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_ ...

沪电股份(002463.SZ)公告称，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。该申请资料为草拟版 本，其所载资料可能会适时作出更新和变动。公司本次发行上市尚需取得相关政府机关、监管机构、证 券交易所的批准、核准或备案。 ...

Core Viewpoint - Huadian Electronics Co., Ltd. (referred to as Huadian) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CICC and HSBC acting as joint sponsors. The company is a global leader in providing PCB solutions for data communication and smart automotive sectors, driven by the growing demand for AI-driven data centers and the rapid development of automotive electrification, intelligence, and connectivity [1]. Group 1: Company Overview - Huadian is recognized as a leading provider of PCB solutions in the global data communication and smart automotive sectors [1]. - The company’s performance growth is primarily driven by the booming demand for data centers, particularly in high-performance computing and data interconnect applications [1]. - The rapid advancement in automotive electrification, intelligence, and connectivity is expected to contribute to the company's long-term performance growth [1]. Group 2: Market Position - According to data from Zhi Shi Consulting, as of June 30, 2025, Huadian ranks first globally in PCB revenue for the data center sector, holding a market share of 10.3% [1]. - The company also ranks first globally in the category of PCBs with 22 layers or more, commanding a market share of 25.3% [1]. - Huadian leads the global market in PCB revenue for switches and routers, with a market share of 12.5% [1]. - Additionally, the company ranks first in the market for L2+ autonomous driving domain controllers' high-end HDI PCBs, with a market share of 15.2% [1].

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, highlighting its position as a leading 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 [1] Group 1: Company Overview - Huadian Electronics is recognized as a global leader in PCB solutions for data communication and smart automotive applications [1] - The company is backed by joint sponsors, China International Capital Corporation (中金公司) and HSBC [1] Group 2: Market Position and Performance - As of June 30, 2025, Huadian Electronics holds the top position in the global PCB market for data centers, with a market share of 10.3% [1] - The company ranks first globally in the production of PCBs with 22 layers or more, capturing 25.3% of the market [1] - Huadian Electronics leads the market for PCBs used in switches and routers, with a share of 12.5% [1] - The company's L2+ autonomous driving domain controller high-end HDI PCB also ranks first globally, holding a market share of 15.2% [1]

Group 1: Financial Performance - 三环集团2025年归母净利润预计为2782百万，增速为27%[1] - 沪电股份2025年归母净利润预计为4042百万，增速为56%[1] - 明阳电气2025年归母净利润预计为789百万，增速为19%[1] Group 2: Revenue Growth - 三环集团2025年营业收入预计为9207百万，增速为25%[1] - 沪电股份2025年营业收入预计为18654百万，增速为40%[1] - 明阳电气2025年营业收入预计为7886百万，增速为22%[1] Group 3: Market Opportunities - AI服务器推动MLCC行业量价齐升，预计整机用量较传统架构提高300%[1] - SOFC技术迭代升级，度电成本已与燃气轮机接近平价，带来放量机会[1] - 牧原股份生猪屠宰量同比增长140%，Q3屠宰肉食业务实现单季度盈利[1]

Core Viewpoint - Huadian Electronics Co., Ltd. (referred to as "Huadian") has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a leading provider of PCB solutions in the data communication and smart automotive sectors, capitalizing on the trends of AI data centers and electric vehicle intelligence [2] Company Overview - Huadian's core revenue comes from PCB product sales, consistently accounting for over 95% of total revenue during the reporting period: 95.2% in 2022, 95.9% in 2023, 96.3% in 2024, and 95.6% in the first half of 2025 [4] - The company has a strong market position in various PCB products, leading globally with a 10.3% market share in data center PCBs, 25.3% in PCBs with 22 layers or more, 12.5% in PCBs for switches and routers, and 15.2% in L2+ autonomous driving domain controllers [2] Competitive Advantages - Huadian has identified five core competitive advantages: focus on PCB core business, diverse customer ecosystem, leading technology for high-performance products, quality management and green manufacturing, and a seasoned management team [5] - The company aims to enhance its competitiveness through technology, expand high-end production capacity, and seek strategic mergers and acquisitions while maintaining talent-driven strategies [5] Industry Outlook - The global PCB market is projected to grow significantly, from $75 billion in 2024 to $96.8 billion by 2029, driven by AI and cloud computing, as well as the electrification and intelligence transformation in the automotive sector [5] - The data communication PCB market is expected to increase from $21.8 billion in 2024 to $32.7 billion by 2029, while the automotive PCB market is forecasted to grow from $9.2 billion to $11.5 billion in the same period, indicating that Huadian is well-positioned to benefit from these high-growth sectors [5]

Investment Rating - The report maintains an "Outperform" rating for the PCB industry [2]. Core Insights - The industry is entering a new AI-driven cycle, fundamentally changing demand structures. The construction of AI server clusters is leading to simultaneous upgrades in PCB demand and pricing. The expected market for wired communication PCBs will reach 206.9 billion RMB by 2027, with a CAGR of 20% over the next two years [4]. - High-end PCBs are expected to remain in tight supply until 2027, with major global manufacturers expanding production aggressively. The combined output of 13 leading PCB manufacturers is projected to reach 186 billion RMB by 2027, with a CAGR of 54% from 2025 to 2027 [4]. - The trend towards high-end PCB manufacturing is accelerating due to technological iterations and material upgrades. The industry is expected to see a three-pronged evolution in materials, processes, and architectures driven by AI [4]. - The demand surge and profit improvement in upstream materials present opportunities for domestic substitution. The price of copper-clad laminates has risen significantly, and domestic manufacturers are making notable progress in high-end materials [4]. - The PCB industry is experiencing a long-term trend of simultaneous growth in volume, price, and structure, driven by AI. The report recommends focusing on leading companies with high-end manufacturing capabilities and overseas delivery layouts [4]. Summary by Sections AI-Driven Growth - The AI cycle is expected to drive significant growth in PCB demand, particularly in AI servers, high-speed switches, and optical modules. The total market for wired communication PCBs is projected to reach 1,433 billion RMB by 2025 and 1,815 billion RMB by 2026 [19]. Production Capacity Expansion - Major PCB manufacturers are announcing aggressive expansion plans, with significant investments in new production facilities in Southeast Asia and domestic high-end capacity [15]. Technological Advancements - The report highlights the rapid adoption of mSAP technology in AI servers and switches, which is essential for meeting the demands of high-density signal transmission [4][21]. Market Dynamics - The report notes that the global PCB market is expected to face a supply-demand gap of nearly 20 billion RMB by 2026, although this gap is anticipated to narrow by 2027 [19]. Key Players - The report identifies leading companies such as Huada Technology, Jingwang Electronics, and Shenghong Technology as key players to watch in the PCB industry due to their high-end manufacturing capabilities and strategic expansion plans [4].

（文章来源：每日经济新闻） 每经AI快讯，11月28日，港交所文件显示，沪士电子股份有限公司向港交所提交上市申请书，联席保 荐人为中金公司、汇丰。 ...

据港交所文件： 沪士电子股份有限公司 向港交所提交上市申请书。 ...

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