Group 1 - The company raised a total of RMB 150 million through a private placement of 127,011,007 shares at a price of RMB 11.81 per share, with a net amount of RMB 147.35 million after deducting issuance costs [1][2] - As of June 30, 2025, the company has invested RMB 118.08 million of the raised funds, with RMB 32.61 million remaining unutilized, including RMB 14.61 million in a special account and RMB 18 million in financial products [2][5] - The company has established a special account for the management of raised funds, ensuring that the funds are used specifically for their intended purposes [3][4] Group 2 - The company has not used idle raised funds to temporarily supplement working capital as of the first half of 2025 [6] - The company has approved the use of idle raised funds for cash management, with a maximum of RMB 130 million, RMB 69 million, and RMB 35 million allocated for investment in low-risk, short-term financial products [7] - There are no changes in the use of raised funds for investment projects, and the company has not encountered any issues regarding the use and disclosure of raised funds [10][11] Group 3 - The company has postponed the project "Bomin Electronics New Generation Electronic Information Industry Investment Expansion Project (Phase I)" to December 31, 2026, with the sponsor's agreement [8] - The company’s board and supervisory committee have approved the semi-annual report and the special report on the storage and actual use of raised funds, confirming the accuracy and completeness of the information [17][24][25] Group 4 - The company plans to hold a performance briefing on September 8, 2025, to discuss the semi-annual results and address investor inquiries [28][30] - Investors can participate in the briefing through the Shanghai Stock Exchange Roadshow Center and submit questions in advance [29][31]

Group 1 - The core point of the article is that Bomin Electronics announced the approval of a proposal during the 21st meeting of its fifth board of directors [2] Group 2 - The announcement was made on the evening of August 22 [2] - The proposal discussed pertains to the company and its summary [2]

证券日报网讯 8月22日晚间，博敏电子发布公告称，公司第五届监事会第十七次会议审议通过了《公司 的议案》。 （文章来源：证券日报） ...

Core Insights - The company reported a revenue of 1,704,946,070.91 yuan for the first half of 2025, representing a year-on-year growth of 12.71% [2] - The net profit attributable to shareholders of the listed company was 37,894,392.93 yuan, showing a year-on-year decline of 31.38% [2] Financial Performance - Revenue for the first half of 2025: 1,704.95 million yuan, up 12.71% year-on-year [2] - Net profit for the same period: 37.89 million yuan, down 31.38% year-on-year [2]

Core Viewpoint - Bomin Electronics reported a revenue of 1.705 billion yuan for the first half of 2025, reflecting a year-on-year growth of 12.71%, while the net profit attributable to shareholders decreased by 31.38% to 37.8944 million yuan [1][2]. Financial Performance - The basic earnings per share for the reporting period was 0.06 yuan, with a weighted average return on equity of 0.89% [2]. - The company's gross margin for the first half of 2025 was 13.25%, down by 0.58 percentage points year-on-year, and the net margin was 2.22%, a decrease of 1.43 percentage points compared to the same period last year [2]. - In Q2 2025, the gross margin was 13.29%, down 2.52 percentage points year-on-year, while the net margin was 1.20%, a decline of 2.46 percentage points year-on-year [2]. Expense Analysis - Total operating expenses for the first half of 2025 amounted to 197 million yuan, an increase of 38.6357 million yuan year-on-year, with an expense ratio of 11.53%, up by 1.09 percentage points [2]. - Sales expenses increased by 55.06%, management expenses rose by 28.29%, R&D expenses grew by 7.80%, and financial expenses increased by 29.25% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 53,400, an increase of 2,447 or 4.81% from the previous quarter [2]. - The average market value per shareholder rose from 97,600 yuan at the end of the previous quarter to 111,400 yuan, reflecting a growth of 14.18% [2]. Company Overview - Bomin Electronics, established on March 25, 2005, and listed on December 9, 2015, is located in Meizhou, Guangdong Province, specializing in the R&D, production, and sales of high-precision printed circuit boards (PCBs) and related electronic components [3]. - The main business revenue composition includes 74.11% from printed circuit boards, 20.43% from customized electronic components, and 5.46% from other sources [3]. - The company operates within the electronics industry, specifically in the printed circuit board sector, and is associated with concepts such as automotive electronics and Huawei [3].

格隆汇8月22日丨博敏电子(603936.SH)公布半年度报告，报告期内，公司主营业务和主要产品未发生重大变化。国内宏观经济承压前行，依旧面临内外多重挑战，如全球经济增长放缓、关税 ...

