深圳市兴森快捷电路科技股份有限公司 关于兴森转债转股价格调整的公告 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。 特别提示： 债券代码：128122 债券简称：兴森转债 调整前转股价格：人民币 13.38 元/股 调整后转股价格：人民币 13.35 元/股 转股价格调整生效日期：2025 年 5 月 28 日 一、关于可转换公司债券转股价格调整的相关规定 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）于 2020 年 7 月 23 日公开发 行了总额为 268,900,000.00 元的可转换公司债券，每张面值为 100 元人民币，共 2,689,000 张，期限为 5 年，并于 2020 年 8 月 17 日起在深圳证券交易所上市交易，债券简称为"兴森转 债"，债券代码为"128122"。 证券代码：002436 证券简称：兴森科技 公告编号：2025-05-029 债券代码：128122 债券简称：兴森转债 根据中国证券监督管理委员会关于可转换公司债券发行的有关规定及《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募集说明书》（以下简 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 5.817 billion yuan for 2024, an increase of 8.53% year-on-year, but a net profit attributable to shareholders of -198 million yuan, a decrease of 193.88% year-on-year. For Q1 2025, the revenue was 1.580 billion yuan, up 13.77% year-on-year, while the net profit attributable to shareholders was 9 million yuan, down 62.24% year-on-year [2][6]. - The PCB business showed growth, but significant investments in expenses led to losses. The revenue from PCB, semiconductor test boards, and packaging substrates for 2024 was 4.300 billion yuan, 169 million yuan, and 1.116 billion yuan, with year-on-year growth rates of +5.11%, -36.21%, and +35.87% respectively [11]. - The FCBGA project is expanding, with an overall investment exceeding 3.5 billion yuan, and the project has entered small batch production. The company aims to complete product certification for overseas clients by 2025 [11]. Summary by Sections Financial Performance - In 2024, the total revenue was 58.17 billion yuan, with a gross profit of 9.23 billion yuan, resulting in a gross margin of 16%. The net profit attributable to shareholders was -1.98 billion yuan [16]. - For 2025, the projected revenues are 62.62 billion yuan, 74.54 billion yuan, and 84.09 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 1.09 billion yuan, 3.65 billion yuan, and 4.35 billion yuan [16]. Business Segments - The PCB segment generated 4.300 billion yuan in revenue, with a gross margin of 26.96%. The semiconductor test board segment had a revenue of 169 million yuan, with a gross margin of 37.38%. The packaging substrate segment generated 1.116 billion yuan, but with a negative gross margin of -43.86% [11]. - The company is focusing on upgrading PCB products and breaking into strategic large clients, which is expected to improve product profitability [11]. Future Outlook - The semiconductor packaging substrate business is expected to become a new growth driver, with established partnerships with major domestic and international clients. The company anticipates benefiting from high industry demand as new capacities come online [11].

证券代码：002436 证券简称：兴森科技 公告编号：2025-05-027 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 关于实施权益分派期间"兴森转债"暂停转股的提示性公告 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： 股票代码：002436 股票简称：兴森科技 债券代码：128122 债券简称：兴森转债 转股起止时间：2021 年 1 月 29 日至 2025 年 7 月 22 日 暂停转股期间：2025 年 5 月 20 日至 2024 年年度权益分派股权登记日 恢复转股时间：2024 年年度权益分派股权登记日后的第一个交易日 一、公司可转债的基本情况 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20201327 号）核准，深圳市兴森快捷电路科技股份有限公 司（以下简称"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 ...

深圳市兴森快捷电路科技股份有限公司 关于实施权益分派期间"兴森转债"暂停转股的提示性公告 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： | 股票代码：002436 | | | | | 股票简称：兴森科技 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：128122 | | | | | 债券简称：兴森转债 | | | | | | | | 转股起止时间：2021 | 年 | 1 | 月 | 29 | 日至 | 2025 | 年 | 7 | 月 | 22 | 日 | | 暂停转股期间：2025 | 年 | 5 | 月 | 20 | 日至 | 2024 | | | | | 年年度权益分派股权登记日 | | 恢复转股时间：2024 | | | | | | | | 年年度权益分派股权登记日后的第一个交易日 | | | | 证券代码：002436 证券简称：兴森科技 公告编号：2025-05-027 债券代码：12812 ...

证券代码：688401 证券简称：路维光电 公告编号：2025-034 深圳市路维光电股份有限公司关于 持股5%以上股东减持股份至5%以下的提示性公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次权益变动为深圳市路维光电股份有限公司（以下简称"公司"）股东 深圳市兴森快捷电路科技股份有限公司（以下简称"兴森科技"）及其一致行 动人兴森股权投资（广州）合伙企业（有限合伙）（以下简称"兴森股权"） 履行此前披露的减持股份计划，不触及要约收购。 本次权益变动后，兴森科技及其一致行动人兴森股权合计持有公司股份由 计划尚未实施完毕。 （一）信息披露义务人基本情况 企业名称 深圳市兴森快捷电路科技股份有限公司 企业类型 上市股份有限公司 深圳市南山区粤海街道沙河西路与白石路交汇处深圳湾科技生 注册地址 | 态园一区2栋A座8-9层 | | | --- | --- | | 成立日期 | 1999年3月18日 | | 注册资本 | 168954.6248万元人民币 | | 法定代表人 | 邱醒亚 | | ...

