证券代码：301123 证券简称：奕东电子 公告编号：2025-068 2、召开方式：现场投票和网络投票相结合的方式召开。 奕东电子科技股份有限公司 2025 年第三次临时股东会决议公告 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。 特别提示： 1、本次股东会召开期间无增加、变更、否决议案的情况； 2、本次股东会未有涉及变更以往股东会已通过的决议； 3、本次股东会以现场投票和网络投票相结合的方式召开。 一、会议召开和出席情况 1、召集人：奕东电子科技股份有限公司（以下简称"公司"）董事会。 3、召开时间： （1）现场会议时间为：2025 年 11 月 28 日（星期五）下午 15:00； （2）网络投票时间为：2025 年 11 月 28 日。其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为：2025 年 11 月 28 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2025 年 11 月 28 日 9:15-15:00。 现场会议地点：广东省东莞市 ...

Group 1 - Institutional reports today issued 21 buy ratings involving 20 stocks, with Huafeng Aluminum receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 10 provided future target prices, with 7 stocks showing an upside potential exceeding 20%. China Pacific Insurance has the highest upside potential at 36.86% with a target price of 47.97 yuan [1] - The average increase for stocks with buy ratings today was 0.59%, outperforming the Shanghai Composite Index, with notable gainers including Spring Autumn Electronics and Aladdin [1] Group 2 - The power equipment industry is the most favored, with stocks like Putailai and Zhenyu Technology making the buy rating list. The pharmaceutical and electronics sectors also received attention with 4 and 3 stocks respectively [2] - A detailed list of stocks with institutional buy ratings includes China Pacific Insurance, Huafeng Aluminum, and others, with various target prices and latest closing prices provided [2]

Group 1 - Hekang New Energy's subsidiary received a government subsidy of 6 million yuan, accounting for 58.27% of the company's latest audited net profit attributable to shareholders [1] - Anhui Construction won two major EPC projects with a total bid price of 2.603 billion yuan [2] - Tianrun Dairy's wholly-owned subsidiary received a government subsidy of 7.9094 million yuan, representing 18.12% of the company's audited net profit for 2024 [2] Group 2 - Yunnan Gold's subsidiary obtained a mining license for the Xinxiao County Tanxi Tungsten Mine, with a production capacity of 990,000 tons per year [5][22] - Yanzhou Coal Energy plans to acquire 100% equity of a high-end support company for 345 million yuan [6] - Heng Rui Pharmaceutical received approval for multiple drug clinical trials, including Sulfate Amexitin tablets [8] Group 3 - Huazhi Jie plans to invest 157 million yuan to establish five wholly-owned subsidiaries to expand its global strategy [1] - Junting Hotel's controlling shareholder is planning a change of control, leading to a continued suspension of trading [4] - Funi Technology's shareholder plans to reduce its stake by up to 1.68% [10] Group 4 - Midea Group's subsidiary received a government subsidy of 6 million yuan, which is 58.27% of the company's latest audited net profit [1] - Hunan Gold's subsidiary obtained a mining license for tungsten, iron, and silver, with a production scale of 990,000 tons per year [5][22] - Xin Hua Pharmaceutical received approval for the listing application of Acetate Prednisone raw material [24][25] Group 5 - Zhejiang Pharmaceutical plans to spin off its subsidiary for a listing on the Hong Kong Stock Exchange [28] - Kesheng Technology plans to invest 61.2 million yuan to acquire 51% of Shenzhen Guanding [30] - Tian Shan Aluminum's 1.4 million tons electrolytic aluminum green low-carbon energy efficiency improvement project has commenced production [38]

