香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不作任何陳述，並明確表示對因本申請版本的全部或任何部分內容而引致或因依賴本申請版本的全部 或任何部分內容而引致的任何損失不負任何責任。 WUS Printed Circuit (Kunshan) Co., Ltd. 滬士電子股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下 知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長註冊前，本 公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務 請僅依據呈交香港公司註冊處處長註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向 公眾派發。 ( ...

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Group 1: Communication Sector - The report highlights the strong fundamentals of the digital virtual goods operator, Bee Assistant (301382.SZ), with a stable business base and rapid growth in IoT and cloud terminal services [4] - The company is expected to benefit from AI trends due to its strategic investments in AI-related areas [4] Group 2: Medical Sector - United Imaging Healthcare (688271.SH) is identified as a leading domestic medical imaging equipment manufacturer with a comprehensive product line including CT, MR, MI, XR, RT, and ultrasound [4] - The company has made significant breakthroughs in core technologies and successfully launched high-end products like ultra-high field MR and digital PET-CT, which are at the forefront of global standards [4] - Anticipated revenue recognition from delayed orders in 2024 is expected to boost performance in the second half of 2025, supported by new funding for equipment upgrades [4] Group 3: Consumer Goods Sector - Gu Ming (1364.HK) is noted as a highly certain and scalable player in the tea beverage sector, with strong same-store sales and rapid franchisee payback periods [4] - The company is expected to emerge as a stable growth and expansion leader during the industry reshuffle in 2026 [4] Group 4: Home Appliances Sector - Midea Group (000333.SZ) reported a 13% year-on-year revenue increase in the ToC segment for Q1-Q3 2025, driven by high-end brands and an optimized product structure [5] - The ToB segment saw an 18% revenue increase, with significant growth in new energy and industrial technology sectors [5] - The company's focus on robotics is expected to enhance its product offerings and support long-term revenue growth [7] Group 5: Chemical Sector - Excellent New Energy (688196.SH) is positioned well in the biofuel industry, with a robust capacity layout for biodiesel and bio-based materials [7] - The company is accelerating its biodiesel project with a projected post-tax internal rate of return of 28.94%, enhancing its market competitiveness [7] Group 6: Financial Sector - Industrial and Commercial Bank of China (601398.SH) is characterized by its stability and high dividend yield, making it a preferred choice for investors seeking certainty [7] - The bank's net profit showed a slight year-on-year increase of 0.33% for the first three quarters of 2025, with non-interest income growing by 11.3% [7] Group 7: Transportation Sector - Jinjiang Shipping (601083.SH) reported a remarkable 64% year-on-year increase in net profit for Q3, outperforming peers [7] Group 8: Retail Sector - China Duty Free Group (601888.SH) is experiencing a recovery in duty-free sales, benefiting from increased domestic tourism and expectations of policy support [7] Group 9: Agriculture Sector - Tian Kang Biological (002100.SZ) is positioned to benefit from rising pig prices as the industry undergoes capacity reduction, potentially enhancing profitability [8] Group 10: Electronics Sector - Huadian Co., Ltd. (002463.SZ) is experiencing high growth in server switch business driven by AI demand, with ongoing capacity expansion and improved profitability [8]

成长 长青 共利 沪士电子股份有限公司 2022 年度报告全文 | 第一节 | 重要提示、备查文件和释义 | -------------------------------------------------------------- | - | 1 - | | --- | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | ------------------------------------------------------------------ | | 4 - | | 第三节管理层讨论与分析 | | --------------------------------------------------------------------------- | | 7 - | | 第四节 | 公司治理 | ---------------------------------------------------------------------------------- - | | 32 - | | 第五节 | 环境和社会责任 | ------------------ ...