Core Points - The company held the 17th meeting of the 5th Supervisory Board, where all three supervisors attended and voted unanimously in favor of the proposals presented [1][2][3] Group 1: Meeting Resolutions - The Supervisory Board approved the company's "2025 Semi-Annual Report" and its summary, confirming that the report's preparation and review processes comply with relevant regulations [1][2] - The information contained in the "2025 Semi-Annual Report" accurately reflects the company's operational management and financial status during the reporting period [2] - The Supervisory Board also approved the "Special Report on the Storage and Actual Use of Raised Funds for the First Half of 2025," confirming that it accurately reflects the company's fundraising activities without any violations [2][3]

证券代码：603936 证券简称：博敏电子 公告编号：临 2025-065 博敏电子股份有限公司 监事会认为：（1）公司《2025 年半年度报告》及摘要的编制和审议程序符 合《公开发行证券的公司信息披露内容与格式准则第 3 号——半年度报告的内容 与格式（2025 年修订）》《公司章程》等有关规定。 （2）公司《2025 年半年度报告》及摘要所包含的信息能从各个方面真实地 反映出公司报告期内的经营管理和财务状况等事项。 （3）公司《2025 年半年度报告》及摘要所披露的信息真实、准确、完整， 承诺其中不存在虚假记载、误导性陈述或重大遗漏，同意公司《2025 年半年度 报告》及摘要所载内容并对其内容的真实性、准确性和完整性承担法律责任。 （4）公司《2025 年半年度报告》及摘要编制过程中，未发现公司参与半年 度报告编制和审议的人员有违反保密规定的行为。 表决结果：3 票同意，0 票反对，0 票弃权。 第五届监事会第十七次会议决议公告 本公司监事会及全体监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。 博敏电子股份有限公司（以下简称"公司"）第五届 ...

证券代码：603936 证券简称：博敏电子 公告编号：临 2025-064 博敏电子股份有限公司 第五届董事会第二十一次会议决议公告 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。 博敏电子股份有限公司（以下简称"公司"）第五届董事会第二十一次会议 于 2025 年 8 月 11 日以电子邮件和微信方式发出通知，于 2025 年 8 月 21 日在公 司会议室以现场结合通讯方式召开。本次会议应出席董事 6 人，实际出席董事 6 人，其中独立董事 2 人，公司全体监事、高级管理人员列席了会议。会议由董事 长徐缓先生召集并主持，本次会议的召集、召开及表决程序符合《中华人民共和 国公司法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《公司 章程》《公司董事会议事规则》等有关规定。会议审议通过了如下议案： 一、审议通过关于公司《2025 年半年度报告》及摘要的议案。 表决结果：6 票同意，0 票反对，0 票弃权。 二、审议通过关于公司《2025 年半年度募集资金存放与实际使用情况的专项 报告》的议案。 具体内容详见上海 ...

Important Notice This section provides key declarations from the board and management, outlines audit status, profit distribution plans, forward-looking statement risks, and details on fund occupation and external guarantees [I. Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E9%AB%98%E7%AE%A1%E5%A3%B0%E6%98%8E) The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management declare the semi-annual report content to be true, accurate, and complete, free from false statements, misleading representations, or major omissions, and assume legal responsibility - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions, and assume individual and joint legal responsibility[3](index=3&type=chunk) [II. Attendance at Board Meetings](index=2&type=section&id=%E4%BA%8C%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%BC%9A%E8%AE%AE%E5%87%BA%E5%B8%AD%E6%83%85%E5%86%B5) All directors of the company attended the Board of Directors meetings - All directors of the company attended the Board of Directors meetings[4](index=4&type=chunk) [III. Report Audit Status](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [IV. Statement by the Head of Financial Reporting](index=2&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E8%B4%9F%E8%B4%A3%E4%BA%BA%E5%A3%B0%E6%98%8E) The company's person in charge, the head of accounting work, and the head of the accounting department declare that the financial report in the semi-annual report is true, accurate, and complete - Company's person in charge Xu Huan, head of accounting work Liu Yuancheng, and head of accounting department (accounting supervisor) Qin Xiaoshuang declare: they guarantee the truthfulness, accuracy, and completeness of the financial report in the semi-annual report[5](index=5&type=chunk) [V. Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) The company will not carry out profit distribution or capital reserve capitalization during the reporting period - No profit distribution or capital reserve capitalization will be carried out during the reporting period[5](index=5&type=chunk) [VI. Risk Statement for Forward-Looking Statements](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements in this report, such as future plans and development strategies, contain uncertainties and do not constitute a substantial commitment to investors, who are reminded to be aware of investment risks - This semi-annual report involves forward-looking statements such as future plans and development strategies, which contain uncertainties and do not constitute a substantial commitment by the company to investors; investors are kindly reminded to be aware of investment risks[6](index=6&type=chunk) [VII. Fund Occupation and External Guarantees](index=2&type=section&id=%E4%B8%83%E3%80%81%E8%B5%84%E9%87%91%E5%8D%A0%E7%94%A8%E4%B8%8E%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures - **No** non-operating fund occupation by controlling shareholders or other related parties[7](index=7&type=chunk) - **No** external guarantees provided in violation of decision-making procedures[7](index=7&type=chunk) [X. Major Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has elaborated on potential risks in its production and operations within the "Management Discussion and Analysis" section, reminding investors to pay attention - The company has detailed various risks it may face in its production and operations in this semi-annual report, specifically in Section III "Management Discussion and Analysis," "V. (I) Potential Risks," and other related descriptions; investors are kindly requested to pay attention[7](index=7&type=chunk) Section I. Definitions This