Group 1 - The core viewpoint of the news is that ShenNan Circuit has seen a significant stock price increase of 5.09%, reaching 211.11 CNY per share, with a trading volume of 1.175 billion CNY and a market capitalization of 140.756 billion CNY [1] - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, production, and sales of printed circuit boards [1] - The revenue composition of ShenNan Circuit includes printed circuit boards at 60.01%, packaging substrates at 16.64%, electronic assembly at 14.14%, other supplementary products at 5.80%, and other products at 3.40% [1] Group 2 - From the perspective of fund holdings, one fund under Debang Fund has a significant position in ShenNan Circuit. Debang Fuxin A (001229) held 20,200 shares in the third quarter, accounting for 4.42% of the fund's net value, ranking as the tenth largest holding [2] - Debang Fuxin A (001229) was established on April 27, 2015, with a latest scale of 77.9963 million CNY. The fund has achieved a return of 24.66% this year, ranking 3025 out of 8134 in its category, and a one-year return of 33.11%, ranking 2000 out of 8056 [2] Group 3 - The fund manager of Debang Fuxin A (001229) is Lei Tao, who has been in the position for 3 years and 335 days. The total asset scale of the fund is 13.49 billion CNY, with the best return during his tenure being 211.4% and the worst return being -29.94% [3]

Group 1 - The core point of the news is that ShenNan Electric A (SZ 000037) held a temporary board meeting on November 25, 2025, to review the proposal for amending the management system for selecting accounting firms [1] - As of the report, ShenNan Electric A has a market capitalization of 5.4 billion yuan [3] - For the first half of 2025, the revenue composition of ShenNan Electric A shows that the power industry accounts for 97.54%, while other businesses account for 2.46% [2]

3.公司审计委员会、董事会对本次变更会计师事务所事项不存在 异议。 证券代码：000037、200037； 证券简称：深南电 A、深南电 B； 公告编号：2025-047 深圳南山热电股份有限公司 拟变更会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.深圳南山热电股份有限公司（以下简称"公司"）拟聘任的会 计师事务所名称：信永中和会计师事务所（特殊普通合伙）（以下简 称"信永中和"）。原聘任的会计师事务所名称：立信中联会计师事 务所（特殊普通合伙）。 2.变更会计师事务所的原因：综合考虑公司发展需求及公司审计 工作的独立性和客观性，基于竞争性谈判选聘结果，公司拟变更会计 师事务所，聘任信永中和为公司 2025 年度财务及内部控制审计机构， 公司已就变更会计师事务所事宜与原聘任会计师事务所进行了充分 沟通，原聘任的会计师事务所对变更事宜无异议。 机构性质：特殊普通合伙企业 统一社会信用代码：91110101592354581W 4.公司变更会计师事务所符合财政部、国务院国资委、证监会印 发的《国有企业、上市公司选聘会计师事务所 ...

《深圳南山热电股份有限公司选聘会计师事务所 管理制度》修订对照表 2 | 序号 | 原条款 | 修订后条款 | | --- | --- | --- | | | 3.2 公司选聘会计师事务所应当 | 3.2 公司选聘会计师事务所应当采 | | | 采用公开招标、邀请招标、竞争性 | 用公开招标、邀请招标、竞争性谈判 | | | 谈判以及其他能够充分了解会计师 | 以及其他能够充分了解会计师事务所 | | | 事务所胜任能力的选聘方式，保障 | 胜任能力的选聘方式，保障选聘工作 | | | 选聘工作公平、公正进行，公司选 | 公平、公正进行，公司选聘会计师事 | | | 聘会计师事务所应当按照公司《采 | 务所应当按照公司《采购管理规定》 | | 1 | 购管理规定》的要求进行。 | 的要求进行。 | | | 采用公开招标方式选聘会计师 | 采用公开招标方式选聘会计师事 | | | 事务所的，应当通过公司官网或阳 | 务所的，应当通过阳光平台发布选聘 | | | 光平台等渠道发布选聘文件，选聘 | 文件，选聘文件应当包含选聘基本信 | | | 文件应当包含选聘基本信息、评价 | 息、评价要素、具体评分标准等内 | ...

证券代码：000037、200037 证券简称：深南电 A、深南电 B 公告编号：2025-048 深圳南山热电股份有限公司 关于召开 2025 年第二次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会 2、股东会的召集人：董事会 3、会议召开的合法、合规性：公司第十届董事会第十一次临时会议审议 通过了《关于召开 2025 年第二次临时股东会的议案》。本次会议的召集、召开 程序符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、 行政法规、部门规章、规范性文件及《深圳南山热电股份有限公司章程》的有 关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 12 日 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体 时间为 2025 年 12 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳 证券交易所互联网投票 ...

