一、投资情况概述 中信证券股份有限公司、东莞证券股份有限公司 关于生益电子股份有限公司 使用部分暂时闲置募集资金进行现金管理之核查意见 中信证券股份有限公司（以下简称"中信证券"）作为生益电子股份有限公 司（以下简称"生益电子""公司"）2025 年度向特定对象发行 A 股股票的保 荐人，东莞证券股份有限公司（以下简称"东莞证券"）作为生益电子首次公开 发行股票并上市及生益电子 2025 年度向特定对象发行 A 股股票的保荐人，根据 《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上 市公司募集资金监管规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律法规的有关规定，对生益电子拟使用部分暂时闲置募集 资金进行现金管理的情况进行了审慎核查，并出具本核查意见，核查情况如下： （一）投资目的 为提高募集资金使用效率，在不影响公司募投项目建设实施、募集资金使用 计划和保证募集资金安全的情况下，公司将合理使用部分暂时闲置募集资金进行 现金管理，本着股东利益最大化的原则，有利于增加募集资金收益，增加股东回 报。 （二）投资金额 公司拟使用最高额不超过人民币 13,300. ...

证券代码：688183 证券简称：生益电子 公告编号：2026-010 生益电子股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 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、准确性和完整性承担法律责任。 重要内容提示： 已履行的审议程序：生益电子股份有限公司（以下简称"公司"）于 2026年3月4日召开公司第三届董事会第三十五次会议，审议通过了《关于使 用部分暂时闲置募集资金进行现金管理的议案》。 特别风险提示：尽管公司拟投资安全性高、流动性好、有保本约定的 投资产品，但金融市场受宏观经济影响较大，公司将根据经济形势以及金融 市场的变化适时适量介入，但不排除该项投资受到市场波动的影响。 一、投资情况概述 （一）投资目的 为提高募集资金使用效率，在不影响公司募投项目建设实施、募集资金使用 计划和保证募集资金安全的情况下，公司将合理使用部分暂时闲置募集资金进行 现金管理，本着股东利益最大化的原则，有利于增加募集资金收益，增加股东回 报。 （二）投资金额 公司拟使用最高额不超过人民币 13,300.00 万元（含本数）的部分暂时闲置 募集资金进行 ...

证券代码：688183 证券简称：生益电子 公告编号：2026-011 生益电子股份有限公司 关于新增保荐机构后重新签署募集资金专户存储 三方监管协议的公告 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、准确性和完整性承担法律责任。 生益电子股份有限公司（以下简称"公司"）于 2026 年 2 月 13 日披露《生 益电子股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书（申报稿）》， 公司聘请中信证券股份有限公司（以下简称"中信证券"）、东莞证券股份有限公 司（IPO 保荐机构，以下简称"东莞证券"）（以下合并简称"保荐人"）共同担 任向特定对象发行 A 股股票（以下简称"本次发行"）的保荐人。 鉴于公司新增保荐机构，为进一步规范公司募集资金管理，保护投资者权益， 根据《上市公司募集资金监管规则》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律法规及 规范性文件的规定，公司、保荐机构中信证券及东莞证券与募集资金监管银行广 发银行股份有限公司东莞分行重新签署了《募集资金专户存储三 ...

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： | 回购方案首次披露日 | 2025/4/19 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 5 月 4 月 | 12 | 日~2026 | 年 | 17 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | 回购价格上限 | 144.36元/股 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 实际回购股数 | 55.98万股 | | | | | | 实际回购股数占总股本比例 | 0.0673% | | | | | | 实际回购金额 | 5,000.71万元 | | | | | | 实际回购价格区间 | 84.15元/股~99.74元/股 | | | | | 一、 回购审批情况和 ...

生益电子(688183)2月27日发布2025年度业绩快报，报告期内公司实现营业总收入94.94亿元，同比增长 102.57%；实现归属于母公司所有者的净利润14.73亿元，同比大幅增长343.76%；扣非后净利润为14.68 亿元，同比增长348.72%;公司营业利润、利润总额等指标增幅均超过370%。 业绩大增的主要原因，公司表示，是公司坚持"市场引领，双轮驱动"的经营理念，聚焦高端领域市场拓 展，加大研发投入，持续推进提产扩产进程，同时强化质量管理。报告期内，公司高附加值产品占比显 著提升，使其在中高端市场的竞争优势得到进一步巩固，从而带动产品销量与盈利水平实现大幅增长。 (王珞) ...