section provides definitions of common terms used in the report, including company names, related parties, subsidiaries, industry terms (e.g., PCB, HDI, IPM), and the reporting period, to ensure accurate interpretation of the report [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines common terms used in the report, such as company names, related parties, subsidiaries, industry jargon (e.g., PCB, HDI, IPM), and the reporting period, ensuring accurate report interpretation - **The Company, Company, Listed Company, Bomin Electronics** refers to Bomin Electronics Co., Ltd[12](index=12&type=chunk) - **PCB** refers to Printed Circuit Board[12](index=12&type=chunk) - **This Reporting Period, Reporting Period, During the Reporting Period, This Period** refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) Section II. Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock information, and key financial data and indicators for the reporting period [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section lists the company's Chinese name, abbreviation, foreign name and abbreviation, and legal representative information - Company's Chinese Name: Bomin Electronics Co., Ltd.; Company's Chinese Abbreviation: Bomin Electronics; Company's Legal Representative: Xu Huan[14](index=14&type=chunk) [II. Contact Person and Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses - Board Secretary: Huang Xiaodan; Securities Affairs Representative: Chen Si; Contact Address: Dongsheng Industrial Park B, Meizhou City, Guangdong Province; Phone: 0753-2329896; Email: xd_huang@bominelec.com / s_chen@bominelec.com[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines the company's registered address, office address, postal code, website, and email, noting no changes during the reporting period - Company Registered Address: Dongsheng Industrial Park, Meizhou Economic Development Experimental Zone; Company Website: www.bominelec.com; Index for Changes during the Reporting Period: Not applicable[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section discloses the company's designated newspapers for information disclosure, the website address for semi-annual reports, and document storage locations, confirming no changes during the reporting period - Company's designated newspapers for information disclosure: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily; Website address for semi-annual reports: www.sse.com.cn; No changes occurred during the reporting period[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic information about the company's stock, including its type, listing exchange, stock abbreviation, and stock code - Stock Type: A-share; Stock Exchange: Shanghai Stock Exchange; Stock Abbreviation: Bomin Electronics; Stock Code: 603936[18](index=18&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 12.71% year-on-year, but total profit, net profit attributable to shareholders, and net cash flow from operating activities all decreased, mainly due to increased selling and administrative expenses and higher deposits (I) Key Accounting Data During the reporting period, the company's operating revenue increased by 12.71% year-on-year, total assets and net assets attributable to shareholders both grew, but total profit, net profit attributable to shareholders, and net cash flow from operating activities all decreased year-on-year | Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | This Reporting Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,704,946,070.91 | 1,512,684,997.27 | 12.71 | | Total Profit | 39,738,939.77 | 62,814,450.77 | -36.74 | | Net Profit Attributable to Shareholders of Listed Company | 37,894,392.93 | 55,222,795.03 | -31.38 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 23,849,138.05 | 32,562,563.49 | -26.76 | | Net Cash Flow from Operating Activities | 176,347,130.23 | 269,405,913.56 | -34.54 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 4,366,314,289.07 | 4,259,567,260.86 | 2.51 | | Total Assets (Period-end) | 9,633,209,439.27 | 9,043,075,245.92 | 6.53 | (II) Key Financial Indicators During the reporting period, the company's basic and diluted earnings per share both decreased by 33.33% year-on-year, and the weighted average return on net assets also declined, mainly due to a decrease in net profit | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | This Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.06 | 0.09 | -33.33 | | Diluted Earnings Per Share (CNY/share) | 0.06 | 0.09 | -33.33 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (CNY/share) | 0.04 | 0.05 | -20.00 | | Weighted Average Return on Net Assets (%) | 0.89 | 1.22 | -0.33 | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 0.56 | 0.72 | -0.16 | - The change in basic earnings per share was primarily due to a year-on-year decrease in net profit[22](index=22&type=chunk) - The change in diluted earnings per share was primarily due to a year-on-year decrease in net profit[23](index=23&type=chunk) - The change in total profit was primarily due to increased selling and administrative expenses[22](index=22&type=chunk) - The change in net cash flow from operating activities was primarily due to a year-on-year increase in various deposits paid for letters of credit, bank acceptance bills, and guarantees during this reporting period[22](index=22&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **14.05 million CNY**, primarily from government subsidies and other non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Items | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -92,658.37 | | Government subsidies recognized in current profit or loss | 12,989,658.64 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 1,157,795.58 | | Other non-operating income and expenses apart from the above | 2,433,222.01 | | Less: Income tax impact | 2,479,314.33 | | Minority interest impact (after tax) | -36,551.35 | | Total | 14,045,254.88 | - Total non-recurring gains and losses amounted to **14,045,254.88 CNY**[26](index=26&type=chunk) [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) During the reporting period, the company's net profit after deducting the impact of share-based payments was **53.93 million CNY**, a year-on-year decrease of 10.63% Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | This Reporting Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 53,928,604.72 | 60,340,096.74 | -10.63 | - Net profit after deducting share-based payment impact was **53,928,604.72 CNY**, a year-on-year decrease of **10.63%**[28](index=28&type=chunk) Section III. Management Discussion and Analysis This section discusses the company's industry, main business operations, key financial performance, core competencies, and potential risks during the reporting period [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company has been deeply involved in the PCB industry for 31 years, focusing on high-end products like HDI boards, high-layer boards, and packaging substrates, while actively expanding into innovative businesses such as ceramic substrates and packaging substrates, forming a "main business + innovative business" model to capitalize on structural growth in the global PCB market and surging demand for high-end products [1. PCB Industry Development](index=8&type=section&id=1.%20PCB%20Industry%20Development) The global PCB market is projected to reach **78.56 billion USD** in 2025, with a **CAGR of 5.2%** from 2024-2029, with mainland China remaining the dominant manufacturing hub; servers, data centers, automotive electronics, and consumer electronics are key growth areas, driving surging demand for high-end products like 18-layer+ multi-layer boards, HDI boards, and packaging substrates - According to Prismark, the global PCB industry output value is expected to reach **78.56 billion USD** in 2025, a year-on-year increase of **6.8%**; by 2029, the global PCB industry output value is projected to grow to **94.66 billion USD**, corresponding to a **CAGR of 5.2%** from 2024-2029[31](index=31&type=chunk) - Mainland China's PCB output value accounts for **56%** of the global total and will continue to maintain its dominant manufacturing hub status in the industry[31](index=31&type=chunk) 2024-2029 PCB Industry Development Forecast (by Application Area) | Type/Year | 2023 Output Value (Million USD) | 2024 Output Value (Million USD) | 2025F Growth Rate (%) | 2029F Output Value (Million USD) | 2024-2029F CAGR Forecast (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Servers/Data Storage | 8,201 | 10,916 | 28.32% | 18,921 | 11.6% | | Mobile Phones | 13,085 | 13,886 | 2.64% | 17,329 | 4.5% | | Automotive Electronics | 9,153 | 9,195 | 2.37% | 11,205 | 4.0% | | 18-layer boards and above | 1,726 | 2,421 | 40.3% | 5,020 | 15.7% | | HDI | 10,536 | 12,518 | 18.8% | 17,037 | 6.4% | | Packaging Substrates | 12,498 | 12,602 | 0.8% | 17,985 | 7.4% | [2. Company's Product Segmentation and Industry Position](index=9&type=section&id=2.%20Company's%20Product%20Segmentation%20and%20Industry%20Position) The company has been a leading PCB supplier in China for 31 years, ranking **52nd globally** in 2023, with mass production of HDI boards and as a rare domestic AMB ceramic substrate producer, ranking second in capacity, poised to benefit from high-growth sectors like AI and new energy vehicles - Established in 1994, the company has been deeply involved in the PCB industry for **31 years**, diversifying its product structure while focusing on high-end products such as HDI boards, high-layer boards, and packaging substrates to accelerate mass production[36](index=36&type=chunk) - In 2023, the company ranked **16th** among domestic PCB enterprises in China's electronic circuit industry and **30th** among comprehensive PCB enterprises; according to Prismark's 2023 global top 100 PCB enterprise ranking, the company was ranked **52nd**[36](index=36&type=chunk) - The company is a rare domestic ceramic substrate producer that has achieved mass production; according to incomplete statistics from Aibang Ceramic Exhibition, there are **15 domestic AMB ceramic substrate enterprises**, and the company ranks **second** in AMB capacity scale[37](index=37&type=chunk) [3. Main Business, Main Products, and Uses](index=9&type=section&id=3.%20Main%20Business,%20Main%20Products,%20and%20Uses) The company specializes in R&D, production, and sales of high-precision printed circuit boards, including HDI, high-frequency high-speed, and multi-layer boards, focusing on new energy (including automotive electronics), data/communication, smart terminals, and industrial security, while actively developing innovative businesses like ceramic substrates and packaging substrates for new growth drivers - The company specializes in the R&D, production, and sales of high-precision printed circuit boards, with main products including high-density interconnect (HDI) boards, high-frequency high-speed boards, multi-layer boards, rigid-flex boards (including flexible circuit boards), and other special specification boards[39](index=39&type=chunk) - Strategically focusing on four core sectors: new energy (including automotive electronics), data/communication, smart terminals, industrial security, and others[39](index=39&type=chunk) - Innovative businesses primarily include ceramic substrate business, packaging substrate business, and full supply chain value-added services[41](index=41&type=chunk) [4. Company's Main Business Model](index=11&type=section&id=4.