Core Viewpoint - The company Huadian Co., Ltd. (002463) has successfully held its first extraordinary general meeting of shareholders in 2025, approving several key resolutions including the issuance of H-shares and amendments to corporate governance [1]. Group 1: Stock Performance - As of November 18, 2025, Huadian Co., Ltd. closed at 63.02 yuan, up 0.99% from the previous trading day, with a total market capitalization of 121.27 billion yuan [1]. - The stock opened at 61.89 yuan, reached a high of 64.68 yuan, and a low of 61.72 yuan, with a trading volume of 2.67 billion yuan and a turnover rate of 2.19% [1]. Group 2: Shareholder Meeting Resolutions - The extraordinary general meeting held on November 17, 2025, had a shareholder representation of 50.9290% of the total share capital [1]. - Key resolutions passed include: - The proposal to not establish a supervisory board - Amendments to the company’s articles of association and related governance systems - Election of directors and independent non-executive directors - Approval for the issuance of H-shares and listing on the Hong Kong Stock Exchange, including the issuance plan and use of raised funds [1]. - The board was authorized to handle all matters related to the H-share issuance and listing, and the company’s articles of association were revised accordingly [1].

Group 1 - On November 17, Huadian Co., Ltd. saw a stock price increase of 1.28% with a trading volume of 2.603 billion yuan, and a net financing purchase of 87.99 million yuan [1] - As of November 17, the total margin balance for Huadian Co., Ltd. reached 2.717 billion yuan, with a financing balance of 2.705 billion yuan, accounting for 2.25% of the circulating market value, indicating a high level compared to the past year [1] - The company repaid 2,300 shares of margin loans and sold 4,600 shares on November 17, with a margin balance of 12.11 million yuan, also indicating a high level compared to the past year [1] Group 2 - As of September 30, Huadian Co., Ltd. had 162,000 shareholders, an increase of 26.43% from the previous period, while the average circulating shares per person decreased by 20.88% [2] - For the period from January to September 2025, Huadian Co., Ltd. reported a revenue of 13.512 billion yuan, a year-on-year increase of 49.96%, and a net profit attributable to shareholders of 2.718 billion yuan, a year-on-year increase of 47.03% [2] - The company has distributed a total of 4.112 billion yuan in dividends since its A-share listing, with 2.204 billion yuan distributed in the last three years [2] Group 3 - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder of Huadian Co., Ltd., holding 141 million shares, an increase of 17.244 million shares from the previous period [3] - Huatai-PineBridge CSI 300 ETF was the fourth-largest circulating shareholder, holding 23.004 million shares, a decrease of 1.0366 million shares from the previous period [3] - New shareholders include Yongying Technology Smart Selection Mixed Fund A, holding 13.0009 million shares, while other major shareholders saw fluctuations in their holdings [3]

沪士电子股份有限公司 2025 年第一次临时股东会决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-072 沪士电子股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 11 月 17 日（星期一）14:00； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 11 月 17 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网 投票系统投票的具体时间为：2025 年 11 月 17 日 09:15 至 15:00。 2、现场会议召开地点：昆山市黑龙江北路 8 号御景苑二楼会议室 公司董事长陈梅芳女士以视频方式出席本次股东会，本次股东会由副董事长吴传 林先生主持。 本次股东会的召开符合《中华人民共和国公司法》及《公司章程》的规定。 二、会议 ...

国浩律师（南京）事务所 关 于 沪士电子股份有限公司 2025 年第一次临时股东会 之 法律意见书 南京市汉中门大街 309 号 B 座 5、7、8 层 邮编：210036 5、7、8th Floor, Block B, 309 Hanzhongmen Street, Nanjing 210036, China 电话/Tel: +86 25 8966 0900 传真/Fax: +86 25 8966 0966 网址/Website: http://www.grandall.com.cn 2025 年 11 月 国浩律师(南京)事务所 法律意见书 目 录 | 一、 | 关于本次临时股东会的召集、召开程序 | 2 | | --- | --- | --- | | 二、 | 关于本次临时股东会出席人员的资格和召集人资格 | 3 | | 三、 | 关于本次临时股东会的表决程序及表决结果 | 4 | | 四、 | 结论意见 | 20 | | 签署页 | | 21 | 1 国浩律师(南京)事务所 法律意见书 国浩律师（南京）事务所 关于沪士电子股份有限公司 2025年第一次临时股东会之法律意见书 致：沪士电子股份有限公司 ...

