New Stock Listings - Daming Electronics (603376) listed at an issue price of 12.55 on November 6, 2025[1] - Haixia Innovation (300300) and Jiangbolong (301308) reported severe abnormal fluctuations on November 4, 2025[1] - Several companies including Xiangnan Xinchuan (300475) and Lansi Heavy Industry (603169) also reported abnormal fluctuations in late October[1] Abnormal Fluctuations - ST Bosen (002569) reported a fluctuation of 5939 on November 5, 2025[2] - Hailu Heavy Industry (002255) experienced a fluctuation of 5812 on November 5, 2025[2] - ST Aowei (002231) had a fluctuation of 5668 on November 5, 2025[2] - Rongke Technology (300290) reported a fluctuation of 4706 on November 3, 2025[2] - ST Xiongmao (600599) had a fluctuation of 5001 on November 4, 2025[2]

Core Viewpoint - The stock of Zhongfu Circuit has experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 30% over three consecutive trading days [1] Company Summary - Zhongfu Circuit announced that its stock trading on November 3, 4, and 5, 2025, showed a significant price deviation [1] - The company confirmed that there are no corrections or supplements needed for previously disclosed information [1] - No recent media reports have been identified that could have significantly impacted the company's stock price due to undisclosed major information [1]

证券代码：300814 证券简称：中富电路 公告编号：2025-103 深圳中富电路股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的具体情况 深圳中富电路股份有限公司（以下简称"公司"）股票（证券简称：中富电 路，证券代码：300814）交易于 2025 年 11 月 3 日、2025 年 11 月 4 日、2025 年 11 月 5 日连续 3 个交易日内日收盘价格涨幅偏离值累计超过 30%，根据《深圳 证券交易所交易规则》的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况的说明 针对公司股票交易异常波动，公司对有关事项进行了核查，并询问了公司控 股股东及实际控制人，现将有关情况说明如下： 3、近期公司经营情况及内外部经营环境未发生或预计将要发生重大变化。 4、经查询，公司、控股股东和实际控制人不存在关于本公司的应披露而未 披露的重大事项，也不存在处于筹划阶段的重大事项。 5、经查询，控股股东及实际控制人在本公司股票交易异常波动期间未买卖 本公司股票。 三、是否存在应披露而未披露信息的说 ...

Core Points - The latest financing balance of the ChiNext market is 526.03 billion yuan, a decrease of 1.62 billion yuan compared to the previous period, with 17 stocks experiencing a financing balance increase of over 10% [1] - On November 4, the ChiNext index fell by 1.96%, with a total margin balance of 527.88 billion yuan, down 1.61 billion yuan from the previous trading day [1] - Among the stocks with increased financing balances, 462 stocks saw growth, with the largest increase being 46.83% for Zhongfu Circuit, which also rose by 9.95% in price [1][3] - The average increase for stocks with over 10% financing balance growth was 1.85%, with notable performers including Zhongfu Circuit, Kexiang Co., and Dongya Machinery [1][3] Financing Balance Changes - The stocks with the largest financing balance increases include Zhongfu Circuit (673.41 million yuan, +46.83%), Baicheng Pharmaceutical (410.75 million yuan, +27.52%), and Boying Welding (182.19 million yuan, +24.85%) [3] - Conversely, 484 stocks experienced a decrease in financing balance, with 51 stocks declining by over 5%. The largest decrease was 21.42% for Jundingda, with a financing balance of 15.92 million yuan [4] - Other significant declines were seen in Xice Testing (-19.55%) and Huaxing Chuangye (-19.11%) [4] Capital Flow - On November 4, among the stocks with increased financing balances, 13 stocks saw net inflows of main funds, with Kexiang Co. leading at 116 million yuan, followed by Zhongke Information and Boke New Materials [2] - In contrast, four stocks experienced net outflows, with Baicheng Pharmaceutical seeing the largest outflow of 326 million yuan [2]

Core Viewpoint - Zhongfu Circuit (300814.SZ) has initiated the commissioning and debugging of its Thailand project, expected to start capacity release gradually in 2025, with current production in bulk and passing audits from multiple overseas clients [1] Group 1 - The Thailand project is set to begin commissioning and debugging by the end of 2024 [1] - Production capacity is expected to be gradually released starting in 2025 [1] - The project is currently in bulk production and has passed audits from several overseas clients [1] Group 2 - Clients in various sectors, including industrial control and communications, are covered [1] - Delta and other clients are expected to start placing bulk orders in the fourth quarter of this year [1]