%20Company's%20Main%20Business%20Model) The company operates on a make-to-order production model, utilizing a highly integrated digital system (ERP+EAS+MES+QMS+EAP) for production quality management; procurement is centralized with separated powers, and sales are customer-centric, employing a regional and departmental organizational structure to expand domestic and international premium clients - The company operates on a **make-to-order** production model[44](index=44&type=chunk) - The company has established a highly integrated digital system for production quality management, encompassing **ERP+EAS+MES+QMS+EAP**[44](index=44&type=chunk) - The group has established a procurement management headquarters, implementing a centralized procurement model with separated powers, and a procurement management committee[46](index=46&type=chunk) - The company consistently adheres to the philosophy of "customer-centricity and value creation for customers," actively developing domestic and international industry benchmark clients in its core development areas[47](index=47&type=chunk) - Established in 1994, the company has been deeply involved in the PCB industry for **31 years**, diversifying its product structure while focusing on high-end products such as HDI boards, high-layer boards, and packaging substrates to accelerate mass production[36](index=36&type=chunk) - With PCB as its core, the company extends its business (PCB+) both horizontally and vertically, continuously increasing R&D and market development efforts for high-value-added products such as customized electronic components, modular products, and micro-chip devices, forming a "main business + innovative business" model[38](index=38&type=chunk)[39](index=39&type=chunk) - Innovative businesses primarily include ceramic substrate business, packaging substrate business, and full supply chain value-added services[41](index=41&type=chunk) [II. Discussion and Analysis of Operations](index=12&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 12.71% year-on-year, driven by high-value-added products in AI and automotive electronics; however, net profit attributable to shareholders decreased by 31.38% due to share-based payment expenses and increased period expenses from new product promotion, while subsidiary Jiangsu Bomin achieved a turnaround with gradually releasing high-end capacity - In the first half of 2025, operating revenue reached **1,704.95 million CNY**, a year-on-year increase of **12.71%**, primarily due to the company actively seizing industry development opportunities, intensifying efforts in high-value-added product areas such as AI and automotive electronics, and promoting the release of high-end capacity across its factories[48](index=48&type=chunk) - Net profit attributable to shareholders of the listed company was **37.89 million CNY**, a year-on-year decrease of **31.38%**, mainly due to **16.03 million CNY** in share-based payment expenses for the employee stock ownership plan implemented during the reporting period and increased period expenses from new product promotion[48](index=48&type=chunk) - Subsidiary Jiangsu Bomin achieved a **turnaround**, with its Phase I factory operating at full capacity and stable profitability; the Phase II factory's capacity utilization rate steadily increased, leading to improved operating performance[48](index=48&type=chunk) [I) Gradual Release of HDI Capacity Helps Jiangsu Bomin Achieve Turnaround](index=12&type=section&id=(%E4%B8%80)%20HDI%20%E4%BA%A7%E8%83%BD%E9%80%90%E6%AD%A5%E9%87%8A%E6%94%BE%E5%8A%A9%E6%8E%A8%E6%B1%9F%E8%8B%8F%E5%8D%9A%E6%95%8F%E5%AE%9E%E7%8E%B0%E6%89%AD%E4%BA%8F%E4%B8%BA%E7%9B%88) During the reporting period, the company's PCB business saw a slight recovery through refined operations and product structure optimization; subsidiary Jiangsu Bomin achieved a turnaround, with its Phase I factory operating at full capacity and stable profitability, and Phase II factory's capacity utilization steadily increasing, expected to be on track in the second half of the year - During the reporting period, the company implemented refined operational management to achieve cost reduction and efficiency improvement, and through continuous optimization of product structure, high-end factory capacity was gradually released, leading to a slight recovery in the PCB business[48](index=48&type=chunk) - Notably, subsidiary Jiangsu Bomin achieved a **turnaround**, with its Phase I factory operating at full capacity and stable profitability; after efforts during the capacity ramp-up period, the Phase II factory made significant progress in technology, products, customers, and operational management, with steadily increasing capacity utilization and corresponding improvement in operating performance[48](index=48&type=chunk) [II) Focusing on High-Value-Added Areas, Seizing Structural Opportunities](index=12&type=section&id=(%E4%BA%8C)%20%E5%8F%91%E5%8A%9B%E9%AB%98%E9%99%84%E5%8A%A0%E5%80%BC%E9%A2%86%E5%9F%9F%EF%BC%8C%E7%B4%A7%E6%8A%93%E7%BB%93%E6%9E%84%E6%80%A7%E6%9C%BA%E4%BC%9A) The