2020 年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 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【351】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本 ...

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]