证券代码：300739 证券简称：明阳电路 公告编号：2025-096 债券代码：123087 债券简称：明电转债 债券代码：123203 债券简称：明电转 02 深圳明阳电路科技股份有限公司 第四届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳明阳电路科技股份有限公司（以下简称"公司"）第四届董事会第七次 会议（以下简称"会议"）于 2025 年 8 月 26 日以现场表决结合通讯表决的方式 召开。会议通知已于 2025 年 8 月 16 日以邮件、电话及专人送达等方式发出。会 议由公司董事长张佩珂先生主持，应到董事 7 人，实到董事 7 人（其中董事马旭 飞先生、LIN JIANWU（林健武）先生、李娟娟女士以通讯方式出席）。公司监事、 高级管理人员列席了会议。会议的召集和召开程序符合《中华人民共和国公司法》 及《公司章程》等有关规定，形成的决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于<2025 年半年度报告>全文及摘要的议案》 公司编制的《2025 年半年度报告》全文及其摘要的相关内 ...

Group 1 - The company has conducted a review of the "2025 Restricted Stock Incentive Plan (Draft)" and confirmed its eligibility to implement the stock incentive plan based on relevant laws and regulations [1][2][3] - The review indicates that the plan's implementation will align the interests of management and shareholders, enhance management efficiency, and contribute to the company's sustainable development without harming the interests of the company and all shareholders [2][3][4] - The plan requires approval from the company's shareholders' meeting before implementation [2][3] Group 2 - The review of the "2025 Restricted Stock Incentive Plan Implementation Assessment Management Measures" confirms that the assessment indicators are scientific, reasonable, comprehensive, and operational, ensuring the smooth implementation of the incentive plan [3][4] - The list of incentive objects includes only formal employees of the company, excluding independent directors, supervisors, foreign employees, and shareholders or actual controllers holding more than 5% of the company's shares [3][4] - The review concludes that the qualifications of the incentive objects meet the requirements set forth in the relevant laws and regulations, making their eligibility for the incentive plan valid [4]

南财智讯8月27日电，明阳电路发布2025年半年度报告，报告期实现营业收入8.82亿元，同比增长 13.11%；归属上市公司股东的净利润4150.75万元，同比增长32.60%；扣除非经常性损益后的归属于上 市公司股东的净利润3520.75万元，同比增长84.13%；基本每股收益0.12元。 ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board, supervisory board, and senior management guarantee the report's accuracy, declare no cash dividends or bonus shares, and advise investors on inherent risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) - Content regarding future plans, operating targets, and performance forecasts in this report does not constitute a substantive commitment to any investor, requiring investors to maintain sufficient risk awareness[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's main chapter structure, including important notices, company profile, management discussion and analysis, and financial reports [Reference Documents Catalog](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the company's reference documents for the reporting period, including financial statements, original public disclosure documents, and the semi-annual report, with the designated location being the company's securities department - Reference documents include financial statements signed and sealed by the legal representative, chief financial officer, and head of the accounting department[9](index=9&type=chunk) - Reference documents also include originals and drafts of all company documents publicly disclosed in newspapers designated by the China Securities Regulatory Commission during the reporting period[10](index=10&type=chunk) - The aforementioned reference documents are available at the company's securities department[12](index=12&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, covering company names, controlling shareholders, subsidiaries, key customers, and PCB-related technical terms for clear understanding - “Company,” “the Company,” and “Mingyang Circuit” all refer to Shenzhen Mingyang Circuit Technology Co., Ltd. (including the parent company and its subsidiaries)[13](index=13&type=chunk) - “Runjiaxi” is the company's controlling shareholder, whose name changed multiple times during the reporting period[13](index=13&type=chunk) - “Printed Circuit Board, PCB” refers to a printed board where inter-point connections and printed components are formed on an insulating substrate according to a predetermined design[14](index=14&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=8&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Shenzhen Mingyang Circuit Technology Co., Ltd., stock ticker "Mingyang Circuit" and stock code 300739, is listed on the Shenzhen Stock Exchange, with Zhang Peike as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Mingyang Circuit | | Stock Code | 300739 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Mingyang Circuit Technology Co., Ltd. | | Legal Representative | Zhang Peike | [Contact Person and Contact Information](index=8&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Wei | Building B, No. 32 Nanhuan Road, Shangxing Second Industrial Zone, Xinqiao Street, Bao'an District, Shenzhen | 0755-27243637 | 0755-27243609 | zqb@sunshinepcb.com | | Securities Affairs Representative | Hou Juanjuan | Building B, No. 32 Nanhuan Road, Shangxing Second Industrial Zone, Xinqiao Street, Bao'an District, Shenzhen | 0755-27243637 | 0755-27243609 | zqb@sunshinepcb.com | [Other Information](index=8&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's contact information, information disclosure and storage locations, or registration details, with specific information available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[19](index=19&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[20](index=20&type=chunk) - The company's registration status remained unchanged during the reporting period[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue increased by 13.11% year-on-year, net profit attributable to shareholders increased by 32.60%, and net profit after deducting non-recurring gains and losses surged by 84.13%, while net cash flow from operating activities decreased by 26.29% Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Period (million RMB) | Prior Year (million RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 881.67 | 779.48 | 13.11% | | Net Profit Attributable to Shareholders | 41.51 | 31.30 | 32.60% | | Net Profit Attributable to Shareholders After Deducting Non-Recurring Gains and Losses | 35.21 | 19.12 | 84.13% | | Net Cash Flow from Operating Activities | 78.05 | 105.89 | -26.29% | | Basic Earnings Per Share (RMB/share) | 0.12 | 0.10 | 20.00% | | Diluted Earnings Per Share (RMB/share) | 0.12 | 0.10 | 20.00% | | Weighted Average Return on Net Assets | 1.72% | 1.63% | 0.09% | Key Accounting Data and Financial Indicators (Period-End) | Indicator | Current Period-End (million RMB) | Prior Year-End (million RMB) | Period-End vs. Prior Year-End Change | | :--- | :--- | :--- | :--- | | Total Assets | 3,475.47 | 3,455.99 | 0.56% | | Net Assets Attributable to Shareholders | 2,408.29 | 2,402.41 | 0.24% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=9&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or foreign accounting standards and those under Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under international accounting standards and those under Chinese accounting standards during the reporting period[23](index=23&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under foreign accounting standards and those under Chinese accounting standards during the reporting period[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 6.30 million RMB, primarily from government subsidies, fair value changes in financial assets and liabilities, and disposal gains/losses of non-current assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -663,561.12 | | Government Subsidies Included in Current Profit and Loss | 4,743,410.23 