Financial Performance - In the first three quarters, the company achieved total revenue of 1.355 billion CNY, a year-on-year increase of 29.8% [2] - The net profit attributable to shareholders for the same period was 27.8539 million CNY [2] - In Q3 alone, the revenue was 506 million CNY, up 33.22% year-on-year, with a net profit of 11.0691 million CNY, reflecting a 94.58% increase [2] Thailand Factory Development - The Thailand factory project is located in the Rayong Industrial Zone and focuses on producing various types of circuit boards [3] - The project began trial operations at the end of 2024 and is currently in mass production, having passed audits from multiple overseas clients [3] - The factory aims to serve both overseas customers and existing domestic clients' overseas factories, enhancing market competitiveness [3] AI Sector Engagement - The company has established a presence in the AI data center power supply sector, covering first, second, and third power supplies [4] - The new HVDC architecture requires significant advancements in PCB design, indicating increased technical challenges [4] - Several second and third power supply projects are expected to enter mass delivery in Q4 of this year [4] Embedded Components Strategy - The company is committed to the research and development of embedded technology for chips, capacitors, and inductors [5] - Current applications include AI power modules and automotive "three electric" systems, with a focus on innovative industry trends [5] Raw Material Price Impact - The company faces profit pressure due to high volatility in raw material prices, particularly copper and gold [6] - Strategies to mitigate cost impacts include enhancing product value and optimizing product structure to increase the proportion of high-margin products [6]

Summary of Zhongfu Circuit Conference Call Company Overview - **Company**: Zhongfu Circuit - **Industry**: PCB (Printed Circuit Board) manufacturing, with a focus on AI-related power supply solutions Key Points and Arguments Industry Position and Strategy - Zhongfu Circuit is a leading player in the AI sector, with its three-phase power supply covering North America and some domestic clients. The HVDC (High Voltage Direct Current) first-phase power supply is expected to enter mass production next year, benefiting from the growing demand for AI server power supplies [2][5][6] - The company's strategic focus has shifted towards North American AI business, as AI clients offer higher profit margins compared to non-AI products. The proportion of AI orders is expected to continue increasing [2][4] - The company has been developing three-phase power supplies since 2018-2019 and is one of the earliest suppliers in this field [5] Financial Performance - In Q3 2025, Zhongfu Circuit experienced revenue and gross margin growth primarily driven by increased PCB orders in the AI sector. Domestic and overseas orders have significantly increased, although North American AI clients have not fully ramped up their orders yet [3] - The gross margin improvement is attributed to domestic factories reaching full production capacity, which reduces overhead costs [3] Product Development and Market Trends - The value of products is positively correlated with power, but the growth is non-linear. For instance, the value of a 3,000-4,000 watt single-chip project is expected to increase by 30%-50% compared to current levels [2][8] - The trend towards larger modules is evident, as they provide higher value despite being more complex to produce [9] - The company is also focusing on embedded and narrow board technologies, but the immediate priority is to execute existing projects effectively [12] Supply Chain and Production Challenges - The Thai factory is expected to improve its operational status in Q4 due to overseas clients shifting orders, although achieving profitability in the short term remains challenging [32][33] - The pricing of orders in Thailand is 10-20% higher than domestic prices, but high management and manufacturing costs may offset these advantages [35] Competitive Landscape - Zhongfu Circuit differentiates itself by covering both first-phase and three-phase product lines, unlike competitors like Jiangxi Weiergao, which primarily focus on first-phase products [14] - The company has established partnerships with several key clients, which positions it well for future certification requirements as the AI market matures [7] Future Outlook - The company aims to become a leader in the AI product sector, with plans to expand its market share in onboard power supplies and HVDC applications [26] - The overall gross margin is currently around 15%, significantly influenced by the proportion of domestic clients. Increasing the share of high-margin AI products is crucial for enhancing overall profitability [27] Miscellaneous Insights - The company is cautiously exploring the automotive power chip sector while prioritizing AI embedded projects to ensure effective resource allocation [28] - There is a general expectation of limited market changes in 2026, despite some opportunities [29] - Domestic AI clients are gradually increasing their power supply needs, although they still rely heavily on North American supply chains [30] Pricing and Cost Management - The price of traditional first-phase and AC to DC conversion boards ranges from 1,500 to 2,000 RMB per square meter, while HVDC products range from 7,000 to 20,000 RMB, and three-phase power supplies start at around 22,000 RMB [24] - The impact of rising raw material costs, such as copper-clad laminates, on profit margins is minimal, as the company is managing costs through price adjustments and product structure optimization [37][38]

