华泰联合证券有限责任公司关于 奥士康科技股份有限公司 向不特定对象发行可转换公司债券并在主板上市 之上市保荐书 深圳证券交易所： 作为奥士康科技股份有限公司（以下简称"发行人"、"公司"）向不特定对 象发行可转换公司债券并在主板上市（以下简称"本次发行"、"本次可转债"） 的保荐人，华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"） 及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发行注册管理办 法》（以下简称"《注册管理办法》"）等法律法规和中国证券监督管理委员会（以 下简称"中国证监会"）及贵所的有关规定，诚实守信，勤勉尽责，严格按照依 法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、准 确、完整。 现将有关情况报告如下： 上市保荐书 一、发行人基本情况 （一）发行人概况 发行人名称：奥士康科技股份有限公司 注册地址：湖南省益阳市资阳区长春工业园龙塘村 成立时间：2008 年 5 月 21 日 联系方式：0755-26910253 （二）发行人的主营业务 公司专业从事高精密印制电路 ...

Core Viewpoint - Aoshikan is a leading global PCB manufacturer with full industry chain production capabilities, showcasing strong investment value due to its advanced product quality and technology [1] Group 1: Business Performance - In Q3 2025, Aoshikan reported revenue of 4.032 billion, ranking 14th among 44 companies in the industry, while the industry leader, Dongshan Precision, achieved revenue of 27.071 billion [2] - The net profit for the same period was 276 million, also ranking 14th, with the top performer, Shenghong Technology, reporting a net profit of 3.245 billion [2] Group 2: Financial Ratios - Aoshikan's debt-to-asset ratio stood at 45.79%, slightly above the industry average of 44.70%, indicating a higher leverage compared to peers [3] - The gross profit margin was 21.38%, higher than the industry average of 20.58%, reflecting better profitability [3] Group 3: Executive Compensation - The chairman, Cheng Yong, received a salary of 644,500, a decrease of 117,700 from the previous year, while the general manager, He Zixiu, saw an increase in salary to 2.5331 million, up by 1.4457 million [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.13% to 14,500, while the average number of shares held per shareholder increased by 13.80% to 20,900 [5] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 4.629 million shares [5] Group 5: Future Outlook - Analysts predict Aoshikan's revenue for 2025-2027 to be 5.52 billion, 6.74 billion, and 8.15 billion respectively, with net profits expected to be 510 million, 690 million, and 870 million [5] - The company is focusing on expanding its global footprint and increasing R&D investments, particularly in the automotive electronics and AIPC markets [5]

Summary of Aoshikan's Conference Call Company Overview - Aoshikan is expected to achieve a revenue of 1.467 billion yuan in 2025, representing a year-on-year growth of 26.65% and a net profit growth exceeding 50% due to the increase in AI products, automotive clients, and new consumer electronics [2][3][29] - The company is currently in a capacity ramp-up phase, with production focusing on HDI products and high-layer boards [4][11] Financial Performance - In the first three quarters of 2025, Aoshikan reported a revenue of 1.032 billion yuan, a year-on-year increase of 21.89%, marking the highest quarterly and annual growth in four years [3] - The net profit for the same period grew by over 50% year-on-year, driven by the growth in AI products and automotive clients [3] Production Capacity and Expansion Plans - Aoshikan operates three factories: Yiyang (monthly capacity of 350,000 square meters), Zhaoqing (500,000 square meters), and Thailand (120,000 square meters, currently utilizing 70,000 square meters) with an overall utilization rate exceeding 80% [6][12] - The Zhaoqing factory is undergoing an expansion with an investment of 1.8 billion yuan, expected to release capacity in the first half of 2026, primarily targeting domestic computing clients [8] - The Thailand factory has been operational since Q4 2024, but is expected to incur losses of approximately 100 million yuan in 2025 due to the customer and product expansion phase [5][7] Product Development and Market Trends - The automotive and communication sectors each account for about 30% of revenue, while consumer electronics contribute in the low teens [4][13] - Aoshikan is focusing on high-end products in the automotive sector, including radar boards and intelligent driving domain controllers, which utilize HDI technology [18] - The company anticipates that the penetration rate of HDI and high-layer boards in high-end PCs will reach 60% or higher in the next two years, up from over 30% currently [11] Challenges and Cost Management - The rise in CCL prices is expected to impact gross margins by 2-3 percentage points, but the company plans to manage costs through refined management practices [22] - The company is experiencing challenges with yield rates affecting high-end board orders, which is a significant factor in production capacity enhancement [26][27] Future Outlook - Aoshikan is optimistic about its growth trajectory, particularly with the anticipated benefits from the AI wave and the expansion of its product offerings [29] - The company is actively engaging with North American clients to secure bulk supply agreements for AI server power boards in 2026 [9][12] Strategic Partnerships - Collaboration with Mingxin Company has been beneficial, enhancing Aoshikan's capabilities in the automotive sector and improving production processes at the Thailand factory [20] Conclusion - Aoshikan is positioned for significant growth driven by advancements in AI technology and a strategic focus on high-end products across various sectors, despite facing challenges in production capacity and cost management [29]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.032 billion CNY, representing a year-on-year growth of 21.89% [2] - The net profit attributable to the parent company was 1.31 billion CNY, with a year-on-year increase of 2.82% [2] - The decline in gross profit margin is attributed to challenges in production ramp-up and yield improvement for new products in Thailand [2] Production Capacity - The company has established a global production capacity with three core bases in Hunan, Guangdong, and Thailand, optimizing resource allocation and collaborative development [3] Revenue Structure - The revenue for the first three quarters of 2025 was primarily derived from servers, automotive electronics, base stations, switches, routers, PCs, storage, and consumer electronics [4] Industry Insights - The rise of AI in various smart terminals is transforming the PC industry, with AIPC (Artificial Intelligence Personal Computer) emerging as a key innovation, enhancing user experience through applications like AI search and content generation [4] - The company has quickly entered the AIPC market, forming deep partnerships with several PC manufacturers to provide customized product solutions [4] Automotive Electronics - The company is focusing on high-end products in the automotive electronics sector, particularly in autonomous driving, while maintaining strong relationships with Tier 1 automotive brands [5] - The shift towards electrification and intelligence in vehicles is expected to increase the demand and value of automotive PCBs [5] AI Server Market - The company is actively expanding its presence in the AI server market, responding to high demand for high-performance and reliable PCB products in data centers and servers [5] - Plans include increasing investment in R&D, personnel, core equipment, and customer development to enhance market competitiveness [5]