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities, and Disposal of Financial Assets and Liabilities (excluding effective hedging related to normal business operations) | 6,228,295.19 | | Other Non-Operating Income and Expenses Apart from the Above | -2,253,142.71 | | Less: Income Tax Impact | 1,754,998.92 | | Minority Interest Impact (after tax) | 22.27 | | Total | 6,299,980.40 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[27](index=27&type=chunk) - The company has not reclassified any non-recurring gains and losses items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[27](index=27&type=chunk) Part III Management Discussion and Analysis [Company's Main Business During the Reporting Period](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business is the R&D, production, and sales of Printed Circuit Boards (PCBs), focusing on small-batch manufacturing, with products widely used in industrial control, medical, automotive electronics, semiconductors, and AI. In H1 2025, the global PCB industry saw a mild recovery driven by AI data center construction and automotive electrification, with the company actively expanding into high-end products and emerging fields - The company's main business is the research and development, production, and sales of Printed Circuit Boards (PCBs), belonging to the "C3982 Electronic Circuit Manufacturing" industry[29](index=29&type=chunk) - In the first half of 2025, the global PCB industry experienced a mild recovery driven by AI data center construction, automotive electrification, and high-end consumer electronics innovation[30](index=30&type=chunk) - The company specializes in the manufacturing of small-batch PCBs, with products widely applied in industrial control, medical health, automotive electronics, semiconductors, smart grids, communication equipment, commercial displays, artificial intelligence, data centers, and other fields[31](index=31&type=chunk)[33](index=33&type=chunk) [PCB Industry Development](index=11&type=section&id=1%EF%BC%8EPCB%20%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) In the first half of 2025, the global PCB industry showed mild recovery and structural growth, primarily driven by AI data centers, automotive electrification, and high-end consumer electronics, with technological trends moving towards high-layer, HDI, and semiconductor packaging substrates, and Southeast Asian capacity expansion accelerating despite China's continued dominance - AI-driven data center construction, automotive electrification, and high-end consumer electronics innovation were the core growth drivers for the global PCB industry in the first half of 2025[30](index=30&type=chunk) - Industry technological development directions include high-layer and high-density interconnect (HDI) boards, Any-layer HDI, semiconductor packaging substrates (IC substrates), and high-frequency/high-speed material applications[30](index=30&type=chunk) - Mainland China remains the dominant global PCB manufacturing region, but capacity expansion in Southeast Asia is accelerating to serve overseas markets and respond to changes in the trade environment[30](index=30&type=chunk) [Company's Industry Position](index=11&type=section&id=2%EF%BC%8E%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) With over two decades in the PCB industry, the company specializes in small-batch board manufacturing, offering a diverse product range and sales across Europe, America, and Southeast Asia, consistently ranking among China's top 100 PCB enterprises, securing 42nd overall and 22nd among domestic firms in 2025, while also achieving ISO50001 certification and high-tech product recognition for several offerings - The company specializes in the manufacturing of small-batch printed circuit boards, with products widely applied in industrial control, medical health, automotive electronics, and other fields, and sales regions covering Europe, America, and Southeast Asia[31](index=31&type=chunk) - In 2025, the company ranked **42nd** among China's top 100 PCB enterprises and **22nd** among domestic PCB top 100 enterprises[32](index=32&type=chunk) - During the reporting period, the company successfully passed ISO50001:2018 energy management system certification, and its embedded resistor printed circuit boards and high-end high-speed circuit boards were recognized as 2024 Guangdong Province Famous and High-Tech Products[32](index=32&type:chunk) [Company's Main Business, Products, and Uses During the Reporting Period](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company's core business involves PCB R&D, production, and sales, boasting full-process manufacturing capabilities and a focus on diversified, small-batch, innovation-driven international niche markets. During the reporting period, the company increased R&D investment in semiconductor test boards and AI servers, actively pursuing glass-based advanced packaging and SiC power module products, and has established partnerships with several globally renowned enterprises - The company's main business is the research and development, production, and sales of Printed Circuit Boards (PCBs), possessing full-process PCB manufacturing capabilities and specializing in small-batch board manufacturing[33](index=33&type=chunk) - During the reporting period, the company gradually increased R&D and investment in processes such as semiconductor test boards and AI servers, with high-speed server and AI accelerator card products entering the small-batch production phase[36](index=36&type=chunk) - The company is actively developing glass-based advanced packaging products, establishing a specialized development team, setting up a wafer-level glass-based packaging experimental line, and developing new PCB-packaged SiC power module products[36](index=36&type=chunk) [Main Operating Model](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a "production-driven procurement" model, sourcing most raw materials domestically; its "sales-driven production" model emphasizes flexible manufacturing with comprehensive quality control; sales are primarily export-oriented through global entities in Hong Kong, Germany, and the US, while also expanding domestic markets; R&D is "technology-driven," market-oriented, and fostered through a technology center and university-industry collaborations - The company's procurement model is "production-driven procurement," with main raw materials such as copper clad laminates, copper balls, copper foil, prepregs, potassium gold cyanide, and inks primarily sourced domestically[38](index=38&type=chunk) - The company's production model is "sales-driven" flexible manufacturing, involving order reception by the marketing department, design by the R&D center, production planning by the planning department, production organization by the production department, and full-process quality inspection by the quality department[40](index=40&type=chunk)[41](index=41&type=chunk) - The company's sales model is primarily export-oriented, forming a global sales system through its three main sales entities: Hong Kong Mingyang, Germany Mingyang, and USA Mingyang, while actively expanding into new high-quality domestic customers[42](index=42&type=chunk)[44](index=44&type=chunk) - The company's R&D model adheres to "technology-driven enterprise," with a technology center, the establishment of the "Guangdong 5G High-Density Interconnect HDI Circuit Board Engineering Technology Research Center," and university-industry collaborations[45](index=45&type=chunk) [Main Performance Drivers](index=14&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) In the first half of 2025, the company achieved rapid performance growth, with operating