options [4][10]. Decision Procedures and Information Disclosure - The decision-making process for stock option exercises and the related information disclosure were conducted in accordance with regulations, with no objections raised during the public notice period [4][5]. Changes in Stock Option Prices - The exercise price for the first grant of stock options was adjusted from 9.61 CNY to 8.41 CNY, and for reserved options from 13.44 CNY to 12.24 CNY due to profit distribution plans [5][6]. - Further adjustments were made to the exercise prices in subsequent meetings, reflecting changes in the company's profit distribution [6][7]. Impact on Share Capital Structure - Following the exercise of stock options, the total number of shares increased to 720,546,867, with all newly issued shares being tradable without restrictions [10][11]. - The company confirmed that the actual controller's status remained unchanged after the share issuance [11]. Financial Impact - The stock option exercises are not expected to have a significant impact on the company's financial condition or operating results [12].

证券代码：603920 证券简称：世运电路 公告编号：2025-052 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 年第二季度自主行权结果 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年第二季度行权110,990股，累计行权3,989,347 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 98.59%。 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 年第二季度行权 65,000 股，累计行权 919, ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing growth driven by the automotive sector, particularly in the area of autonomous driving, which enhances the value of its products. The collaboration with international leading clients in the automotive industry is deepening, and the company is well-positioned to benefit from the rapid development of new energy vehicles [4] - The company's revenue from computing power is expected to continue increasing, with significant production capabilities established for HDI products, which are essential for AI servers. The company has secured substantial orders from both domestic and international clients [5] - The company is strategically expanding into AI-related businesses, focusing on humanoid robots, low-altitude flying vehicles, and AI smart glasses, which opens up new growth opportunities [6] Financial Projections - The projected revenues for the company are 61.0 billion, 80.1 billion, and 95.1 billion yuan for the years 2025, 2026, and 2027 respectively. The net profit attributable to the parent company is expected to be 9.0 billion, 11.5 billion, and 14.0 billion yuan for the same years [7] - The company’s revenue is forecasted to grow at rates of 21.54%, 31.29%, and 18.64% for the years 2025, 2026, and 2027 respectively [9] - The earnings per share (EPS) is projected to increase from 0.94 yuan in 2024 to 1.94 yuan in 2027, reflecting a strong growth trajectory [9]

证券代码：603920 证券简称：世运电路 公告编号：2025-051 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。 广东世运电路科技股份有限公司（以下简称"本公司"或"公司"）于 2025 年 4 月 15 日召开了第五届董事会第三次会议和第五届监事会第三次会议，审议 通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司使用最高 不超过人民币 110,000 万元的暂时闲置募集资金进行现金管理，主要用于购买安 全性高、流动性好、保本型约定存款或理财产品，且产品不得用于质押，单项投 资产品期限不超过 12 个月，决议有效期自公司董事会审议通过之日起 12 个月内 有效，公司可在上述额度及期限内滚动使用投资额度。具体内容详见公司于 2025 年 4 月 16 日在上海证券交易所网站（www.sse.com.cn）及其他选定信息披露媒 体披露的《世运电路关于使用部分闲置募集资金进行现金管理的公告》（公告编 号：2025-025）。 一、本次使 ...

