Group 1: Company Overview - Kanop focuses on the research, manufacturing, and sales of industrial robots, covering core components, complete machines, and intelligent equipment development [3] - Dongshan Precision engages in precision manufacturing and electronic components, including precision sheet metal parts, precision casting, and flexible circuit board design and production [5] - Nobikang specializes in the industrial application of AI technologies and digital twins in sectors such as AI+ transportation, AI+ energy, and AI+ urban governance [9] Group 2: Financial Performance - Kanop's revenue for 2022 to 2024 is projected to be 197 million, 222 million, and 234 million CNY, with net profits of 28.27 million, 1.69 million, -12.94 million, and 8.44 million CNY respectively [3] - Dongshan Precision's revenue for 2022 to 2024 is expected to be 31.58 billion, 33.65 billion, and 36.77 billion CNY, with net profits of 2.368 billion, 1.965 billion, and 1.085 billion CNY [5] - Nobikang's revenue from 2021 to 2024 is anticipated to be 101 million, 253 million, 364 million, and 186 million CNY, with net profits of 25.74 million, 63.16 million, 88.57 million, and 50.74 million CNY [9] Group 3: IPO Applications - Kanop submitted its IPO application to the Hong Kong Stock Exchange on November 17 [1] - Dongshan Precision filed its IPO application on November 18 [2] - Nobikang re-submitted its IPO application on November 18 after previously filing on November 12, 2024 [6]

Core Viewpoint - Dongshan Precision's stock price has seen significant fluctuations, with a year-to-date increase of 144.80%, but a recent decline of 5.56% over the past five trading days [1] Group 1: Stock Performance - As of November 19, Dongshan Precision's stock price was 71.31 CNY per share, with a market capitalization of 130.61 billion CNY [1] - The company has experienced a net outflow of 38.97 million CNY in principal funds, with large orders showing a buy of 187 million CNY and a sell of 196 million CNY [1] - The stock has appeared on the trading leaderboard nine times this year, with the most recent appearance on November 6, where it recorded a net buy of 373 million CNY [1] Group 2: Company Overview - Dongshan Precision, established on October 28, 1998, and listed on April 9, 2010, is located in Suzhou, Jiangsu Province [2] - The company's main business includes manufacturing and services for precision sheet metal parts and precision castings, with revenue composition: 65.23% from electronic circuit products, 17.98% from touch panels and LCD modules, 13.93% from precision components, 1.69% from LED display devices, and 1.17% from other sources [2] - As of October 31, the number of shareholders was 106,700, a decrease of 7.43%, with an average of 12,996 circulating shares per person, an increase of 8.02% [2] Group 3: Financial Performance - For the period from January to September 2025, Dongshan Precision achieved a revenue of 27.071 billion CNY, a year-on-year increase of 2.28%, and a net profit attributable to shareholders of 1.223 billion CNY, a year-on-year increase of 14.61% [2] - The company has distributed a total of 1.544 billion CNY in dividends since its A-share listing, with 731 million CNY distributed in the last three years [3] Group 4: Shareholder Structure - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 68.7123 million shares, an increase of 5.2492 million shares from the previous period [3] - New institutional shareholders include Ruiyuan Growth Value Mixed A and Xingquan Helun Mixed A, holding 21.3417 million shares and 11.7753 million shares, respectively [3]

Core Viewpoint - Dongshan Precision (002384) has submitted a listing application to the Hong Kong Stock Exchange, with UBS Group, Haitong International, GF Securities, and CITIC Securities as joint sponsors [1] Company Summary - Dongshan Precision is the largest PCB supplier for edge AI devices globally and the second-largest flexible circuit board supplier, ranking among the top three PCB suppliers worldwide based on 2024 revenue [1] - The company's products are widely used in smartphones, PCs, automotive, industrial, and IoT devices, and it is expanding into the data center terminal market [1] - As an innovation-driven enterprise, Dongshan Precision offers a diversified product portfolio and one-stop solutions for top global technology companies [1] - It is the only supplier with mass production capabilities for PCBs, optical chips, and optical modules, which together account for 9%-14% of the material costs for AI servers, second only to GPUs [1] - Long-term partners include four of the top five consumer electronics companies and major electric vehicle and cloud service giants [1] Industry Summary - The PCB industry is experiencing continuous technological upgrades, with strong demand for high-end products driven primarily by AI, consumer electronics, communications, and automotive electronics [1] - The global edge AI device PCB market is projected to reach USD 9.8 billion in 2024, with rapid growth expected to increase to USD 31.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 26.4% [1]

