Core Viewpoint - The company has successfully completed the renovation of the Zhuhai Shuo Hong factory and is currently ramping up production, with capacity utilization rates being high and order volumes being full [1]. Group 1 - The Zhuhai Shuo Hong factory has commenced operations as planned, aligning with the company's production goals [1]. - The ramp-up progress of the factory's production capacity is meeting or slightly exceeding expectations [1]. - The current capacity utilization rate is reported to be high, indicating strong demand and order fulfillment [1].

Group 1 - The core viewpoint of the news is that Benchuan Intelligent has seen a stock price increase of 5.11%, reaching 43.59 CNY per share, with a total market capitalization of 3.369 billion CNY [1] - Benchuan Intelligent specializes in the research, production, and sales of printed circuit boards, with 92.30% of its revenue coming from this main business and 7.70% from other supplementary activities [1] - The company is located in Nanjing, Jiangsu Province, and was established on August 23, 2006, with its listing date on August 5, 2021 [1] Group 2 - Among the top circulating shareholders of Benchuan Intelligent, a fund under Dacheng Fund ranks as a significant stakeholder, holding 382,200 shares, which accounts for 0.69% of the circulating shares [2] - The Dacheng CSI 360 Internet + Index A fund has achieved a year-to-date return of 29.3% and a one-year return of 48.81%, ranking 1382 out of 4219 and 738 out of 3866 respectively in its category [2] - The fund manager, Xia Gao, has a tenure of 10 years and 322 days, with the fund's total asset size currently at 2.26 billion CNY [2]

Core Viewpoint - The company, 富吉瑞, announced a plan to repurchase a portion of its issued A-shares through centralized bidding, with the intention of using the repurchased shares for employee stock ownership plans or equity incentives in the future [1] Summary by Relevant Sections - **Repurchase Details** - The repurchase amount will be no less than RMB 10 million and no more than RMB 20 million [1] - The repurchased shares are intended to be transferred back within three years after the completion of the buyback [1]

Core Viewpoint - The company is making significant progress in upgrading its Zhuhai Shuo Hong factory to enhance digitalization, automation, and overall production efficiency to meet customer demands for high-quality products and timely delivery [1] Group 1: Factory Upgrade and Automation - The company is successfully advancing the renovation of the Zhuhai Shuo Hong factory [1] - Continuous upgrades to production equipment are being implemented to improve digital, informational, automated, and intelligent levels of the production line [1] - The goal is to create a first-class digital factory in South China that is intelligent, automated, and lean [1] Group 2: Production Efficiency and Quality - The company is optimizing production processes through information technology to enhance production precision and efficiency [1] - Ensuring controllability throughout the production process is a priority to maintain high product quality and delivery capabilities [1] - The company aims to keep product yield at a high level, thereby strengthening its core competitiveness and maximizing economies of scale [1]

Core Viewpoint - Zhuhai Suohong aims to achieve an annual production capacity of 400,000 square meters, with a focus on equipment investment, personnel recruitment and training, and supply chain development to meet this target [1] Group 1 - Benchuan Intelligent plans to invest in Zhuhai Suohong to establish a new production project with an annual capacity of 300,000 square meters for intelligent circuit products [1] - The construction period for the new project is estimated to be 2 years, during which new factory buildings and advanced production line equipment will be installed [1] - The project will integrate the company's information management system and will focus on creating an automated production environment that meets customer factory inspection standards [1]

Group 1 - The core viewpoint of the news is that Benchuan Intelligent has shown a mixed performance in terms of financing and stock trading, with a slight increase in stock price and notable financing activities [1] - As of October 9, Benchuan Intelligent's stock price increased by 0.02%, with a trading volume of 97.74 million yuan [1] - The financing data indicates that on the same day, the company had a financing buy amount of 9.98 million yuan and a financing repayment of 11.83 million yuan, resulting in a net financing outflow of 1.85 million yuan [1] Group 2 - As of June 30, the number of shareholders of Benchuan Intelligent reached 15,000, an increase of 2.20% compared to the previous period [2] - The company reported a revenue of 380 million yuan for the first half of 2025, representing a year-on-year growth of 36.91%, and a net profit attributable to shareholders of 21.46 million yuan, up 37.33% year-on-year [2] - Since its A-share listing, Benchuan Intelligent has distributed a total of 61.35 million yuan in dividends, with 38.16 million yuan distributed over the past three years [2]