Investment Ratings - The investment ratings for the companies discussed are all "Buy" with target prices set for VGT at Rmb407.0, WUS at Rmb98.0, and DSBJ at Rmb95.0 [9][11][7]. Core Insights - The PCB industry is experiencing structural growth driven by AI demand, with companies like VGT, WUS, and DSBJ positioning themselves to capitalize on this trend [2][3][6]. - VGT expects a return to normal production levels in 4Q25 after a transition impact in 3Q25, with significant revenue growth anticipated from its largest AI customer in 2026 [1][2]. - WUS highlights that while funds and equipment are not bottlenecks for capacity expansion, human resources may pose challenges [3]. - DSBJ is set to benefit from the AI cycle, with expectations for breakeven in its Thailand FPCB business and a turnaround in precision components by 2026 [6]. Company Summaries VGT (Victory Giant) - VGT has accelerated capacity expansion for 2026-2027, with most equipment booked and an increase in localization rates [2]. - The company anticipates meaningful contributions from CSP clients in 2026, despite small batch production in 4Q25 [2]. WUS - WUS faces fierce competition in the mid-to-low end PCB market, with AI driving structural growth [3]. - The company reported a loss of approximately Rmb40 million in its Thailand plant in 3Q25, but noted improvements in product quality and employee proficiency [3]. DSBJ (Dongshan Precision) - DSBJ is focusing on AI infrastructure opportunities through its RPCB and optical transceiver businesses, with a significant capacity expansion plan of US$1 billion [6]. - The company plans to dispose of its LED business this year and expects revenue growth from key smartphone customers [6].

Investment Rating - The report maintains a "Buy" rating for key companies in the optical module industry, including Zhongji Xuchuang and Xinyi Sheng [10]. Core Viewpoints - The optical module industry is experiencing a "volume increase and price increase" trend, driven by high global computing power demand, particularly for 1.6T optical modules, which have seen significant price increases [1][19]. - The retail price of 1.6T optical modules has risen from approximately $1200 at launch to over $2000, indicating a strong supply-demand imbalance [2][20]. - The price decline of 800G and lower-speed optical modules has slowed, with some products stabilizing or even increasing in price due to sustained demand and improved production capabilities [3][24]. Summary by Sections Demand Drivers - The demand for 1.6T optical modules has been continuously revised upward by major overseas clients, leading to a tight supply-demand relationship and significant price increases [2][20]. - The limited number of manufacturers capable of mass-producing 1.6T optical modules, primarily top companies like Zhongji Xuchuang and Xinyi Sheng, contributes to the supply constraints [2][23]. Price Trends - The price decline for 800G and lower-speed optical modules has slowed, with the market experiencing a unique situation where demand growth outpaces historical price declines [3][25]. - The transition of 800G optical modules from development to accelerated mass production is stabilizing prices, with suppliers focusing on cost control and production capacity [3][25]. Capital Expenditure and Industry Expansion - Major cloud service providers are increasing their capital expenditures, with Google raising its 2025 capex guidance from $85 billion to $91-93 billion, indicating strong ongoing demand for computing power [4][29]. - Optical module manufacturers are actively expanding production capacity to meet the growing demand, with improvements expected in the supply of core optical chips and components [4][29]. Investment Recommendations - The report recommends focusing on key players in the computing power supply chain, particularly in the optical module sector, including Zhongji Xuchuang and Xinyi Sheng, as well as related companies in optical devices and cooling solutions [8][13].

