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） 二〇二六年二月 声 明 东北证券股份有限公司接受江苏本川智能电路科技股份有限公司委托，担任 本川智能向不特定对象发行可转换公司债券的保荐人，为本次发行出具发行保荐 书。 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。 3-1-1 ...

关于江苏本川智能电路科技股份有限公司 申请向不特定对象发行可转换公司债券 审核问询函的回复报告 （2025 年三季度财务数据更新稿） 保荐人（主承销商） （住所：长春市生态大街 6666 号） 二〇二六年二月 深圳证券交易所： 根据深圳证券交易所（以下简称"深交所"或"贵所"）于 2025 年 8 月 6 日 出具的《关于江苏本川智能电路科技股份有限公司申请向不特定对象发行可转换 公司债券的审核问询函》（审核函〔2025〕020040 号）（以下简称"审核问询函"） 的要求，江苏本川智能电路科技股份有限公司（以下简称"本川智能""发行人" 或"公司"）与东北证券股份有限公司（以下简称"保荐人"）、致同会计师事 务所（特殊普通合伙）（以下简称"会计师"）、国浩律师（深圳）事务所（以 下简称"律师"）对相关问题进行了核查和落实，对申请材料进行了修改、补充。 现对审核问询函的落实和募集说明书的修改情况逐条书面回复，并提交贵所，请 予审核。 说明： 1、除非文义另有所指，本回复报告中所使用的简称或名词释义与《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》 （以下简称"募集说明书"）一致。 ...

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 上市保荐书 （住所：长春市生态大街 6666 号） 二〇二六年二月 声 明 东北证券股份有限公司接受江苏本川智能电路科技股份有限公司的委托，担 任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的保 荐人。 保荐人及指定的保荐代表人已根据《公司法》《证券法》《注册管理办法》 等法律法规和中国证监会及深圳证券交易所的有关规定，诚实守信，勤勉尽责， 严格按照依法制定的业务规则和行业自律规范出具本上市保荐书，并保证所出具 文件真实、准确、完整。 除非特别注明，本上市保荐书所使用的简称和术语与《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》一致。 3-3-1 | | | | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | | 一、发行人基本情况 3 | | | 二、发行人存在的主要风险 14 | | | 三、本次发行的基本情况 29 | | | 四、本次证券发行的项目保荐代表人、协办人及项目组其他成员情况 38 | | | 五、保荐机构是否存在可能影 ...

关于江苏本川智能电路科技股份有限公司 申请向不特定对象发行可转换公司债 券审核问询函中有关财务会计问题的 专项说明 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于江苏本川智能电路科技股份有限公司 申请向不特定对象发行可转换公司债券审核问询函中 有关财务会计问题的专项说明 致同专字（2026）第 441A000146 号 深圳证券交易所： 根据深圳证券交易所（以下简称"深交所"或"贵所"）于 2025 年 8 月 6 日出 具的《关于江苏本川智能电路科技股份有限公司申请向不特定对象发行可转 换公司债券的审核问询函》（审核函〔2025〕020040 号）（以下简称"审核问 询函"）的要求，致同会计师事务所（特殊普通合伙）（以下简称"会计师"、 "我们"）对审核问询函中所提财务会计问题进行了核查，现做专项说明如下： 1 问题一 报告期内，公司营业收入分别为 55926.34 万元、51094.26 ...

来源：市场资讯 天眼查显示，近日，南京本川鹏泰科技有限公司成立，法定代表人为董晓俊，注册资本1000万人民币， 由江苏本川智能电路科技股份有限公司全资持股。 经营范围含科技推广和应用服务；采购代理服务；电子元器件批发；电子元器件零售；电力电子元器件 销售；光伏设备及元器件销售；电子元器件与机电组件设备销售；电子真空器件销售；光电子器件销 售；电子专用设备销售；电子测量仪器销售；电子专用材料销售；机械零件、零部件销售；合成材料销 售（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 序号股东名称持股比例1江苏本川智能电路科技股份有限公司100% 企业名称南京本川鹏泰科技有限公司法定代表人董晓俊注册资本1000万人民币国标行业制造业>计算 机、通信和其他电子设备制造业>电子器件制造地址江苏省南京市溧水经济开发区前进路1号企业类型 有限责任公司(自然人投资或控股的法人独资)营业期限2026-1-30至无固定期限登记机关南京市溧水区政 务服务管理办公室 ...

Group 1 - The CPO concept stocks in the A-share market experienced a widespread decline, with notable drops in several companies [1] - Yongding Co., Ltd. saw a significant decrease of over 8%, while Fenghuo Communication and Zhongjing Electronics fell by more than 4% [1] - Other companies such as Sry New Materials, Benchuan Intelligent, Changxin Bochuang, Jufei Optoelectronics, and Tongfu Microelectronics also reported declines exceeding 3% [1] Group 2 - Yongding Co., Ltd. reported a decline of 8.63% with a total market value of 35.9 billion [2] - Fenghuo Communication decreased by 4.80%, with a market capitalization of 51.2 billion, and has a year-to-date increase of 17.52% [2] - Zhongjing Electronics fell by 4.63%, with a market value of 6.935 billion, and a year-to-date decline of 7.06% [2] - Sry New Materials decreased by 3.91%, with a market capitalization of 30.5 billion, and a year-to-date increase of 1.55% [2] - Benchuan Intelligent saw a decline of 3.79%, with a market value of 4.263 billion, and a year-to-date decrease of 0.81% [2] - Changxin Bochuang dropped by 3.49%, with a market capitalization of 43.4 billion, and a year-to-date increase of 4.72% [2] - Jufei Optoelectronics declined by 3.37%, with a market value of 9.748 billion, and a year-to-date increase of 0.58% [2] - Tongfu Microelectronics fell by 3.26%, with a market capitalization of 75.6 billion, and a year-to-date increase of 32.07% [2] - Other companies such as Ziguang Co., Huamao Technology, and Kechuan Technology also reported declines, with varying market values and year-to-date performances [2]

