Group 1 - The company Strongda Circuit has provided information about its major clients in the electronics manufacturing sector, which include Huaxing Yuanchuang, Dafeng Technology, Scanfil, Phoenix, Yibo Technology, Huichuan Technology, Chunxing Precision, Shengjing Micro, and Wuhan Fangu [1] - The company also listed its PCB trading clients, which include Fineline, PCBConnect, and ICAPE, as well as PCB manufacturers such as Würth and HT [1] - Strongda Circuit emphasized that specific details should be referenced from the company's latest announcements and disclosures, and it will fulfill its information disclosure obligations according to relevant regulations [1]

Core Viewpoint - The company, Changda Circuit (301628.SZ), has disclosed its major clients and partnerships in response to investor inquiries, highlighting its diverse customer base in the electronics manufacturing sector [1]. Client Overview - Major clients in the electronics manufacturing sector include Huaxing Yuanchuang (688001.SH), Dafu Technology (300134.SZ), Scanfil, Phoenix, Yibo Technology (301366.SZ), Huichuan Technology (300124.SZ), Chunxing Precision (002547.SZ), Shengjing Micro (603375.SH), and Wuhan Fangu (002194.SZ) [1]. - PCB trading partners consist of Fineline, PCB Connect, and ICAPE [1]. - PCB manufacturers include Würth and HT [1].

Core Viewpoint - Wuhan Guangju Microelectronics, a leading company in the high-end RF front-end chip sector, has faced significant operational challenges leading to the termination of its B+ round financing, initially planned to enhance its business and operational capabilities [1][2]. Group 1: Financing and Investment - In March, Wuhan Guangju announced the completion of over 100 million yuan in B+ round financing aimed at expanding its core business and reinforcing its market position [1]. - The B+ round financing was abruptly terminated due to changes in the operating environment, including foreign policy fluctuations and intensified domestic competition [2]. - The company had previously completed a B round financing in December 2023, with a post-investment valuation of 1.4 billion yuan [6]. Group 2: Operational Challenges - Wuhan Guangju is facing multiple operational difficulties, including rising prices of imported raw materials such as 8-inch high-resistivity silicon wafers and photoresists, exacerbated by geopolitical factors [3]. - The company relies heavily on imported key production equipment, leading to uncertainties in procurement costs and delivery timelines [3]. - Increased price competition from domestic competitors has resulted in a significant drop in target prices for bidding clients, impacting the company's profitability [3]. Group 3: Industry Context - The semiconductor industry is experiencing challenges in the localization of materials and equipment, with domestic suppliers currently only able to meet mature process demands, while advanced process materials require extensive validation and adaptation [4]. - Wuhan Guangju operates as an IDM company, focusing on the design and manufacturing of BAW filters, which are predominantly controlled by foreign firms like Broadcom and Qualcomm [5]. - The company has successfully entered the supply chains of major international clients, including major ODMs and smartphone manufacturers [5].

Core Viewpoint - Wuhan Fangu announced the termination of its investment in Wuhan Guangju Microelectronics to protect the company's and shareholders' interests and control investment risks [2][3] Group 1: Investment Decision - On March 12, 2025, Wuhan Fangu approved a capital increase plan to invest RMB 100 million in Wuhan Guangju, with RMB 11.2068 million allocated to registered capital and RMB 88.793194 million to capital reserves [2] - The investment aimed to support Wuhan Guangju's business development and capacity expansion [2] Group 2: Challenges Faced by Wuhan Guangju - The operating environment for Wuhan Guangju has significantly changed due to external policy fluctuations and intensified domestic industry competition, leading to increased uncertainty in its medium to long-term development [2] - Supply chain challenges include geopolitical impacts on core raw material supplies, limited procurement channels, and rising material prices, particularly for key materials like photoresist and high-purity electronic gases [2] - Capacity expansion challenges arise from reliance on imported key production equipment, with uncertainties in procurement costs and delivery timelines, despite efforts to localize the supply chain [2] Group 3: Market Competition - The domestic RF front-end market is experiencing intensified competition with severe product homogeneity, leading to irrational price competition in 2025, which has significantly reduced product prices for Wuhan Guangju [3] - The company faces challenges in turning profitable in the short term due to these competitive pressures [3] Group 4: Termination Agreement - Following a reassessment of the investment project, Wuhan Fangu decided to terminate the investment to mitigate uncertainties and enhance capital efficiency [3] - On September 25, 2025, a termination agreement was signed, requiring Wuhan Guangju to refund the RMB 100 million investment and corresponding interest within 30 days [3]