| 第一节 | 重要提示、备查文件和释义 ------------------------------------------------------------------1 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 ---------------------------------------------------------------------------- | 7 | | 第八节 | 财务报告 --------------------------------------------------------------------------------------83 | | 成长 长青 共利 沪士电子股份有限公司 2024 年度报告 第一节 重要提示、备查文件和释义 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证年度报告的内容真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司所有董事均已出席审议本报告的董事会会议。公司负责人陈梅芳女士、主管会计工 作负责人朱碧霞女士及会计机构负责人李可欣女士声明：保证 ...

| 第一节 | 重要提示、备查文件和释义 | ----------------------------------------------------------------------- | | 1 - | | --- | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | -------------------------------------------------------------------------- | | 4 - | | 第三节管理层讨论与分析 | | ---------------------------------------------------------------------------------- | - | 7 - | | 第四节 | 公司治理 | -------------------------------------------------------------------------------------------- - | 36 | - | | 第五节 | 环境和社会责任 | ---------------- ...

Market Overview - On November 27, the Shanghai Composite Index rose by 0.29%, while the Shenzhen Component Index fell by 0.25%, and the ChiNext Index decreased by 0.44%. The CSI 300 Index saw a slight decline of 0.05% [1] - Among the tradable A-shares, 2,789 stocks increased, accounting for 51.33%, while 2,447 stocks declined [1] Capital Flow - The main capital saw a net outflow of 21.827 billion yuan throughout the day. The ChiNext experienced a net outflow of 8.226 billion yuan, while the STAR Market had a net outflow of 834 million yuan. The CSI 300 constituents faced a net outflow of 7.423 billion yuan [1] - In terms of industry capital flow, 6 sectors saw net inflows, with the light industry manufacturing sector leading with a net inflow of 590 million yuan and a daily increase of 1.09%. The electronics sector followed with a net inflow of 499 million yuan and a daily increase of 0.26% [1] Industry Performance - Among the 13 sectors that increased, light industry manufacturing and basic chemicals had the highest gains of 1.09% and 1.01%, respectively. Conversely, the comprehensive and media sectors experienced the largest declines of 2.34% and 1.40% [1] - The computer industry had the largest net outflow of capital, with a decrease of 0.82% and a net outflow of 4.048 billion yuan. The media sector also saw significant outflows, with a decline of 1.40% and a net outflow of 3.730 billion yuan [1] Individual Stock Performance - A total of 2,089 stocks experienced net inflows, with 623 stocks having inflows exceeding 10 million yuan. Among these, 73 stocks had inflows over 100 million yuan, with ZTE Corporation leading at a net inflow of 1.099 billion yuan and a daily increase of 3.25% [2] - The stocks with the largest net outflows included Zhongji Xuchuang, Huadian Technology, and CATL, with net outflows of 1.427 billion yuan, 790 million yuan, and 747 million yuan, respectively [2]

Market Overview - On November 27, the A-share market experienced a pullback after an initial rise, with the Sci-Tech 50 and ChiNext indices both retreating over 2% from their gains, while the Shanghai Composite Index rose by 0.29% and the Shenzhen Component Index fell by 0.25% [2][3]. Sector Performance - The organic silicon, solid-state battery, consumer electronics, paper, and photovoltaic equipment sectors showed strong performance, while sectors such as Hainan Free Trade Zone, film and television, cultivated diamonds, China Shipbuilding Industry, and internet e-commerce saw declines [2][3]. - Notably, organic silicon stocks surged, with companies like Hongbo New Materials and Chenguang New Materials hitting the daily limit, and Huasheng Lithium Battery, Jinyin Galaxy, and Yuanxiang New Materials rising over 10% [2][3]. Key Stocks - Solid-state battery stocks saw a wave of limit-ups, with companies like Mingguan New Materials, Liande Equipment, Haike New Source, and Huazi Technology all reaching the daily limit [5]. - Specific stock performances included: - Huaguan Lithium Battery: +15.54% at 115.86 - Jinyin Galaxy: +12.96% at 51.08 - Yuanxiang New Materials: +11.03% at 47.21 - Hongbo New Materials: +10.05% at 7.23 - Chenguang New Materials: +9.97% at 15.99 [4][5]. Capital Flow - Main capital flows indicated a net inflow into sectors such as consumer electronics, paper printing, and batteries, while there was a net outflow from cultural media, communications, and computing sectors [7][8]. - Notable net inflows were seen in stocks like ZTE Corporation, Chip Original, and Furi Electronics, with inflows of 0.787 billion, 0.488 billion, and 0.463 billion respectively [7]. - Conversely, stocks like Zhongji Xuchuang, Hudian Co., and Ningde Times faced significant sell-offs, with outflows of 1.446 billion, 0.967 billion, and 0.789 billion respectively [8]. Institutional Insights - Debon Securities noted that market volume will determine the height of the market trend, suggesting a continued rotation between technology and consumer sectors [9]. - Hengsheng Qianhai Fund highlighted that the A-share market remains in a state of strong bullish and bearish sentiment, with expectations of continued volatility [10]. - Dongwu Securities emphasized the robust demand for computing power within the industry chain, indicating that the market for computing infrastructure is still in a phase of rapid expansion [10].

