Core Viewpoint - The company is currently in good operational condition and is steadily advancing the acquisition of Ligon [2] Group 1 - The company is responding to investor inquiries on its operational status [2] - The acquisition process is being conducted in compliance with relevant laws and regulations [2] - The company emphasizes its commitment to timely information disclosure obligations [2]

Core Viewpoint - The company, 商络电子, is actively engaged in the sales of storage products from leading brands, indicating a strong position in the semiconductor market [2] Group 1: Company Overview - The company represents major brands such as 长鑫, 铠侠, 兆易, 群联, and 得一微, showcasing its extensive network and partnerships in the industry [2] - The product range includes NOR/NAND Flash, DRAM, eMMC, and SSD, highlighting the company's diverse offerings in the storage segment [2]

Core Viewpoint - The company focuses on electronic component distribution and does not engage in manufacturing [2] Group 1: Business Focus - The company is an authorized distributor for leading brands such as Changxin, Kioxia, Zhaoyi, Phison, and DeYi Micro [2] - The company has a stable supply capability for storage products [2] Group 2: Customer Base - The customer base includes sectors such as servers, mobile phones, and various consumer IoT applications [2]

Core Viewpoint - The stock of Shangluo Electronics experienced a decline of 6.77% on November 21, with a trading volume of 461 million yuan, indicating potential market volatility and investor sentiment shifts [1]. Financing Summary - On November 21, Shangluo Electronics had a financing buy-in amount of 44.30 million yuan, while the financing repayment was 75.30 million yuan, resulting in a net financing outflow of 30.99 million yuan [1]. - The total financing and securities balance for Shangluo Electronics reached 480 million yuan, accounting for 5.83% of its market capitalization, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - There were no shares sold or repaid in the securities lending market on the same day, with the securities lending balance also at zero, reflecting a lack of short-selling interest [1]. Company Performance - As of November 10, the number of shareholders for Shangluo Electronics was 47,900, a decrease of 2.31% from the previous period, while the average circulating shares per person increased by 2.36% to 10,268 shares [2]. - For the period from January to September 2025, Shangluo Electronics reported a revenue of 6.189 billion yuan, representing a year-on-year growth of 32.80%, and a net profit attributable to shareholders of 141 million yuan, which is a significant increase of 164.32% year-on-year [2]. Dividend and Shareholding Information - Since its A-share listing, Shangluo Electronics has distributed a total of 80.82 million yuan in dividends, with 29.58 million yuan distributed over the past three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 3.90 million shares, an increase of 2.47 million shares from the previous period [3].

Core Viewpoint - The company and its subsidiaries have confirmed that there are no guarantees provided to entities outside the consolidated financial statements, nor are there any overdue guarantees, litigation-related guarantees, or losses due to judgments against guarantees [2] Group 1 - The company announced on November 20 that it does not have any guarantees to external entities [2] - There are no overdue guarantees reported by the company [2] - The company is not involved in any litigation related to guarantees, nor has it faced losses due to guarantee-related judgments [2]

证券代码：300975 证券简称：商络电子 公告编号：2025-063 二、担保进展情况 公司全资子公司香港商络有限公司（以下简称"香港商络"）与 AWINIC TECHNOLOGY LIMITED（以下简称"AWINIC"）签署相关业务合同，为满足 子公司香港商络日常经营和业务开展需要，公司向招商银行股份有限公司南京分 行（以下简称"招商银行"）申请办理分离式保函业务，为子公司香港商络向客 户 AWINIC 合计开立履约保函人民币 100 万美元，期限为履约保函自开立之日 起 3 个月内有效，保证金比例为 0%，占用公司在招商银行的授信额度。 （1）债权人：招商银行股份有限公司南京分行 南京商络电子股份有限公司 关于公司担保情况的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 南京商络电子股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开 了第四届董事会第三次会议和第四届监事会第二次会议，于 2025 年 5 月 12 日召 开了 2024 年年度股东会，分别审议通过了《关于 2025 年度为子公司提供担保额 ...

Group 1 - Zhejiang Fu Holdings stated that its subsidiary, Zhejiang Fu Capital, has invested in several listed companies including Spring Autumn Electronics, Fenglong Co., Ltd., Shangluo Electronics, Zhejiang Liming, Heshun Technology, Taotao Automotive, and Zhongxin Co., Ltd. [1] - The company also mentioned that multiple enterprises are either in the process of applying for or preparing to apply for listing [1]

Core Insights - The company has existing inventory that was acquired before recent price increases, which will allow it to realize gains as market prices rise [1] Group 1 - The company is positioned to benefit from rising market prices due to its pre-increase inventory [1]

Group 1 - The company, 商络电子 (300975.SZ), has stated that it is not currently acting as an agent for HBM products [1] - The company operates as an electronic component distributor and does not engage in production or manufacturing [1]

Core Viewpoint - The semiconductor supply chain is undergoing significant consolidation, with multiple A-share companies actively pursuing acquisitions to enhance their market positions and adapt to evolving industry dynamics [1][4]. Industry Trends - The electronic components distribution sector is experiencing increased merger and acquisition activity, reflecting growth momentum and a trend towards greater market concentration within the global electronics supply chain [1][3]. - Approximately 44% of electronic components are procured directly by downstream manufacturers from original manufacturers, while 56% rely on distribution channels, indicating the critical role of distributors in the supply chain [2][3]. Market Concentration - The revenue share of the top four distributors is projected to be 53.91% of the total revenue of the top 50 distributors in 2024, a slight decrease from 56.72% in 2023, indicating a trend of increasing concentration in the industry [3]. - Chinese distributors are rapidly emerging, with companies like Zhongdian Port and Yachuang Electronics making significant market strides, as evidenced by Zhongdian Port's revenue reaching 486.39 billion in 2024 [3][4]. Diversification Strategies - Distributors are diversifying their operations by extending their services upstream to original manufacturers and downstream to foundries, as well as venturing into semiconductor R&D and smart manufacturing [5][6]. - Companies like Arrow Electronics and WPG have engaged in numerous acquisitions to enhance their market presence and service offerings [4][5]. Digital Transformation - The semiconductor industry is witnessing a shift towards direct sales and optimized distribution channels, driven by the increasing adoption of digital procurement by semiconductor manufacturers [7]. - Distributors are required to enhance their service capabilities, particularly in supply chain management and technical support, to adapt to the changing market landscape [7]. Long-term Outlook - The rapid development of the domestic electronics industry presents significant opportunities for the electronic components distribution sector, with emerging technologies like 5G and AI driving demand for electronic components [8]. - Chinese distributors are encouraged to innovate and expand their international presence through overseas acquisitions, thereby integrating into the global market [8].