Core Viewpoint - The company, Yidong Electronics, plans to acquire a 51% stake in Shenzhen Guanding Metal Technology Co., Ltd. for 61.2 million yuan, aiming to enhance its capabilities in the AI server liquid cooling sector [2][4]. Group 1: Acquisition Details - Yidong Electronics will use its own funds for the acquisition, which does not constitute a related party transaction or a major asset restructuring [2]. - The acquisition involves purchasing 31% of the shares from Liang Lizhuang for 37.2 million yuan, 10% from Lin Qiang for 12 million yuan, and another 10% from Lin Huoqiang for 12 million yuan, totaling 61.2 million yuan [2]. Group 2: Company Profile of Shenzhen Guanding - Shenzhen Guanding, established in 2012, specializes in AI computing liquid cooling solutions, with products like water cooling plates and immersion cooling modules [3]. - The company has notable clients including Nvidia, Meta, AMD, and Alibaba, indicating a strong market presence [3]. Group 3: Financial Performance - For the first eight months of 2025, Shenzhen Guanding reported revenues of 67.464 million yuan, a year-on-year increase of 40.83%, and a net profit of 5.5422 million yuan, marking a turnaround from a loss in 2024 [3]. - Yidong Electronics' subsidiary, Dongguan Keli Star Electronics, achieved revenues of 56.8593 million yuan in the same period, a significant increase of 688.87% year-on-year [3]. Group 4: Market Outlook - The rapid growth of global computing centers and AI industries positions Shenzhen Guanding as a key supplier in the liquid cooling sector, with expanding applications for its products [4]. - The acquisition is expected to enhance Yidong Electronics' customer resource complementarity and broaden its product matrix in liquid cooling solutions [4]. Group 5: Strategic Implications - The acquisition will allow Yidong Electronics to integrate advanced liquid cooling technologies and patents, reducing R&D cycles and enhancing competitiveness in the AI cooling market [6]. - The collaboration is anticipated to create synergies that will improve Yidong Electronics' market position and profitability in the AI and computing sectors [6].

Core Viewpoint - Yidong Electronics is expanding into the AI server liquid cooling sector through an investment in Shenzhen Guanding Metal Technology Co., Ltd, aiming to enhance its product offerings and market position in this rapidly growing industry [1][2]. Investment Details - Yidong Electronics plans to invest 61.2 million yuan to acquire a 51% stake in Shenzhen Guanding [1]. - The subsidiary, Dongguan Keli Star Electronics Co., Ltd, will increase its capital by 2.22 million yuan, while the original controlling shareholder of Shenzhen Guanding will invest 30 million yuan for a 10% stake in Keli Star [1]. Company Background - Shenzhen Guanding, established in 2012, specializes in AI computing liquid cooling solutions and is a key supplier for major clients like AVC, BOYD, and Hengyun Chang [1]. - The products are primarily used in AI servers, GPUs, and supercomputing centers, with applications in companies such as NVIDIA, Meta, AMD, Microsoft, and Intel [1]. Strategic Objectives - The acquisition is expected to broaden customer resources and enhance Yidong's liquid cooling product portfolio, allowing for quick entry into core application scenarios [2]. - The transaction aims to leverage the complementary strengths of both companies, enhancing Yidong's competitiveness in the liquid cooling sector and driving business expansion and profitability [2]. Financial Performance - Shenzhen Guanding reported revenues of 47.9 million yuan and 67.46 million yuan for the first eight months of 2024 and 2025, respectively, with a net profit of -846,200 yuan and 554,220 yuan [2]. - As of August 2025, Shenzhen Guanding's total assets were 85.26 million yuan, with a net asset value of 8.95 million yuan, leading to a post-investment valuation of 120 million yuan, reflecting a 1240.78% increase from its net assets [2]. Yidong Electronics' Performance - For the first three quarters of 2025, Yidong Electronics achieved revenues of 1.66 billion yuan, a year-on-year increase of 34.99%, and a net profit of 28.68 million yuan, up 68.39% [3]. - In Q3 2025, the company reported revenues of 650 million yuan, a 47.97% increase, with net profits growing significantly by 447.62% and 319.46% for net and non-net profits, respectively [3].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 53.61 yuan per share based on a PS valuation method of 5.7 times for 2025 [4][7]. Core Insights - The company plans to invest 61.2 million yuan to acquire a 51% stake in Shenzhen Guanding Metal Technology Co., which specializes in AI server liquid cooling solutions. This acquisition aims to enhance the company's product offerings and market position in the liquid cooling sector [1][3]. - Shenzhen Guanding, established in 2012, is a leading supplier in the liquid cooling field, providing solutions for AI servers, GPUs, supercomputing centers, and data centers. Its products are utilized by major clients such as Nvidia, Meta, Microsoft, Google, Amazon, Alibaba, and ByteDance [2][3]. - The acquisition is expected to expand the company's customer base, reduce R&D cycles, and enhance its competitive edge in the liquid cooling market, which is projected to grow alongside the expansion of computing centers and AI applications [3]. Financial Projections - Revenue projections for the company are estimated at 2.207 billion yuan, 2.827 billion yuan, and 3.596 billion yuan for the years 2025, 2026, and 2027, respectively. Net profits are expected to be 42 million yuan, 133 million yuan, and 208 million yuan for the same years [4][12]. - The company anticipates a significant increase in revenue growth rates, with a projected growth of 29.0% in 2025, 28.1% in 2026, and 27.2% in 2027 [12][13].

