Core Viewpoint - Dazhu CNC, a PCB equipment supplier, is planning to list on the Hong Kong Stock Exchange just three years after its A-share listing, raising questions about its financial health and the timing of this move [3][9]. Company Overview - Dazhu CNC was established in 2002, focusing on the PCB sector, particularly in the core drilling process [3][4]. - The company successfully raised over 3.2 billion yuan during its A-share IPO in February 2022, achieving a high issuance price of 76.56 yuan per share [5][7]. Financial Performance - After a record revenue of over 4 billion yuan in 2021, Dazhu CNC's performance declined significantly, with revenues dropping by 31.72% to 2.786 billion yuan in 2022 and further down to 1.634 billion yuan in 2023 [9][10]. - The net profit also fell from 699 million yuan in 2021 to 435 million yuan in 2022, and further to 136 million yuan in 2023 [9][10]. Market Dynamics - The global drilling equipment market slightly decreased from 1.397 billion USD in 2021 to 1.38 billion USD in 2023, impacting Dazhu CNC's sales [10][13]. - The company's main revenue source, drilling equipment, accounted for over 60% of its income, but sales plummeted by over 73% from 2021 to 2023 [10][13]. Capital Structure and Control - Dazhu CNC's actual controller, Gao Yunfeng, has a high proportion of pledged shares, raising concerns about the stability of the company's control [3][21]. - Dazhu CNC has substantial cash reserves of 2.208 billion yuan as of March 31, 2025, and has generated over 1.2 billion yuan in operating cash flow from 2022 to 2024 [9][10]. Future Prospects - The upcoming Hong Kong listing aims to raise funds for building a factory in Singapore, expanding overseas marketing, and developing AI servers and PCBs for electric vehicles [7][9]. - Despite having sufficient liquidity, the rationale behind the decision to pursue additional fundraising through a Hong Kong listing remains questionable [9][18].

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

Key Points - The National Medical Products Administration plans to complete the review and approval of clinical trial applications for innovative drugs that meet requirements within 30 working days [4] - The U.S. and U.K. have reached a trade agreement, which includes a quota of 100,000 vehicles per year for U.S. imports from the U.K. with a 10% tariff rate [6] - The U.S. President Trump announced a temporary suspension of sanctions against Russia to facilitate negotiations [6] - The industrial added value in China increased by 5.8% year-on-year in May, while the retail sales of consumer goods reached 41,326 billion yuan, growing by 6.4% year-on-year [4] Company News - GAC Group denied rumors regarding employee stock ownership related to GAC Aion [9] - Midea Group plans to repurchase shares worth between 5 billion to 10 billion yuan [9] - Chongqing Steel signed an asset transfer contract worth 1.081 billion yuan with Chongqing Iron and Steel Group [9] - Muyuan Foods has submitted H-share filing materials to the China Securities Regulatory Commission [9] - Weir Group's stock name will change to "Haowei Group" starting June 20 [9] - LaKala is planning to issue H-shares and list on the Hong Kong Stock Exchange [9] - China Bank's Vice President Zhang Xiaodong has left due to job relocation [9] Industry Insights - CITIC Securities has received approval to issue up to 6 billion yuan in technology innovation bonds [10] - Huatai Securities has received registration approval from the CSRC for issuing up to 10 billion yuan in technology innovation corporate bonds [10] - Huatai Securities is optimistic about the home appliance sector, highlighting the strong demand for core assets and the potential for overseas market expansion [11] - CITIC Securities predicts a price increase of 5%-10% in the wind turbine sector by 2025, indicating a new profit recovery cycle for the industry [12]

一、停复牌 1、渤海汽车：拟购买海纳川持有的北汽模塑51%股权、廊坊安道拓51%股权、智联科技100%股权和莱 尼线束50%股权，股票明日复牌。 2、邦基科技：拟通过向Riverstone Farm Pte. Ltd.发行股份及支付现金的方式购买其持有的北溪农牧、瑞 东伟力、鑫牧农牧、瑞东农牧（利津）、瑞东农牧（山东）、威力牧业（滨州）100%股权及派斯东 80%股权，股票复牌。 二、并购重组 1、泰禾智能：拟不超过5000万收购阳光优储100%股权，拓展工商业用户侧储能业务。 1、江波龙：子公司与闪迪签署合作备忘录，Sandisk（闪迪）系全球知名的存储解决方案提供，拥有领 先的存储技术和丰富的系统设计经验。 2、美的集团：拟以50亿元至100亿元回购股份。 3、东方盛虹：控股股东一致行动人拟5亿元-10亿元增持公司股份。 2、大族数控：发行境外上市股份备案申请材料获中国证监会接收。 3、三达膜：拟发行H股并在香港联交所上市。 4、兴齐眼药：盐酸利多卡因眼用凝胶Ⅲ期临床试验首例受试者入组。 5、善水科技：拟投资60亿元建设化工新材料项目。 6、飞龙股份：获得两家客户大功率数据中心专用电子水泵订单。 7、亚太 ...

