Core Viewpoint - Xingsen Technology has experienced a decline in stock price over the past five trading days, with a cumulative drop of -6.40% [1] Company Overview - Shenzhen Xingsen Quick Circuit Technology Co., Ltd. (stock code: 002436) has been operating in the electronic circuit industry for 30 years and is a global provider of advanced electronic circuit solutions [1] - The company possesses core technologies and mass production capabilities in integrated circuit manufacturing, covering the electronic hardware three-dimensional packaging field [1] - Xingsen Technology has developed a digital manufacturing model for electronic circuit design and manufacturing, offering high-value comprehensive solutions from design to testing and delivery [1] Financial Performance - According to financial reports, the Everbright Credit Enhancing Bond A fund, managed by Everbright Baodexin Fund, is among the top ten shareholders of Xingsen Technology and has increased its holdings in the first quarter of this year [1] - The fund has achieved a yield of 4.90% this year, ranking 99th out of 1264 in its category [1]

Industry Overview - Substrate-like PCB (SLP) is a new type of circuit board positioned between traditional PCBs and semiconductor packaging substrates, experiencing rapid development in recent years [1][4] - The global SLP market size is projected to reach 31.5 billion yuan in 2024, with a year-on-year growth of 6.06% [1][15] - SLP technology meets the increasing demand for miniaturization and high performance in electronic products, with line width/spacing reduced to 20/35 microns, allowing for double the component density compared to traditional HDI [1][15] Industry Development History - The SLP industry in China has gone through four stages: the initial stage (2010-2016), the startup phase (2017-2020), the scaling phase (2021-2023), and the internationalization phase (2024-present) [4][5][6] - The introduction of SLP technology by Apple in the iPhone X marked its commercial application, leading to increased demand from consumer electronics [4][5] - Chinese manufacturers like Pengding Holdings and Shenzhen Sannan Circuit began to break the technological monopoly of international firms during the startup phase [5][6] Industry Chain - The upstream of the SLP industry chain includes raw materials (copper foil, resin, glass fiber cloth, etc.) and production equipment (laser drilling machines, plating equipment, etc.) [9] - The midstream involves the manufacturing of SLP, while the downstream applications include smartphones, wearable devices, automotive electronics, data centers, and 5G communication devices [9] Market Size - The SLP market is expected to continue growing, driven by advancements in technology and increasing demand for high-density circuit boards [15][24] - The market is projected to expand further by 2030, particularly in China, due to the proliferation of 5G networks and upgrades in consumer electronics [24] Key Companies' Performance - Pengding Holdings, a leading PCB manufacturer, has achieved significant revenue growth, with SLP-related income accounting for over 45% of total revenue in 2024 [21] - Shenzhen Sannan Circuit has made advancements in SLP technology, achieving mass production of 25μm line width/spacing and continuously pushing towards 20μm [19][21] - Shenzhen Jingwang Electronics has established a strong position in the high-end PCB market, with a focus on SLP technology and significant revenue growth in 2025 [19][21] Industry Development Trends - The SLP technology is advancing towards higher density and finer lines, with line width/spacing shrinking to below 15/15 microns for applications in AR/VR and 6G communication [6][23] - The demand for high-performance PCBs is expected to drive industry expansion, with companies focusing on capacity expansion and technological upgrades to meet market needs [24][25] - Increased competition is anticipated, leading to higher market concentration, with leading companies solidifying their positions through innovation and market integration [25]

| 证券代码：002436 | 证券简称： 兴森科技 | 公告编号：2025-06-035 | | --- | --- | --- | | 债券代码：128122 | 债券简称：兴森转债 | | 深圳市兴森快捷电路科技股份有限公司 关于 2025 年累计新增借款超过上年末净资产百分之二十的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 深圳市兴森快捷电路科技股份有限公司(以下简称"公司")根据《公司债券 发行与交易管理办法》等相关规定，现就 2025 年累计新增借款情况披露如下： 一、主要财务数据概况 截至 2024 年末，公司经审计的归属于母公司的净资产为 493,548.69 万元， 借款余额（含合并报表范围内的子公司，下同）为 404,395.60 万元。截至 2025 年 5 月 31 日，公司借款余额为 504,676.86 万元（未经审计）；较 2024 年末增加 100,281.26 万元，累计新增借款（含债券）占公司上年末经审计归属于母公司净 资产的比例为 20.32%，超过 20.00%。 二、新增借款的分类披露 | 序号 | 借款类别 ...