Market Overview - The component sector increased by 0.42% on November 3, with Xiehe Electronics leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Top Gainers - Xiehe Electronics (605258) closed at 37.91, up 10.01% with a trading volume of 73,600 shares and a transaction value of 269 million [1] - Tianjin Pulin (002134) closed at 22.23, up 10.00% with a trading volume of 176,000 shares and a transaction value of 380 million [1] - Jingwang Electronics (603228) closed at 77.20, up 6.34% with a trading volume of 520,300 shares [1] Top Losers - Jin'an Guoji (002636) closed at 14.81, down 9.97% with a trading volume of 700,400 shares [2] - Chaoying Electronics (603175) closed at 68.36, down 7.09% with a trading volume of 139,700 shares [2] - Fangbang Co., Ltd. (688020) closed at 55.68, down 4.02% with a trading volume of 30,100 shares [2] Capital Flow - The component sector saw a net inflow of 456 million from institutional investors, while retail investors experienced a net outflow of 666 million [2] - The net inflow from speculative funds was 210 million [2] Individual Stock Capital Flow - Jingwang Electronics (603228) had a net inflow of 539 million from institutional investors, but a net outflow of 557 million from retail investors [3] - Tianjin Pulin (002134) saw a net inflow of 112 million from institutional investors, with a significant net outflow of 524 million from retail investors [3] - Xiehe Electronics (605258) experienced a net inflow of 50 million from institutional investors, but a net outflow of 43 million from retail investors [3]

Group 1 - The core point of the article highlights the performance of Zhongfu Circuit, which saw a 5.18% increase in stock price, reaching 58.68 CNY per share, with a trading volume of 456 million CNY and a turnover rate of 4.25%, resulting in a total market capitalization of 11.233 billion CNY [1] - Zhongfu Circuit, established on March 12, 2004, and listed on August 12, 2021, is primarily engaged in the research, production, and sales of printed circuit boards, with 89.34% of its revenue coming from this main business and 10.66% from other supplementary activities [1] Group 2 - From the perspective of fund holdings, Huatai-PineBridge Fund has a significant position in Zhongfu Circuit, with its Huatai-PineBridge Industry Leading Mixed Fund (460007) holding 94,800 shares, accounting for 2.65% of the fund's net value, ranking as the tenth largest holding [2] - The Huatai-PineBridge Industry Leading Mixed Fund, established on August 3, 2009, has a current size of 191 million CNY, with a year-to-date return of 50.87%, ranking 991 out of 8223 in its category, and a one-year return of 43.85%, ranking 1353 out of 8115 [2] - The fund manager, Lü Huijian, has a tenure of 15 years and 354 days, with the fund's total asset size at 453 million CNY, achieving a best return of 283.55% and a worst return of -17.86% during his management period [2]

Core Viewpoint - On October 29, 2025, the company released its Q3 2025 financial report [1] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.355 billion yuan (YoY +29.80%), with a net profit attributable to shareholders of 28 million yuan (YoY -10.64%) and a net profit excluding non-recurring items of 25 million yuan (YoY -0.81%) [2] - In Q3 2025, the company reported revenue of 506 million yuan (YoY +33.22%, QoQ +7.11%), with a net profit attributable to shareholders of 11 million yuan (YoY +94.58%, QoQ +62.73%) and a net profit excluding non-recurring items of 12 million yuan (YoY +83.29%, QoQ +508.10%) [2] Operational Situation and Future Growth Points - The company's factory in Thailand is ramping up production, with Delta and other clients expected to start placing bulk orders in Q4. The factory, located in the Rayong Industrial Zone, produces various types of printed circuit boards and components for applications in 5G communications, new energy vehicles, and data centers. The project is in bulk production as of Q3 2025 and has passed audits from multiple overseas clients [3] - The company is strategically developing secondary and tertiary power supplies for data centers, with bulk orders from overseas clients already initiated. This area is a key focus for the company, which has invested significant resources in advance [3] Investment Recommendation - The company is expected to benefit from the continued growth in the PCB industry and rapid capacity expansion, which will enhance market share. The forward-looking layout in embedded components and tertiary power supplies is anticipated to further open up growth opportunities. The projected net profits attributable to shareholders for 2025-2027 are 58 million, 128 million, and 229 million yuan, respectively, with corresponding EPS of 0.30, 0.67, and 1.19 yuan. As of October 31, the closing price corresponds to PE ratios of 184.73, 83.12, and 46.69 for 2025-2027 [4]