Group 1 - The company held its 13th temporary board meeting on September 25, 2025, to discuss and approve the termination of an external investment and related transactions with Wuhan Guangju Microelectronics Co., Ltd. [2][3][7] - The board's decision to terminate the investment was based on a reassessment of the market environment and competitive landscape faced by Wuhan Guangju, which indicated increased uncertainty and risks [10][12][23]. Group 2 - The company initially agreed to invest RMB 100 million in Wuhan Guangju, with RMB 11.2068 million allocated to registered capital and the remaining RMB 88.793194 million to capital reserves [7][9]. - The termination agreement was signed on September 25, 2025, and it included provisions for the return of the investment funds, with specific amounts to be refunded to various investors, including RMB 100 million to the company [13][17]. Group 3 - The company will classify its investment in Wuhan Guangju as a financial asset measured at fair value, with any gains or losses recognized in the current period's profit and loss [22]. - The termination of the investment will not affect the company's normal operations or harm the interests of shareholders, particularly minority shareholders [21][24]. Group 4 - The strategic committee and independent directors both approved the termination of the investment, emphasizing that it was a prudent decision that would not adversely impact the company's financial status or operations [23][24][25]. - The board's decision was made in compliance with relevant regulations, and the matter did not require shareholder approval [26].

Core Viewpoint - Wuhan Fangu (002194.SZ) has decided to terminate its investment in Wuhan Guangju Microelectronics Co., Ltd. due to changes in the operating environment and increased uncertainty in the medium to long-term development [1] Group 1: Company Actions - The company will hold the 13th (temporary) meeting of the 8th Board of Directors on September 25, 2025, to review the proposal for terminating the investment and related transactions [1] - The company has agreed to sign a termination agreement regarding the B+ round investment agreement and the B+ round shareholder agreement with Wuhan Guangju and its stakeholders [1] Group 2: Market Conditions - Wuhan Guangju has indicated that its operating environment has changed due to recent fluctuations in overseas policies and intensified domestic industry competition, leading to increased uncertainty [1] - The company will engage in negotiations with relevant parties who wish to voluntarily exit the B+ round financing agreement, adhering to the principle of good faith consultation [1]

证券代码：002194 证券简称：武汉凡谷 公告编号：2025-037 武汉凡谷电子技术股份有限公司 关于终止对外投资暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 武汉凡谷电子技术股份有限公司（以下简称"武汉凡谷"或"公司"）于 2025年9月25日召开第八届董事会第十三次（临时）会议，审议通过了《关于终 止对外投资暨关联交易的议案》，同意公司终止对武汉光钜微电子有限公司（以 下简称"武汉光钜""目标公司"）的相关投资事项，并与目标公司、目标公司子 公司及目标公司股东共同签署《关于武汉光钜微电子有限公司之B+轮投资协议及 B+轮股东协议之终止协议》（以下简称"终止协议"）。现就有关事项公告如下： 一、原对外投资基本情况 公司于 2025 年 3 月 12 日召开了第八届董事会第八次（临时）会议，审议通 过了《关于对外投资暨关联交易的议案》，同意公司以增资形式向武汉光钜投资 人民币 10,000 万元，其中人民币 1,120.6806 万元计入武汉光钜的注册资本，其 余人民币 8,879.3194 万元计入武汉光钜的资本公积金。 关于终止对外 ...

第八届董事会第十三次（临时）会议决议公告 证券代码：002194 证券简称：武汉凡谷 公告编号：2025-036 武汉凡谷电子技术股份有限公司 第八届董事会第十三次（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、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 武汉凡谷电子技术股份有限公司（以下简称"公司"）第八届董事会第十三 次（临时）会议于 2025 年 9 月 22 日以电子邮件方式发出会议通知，于 2025 年 9 月 25 日上午 9:30 在武汉市江夏区藏龙岛科技园九凤街 5 号公司 4 号楼 3 楼 1 号会议室以现场结合通讯方式召开。应参加本次会议的董事 9 名，实际参加会议 的董事 9 名（其中董事兼副总经理贾雄杰先生以通讯的方式参加本次会议），公 司全体高级管理人员列席了会议，会议由董事长孟凡博先生主持。会议召开程序 符合《中华人民共和国公司法》和《公司章程》的规定。 二、董事会会议审议情况 1．关联董事王丽丽女士、孟凡博先生回避后，以七票赞同、零票反对、零 票弃权审议通过了《关于终止对外投资暨关联交易的议案》； 本议案已分别经公司第八届董事会 ...

Group 1 - The core point of the article is that Wuhan Fangu has announced the termination of an external investment and related transactions during a board meeting held on September 25, 2025 [1] - For the first half of 2025, Wuhan Fangu's revenue composition shows that the manufacturing of computers, communications, and other electronic devices accounted for 96.22%, while other industries made up 3.78% [1] - As of the report, Wuhan Fangu's market capitalization stands at 9.4 billion yuan [1]

Core Viewpoint - Wuhan Fangu announced the termination of its investment in Wuhan Guangju Microelectronics, indicating a strategic shift in its investment focus [1] Group 1 - Wuhan Fangu held its 13th meeting of the 8th Board of Directors on September 25, 2025, where the decision to terminate the investment was made [1] - The company agreed to sign a termination agreement regarding the B+ round investment and shareholder agreement with the target company, its subsidiaries, and shareholders [1]