Group 1 - The core viewpoint of the news is that Benchuan Intelligent experienced a decline in stock price and trading volume, with significant financing activities indicating high leverage levels [1][2]. Group 2 - On January 29, Benchuan Intelligent's stock fell by 3.81%, with a trading volume of 192 million yuan [1]. - The financing data shows that on the same day, the company had a financing buy amount of 21.96 million yuan and a financing repayment of 22.89 million yuan, resulting in a net financing outflow of 0.93 million yuan [1]. - As of January 29, the total financing and securities lending balance for Benchuan Intelligent was 216 million yuan, which accounts for 4.87% of its market capitalization [1]. Group 3 - For the period from January to September 2025, Benchuan Intelligent achieved an operating income of 614 million yuan, representing a year-on-year growth of 43.11% [2]. - The net profit attributable to shareholders for the same period was 33.08 million yuan, reflecting a year-on-year increase of 56.23% [2]. - The company has distributed a total of 68.99 million yuan in dividends since its A-share listing, with 45.80 million yuan distributed over the past three years [2].

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for high-end products, particularly due to advancements in AI data centers and related technologies, leading to a positive outlook for 2025 earnings across various companies in the sector [1][2]. Group 1: Company Performance - Approximately 80% of the 20 PCB companies that have released earnings forecasts for 2025 expect profit growth, with companies like Jin'an Guoji and Shenghong Technology projecting net profit increases exceeding 250% [1]. - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, representing a year-on-year growth of 260.35% to 295.00% [3]. - Founder Technology expects a net profit of 430 million to 510 million yuan for 2025, an increase of 67.06% to 98.14% compared to the previous year [3]. - Benchuan Intelligent forecasts a net profit of 30.4 million to 45.6 million yuan for 2025, reflecting a growth of 28.06% to 92.08% year-on-year [4]. Group 2: Market Trends - The demand for high-end PCB products, such as multilayer boards and HDI boards, is increasing due to the rising requirements for signal transmission rates and data loss in AI and high-performance computing [2]. - China is expected to maintain its position as the largest PCB production region, accounting for over 50% of global output in the coming years [2]. Group 3: Material and Equipment Upgrades - The continuous production of high-end products is driving the upstream materials and equipment sectors towards high-end upgrades, creating a robust market demand for high-end supporting products [5]. - Jin'an Guoji projects a net profit of 280 million to 360 million yuan for 2025, with a growth of 655.53% to 871.40% year-on-year, driven by improved market conditions for copper-clad laminates [6]. - Dafu Technology expects a net profit of 97 million to 125 million yuan for 2025, recovering from a loss of 245 million yuan in the previous year [6]. - The demand for high-end manufacturing equipment is surging, with companies like Dazhu CNC projecting a net profit of 785 million to 885 million yuan for 2025, an increase of 160.64% to 193.84% year-on-year [7]. Group 4: Emerging Technologies - Companies are expanding their focus on emerging markets such as AI power servers and robotics, with Benchuan Intelligent actively pursuing these opportunities [4]. - The demand for precision tools and polishing materials is also rising, with Ding Tai Gao Ke expecting a net profit of 410 million to 460 million yuan for 2025, reflecting a year-on-year growth of 80.72% to 102.76% [8].

Core Viewpoint - The PCB industry is entering a new high prosperity cycle driven by the explosive growth in AI computing power demand, with significant increases in the demand for high-end PCBs due to emerging fields like AI servers and intelligent driving [1][2]. Group 1: Industry Trends - Since 2026, the PCB sector has been on an upward trend, with many stocks in the PCB concept rising sharply as of January 22 [1]. - The demand for high-density interconnect (HDI) and high-layer boards is surging due to the higher requirements for layers, precision, and reliability in AI applications [1]. - Goldman Sachs predicts that the global AI server PCB market will grow by 113% year-on-year in 2026 and by 117% in 2027 [1]. Group 2: Company Performance - Companies like Jin'an Guoji, Shenghong Technology, and others are expected to report significant year-on-year profit growth, with Jin'an Guoji forecasting a net profit of 280 million to 360 million yuan, representing a growth of 655% to 871% [3]. - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan, a year-on-year increase of 260% to 295%, driven by the mass production of high-end products in key areas like AI computing and data centers [3]. Group 3: Market Dynamics - The application of PCBs in AI servers is increasing, with PCB backplanes and mid-planes gradually replacing traditional copper cable connections, indicating a system architecture upgrade [2]. - The current active performance of the PCB concept sector is attributed to strong AI computing demand, improving industry fundamentals, and proactive capital investment [4]. - Not all PCB companies will benefit equally from the AI boom; only those with capabilities in high-layer, high-frequency, and HDI production can access core supply chains of major players like NVIDIA and AMD [4].

Group 1 - The CPO concept stocks have seen a significant rise, with the sector index increasing by over 3% as of January 21 [1] - Notable stocks include Zhixiang Technology, which rose by 18.85%, and Robotech, which increased by 13.76% [2] - Other companies such as Lian Technology and Kexiang Co. also experienced substantial gains, with increases of 12.79% and 12.71% respectively [2][3] Group 2 - Several companies reached their daily limit up, including Huada Technology, Woge Optoelectronics, and Tongfu Microelectronics, all showing strong performance [3] - The stock of Zhixiang Technology surged by 18%, while Robotech and Lian Technology both rose by over 10% [3] - The overall market sentiment for CPO stocks appears positive, indicating potential investment opportunities in this sector [1][3]