Group 1 - The company held its seventh board meeting on June 11, 2025, to discuss the acquisition of a 24% stake in its subsidiary, Guangzhou Xinke Semiconductor Co., Ltd. [2][5][9] - The board approved the purchase at a base price of 319.987727 million yuan, to be funded through raised and self-raised funds [5][10][12] - The transaction is subject to the approval of relevant government authorities and does not require shareholder approval [12][21] Group 2 - The counterparty for the transaction is the National Integrated Circuit Industry Investment Fund Co., Ltd., which holds a 24% stake in Guangzhou Xinke [13][14] - The fund has a registered capital of 9.872 billion yuan and is primarily involved in equity investment and asset management [14] - The transaction aims to strengthen the company's control over its subsidiary and enhance decision-making efficiency [21] Group 3 - If the company successfully acquires the stake, it will hold a 90% direct stake in Guangzhou Xinke, further consolidating its position [16] - The valuation of the stake is based on a recent assessment, with the total equity value of Guangzhou Xinke estimated at 1.224 billion yuan [19] - The company is committed to ensuring that the transaction does not harm the interests of its shareholders [21]

Group 1 - The shareholder of Fengyuzhu plans to reduce its holdings by no more than 3% of the company's shares [1] - Tianqi Materials intends to invest approximately $280 million in building an electrolyte and raw materials base in Morocco [1] - Xingsen Technology plans to participate in the purchase of a 24% stake in its subsidiary Xinke Semiconductor [1] Group 2 - Dongshi Convertible Bonds will be suspended from trading on the Shanghai Stock Exchange starting June 20 due to the company's inability to complete rectification before the deadline [1] - The controlling shareholder, Dongfang Fashion Investment Co., Ltd., and its affiliates have returned 0 yuan of occupied funds [1] - The suspension period for the company's stock and Dongshi Convertible Bonds will not exceed 2 months [1]

Group 1 - The core point of the article is that Xingsen Technology plans to acquire a 24% stake in Guangzhou Xinke Semiconductor for 320 million yuan, which will enhance its control over the subsidiary [1] - Guangzhou Xinke, originally a subsidiary of Xingsen Technology, focuses on CSP packaging and was established in January 2020 with a registered capital of 1 billion yuan, where Xingsen contributed 410 million yuan, holding a 41% stake [1][2] - The exit of the major fund from Guangzhou Xinke is seen as the final exercise of its exit rights, following a previous announcement regarding the cash buyback of shares [1][2] Group 2 - The establishment of Guangzhou Xinke was driven by Xingsen Technology's need to increase production capacity and enhance advanced process capabilities to meet the growing demands of international clients [2] - Despite the ambitious profit targets set for 2021, 2022, and 2023, Guangzhou Xinke reported a revenue of 319 million yuan and a net loss of 70.7 million yuan for 2024, indicating ongoing challenges in achieving profitability [2] - Xingsen Technology aims to enhance its management efficiency and decision-making by increasing its stake in Guangzhou Xinke to 90% directly and 9.92% indirectly, aligning with its overall strategic development plan [3]

