Summary of Conference Call Records Company and Industry Overview - The company operates in the PCB (Printed Circuit Board) industry, focusing on rapid prototyping and small to large batch production. The company has a significant client base, including major players in the robotics sector such as 汇川 (Huichuan) and 爱斯顿 (Aston) [1][4][43]. Key Points and Arguments 1. **Production Capacity Planning**: The company has developed a comprehensive capacity plan, transitioning from small batch production to large scale manufacturing, with projected revenues exceeding 20 billion in the future [1]. 2. **Robotics Market Potential**: The domestic robotics market is expected to grow significantly, potentially matching Tesla's scale within three years. The company anticipates substantial growth in PCB production for robotics applications [2]. 3. **Factory Developments**: The company has established a new factory (珠海) aimed at rapid prototyping, with an initial production capacity of 720,000 square meters, potentially generating 1 billion in revenue when fully operational [23][24]. 4. **High-Margin Products**: The company specializes in high-value rapid prototypes, which have a diverse customer base and high profit margins, with an average gross margin of around 40% [21][24]. 5. **Client Relationships**: The company has long-standing relationships with key clients, such as 一博 (Yibo), which contributes significantly to its revenue with a gross margin exceeding 50% due to specialized high-difficulty orders [10][11]. 6. **Future Revenue Projections**: The company expects to achieve revenues of approximately 3.5 million this year from its robotics segment, with potential growth to 30 million in the coming years [12]. 7. **Market Demand Dynamics**: The demand for small batch and rapid prototyping services is driven by clients' R&D needs, with a focus on flexibility and quick turnaround times [31][32]. 8. **Expansion Plans**: The company plans to launch an online marketplace to capture orders from global electronic manufacturers and small enterprises, enhancing its market reach [6][26]. Additional Important Insights - **Technological Capabilities**: The company emphasizes its comprehensive technical capabilities in producing complex PCBs, including high-layer count and HDI (High-Density Interconnect) boards, which are essential for advanced robotics applications [17][19]. - **Competitive Landscape**: The company positions itself as a key supplier for high-difficulty PCB needs, which larger manufacturers may not be able to fulfill due to their focus on mass production [35][37]. - **Long-Term Profitability Goals**: The company aims for a long-term profit target of 4 to 6 billion, leveraging its unique position in the market and expanding production capabilities [42][45]. This summary encapsulates the essential points discussed in the conference call, highlighting the company's strategic direction, market opportunities, and operational insights.

Core Viewpoint - The company Xunjiéxing (688655.SH) is planning to acquire 100% of Shenzhen Jiazhihong Electronics Co., Ltd. to enhance its flexible circuit board production capacity and optimize its product structure, aiming to improve profitability and competitiveness in the PCB industry [2][4]. Group 1: Acquisition Details - Xunjiéxing intends to acquire Jiazhihong through a combination of issuing shares and cash payments to 11 transaction parties, with the asset valuation still pending [2][3]. - The acquisition is expected to constitute a major asset restructuring but will not be classified as a restructuring listing or related party transaction [2]. Group 2: Financial Performance - In 2024, Xunjiéxing reported revenues of 475 million yuan, a year-on-year increase of 2.26%, but faced a net loss of 1.974 million yuan, marking its first loss since going public [5][6]. - The company has experienced a decline in net profit for three consecutive years, with significant drops of 27.41% and 71.04% in 2022 and 2023, respectively [5][6]. Group 3: Strategic Implications - The acquisition is expected to enhance Xunjiéxing's flexible circuit board capacity, optimize product structure, and improve overall competitiveness while diversifying operational risks [4]. - Xunjiéxing and Jiazhihong have complementary market and customer resources, which will facilitate resource sharing and supply chain integration, potentially lowering procurement costs [4][6]. - Jiazhihong's financial performance shows promising growth, with projected revenues of 307 million yuan and 491 million yuan for 2023 and 2024, respectively, and a net profit of 19.87 million yuan in 2024 [6].

Core Viewpoint - The announcement of a major asset restructuring by Xunjiexing (688655.SH) comes at a time when the company is facing its first loss since its listing, raising market concerns about the timing and effectiveness of the acquisition strategy [2][8]. Company Summary - Xunjiexing plans to acquire 100% equity of Shenzhen Jiazhihong Electronics Co., Ltd. through a combination of cash and share issuance, along with raising matching funds [2][3]. - The company has experienced a continuous decline in net profit since 2021, culminating in a loss in 2024, which raises questions about the potential success of the acquisition in improving financial performance [2][8]. - The acquisition target, Jiazhihong, reported revenues of 307 million yuan in 2023 and 491 million yuan in 2024, with net profits of 9.10 million yuan and 19.87 million yuan respectively, indicating strong growth and the potential to surpass Xunjiexing's revenue in 2024 [4]. Industry Context - The PCB industry is highly competitive, with over 40 listed companies in the A-share market, and Xunjiexing's gross margin has been declining from 26.50% in 2021 to 18.33% in 2024 [6][9]. - Despite the ongoing losses, Xunjiexing is expanding its production capacity, with three production bases aimed at providing comprehensive PCB services, although this has not prevented the decline in gross margins [8][9]. - The company's asset-liability ratio has increased from 23.80% in 2021 to 40.40% in 2024, indicating rising financial risk amid aggressive expansion efforts [9].