Core Viewpoint - Dongshan Precision (002384.SZ) has submitted an application for the issuance of overseas listed foreign shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on November 18, 2025 [1] Group 1 - The application materials were published on the Hong Kong Stock Exchange's website on the same day [1] - The application was prepared and published in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The materials are in draft form and may be updated and revised as necessary [1]

Core Viewpoint - Dongshan Precision Manufacturing Co., Ltd. (002384.SZ) has submitted an application to list on the Hong Kong Stock Exchange, with UBS Group, Haitong International, GF Securities, and CITIC Securities as joint sponsors. The company is recognized as the world's largest PCB supplier for edge AI devices, with products used in smartphones, personal computers, automobiles, industrial applications, and IoT devices, and is rapidly expanding into the data center terminal market [1][3]. Company Overview - Dongshan Precision is an innovative company focused on smart manufacturing with a global perspective. It has established a leading market position in core product areas and is the largest edge AI device PCB supplier and the second-largest soft board supplier globally, based on projected 2024 revenues [3]. - The company offers a diverse product portfolio, including PCBs, precision components, touch panels, LCD modules, and optical modules, which are widely used in consumer electronics, automotive, data centers, communication equipment, and industrial control devices [3][4]. - Dongshan Precision is the only supplier globally that possesses capabilities in PCB, optical chips, and optical modules, which together account for approximately 9% to 14% of AI server material costs, enhancing its ability to enter the high-growth data center terminal market [3]. Market Position and Strategy - The company has long-term partnerships with four of the top five consumer electronics brands, four of the top five electric vehicle manufacturers, and four of the top five cloud service providers globally. It engages deeply with clients during the early product design stages, fostering trust and aligning with industry trends [4]. - Dongshan Precision is expanding its global manufacturing footprint and enhancing regional operational capabilities to meet evolving customer demands. The recent acquisition of European automotive parts supplier GMD exemplifies this strategy [4]. - As of the first half of 2025, 77.7% of the company's revenue came from clients outside mainland China, with production facilities in 15 countries and regions across Asia, North America, Europe, and Africa, employing approximately 20% of its workforce abroad [4]. Financial Performance - The company reported revenues of RMB 31.58 billion, RMB 33.65 billion, and RMB 36.77 billion for the years 2022, 2023, and 2024, respectively. The primary revenue source during this period was electronic circuits [8]. - Gross profits for the same years were RMB 5.09 billion, RMB 4.68 billion, and RMB 4.22 billion, indicating a decline primarily due to reduced margins in communication equipment components and increased losses in other areas [9]. - Net profits for 2022, 2023, and 2024 were RMB 2.37 billion, RMB 1.97 billion, and RMB 1.09 billion, respectively [10]. Industry Overview - The PCB industry is essential for electronic devices, providing critical functions such as precise electrical interconnection and low-loss signal transmission. The increasing performance demands of electronic devices are driving technological upgrades in the PCB industry [11]. - The global PCB market is projected to grow significantly, with the data center PCB market expected to reach USD 12.5 billion in 2024 and grow at a compound annual growth rate (CAGR) of 10.9% to USD 21 billion by 2029 [14]. - The edge AI device PCB market is anticipated to expand rapidly, with a market size exceeding USD 9.8 billion in 2024 and a projected CAGR of 26.4% to reach USD 31.7 billion by 2029 [25].

证券代码：002384 证券简称：东山精密 公告编号：2025-083 苏州东山精密制造股份有限公司 关于向香港联交所递交H股发行上市的申请并刊发申请资料的公告 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。 苏州东山精密制造股份有限公司（以下简称"公司"）已于2025年11月18日向 香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资股 （H股）并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并 于同日在香港联交所网站刊登了本次发行上市的申请材料。该申请材料为公司按 照香港证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要 求编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订。 鉴于本次发行上市的发行对象仅限于符合相关条件的境外投资者及依据中 国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证 券交易所的网站和符合监管机构规定条件的媒体上刊登该申请资料，但为使境内 投资者及时了解该等申请资料披露的有关本次发行上市以及公司的其他信息，现 提供该申请资料在香港联交所网站的查询链接供查阅 ...

