特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 快捷查询： 佳力转债：下修到底 恒辉转债：强赎 兴森科技：控股股东拟减持不超1.5%公司股份 起帆转债，李子转债，通22转债：不下修 关注集思录微信 搜索公众号"jisilu8"添加我们 ...

Group 1 - The core point of the announcement is that the controlling shareholder, Qiu Xingya, plans to reduce his shareholding in the company by up to 25,343,989 shares, which is approximately 1.5021% of the total share capital after excluding repurchased shares [1][2] - Qiu Xingya currently holds 244,376,552 shares, representing 14.4835% of the company's total share capital after excluding repurchased shares [1][2] - The reduction will take place within three months after 15 trading days from the announcement date, using centralized bidding and block trading methods [1][2] Group 2 - Qiu Xingya has made commitments regarding share transfers, stating that he will not transfer more than 25% of his total shareholding during his tenure as a director or senior management, and will not transfer any shares within six months after leaving the position [2] - As of the announcement date, Qiu Xingya has complied with these commitments without any violations [2] - The planned reduction aligns with Qiu Xingya's previously disclosed intentions and commitments regarding shareholding [2]

证券代码：002436 证券简称：兴森科技 公告编号：2025-07-040 深圳市兴森快捷电路科技股份有限公司 关于控股股东、实际控制人减持股份的预披露公告 公司控股股东、实际控制人、董事长、总经理邱醒亚先生保证信息 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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的 信息一致。 特别提示：公司控股股东、实际控制人、董事长、总经理邱醒亚先生持有公 司股份244,376,552股,占剔除回购专户股份数后公司总股本的14.4835%，其计划 在本公告披露之日起15个交易日后的3个月内以集中竞价交易方式、大宗交易方 式合计减持公司股份不超过25,343,989股，即不超过剔除回购专户股份数后公司 总股本的1.5021%。 注："剔除回购专户股份数后公司总股本"计算基数为1,687,270,011股，即 2025年7月9日总股本1,689,670,011股剔除回购专户持有的2,400,000股，下同。 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）于近日接到控 股股东、实际控制人、董事长、总经理邱醒亚先生《关于减持股份计划的告知函》。 ...

Group 1 - The company announced that its controlling shareholder, actual controller, chairman, and general manager, Qiu Xingya, plans to reduce his shareholding by a total of up to 25.344 million shares within three months after 15 trading days from the announcement date [1] - The planned share reduction represents approximately 1.5021% of the company's total share capital after excluding shares held in the repurchase account [1]

Group 1 - The storage chip sector experienced a decline of 1.49%, ranking among the top losers in the concept sector, with companies like C Yitang, Youfang Technology, and Chengbang Co., Ltd. showing significant drops [1][4] - Among the 91 stocks in the storage chip sector, 15 stocks saw price increases, with Shengshi Technology, Bomin Electronics, and Hangzhou Kelin leading the gains at 3.71%, 2.43%, and 2.39% respectively [1][4] - The concept sectors with the highest gains included childcare services at 1.82%, short drama games at 1.25%, and trust concepts at 1.22% [1] Group 2 - The storage chip sector saw a net outflow of 3.468 billion yuan, with Bomin Electronics leading the outflow at 231.41 million yuan, followed by Xingsen Technology and Zhongjing Electronics with outflows of 226.51 million yuan and 181.77 million yuan respectively [1][4] - The stocks with the highest net inflows included Shengshi Technology, Taiji Industry, and Saiteng Co., Ltd., with inflows of 35.06 million yuan, 24.83 million yuan, and 15.70 million yuan respectively [1][4] - The trading volume for Bomin Electronics was 28.62%, indicating a high turnover rate despite the net outflow [2][4]

证券代码：002436 证券简称： 兴森科技 公告编号：2025-07-039 深圳市兴森快捷电路科技股份有限公司 关于购买子公司广州兴科半导体有限公司 24%股权的进展公告 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， 大基金持有的广州兴科 24%股权 3、转让价款 人民币 31,998.7727 万元 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"或"兴森科技"） 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"）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"）持有的广州兴科 24%股权（以下简称"标的股权"）。详见公司于 2025 年 6 月 12 日披露的《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》（2025-06-033）。现将进展情况公告如下： 一、本次交易进展情况 根据深圳联合产权交易所公开挂牌相 ...

Core Viewpoint - The article highlights the growth and competitive positioning of the company, Xingsen Technology, in the advanced electronic circuit solutions industry, focusing on its PCB and semiconductor businesses [2][3]. Group 1: Business Overview - Xingsen Technology specializes in advanced electronic circuit solutions, with its PCB and semiconductor businesses driving growth [2]. - The traditional PCB business focuses on rapid prototyping and mass production, emphasizing digital transformation across the entire process from design to supply chain [2]. - In the high-end PCB sector, the company is expanding its offerings in Anylayer HDI boards and SLP products, targeting high-end smartphone and communication markets [2]. Group 2: Market Position - Xingsen Technology maintains a leading position in the PCB industry, ranking 14th among comprehensive PCB companies and 7th among domestic PCB companies according to CPCA [3]. - The company is ranked 30th among the top 40 global PCB suppliers as per Prismark's report for 2024 [3]. Group 3: Growth Potential - The CSP packaging substrate business is focusing on storage and RF markets, with plans to expand into the automotive sector, enhancing product structure towards high-value, high-price products [4]. - The company is experiencing a recovery in the storage chip industry, leading to improved capacity utilization in its CSP packaging substrate business [4]. Group 4: Financial Performance - In 2024, the company achieved revenue of 5.817 billion yuan, a year-on-year increase of 8.53%, while reporting a net loss of 198 million yuan [5]. - In Q1 2025, the company generated revenue of 1.580 billion yuan, reflecting a year-on-year growth of 13.77%, but the net profit decreased by 62.24% to 9 million yuan [5].