Suspension and Resumption of Trading - *ST Yazhen has repeatedly triggered abnormal stock trading fluctuations and will be suspended for verification starting tomorrow [1] Investment Cooperation and Operating Conditions - Hesheng New Materials plans to invest 250 million yuan to increase its stake in Yizhi Electronics, expecting to hold 10% of the company post-investment. Yizhi Electronics specializes in the R&D, design, and sales of high-end processors for servers and workstations, providing chip product solutions [2] - Xingye Securities has not received any information regarding a merger with Huafu Securities [2] - Keda Li intends to jointly invest with Weichuang Electric to establish Suzhou Yizhi Intelligent Drive Technology Co., focusing on the market potential of embodied intelligent robots [2] - Tianfu Communication's 1.6T optical engine product is in a stable delivery phase, with smooth progress on related CPO products [2] - Shuangliang Energy has signed a sales contract for a 450 million yuan green hydrogen production system [2] - Junshi Biosciences' subsidiary JT118 injection clinical trial application has been accepted, aimed at preventing monkeypox virus infection [3] - Xingsen Technology plans to participate in the purchase of a 24% stake in its subsidiary Xinke Semiconductor [4] - Tianci Materials intends to invest approximately 280 million USD to build an integrated production base for electrolytes and raw materials in Morocco [5] - Shaanxi Construction has won a bid for a melamine project in Indonesia worth 2.137 billion yuan, with an annual production capacity of 120,000 tons [6] - Changyuan Donggu has received a notification from a well-known domestic automaker, confirming it as a designated supplier for a series of engine cylinder block semi-finished products, with total sales expected to be between 450 million and 500 million yuan [6]

债券代码：128122 债券简称：兴森转债 证券代码：002436 证券简称：兴森科技 公告编号：2025-06-034 深圳市兴森快捷电路科技股份有限公司 关于"兴森转债"即将到期及停止交易的第二次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、"兴森转债"到期日：2025 年 7 月 22 日 2、"兴森转债"到期兑付价格：110 元人民币/张（含税及最后一期利息） 一、"兴森转债"上市概况 经中国证券监督管理委员会《关于核准深圳市兴森快捷电路科技股份有限公司公开发行可 转换公司债券的批复》（证监许可[2020]1327 号）核准，公司于 2020 年 7 月 23 日向社会公开 发行了 268.90 万张可转换公司债券，每张面值 100 元，发行总额 26,890.00 万元。经深圳证 券交易所《关于深圳市兴森快捷电路科技股份有限公司可转换公司债券上市交易的通知》（深 证上【2020】717 号）审核同意，公司发行的 26,890.00 万元可转换公司债券自 2020 年 8 月 1 3、"兴森转债"最后交易日：2025 年 ...

一、交易概述 证券代码：002436 证券简称： 兴森科技 公告编号：2025-06-033 深圳市兴森快捷电路科技股份有限公司 关于拟参与购买子公司广州兴科半导体有限公司 24%股权的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）于 2025 年 6 月 11 日 召开第七届董事会第八次会议，审议通过了《关于拟参与购买子公司广州兴科半导体有 限公司 24%股权的议案》，同意公司以挂牌底价 31,998.7727 万元进场参与购买子公司广 州兴科半导体有限公司（以下简称"广州兴科"）的少数股东国家集成电路产业投资基 金股份有限公司（以下简称"大基金"）所持有的广州兴科 24%股权（以下简称"标的股 权"）。现将相关情况介绍如下： 大基金已将标的股权在深圳联合产权交易所挂牌转让，挂牌底价为 31,998.7727 万 元，项目编号为 CQ2025052800010（国资监测编号 G32025SZ1000031）。本次交易已经中 华人民共和国财政部办公厅批复同意。 公司拟以挂牌底价进场参与购买标的股权， ...

证券代码：002436 证券简称： 兴森科技 公告编号：2025-06-032 深圳市兴森快捷电路科技股份有限公司 第七届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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 1、深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）第七届董事会第八 次会议的会议通知于 2025 年 6 月 4 日以电子邮件的方式发出。 2、本次董事会于 2025 年 6 月 11 日 15:00 在广州市黄埔区科学城光谱中路 33 号子 公司广州兴森快捷电路科技有限公司四楼会议室以现场会议结合通讯表决的方式召开。 3、本次董事会应出席董事 7 名，实际出席董事 7 名。 5、本次董事会由董事长邱醒亚先生主持。 6、本次董事会的召集、召开符合《中华人民共和国公司法》《公司章程》等有关法 律法规和内部制度的规定。 二、董事会会议审议情况 4、公司监事、高级管理人员列席了本次董事会。 同意授权公司管理层决定是否行使标的股权的优先购买权；同意授权公司管理层或 其授权人员办理本次购买广州兴科少数股东股权事项相关具体事宜（包括但不限于制定 和 ...