revenue increasing by 13.11%, net profit attributable to shareholders by 32.60%, and net profit after deducting non-recurring gains and losses by 84.13%, driven primarily by focusing on high-end markets like new energy vehicles and AI servers, deepening lean operations for cost reduction and efficiency, and continuously optimizing business processes and organizational innovation H1 2025 Performance Overview | Indicator | Amount (RMB) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 881,669,025.03 | 13.11% | | Net Profit Attributable to Shareholders | 41,507,471.84 | 32.60% | | Net Profit Attributable to Shareholders After Deducting Non-Recurring Gains and Losses | 35,207,491.44 | 84.13% | - The company's operating performance in the second quarter significantly improved quarter-on-quarter, with revenue increasing by **9.73%** and net profit by **145.32%** sequentially[49](index=49&type=chunk) - Performance growth is primarily attributed to focusing on high-end market segments such as new energy vehicles and AI servers, and increasing R&D investment in processes like semiconductor test boards and AI servers[49](index=49&type=chunk)[50](index=50&type=chunk) - The company continuously promotes cost reduction, efficiency improvement, and lean production, launching a "100-day sprint" project focused on optimizing labor costs, controlling scrap rates, and enhancing order profitability[51](index=51&type=chunk) - The company deepens business process reforms in key areas such as market, business opportunity, and supply chain management, establishing an AI specialized product business unit to enhance business process and operational management efficiency[53](index=53&type:chunk) [Core Competitiveness Analysis](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its high-quality customer base, experienced management team, leading global presence, diverse product portfolio, excellent quality management, and continuous technological R&D innovation, particularly in high-speed computing and AI intelligence - The company has accumulated numerous high-quality customers with leading market positions in various fields, including international renowned enterprises such as Flextronics and Jabil, establishing long-term stable cooperative relationships[54](index=54&type=chunk) - The company possesses a technically skilled and experienced management team, enhancing management effectiveness through equity incentives and high-potential talent development programs[55](index=55&type:chunk) - The company is at the forefront of the domestic PCB industry in terms of overseas presence, boasting a global sales network, international market layout (Germany, Malaysia production bases), and an international talent pool[56](index=56&type:chunk)[57](index=57&type:chunk) - The company has a comprehensive product structure, primarily focusing on small-batch boards, encompassing quick-turn, prototype, and mass production boards, with process capabilities for producing fine-pitch, Mini LED PCBs, and semiconductor test boards (ATE), and has obtained multiple quality and management system certifications[58](index=58&type:chunk) - The company adheres to "technology-driven enterprise," with an R&D center, a high-speed computing product development team, SI simulation team, and PCB thermal management team, holding **126 patents** (including **36 invention patents**)[59](index=59&type:chunk)[60](index=60&type:chunk) [Main Business Analysis](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's main business revenue increased by 13.11% year-on-year, with printed circuit board revenue growing by 14.15% and a gross profit margin of 19.38%. Export business revenue increased by 8.07%, while domestic sales revenue surged by 45.79%. Financial expenses significantly decreased by 87.41% year-on-year, while income tax expenses increased by 590.28%, primarily due to higher total profit Major Financial Data Year-on-Year Changes | Item | Current Period (million RMB) | Prior Year (million RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 881.67 | 779.48 | 13.11% | No significant change | | Operating Cost | 676.82 | 600.07 | 12.79% | No significant change | | Selling Expenses | 30.31 | 32.20 | -5.87% | No significant change | | Administrative Expenses | 54.03 | 57.34 | -5.78% | No significant change | | Financial Expenses | 1.31 | 10.37 | -87.41% | Primarily due to reduced interest expense on convertible bonds | | Income Tax Expense | 9.02 | 1.31 | 590.28% | Primarily due to increased total profit and adjustment of prior period income tax impact | | R&D Investment | 40.98 | 38.29 | 7.02% | Primarily due to increased R&D investment | | Net Cash Flow from Operating Activities | 78.05 | 105.89 | -26.29% | Primarily due to increased operating cash outflows | | Net Cash Flow from Investing Activities | -37.58 | -8.31 | -352.38% | Primarily due to reduced cash received from investment recovery | | Net Cash Flow from Financing Activities | -57.69 | -74.19 | 22.25% | Primarily due to reduced cash paid for dividend distribution | | Net Increase in Cash and Cash Equivalents | -8.94 | 30.53 | -129.29% | Primarily due to reduced net cash flow from operating and investing activities | Products or Services Accounting for Over 10% of Revenue | Category | Operating Revenue (million RMB) | Operating Cost (million RMB) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product or Service** | | | | | | | | Printed Circuit Boards | 832.71 | 671.32 | 19.38% | 14.15% | 13.46% | 0.49% | | Other Business Income | 48.96 | 5.50 | 88.76% | -2.11% | -34.46% | 5.55% | | **By Sales Region** | | | | | | | | Export | 661.22 | 523.19 | 20.87% | 8.07% | 7.30% | 0.57% | | Domestic Sales | 171.49 | 148.13 | 13.62% | 45.79% | 42.36% | 2.07% | | Other Business Income | 48.96 | 5.50 | 88.76% | -2.11% | -34.46% | 5.55% | | **By Sales Model** | | | | | | | | Direct Sales | 832.71 | 671.32 | 19.38% | 14.15% | 13.46% | 0.49% | | Other Business Income | 48.96 | 5.50 | 88.76% | -2.11% | -34.46% | 5.55% | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[64](index=64&type=chunk) [Non-Main Business Analysis](index=18&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's non-main business significantly impacted total profit, with asset impairment losses accounting for the largest proportion at -51.33%, primarily due to inventory write-downs and bad debt provisions for accounts receivable. Investment income and fair value changes also contributed to profit, but their sustainability is low Impact of Non-Main Business on Total Profit | Item | Amount (RMB) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,636,735.76 | 5.23% | Primarily due to maturity income from transactional financial assets | No | | Fair Value Change Gains/Losses | 3,591,559.43 | 7.13% | Primarily due to fair value changes of transactional financial assets | No | | Asset Impairment | -25,865,021.82 | -51.33% | Primarily due to inventory write-downs provisioned according to company asset impairment policies | Yes | | Non-Operating Income | 2,020.88 | 0.00% | Primarily due to write-off of intercompany receivables/payables | No | | Non-Operating Expenses | 2,255,163.59 | 4.48% | Primarily due to subsidiary's supplementary payment of prior year tax late fees | No | | Credit Impairment Losses | -4,677,825.26 | -9.28% | Primarily due to bad debt provisions for accounts receivable and other receivables according to company asset impairment policies | Yes | | Other Income | 6,353,649.32 | 12.61% | Primarily due to government subsidies related to daily operations | No | [Analysis of Assets and Liabilities](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both slightly increased. Cash and cash equivalents, construction