Industry News - The China Insurance Industry Association issued a risk warning regarding the "Anwo Stock Insurance" business, stating that it is not an approved insurance product and that stock investment losses are not insurable. The platform's activities may involve illegal financial operations [6]. - Beijing's Internet Information Office and the Beijing Financial Regulatory Bureau launched a three-month campaign to address six types of online financial misconduct, focusing on misleading public information and illegal financial services [7]. - The Ministry of Industry and Information Technology and five other departments released a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [7]. - The Ministry of Natural Resources announced breakthroughs in the efficient extraction of low-grade rare metals from coal, aluminum, copper, lead, and zinc ores, with significant improvements in recovery rates for various metals [7]. - The first hydrogen refueling station in China utilizing underground hydrogen storage technology has been operational for over 1500 days, supplying over 400 tons of hydrogen, marking a significant advancement in high-pressure underground hydrogen storage technology [8]. Company News - Dongwei Technology announced a significant increase in PCB plating equipment orders, driven by rapid growth in the PCB and memory sectors, with expected record-high order amounts this year [11]. - North University Pharmaceutical stated that related flu medications have not yet been produced or sold, and this will not impact the company's performance for a considerable time [12]. - *ST Dongtong disclosed that its annual reports from 2019 to 2022 contained false records and has received a notice of termination of listing [13]. - Debang Technology's largest shareholder, the National Big Fund, reduced its stake by 2% between September 11 and October 16, completing its reduction plan [13]. - Muxi Co., Ltd. plans to issue 40.1 million shares, with the initial strategic placement of 8.02 million shares, and the subscription date set for December 5, 2025 [15].

Focus 1: Jianlong Micro-Nano (688357) - The company has terminated the planning of a major asset restructuring, which was intended to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity [1] Focus 2: Industrial Fulian - The company has adjusted the maximum repurchase price for its shares from 19.36 yuan per share to 75.00 yuan per share, reflecting confidence in its future development and market conditions [2] Focus 3: *ST Dongtong - The company received a prior notice from the Shenzhen Stock Exchange regarding the proposed termination of its stock listing [3] Focus 4: Fundraising & Restructuring - Aolaide plans to raise up to 299.71 million yuan through a simplified procedure for issuing shares to specific targets, with proceeds allocated for OLED display core material production and working capital [4] - Maigemi has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific targets, meeting all necessary conditions [4] - Su Yan Jingshen has also received approval for its share issuance application, pending final registration with the China Securities Regulatory Commission [4] Focus 5: Important Matters - Baiao Chemical's major shareholders are transferring a total of 10% of the company's shares to Liu Hongjun, resulting in him holding 10% of the total share capital post-transfer [5][6] - Zhejiang Pharmaceutical is planning to spin off its subsidiary for a listing on the Hong Kong Stock Exchange, which will not affect its control over the subsidiary [6] - Huafeng Aluminum is acquiring 100% of Shanghai Huafeng Puen Polyurethane Co., Ltd. for 100.06 million yuan, which will enhance its operational efficiency and market competitiveness [7] Focus 6: New Investments - Fuda Co. is establishing a wholly-owned subsidiary with an investment of 30 million yuan to enhance its forging business and related manufacturing capabilities [8] - Jianghai Co. is forming a joint venture to establish an innovation research institute with a registered capital of 50 million yuan, focusing on strategic technology research [9][10] Focus 7: Capital Market Activities - Zhongshan Bank has issued 60 billion yuan of subordinated debt with a fixed interest rate of 2.16% for a term of 10 years [17] - China Iron and Steel Group plans to increase its stake in China Iron and Steel Co. by investing between 65 million and 130 million yuan over the next six months [18]