一、董事会会议召开情况 深圳南山热电股份有限公司（以下简称"公司"）第十届董事会第十 一次临时会议于 2025 年 11 月 25 日上午 9:30 时以通讯表决的方式召开， 会议通知及文件已于 2025 年 11 月 18 日以书面和邮件方式送达全体董事。 会议由孔国梁董事长召集并主持表决。会议应参与表决董事 7 人，实际参 与表决董事 7 人。参与会议表决的人数及会议的召集、召开程序符合《中 华人民共和国公司法》和《深圳南山热电股份有限公司章程》的有关规定。 二、董事会会议审议情况 证券代码：000037、200037； 证券简称：深南电 A、深南电 B； 公告编号：2025-046 深圳南山热电股份有限公司 第十届董事会第十一次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 （一）审议通过了《关于聘请 2025 年度审计机构及确定其报酬的议 案》 同意聘任信永中和会计师事务所（特殊普通合伙）为公司 2025 年度 财务及内部控制审计机构，审计费用为 82 万元（人民币，下同），其中： 财务审计 61 万元，内控审计 20 万元，审计意见 ...

Core Viewpoint - ShenNan Circuit (002916) announced that as of now, the company and its subsidiaries do not provide guarantees to entities outside the consolidated financial statements, and there are no overdue guarantees, litigation-related guarantees, or losses due to guarantee judgments [1] Summary by Categories - **Company Guarantees** - The company and its subsidiaries have no guarantees provided to entities outside the consolidated financial statements [1] - There are no overdue guarantees reported [1] - **Legal and Financial Status** - The company is not involved in any litigation related to guarantees [1] - There are no losses incurred from guarantee judgments against the company [1]

Core Viewpoint - The company, Xingsen Technology, has confirmed its position in the FCBGA packaging substrate market, highlighting the competitive landscape among domestic manufacturers [1] Group 1: Company Insights - Xingsen Technology is one of the domestic manufacturers capable of mass production of FCBGA packaging substrates [1] - Other companies with similar capabilities include Shenzhen South Circuit, Zhuhai Yuya, and Anjieli Meiwai, each with varying production capacities, technical capabilities, and mass production progress [1]

Core Performance - The company reported a significant increase in revenue and net profit for Q3 2025, achieving operating income of 6.301 billion yuan, a year-on-year growth of 33.25%, and a net profit of 966 million yuan, which represents a substantial increase of 92.87% [2] - The growth in performance is attributed to the company's ability to capitalize on opportunities in AI computing power upgrades, structural growth in the storage market, and increased demand for automotive electronics [2] Business Development - The PCB business focuses on communication equipment, with key investments in data centers (including servers) and automotive electronics, showing consistent revenue growth in these areas [3] - The packaging substrate business has shown remarkable performance, with revenue from storage packaging substrates experiencing significant growth due to increased demand [3] Capacity and Projects - The company maintains a high overall capacity utilization rate, with PCB and packaging substrate businesses showing strong performance [4] - New factories, including the Nantong Phase IV and Thailand facilities, are expected to enhance PCB production capacity, with the Thailand factory already in trial production [4] Cost Management - The company faces some cost pressures due to rising prices of raw materials such as gold salts and copper, but it is actively managing these through supply chain optimization and product structure adjustments [5] Compliance - The company confirmed that during the investor meeting, it adhered to information disclosure regulations and did not disclose any undisclosed significant information [6]

Core Viewpoint - ShenNan Circuit has shown significant stock performance with a year-to-date increase of 116.08%, despite a recent decline of 3.20% over the last five trading days [1] Financial Performance - For the period from January to September 2025, ShenNan Circuit achieved a revenue of 16.754 billion yuan, representing a year-on-year growth of 28.39% [2] - The net profit attributable to shareholders for the same period was 2.326 billion yuan, reflecting a year-on-year increase of 56.30% [2] Stock Market Activity - As of November 18, ShenNan Circuit's stock price was 205.28 yuan per share, with a market capitalization of 136.869 billion yuan [1] - The stock has been active on the trading board three times this year, with the latest occurrence on October 24, where it recorded a net purchase of 380 million yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders for ShenNan Circuit was 39,500, a decrease of 25.79% from the previous period [2] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings to 21.7066 million shares, while several new institutional investors entered the top ten list [3] Dividend Distribution - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion yuan in dividends, with 1.744 billion yuan distributed over the last three years [3] Industry Context - ShenNan Circuit operates within the electronic components sector, specifically in printed circuit boards (PCB), and is associated with major concepts such as the Foxconn concept and the Apple supply chain [2]