证券代码：002436 证券简称： 兴森科技 公告编号：2025-05-026 深圳市兴森快捷电路科技股份有限公司 2024 年年度股东大会决议公告 特别提示： 2、本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 1、深圳市兴森快捷电路科技股份有限公司（以下简称"公司"或"兴森科 技"）2024年年度股东大会以现场会议和网络投票相结合的方式召开，其中现场 会议于2025年5月16日14:00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一楼会议室召开；通过深圳证券交易所交易系统进行网 络投票的时间为2025年5月16日的交易时间，即9:15—9:25，9:30—11:30和 13:00—15:00；通过深圳证券交易所互联网投票系统进行投票的时间为2025年5 月16日9:15至2025年5月16日15:00的任意时间。本次股东大会由公司董事会召集， 董事长邱醒亚先生主持。本次会议的召集和召开程序符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 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。 1 ...

2024年年度股东大会的法律意见书 观意字2025SZ000031号 致：深圳市兴森快捷电路科技股份有限公司 北京观韬（深圳）律师事务所（以下简称"本所"）接受深圳市兴森快捷电 路科技股份有限公司（以下简称"兴森科技"或"公司"）的委托，指派律师列 席兴森科技于2025年5月16日召开的2024年年度股东大会（以下简称"本次股东 大会"），并依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》(以下简称"《证券法》")、中国证券监督管理委员会《上 市公司股东会规则》(以下简称"《股东会规则》")等中国现行法律、法规和规 范性文件以及《深圳市兴森快捷电路科技股份有限公司章程》(以下简称"《公 司章程》")、《深圳市兴森快捷电路科技股份有限公司股东大会议事规则》（以 下简称"《议事规则》"）的有关规定，就本次股东大会的召集和召开程序、出 席会议人员资格、表决程序、表决结果等事项进行见证，并出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文件， 听取了公司就有关事实的陈述和说明，列席了本次股东大会。公司承诺其所提供 的文件和所作的陈述和说明是完整、真实 ...

Company Performance - Company achieved operating revenue of 5.817 billion yuan in 2024, representing a year-on-year increase of 8.53% [2] - Net profit attributable to shareholders was -198 million yuan, a year-on-year decline of 193.88%, primarily due to high investments in FCBGA packaging substrate projects and losses from subsidiaries [2] Industry Overview - The global PCB industry is experiencing a structural recovery in 2024, with high-layer boards (18 layers and above) and HDI boards showing year-on-year growth of approximately 40% and 18.8%, respectively, driven by demand from AI, communications, and satellite sectors [2] - Overall demand in the packaging substrate industry is currently insufficient, but a recovery is expected in 2025, with BT substrates likely to outperform ABF substrates [2] Company Strategy - Company is in the small-batch production stage for FCBGA packaging substrates, with future mass production dependent on industry demand recovery, customer production progress, and supplier management strategies [2] - Company is focusing on market expansion and customer certification, aiming to achieve large-scale production by enhancing technical capabilities, optimizing processes, and improving yield and delivery performance [2] - Beijing Xinfai plans to upgrade production lines in mid-2024, focusing on expanding capacity for AI server accelerator cards and high-end optical module products [3] - Revenue from semiconductor test boards increased by over 30% year-on-year, with a continuous rise in the proportion of high-end products [3] - Future profit growth will focus on the steady development of PCB samples and test board businesses, as well as improving capacity utilization and cost optimization for CSP and FCBGA packaging substrates [3]

Financial Performance - The company achieved a revenue of 581,732.42 million CNY in 2024, representing a year-on-year growth of 8.53% [2] - The net profit attributable to shareholders was -19,828.98 million CNY, a decline of 193.88% year-on-year [2] - The net profit after deducting non-recurring gains and losses was -19,576.85 million CNY, down 509.87% year-on-year [2] Industry Overview - The global PCB industry is experiencing a weak recovery, with an expected market value of 73.565 billion USD in 2024, a growth of 5.8% [3] - High-layer and HDI boards are the best-performing segments, with growth rates of approximately 40% and 18.8% respectively, driven by AI and communication sectors [3] - The packaging substrate industry is expected to grow by 0.8%, indicating a recovery in 2025 [3] Product Development - The company's FCBGA packaging substrate is currently in small-batch production, with large-scale production dependent on market demand and customer progress [4] - The company has production capabilities for products with 20 layers or fewer, while products with more than 20 layers are in the sampling stage [5] - The company is focusing on enhancing its production capabilities and quality to meet international standards [6] Market Position and Competition - The company is expanding its collaboration with leading overseas clients, although the current revenue contribution from these partnerships is low [6] - The domestic competition in the semiconductor testing board sector includes companies like ShenNan Circuit, Huadian Technology, and Mingyang Circuit [10] Future Growth Prospects - The PCB sample business and ATE semiconductor testing board business are performing well, while FCBGA and CSP packaging substrate businesses are currently at a loss but expected to improve [11] - The global PCB market is projected to reach 78.562 billion USD in 2025, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [12] - High-layer high-speed boards and high-end HDI boards are expected to maintain strong growth, with projected market sizes of 5.020 billion USD and 17.037 billion USD by 2029, respectively [12]

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].