in progress, and right-of-use assets decreased in proportion, while accounts receivable and inventories increased. Major overseas assets include subsidiaries in Hong Kong, Germany, the US, and Malaysia, with Hong Kong Mingyang contributing most of the overseas income. Financial assets measured at fair value totaled 653 million RMB at period-end, mainly comprising transactional financial assets and other non-current financial assets. Total restricted assets at period-end were 17.97 million RMB, primarily for bank acceptance bills and foreign exchange transaction margins Significant Changes in Asset Composition | Item | Current Period-End Amount (million RMB) | % of Total Assets | Prior Year-End Amount (million RMB) | % of Total Assets | % Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 184.90 | 5.32% | 252.44 | 7.30% | -1.98% | | Accounts Receivable | 386.10 | 11.11% | 305.16 | 8.83% | 2.28% | | Inventories | 284.21 | 8.18% | 233.63 | 6.76% | 1.42% | | Fixed Assets | 1,170.20 | 33.67% | 1,148.21 | 33.22% | 0.45% | | Construction in Progress | 442.27 | 12.73% | 461.85 | 13.36% | -0.63% | | Contract Liabilities | 6.31 | 0.18% | 4.87 | 0.14% | 0.04% | | Lease Liabilities | 15.82 | 0.46% | 21.02 | 0.61% | -0.15% | Major Overseas Assets | Specific Asset | Asset Scale (million RMB) | Location | Operating Model | Profit/Loss (million RMB) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Mingyang Circuit (Hong Kong) Co., Ltd. | 560.13 | Hong Kong | Trading | 3.95 | 23.24% | | Sunshine PCB GmbH | 70.13 | Germany | Manufacturing | 2.68 | 2.91% | | Sunshine Circuits USA, LLC | 30.07 | United States | Trading | -1.51 | 1.25% | | SUNSHINE PCB(PENANG)SDN.BHD. | 50.78 | Malaysia | Manufacturing | -6.55 | 2.11% | Financial Assets Measured at Fair Value at Period-End | Item | Beginning Balance (million RMB) | Fair Value Change Gains/Losses for the Period (million RMB) | Ending Balance (million RMB) | | :--- | :--- | :--- | :--- | | Transactional Financial Assets | 649.19 | 2.04 | 617.70 | | Other Non-Current Financial Assets | 33.53 | 1.55 | 34.84 | | Subtotal Financial Assets | 682.73 | 3.59 | 652.54 | - As of the end of the reporting period, the company's restricted cash and cash equivalents amounted to **17.97 million RMB**, primarily used as margin for bank acceptance bills and foreign exchange transactions[74](index=74&type:chunk) [Investment Status Analysis](index=20&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment increased by 58.87% year-on-year. Financial assets measured at fair value amounted to 653 million RMB at period-end, primarily comprising wealth management products purchased with idle raised funds and own funds. The overall use of raised funds indicates that portions of the initial public offering, 2020, and 2023 convertible bond proceeds remain uninvested, mainly held in special accounts or used to purchase principal-protected wealth management products. The company engaged in hedging derivative investments, primarily forward foreign exchange settlements, to mitigate exchange rate risks, achieving a total gain of 0.19 million RMB during the reporting period Investment Amount for the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment Amount for the Reporting Period | 51,610,900.00 | | Investment Amount for the Prior Year | 32,487,200.00 | | Change Percentage | 58.87% | Financial Assets Measured at Fair Value at Period-End | Asset Category | Initial Investment Cost (million RMB) | Period-End Amount (million RMB) | Source of Funds | | :--- | :--- | :--- | :--- | | Other (Idle Raised Funds) | 439.84 | 427.69 | Idle Raised Funds | | Other (Own Funds) | 181.42 | 161.48 | Own Funds | | Stocks | 28.97 | 28.75 | Own Funds | | Total | 682.73 | 652.54 | -- | - As of June 30, 2025, **79.59 million RMB** of the initial public offering raised funds remained unused, with **73 million RMB** used to purchase principal-protected wealth management products[80](index=80&type:chunk) - As of June 30, 2025, **96.48 million RMB** of the 2020 convertible bond raised funds remained unused, with **93 million RMB** used to purchase principal-protected wealth management products[84](index=84&type:chunk) - As of June 30, 2025, **280.45 million RMB** of the 2023 convertible bond raised funds remained unused, with **276 million RMB** used to purchase principal-protected wealth management products[85](index=85&type:chunk) - The company engaged in hedging derivative investments, primarily forward foreign exchange settlements, foreign exchange swaps, and foreign exchange options, achieving a total gain of **0.19 million RMB** during the reporting period[94](index=94&type:chunk)[95](index=95&type:chunk) [Overall Situation](index=20&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's total investment was 51.61 million RMB, representing a 58.87% increase compared to the same period last year Report Period Investment Amount | Indicator | Amount (RMB) | | :--- | :--- | | Report Period Investment Amount | 51,610,900.00 | | Prior Year Investment Amount | 32,487,200.00 | | Change Percentage | 58.87% | [Financial Assets Measured at Fair Value](index=20&type=section&id=4%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company's financial assets measured at fair value amounted to 653 million RMB at period-end, primarily comprising wealth management products purchased with idle raised funds and own funds, as well as some stock investments Financial Assets Measured at Fair Value at Period-End | Asset Category | Initial Investment Cost (million RMB) | Period-End Amount (million RMB) | Source of Funds | | :--- | :--- | :--- | :--- | | Other (Idle Raised Funds) | 439.84 | 427.69 | Idle Raised Funds | | Other (Own Funds) | 181.42 | 161.48 | Own Funds | | Stocks | 28.97 | 28.75 | Own Funds | | Total | 682.73 | 652.54 | -- | [Use of Raised Funds](index=21&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) Portions of the company's initial public offering, 2020, and 2023 convertible bond raised funds remain uninvested, mainly held in special accounts or used to purchase principal-protected wealth management products. Several raised fund investment projects, including the Jiujiang PCB Production Base Expansion Project, Jiujiang Mingyang Circuit Technology Co., Ltd.'s Annual 360,000 sqm High-Frequency High-Speed PCB Project, Annual 120,000 sqm New Energy Vehicle PCB Dedicated Line Project, and Headquarters Operations Center Project, have experienced delays - As of June 30, 2025, **79.59 million RMB** of the initial public offering raised funds remained unused, with **73 million RMB** used to purchase principal-protected wealth management products[80](index=80&type:chunk) - As of June 30, 2025, **96.48 million RMB** of the 2020 convertible bond raised funds remained unused, with **93 million RMB** used to purchase principal-protected wealth management products[84](index=84&type:chunk) - As of June 30, 2025, **280.45 million RMB** of the 2023 convertible bond raised funds remained unused, with **276 million RMB** used to purchase principal-protected wealth management products[85](index=85&type:chunk) - The Jiujiang Printed Circuit Board Production Base Expansion Project, Jiujiang Mingyang Circuit Technology Co., Ltd.'s Annual 360,000 sqm High-Frequency High-Speed Printed Circuit Board Project, Annual 120,000 sqm New Energy Vehicle PCB Dedicated Line Project, and Headquarters Operations Center Project have all experienced delays[88](index=88&type:chunk) [Wealth Management, Derivative Investments, and Entrusted Loans](index=29&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) During the reporting period, the company's wealth management transactions amounted to 754 million RMB, with an