Core Viewpoint - The company plans to invest 61.2 million yuan to acquire a 51% stake in Shenzhen Guanding Metal Technology Co., Ltd, marking a strategic move into the AI server liquid cooling sector [1] Investment Details - The investment amount is 61.2 million yuan, with a subsidiary, Dongguan Keli Star Electronics Co., Ltd, contributing 2.2222 million yuan [1] - The original actual controller of Shenzhen Guanding or a designated third party will invest 30 million yuan to subscribe for shares [1] Corporate Governance - The investment has been approved by the company's second board meeting and does not constitute a related party transaction or a major asset restructuring, thus not requiring shareholder approval [1] Strategic Importance - This investment is part of the company's broader strategy to expand its product offerings and business in the AI server liquid cooling and related fields [1]

Core Viewpoint - The company Yidong Electronics plans to invest 61.2 million yuan to acquire a 51% stake in Shenzhen Guanding Metal Technology Co., Ltd., aiming to expand its presence in the AI server liquid cooling sector [1][2]. Investment Details - The investment includes an additional capital increase of 2.222 million yuan from its subsidiary Dongguan Keli Star Electronics Co., Ltd., with 30 million yuan contributed by the original actual controller of Shenzhen Guanding or a designated third party [1]. - The investment and capital increase are intended to enhance product offerings and business in AI server liquid cooling [1]. Company Profile - Shenzhen Guanding, established in 2012, specializes in AI computing liquid cooling solutions and has become a core supplier for leading clients in the liquid cooling sector [1]. - Its main products include water cooling plates, immersion cooling modules, water cooling modules, PC cooling modules, and other cooling solutions, widely used in AI servers, GPUs, supercomputing centers, aerospace, and energy storage [1]. Clientele and Market Position - Major clients of Shenzhen Guanding include AVC, Boyd, Hengyun Chang, Taisuo Electronics, and Invec [1]. - The products are primarily utilized by renowned companies such as NVIDIA, Meta, AMD, Microsoft, and Intel [1]. Growth Potential - Yidong Electronics believes that Shenzhen Guanding's comprehensive thermal management capabilities and its growing order volume from industry-leading clients position it well for future growth [2]. - The market for liquid cooling products is expected to expand rapidly due to the increasing construction of computing centers and deeper penetration of AI applications [2]. Financial Performance - In the first three quarters of 2025, Yidong Electronics reported a revenue of 1.66 billion yuan, a year-on-year increase of 35.0%, and a net profit attributable to shareholders of 28.68 million yuan, up 68.4% year-on-year [2]. Strategic Integration - The acquisition is expected to provide access to mature liquid cooling technologies and patents, reducing the R&D cycle and enabling the company to quickly capture the technological high ground in liquid cooling [2]. - The integration aims to enhance the company's capabilities in providing comprehensive solutions for AI computing liquid cooling systems, aligning with its strategic upgrade in "connectors + liquid cooling" and "precision electronics + liquid cooling" [2]. Operational Synergies - The company plans to leverage its strengths to integrate production bases, supply chains, and customer resources, enhancing the scalability of liquid cooling product production [3]. - This integration is expected to alleviate capacity pressures from surging market demand and reduce costs across procurement, production, and logistics, thereby optimizing capacity layout and accelerating production expansion [3]. - The complementary nature of both businesses is anticipated to create effective synergies, enhancing the company's competitiveness in the liquid cooling sector and improving its business scale and profitability [3].