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 | （ ...

Core Viewpoint - The company has approved the use of idle raised funds for cash management, allowing for investments up to RMB 1.1 billion in safe and liquid financial products [1]. Group 1 - The company held its fifth board meeting and supervisory board meeting on April 15, 2025, where it approved the proposal for cash management using idle raised funds [1]. - The maximum amount allocated for cash management is RMB 110 million, which will be used for purchasing safe, liquid, and principal-protected deposits or financial products [1]. - The investment products must not be used for pledging, and the duration of each investment product cannot exceed 12 months [1]. Group 2 - As of the date of the announcement, the company has RMB 800 million of idle raised funds that have not yet matured in cash management [2].

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）。 证券代码：603920 证券简称：世运电路 公告编号：2025-049 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到期赎回的公告 | | ...

Group 1 - The company announced a cash dividend of 0.6 yuan per share, totaling 432,328,120.2 yuan based on a total share capital of 720,546,867 shares [2][4][27] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 6, 2025 [2][4] - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the dividend record date [3][4] Group 2 - The company will not withhold individual income tax for personal shareholders holding unrestricted circulating shares, resulting in a net cash dividend of 0.6 yuan per share [10] - For shareholders holding restricted shares, a 10% withholding tax will apply, leading to a net cash dividend of 0.54 yuan per share [11] - The company will distribute dividends to qualified foreign institutional investors (QFII) with a 10% withholding tax, resulting in a net cash dividend of 0.54 yuan per share [12] Group 3 - The company adjusted the exercise price of the 2021 stock option incentive plan, reducing the initial exercise price from 7.91 yuan to 7.31 yuan per share and the reserved exercise price from 11.74 yuan to 11.14 yuan per share [27][32][33] - The adjustment is based on the company's dividend distribution plan and complies with relevant regulations [32][34] - The adjustment is not expected to have a substantial impact on the company's financial status or operating results [32][33]

Core Viewpoint - The company has announced adjustments to the exercise prices of its 2021 stock option incentive plan, which were approved by the board and supervisory committee, ensuring compliance with relevant regulations and maintaining shareholder interests [1][4][6] Summary by Sections Approval Process - The company has completed the necessary approval procedures for the 2021 stock option incentive plan, including independent opinions from directors and verification by the supervisory committee [2][3] Adjustments to Exercise Prices - The exercise price for the initial grant of stock options has been adjusted from 7.91 yuan per share to 7.31 yuan per share, while the exercise price for reserved grants has been adjusted from 11.74 yuan per share to 11.14 yuan per share [5][6] - The adjustments are based on a cash dividend distribution of 0.6 yuan per share, totaling 432.33 million yuan, calculated from the company's total share capital of 720,546,867 shares [5] Impact of Adjustments - The adjustments to the exercise prices are in accordance with the company's incentive plan and relevant regulations, and they are not expected to have a substantial impact on the company's financial status or operational results [5][6] Legal Opinions - The adjustments have received the necessary approvals and are in compliance with the management regulations and the incentive plan [6]

Core Points - The company announced a cash dividend of 0.6 yuan per share for its A shares [1] - The total cash dividend distribution amounts to 432,328,120.2 yuan based on a total share capital of 720,546,867 shares [1] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 6, 2025 [1] Dividend Distribution Dates - The record date for the dividend is June 3, 2025, with the last trading day on June 4, 2025, and the ex-dividend date also on June 4, 2025 [1] Implementation of Dividend Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [1] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [1] Taxation on Dividends - For individual shareholders holding shares for less than or equal to one month, the actual tax burden is 20% on the dividend income [3] - For shares held between one month and one year, the tax burden is reduced to 10% [3] - For shares held for more than one year, the dividend income is exempt from personal income tax [3] Special Considerations for Foreign Investors - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in an actual cash dividend of 0.54 yuan per share [3][4] - Hong Kong investors holding shares through the "Shanghai-Hong Kong Stock Connect" will also have a 10% withholding tax applied [4][5]

Group 1 - The meeting of the fifth supervisory board of Guangdong Shiyun Circuit Technology Co., Ltd. was held on May 26, 2025, with all three supervisors present, confirming the legality and validity of the meeting's resolutions [1][2]. - The supervisory board approved the proposal to adjust the exercise price of the 2021 stock option incentive plan, with a unanimous vote of 3 in favor and no votes against or abstentions [2].

一、公司 2021 年股票期权激励计划已履行的相关审批程序 1、2021年6月2日，公司召开第三届董事会第二十四次会议，会议审议通过了 《关于公司<2021年股票期权激励计划（草案）>及其摘要的议案》、《关于公司 <2021年股票期权激励计划实施考核管理办法>的议案》以及《关于提请股东大会授权 董事会办理股权激励相关事宜的议案》等议案。公司独立董事就本次激励计划相关议 案发表了独立意见。 同日，公司召开第三届监事会第二十次会议，审议通过了《关于公司<2021年股 票期权激励计划（草案）>及其摘要的议案》、《关于公司<2021年股票期权激励计划 实施考核管理办法>的议案》以及《关于核实公司<2021年股票期权激励计划首次授予 激励对象名单>的议案》，公司监事会对本次激励计划的相关事项进行了核实并出具 了相关核查意见。 证券代码：603920 证券简称：世运电路 公告编号：2025-047 广东世运电路科技股份有限公司 关于调整 2021 年股票期权激励计划行权价格的公告 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、准确性和完整性依法承担法律责任。 广东世 ...