outstanding balance of 586 million RMB, primarily consisting of bank wealth management products. The company engaged in hedging derivative investments, mainly forward foreign exchange settlements, achieving a total gain of 0.19 million RMB during the reporting period to mitigate exchange rate risks. The company had no entrusted loans during the reporting period Overview of Wealth Management During the Reporting Period | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (million RMB) | Unmatured Balance (million RMB) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 270.00 | 160.00 | | Bank Wealth Management Products | Raised Funds | 484.00 | 426.00 | | Total | | 754.00 | 586.00 | Hedging Derivative Investments During the Reporting Period | Derivative Investment Type | Beginning Balance (million RMB) | Fair Value Change Gains/Losses for the Period (million RMB) | Ending Balance (million RMB) | | :--- | :--- | :--- | :--- | | Forward Foreign Exchange Settlement, Foreign Exchange Swaps, Foreign Exchange Options | 39.08 | -0.23 | 93.80 | | Total | 39.08 | -0.23 | 93.80 | - During the reporting period, forward foreign exchange contracts generated an investment income of **0.43 million RMB** and a fair value change loss of **0.23 million RMB**, resulting in a total gain of **0.19 million RMB**[95](index=95&type:chunk) - The company's foreign exchange derivative transactions aim to effectively hedge against foreign exchange market risks and prevent adverse impacts from significant exchange rate fluctuations, strictly prohibiting any speculative risk-taking behavior[95](index=95&type:chunk) - The company had no speculative derivative investments or entrusted loans during the reporting period[97](index=97&type:chunk)[98](index=98&type:chunk) [Major Asset and Equity Sales](index=31&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not engage in any major asset or equity sales - The company did not sell any major assets during the reporting period[99](index=99&type:chunk) - The company did not sell any major equity during the reporting period[100](index=100&type:chunk) [Analysis of Major Holding and Participating Companies](index=31&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major holding subsidiaries, including Jiujiang Mingyang Circuit Technology Co., Ltd. and Mingyang Circuit (Hong Kong) Co., Ltd., generated operating revenues of 589 million RMB and 621 million RMB respectively during the reporting period, significantly contributing to the company's net profit. During the reporting period, the company newly established Kunshan Huaxin Weice Integrated Circuit Co., Ltd Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (million RMB) | Total Assets (million RMB) | Net Assets (million RMB) | Operating Revenue (million RMB) | Operating Profit (million RMB) | Net Profit (million RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiujiang Mingyang Circuit Technology Co., Ltd. | Subsidiary | PCB Production | 1,273.66 | 2,013.97 | 1,535.44 | 589.58 | 42.85 | 31.99 | | Mingyang Circuit (Hong Kong) Co., Ltd. | Subsidiary | PCB Trading | HKD 39 million | 560.13 | 145.36 | 621.18 | 4.68 | 3.95 | - Jiujiang Mingyang Circuit Technology Co., Ltd. is a wholly-owned subsidiary established to expand production capacity, achieving operating revenue of **589.58 million RMB** during the reporting period[102](index=102&type:chunk) - Mingyang Circuit (Hong Kong) Co., Ltd. is a wholly-owned subsidiary serving as a business sorting center, achieving operating revenue of **621.18 million RMB** during the reporting period[102](index=102&type:chunk) - During the reporting period, the company newly established Kunshan Huaxin Weice Integrated Circuit Co., Ltd[101](index=101&type:chunk) [Company's Controlled Structured Entities](index=32&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[103](index=103&type:chunk) [Risks Faced by the Company and Countermeasures](index=32&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces multiple risks including macroeconomic fluctuations, international trade friction, intensified market competition, raw material price volatility, exchange rate fluctuations, stricter environmental regulations, and human resource attrition. The company actively addresses these risks through business diversification, global expansion, technological innovation, refined management, foreign exchange derivative transactions, environmental investments, and improved talent incentive mechanisms - The company faces macroeconomic fluctuation risks, mitigating them through small-batch board business diversification and timely adjustment of operating strategies[103](index=103&type:chunk) - The company faces trade friction risks, reducing them by stabilizing existing overseas markets, actively expanding global markets, and increasing development of high-quality domestic customers[104](index=104&type:chunk) - The company faces intensified market competition risks, maintaining competitiveness through technological innovation, brand building, and management improvement[105](index=105&type:chunk) - The company faces raw material price fluctuation risks, addressing them by establishing good relationships with suppliers, strengthening inventory management, optimizing order structure, and technological innovation[107](index=107&type:chunk) - The company faces exchange rate fluctuation risks, reducing them by controlling settlement pace, engaging in foreign exchange derivative transactions, and expanding domestic customers[108](index=108&type:chunk) - The company faces stricter environmental regulation risks, responding through continuous environmental investment, clean production audits, and formulating prevention and control measures[109](index=109&type:chunk) - The company faces human resource attrition risks, attracting and retaining talent by enhancing compensation and benefits, improving equity incentives, cultivating high-potential talent, providing leadership training, fostering university-industry collaborations, and focusing on training frontline technical workers[111](index=111&type:chunk)[112](index=112&type:chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=34&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, on May 15, 2025, the company hosted an online exchange with all investors via a network platform, primarily discussing matters related to the 2024 annual online performance briefing Research Activities Received During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | :--- | | May 15, 2025 | Online | Online platform exchange | Other | All Investors | 2024 Annual Online Performance Briefing | [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=34&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose a market value management system or valuation enhancement plan during the reporting period - The company has not formulated a market value management system[114](index=114&type:chunk) - The company has not disclosed a valuation enhancement plan[114](index=114&type:chunk) ["Quality and Return Dual Enhancement" Action Plan Implementation Status](index=34&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[114](index=114&type:chunk) Part IV Corporate Governance, Environment, and Society [Changes in Company Directors, Supervisors, and Senior Management](index=34&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's Board Secretary changed from Jiang Xiangyu to Zhang Wei due to a job transfer. The Chairman of the Supervisory Board and supervisors also changed due to re-election, with Tan Liping and Chen Xinwu stepping down, and Qin Xiaohu and Zhang Qiandong being elected Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Jiang Xiangyu | Board Secretary | Dismissal | February 14, 2025 | Job transfer | | Zhang Wei | Board Secretary | Appointment | February 14, 2025 | Job transfer | | Tan Liping | Chairman of Supervisory Board | Term expiration | March 05, 2025 | Re-election | | Chen Xinwu | Supervisor | Term expiration | March 05, 2025 | Re-election | | Qin Xiaohu | Chairman of Supervisory Board | Elected | March 05, 2025 | Re-election | | Zhang Qiandong | Supervisor | Elected | March 05, 2025 | Re-election | [Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period](index=34&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[116](index=116&type:chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=35&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company continued to repurchase and cancel restricted shares due to employee departures and unfulfilled vesting conditions, involving multiple incentive recipients and a total of 1,110,700 shares. The company did not implement any employee stock ownership plans or other employee incentive measures - The company repurchased and canceled a total of **45,000 restricted shares** under the 2022 Restricted Stock Incentive Plan due to the departure of several original equity incentive recipients[117](index=117&type:chunk)[118](index=118&type:chunk) - The company repurchased and canceled a total of **1,025,700 restricted shares** under the 2022 Restricted Stock Incentive Plan because the vesting conditions for the third vesting period of the initial grant were not met[119](index=119&type:chunk) - The company had no implementation of employee stock ownership plans during the reporting period[120](index=120&type:chunk) - The company had no other employee incentive measures during the reporting period[120](index=120&type:chunk) [Environmental Information Disclosure](index=36&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries, Shenzhen Mingyang Circuit Technology Co., Ltd. and Jiujiang Mingyang Circuit Technology Co., Ltd., have been included in the list of enterprises required to disclose environmental information by law and have publicly disclosed their environmental information reports - The company and its major subsidiaries, Shenzhen Mingyang Circuit Technology Co., Ltd. and Jiujiang Mingyang Circuit Technology Co., Ltd., have been included in the list of enterprises required to disclose environmental information by law[121](index=121&type:chunk) Enterprises Included in the List of Environmental Information Disclosure | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Shenzhen Mingyang Circuit Technology Co., Ltd. | https://www-app.gdeei.cn/gdeepub/front/dal/report/list | | 2 | Jiujiang Mingyang Circuit Technology Co., Ltd. | http://qyhjxxyfpl.sthjt.jiangxi.gov.cn:15004/information | [Social Responsibility Status](index=36&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company disclosed its "2024 Environmental, Social, and Governance (ESG) Report" on April 26, 2025, on Juchao Information Network, detailing its social responsibility efforts - The company disclosed its "2024 Environmental, Social, and Governance (ESG) Report" on April 26, 2025, on Juchao Information Network, detailing its social responsibility fulfillment[122](index=122&type:chunk) Part V Important Matters [Fulfillment of Commitments](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no unfulfilled or overdue commitments by the actual controller, shareholders, related parties, acquirers, or the company itself - The company had no unfulfilled or overdue commitments by the actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period[124](index=124&type:chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=37&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[125](index=125&type:chunk) [Irregular External Guarantees](index=37&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[126](index=126&type:chunk) [Appointment and Dismissal of Accounting Firms](index=37&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[127](index=127&type:chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=37&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[128](index=128&type:chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Prior Year](index=37&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[128](index=128&type:chunk) [Bankruptcy and Reorganization Matters](index=37&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[128](index=128&type:chunk) [Litigation Matters](index=37&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no major litigation or arbitration matters, but there were other ongoing lawsuits not meeting the major litigation disclosure threshold, involving an amount of 0.1759 million RMB - The company had no major litigation or arbitration matters during the reporting period[129](index=129&type:chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (million RMB) | Provision for Estimated Liabilities Formed | Litigation (Arbitration) Progress | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigations not meeting major litigation disclosure standards | 0.1759 | No | Ongoing | Under review or no significant impact | [Penalties and Rectification Status](index=38&type=section&id=%E4%B9%9D%E3%80%81%E7%BD%9A%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification matters during the reporting period - The company had no penalties or rectification matters during the reporting period[131](index=131&type:chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=38&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[131](index=131&type:chunk) [Major Related Party Transactions](index=38&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party receivables/payables, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[132](index=132&type:chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[133](index=133&type:chunk) - The company had no related party receivables or payables during the reporting period[135](index=135&type:chunk) [Major Contracts and Their Performance](index=39&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no trusteeship or contracting arrangements, but it had multiple lease contracts for factory buildings, employee dormitories, and living facilities. The company provided several maximum guarantee amounts totaling 230 million RMB for its wholly-owned subsidiary, Jiujiang Mingyang Circuit Technology Co., Ltd., with an actual guarantee balance of 3.9851 million RMB, representing 1.65% of the company's net assets. The company had no major contracts for daily operations or other major contracts during the reporting period - The company had no trusteeship or contracting arrangements during the reporting period[139](index=139&type:chunk)[140](index=140&type:chunk) - The company has multiple factory building lease contracts, with lease terms extending to 2026-2028[141](index=141&type:chunk)[142](index=142&type:chunk) - The company has multiple employee dormitory and living facility lease contracts, with lease terms extending to 2025-2026[143](index=143&type:chunk)[144](index=144&type:chunk)[145](index=145&type:chunk)[146](index=146&type:chunk)[147](index=147&type:chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees to Subsidiaries) | Name of Guaranteed Party | Guarantee Limit (million RMB) | Actual Guarantee Amount (million RMB) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiujiang Mingyang Circuit Technology Co., Ltd. | 50.00 | | Three years | Yes | Yes | | Jiujiang Mingyang Circuit Technology Co., Ltd. | 100.00 | 3.59 | Three years | No | Yes | | Jiujiang Mingyang Circuit Technology Co., Ltd. | 80.00 | 36.26 | Three years | No | Yes | | Total Approved External Guarantee Limit for the Reporting Period | 0 | | | | | | Total Actual External Guarantees Incurred for the