Summary of the Conference Call for Shiyun Circuit Company Overview - Shiyun Circuit was established in 1985, focusing on PCB manufacturing for the automotive industry. The company has approximately 6,000 employees and an annual production capacity of 5 million square meters, with sales around 4.5 billion RMB. [3] - The company is listed on the Shanghai Stock Exchange since 2017 and has expanded its business through financing, including an 1.8 billion RMB raise in 2024. [3] Financial Performance - In 2024, Shiyun Circuit achieved revenue of 5 billion RMB, a year-on-year increase of 11%, with net profit nearing 700 million RMB. [2][6] - In Q1 2025, the company benefited from projects in new energy, robotics, and low-altitude economy, leading to a profit increase of over 60% year-on-year due to a higher proportion of high-value HDI multilayer boards. [2][6] - Profit projections indicate approximately 900 million RMB in 2025 (up 35% YoY) and around 1.1 billion RMB in 2026 (up 21% YoY), indicating strong growth potential. [4][22] Industry Insights - The PCB industry is experiencing significant growth, with China becoming the largest PCB production base globally, accounting for over 50% of the world's output. [2][8] - The global PCB market is valued at approximately 70 billion USD, with China contributing over 30 billion USD. The automotive electronics segment represents 11% of the market. [7] - The demand for PCBs in electric vehicles (EVs) is significantly higher than in traditional vehicles, with the average PCB usage per vehicle increasing. [11][12] Market Trends - The shift towards AI and big data is driving demand for servers and data centers, which is expected to boost PCB companies' performance significantly in 2025. [10] - The automotive sector is evolving towards centralized ECU architectures, which will increase PCB demand due to the complexity of systems in electric and autonomous vehicles. [15][16] - The penetration rate of new energy vehicles in China is leading to increased opportunities for domestic PCB manufacturers in the automotive electronics market. [11][12] Strategic Developments - In January 2025, Shiyun Circuit underwent a board restructuring, with Shun Control Group becoming the controlling shareholder, which is expected to enhance market expansion capabilities. [5] - The company is actively expanding into emerging industries, becoming a key supplier for Tesla and participating in sectors like humanoid robots and AI glasses. [4][19] Product and Technology Focus - Shiyun Circuit produces high-layer boards, HDI boards, and multilayer copper boards, which are essential for advanced automotive applications such as LIDAR and ADAS. [19] - The demand for flexible printed circuit boards (FPC) in EVs is increasing, with each new energy vehicle using over 100 FPCs, particularly for battery management systems. [14] - The company is also involved in the development of AI glasses, focusing on optimizing hardware design for integration and miniaturization. [21] Conclusion - Shiyun Circuit is positioned for growth in both traditional automotive markets and emerging sectors like robotics and AI, supported by strong financial performance and strategic partnerships. The company is well-placed to capitalize on the increasing demand for advanced PCB solutions in a rapidly evolving technological landscape. [22]

Core Viewpoint - The company, Shiyun Circuit (603920), has shown a slight increase in stock price and announced significant corporate actions including dividend distribution and adjustments to stock option plans [1][2][3]. Group 1: Stock Performance - As of May 30, 2025, Shiyun Circuit's stock closed at 26.22 yuan, up 0.85% from the previous week [1]. - The stock reached a high of 27.05 yuan and a low of 25.49 yuan during the week [1]. - The company's current total market capitalization is 18.893 billion yuan, ranking 14th in the components sector and 812th among all A-shares [1]. Group 2: Corporate Announcements - The company announced a cash dividend of 0.6 yuan per share, with the record date set for June 3, 2025, and the payment date on June 4, 2025, totaling 432.33 million yuan based on the total share capital of 720,546,867 shares [2][4]. - The board of directors approved adjustments to the stock option incentive plan, reducing the exercise price for initially granted options from 7.91 yuan to 7.31 yuan, and for reserved options from 11.74 yuan to 11.14 yuan [2][3][4]. - The company reported a return of 1.6545 million yuan from the redemption of certain structured deposits, with 800 million yuan of idle raised funds still under cash management [3][4].

广东世运电路科技股份有限公司（以下简称"本公司"或"公司"）于 2025 年 4 月 15 日召开了第五届董事会第三次会议和第五届监事会第三次会议，审议 通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司使用最高 不超过人民币 110,000 万元的暂时闲置募集资金进行现金管理，主要用于购买安 全性高、流动性好、保本型约定存款或理财产品，且产品不得用于质押，单项投 资产品期限不超过 12 个月，决议有效期自公司董事会审议通过之日起 12 个月内 有效，公司可在上述额度及期限内滚动使用投资额度。具体内容详见公司于 2025 年 4 月 16 日在上海证券交易所网站（www.sse.com.cn）及其他选定信息披露媒 体披露的《世运电路关于使用部分闲置募集资金进行现金管理的公告》（公告编 号：2025-025）。 一、本次使用部分闲置募集资金进行现金管理的情况 | 序 | 受托 | | 理财产品 | 金额 | | | 理财期 | 预期年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 方 | 理财产品名称 | 类型 | （ ...