Group 1: Economic Policies and Market Developments - The Central Political Bureau of the Communist Party of China discussed the draft outline of the 14th Five-Year Plan and the government work report, emphasizing the need for a proactive fiscal policy and moderately loose monetary policy to strengthen domestic market construction and promote high-level technological self-reliance [3] - The People's Bank of China announced a reduction in the foreign exchange risk reserve ratio for forward foreign exchange sales from 20% to 0% starting March 2, 2026, to support enterprises in managing exchange rate risks [3] - The China Securities Regulatory Commission (CSRC) held a meeting to discuss the capital market's 14th Five-Year Plan, focusing on high-quality development and risk prevention [3] Group 2: Company Announcements and Financial Performance - Zhongke Hanwuji Technology Co., Ltd. reported a revenue of 6.497 billion yuan for the fiscal year 2025, a year-on-year increase of 453.21%, and a net profit of 2.059 billion yuan, reversing a loss of 452 million yuan from the previous year [4] - Companies such as Zhongjin Gold and Hekang New Energy announced significant investment plans, including a 4.5 billion yuan project in Inner Mongolia and a fundraising of up to 1.652 billion yuan from Midea Group, respectively [9] - Several companies, including Haitai Development and Shuangliang Energy, are under investigation by the CSRC for suspected violations of information disclosure regulations [9]

Core Viewpoint - The demand for AI servers and high-performance computing is strong globally, leading to record revenue and net profit for Shengyi Electronics in 2025 since its listing on the Sci-Tech Innovation Board [1][7]. Financial Performance - Shengyi Electronics reported an unaudited revenue of 9.494 billion yuan in 2025, representing a year-on-year increase of 102.57% [2][8]. - The company achieved a net profit attributable to shareholders of 1.473 billion yuan, marking a year-on-year growth of 343.76% [2][8]. - In the fourth quarter of 2025, the company generated revenue of 2.665 billion yuan and a net profit of 358 million yuan [3][9]. Market Position and Growth Drivers - Shengyi Electronics specializes in the production of high-precision, high-density, and high-quality printed circuit boards and is recognized as a national high-tech enterprise [11]. - The company's growth is attributed to its focus on expanding into high-end markets, increasing production capacity, and enhancing quality management, which has led to a higher proportion of high-value-added products [5][12]. - The company plans to raise 2.6 billion yuan through a private placement to fund projects related to AI computing HDI production, smart manufacturing of high-layer circuit boards, and to supplement working capital and repay bank loans [5][12]. Industry Trends - According to Prismark, the annual compound growth rate for HDI related to servers and data storage is projected to reach 25.5% from 2024 to 2029, making it the fastest-growing category in the server/data storage PCB market [5][12]. - The market for high-layer boards (18 layers and above) is expected to grow significantly, with a projected year-on-year increase of 85.5% in 2025 and a compound annual growth rate of 25.2% from 2024 to 2029 [6][12]. Competitor Performance - Other companies in the industry are also benefiting from the surge in demand for AI-related products. For instance, Nanya Technology reported a revenue of 5.228 billion yuan in 2025, up 55.52%, and a net profit of 241 million yuan, up 378.65% [13]. - Dongwei Technology, a leader in PCB plating equipment, announced a revenue of 1.107 billion yuan in 2025, reflecting a growth of 47.65%, with a net profit of 129 million yuan, up 86.81% [13].