Core Viewpoint - The report from Great Wall Securities indicates that the high demand for AI is driving an increase in PCB board demand, leading to stable growth in the performance of Huadian Co., Ltd. [1] Group 1: Industry Insights - By the third quarter of 2025, emerging computing scenarios such as high-speed computing servers and artificial intelligence are expected to continuously enhance the structural demand for PCB boards [1] - The company is maintaining high R&D investment and increasing capital expenditure to expand production capacity [1] Group 2: Company Performance - The Thai factory is set to continuously improve its production efficiency and orderly release capacity, supporting the long-term development of the company's business [1] - With ongoing product development and accelerated construction of overseas production capacity, the company is expected to see positive performance growth in the future, maintaining a "buy" rating [1]

Core Viewpoint - The company reported a significant increase in accounts receivable, raising concerns about potential risks, but management assures that the growth is aligned with revenue and that measures are in place to mitigate bad debt risks [2]. Group 1: Financial Performance - As of November 13, 2025, the company's stock closed at 64.46 yuan, with a slight increase of 0.53% and a turnover rate of 1.89% [1]. - The company achieved a record high revenue of 50.19 billion yuan in Q3 2025, with accounts receivable reaching 48.7 billion yuan, reflecting a substantial year-on-year growth of 63.72% [2]. Group 2: Accounts Receivable Management - The increase in accounts receivable is attributed to the expansion of business scale, with no significant change in the overall collection cycle compared to the previous year [2]. - The company maintains a good credit status among its clients and continuously improves its credit management system, dynamically tracking client credit conditions and setting reasonable payment terms [2]. Group 3: Market Activity - On November 13, the net inflow of funds from major investors was 30.38 million yuan, while speculative funds saw a net inflow of 61.03 million yuan, contrasting with a net outflow of 91.41 million yuan from retail investors [2].

Group 1: Financial Performance - In Q3 2025, the company achieved a record net profit exceeding 1 billion CNY for the first time, driven by strong demand in AI and high-speed network infrastructure [2] - The cash flow statement for the first three quarters of 2025 indicates cash payments of approximately 2.104 billion CNY for fixed assets, intangible assets, and other long-term assets [4] - The company reported a foreign exchange loss of about 18 million CNY and a loss of approximately 43 million CNY from its Thailand subsidiary in Q3 2025 [2] Group 2: Business Strategy - The company maintains a differentiated business strategy, focusing on long-term sustainable benefits rather than short-term gains [3] - Emphasis is placed on adapting technical capabilities and production capacity to meet long-term market demands, targeting major head customers [3] - The company aims to enhance its competitive edge through technological innovation and a resilient supply chain [3] Group 3: Capital Expenditure and Market Trends - The company plans to invest approximately 4.3 billion CNY in a new AI chip-related high-end PCB expansion project, set to commence construction in late June 2025 [4] - Increased competition is anticipated as more peers shift resources towards AI and high-speed network sectors, necessitating strategic investment adjustments [5] - The company is focused on developing higher-density interconnect technologies and faster transmission capabilities to enhance product competitiveness [5] Group 4: Thailand Factory Operations - The Thailand production base entered small-scale mass production in Q2 2025, gaining formal recognition from customers in AI server and switch applications [6] - Efforts are underway to improve production efficiency and product quality at the Thailand factory, with gradual capacity release expected as customer expansion progresses [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 13.512 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 49.96%. The net profit attributable to shareholders was 2.718 billion yuan, up 47.03% year-on-year. The gross margin and net margin were 35.40% and 20.08%, respectively [2][4]. - In Q3 2025, the company achieved a revenue of 5.019 billion yuan, a year-on-year increase of 39.92% and a quarter-on-quarter increase of 12.62%. The net profit attributable to shareholders was 1.035 billion yuan, reflecting a year-on-year growth of 46.25% and a quarter-on-quarter growth of 12.44% [2][4]. Summary by Sections Company Overview - The company is focused on expanding its production capacity steadily, with ongoing capital expenditures aimed at high-end AI products. The total investment for a new AI chip supporting high-end printed circuit board expansion project is approximately 4.3 billion yuan, which commenced construction in late June 2025 and is expected to start trial production in the second half of 2026 [10]. Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 13.512 billion yuan and a net profit of 2.718 billion yuan. The gross margin was 35.40% and the net margin was 20.08% [2][4]. - The company’s capital expenditures for the first three quarters of 2025 amounted to approximately 2.104 billion yuan, which supports the expansion of high-end product capacity [10]. Market Position and Future Outlook - The company has established a strong foothold in the high-end PCB market, particularly in the fields of data communication and automotive electronics. The demand for AI servers and high-speed network infrastructure is expected to continue driving growth, with projected net profits for 2025-2027 of 3.812 billion yuan, 5.933 billion yuan, and 7.841 billion yuan, respectively [10].