Core Viewpoint - Weigao's stock price has shown significant growth this year, with a year-to-date increase of 64.83%, despite a recent slight decline in the last five trading days [2]. Company Overview - Weigao, established on April 7, 2017, is located in Huizhou, Guangdong Province, and specializes in the research, production, and sales of printed circuit boards (PCBs) [2]. - The company's main business revenue composition is 87.45% from printed circuit boards and 12.55% from other businesses [2]. - Weigao is categorized under the electronic components industry, specifically in the PCB sector, and is associated with concepts such as specialized and innovative enterprises, consumer electronics, small-cap stocks, PCB concepts, and industrial internet [2]. Financial Performance - For the first half of 2025, Weigao achieved a revenue of 715 million yuan, representing a year-on-year growth of 58.71%, while the net profit attributable to shareholders was 45.2 million yuan, up 18.31% year-on-year [2]. - Since its A-share listing, Weigao has distributed a total of 36.08 million yuan in dividends [3]. Stock Market Activity - As of August 27, Weigao's stock price was 57.29 yuan per share, with a market capitalization of 7.712 billion yuan [1]. - The stock has seen significant trading activity, with a net inflow of 2.8383 million yuan from main funds and notable buying and selling volumes in large orders [1]. - Weigao has appeared on the stock market's "Dragon and Tiger List" six times this year, with the most recent appearance on August 13, where it recorded a net purchase of 53.65 million yuan [2]. Shareholder Information - As of August 8, Weigao had 16,300 shareholders, a decrease of 7.90% from the previous period, with an average of 3,305 circulating shares per shareholder, an increase of 8.58% [2]. - The fourth-largest circulating shareholder is Hong Kong Central Clearing Limited, which holds 723,900 shares as a new shareholder [3].

Core Viewpoint - 威尔高 (301251) reported strong revenue growth in its 2025 mid-year report, with total revenue reaching 715 million yuan, a year-on-year increase of 58.71%, and a net profit of 45.2025 million yuan, up 18.31% from the previous year [1] Financial Performance - Total revenue for the second quarter was 405 million yuan, reflecting a year-on-year increase of 64.66 [1] - The gross profit margin decreased to 19.69%, down 13.58% year-on-year, while the net profit margin fell to 6.32%, a decrease of 25.45% [1] - Total expenses (sales, management, and financial) amounted to 37.1673 million yuan, accounting for 5.2% of revenue, a reduction of 29.29% year-on-year [1] - Earnings per share increased to 0.34 yuan, up 21.43% year-on-year, while operating cash flow per share was -0.77 yuan, a significant decrease of 271.81% [1] Accounts Receivable and Debt - Accounts receivable rose significantly, with a year-on-year increase of 57.34%, reaching 410 million yuan [1] - Interest-bearing debt also increased by 89.26%, totaling 415 million yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 2.86%, indicating weak capital returns, with a historical median ROIC of 15.8% since its listing [3] - The net profit margin for the previous year was 5.47%, suggesting average added value for its products or services [3] Cash Flow and Debt Servicing - The company has a healthy cash asset position, but the average operating cash flow over the past three years is only 9.81% of current liabilities [4] - The ratio of accounts receivable to profit has reached 734.54%, indicating potential concerns regarding cash flow management [4] Fund Holdings - Major funds holding 威尔高 include 国寿安保低碳经济混合A, which has recently entered the top ten holdings with 59,300 shares [5] - The fund has a current scale of 72 million yuan and has seen a 69.9% increase over the past year [5] Production Capacity - The company is expanding its production capacity in Thailand, aiming to reach 100,000 square meters per month by the end of the year, focusing on I power and automotive electronic products [5]

Core Insights - Weigao (301251.SZ) released its semi-annual report for 2025, indicating significant institutional investment with 12 investors holding a total of 74.52 million shares, representing 55.36% of the total share capital [1] - The top ten institutional investors collectively hold 55.32% of the shares, showing a slight decrease of 0.14 percentage points compared to the previous quarter [1] Institutional Holdings - The top ten institutional investors include Ji'an Jiarun Investment Co., Ltd., and several funds managed by China Life and other financial institutions [1] - Three new public funds were disclosed this period, including Guoshou Anbao Low Carbon Economy Mixed A, while two funds were no longer disclosed [1] Foreign Investment - One new foreign institution, Hong Kong Central Clearing Limited, disclosed its holdings this period [2]

Group 1 - The core point of the article highlights the financing activities of Weirgao, indicating a net selling position in the recent trading days [1] - On August 25, Weirgao had a financing buy amount of 0.61 billion yuan, ranking 908th in the two markets, with a financing repayment amount of 0.70 billion yuan, resulting in a net sell of 8.607 million yuan [1] - Over the last three trading days from August 21 to August 25, Weirgao recorded financing buys of 0.46 billion yuan, 0.58 billion yuan, and 0.61 billion yuan respectively [1] Group 2 - In terms of securities lending, on the same day, there were no shares sold or net sold, indicating no activity in this area for Weirgao [2]