债券代码：128122 债券简称：兴森转债 一、可转换公司债券发行上市概况 证券代码：002436 证券简称：兴森科技 公告编号：2025-07-038 深圳市兴森快捷电路科技股份有限公司 关于 2025 年第二季度可转换公司债券转股情况的公告 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： | 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 | | | 转股价格：人民币 | | 13.35 元/股 | | | | 转股期限：2021 | 年 | 1 月 | 29 日至 2025 年 7 月 22 | 日 | 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》的有关规定，深圳市兴森快捷电路科技股份有限公司（以下简称"公 司"）现将 2025 年第二季度可转换公司债券转股及公司股份变动情况公告如下： 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for long-term growth potential [4][6]. Core Insights - The company, Xingsen Technology, focuses on advanced electronic circuit solutions, with its PCB and semiconductor businesses driving growth. The traditional PCB business emphasizes rapid prototyping and mass production, while the semiconductor segment concentrates on IC packaging substrates [2][3]. - The company has achieved continuous revenue growth, with a reported revenue of 5.817 billion yuan in 2024, representing an 8.53% year-on-year increase. However, it faced a net loss of 198 million yuan [4]. Summary by Sections Business Overview - Xingsen Technology specializes in advanced electronic circuit solutions, with a focus on PCB and semiconductor sectors. The company is enhancing its PCB factory's digital transformation to improve operational efficiency and customer satisfaction [2]. - The company is expanding its high-end PCB offerings, including Anylayer HDI boards and SLP products, while also targeting high-end optical modules and millimeter-wave communication markets [2][3]. Market Position - Xingsen Technology maintains a leading position in the PCB industry, ranking 14th among comprehensive PCB companies in China and 7th among domestic firms according to CPCA. It is also ranked 30th among the top 40 global PCB suppliers by Prismark [3]. Financial Performance - In 2024, the company reported a revenue of 5.817 billion yuan, an increase of 8.53% from the previous year. The first quarter of 2025 saw a revenue of 1.580 billion yuan, reflecting a 13.77% year-on-year growth [4]. - The forecast for net profit has been adjusted downward for 2025 and 2026 due to industry demand issues, with projected net profits of 112 million yuan and 271 million yuan, respectively [4]. Growth Potential - The CSP packaging substrate business is expected to have significant growth potential, focusing on storage and RF markets while expanding into the automotive sector. The company aims to enhance profitability through a shift towards high-value products [3][4].

Core Viewpoint - The credit rating report indicates that Shenzhen Xingsen Quick Circuit Technology Co., Ltd. (referred to as "Xingsen Technology") maintains a stable credit rating of AA, reflecting its leading position in the domestic PCB prototype and small batch board sector, despite facing significant financial challenges due to high upfront costs in semiconductor projects and slow order integration [2][4][5]. Company Overview - Xingsen Technology is recognized as one of the few domestic manufacturers capable of mass production of FCBGA packaging substrates, maintaining a technological edge in the industry [2][17]. - The company has a diversified product application across various sectors, including communication, industrial control, medical electronics, and consumer electronics, with a stable customer base [4][17]. Financial Performance - The company reported total assets of 145.69 billion and total liabilities of 59.44 billion as of March 2025, with operating revenue of 15.80 billion for the year [2]. - The net profit for 2024 was a loss of 5.31 billion, reflecting the impact of high costs associated with semiconductor projects and insufficient order volume [3][5]. - The company's debt-to-equity ratio increased, indicating rising financial leverage and debt repayment pressure [5][19]. Industry Environment - The PCB market is expected to recover in 2024, driven by demand from AI servers and consumer electronics, with a projected global market value of 73.6 billion, representing a 5.8% year-on-year growth [11][12]. - The domestic PCB market in China is anticipated to grow from 41.2 billion to 50.8 billion from 2024 to 2029, with a compound annual growth rate of 4.3% [11][12]. - The industry faces challenges such as high raw material costs and competitive pressures, which may impact profit margins [15][19]. Competitive Position - Xingsen Technology ranks seventh among domestic PCB manufacturers according to the CPCA, showcasing its competitive strength [17]. - The company has invested significantly in R&D, with 4.42 billion allocated in 2024, and has received national awards for its technological advancements [18][19]. - Despite the competitive landscape, Xingsen Technology's PCB business saw a revenue increase of 5.11% in 2024, primarily due to recovery in the consumer electronics sector [19].