Market Overview - On November 27, the A-share market experienced a pullback after an initial rise, with the Sci-Tech 50 and ChiNext indices both retreating over 2% from their gains. The Shanghai Composite Index rose by 0.29%, while the Shenzhen Component Index and ChiNext Index fell by 0.25% and 0.44%, respectively [3][4]. Sector Performance - The organic silicon, solid-state battery, consumer electronics, paper, and photovoltaic equipment sectors saw significant gains, while sectors such as Hainan Free Trade Zone, film and television, cultivated diamonds, China Shipbuilding, and internet e-commerce faced declines [3][4]. Key Stocks - Organic silicon stocks performed strongly, with companies like Hongbai New Materials and Chenguang New Materials hitting the daily limit, and Huasheng Lithium and Jinyinhai rising over 10% [5]. - Solid-state battery stocks also surged, with multiple companies including Mingguan New Materials and Liande Equipment reaching the daily limit [6][7]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets was 1.71 trillion yuan, a decrease of 736 billion yuan compared to the previous trading day, with nearly 2,800 stocks rising across the market [7]. Capital Flow - Main capital inflows were observed in the consumer electronics, printing and dyeing, and battery sectors, while there were outflows from cultural media, telecommunications, and computing sectors. Notable inflows included ZTE Communications, Chip Original, and Furi Electronics, while Zhongji Xuchuang, Hudian Co., and CATL faced significant sell-offs [10]. Institutional Insights - According to Debang Securities, market volume will determine the height of the market trend, suggesting a continued rotation between technology and consumer sectors. Hengsheng Qianhai Fund noted that the A-share market remains in a strong tug-of-war between bulls and bears, with future fluctuations expected. Dongwu Securities highlighted the robust demand for computing power in the AI narrative, indicating that the market for computing infrastructure is still in a phase of rapid expansion [11][12].

Core Viewpoint - Huadian Co., Ltd. (沪电股份) experienced a stock price decline of 2.00% on November 27, with a trading volume of 5.531 billion yuan and a market capitalization of 137.342 billion yuan. The company has seen an 82.30% increase in stock price year-to-date [1]. Financial Performance - For the period from January to September 2025, Huadian Co., Ltd. reported a revenue of 13.512 billion yuan, reflecting a year-on-year growth of 49.96%. The net profit attributable to shareholders was 2.718 billion yuan, marking a 47.03% increase compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Huadian Co., Ltd. reached 162,000, an increase of 26.43% from the previous period. The average number of tradable shares per shareholder decreased by 20.88% to 11,866 shares [2]. Dividend Distribution - Since its A-share listing, Huadian Co., Ltd. has distributed a total of 4.112 billion yuan in dividends, with 2.204 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 141 million shares, an increase of 17.244 million shares from the previous period. Other notable shareholders included Huatai-PB CSI 300 ETF and E Fund SSE 50 Enhanced A, with varying changes in their holdings [3].