Core Insights - Aoshikang Technology Co., Ltd. reported a revenue of approximately 4.032 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 21.89% [1] - The third quarter showed particularly strong performance with a revenue of about 1.467 billion yuan, a year-on-year increase of 26.45%, and a net profit attributable to shareholders of approximately 86.24 million yuan, up 56.09% year-on-year [1] Company Performance - The core of Aoshikang's growth lies in breakthroughs in high-end printed circuit board (PCB) technology and the expansion of applications across multiple scenarios [1] - The company focuses on core products such as high-layer boards, achieving technological implementation in emerging fields like AI servers and automotive electronics [1] - The company has made significant progress in delivering server motherboards, storage boards, and GPU boards, with its Thailand factory taking on high-end orders for AI servers and AIPC, indicating a ramp-up in production capacity [1] Technological Advancements - Advanced technology serves as the main engine for Aoshikang's performance growth, with a quality management model emphasizing IT management, automated production, and professional personnel [1] - The company continues to increase R&D investment, successfully penetrating core scenarios of new productivity such as 5G base stations, data storage, autonomous driving, and AR/VR [1] Market Positioning - Aoshikang's products cover a wide range of applications including high-end consumer electronics, digital energy, and medical industrial control, focusing on core products like AI servers and embedded ICT [2] - The company aims to anchor new productivity tracks through technological breakthroughs, leveraging diverse application scenarios and global capacity layout to sustain growth momentum [2]

Core Viewpoint - The company, Aoshikang, is currently unable to disclose specific customer information and business conditions due to commercial confidentiality agreements, but it continues to focus on high-value-added product areas such as AI servers, AIPC, automotive electronics, switches, artificial intelligence, and high-frequency high-speed communication equipment [1] Group 1 - The company is engaged in sectors including AI servers, AIPC, automotive electronics, switches, artificial intelligence, and high-frequency high-speed communication equipment [1]

Core Viewpoint - Aoshikan (002913.SZ) reported its Q3 2025 results, highlighting a significant increase in institutional ownership and changes in foreign investment [1] Institutional Ownership - As of October 27, 2025, five institutional investors disclosed holding Aoshikan A-shares, totaling 180 million shares, which represents 56.82% of Aoshikan's total share capital [1] - The institutional ownership increased by 2.03 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 173 public funds were disclosed, including notable funds such as Southern CSI 1000 ETF, E Fund Industry Upgrade Mixed A, and GF Steady Growth Mixed A [1] Foreign Investment - There was an increase in foreign investment, with one foreign fund, Hong Kong Central Clearing Limited, increasing its holdings by 1.46% compared to the previous period [1]

Core Insights - The company reported a revenue of 1,467,138,855.41 yuan for the third quarter of 2025, representing a year-on-year growth of 26.45% [1] - The net profit attributable to shareholders of the listed company was 86,601,638.09 yuan, showing a year-on-year increase of 53.67% [1] Financial Performance - Revenue for Q3 2025: 1,467.14 million yuan, up 26.45% year-on-year [1] - Net profit for Q3 2025: 86.60 million yuan, up 53.67% year-on-year [1]

Core Insights - Aoshikan (002913.SZ) reported a revenue of 4.032 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 21.89% [1] - The net profit attributable to shareholders of the listed company reached 282 million yuan, with a year-on-year increase of 1.31% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 270 million yuan, showing a year-on-year growth of 1.52% [1]

证券代码：002913 证券简称：奥士康 公告编号：2025-067 奥士康科技股份有限公司 关于使用闲置自有资金进行现金管理的公告 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。 重要内容提示： 1、投资种类：安全性高、流动性好、风险较低的短期理财产品或存款类产品， 购买渠道包括但不限于商业银行、证券公司、信托公司等金融机构。 2、资金额度：不超过人民币 15 亿元，在上述额度内，资金可以滚动使用。 （五）授权情况：公司董事会授权董事长或董事长授权人员在上述额度范围行 使投资决策权并签署相关文件，由财务管理中心负责具体组织实施。 （六）资金来源：公司自有闲置资金，不涉及使用募集资金或银行信贷资金的 情况。 二、本次事项履行的决策程序 2025 年 10 月 24 日，公司召开第四届董事会第九次会议，审议通过《关于使用 闲置自有资金进行现金管理的议案》，同意公司及子公司在不影响正常经营的情况 下，使用不超过人民币 15 亿元闲置自有资金进行现金管理，通过商业银行、证券公 司、信托公司等金融机构购买安全性高、流动性好、风险较低的短期理财产品或存 款类产品。上述额 ...