Group 1: Company Overview - The main business of the company is the research, development, production, and sales of printed circuit boards (PCBs) [6] - As of March 31, 2025, the number of shareholders is 27,571 [5] Group 2: Financial Performance - In 2024, the company achieved an operating income of RMB 1.559 billion, a year-on-year decrease of 3.70% [3] - The net profit attributable to shareholders was RMB 11.384 million, a significant decline of 88.91% year-on-year [3] - The net cash flow from operating activities was RMB 156 million [3] Group 3: Market Challenges - The decline in foreign sales revenue was influenced by market conditions in Europe and the United States, leading to a decrease in export business [3] - The company faced pressure from rising raw material prices and intensified industry competition, resulting in a decrease in gross margin [7] - New product lines are still in the capacity ramp-up phase, contributing to losses in related business areas [7] Group 4: Strategic Focus - In 2025, the company will focus on high-precision, high-density, and high-reliability PCB technologies, including advanced packaging and thermal management [3] - The company aims to enhance its manufacturing capabilities for high-tech, high-value-added products to strategically upgrade its product structure [3] Group 5: Share Buyback Plan - The company announced a share buyback plan on May 14, 2025, intending to repurchase shares using between RMB 15 million and RMB 25 million of its own or raised funds [2]

Important Announcements - Sinopec's controlling shareholder has increased its stake by 302 million H-shares, accounting for 0.25% of the total issued shares, with an investment of HKD 1.232 billion [4] - Shenghe Resources plans to acquire Peak Rare Earths Limited for AUD 158 million (approximately RMB 74.26 million), focusing on the Ngualla rare earth project in Tanzania [5] - Qibin Group has terminated the acquisition of 28.78% equity in its subsidiary Qibin Solar Energy due to changes in market conditions and transaction cycles [8] - Baofeng Energy intends to repurchase shares worth between RMB 1 billion and 2 billion, with a repurchase price not exceeding RMB 22.8 per share [9] - Hongjing Technology has signed a service contract for a smart computing project worth RMB 563 million [13] Shareholder Actions - Huate Gas shareholders plan to reduce their holdings by up to 2% of the company's shares, totaling no more than 2.4 million shares [6] - Haizheng Materials' shareholder, Sinopec Group Capital, intends to reduce its stake by up to 1% of the total shares, approximately 202,680 shares [2] - New Times plans for its directors and deputy general manager to collectively reduce their holdings by up to 0.3% of the company's shares [10] - Jingquan Hua's actual controller and board members plan to reduce their holdings by up to 1.67% of the company's shares [11] Project Developments - China National Petroleum Engineering's subsidiary has won a contract for an overseas project worth RMB 11.538 billion, involving the construction of a gas processing facility in Iraq [3] - Hainan Haicong New Materials is set to establish a new company with a registered capital of RMB 25 million to develop an aluminum alloy door and window project with an investment of RMB 55 million [17] - Huakang Clean has signed a construction contract worth RMB 143 million for a hospital project [18]

深圳明阳电路科技股份有限公司 具体内容详见同日披露于中国证监会指定信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）的《关于回购公司股份方案的公告》。 | 证券代码：300739 | 证券简称：明阳电路 | 公告编号：2025-043 | | --- | --- | --- | | 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 | | 第四届董事会第四次会议决议公告 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"或"明阳电路"）第四 届董事会第四次会议（以下简称"会议"）于 2025 年 5 月 14 日以现场表决结合 通讯表决的方式在公司会议室召开。会议通知已于 2025 年 5 月 9 日以邮件、电 话、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 ...

| 证券代码：300739 | 证券简称：明阳电路 | 公告编号：2025-044 | | --- | --- | --- | | 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 关于回购公司股份方案的公告 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。 重要内容提示： （一）本次回购基本情况 1、回购股份的种类：深圳明阳电路科技股份有限公司（以下简称"公司"） 已发行的人民币普通股（A 股）股票。 2、回购股份的用途：用于员工持股计划或股权激励。 6、回购股份的实施期限：自董事会审议通过本次回购股份方案之日起不超 过 12 个月。 7、回购股份的数量及占公司总股本的比例：按照本次回购金额上限人民币 2,500.00 万元（含），回购价格上限 18.16 元/股（含）进行测算，回购数量约 为 1,376,651 股，回购股份比例约占公司总股本的 0.40%。按照本次回购金额下 限人民币 1,500.00 万元（含），回购价格上限 18.16 元/股（含）进行测 ...

