Group 1 - Mingyang Circuit focuses on the R&D, production, and sales of printed circuit boards (PCBs), covering high multilayer boards, HDI boards, and rigid-flex boards, widely used in industrial control, communication equipment, and automotive electronics. The demand for high-reliability, high-density PCBs is continuously growing due to industrial automation upgrades, 5G communication network construction, and the increasing penetration of new energy vehicles [1][32] - Weirgao specializes in the R&D, production, and sales of electronic-grade special epoxy resins and related composite materials, which are key raw materials for PCBs. The demand for high-frequency, high-temperature, and low-loss materials is increasing in 5G communication, data centers, and new energy vehicles, leading to an expanding market space for specialty epoxy resins [2][33] - Qiangda Circuit focuses on the R&D, production, and sales of high-density interconnect printed circuit boards (HDI), widely used in consumer electronics such as smartphones and tablets. The market demand for high-end products like high multilayer HDI and AnyLayer HDI is continuously growing due to the recovery of the consumer electronics market and the upgrade of smart terminal functions [3][34] Group 2 - Benchuan Intelligent specializes in the R&D, production, and sales of PCBs, with core products including communication boards, automotive boards, and industrial control boards. The market demand for high-reliability, high-frequency PCBs is expanding due to the construction of 5G base stations and the upgrade of new energy vehicle systems [4][35] - Kexiang Co., Ltd. focuses on the R&D, production, and sales of HDI and high multilayer boards, covering various fields including consumer electronics and automotive electronics. The demand for high-end PCBs is continuously growing due to the functional upgrades of consumer electronics and the increasing demand for automotive electronic systems [5][36] - Jinlu Electronics specializes in the R&D, production, and sales of PCBs, with core products including automotive electronic boards and communication boards. The demand for high-reliability, high-integration PCBs is continuously growing due to the increasing penetration of new energy vehicles and the deep coverage of 5G networks [6][37] Group 3 - Shengyi Technology is a leading global supplier of copper-clad laminates (CCL) and related electronic materials, with products widely used in PCBs and electronic packaging. The demand for high-end copper-clad laminates is continuously expanding due to the increasing demand for high-frequency, high-temperature materials in 5G communication and data centers [7][38] - Xiehe Electronics focuses on the R&D, production, and sales of PCBs, including high-frequency and high-speed boards. The market demand for high-end products is continuously growing due to the advancement of 5G networks and the expansion of new energy vehicle systems [8][39] - Shiyun Circuit specializes in the R&D, production, and sales of PCBs, covering automotive electronics, consumer electronics, and industrial control. The demand for high-reliability, high-integration automotive PCBs is continuously growing due to the increasing complexity of in-vehicle electronic systems [9][40]

Core Viewpoint - The company emphasizes the importance of technology as a foundation for sustainable competitiveness, highlighting long-term understanding of process mechanisms, continuous investment in quality systems, and foresight in technological evolution [1] Group 1 - The company believes that the formation of technological strength is often slow but once established, it possesses strong stability and extensibility [1] - Short-term investments may require significant resources with slow returns, but in the long run, this approach is seen as the most certain and beneficial growth path with compounding effects [1]

（文章来源：证券日报） 证券日报网讯 1月26日，天津普林发布公告称，公司预计2025年度归属于上市公司股东的净利润为450 万元–650万元，比上年同期盈利3，386.44万元下降80.81%-86.71%。 ...

经济观察网2026年1月26日，天津普林（002134）发布2025年度业绩预告，预计2025年净利润450万元至 650万元，同比下降80.81%至86.71%；扣除非经常性损益后的净利润690万元至890万元，同比下降 70.84%至77.39%。 ...

Market Overview - The component sector experienced a decline of 1.18% on January 26, with Tianjin Pulin leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Top Gainers in the Component Sector - Kexiang Co., Ltd. (300903) saw a closing price of 27.97, with an increase of 6.67% and a trading volume of 568,700 shares [1] - Weier Gao (301251) closed at 59.61, up 4.85%, with a trading volume of 94,000 shares [1] - Sihui Fushi (300852) closed at 45.99, up 3.46%, with a trading volume of 144,400 shares [1] - Other notable gainers include Jin'an Guoji (002636) with a 2.85% increase and Guanghe Technology (001389) with a 2.66% increase [1] Top Losers in the Component Sector - Tianjin Pulin (002134) closed at 25.02, down 10.00%, with a trading volume of 230,500 shares [2] - Gaohua Technology (688539) saw a decline of 9.16%, closing at 45.32 with a trading volume of 75,000 shares [2] - Junya Technology (603386) and Tongfeng Electronics (600237) both experienced a drop of 5.32% [2] Capital Flow Analysis - The component sector experienced a net outflow of 1.552 billion yuan from major funds, while retail investors saw a net inflow of 1.505 billion yuan [2] - Speculative funds had a net inflow of 47.2367 million yuan [2] Individual Stock Capital Flow - Shengyi Technology (600183) had a net inflow of 2.72 billion yuan from major funds, while retail investors had a net outflow of 38.2874 million yuan [3] - Kexiang Co., Ltd. (300903) saw a net inflow of 1.43 billion yuan from major funds, but a net outflow of 148 million yuan from retail investors [3] - Guanghe Technology (001389) had a net inflow of 931.774 million yuan from major funds, with a significant net outflow of 947.056 million yuan from retail investors [3]

Group 1 - The company Tianjin Priline announced an expected net profit attributable to shareholders of 4.5 million to 6.5 million yuan for 2025, representing a year-on-year decline of 80.81% to 86.71% [1] - The primary factors for the performance change include rising commodity prices leading to increased raw material costs and a decrease in gross profit margin [1] - Additionally, the production capacity of Taihe Circuit Technology (Zhuhai) Co., Ltd. has not been fully released as it is still undergoing customer certification and onboarding [1]

Core Viewpoint - Tianjin Pring (002134.SZ) forecasts a significant decline in net profit for the fiscal year 2025, indicating potential challenges ahead for the company [1] Financial Performance - The company expects net profit attributable to shareholders to be between 4.5 million and 6.5 million yuan, representing a year-on-year decrease of 80.81% to 86.71% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 6.9 million and 8.9 million yuan [1]

天津普林（002134）(002134.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润450万 元–650万元，同比下降80.81%-86.71%;扣除非经常性损益后的净利润690万元–890万元。 ...

Core Viewpoint - Tianjin Pulin (002134.SZ) expects a significant decline in net profit for 2025, projecting a range of 4.5 million to 6.5 million yuan, which represents a decrease of 80.81% to 86.71% compared to the previous year [1] Group 1 - The net profit after deducting non-recurring gains and losses is projected to be between 6.9 million and 8.9 million yuan, reflecting a decline of 70.84% to 77.39% year-on-year [1] - The increase in commodity prices has led to a rise in raw material costs, resulting in a decrease in gross margin [1] - Taihe Circuit Technology (Zhuhai) Co., Ltd. is still in the process of customer certification and integration, which has hindered the full release of production capacity [1]

Group 1 - Tianjin Pulin expects a net profit attributable to shareholders of 4.5 million to 6.5 million yuan for 2025, representing a year-on-year decline of 80.81% to 86.71% [1] - The basic earnings per share are projected to be between 0.02 yuan and 0.03 yuan [1] - The primary reason for the performance change is the increase in raw material costs due to rising commodity prices, leading to a decrease in gross profit margin [1] Group 2 - Taihe Circuit Technology (Zhuhai) Co., Ltd. is still in the process of customer certification, resulting in insufficient capacity release [1]