Core Viewpoint - The legal opinion letter from Guangdong Xinda Law Firm confirms that Jiangxi Weiergao Electronics Co., Ltd. has made necessary adjustments to the grant price of its 2024 restricted stock incentive plan, ensuring compliance with relevant laws and regulations [2][6][11]. Group 1: Legal Framework and Compliance - The legal opinion is based on the provisions of the Company Law, Securities Law, and relevant regulations governing stock incentive plans [2][6]. - The law firm has conducted due diligence and verified the authenticity of the documents provided by the company, ensuring no misleading statements or omissions [3][5]. - The adjustments to the incentive plan have received the necessary approvals from the company's board and supervisory committee, in accordance with the management regulations [6][8]. Group 2: Adjustment Details - The adjustment was prompted by the approval of the profit distribution plan at the 2024 annual general meeting, which involved a cash dividend of 1.34 yuan per 10 shares [9]. - The adjusted grant price for the restricted stock is calculated as approximately 18.67 yuan per share, after accounting for the dividend distribution [11]. - The adjustment process adheres to the stipulations outlined in the 2024 stock incentive plan and relevant management regulations [11].

Core Viewpoint - The company has adjusted the grant price of the restricted stock incentive plan for 2024, which was approved by the board of directors and the supervisory board, ensuring compliance with relevant regulations and internal procedures [1][2][5]. Group 1: Approval Process - The company held the second board meeting on August 25, 2025, where the adjustment of the grant price for the 2024 restricted stock incentive plan was approved [1]. - The supervisory board also convened on the same day to review and approve various related proposals, including the verification of the incentive object list [2][3]. - The company had previously disclosed the verification opinions and public notice regarding the incentive object list on July 23, 2024 [2]. Group 2: Adjustment Details - The adjustment of the grant price was calculated as follows: P = P0 - V = (18.8 - 0.134) ≈ 18.67 yuan, where P0 is the original grant price and V is the dividend per share [4]. - The adjusted grant price must remain above 1 yuan, and no adjustments are needed for ungranted reserved restricted stocks [4]. Group 3: Impact and Compliance - The adjustment of the grant price will not have a substantial impact on the company's financial status and operating results [5]. - The board's remuneration and assessment committee confirmed that the adjustment complies with the relevant laws and regulations, as well as the company's incentive plan [5]. - Legal opinions from Guangdong Xinda Law Firm indicated that the necessary approvals and authorizations for the adjustment have been obtained [5].

Group 1 - The core point of the article is that Weigao (SZ 301251) announced a credit impairment loss and asset impairment loss that will reduce the company's total profit for the first half of 2025 by 23.74 million yuan, which will also decrease the company's net asset value at the end of the reporting period [1] - For the year 2024, Weigao's revenue composition is as follows: printed circuit boards account for 88.87%, while other businesses account for 11.13% [1] - As of the report date, Weigao's market capitalization is 7.7 billion yuan [1]

二、募集资金使用情况 （一）募集资金投资项目情况 据《江西威尔高电子股份有限公司首次公开发行股票并在创业板上市招股说 明书》，公司本次发行募集资金扣除发行费用后的净额拟投入以下项目： 1 证券代码：301251 证券简称：威尔高 公告编号：2025-033 江西威尔高电子股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 江西威尔高电子股份有限公司（以下简称"公司"或"威尔高"）于 2025 年 8 月 25 日召开第二届董事会第八次会议，审议通过了《关于使用部分闲置募集 资金进行现金管理的议案》，同意公司使用不超过人民币 55,000 万元（含）闲 置募集资金进行现金管理，上述额度自董事会审议通过之日起 12 个月内有效， 在前述额度和期限范围内，可循环滚动使用。现将有关情况公告如下： 一、本次募集资金的基本情况 根据中国证券监督管理委员会出具的《关于同意江西威尔高电子股份有限公 司首次公开发行股票注册的批复》（证监许可[2023]1524 号）以及《江西威尔高 电子股份有限公司首次公开发行股票并在创业板 ...

证券代码：301251 证券简称：威尔高 公告编号：2025-035 江西威尔高电子股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 （一）前次使用部分闲置募集资金暂时补充流动资金的情况 公司于2024年9月20日召开第二届董事会第三次会议和第二届监事会第三次 会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》，同 意公司在不影响募集资金项目（以下简称"募投项目"）建设的情况下，使用不超 过人民币20,000万元（含本数）闲置募集资金暂时补充流动资金，使用期限自本 次董事会审议通过之日起不超过12个月。具体内容详见公司于巨潮资讯网发布的 《关于使用部分闲置募集资金暂时补充流动资金的公告》（公告编号：2024-062） 。 截至本公告披露日，公司已将上述用于暂时补充流动资金的闲置募集资金 20,000 万元全部归还至募集资金专用账户，使用期限未超过 12 个月，并将上述 募集资金的归还情况通知了保荐机构及保荐代表人。 （二）募集资金使用情况 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。 江西威尔高电子股份有限公司（以下简称"公司"） ...

上市公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人： 主管会计工作的负责人： 会计机构负责人： 1 编制单位：江西威尔高电子股份有限公司 单位：人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2025 年期初占 | 2025 年半年度占用累 | 2025年半年度占用 | 2025 年半年度偿 | 2025 年半年度 期末占用资金 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 的会计科目 | 用资金余额 | 计发生金额（不含利息） | 资金的利息（如有） | 还累计发生金额 | | 原因 | 占用性质 | | | | | | | | | | 余额 | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | | ...