公司按照审核问询函的要求，会同相关中介机构就审核问询函中提出的问题进行了 认真研究和逐项落实，并对问询函进行了回复和说明，具体内容详见公司披露于巨潮资 讯网（www.cninfo.com.cn）的相关公告。 公司本次向不特定对象发行可转换公司债券尚需通过深交所审核，并获得中国证券 监督管理委员会（以下简称"中国证监会"）同意注册后方可实施，最终能否通过深交 所审核并获得中国证监会同意注册的批复及其时间尚存在不确定性。公司将根据该事项 进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 证券代码：002913 证券简称：奥士康 公告编号：2025-069 奥士康科技股份有限公司 关于向不特定对象发行可转换公司债券的审核问询函回复及募集 说明书等申请文件更新的提示性公告 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。 奥士康科技股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日收到深圳证券 交易所（以下简称"深交所"）下发的《关于奥士康科技股份有限公司申请向不特定对 象发行可转换公司债券的审核问询函》（审核函〔2025〕120 ...

湖南启元律师事务所 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 的 补充法律意见书（一） 二〇二五年十一月 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 电话：0731-82953778 传真：0731-82953779 邮编：410000 网站：www.qiyuan.com 致：奥士康科技股份有限公司 湖南启元律师事务所（以下简称"本所"）接受奥士康科技股份有限公司（以 下简称"发行人"、"公司"或"奥士康"）的委托，担任发行人向不特定对象 发行可转换公司债券（以下简称"本次发行"）的专项法律顾问。 本所根据现行《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》"）、《深圳证券交易所上市公司证 券发行上市审核规则》《律师事务所从事证券法律业务管理办法》《律师事务所 证券法律业务执业规则（试行）》《公开发行证券的公司信息披露编报规则第12 号——公开发行证券的法律意见书和律师工作报告》等法律、行政法规、部门规 章和规范性文件的有关规定，按照律师行业公认的业务 ...

关于奥士康科技股份有限公司 申请向不特定对象发行可转换公司债券的审核 问询函中有关财务事项的说明 政旦志远核字第 250000418 号 政旦志远（深圳）会计师事务所（特殊普通合伙） Zandar Certified Public Accountants LLP 问询函中有关财务事项的说明 关于奥士康科技股份有限公司 申请向不特定对象发行可转换公司债券的审核 目 录 页 次 一、 关于申请向特定对象发行股票的审核问询函 中有关事项的说明 1-170 地 址：深圳市福田区鹏程一路广电金融中心 11F 电 话：+86-755-88605026 www.zdcpa.com 关于奥士康科技股份有限公司 申请向不特定对象发行可转换公司债券的审核 问询函中有关财务事项的说明 政旦志远核字第 250000418 号 深圳证券交易所： 《关于奥士康科技股份有限公司申请向不特定对象发行可转换 公司债券的审核问询函》（审核函〔2025〕120042 号，以下简称审核 问询函）奉悉。我们已对审核问询函所提及的奥士康科技股份有限公 司（以下简称奥士康公司或发行人）财务事项进行了审慎核查，现汇 报如下： 如无特别说明，本《审核问询函》 ...

关于奥士康科技股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函的回复 深圳证券交易所： 贵所于 2025 年 10 月 27 日下发的《关于奥士康科技股份有限公司申请向不 特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕120042 号）（以 下简称"审核问询函"）已收悉。 根据贵所的要求，奥士康科技股份有限公司（以下简称"公司"、"发行人"、 "奥士康"）会同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"、"保荐机构"）、湖南启元律师事务所（以下简称"发行人律师"）、政旦 志远（深圳）会计师事务所（特殊普通合伙）（以下简称"政旦志远会计师"） 等中介机构进行了认真研究和落实，并按照审核问询函的要求对所涉及的事项进 行了资料补充和问题回复，现提交贵所，请予审核。 本审核问询函回复（以下简称"本回复"）中"最近三年一期"指 2022 年度、 2023 年度、2024 年度和 2025 年 1-9 月；"最近一年一期"指 2024 年度和 2025 年 1-9 月。除此之外，如无特别说明，本回复相关用语释义与《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募集说 ...

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 发行保荐书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 发行保荐书 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 一、保荐人工作人员简介 （一）保荐代表人 本次具体负责推荐的保荐代表人为詹梁钦、刘冀翱。其保荐业务执业情况如 下： 向不特定对象发行可转换公司债券并在主板上市之 发行保荐书 奥士康科技股份有限公司（以下简称"奥士康"、"发行人"、"公司"、"上市 公司"）申请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"），依据《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》"）等相关的法律、法规的有关规定，提交 发行申请文件。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"）作为其本次发行的保荐人，詹梁钦和刘冀翱作为具体负责推荐的保荐代表 人，特为其出具本发行保荐书。 保荐人华泰联 ...

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]