股东减持股份计划时间届满暨减持结果的公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，公司股东新豪国际集团有限公司（以下简称"新豪国 际"）持有广东世运电路科技股份有限公司（以下简称"公司"或"世运电路"） 144,990,107 股，占公司总股本的 20.12%。上述股份来源于公司首次公开发行股 票前持有的股份及上市后以资本公积金转增股本方式取得的股份，均为无限售条 件流通股。 2025 年 8 月 9 日，公司披露了《世运电路股东减持股份计划公告》（公告 编号：2025-057），新豪国际出于业务发展需要，拟自减持计划公告之日起 15 个交易日后的三个月内（即 2025 年 9 月 1 日起至 2025 年 11 月 30 日止）通过集 中竞价和大宗交易方式减持所持有的公司股份合计不超过 21,617,769 股，即不 超过公司总股本的 3.00%。其中：拟通过集中竞价方式减持不超过 7,205,923 股 公司股份，即不超过公司总股本的 1.00%，拟 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-089 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 具体情况如下： 注：公司与上述受托方不存在关联关系。 二、截至本公告披露日，公司使用闲置募集资金进行现金管理尚未到期的 金额为50,000万元。 特此公告。 广东世运电路科技股份有限公司董事会 2025 年 11 月 28 日 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。 ...

Group 1 - The company has established a technological layout in the field of Solid State Transformers (SST) [1] - The SST products are primarily applied in two high-growth strategic areas: data center energy storage and renewable energy storage [1] - The related products have successfully been introduced to commercial downstream customers and are capable of mass production [1]

Core Viewpoint - The collaboration between the company and Xiaopeng has deepened since 2019, focusing on various technological developments in the automotive sector, particularly in high-voltage architecture and intelligent driving systems [1] Company Collaboration - The company has been working closely with Xiaopeng since 2019, starting from the vehicle's three electric systems to body control and central control domains [1] - In the 2025 semi-annual report, it was highlighted that both parties are jointly developing an 800V high-voltage architecture embedded new project [1] Product Development - The collaboration has led to the mass production of several key projects, including intelligent cockpit domain controllers and three electric systems [1] - The company has secured a project for the high-performance Thor chip for intelligent driving domain controllers, along with the production of intelligent driving vision COB camera circuit boards and perception laser radar and millimeter-wave radar circuit boards [1] - Additional projects include the HSP thermal grease circuit board for third-generation power semiconductor devices and semi-rigid flexible circuit boards, all achieving mass production and delivery [1] Robotics Sector - The company is a major supplier of circuit boards for Xiaopeng's humanoid robots, maintaining a long-term cooperative relationship based on shared technology [1] - Humanoid robots, as a new application of AI, share multiple core technology architectures with new energy vehicles, including high-performance central control, three electric systems, and intelligent perception [1] - The company has developed targeted technological reserves in the robotics field, including core products such as dexterous hands, joint drive control boards, and visual perception module circuit boards [1] - The production lines are equipped to adapt to robotic products, meeting the full process requirements from sample validation to mass delivery for downstream customers [1]

Core Viewpoint - The company plans to invest 1.5 billion yuan in the construction of a new generation PCB manufacturing base project named "Chip Innovation Smart Carrier," which has received recognition from major automotive OEMs and is expected to commence production in the second half of 2026 [1] Group 1: Investment and Project Development - The investment amount for the "Chip Innovation Smart Carrier" project is set at 1.5 billion yuan [1] - The project involves "chip-embedded PCB packaging technology," which has gained acceptance from several mainstream automotive manufacturers and OEMs [1] - Production for the project is anticipated to start in the second half of 2026 [1] Group 2: Corporate Governance and Compensation - The chairman of the company does not receive a salary, while other non-independent directors receive compensation based on their administrative roles [1] - Independent directors receive director allowances [1] - Compensation details for directors and senior management will be disclosed in the 2025 annual report, as relevant directors are newly appointed in 2025 [1] - The company has established an internal incentive system to enhance management's motivation and accountability, with plans to consider stock incentives at an appropriate time [1]