Major Announcements - Cambrian reported a net profit of 2.059 billion yuan for 2025, turning around from a loss of 450 million yuan in the previous year, with total revenue reaching 6.497 billion yuan, a year-on-year increase of 453.21% [12] - Moer Thread achieved total revenue of 1.506 billion yuan in 2025, marking a year-on-year growth of 243.37%, although it still reported a net loss of 1.024 billion yuan [13] - Zhongji Xuchuang's net profit for 2025 grew by 108.81% year-on-year, reaching 10.799 billion yuan, with total revenue of 38.24 billion yuan, up 60.25% [14] Company Performance Reports - Xirong Environment proposed a cash dividend of approximately 2.35 yuan per 10 shares for 2025, based on a payout ratio of 35% of the net profit attributable to shareholders [2] - Jietu's optical connection business is still in its early stages, contributing less than 5% to total revenue, with growth dependent on various market factors [3] - Zhongying Technology plans to acquire at least 51% of Yingzhong Electric, which specializes in insulation fiber materials [4] - Xibu Superconductor's subsidiary, Juneng Magnet, will be listed on the National Equities Exchange and Quotations starting March 2, 2026 [5] - Ingrity Media announced that some of its bank accounts have had their funds unfrozen, allowing normal operations to resume [6][7] - Dayun Technology plans to establish a joint venture to enhance its semiconductor testing capabilities, with a registered capital of 11 million yuan [7] Financial Highlights - Huazhong Technology reported a net profit of 1.36 billion yuan for 2025, a decrease of 31.19%, despite total revenue increasing by 55.85% to 18.616 billion yuan [36] - Jiangfeng Electronics achieved a net profit of 481 million yuan, up 20.15%, with total revenue of 4.605 billion yuan, a 27.75% increase [20] - Ninebot Company reported a net profit of 1.755 billion yuan, a year-on-year increase of 61.84%, with total revenue of 21.325 billion yuan, up 50.22% [24] - Weicai Technology's net profit reached 300 million yuan, a 134% increase, with total revenue of 1.575 billion yuan, up 46.22% [25] - Dalian Heavy Industry reported a net profit of 588 million yuan, an 18.17% increase, with total revenue of 15.501 billion yuan, up 8.54% [26]

Group 1: Company Performance - Cambrian achieved a net profit of 2.059 billion yuan in 2025, turning a profit due to a significant increase in revenue, which reached 6.497 billion yuan, a 453.21% increase year-on-year [1] - Muxi reported a total revenue of 1.644 billion yuan in 2025, a 121.26% increase, with net losses narrowing by 44.53% to 781.45 million yuan [2] - Moer Thread's revenue grew by 243.37% to 1.506 billion yuan in 2025, with net losses reduced by 36.70% to 1.024 billion yuan [3] - Lingdian Electric Control's net profit increased by 745.02% to 135 million yuan, despite a slight revenue decrease of 0.17% to 1.194 billion yuan [4] - JinkoSolar reported a net loss of 6.786 billion yuan in 2025, a decrease of 6,959.50%, with total revenue falling by 29.18% to 65.492 billion yuan [16] Group 2: Corporate Actions - Huicheng is planning to issue H-shares and list on the Hong Kong Stock Exchange, with details still under discussion [5] - Zhongying Technology is planning to acquire at least 51% of Yingzhong Electric, which is expected to constitute a major asset restructuring [7] - Jierong Technology's actual controller is under investigation for suspected violations of information disclosure laws [6] Group 3: Market and Industry Trends - The AI industry is driving demand for computing power, benefiting companies like Cambrian and Moer Thread, which are expanding their market presence [1][3] - Muxi's GPU product shipments have significantly increased, reflecting strong market recognition and demand [2] - The global photovoltaic industry is facing price fluctuations and trade protection policies, impacting JinkoSolar's profitability [16]

Core Viewpoint - Shengyi Electronics (688183.SH) reported a significant increase in revenue and net profit for the fiscal year 2025, indicating strong operational performance driven by strategic market focus and investment in high-end product development [1] Financial Performance - The company achieved an operating revenue of 9.494 billion yuan, representing a year-on-year growth of 102.57% [1] - The net profit attributable to the parent company reached 1.473 billion yuan, reflecting a substantial year-on-year increase of 343.76% [1] Operational Strategy - The company's operational philosophy emphasizes "market leadership and dual-driven growth," focusing on expanding in high-end market segments [1] - Increased investment in research and development has been a key factor in driving growth and enhancing product quality [1] - The company has strengthened its quality management processes, which have solidified its competitive advantage in the mid-to-high-end market [1] Product Development - There has been a notable increase in the proportion of high value-added products, contributing to the overall revenue and profit growth [1]