深圳市兴森快捷电路科技股份有限公司 关于提前归还用于暂时补充流动资金的募集资金的公告 证券代码：002436 证券简称： 兴森科技 公告编号：2025-06-037 特此公告。 深圳市兴森快捷电路科技股份有限公司 董事会 二〇二五年六月二十四日 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 2024 年 9 月 6 日召开了第 七届董事会第四次会议、第七届监事会第三次会议，均审议通过了《关于使用部分闲置募集 资金暂时补充流动资金的议案》，同意公司在保证募投项目资金需求及在募集资金投资计划正 常进行的前提下，使用不超过人民币 4.75 亿元的闲置募集资金暂时补充流动资金，用于主营 业务相关的日常生产经营活动，使用期限自董事会审议通过之日起不超过 12 个月，到期将归 还至公司募集资金专户。详见公司于 2024 年 9 月 7 日披露的《关于使用部分闲置募集资金暂 时补充流动资金的公告》（公告编号：2024-09-060）。 根据上述决议，公司实际使用了 4.75 亿元闲置募集资金用于暂时补充流动资金。公 ...

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"兴森转债"即将到期及停止交易的第三次提示性公告 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） 3、"兴森转债"最后交易日：2025 年 7 月 17 日 4、"兴森转债"停止交易日：2025 年 7 月 18 日 5、"兴森转债"最后转股日：2025 年 7 月 22 日 6、截至 2025 年 7 月 22 日收市后仍未转股的"兴森转债"将被强制赎回；本次赎回完成 后，"兴森转债"将在深圳证券交易所摘牌。特此提醒"兴森转债"持有人注意在转股期内转 股。 证券代码：002436 证券简称：兴森科技 公告编号：2025-06-036 根据公司《公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的规定， 公司发行的可转换公司债券转股期自可转换公司债券发行结束之日（2020 年 7 月 29 日）起满 六个月后的第一个交易日起 ...

Core Viewpoint - The announcement informs investors about the upcoming maturity and trading cessation of the "Xingsen Convertible Bonds" and provides details on conversion and redemption options [1][2][3] Group 1: Bond Issuance Overview - The company issued 2.689 million convertible bonds with a total value of 268.90 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission on July 23, 2020 [1] - The bonds were listed for trading on August 2020, with a conversion period starting from January 29, 2021, to July 22, 2025 [1] Group 2: Redemption and Payment Plan - Upon maturity, the company will redeem all unconverted bonds at a price of 110 yuan per bond, which includes a 10% premium and the last interest payment [2] - The last trading day for the bonds will be July 17, 2025, with trading ceasing on July 18, 2025 [2] Group 3: Trading Cessation and Conversion - Bondholders can still convert their bonds into company stock at a conversion price of 13.35 yuan per share until the end of the conversion period on July 22, 2025 [2][3] - The company will publish related announcements regarding the bond's maturity and delisting on the designated information disclosure platforms [3]

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]