一、董事会会议召开情况 江苏本川智能电路科技股份有限公司（以下简称"公司"）第三届董事会第 二十九次会议通知于 2025 年 8 月 15 日以电子邮件、微信等通讯方式向全体董 事发出，董事会于 2025 年 8 月 25 日以现场结合通讯表决方式在公司会议室召 开。本次会议应出席董事 7 名，实际出席董事 7 名（其中：以通讯表决方式出 席会议的董事 4 人）。本次会议由董事长董晓俊先生召集和主持，公司监事、高 级管理人员列席了本次会议。 本次董事会会议的召集和召开符合《中华人民共和国公司法》（以下简称 《公司法》）等相关法律法规及《公司章程》《董事会议事规则》等公司内部制 度的有关规定。 证券代码：300964 证券简称：本川智能 公告编号：2025-062 江苏本川智能电路科技股份有限公司 第三届董事会第二十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 二、董事会会议审议情况 本次会议经与会董事认真审议，形成如下决议： （一）审议并通过《关于〈2025 年半年度报告〉及其摘要的议案》 公司《2025 年半年度报告》及《2025 年半年 ...

（一）董事会审计委员会审议情况 江苏本川智能电路科技股份有限公司（以下简称"公司"或"本川智能"） 于 2025 年 8 月 25 日召开了第三届董事会审计委员会 2025 年第三次会议审议通 过了《关于 2025 年半年度利润分配预案的议案》，2025 年半年度利润分配预案 符合公司财务实际情况，有利于公司长远发展需要，审计委员会全体委员同意 2025 年半年度利润分配预案，并同意将该议案提交公司董事会审议。 （二）董事会审议情况 证券代码：300964 证券简称：本川智能 公告编号：2025-068 江苏本川智能电路科技股份有限公司 关于 2025 年半年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、审议程序 （二）本次利润分配预案调整原则 公司于 2025 年 8 月 25 日召开了第三届董事会第二十九次会议审议通过了 《关于 2025 年半年度利润分配预案的议案》。董事会认为，本次利润分配预案 符合《公司法》《上市公司监管指引第 3 号——上市公司现金分红》等相关法律、 法规及《公司章程》等公司内部制度对公司利润分配的要求， ...

Core Insights - The company reported a revenue of 379.7 million yuan for the first half of 2025, representing a year-on-year growth of 36.91% [1] - The net profit attributable to shareholders reached 21.46 million yuan, with a year-on-year increase of 37.33% [1] - The net profit excluding non-recurring gains and losses was 18.39 million yuan, showing a significant year-on-year growth of 95.86% [1] - Basic earnings per share were reported at 0.2776 yuan [1] - The company plans to distribute a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders [1]

江苏本川智能电路科技股份有限公司 2025 年半年度报告全文 江苏本川智能电路科技股份有限公司 2025 年半年度报告 2025-065 2025 年 08 月 1 江苏本川智能电路科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人董晓俊、主管会计工作负责人孔和兵及会计机构负责人(会计 主管人员)孔和兵声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及到未来计划、业绩预测等内容，均不构成公司对任何 投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。敬请广大投资者理性投 资，注意风险。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和 应对措施"中描述了公司经营中可能存在的风险及应对措施，敬请投资者注 意并仔细阅读该章节全部内容。 公司经本次董事会审议通过的利润分配预案为：以截 ...

Core Viewpoint - Jiangsu Benchuan Intelligent Circuit Technology Co., Ltd. is undergoing a review process for issuing convertible bonds, with specific financial accounting issues raised by the Shenzhen Stock Exchange that require clarification and quantification of revenue and profit fluctuations during the reporting period [1][3]. Financial Performance Summary - The company's operating revenue for the reporting period was 559.26 million, 510.94 million, 596.10 million, and 170.49 million yuan, with net profits after deducting non-recurring gains and losses of 34.05 million, -110.45 million, 74.60 million, and 28.18 million yuan respectively [1][11]. - The gross profit margins for the main business were 15.79%, 11.60%, 12.42%, and 15.69% during the same periods [1][19]. - The company experienced a significant drop in net profit in 2023, primarily due to decreased market demand and increased manufacturing costs, leading to a gross margin decline from 19.25% to 16.86% [11][28]. Revenue Composition and Trends - The company's revenue composition included 90.96% from main business and 9.04% from other business activities, with the latter primarily consisting of sales from waste materials [12][20]. - The company’s foreign sales accounted for 57.37%, 52.13%, 48.39%, and 50.78% of main business revenue, with major export markets being the United States and Europe [2][3]. - The company’s production capacity utilization rates were 82.68%, 77.54%, 87.40%, and 85.95% during the reporting periods [2][3]. Industry Context - The global PCB market saw a decline in value by approximately 14.96% in 2023, with a significant drop in sales prices, indicating intense competition within the industry [5][13]. - China has become the largest production area for PCBs, accounting for 56% of the global market share in 2024 [7][8]. - The PCB industry is characterized by a low concentration of manufacturers, leading to a competitive market environment [7][8]. Product and Market Dynamics - The company has established a flexible production management system to meet diverse customer specifications, which is crucial given the complexity of PCB manufacturing [8][9]. - The company has a strong focus on R&D, holding several core technologies and certifications that enhance its competitive edge in the market [9][10]. - The sales of single/double-sided boards and multi-layer boards represented significant portions of the company's revenue, with fluctuations in sales prices and volumes impacting overall profitability [15][21]. Cost and Expense Analysis - The company’s total expenses during the reporting periods were 66.32 million, 88.59 million, 90.80 million, and 27.55 million yuan, with a rising trend in sales and management expenses [25][26]. - The increase in sales expenses was attributed to efforts to expand market presence and enhance brand recognition [25][26]. - R&D expenses remained a significant part of the budget, reflecting the company's commitment to innovation and technology development [26][27].

