证券代码：688183 证券简称：生益电子 生益电子股份有限公司 SHENGYI ELECTRONICS CO., LTD. （东莞市东城区（同沙）科技工业园同振路 33 号） 2025 年度向特定对象发行 A 股股票 （申报稿） 联合保荐人（主承销商） 募集说明书 声 明 本公司及全体董事、高级管理人员承诺本募集说明书内容真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应 的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对公司的盈利能力、投资价值或者对投资者的收益作出实质性判断或 保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 （广东省深圳市福田区中心三路 8 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8 层 8/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-65527227 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京市康达律师事务所 关于生益电子股份有限公司 2025 年度向特定对象发行 A 股股票的 法 律 意 见 书 康达股发字【2026】第 0012 号 | 一、本次发行的批准和授权 6 | | --- | | 二、本次发行的主体资格 6 | | 三、本次发行的实质条件 6 | | 四、发行人的设立 12 | | 五、发行人的独立性 12 | | 六、发行人控股股东及实际控制人 12 | | 七、发行人的股本及演变 13 | | 八、发行人的业务 14 | | 九、关联交易与同业竞争 ...

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 2025 年度向特定对象发行 A 股股票 之 发行保荐书 联合保荐人（主承销商） （广东省深圳市福田区中心三路 8 号 （东莞市莞城区可园南路一号） 卓越时代广场（二期）北座） 二〇二六年二月 （如无特别说明，本发行保荐书中相关用语具有与《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）》中相同的含义） 3-1-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | 第一节 | 本次发行的基本情况 3 | | | 一、联合保荐人名称 3 | | | 二、项目保荐代表人及其他项目组成员 3 | | | 三、本次保荐发行人证券发行的类型 6 | | | 四、发行人基本情况 6 | | | 五、保荐人与发行人的关联关系 10 | | | 六、保荐人内核程序和内核意见 12 | | 第二节 | 保荐人承诺事项 15 | | 第三节 | 关于有偿聘请其他第三方机构和个人行为的核查 16 | | 第四节 | 保荐人对本次发行股票的推荐意见 17 | | | 一、本次发行的推荐结论 17 ...

审 计 报 告 华兴会计师事务所（特殊普通合伙） 生益电子股份有限公司 华兴审字[2025]24012480012 号 审 计 报 告 华兴审字[2025]24012480012号 生益电子股份有限公司全体股东： 一、审计意见 我们审计了生益电子股份有限公司（以下简称"生益电子"或"公司"） 财务报表，包括2024年12月31日的合并及母公司资产负债表，2024年度的合 并及母公司利润表、合并及母公司现金流量表和合并及母公司股东权益变动 表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了生益电子2024年12月31日的合并及母公司财务状况以及2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的责任。按照中国注册会计师职业道德守则，我们独立于生益电子，并履行 了职业道德方面的其他责任。我们相信，我们获取的审计证据是充分、适当 的，为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断 ...

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 2025 年度向特定对象发行 A 股股票 之 上市保荐书 联合保荐人（主承销商） （广东省深圳市福田区中心三路 8 号 （东莞市莞城区可园南路一号） 卓越时代广场（二期）北座） 二〇二六年二月 生益电子股份有限公司 上市保荐书 声 明 中信证券股份有限公司、东莞证券股份有限公司（以下合并简称"保荐人"） 接受生益电子股份有限公司（以下简称"生益电子""发行人"或"公司"）的 委托，担任生益电子股份有限公司向特定对象发行 A 股股票（以下简称"本次 发行"）的保荐人，为本次发行出具本上市保荐书。 保荐人及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发 行上市保荐业务管理办法》（以下简称"《保荐业务管理办法》"）、《上市公 司证券发行注册管理办法》（以下简称"《注册管理办法》"）等有关法律、法 规和中国证券监督管理委员会（以下简称"中国证监会"）及上海证券交易所的 有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范 和道德准则出具上市保荐 ...

Group 1 - The core point of the article is that Shengyi Electronics (688183.SH) has received a notice from the Shanghai Stock Exchange regarding the acceptance of its application for issuing securities on the Sci-Tech Innovation Board [1] - The Shanghai Stock Exchange has verified that the application documents submitted by the company are complete and in accordance with legal requirements, thus deciding to accept the application for review [1] - The issuance of A-shares to specific targets is subject to approval by the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission, indicating that there is uncertainty regarding the final approval and timing [1]

Core Viewpoint - Shengyi Electronics (688183.SH) has received a notice from the Shanghai Stock Exchange regarding the acceptance of its application for issuing securities on the Sci-Tech Innovation Board, indicating a step forward in its fundraising efforts [1] Group 1: Company Actions - The company submitted its fundraising prospectus and related application documents to the Shanghai Stock Exchange, which have been deemed complete and in compliance with legal requirements [1] - The issuance of A-shares to specific investors is subject to approval from the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission (CSRC) [1] Group 2: Regulatory Process - The acceptance of the application by the Shanghai Stock Exchange initiates a review process, but the final approval and registration by the CSRC remain uncertain [1]