company capitalized on structural opportunities in AI and automotive electronics, increasing orders for AI computing PCB products, extending server PCBs to AI servers, and benefiting from deeper client collaboration in optical module business, while expanding into new energy vehicle manufacturers, overseas automakers, and Tier1 suppliers in automotive electronics - The company fully seized structural opportunities, achieving positive progress in multiple downstream application markets[49](index=49&type=chunk) - In the data center sector, during the reporting period, the company actively deployed in the PCB product sub-segment for AI computing power, with a further increase in relevant order volumes; specifically, server PCB products are gradually extending to AI servers, with stable batch deliveries to customers including high-end server motherboards, and AI server accelerator cards[49](index=49&type=chunk) - In the automotive electronics sector, the company seized growth opportunities in intelligent mobility, developing new clients including global leading Tier1 manufacturers like Faurecia, domestic LiDAR leaders, and domestic automakers' chassis domain and smart cockpit segments[50](index=50&type=chunk) [III) Adhering to Localization and Independent Development, Seizing Opportunities in Ceramic Substrate Business](index=12&type=section&id=(%E4%B8%89)%20%E5%9D%9A%E6%8C%81%E8%B5%B0%E5%9B%BD%E4%BA%A7%E5%8C%96%E3%80%81%E8%87%AA%E4%B8%BB%E5%8C%96%E9%81%93%E8%B7%AF%EF%BC%8C%E6%8A%8A%E6%8F%A1%E9%99%B6%E7%93%B7%E8%A1%AC%E6%9D%BF%E4%B8%9A%E5%8A%A1%E5%8F%91%E5%B1%95%E6%9C%BA%E9%81%87) The company achieved mass production of **65W localized silicon nitride AMB ceramic substrates** and became a primary supplier of DPC substrates for domestic LiDAR leader RoboSense, also supplying DPC ceramic substrates to Micro TEC manufacturers, with future expansion into AI and humanoid robotics - During the reporting period, the company achieved mass production application of **65W localized silicon nitride AMB ceramic substrates**[51](index=51&type=chunk) - The company's DPC substrate business, while maintaining stable market share with core clients in the automotive sector, achieved new heights in application areas such as Micro TEC and T/R modules[52](index=52&type=chunk) - It has now become a primary supplier of DPC ceramic substrates for RoboSense, a leading domestic LiDAR manufacturer, with related products already applied in multiple new energy vehicles[52](index=52&type=chunk) [IV) Continuously Deepening Specialty Products Business, Adhering to Customer-Oriented Approach](index=13&type=section&id=(%E5%9B%9B)%20%E6%8C%81%E7%BB%AD%E6%B7%B1%E8%80%95%E7%89%B9%E8%89%B2%E5%93%81%E4%B8%9A%E5%8A%A1%EF%BC%8C%E5%9D%9A%E6%8C%81%E4%BB%A5%E5%AE%A2%E6%88%B7%E9%9C%80%E6%B1%82%E4%B8%BA%E5%AF%BC%E5%90%91) Leveraging its technical expertise in high-quality, high-precision PCBs, the company obtained specialty product certifications and expanded from PCB customization to offering one-stop services like PCBA assembly and module assembly, establishing stable partnerships with ten major group clients in the specialty product sector - The company has cultivated the specialty product sector for many years, possessing multiple intellectual property rights and achievement appraisals, and has obtained certifications for specialty product qualifications based on its extensive technical accumulation and expertise in high-quality, high-precision PCB fields[54](index=54&type=chunk) - Evolving from initial PCB customization, it has gradually developed the capability to provide one-stop services for specialty product clients, including PCBA assembly, module assembly, and semiconductor component OEM[54](index=54&type=chunk) [V) Fund-raising Projects Steadily Advancing, High-Layer and HDI High-End PCB Capacity Expected to Be Strengthened](index=13&type=section&id=(%E4%BA%94)%20%E5%8B%9F%E6%8A%95%E9%A1%B9%E7%9B%AE%E7%A8%B3%E6%AD%A5%E6%8E%A8%E8%BF%9B%EF%BC%8C%E9%AB%98%E5%A4%9A%E5%B1%82%E5%92%8C%20HDI%20%E7%AD%89%E9%AB%98%E7%AB%AF%20PCB%20%E4%BA%A7%E8%83%BD%E6%9C%89%E6%9C%9B%E8%A1%A5%E5%BC%BA) The company's new-generation electronic information industry investment and expansion project (Phase I) has gradually put its first smart manufacturing factory into operation, producing high-end PCB products like high-layer and high-reliability HDI boards, with capabilities for **52 layers**, **30:1 aspect ratio through-holes**, and **7-stage HDI**, yielding **360,000 square meters annually**, enhancing product structure optimization; the project's expected operational date is adjusted to December 31, 2026 - The company's new-generation electronic information industry investment and expansion project (Phase I) is adopting a phased construction and production approach, with the expected operational date adjusted to **December 31, 2026**[55](index=55&type=chunk) - The first smart manufacturing factory of the fund-raising project has gradually commenced production, primarily manufacturing high-end PCB products such as high-layer and high-reliability HDI, which are the fastest-growing in their respective sub-segments[55](index=55&type=chunk) - It possesses capabilities for **52 layers**, **30:1 aspect ratio through-holes**, and **7-stage HDI production**, with an annual output capacity of **360,000 square meters** for high-end products[55](index=55&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its unique upstream