Core Viewpoint - The company, Shiyun Circuit (603920), is a major supplier of circuit boards for Xiaopeng humanoid robots, emphasizing a long-term cooperative relationship based on shared technology with its clients [1] Group 1: Company Positioning - The company has developed targeted technological reserves in the robotics field, including core products such as dexterous hands, joint drive control boards, and visual perception module circuit boards [1] - The production lines are equipped with flexible manufacturing conditions suitable for robotic products, enabling the company to meet downstream customer needs from sample validation to mass delivery [1] Group 2: Industry Context - Humanoid robots represent a new terminal application of AI, sharing multiple core technological architectures with the new energy vehicle sector, including high-performance central domain control, three-electric systems, and intelligent perception [1]

Group 1 - The fourth extraordinary general meeting of shareholders for 2025 was held on November 13, 2025, at the company's headquarters in Guangdong Province [2] - The meeting was convened by the board of directors and conducted through a combination of on-site and online voting, complying with the Company Law and the company's articles of association [2][3] - All resolutions presented at the meeting were approved without any dissenting votes [2][4] Group 2 - The meeting included the approval of the mid-term profit distribution plan for 2025 [4] - Several amendments to the company's governance documents were approved, including changes to the registered capital, cancellation of the supervisory board, and revisions to the rules governing shareholder meetings and board meetings [4][5][6] - The meeting was witnessed by legal representatives from Beijing Jingtian & Gongcheng Law Firm, confirming that the procedures and voting results were lawful and valid [6]

证券代码：603920 证券简称：世运电路 公告编号：2025-088 广东世运电路科技股份有限公司 2025年第四次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 13 日 民共和国公司法》及《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：《关于 2025 年中期利润分配方案的议案》 审议结果：通过 (二)股东会召开的地点：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 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 498 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 345,372,882 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 47.929 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话：（86-10）5809-1000 传真：（86-10）5809-1100 北京市竞天公诚律师事务所 关于广东世运电路科技股份有限公司 2025 年第四次临时股东会的法律意见书 致：广东世运电路科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）以及中国证券监 督管理委员会颁布的《上市公司股东会规则》（以下简称"《股东会规则》"）的 规定，北京市竞天公诚律师事务所（以下简称"本所"）指派律师出席了广东世运 电路科技股份有限公司（以下简称"公司"）2025年第四次临时股东会（以下简称 "本次股东会"），并就本次股东会的有关事宜出具本法律意见书。 本所在此同意，公司可以将本法律意见书作为本次股东会公告的法定文件， 随其他公告文件一并提交上海证券交易所予以审核公告。 本所律师根据《股东会规则》第六条的要求，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神，对本次股东会的召集、召开，人员资格以及表决的有 关事实及公司提供的文件进行了核查和验证，并出席了本次股东会，现出具法律 意见如下： 一、本次股东会 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 4.078 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.96%. The net profit attributable to shareholders reached 625 million yuan, up 29.46% year-on-year. The gross margin and net margin were 22.79% and 14.85%, respectively [2][5] - In Q3 2025, the company achieved a revenue of 1.499 billion yuan, a year-on-year increase of 17.16% and a quarter-on-quarter increase of 10.13%. The net profit attributable to shareholders was 241 million yuan, reflecting a year-on-year growth of 33.77% and a quarter-on-quarter growth of 17.98%. The gross margin and net margin for the quarter were 22.92% and 15.66%, respectively [2][5] Financial Performance - The company is projected to achieve net profits of 912 million yuan, 1.188 billion yuan, and 1.575 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios at the current stock price are expected to be 33.31 times, 25.56 times, and 19.28 times [12] - The total revenue is forecasted to grow from 5.022 billion yuan in 2024 to 9.966 billion yuan in 2027, with a gross profit margin expected to increase from 23% to 25% over the same period [18] Strategic Developments - The company is investing 1.5 billion yuan to build a new generation PCB manufacturing base, focusing on chip-embedded PCB packaging technology, which has significant applications in various high-tech fields [12] - The company is actively embracing AI applications and expanding into emerging technology sectors, including humanoid robots, low-altitude aircraft, and AI smart glasses, establishing partnerships with leading companies in these fields [12]