Group 1 - Banqiao Qiancheng signed a significant contract with Mango Film and Television for a total amount of 372 million yuan, accounting for 50.65% of the company's audited main business income for 2024 [1] - The contract allows Mango Film and Television to use the new media and traditional media broadcasting rights for related film and television works globally, positively impacting Banqiao Qiancheng's financial status and operating performance in 2025 and beyond [1] - Jingwei Huikai plans to sell its wholly-owned subsidiary Changsha Yushun for 112 million yuan, which will no longer be included in the consolidated financial statements after the transaction [1] Group 2 - Minsheng Health's subsidiary received a patent for a strain of lactic acid bacteria that significantly improves sarcopenic obesity, although it has not yet been applied to the company's products [2] - Dafu Technology intends to transfer 27% of its subsidiary Shenzhen Peitian Intelligent Manufacturing Equipment Co., Ltd. for 192 million yuan, maintaining a controlling stake post-transaction [3] - Feilong Co. received orders for high-power electronic water pumps for data centers from a well-known global power electronics provider [4] Group 3 - Yatai Co. was selected as a supplier for a foreign brand's EPB project, with a total sales amount of approximately 680 million yuan over a five-year lifecycle [5] - Gansu Energy's 1 million kilowatt wind-solar integrated project has received approval, representing over 10% of the company's installed capacity by the end of 2024 [6] - Jilin Aodong's subsidiary received approval for a drug supplement application for "Tang Le Capsule," used to treat symptoms related to diabetes [7] Group 4 - Shanshui Technology plans to invest 6 billion yuan in a new chemical materials project, expected to generate an annual output value of 8 billion yuan upon completion [8] - Dazhu CNC's H-share issuance application has been accepted by the China Securities Regulatory Commission [9] - Zhujiang Beer announced the resignation of its chairman due to retirement age, with a new chairman elected on the same day [10] Group 5 - Longkun Technology won a bid for a waste collection service project worth 21.57 million yuan, with a service period of one year [11] - Zhongnan Culture plans to provide financial support of up to 20 million yuan to its subsidiary for daily operational needs [12] - Shangfeng Cement's investment in a company applying for an IPO on the Sci-Tech Innovation Board has been accepted [13] Group 6 - Chuanheng Co. received a patent for a system and method for harmless treatment of phosphorus tailings [14] - Toukeng Life's seven medical device registration applications have been accepted, covering various diagnostic fields [15] - Xingqi Eye Medicine's clinical trial for a new eye gel has commenced with the first subject enrolled [16] Group 7 - Jiebang Technology plans to provide financial support of up to 60 million yuan to its subsidiary for operational needs [17] - Shenzhen Airport reported a passenger throughput of 5.54 million in May, a year-on-year increase of 15.67% [18] - Wan'an Technology received a cash dividend of 30 million yuan from its wholly-owned subsidiary [19] Group 8 - Jiuchuan Bio received a medical device registration certificate for a cystatin C assay kit [20] - Hongqiang Co. obtained a safety production license for its subsidiary, marking the official production of a new project [21] - Xiangtan Electric plans to issue convertible bonds totaling 487 million yuan [22] Group 9 - Guangwei Composite signed a supplementary material procurement contract worth 658 million yuan [23] - Jichuan Pharmaceutical announced a comprehensive tender offer starting June 18, with a price of 26.93 yuan per share [24] - Aerospace Rainbow plans to distribute cash dividends of 0.60 yuan per share [25] Group 10 - Industrial Bank plans to distribute cash dividends of 1.06 yuan per share, totaling 22.433 billion yuan [26] - China Automotive Research will repurchase and cancel 230,800 restricted shares due to the retirement of original incentive objects [27] - Annie Co. announced abnormal stock trading fluctuations but confirmed no significant changes in its operations [28] Group 11 - Giant Network confirmed no undisclosed significant matters following abnormal stock trading fluctuations [29]

公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监会"） 报送了本次发行上市的备案申请材料并于近日获中国证监会接收。 公司本次发行上市尚需满足多项条件（包括但不限于取得中国证监会的备案、 香港证券及期货事务监察委员会、香港联交所及其他有关监管机构的批准），并 需综合考虑市场情况以及其他因素方可实施，尚存在不确定性。公司将根据相关 事项进展情况，严格按照法律法规的规定与要求，及时履行信息披露义务，敬请 广大投资者注意投资风险。 特此公告。 深圳市大族数控科技股份有限公司董事会 2025 年 6 月 16 日 深圳市大族数控科技股份有限公司 关于发行境外上市股份（H 股）备案申请材料 获中国证监会接收的公告 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。 深圳市大族数控科技股份有限公司（以下简称"公司"）已于 2025 年 5 月 30 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了公开发行境 外上市股份（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行上市"） 的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。具体内容 ...