and downstream integrated solutions, strong customer base, robust technical and R&D capabilities, efficient operational management, and a stable management team, all supported by its "PCB+" strategy, numerous patents, and continuous smart factory development - As one of the few companies in the industry with integrated upstream and downstream solution capabilities, the company operates both a **PCB Business Unit** and a **Solutions Business Unit**[56](index=56&type=chunk) - The company's main business has cultivated an excellent client base in high-tech fields such as new energy/automotive electronics, data/communication, smart terminals, and industrial control security, with end customers including industry leaders like Huawei, iFlytek, ZTE, Samsung Electronics, and BYD[58](index=58&type=chunk) - The company is a **National High-Tech Enterprise**, having successively established **7 provincial-level R&D platforms** and undertaken multiple provincial and municipal scientific and technological projects[61](index=61&type=chunk) - The company has cultivated the PCB sector for **31 years**, possessing advanced process production technology, establishing a comprehensive and effective quality management system, and forming a high-quality, efficient, stable, and cost-advantageous supply chain system[69](index=69&type=chunk) - Founder Mr. Xu Huan possesses years of management experience and extensive PCB technical expertise; under his leadership, the company has deep overall technological accumulation and a stable operating style, with a scientific and sound organizational structure and a stable management team[70](index=70&type=chunk) [I) Unique Upstream and Downstream Integrated Solution Capability](index=13&type=section&id=(%E4%B8%80)%20%E7%8B%AC%E7%89%B9%E7%9A%84%E4%B8%8A%E4%B8%8B%E6%B8%B8%E4%B8%80%E4%BD%93%E5%8C%96%E8%A7%A3%E5%86%B3%E8%83%BD%E5%8A%9B) The company, with its PCB and Solutions Business Units, possesses a complete product structure and PCB process technology, offering one-stop "PCB + components + solutions" services, expanding its industrial chain through a "PCB+" transformation, and demonstrating significant synergistic effects across its business segments - As one of the few companies in the industry with integrated upstream and downstream solution capabilities, the company operates both a **PCB Business Unit** and a **Solutions Business Unit**[56](index=56&type=chunk) - The company possesses the capability to provide customers with one-stop "PCB + components + solutions" services, meeting customer needs across the entire supply chain, including electronic assembly, functional testing, module/product assembly, and EMS/ODM[56](index=56&type=chunk) - Since its "PCB+" transformation in 2020, the company has continuously expanded its industrial chain and product application areas through both organic growth and external expansion, from both industry depth and breadth; currently, based on the stable development of its main business, the company is expanding into innovative businesses, with increasingly prominent synergistic effects across its various segments[57](index=57&type=chunk) [II) Customer Structure Advantage](index=14&type=section&id=(%E4%BA%8C)%20%E5%AE%A2%E6%88%B7%E7%BB%93%E6%9E%84%E4%BC%98%E5%8A%BF) The company has accumulated extensive customer resources, maintaining strong partnerships with renowned domestic and international brands and industry benchmark clients, forming a differentiated competitive advantage; its main business focuses on high-tech fields, while innovative businesses expand into military, new energy, and other sectors, with a reserve of high-quality potential clients - The company has accumulated extensive customer resources during its operations, maintaining good cooperative relationships with well-known domestic and international brand clients or industry benchmark clients, forming a differentiated competitive advantage within the industry, with increasing customer loyalty and number of clients year by year[58](index=58&type=chunk) - End customers include high-quality industry clients such as Huawei, iFlytek, ZTE, Samsung Electronics, Jabil, Knowles, Goertek, BYD, GAC, Faurecia, Foxconn, Lenovo, Hisense, Great Wall Computer, BOE, Wingtech Technology, Amazon, Hyundai, MOBIS, Rihai IoT, Huaqin Telecom, Osram, Merry Electronics, and Tianma Microelectronics[58](index=58&type=chunk) - Innovative business clients include industry leaders such as Midea, Gree, TCL, Aux, smart meter terminals, Luxshare Precision, Honeywell, Sunmi, and Baidu, and have also deepened cooperation with clients like Huawei Technologies, RoboSense, new energy vehicle manufacturers, the Second Academy of Aerospace Science and Industry, NARI Group, and CRRC[58](index=58&type=chunk) [III) Technology and R&D Advantage](index=14&type=section&id=(%E4%B8%89)%20%E6%8A%80%E6%9C%AF%E5%92%8C%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) As a National High-Tech Enterprise, the company boasts **7 provincial-level R&D platforms** and participates in national key R&D programs, holding numerous proprietary patents in HDI, high-frequency high-density integrated PCBs, ceramic substrates, server motherboards, composite substrates, rigid-flex boards, optical module PCBs, and packaging substrates, with R&D expenses accounting for **3.93% of operating revenue** - The company is a **National High-Tech Enterprise**, having successively established **7 provincial-level R&D platforms**[61](index=61&type=chunk) - In 