Core Viewpoint - Jiangsu Benchuan Intelligent Circuit Technology Co., Ltd. is in the process of responding to an inquiry from the Shenzhen Stock Exchange regarding its application to issue convertible bonds to unspecified investors, indicating ongoing regulatory scrutiny and the need for compliance with disclosure requirements [1][2]. Group 1: Company Actions - The company has received an inquiry letter from the Shenzhen Stock Exchange's listing review center concerning its application for issuing convertible bonds [1]. - In response to the inquiry, the company, along with relevant intermediaries, has conducted a thorough review and provided detailed replies to the questions raised [1]. - The company has supplemented and revised its application documents accordingly and will disclose the responses and updated application files through the Shenzhen Stock Exchange's system [1]. Group 2: Regulatory Process - The issuance of convertible bonds is subject to approval from the Shenzhen Stock Exchange and requires consent from the China Securities Regulatory Commission before implementation [2]. - There is uncertainty regarding whether the company will pass the review by the Shenzhen Stock Exchange and receive the necessary registration approval from the regulatory authority [2]. - The company commits to timely information disclosure in accordance with relevant laws and regulations as the situation progresses [2].

Core Viewpoint - Jiangsu Allfavor Intelligent Technology Co., Ltd. plans to issue convertible bonds to raise funds not exceeding 490 million yuan, with Northeast Securities acting as the sponsor for the listing on the Shenzhen Stock Exchange [1][2]. Company Overview - Jiangsu Allfavor Intelligent Technology Co., Ltd. was established on August 23, 2006, and listed on August 5, 2021, with a registered capital of 77.2983 million yuan [1]. - The company specializes in the research, production, and sales of printed circuit boards (PCBs), focusing on small batch production and has accumulated extensive industry experience and technical expertise [2][3]. Main Business and Products - The company offers a diverse range of PCB products, including high-frequency and high-speed boards, flexible boards, rigid-flex boards, HDI boards, and ceramic substrates, targeting mid-to-high-end applications in communication equipment, automotive electronics, and renewable energy [3][4]. - The product categories include double-sided boards, multilayer boards, rigid boards, flexible boards, metal substrates, thick copper boards, and HDI boards, each designed for specific applications and performance requirements [4][5]. Core Technologies and R&D Level - The company has developed several core technologies, including optical module PCB processing, pulse electroplating technology, and PTFE material processing technology, enhancing its competitive edge in the communication sector and high-frequency applications [6][7][8]. - R&D investment has been significant, with R&D expenses amounting to 30.864 million yuan in 2024, representing a research expense ratio of 5.18% [11]. Financial Data and Indicators - The company reported total assets of approximately 1.353 billion yuan and total liabilities of about 350 million yuan as of March 31, 2025 [13]. - The operating income for the first quarter of 2025 was approximately 170.49 million yuan, with a net profit of about 10.13 million yuan [14]. - Key financial ratios include a current ratio of 2.20 and a quick ratio of 1.85, indicating a strong liquidity position [14][15].

东北证券股份有限公司 关于 江苏本川智能电路科技股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 （住所：长春市生态大街 6666 号） 二〇二五年八月 本保荐人及指定的保荐代表人根据《公司法》《证券法》《证券发行上市保 荐业务管理办法》《注册管理办法》《发行证券的公司信息披露内容与格式准则 第 27 号——发行保荐书和发行保荐工作报告》等法律法规和中国证券监督管理 委员会及深圳证券交易所的有关规定，保荐人及其保荐代表人诚实守信，勤勉尽 责，严格按照依法制定的业务规则、行业执业规范和道德准则出具本发行保荐书， 并保证本发行保荐书的真实性、准确性和完整性。 除非特别注明，本发行保荐书中如无特别说明，相关用语具有与《江苏本川 智能电路科技股份有限公司向不特定对象发行可转换公司债券募集说明书》中相 同的含义。 本发行保荐书中部分合计数与各加数直接相加之和在尾数上有差异，或部分 比例指标与相关数值直接计算的结果在尾数上有差异，系四舍五入造成。 目 录 四、本次发行符合《注册管理办法》向不特定对象发行可转债的一般规定 .. 26 五、本次发行符合《注册管理办法》向不特定对象发行可转债的特殊规定 .. 30 ...