| 证券代码：300739 | 证券简称：明阳电路 | 公告编号：2025-042 | | --- | --- | --- | | 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 关于使用部分闲置自有资金及部分闲置募集资金进行现金 管理的进展公告 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。 深圳明阳电路科技股份有限公司（以下简称"公司"）分别于 2024 年 12 月 3 日召开第三届董事会第三十五次会议及第三届监事会第二十九次会议，于 2024 年 12 月 20 日召开 2024 年第二次临时股东大会，审议通过《关于使用部分 闲置自有资金和部分闲置募集资金进行现金管理的议案》，同意公司及控股子公 司使用最高额度不超过人民币 5 亿元的闲置自有资金和最高额度不超过人民币 5 亿元的暂时闲置募集资金进行现金管理，购买安全性高、流动性好的理财产品， 资金可滚动使用，但使用闲置募集资金购买理财产品还需满足单项产品投资期限 最长不超过12个月及保本要求。投资期限 ...

Company Overview - The company, Mingyang Circuit, specializes in the research, production, and sales of printed circuit boards (PCBs), with a full-process production capability [4][9] - The company focuses on small-batch PCB manufacturing, emphasizing a multi-variety, small-batch, and high-tech business positioning [4][5] - Products are widely used in various fields including industrial control, medical health, automotive electronics, semiconductors, smart grids, communication equipment, commercial displays, artificial intelligence, and data centers [5][9] Business Development - During the reporting period, the company continued to deepen its main PCB business and increased R&D investment in semiconductor test boards and Mini LED PCBs [5] - The company has established development teams for high-speed computing products and advanced packaging products, with AI acceleration card products entering small-batch production [5] - The company has built strong partnerships with globally recognized enterprises such as Flextronics, Jabil, and Qualcomm, enhancing its market position [5][10] Industry Position - The PCB industry is a crucial part of the electronic information industry, with a projected global PCB market value of $73.565 billion in 2024, expected to reach $94.661 billion by 2029, reflecting a CAGR of 5.2% [8] - In China, the PCB market value is projected to grow from $41.213 billion in 2024 to $50.804 billion by 2029, with a CAGR of 4.3% [8] - The company ranks 40th among comprehensive PCB enterprises and 23rd among domestic PCB enterprises in the CPCA's revenue ranking for 2024 [10] Financial Performance - The company received a standard unqualified audit opinion from its accounting firm, Lixin Certified Public Accountants [2] - The company has proposed a cash dividend of 1.30 yuan per 10 shares to all shareholders, based on a total of 343,963,739 shares [3] - The company has maintained a stable credit rating of "AA-" for its convertible bonds, with a stable outlook [14]

| 证券代码：300739 | 证券简称：明阳电路 | 公告编号：2025-040 | | --- | --- | --- | | 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 第四届监事会第三次会议决议公告 本公司及监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、监事会会议召开情况 深圳明阳电路科技股份有限公司（以下简称"公司"）第四届监事会第三次 会议（以下简称"会议"）于 2025 年 4 月 25 日以现场表决的方式召开。会议通 知已于 2025 年 4 月 19 日邮件、电话、专人送达等方式发出。会议由监事会主席 秦小虎先生主持，公司应参加会议监事 3 人，实际参加会议监事 3 人。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。 具体内容详见同日披露于中国证监会指定信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）的《2025 年第一季度报告全文》。 二、监事会会议审议情况 ...

| 证券代码：300739 | 证券简称：明阳电路 | 公告编号：2025-039 | | --- | --- | --- | | 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 第四届董事会第三次会议决议公告 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"或"明阳电路"）第四 届董事会第三次会议（以下简称"会议"）于 2025 年 4 月 25 日以现场表决结合 通讯表决的方式在公司会议室召开。会议通知已于 2025 年 4 月 19 日以邮件、电 话、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（其中董事窦旭才先生、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 ...