近日，公司收到夏丽雅女士的通知，其已按照相关规定参加了深圳证券交易 所举办的上市公司独立董事任前培训（线上），并取得了由深圳证券交易所创业 企业培训中心颁发的《上市公司独立董事培训证明》。 特此公告。 关于独立董事取得独立董事培训证明的公告 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。 深圳市大族数控科技股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日召开了 2024 年年度股东大会，审议通过了《关于增选独立董事并确定公司董 事角色的议案》，选举夏丽雅女士为公司第二届董事会独立董事，任期自公司股 东大会审议通过且公司发行的 H 股股票在香港联合交易所有限公司上市之日起 至第二届董事会任期届满为止。 截至公司 2024 年年度股东大会通知发出之日，夏丽雅女士尚未取得独立董 事资格证书。根据深圳证券交易所的相关规定，夏丽雅女士已书面承诺参加最近 一次独立董事资格证书培训并取得深圳证券交易所认可的独立董事资格证书。 证券代码：301200 证券简称：大族数控 公告编号：2025-045 深圳市大族数控科技股份有限公司 深圳市大族数控科技股份有限公 ...

2025年以来，港股市场迎来"A+H"上市热潮。这不，A股市场一家PCB龙头也开启了赴港上市之旅。 5月30日，深圳市大族数控科技股份有限公司(以下简称"大族数控")向港交所递交上市招股书，拟香港主板上市， 中金公司担任独家保荐人。 该公司成立于2002年，是一家专注于PCB(印刷电路板)专用生产设备解决方案的服务商，主要从事PCB专用生产 设备的研发、生产及销售，为PCB制造商提供端到端工序解决方案。2022年2月，大族数控(301200.SZ)在深交所 创业板上市，直至如今公司市值超155亿元。此外，公司公司控股股东大族激光(002008.SZ)，目前市值则超247亿 元。 据智通财经APP观察，自2009年以来，按收入计，大族数控已连续16年位列CPCA专用设备和仪器榜单第一名。 按2024年收入计，公司是全球最大的PCB专用生产设备制造商，全球市占率为6.5%。 这么一家PCB龙头赴港上市的背后，又将书写什么样的发展故事呢，投资价值又将如何? 2024年业绩倍增，营收超33亿元 深耕PCB专用设备领域20余年，大族数控目前已然形成了广泛且多元化的业务版图。 具体而言，该公司拥有全球PCB专用设备行业最 ...

Group 1 - Shenzhen Dazhu CNC Technology Co., Ltd. has obtained a patent for a "carrying device and processing equipment," with the authorization announcement number CN222944746U, applied on July 2024 [1] - The patent involves a carrying device and processing equipment that includes a workbench, a first pressing plate assembly, and a second pressing plate assembly, designed to securely hold materials on the workbench [1] - The first pressing plate assembly features a first clamping component and a first driving device, which allows the clamping component to rotate and press materials against the carrying surface [1] Group 2 - Shenzhen Dazhu CNC Technology Co., Ltd. was established in 2002 and is primarily engaged in the manufacturing of specialized equipment, with a registered capital of 42 million RMB [2] - The company has invested in 8 enterprises and participated in 113 bidding projects, holding 50 trademark records and 1286 patent records [2] - Additionally, the company possesses 26 administrative licenses [2]

Group 1 - Dazhu CNC has submitted a prospectus to the Hong Kong Stock Exchange for a dual listing after its A-share debut in 2022, aiming to raise funds for establishing a new factory and research center in Singapore, as well as hiring personnel for AI server and new energy vehicle PCB production equipment development [1] - Dazhu CNC, established in 2002, specializes in PCB production equipment solutions and has a comprehensive product matrix covering various PCB segments, making it a leader in the global PCB equipment industry [2][3] - The company has maintained a stable customer base, ranking first in the CPCA specialized equipment and instruments list for 16 consecutive years since 2009, with a global market share of 6.5% and a Chinese market share of 10.1% as of 2024 [3] Group 2 - The PCB equipment industry is entering a new era of intelligent production, with the market size in China expected to grow from approximately $3.306 billion in 2020 to about $4.111 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.6% [4] - Dazhu CNC's product sales are projected to reach 4,510 units in 2024, a 117% increase from 2,080 units in 2023, with an average product price remaining stable at 679,000 RMB per unit [4] - The company experienced a revenue decline from 2.786 billion RMB in 2022 to 1.634 billion RMB in 2023 due to a downturn in the PCB industry, but is expected to rebound to 3.343 billion RMB in 2024, driven by demand from the AI and electric vehicle sectors [6][7] Group 3 - Dazhu CNC's profit figures for 2022, 2023, and 2024 are approximately 432 million RMB, 136 million RMB, and 300 million RMB, respectively, with a declining gross margin from 34% in 2022 to 27.2% in 2024 due to the introduction of new automated drilling equipment [8] - The company's revenue structure is diverse, with drilling equipment accounting for 62.8% of revenue in 2024, followed by exposure equipment at 10.2%, highlighting the importance of these segments in the PCB production process [8] - Dazhu CNC is expanding its international business, particularly targeting the Southeast Asian market, with plans to establish a customer service center in Thailand and expand sales networks in Malaysia and Vietnam [8][9]