Core Viewpoint - Huadian Electronics Co., Ltd. (沪士电子股份有限公司) has submitted an application to list on the Hong Kong Stock Exchange, with China International Capital Corporation and HSBC serving as joint sponsors [1] Company Overview - Huadian Electronics is a leading global provider of PCB solutions in the data communication and smart automotive sectors, driven by the growing demand for AI-driven data centers and the rapid development of electric, intelligent, and connected vehicles [4] - PCB product sales accounted for approximately 95.2% to 96.3% of total revenue from 2022 to 2024 [4] Financial Performance - Revenue for Huadian Electronics was approximately RMB 8.336 billion, RMB 8.938 billion, and RMB 13.342 billion for the years 2022, 2023, and 2024, respectively [7] - The company achieved profits of RMB 1.362 billion, RMB 1.490 billion, and RMB 2.566 billion for the same years [7] Production Capacity - The effective production capacity and utilization rates for various production bases show a trend of increasing utilization, with the Kunshan base achieving a utilization rate of 99.7% by mid-2025 [6] Industry Overview - The global PCB market is projected to reach USD 75 billion in 2024, with a compound annual growth rate (CAGR) of 3.6% from 2020 to 2024, and expected to grow to USD 96.8 billion by 2029 [9] - The data communication PCB market is anticipated to grow from USD 14.1 billion in 2020 to USD 21.8 billion in 2024, with a CAGR of 11.5% [9] - The automotive PCB market is expected to increase from USD 6.5 billion in 2020 to USD 9.2 billion in 2024, with a CAGR of 9.2% [9]

全球数据中心PCB市场规模2024年为125亿美元，预计2029年增至210亿美元，复合年增长率10.9%。全 球交换机及路由器PCB市场规模从2020年的22亿美元增至2024年的50亿美元，复合年增长率23.3%，预 计2029年达102亿美元，复合年增长率15.2%。AI服务器PCB市场规模从2020年的5亿美元增至2024年的 31亿美元，复合年增长率58.8%，预计2029年增至80亿美元，复合年增长率20.8%。 全球PCB行业市场规模预计将从2024年的750亿美元增至2029年的968亿美元，2024年至2029年复合年增 长率为5.2%。 沪电股份递表港交所主板，联席保荐人为中金公司和汇丰。 公司定位为全球领先的数据通信和智能汽车领域PCB解决方案提供商，其PCB产品销售额持续占总收入 的95%以上。根据灼识咨询数据，截至2025年6月30日止18个月，沪电股份在多个领域位居全球第一： 数据中心领域PCB收入（全球市场份额10.3%）；22层及以上PCB（全球市场份额25.3%）；交换机及路 由器用PCB收入（全球市场份额12.5%）；L2+自动驾驶域控制器高阶HDIPCB（全球市场份额 1 ...

Core Viewpoint - Huada Technology Co., Ltd. (沪电股份) has submitted an application for H-share listing on the Hong Kong Stock Exchange to raise funds for capacity expansion and high-performance PCB projects, indicating strong growth prospects in the data communication and smart automotive sectors [1][2]. Group 1: Company Overview - Huada Technology is a leading provider of PCB solutions in data communication and smart automotive fields, with products including high-speed network switches, AI servers, and smart automotive domain controllers [1]. - The company operates five production bases, including two in Kunshan, China, and one in Thailand, which is expected to start production in 2024 with a capacity utilization rate of 73.5% in the first half of 2025 [1]. Group 2: Market Position - As of June 30, 2025, Huada Technology holds the top global market share in several PCB categories: 10.3% in data center PCBs, 25.3% in PCBs with 22 layers or more, 12.5% in switch and router PCBs, and 15.2% in L2+ autonomous driving domain controller HDI PCBs [1]. Group 3: Financial Performance - The company is projected to achieve a revenue of 13.342 billion yuan in 2024, representing a nearly 50% year-on-year growth, with a revenue of 8.494 billion yuan in the first half of this year, up 56.6% year-on-year [1]. - In the third quarter of 2025, the company is expected to report record-high quarterly revenue and net profit, with net profit surpassing 1 billion yuan for the first time [1]. Group 4: Fundraising and Investment Plans - The funds raised from the H-share listing will be allocated to production capacity expansion, high-end PCB product R&D, strategic investments, and general corporate purposes [2]. - The company plans to focus on advanced technologies such as CoWoP and next-generation technology directions like optical copper integration, enhancing product capabilities in signal transmission and power distribution [2]. Group 5: Future Projects - A project for expanding high-end PCBs for AI chips, planned at 4.3 billion yuan, is set to commence construction in late June 2025, with trial production expected in the second half of 2026 [3]. - The Thai production base is anticipated to enter small-scale production in the second quarter of 2025, with initial customer recognition in AI servers and switches [3].