Financial Performance - The company's revenue for Q1 2025 was ¥420,373,196.37, representing an increase of 11.82% compared to ¥375,946,764.95 in the same period last year[5] - Net profit attributable to shareholders was ¥12,020,149.12, a 36.73% increase from ¥8,791,176.34 year-on-year[5] - The net cash flow from operating activities reached ¥67,115,805.80, up 46.29% from ¥45,879,233.69 in the previous year[5] - The total operating revenue for the current period is CNY 420,373,196.37, an increase from CNY 375,946,764.95 in the previous period, representing a growth of approximately 11.4%[27] - The total profit for the current period is CNY 12,843,034.39, compared to CNY 9,072,493.68 in the previous period, indicating a growth of about 41.5%[28] - The operating profit for the current period is CNY 12,638,460.95, up from CNY 8,954,233.13, reflecting an increase of approximately 41.5%[28] - The net profit for the current period is CNY 11,911,586.98, an increase from CNY 8,536,057.05 in the previous period, representing a growth of approximately 39.5%[28] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,488,268,543.02, reflecting a 0.93% increase from ¥3,455,992,292.12 at the end of the previous year[5] - The company's total current assets as of March 31, 2025, are CNY 1,533,997,868.65, compared to CNY 1,504,444,585.99 at the beginning of the period, showing an increase of about 2%[25] - The total liabilities as of March 31, 2025, are CNY 1,068,566,172.10, up from CNY 1,051,632,739.41 at the beginning of the period, which is an increase of approximately 1.6%[26] - The total assets amount to CNY 3,488,268,543.02 as of March 31, 2025, compared to CNY 3,455,992,292.12 at the beginning of the period, indicating a growth of about 0.9%[26] Cash Flow - The cash flow from operating activities for the current period is CNY 67,115,805.80, compared to CNY 45,879,233.69 in the previous period, showing an increase of about 46.3%[32] - The cash flow from investing activities shows a net outflow of CNY 57,221,352.27, a decrease from a net inflow of CNY 12,097,122.01 in the previous period[32] - The company's cash and cash equivalents decreased to CNY 201,152,416.44 from CNY 252,441,306.57, representing a decline of approximately 20.3%[24] - The cash and cash equivalents at the end of the period amount to CNY 186,272,555.03, down from CNY 231,602,498.15 in the previous period, indicating a decrease of approximately 19.5%[32] Shareholder Information - Total number of common shareholders at the end of the reporting period is 27,571[16] - The largest shareholder, Fengxian Runjiaxi Enterprise Management Co., Ltd., holds 47.64% of shares, totaling 163,871,263 shares[16] - The second-largest shareholder, Fengxian Shengjian Enterprise Management Center (Limited Partnership), holds 1.90% of shares, totaling 6,537,800 shares[16] - The total number of restricted shares at the end of the period is 3,307,275 shares, with a reduction of 664,125 shares during the period[19] - The company plans to issue convertible bonds "Mingdian Convertible Bonds" in 2023, with a reduction of 2,649,004 shares expected in Q4 2024 due to conversion[21] - The company has a total of 1,109,700 shares under a stock incentive plan, which is subject to restrictions[19] - The company plans to repurchase and cancel a total of 39,000 shares of restricted stock from three departing incentive targets[22] Comprehensive Income - The other comprehensive income for the current period is CNY 3,324,121.25, compared to a loss of CNY 1,509,724.01 in the previous period[29] - The total comprehensive income for the current period is CNY 15,235,708.23, compared to CNY 7,026,333.04 in the previous period, reflecting an increase of approximately 116.5%[29] Operational Costs - The total operating costs for the current period amount to CNY 392,451,075.36, up from CNY 358,194,868.27 in the previous period, indicating an increase of about 9.5%[27] - The operating cost specifically for the current period is CNY 327,419,069.61, compared to CNY 287,069,115.12 in the previous period, reflecting a rise of approximately 14.1%[27] Other Information - The company reported a significant decrease in financial expenses, down 81.12% to ¥1,141,962.48 from ¥6,049,670.62 year-on-year[12] - Investment income decreased by 68.83% to ¥902,456.88 compared to ¥2,895,736.77 in the same period last year[12] - The company has not disclosed any new strategies or market expansions in the current reporting period[20] - There are no changes in the top 10 shareholders due to securities lending or borrowing activities[17] - The company has not reported any new product developments or technological advancements in the current period[20] - The company has not indicated any mergers or acquisitions in the current reporting period[20] - The basic earnings per share remained unchanged at ¥0.03, with diluted earnings per share also at ¥0.03[5]

明阳电路（300739）公告，2025年第一季度营业收入4.2亿元，同比增长11.82%。净利润1202.01万元， 同比增长36.73%。 ...