东山精密公告称，公司于2025年11月18日向香港联交所递交发行境外上市外资股（H股）并在香港联交 所主板挂牌上市的申请，同日在香港联交所网站刊登申请材料。该材料为草拟版本，可能更新修订。发 行对象为符合条件的境外投资者及境内合格投资者，公司不在境内媒体刊登申请资料，提供香港联交所 网站查询链接。本次发行上市尚需多部门备案、批准或核准，存在不确定性。 ...

Company Overview - Dongshan Precision Manufacturing Co., Ltd. (东山精密) has submitted an application for listing on the Hong Kong Stock Exchange, with UBS Group, Haitong International, Guangfa Securities, and CITIC Securities as joint sponsors [1] - The company is recognized as the world's largest PCB supplier for edge AI devices, with products utilized in smartphones, personal computers, automobiles, industrial applications, and IoT devices [1][3] - Dongshan Precision is also the second-largest supplier of flexible printed circuit boards (FPC) and ranks among the top three PCB suppliers globally [3] Product and Market Position - The company has established a leading market position in core product areas and offers a diverse product portfolio, including PCBs, precision components, touch panels, LCD modules, and optical modules [3] - Dongshan Precision is the only supplier globally that possesses capabilities in PCBs, optical chips, and optical modules, which together account for approximately 9% to 14% of the material costs for AI servers [3] - The company has long-term partnerships with four of the top five consumer electronics brands, four of the top five electric vehicle manufacturers, and four of the top five cloud service providers [4] Financial Performance - The company reported revenues of RMB 31.58 billion, RMB 33.65 billion, and RMB 36.77 billion for the years 2022, 2023, and 2024, respectively [7] - Gross profits for the same years were RMB 5.09 billion, RMB 4.68 billion, and RMB 4.22 billion, indicating a decline in gross profit primarily due to reduced margins in communication device components and increased losses in other areas [8] - Net profits for 2022, 2023, and 2024 were RMB 2.37 billion, RMB 1.97 billion, and RMB 1.09 billion, respectively [9] Industry Overview - The PCB industry is essential for electronic devices, providing critical functions such as precise electrical interconnection and low-loss signal transmission [10] - The global PCB market is projected to grow significantly, with the data center PCB market expected to reach USD 12.5 billion in 2024 and grow at a compound annual growth rate (CAGR) of 10.9% from 2024 to 2029 [13] - The edge AI device PCB market is anticipated to exceed USD 9.8 billion in 2024, with a CAGR of 62.5% from 2019 to 2024, driven by the increasing demand for edge computing capabilities [24] Strategic Initiatives - Dongshan Precision is expanding its global manufacturing footprint and enhancing localized operations to meet evolving customer demands [4] - The recent acquisition of European automotive parts supplier GMD is part of the company's strategy to integrate manufacturing expertise into localized operations [4] - The company aims to provide comprehensive solutions by leveraging synergies in research and development, engineering, supply chain, and operations [3]

Core Insights - Dongshan Precision Manufacturing Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with UBS Group, Haitong International, GF Securities, and CITIC Securities acting as joint sponsors [1] - The company specializes in intelligent manufacturing and has a global perspective, focusing on the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules [1] - According to Zhi Shi Consulting, Dongshan Precision is the largest PCB supplier for edge AI devices globally, the second-largest supplier of flexible printed circuit boards, and ranks among the top three PCB suppliers worldwide based on projected revenue for 2024 [1]

聯席保薦人、[编纂] [測養] UBS 瑞缇集團 (D 國泰培通 | 活動隊 据港交所文件，11月18日，苏州东山精密制造股份有限公司向港交所提交上市申请书,联席保荐人为瑞 银集团、国泰海通、广发证券、中信证券。 Suzhou Dongshan Precision Manufacturing Co., Ltd. 蘇州東山精密製造股份有限公司 (於中華人民共和國註冊成立之股份有限公司) [编纂] (元 | 发班券 瓣中信证券 [编纂]項下的[编纂]數目 [编纂]股H股(視乎[编纂]行使與否 " 而定) 香港[编纂]數目 [编纂]股H股(可予[编纂]) : 國際[编纂]數目 : [编纂]股H股(可予[编纂]及視乎 [编纂]行使與否而定) 最高[编纂] 每股H股[編纂]港元,另加1.0%經紀佣金、 : 0.0027%證監會交易徵費、0.00565%聯交所 交易費及0.00015%會財局交易徵費(須於 申請時以港元繳足,多繳股款可予退還) 每股H股人民幣1.00元 面值 : [甜養] " [測養] ...