Reporting Period | | 39.85 | | | | | Total Approved External Guarantee Limit at Period-End | 230.00 | | | | | | Total Actual External Guarantee Balance at Period-End | | 39.85 | | | | | Proportion of Actual Total Guarantee to Company's Net Assets | | 1.65% | | | | - The company had no major contracts for daily operations or other major contracts during the reporting period[152](index=152&type:chunk) [Explanation of Other Major Matters](index=42&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company's convertible bonds "Mingdian Zhuanzhai" and "Mingdian Zhuan02" decreased due to conversion during the reporting period, and both triggered conditional redemption clauses; the board of directors agreed to exercise the early redemption right for "Mingdian Zhuanzhai" but decided not to for "Mingdian Zhuan02". The 2022 Restricted Stock Incentive Plan continued to repurchase and cancel restricted shares from departing incentive recipients and those whose vesting conditions were not met. Additionally, the wholly-owned subsidiary Jiujiang Mingyang is required to pay supplementary taxes of 9.33 million RMB for the period from 2021 to 2023 - "Mingdian Zhuanzhai" decreased by **1,061 units** due to conversion in the first quarter of 2025, with the conversion price adjusted to **11.78 RMB/share**[153](index=153&type:chunk) - "Mingdian Zhuanzhai" has triggered the conditional redemption clause, and the board of directors has approved the company's exercise of the early redemption right[153](index=153&type:chunk) - "Mingdian Zhuan02" decreased by **20 units** due to conversion in the first quarter of 2025, with the conversion price adjusted to **11.78 RMB/share**[153](index=153&type:chunk) - "Mingdian Zhuan02" has triggered the conditional redemption clause, but the board of directors decided not to exercise the early redemption right this time[154](index=154&type:chunk) - The company continued to repurchase and cancel restricted shares from departing incentive recipients and those whose vesting conditions were not met under the 2022 Restricted Stock Incentive Plan, totaling **1,110,700 shares**[154](index=154&type:chunk) - The wholly-owned subsidiary Jiujiang Mingyang is required to pay supplementary taxes of **9.33 million RMB** for the period from 2021 to 2023[155](index=155&type:chunk) [Major Matters of Company Subsidiaries](index=43&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no major matters concerning its subsidiaries during the reporting period - The company had no major matters concerning its subsidiaries during the reporting period[156](index=156&type:chunk) Part VI Share Changes and Shareholder Information [Share Changes](index=44&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital slightly increased, primarily due to the conversion of "Mingdian Zhuanzhai" and "Mingdian Zhuan02" convertible bonds. Restricted shares decreased, while unrestricted shares increased. The company approved a share repurchase plan, but no shares had been repurchased as of the report disclosure date Share Changes | Item | Number of Shares Before Change | Proportion Before Change | Increase/Decrease in This Change (shares) | Number of Shares After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 3,873,900 | 1.13% | -566,625 | 3,307,275 | 0.96% | | II. Unrestricted Shares | 340,080,767 | 98.87% | 575,697 | 340,656,464 | 99.04% | | III. Total Shares | 343,954,667 | 100.00% | 9,072 | 343,963,739 | 100.00% | - "Mingdian Zhuanzhai" and "Mingdian Zhuan02" decreased by **1,061 units** and **20 units** respectively due to conversion between January 1 and June 30, 2025, totaling **9,072 shares** converted[160](index=160&type:chunk)[161](index=161&type:chunk) - The company has approved a share repurchase plan, intending to use **15 million RMB to 25 million RMB** to repurchase shares for equity incentives or employee stock ownership plans, but no shares have been repurchased as of the report disclosure date[162](index=162&type:chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Unrestricted Shares Released This Period (shares) | Restricted Shares Increased This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Sun Wenbing | 2,414,700 | -603,675 | | 1,811,025 | Lock-up for departing directors, supervisors, and senior management | | Zhang Peike | 75,000 | | 37,500 | 112,500 | Senior management lock-up | | Zhang Wei | 30,000 | -22,500 | | 7,500 | Senior management lock-up | | Zhang Peike, Cai Linsheng, and other equity incentive recipients | 1,109,700 | | | 1,109,700 | Restricted shares granted under equity incentive | [Securities Issuance and Listing](index=46&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[165](index=165&type:chunk) [Company Shareholder Numbers and Shareholding Status](index=46&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the reporting period, the total number of ordinary shareholders was 27,942. Fengxian Runjiaxi Enterprise Management Co., Ltd., the controlling shareholder, held 47.64% of the shares. Among the top ten shareholders, Fengxian Runjiaxi, Fengxian Shengjian, Xunwu Sheng Gaoying, and Fengxian Liyunde had related party relationships, with actual controller Zhang Peike collectively controlling 50.46% of the company's equity - The total number of ordinary shareholders at the end of the reporting period was **27,942**[166](index=166&type:chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Fengxian Runjiaxi Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 47.64% | 163,871,263 | 163,871,263 | | Fengxian Shengjian Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.90% | 6,537,800 | 6,537,800 | | Xunwu Sheng Gaoying Venture Capital Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.75% | 6,030,057 | 6,030,057 | | Fengxian Liyunde Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.82% | 2,807,720 | 2,807,720 | | Sun Wenbing | Domestic Natural Person | 0.69% | 2,378,300 | 567,275 | | Yu Zhiyong | Domestic Natural Person | 0.27% | 922,500 | 922,500 | | Huang Jinhua | Domestic Natural Person | 0.24% | 837,320 | 837,320 | | Xu Lu | Domestic Natural Person | 0.23% | 780,000 | 780,000 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Foreign Legal Person | 0.21% | 724,708 | 724,708 | | Fang Xiaomin | Domestic Natural Person | 0.21% | 719,636 | 719,636 | - The company's actual controller, Zhang Peike, collectively controls **50.46%** of the company's equity through direct and indirect means[168](index=168&type:chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=48&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[169](index=169&type:chunk) [Changes in Controlling Shareholder or Actual Controller](index=49&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[170](index=170&type:chunk) - The company's actual controller remained unchanged during the reporting period[170](index=170&type:chunk) Part VII Preferred Shares During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[171](index=171&type:chunk) Part VIII Bond-Related Information [Corporate Bonds](index=51&type=section&id=%E4%B8%80%E3%80%81%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8) The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting peri

关于变更注册资本、修订《公司章程》并办理工商变更登记 的公告 | 证券代码：300739 | 证券简称：明阳电路 | 公告编号：2025-100 | | --- | --- | --- | | 债券代码：123087 | 债券简称：明电转债 | | | 债券代码：123203 | 债券简称：明电转 02 | | 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳明阳电路科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开第四届董事会第七次会议，审议并通过《关于变更注册资本、修订<公司 章程>并办理工商变更登记的议案》，具体情况如下： 一、公司总股本及注册资本变动情况 深圳明阳电路科技股份有限公司 （二）2022 年限制性股票激励计划 2024 年 5 月 17 日，公司召开 2023 年度股东大会，审议通过《关于 2022 年 限制性股票激励计划首次授予第二个解除限售期解除限售条件未成就及回购注 销部分限制性股票的议案》《关于回购注销部分限制性股票的议案》（经第三届 1 根据最新的《中华人民共和国公司法》《上市公司章程指引》《上市公司股 ...