Core Viewpoint - The company Xunjiéxing (688655.SH) is planning to acquire 100% equity of Shenzhen Jiazhihong Electronics Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds [1][2]. Group 1: Transaction Details - The transaction is expected to constitute a major asset restructuring but will not involve a restructuring listing or related party transactions [2]. - The share issuance price for the asset purchase is set at 15.28 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days [2]. - The company plans to issue shares to no more than 35 specific investors to raise supporting funds, with the total amount not exceeding 100% of the asset purchase price and the number of shares issued not exceeding 30% of the total share capital prior to the issuance [2][3]. Group 2: Financial Information of Jiazhihong - As of December 31, 2024, Jiazhihong's total assets are 53,124.35 million yuan, with total liabilities of 34,469.57 million yuan and owner's equity of 18,654.78 million yuan [5]. - The company's operating revenue for 2024 is projected to be 49,111.86 million yuan, with a net profit of 1,986.64 million yuan [5]. Group 3: Company Ownership Structure - As of the signing date of the proposal, the controlling shareholder of Xunjiéxing, Ma Zhuo, directly holds 38.66% of the shares and indirectly controls an additional 2.74%, totaling 41.40% [3]. - Wu Wenyiyi, the controlling shareholder of Jiazhihong, directly holds 48.1485% of the equity, and together with Cheng Xiaocheng, they control 64.2728% of Jiazhihong [3].

Core Viewpoint - The company Xunjiexing plans to acquire 100% equity of Shenzhen Jiazhihong Electronics through a combination of issuing shares and cash payment, which is expected to significantly enhance its flexible circuit board production capacity and optimize its product structure [1][3]. Group 1: Acquisition Details - The acquisition involves purchasing 100% equity of Jiazhihong, which specializes in the research, production, and sales of flexible printed circuit boards (FPC) and surface mount technology (SMT) [2][3]. - The transaction is classified as a major asset restructuring but will not result in a change of actual control of the company [1][3]. - The share issuance for the acquisition will not exceed 30% of the company's total share capital prior to the issuance, with a share price set at 15.28 yuan per share [2]. Group 2: Financial Performance of Jiazhihong - Jiazhihong is projected to achieve revenues of 307 million yuan and 491 million yuan in 2023 and 2024, respectively, with net profits of 9.10 million yuan and 19.87 million yuan [1][4]. - The net profit for Jiazhihong in 2024 is expected to increase by 118.2% year-on-year [1][4]. Group 3: Financial Performance of Xunjiexing - In contrast, Xunjiexing is expected to generate revenues of 475 million yuan in 2024, showing a slight increase of 2.26% year-on-year, but with a net loss of 1.97 million yuan, marking a shift from profit to loss compared to 2023 [5]. - The gross margin for Xunjiexing's printed circuit board business in 2024 is reported at 14.33%, a decrease of 0.81 percentage points from the previous year [5]. - The company has experienced a decline in net profit from 2022 to 2024, attributed to underutilization of production capacity and high fixed costs [5].

实施重大资产重组的监管要求》第四条规定的说明 公司拟通过发行股份及支付现金方式购买深圳市嘉之宏电子有限公司 100% 股权，同时募集配套资金（下称"本次交易"）。 公司董事会经审慎分析，认为本次交易符合《上市公司监管指引第 9 号—— 上市公司筹划和实施重大资产重组的监管要求》第四条规定，具体情况如下： 4. 本次交易有利于公司改善财务状况、增强持续经营能力，有利于公司进一 步拓宽和突出主业、增强抗风险能力，有利于公司增强独立性、避免重大不利影 响的同业竞争、且不会新增显失公平的关联交易。 深圳市迅捷兴科技股份有限公司董事会 综上，公司董事会认为本次交易符合《上市公司监管指引第 9 号——上市公 司筹划和实施重大资产重组的监管要求》第四条的相关规定。 关于本次交易符合《上市公司监管指引第 9 号——上市公司筹划和 1. 本次交易的标的资产为交易对方合计所持标的公司 100%股权。标的资产 为股权类资产，上市公司实施本次交易不涉及立项、环保、行业准入、用地、规 划、建设施工等有关报批事项。公司已在《深圳市迅捷兴科技股份有限公司发行 股份及支付现金购买资产并募集配套资金预案》中详细披露了本次交易向有关主 管部门报 ...