根据灼识咨询的资料，以截至2025年6月30日止18个月的收入统计，公司的数据中心领域PCB位居全球 第一，占市场份额10.3%；公司的22层及以上PCB位于全球第一，占市场份额25.3%；另外，交换机及 路由器用PCB位居全球第一，占市场份额12.5%；L2+自动驾驶域控制器高阶HDI PCB位于全球第一， 占市场份额15.2%。 从股权结构来看，吴礼淦家族通过碧景控股(持股19.32%)和合拍友联(持股1.03%)合计持有公司20.35% 表决权；假设超额配售权未行使，吴礼淦家族仍为单一最大股东集团。 本次沪电股份H股募集资金将用于生产基地产能扩张，主要聚焦高端PCB产品；数据通讯及智能汽车领 域高性能PCB研发与前瞻技术创新；战略性投资并购；以及营运资金及一般公司用途。据披露，公司计 划重点投入CoWoP等前沿技术的研究与先进工艺的创新，并提前布局光铜融合等下一代技术方向，系 统提升产品的信号传输、电源分配及功能集成能力。同时，公司将投入用于下一代AI服务器、3.2T高速 网络交换机等数通领域的高端PCB产品差异化定制化技术开发，针对性地提升产品的高密、高频高速及 高通流性能。 在11月接受机构调研时， ...

【沪电股份11月28日申请H股上市并刊登申请资料】11月30日，沪电股份公告透露，公司于2025年11月 28日向香港联交所递交发行H股股票、在香港联交所主板挂牌上市的申请。同日，公司在香港联交所刊 登本次发行上市的申请资料，此为草拟版本，资料或适时更新变动。公司本次发行上市还需获相关政府 机关、监管机构、证券交易所的批准、核准或备案。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

Core Viewpoint - The company, Hu Dian Co., Ltd. (002463.SZ), has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange on November 28, 2025 [1] Group 1 - The application was published on the Hong Kong Stock Exchange's website on the same day [1] - The application materials were prepared and published in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The information contained in the application is a draft version and may be updated or changed in due course [1]

Core Viewpoint - The company, Huadian Co., Ltd. (002463), has submitted an application for the issuance of H-shares and listing on the Hong Kong Stock Exchange on November 28, 2025 [1] Group 1 - The application was filed with the Hong Kong Stock Exchange and the relevant documentation was published on the same day [1] - The application materials were prepared in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The information contained in the application is a draft version and may be updated or changed over time [1]

格隆汇11月30日丨沪电股份(002463.SZ)公布，公司已于2025年11月28日向香港联交所递交了发行H股股 票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。 该申请资料为公司按照香港证券及期货事务监察委员会(下称"香港证监会")及香港联交所的要求编制和 刊发，为草拟版本，其所载资料可能会适时作出更新和变动，投资者不应根据其中的资料作出任何投资 决定。 ...

沪士电子股份有限公司关于向香港联交所递交 H 股发行上市申请并刊发申请资料的公告 沪士电子股份有限公司（下称"公司"）已于 2025 年 11 月 28 日向香港联合交 易所有限公司（下称"香港联交所"）递交了发行 H 股股票并在香港联交所主板挂 牌上市（下称"本次发行上市"）的申请，并于同日在香港联交所网站刊登了本次发 行上市的申请资料。该申请资料为公司按照香港证券及期货事务监察委员会（下称 "香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会 适时作出更新和变动，投资者不应根据其中的资料作出任何投资决定。 鉴于本次发行上市的认购对象将仅限于符合相关条件的境外投资者及依据中 国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券 交易所的网站和符合监管机构规定条件的媒体上刊登该申请资料，但为使境内投资 者及时了解该等申请资料披露的本次发行上市以及公司的其他相关信息，现提供该 申请资料在香港联交所网站的查询链接供查阅： 中文： https://www1.hkexnews.hk/app/sehk/2025/107904/documents/sehk25112802784_ ...

Core Viewpoint - The company, Huadian Co., Ltd. (002463.SZ), has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and market presence [1] Group 1 - The application for H-share issuance and listing was submitted on November 28, 2025 [1] - The application materials were published on the Hong Kong Stock Exchange website and are in draft form, subject to updates and changes [1] - The issuance and listing are contingent upon approvals from relevant government agencies, regulatory bodies, and the stock exchange [1]