| 证券代码：300739 | 证券简称：明阳电路 | | 公告编号：2025-102 | | --- | --- | --- | --- | | 债券代码：123087 | 债券简称：明电转债 | | | | 债券代码：123203 | 债券简称：明电转 | 02 | | 深圳明阳电路科技股份有限公司 关于 2025 年半年度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 根据《企业会计准则》《深圳证券交易所上市公司自律监管指引第 2 号-创业 板上市公司规范运作》等相关规定，基于谨慎性原则，为真实准确地反映公司的 财务、资产和经营状况，深圳明阳电路科技股份有限公司（以下简称"公司"或 "明阳电路"）对合并报表范围内截至 2025 年 6 月 30 日的应收账款、应收票据、 其他应收款、存货、固定资产、在建工程及商誉等各项资产减值的可能性进行充 分的评估和分析，判断存在可能发生减值的迹象，确定需计提的减值准备。 为真实反映公司财务状况和经营成果，公司依据《企业会计准则第 8 号—资 产减值》规定，基于谨慎性原则，对合并财务报表范围内的 ...

深圳明阳电路科技股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | | | | | | | | | | 单元：元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算的 会计科目 | 2025 资金余额 | 年期初占用 | 2025 年半年度占 用累计发生金额 | 2025 年半年度占 用资金的利息 | 2025 年半年度偿 还累计发生金额 | 2025 年半年度期 末占用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制 | | | | | | （不含利息） | （如有） | | | | | | 人及其附属企业 | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | 前控股股东、实际控 制人及其附属企业 | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | ...

Core Viewpoint - Shenzhen Mingyang Circuit Technology Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price meeting specific criteria, leading to the decision to redeem the bonds early [2][10]. Group 1: Convertible Bond Details - The company issued 67.3 million convertible bonds with a face value of 100.00 yuan each, totaling 6.73 billion yuan [2][3]. - The bonds were listed on the Shenzhen Stock Exchange on January 5, 2021, under the name "Mingdian Convertible Bonds" with the code "123087" [3]. - The initial conversion price was set at 24.23 yuan per share, which has been adjusted multiple times, currently standing at 11.89 yuan per share as of May 30, 2024 [3][7][9]. Group 2: Redemption Conditions and Process - The redemption clause was triggered as the stock price was at least 130% of the conversion price for 15 out of 30 consecutive trading days, specifically reaching 15.314 yuan per share [2][10]. - The redemption price is set at 101.83 yuan per bond, which includes accrued interest calculated based on a 2.50% annual interest rate [10][11]. - The redemption will be executed on September 8, 2025, with funds transferred to bondholders' accounts by September 15, 2025 [11][12]. Group 3: Shareholder Information - The company confirmed that there were no transactions involving the convertible bonds by major shareholders or executives in the six months leading up to the redemption condition being met [12].

| 证券代码：300739 | 证券简称：明阳电路 | | --- | --- | | 债券代码：123087 | 债券简称：明电转债 | | 债券代码：123203 | 债券简称：明电转 02 | | | 公告编号：2025-094 | 深圳明阳电路科技股份有限公司 关于提前赎回"明电转债"的第十九次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1．"明电转债"赎回价格：101.83 元/张（含当期应计利息，当期年利率 为 2.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中国结算"）核准的价格为准。 10．根据安排，截至 2025 年 9 月 5 日收市后仍未转股的"明电转债"将被 强制赎回，本次赎回完成后，"明电转债"将在深圳证券交易所（以下简称"深 交所"）摘牌，特提醒"明电转债"持券人注意在限期内转股。债券持有人持有 的"明电转债"如存在被质押或被冻结的，建议在停止转股日前解除质押或冻结， 以免出现因无法转股而被赎回的情形。 11．债券持有人若转股，需开通创业板交易权限。投资者 ...

| 证券代码：300739 | 证券简称：明阳电路 | | --- | --- | | 债券代码：123087 | 债券简称：明电转债 | | 债券代码：123203 | 债券简称：明电转 02 | | | 公告编号：2025-093 | 深圳明阳电路科技股份有限公司 关于提前赎回"明电转债"的第十八次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、"明电转债"基本情况 （一）发行情况 特别提示： 1．"明电转债"赎回价格：101.83 元/张（含当期应计利息，当期年利率 为 2.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中国结算"）核准的价格为准。 10．根据安排，截至 2025 年 9 月 5 日收市后仍未转股的"明电转债"将被 强制赎回，本次赎回完成后，"明电转债"将在深圳证券交易所（以下简称"深 交所"）摘牌，特提醒"明电转债"持券人注意在限期内转股。债券持有人持有 的"明电转债"如存在被质押或被冻结的，建议在停止转股日前解除质押或冻结， 以免出现因无法转股而被赎回的情形。 11．债券 ...