证券代码：688655 证券简称：迅捷兴 公告编号：2025-034 深圳市迅捷兴科技股份有限公司 关于披露发行股份及支付现金购买资产并募集配套资 金预案暨公司股票复牌的公告 2025 年 4 月 9 日，公司召开第三届董事会第二十五次会议、第三届监事会第 二十五次会议，审议通过了《关于公司发行股份及支付现金购买资产并募集配套资 金方案的议案》《关于公司与交易对方签署附条件生效的交易协议的议案》等与本 次交易相关的议案，具体内容详见公司同日刊登在上海证券交易所网站 （www.sse.com.cn）的相关公告。 二、公司股票复牌情况 据相关规定，经向上海证券交易所申请，公司股票将于 2025 年 4 月 10 日开 市起复牌。鉴于本次交易涉及资产的审计、评估工作尚未完成，公司董事会决定暂 不召开审议本次交易事项的股东大会。公司将在相关审计、评估工作完成后，再次 召开董事会审议本次交易的相关事项。 三、风险提示 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： 证券停复牌情况：适用 因筹划发行股份及支付现金购买资产并 ...

证券代码：688655 证券简称：迅捷兴 上市地点：上海证券交易所 深圳市迅捷兴科技股份有限公司 发行股份及支付现金购买资产并募集配套资金 预案 | 项目 | 交易对方 | | | --- | --- | --- | | 发行股份及支付现金购买资产 | 吴文一、高培武、程晓晨、黄宏立、深圳市嘉之伟投资合伙企业（有 限合伙）、湖州同鑫股权投资合伙企业（有限合伙）、杨小亮、陶继 | | | | 雄、王俊梅、曾文军、尹渊 | | | 募集配套资金 | 不超过 35 | 名特定投资者 | 二〇二五年四月 深圳市迅捷兴科技股份有限公司 发行股份及支付现金购买资产并募集配套资金预案 上市公司声明 本公司及全体董事、监事、高级管理人员保证本预案内容及其摘要内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准 确性和完整性承担个别和连带的法律责任。 本公司控股股东、实际控制人及其一致行动人、全体董事、监事、高级管理 人员承诺：如本次交易所提供或者披露的信息涉嫌虚假记载、误导性陈述或者重 大遗漏，被司法机关立案侦查或者被中国证券监督管理委员会立案调查的，在形 成调查结论以前，不转让在公司拥有权益的股 ...

关于本次交易采取的保密措施及保密制度的说明 公司拟通过发行股份及支付现金方式购买深圳市嘉之宏电子有限公司 100% 股权，同时募集配套资金（下称"本次交易"）。 为避免因参与人员泄露本次交易有关信息而对本次交易产生不利影响，公司 和相关中介机构对本次交易事宜采取了严格的保密措施及保密制度。具体情况如 下： 1. 公司在本次交易中严格按照《中华人民共和国证券法》《上市公司重大资 产重组管理办法》《上市公司信息披露管理办法》《上市公司监管指引第 5 号—— 上市公司内幕信息知情人登记管理制度》等法律、法规及规范性文件的要求，遵 循《深圳市迅捷兴科技股份有限公司章程》及内部管理制度的规定，就本次交易 采取了充分必要的保密措施，制定了严格有效的保密制度。 2. 公司高度重视内幕信息管理，按照《上市公司监管指引第 5 号——上市 公司内幕信息知情人登记管理制度》等相关规定，严格控制内幕信息知情人范围， 及时记录商议筹划、论证咨询等阶段的内幕信息知情人名单及筹划过程，严格按 照上海证券交易所要求制作内幕信息知情人档案和交易进程备忘录，并及时报送 上海证券交易所。 深圳市迅捷兴科技股份有限公司董事会 4. 公司多次督导、提 ...

深圳市迅捷兴科技股份有限公司董事会 关于本次交易不存在《上市公司证券发行注册管理办法》第十一条 规定的不得向特定对象发行股票的情形的说明 公司拟通过发行股份及支付现金方式购买深圳市嘉之宏电子有限公司 100% 股权，同时募集配套资金（下称"本次交易"）。 公司董事会经审慎判断，认为公司不存在《上市公司证券发行注册管理办法》 第十一条规定的不得向特定对象发行股票的如下情形： 1. 擅自改变前次募集资金用途未作纠正，或者未经股东大会认可； 3. 现任董事、监事和高级管理人员最近三年受到中国证券监督管理委员会 行政处罚，或者最近一年受到证券交易所公开谴责； 4. 公司或者其现任董事、监事和高级管理人员因涉嫌犯罪正在被司法机关 立案侦查或者涉嫌违法违规正在被中国证券监督管理委员会立案调查； 5. 控股股东、实际控制人最近三年存在严重损害上市公司利益或者投资者 合法权益的重大违法行为； 6. 最近三年存在严重损害投资者合法权益或者社会公共利益的重大违法行 为。 综上，公司董事会认为，本次交易符合《上市公司证券发行注册管理办法》 第十一条规定的各项条件。 2. 最近一年财务报表的编制和披露在重大方面不符合企业会计准则或者 ...