Core Viewpoint - Jiangsu Benchuan Intelligent Circuit Technology Co., Ltd. is seeking to issue convertible bonds to unspecified objects, with legal opinions provided by Grandall Law Firm (Shenzhen) [2][3]. Financial Performance - The company's operating revenue for the reporting period was 559.26 million, 510.94 million, 596.10 million, and 170.49 million yuan, with net profits (excluding non-recurring gains and losses) of 34.05 million, -6.74 million, 16.97 million, and 9.04 million yuan respectively [6][7]. - The net cash flow from operating activities was 110.45 million, 74.60 million, 28.18 million, and 17.91 million yuan, indicating a decline despite the growth in net profit [6][7]. Business Segments - Other business income primarily comes from the sale of waste materials, with revenues of 25.17 million, 30.86 million, 45.35 million, and 15.41 million yuan, achieving a gross margin exceeding 90% [7]. - The proportion of foreign sales in main business revenue was 57.37%, 52.13%, 48.39%, and 50.78%, with major export markets including the United States and Europe [7][21]. Supplier and Customer Dynamics - The company relies heavily on a few suppliers, with the top five suppliers accounting for 64.90%, 58.74%, 58.91%, and 66.71% of purchases, indicating a significant concentration risk [7][18]. - The company has established a diverse customer base, with foreign sales revenue from major customers being relatively dispersed, reducing dependency on any single customer [21][22]. Production Capacity and Utilization - The production capacity utilization rates were 82.68%, 77.54%, 87.40%, and 85.95% during the reporting period, with some orders outsourced to suppliers when internal capacity was insufficient [7][18]. Trade Policy Impact - The company has faced challenges due to U.S. trade policies, including multiple rounds of tariffs on Chinese products, which have increased to a total of 104% [23][24]. - The company has taken measures to mitigate these impacts, such as establishing a production base in Thailand to diversify geographical risk and maintain customer relationships [27][28]. Technological Capabilities - The company has developed various core technologies in PCB production, including high-frequency boards and advanced plating techniques, which enhance its competitive edge in the market [11][12][13]. - As of March 31, 2025, the company holds 67 patents, including 24 invention patents, indicating a strong focus on innovation [17].

Core Viewpoint - Jiangsu Benchuan Intelligent Circuit Technology Co., Ltd. plans to issue convertible bonds to raise funds for production projects and working capital, aiming to enhance its production capacity and market competitiveness in the PCB industry [1][2][3]. Company Overview - Jiangsu Benchuan was established on August 23, 2006, and listed on August 5, 2021, with a registered capital of 77.2983 million RMB [17]. - The company specializes in the production and processing of various electronic components, including high-density interconnect boards and flexible printed circuit boards [17][18]. Fundraising Purpose - The funds raised will be used for the construction of production bases in Zhuhai and Thailand, aimed at increasing annual production capacity by 550,000 square meters [2][3]. - The company aims to improve production efficiency and precision through advanced automated production lines, thereby enhancing its ability to meet customer demands and reduce delivery times [24][25]. Market Context - The global PCB industry is projected to grow, with a total market value of 73.565 billion USD in 2024, reflecting a 5.8% increase from the previous year [18][19]. - China remains the largest PCB production base, accounting for 56% of the global market, while Southeast Asia is expected to grow rapidly, with a compound annual growth rate of 12.4% from 2024 to 2029 [19][20]. Industry Demand - The demand for PCBs is driven by the rapid growth of downstream industries such as electric vehicles and telecommunications, with significant increases in production and sales expected [20][21][22]. - The company is positioned to capitalize on emerging markets related to AI, low-altitude economy, and robotics, which are anticipated to create substantial demand for PCB products [22][23]. Financial Performance - The company has experienced fluctuations in net profit, with a reported net profit of 34.0522 million RMB in 2022, followed by a loss in 2023 [8][9]. - The gross profit margin has declined significantly, indicating potential challenges in maintaining profitability amidst increasing competition [7][8]. Risk Factors - The company faces risks related to project implementation, including potential underperformance of investment projects and challenges in capacity absorption due to market fluctuations [2][3][4]. - International trade disputes and changes in policies may impact the company's export performance, particularly in key markets like the US and Europe [4][5]. Profit Distribution Policy - The company has established a profit distribution policy that prioritizes cash dividends, aiming for a minimum of 30% of average distributable profits over the past three years to be distributed in cash [10][11]. - Recent profit distribution has included no cash dividends in 2022, a cash dividend of 22.8985 million RMB in 2023, and a proposed cash dividend of 7.6328 million RMB for the first half of 2024 [14][15].