Core Viewpoint - The company has established a strong competitive advantage in the industrial control sector through deep partnerships with leading downstream enterprises and a robust portfolio of self-developed core technologies [1] Group 1: Company Strategy - The company has a diverse range of products that are widely applied in industrial robots and automated production lines [1] - Future plans include deepening cooperative relationships, enhancing process technology levels, and improving production management capabilities [1] - The company aims to improve product quality, shorten delivery times, and increase customer service satisfaction to meet personalized and diverse product demands [1]

Core Viewpoint - The demand for PCB products in the electric vehicle sector is evolving towards high performance, high reliability, and system integration, necessitating improvements in insulation performance, voltage rating, and current-carrying capacity [1] Company Developments - The company is leveraging its long-term technological accumulation to actively develop new products, including layered rigid-flex boards, high-precision embedded component circuit boards, and embedded copper boards [1]

Core Viewpoint - Benchuan Intelligent has received an inquiry letter 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 financial disclosure requirements [1]. Group 1: Company Announcement - On August 6, 2025, Benchuan Intelligent received an inquiry letter from the Shenzhen Stock Exchange concerning its application for issuing convertible bonds [1]. - The company is working with relevant intermediaries to address the listed questions and will update its application documents accordingly [1]. - The updated financial data and related documents were disclosed on August 26, 2025, following the release of the company's semi-annual report on August 27, 2025 [1]. Group 2: Regulatory Process - The issuance of convertible bonds is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission [1]. - There is uncertainty regarding whether the application will be approved and the timeline for such approval [1]. - The company will fulfill its information disclosure obligations in a timely manner as the situation progresses [1].

Core Viewpoint - Jiangsu Benchuan Intelligent Circuit Technology Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for issuing convertible bonds, detailing its operational status and fundraising projects [1][2]. 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, with net profits (after deducting non-recurring gains and losses) of 34.05 million, -6.74 million, 16.97 million, and 9.04 million respectively, indicating significant performance fluctuations [1]. - In 2023, the company experienced declines in both operating revenue and net profit due to macroeconomic downturns and reduced downstream market demand, while a recovery is expected in 2024 [1]. Business Composition - The main business of the company is the sale of customized printed circuit boards, which accounted for over 90% of total operating revenue during the reporting period [2]. - Export sales are a significant revenue source, comprising 57.37%, 52.13%, 48.39%, and 50.78% of main business revenue, primarily to the United States and Europe [2]. - The company has a high capacity utilization rate and outsources production when orders increase, with outsourced processing costs constituting a notable portion of main business costs [2]. Fundraising Projects - The proposed convertible bond issuance aims to raise no more than 49 million for projects including the construction of a production facility for smart circuit products in Zhuhai and a PCB production base in Thailand, as well as to supplement working capital [2]. - The Zhuhai project is expected to produce multilayer boards with a projected gross margin of 24.70%-24.81% and a post-tax internal rate of return of 14.07% [2]. - The Thailand project will focus on producing double-sided and multilayer PCBs, with an expected capacity of 250,000 square meters and a projected gross margin of 18.73%-18.82% and a post-tax internal rate of return of 13.80% [2]. Project Justification - The fundraising projects are closely related to the main business and do not involve new products or services, aiming to enhance overseas order response capabilities and diversify the supply chain [3]. - The company has experience in overseas investments and maintains a supply chain that does not rely on a single or few customers, mitigating risks from international trade environment changes [3]. - Previous fundraising project adjustments were justified, and the company has developed measures to address potential capacity absorption risks associated with new projects [3].