2024, through Meizhou City's "Hongyan Program," the company introduced an "innovation team" centered around experts from the University of Electronic Science and Technology of China, primarily to tackle key technical challenges in the "High-Speed Printed Circuit Key Technology and Industrialization for Big Data Interconnection" project[61](index=61&type=chunk) - The company has developed a series of proprietary patented technologies, including "Method for embedding capacitors in printed circuit boards and their printed circuit boards," high-precision embedded resistor technology, CPCA/T 6046-2022 "Specification for Printed Circuit Boards with Embedded or Integrated Copper Blocks," Birch Stream platform technology layout in the server domain, composite substrate technology, unequal thickness rigid-flex boards, mass production capability for 800G optical module PCB products, packaging substrate mSAP, Coreless&ETS process technology, and AMB ceramic substrate technology[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - During the reporting period, the company's R&D expenses amounted to **67.00 million CNY**, accounting for **3.93%** of operating revenue, primarily invested in servers, new energy automotive electronics, high-end HDI, ceramic substrates, and packaging substrates[68](index=68&type=chunk) [IV) Operational Advantage](index=16&type=section&id=(%E5%9B%9B)%20%E8%BF%90%E8%90%A5%E4%BC%98%E5%8A%BF) With 31 years of experience in the PCB sector, the company possesses advanced processes and a comprehensive quality management system, fostering a high-quality, efficient, stable, and cost-effective supply chain, continuously enhancing operational efficiency and reducing overall costs through Costdown initiatives, lean production, and smart factory construction - The company has cultivated the PCB sector for **31 years**, possessing advanced process production technology, establishing a comprehensive and effective quality management system, strictly formulating various business standard operating procedures, and gradually integrating the requirements of "two strictnesses and three standardizations," providing effective assurance for continuous product reliability improvement[69](index=69&type=chunk) - It has formed a high-quality, efficient, stable, and cost-advantageous supply chain system, capable of effectively reducing product procurement costs and shortening production cycles[69](index=69&type=chunk) - The company consistently carries out Costdown, lean production as core cost reduction and efficiency improvement activities, and continuously invests in smart factory construction and technological upgrades of existing factories, reducing overall costs and continuously improving the company's operational efficiency[69](index=69&type=chunk) [V) Management Advantage](index=16&type=section&id=(%E4%BA%94)%20%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) Founder Mr. Xu Huan's extensive management experience and PCB technical expertise have fostered a stable operating style and deep technological foundation for the company, which boasts a scientific and sound organizational structure, a stable "old, middle, and young" management team, and is implementing IPM management reforms to optimize processes and enhance management capabilities and factory manufacturing efficiency - Founder Mr. Xu Huan possesses years of management experience and extensive PCB technical expertise; under his leadership, the company has deep overall technological accumulation and a stable operating style; it has a scientific and sound organizational structure and a stable management team, forming a "senior, middle, and junior" combination of management personnel who leverage their management advantages in their respective fields[70](index=70&type=chunk) - The company implemented IPM management reforms, aiming to utilize advanced management concepts, processes, and tools to optimize company processes, reduce error costs, accelerate production circulation, enhance management capabilities, and integrate the marketing, R&D, and production systems to collaboratively improve factory manufacturing capabilities and achieve efficient operation[70](index=70&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=16&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue increased by 12.71% year-on-year, but selling, administrative, and financial expenses all grew significantly; total assets and net assets increased, with construction in progress surging by 52.10%; total investment decreased by 45.92% year-on-year, but derivative investments yielded profits, and key subsidiary Jiangsu Bomin achieved a turnaround with increased operating revenue (I) Analysis of Main Business During the reporting period, the company's operating revenue increased by 12.71% year-on-year, but selling, administrative, and financial expenses all grew significantly, with selling expenses increasing by 55.06% mainly due to intensified market expansion; net cash flow from operating activities decreased by 34.54% primarily due to increased deposits paid Financial Statement Items Change Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,704,946,070.91 | 1,512,684,997.27 | 12.71 | | Operating Cost | 1,479,066,340.46 | 1,303,543,543.85 | 13.47 | | Selling Expenses | 37,542,191.85 | 24,211,354.85 | 55.06 | | Administrative Expenses | 66,642,457.07 | 51,946,596.11 | 28.29 | | Financial Expenses | 25,468,467.22 | 19,704,816.40 | 29.25 | | R&D Expenses | 67,003,979.26 | 62,158,605.61 |