Core Viewpoint - Jinlu Electronics is accelerating the development of products in emerging industry applications, with successful advancements in various types of circuit boards for data centers and other sectors [2] Group 1: Product Development - The company has successfully developed a 28-layer rigid board for data center applications [2] - Jinlu Electronics has achieved mass production of a 22-layer composite substrate and a 16-layer rigid-flex board, as well as a 16-layer high-speed rigid board, which have been delivered to clients in commercial aerospace and defense sectors [2] - Further progress in product development will be disclosed in the company's 2025 annual report [2]

Core Viewpoint - Jinlu Electronics (301282.SZ) is accelerating product development in emerging industry applications, with successful advancements in various high-tech products aimed at data centers and defense sectors [1] Group 1: Product Development - The company has successfully developed a 28-layer rigid board for data center applications [1] - It has also achieved mass production of a 22-layer composite substrate and a 16-layer rigid-flex board, which are now being delivered to clients in commercial aerospace and defense sectors [1] - Additionally, a 16-layer high-speed rigid board has been produced and is ready for commercial use [1]

国金证券股份有限公司 关于金禄电子科技股份有限公司 2025 年度持续督导培训情况的报告 根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》的相 关规定，国金证券股份有限公司（以下简称"国金证券"、"保荐机构"）项目 组成员于 2025 年 10 月 27 日对金禄电子科技股份有限公司（以下简称"金禄电 子"、"公司"）到场的董事、高级管理人员等相关人员进行了专门培训，并对 未到场的相关人员派发了相关培训资料，督促其认真学习培训内容，本次培训的 具体情况如下： | 培训时间 | 2025 年 10 27 日 | 月 | | --- | --- | --- | | 培训地点 | 金禄电子会议室 | | | 培训主题 | 董监高履职行为规范（2025 年） | | | 培训讲师 | 李勇、罗倩秋 | | | 参训人员 | 公司董事、高级管理人员、中层以上管理人员、其他 | | 一、培训主要内容 保荐机构在本次培训中全面介绍了创业板上市公司规范运作的要点以及规 范治理过程中的注意事项，包括董监高履职行为规范、信息披露义务人的信披要 求、董监高日常交易事项、对外交流合规要求等相关内容。 （本页无正文， ...

国金证券股份有限公司 关于金禄电子科技股份有限公司 2025年度现场检查报告 （本页无正文，为《国金证券股份有限公司关于金禄电子科技股份有限公司 2025年度现场检查报告》之签章页） 保荐代表人： 李勇 罗倩秋 国金证券股份有限公司 | 保荐机构名称：国金证券股份有限公司 被保荐公司简称：金禄电子 | | | --- | --- | | 保荐代表人姓名：李勇 联系电话：028-86690159 | | | 保荐代表人姓名：罗倩秋 联系电话：028-86690159 | | | 现场检查人员姓名：李勇、罗倩秋 | | | 现场检查对应期间：2025年1月1日-2025年10月28日 | | | 现场检查时间：2025年10月27日-28日 | | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 是 否 | 不适用 | | 现场检查手段： | | | （1）核查公司章程及各项规章制度； | | | （2）核查公司历次董事会、监事会、股东大会的会议通知、会议记录、会议决议等文件； | | | （3）对相关人员进行访谈，了解公司治理及独立性情况； | | | （4）核对董监高名单，确认董监高变动情况； ...

Group 1 - The PCB market is experiencing significant demand growth driven by the AI development wave, leading to a new round of capacity expansion in the industry [1][3] - Pengding Holdings (002938) reported a revenue of 26.855 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.34%, and a net profit of 2.407 billion yuan, up 21.23% [1] - The company plans to actively promote new capacity construction in Huai'an and Thailand, with capital expenditure reaching 4.972 billion yuan, an increase of nearly 3 billion yuan year-on-year [1] Group 2 - Defu Technology (301511) and Feiliwa (300395) have announced financing and expansion plans, with Defu planning to invest 1 billion yuan in special copper foil production [2] - Shenghong Technology (300476) is expanding its high-end product capacity, including HDI and multilayer boards, to maintain its leading position in the global PCB industry [2] - Dongshan Precision (002384) is enhancing high-end PCB capacity to meet long-term demand in high-speed computing servers and AI applications [2] Group 3 - The PCB industry is seeing a surge in demand for high-layer boards, HDI boards, and IC substrates, with a projected investment of 41.9 billion yuan from leading domestic PCB companies by 2025-2026 [3] - The industry is characterized by a return to an upward cycle, product high-endization, and factory establishment in Southeast Asia, which is expected to drive the demand for PCB equipment upgrades [3] Group 4 - The global PCB market size was 78.34 billion USD in 2023, a decrease of 4.2% year-on-year, but is expected to reach 96.8 billion USD by 2025 [4] - The Chinese PCB market size was 363.257 billion yuan in 2023, down 3.8% from the previous year, but is projected to recover to 433.321 billion yuan by 2025 [4] - Recent quarterly reports from over ten PCB-related listed companies, including Shengyi Electronics and Dazhu CNC, show significant performance increases due to rising market demand [4]