Group 1 - The company is progressing with a 2.6 billion yuan private placement plan, expected to complete fundraising by Q2 2026, aimed at supporting the construction of AI computing HDI production base and high-layer intelligent manufacturing circuit board projects [2] - The AI computing HDI production base project has a planned construction period of 36 months, with trial production starting in the third year and full production achieved by the fifth year. The intelligent manufacturing high-layer circuit board project has a 30-month construction period, with phased trial production [3] - The company anticipates a net profit growth of 331.03% to 355.88% for 2025, with the official annual report to provide audited financial details [4] Group 2 - The company plans to accelerate the construction of its Thailand base to mitigate geopolitical risks and deepen supply chain cooperation with core clients like NVIDIA, which may gradually materialize in the future [5]

Investment Rating - The report maintains a positive outlook on the electronic industry, indicating an "Overweight" rating for the sector, driven by AI computing and semiconductor localization trends [3][4]. Core Insights - The electronic industry is expected to leverage AI computing as a growth engine, with strong performance anticipated in PCB, storage, AI/GPU chips, and semiconductor equipment sectors [3][4]. - The semiconductor equipment and parts sector is experiencing a recovery in demand, particularly benefiting from domestic production [3][4]. - The storage sector is witnessing a significant increase in profitability due to the AI industry trend, with a notable rise in demand and prices for storage products [3][6]. - The AI server and chip sectors are seeing a surge in demand both domestically and internationally, particularly for cloud servers and high-speed switches [3][6]. - The PCB sector is expected to benefit from high-end AI PCB product demand, with companies like Shenghong Technology and Shenyin Electronics leading in performance [3][8]. Summary by Sections 2025 Industry Outlook - The electronic industry is projected to thrive with AI as the main driver and semiconductor localization as a catalyst, with strong performances expected across various sub-sectors [4][5]. - Specific forecasts for companies include: - Jiangfeng Electronics: Revenue of approximately 4.6 billion, net profit growth of 7.5% to 27.5% [5]. - ShenGong Co.: Revenue growth of 42.04% to 48.65%, net profit growth of 118.71% to 167.31% [5]. - Zhongwei Company: Revenue of 12.385 billion, net profit growth of 28.74% to 34.93% [5]. Semiconductor Storage Sector - The storage sector is benefiting from increased demand driven by AI, with prices stabilizing and then rising due to supply-demand imbalances [6][7]. - Key company forecasts include: - Jiangbolong: Expected net profit growth of 150.66% to 210.82% [7]. - Aibin Storage: Revenue growth of 49.36% to 79.23%, with net profit growth of 427.19% to 520.22% [7]. PCB Sector - The PCB sector is expected to continue benefiting from high-end AI product demand, with companies like Shenghong Technology and Shenyin Electronics showing strong performance [8][9]. - Forecasts for Shenghong Technology indicate a net profit increase of 260% to 295% [8].

Investment Rating - The report maintains an "Overweight" rating for the PCB industry chain, anticipating high growth in 2025 and sustained prosperity in 2026 [1]. Core Insights - The PCB industry is expected to experience significant growth in 2025, driven by increasing demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products. This includes a rise in demand for high-layer boards and advanced HDI products, which will also boost related sectors such as high-end copper-clad laminates, drilling consumables, and equipment [4][61]. - Despite some disruptions in Q4 2025 performance, the growth logic for 2026 remains intact, with new computing platforms and technologies like orthogonal backplanes and CoWoP expected to enhance product value significantly [4][61]. Summary by Sections PCB - Q4 2025 performance may face disruptions, but the growth logic for 2026 remains unchanged. The demand for high-layer and advanced HDI PCBs is increasing, leading to high growth rates for companies like Shenghong Technology, Huadian Co., and Shennan Circuit, with projected net profits of 43.60 billion, 38.22 billion, and 32.48 billion respectively, reflecting year-on-year growth rates of 277.68%, 47.74%, and 73.00% [13][14]. Copper Clad Laminate (CCL) - The CCL sector is expected to see high growth in 2025, benefiting from increased demand for high-end products driven by AI computing power and price adjustments. Major CCL manufacturers are projected to achieve significant profit increases, with companies like Shengyi Technology expected to report a net profit of 33.50 billion, a year-on-year increase of 92.50% [36][41]. Drilling Tools and Equipment - The drilling tool sector is anticipated to exceed market expectations in 2025, with companies like DingTai High-Tech projected to achieve a net profit of 4.35 billion, reflecting a year-on-year growth of 91.74%. This growth is driven by increased demand for high-end PCBs and the optimization of product structures [48][49]. - Equipment demand is expected to rise due to the expansion of PCB production capacity, with companies like Dazhu CNC and Chip Quik projected to see significant profit increases, driven by the growing market for PCB-specific processing equipment [55][57].