Core Viewpoint - Jinlu Electronics, established in 2006 and listed in 2022, is a professional PCB manufacturer in China, primarily serving the automotive electronics sector and demonstrating strong R&D and production capabilities [1] Group 1: Financial Performance - In Q3 2025, Jinlu Electronics reported revenue of 1.462 billion yuan, ranking 26th in the industry, significantly lower than the top competitors, Dongshan Precision (27.071 billion yuan) and Pengding Holdings (26.855 billion yuan) [2] - The company's net profit for the same period was 56.522 million yuan, placing it 28th in the industry, far behind the leaders, Shenghong Technology (3.245 billion yuan) and Semyung Technology (2.864 billion yuan) [2] Group 2: Financial Ratios - As of Q3 2025, Jinlu Electronics had a debt-to-asset ratio of 44.51%, an increase from 40.05% year-on-year, but still below the industry average of 44.70%, indicating relatively good debt repayment capability [3] - The gross profit margin for Q3 2025 was 14.89%, up from 13.95% year-on-year, yet still below the industry average of 20.58%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.09% to 15,800, while the average number of circulating A-shares held per shareholder increased by 15.07% to 5,054.04 [5] - Among the top ten circulating shareholders, Dazheng Zhongzheng 360 Internet + Index A ranked sixth with 555,800 shares, down by 115,500 shares from the previous period, while Guangfa Quantitative Multi-Factor Mixed A entered the list as the ninth largest shareholder with 385,700 shares [5]

Core Viewpoint - The company reported a significant decline in net profit for the third quarter, primarily due to rising costs of raw materials, particularly copper and gold, which have outpaced the company's ability to raise product prices [3][22]. Financial Performance - The net profit attributable to shareholders decreased by 47.50% year-on-year [3]. - The company plans to negotiate price adjustments with customers and optimize product and customer structures to improve profitability in the fourth quarter [3]. Cash Dividend Plan - The company announced a mid-term cash dividend plan for 2025, proposing a distribution of 1.50 yuan per 10 shares, totaling approximately 2,242.27 million yuan, which represents 36.48% of the net profit for the first three quarters of 2025 [15][17]. - The total distributable profit as of September 30, 2025, is 207.83 million yuan, after accounting for legal reserves and previous profits [14][15]. Asset Impairment Provision - The company recognized an asset impairment provision of 10.43 million yuan in the third quarter, which accounts for 13.00% of the net profit attributable to shareholders for 2024 [22][28]. - The impairment includes provisions for receivables and inventory, with specific amounts of 0.84 million yuan for receivables and 9.59 million yuan for inventory [26][27]. Share Repurchase - The company completed a share repurchase program, acquiring 1,655,200 shares, which is 1.10% of the total share capital, at a total cost of approximately 30.01 million yuan [11][17].

Core Insights - Jinlu Electronics reported a revenue of 1,461,707,532.76 yuan for the first three quarters of 2025, representing a year-on-year growth of 25.55% [1] - The net profit attributable to shareholders of the listed company was 61,457,949.91 yuan, showing a year-on-year increase of 7.93% [1] Financial Performance - Revenue for the first three quarters of 2025 reached approximately 1.46 billion yuan, indicating strong growth compared to the previous year [1] - The net profit for the same period was around 61.46 million yuan, reflecting a positive trend in profitability [1]

Core Viewpoint - Jinlu Electronics announced a credit and asset impairment loss of 10.4264 million yuan for the third quarter of 2025, following a cautious principle in accordance with accounting standards and company policies [1] Financial Summary - The company conducted an impairment test on relevant assets within the consolidated financial statements as of September 30, 2025 [1] - The total impairment loss recognized for the third quarter amounts to 10.4264 million yuan [1]

Core Viewpoint - Jinlu Electronics announced that neither the company nor its subsidiaries have any overdue external guarantees, nor are there any external guarantees involved in lawsuits or losses due to guarantee judgments [2] Summary by Categories - **Company Guarantees** - Jinlu Electronics and its subsidiaries have no overdue external guarantees [2] - There are no external guarantees involved in any lawsuits [2] - The company has not been subject to any judgments resulting in losses due to guarantees [2]