截止 2025 年 9 月 30 日，公司合并报表未分配利润为 1,098,567,321.37 元， 母公司未分配利润为 225,454,928.35 元，按照母公司与合并报表中可供分配利润 数据孰低原则，公司 2025 年前三季度可供分配利润为 225,454,928.35 元（以上 财务数据未经审计）。 证券代码：301377 证券简称：鼎泰高科 公告编号：2025-059 广东鼎泰高科技术股份有限公司 关于 2025 年前三季度利润分配预案的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 广东鼎泰高科技术股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第二届董事会第十五次会议，审议通过《关于 2025 年前三季度利润分配 预案的议案》，现将基本情况公告如下： 一、利润分配预案的基本情况 根据中国证监会鼓励上市公司现金分红，增加现金分红频次，优化投资者回 报机制，本着与股东共享公司经营成果的原则，在符合相关法律法规和《公司章 程》利润分配政策规定，保证公司正常运营和长远发展的前提下，公司董事会拟 定公司 2025 年前三季度利 ...

证券代码：301377 证券简称：鼎泰高科 公告编号：2025-062 股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况 广东鼎泰高科技术股份有限公司（以下简称"公司"）股票于 2025 年 10 月 27日、10月28 日、10月29日连续三个交易日收盘价格涨幅偏离值累计超过30%， 根据深圳证券交易所相关规定，属于股票交易异常波动的情形。 二、公司关注并核实情况的说明 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 3、近期公司经营情况及内外部经营环境未发生重大变化； 4、公司、控股股东和实际控制人不存在关于本公司的应披露而未披露的重 大事项。公司目前正筹划在香港联合交易所有限公司发行 H 股上市事项，本次 H 股上市相关议案已于 2025 年 10 月 29 日召开公司董事会审议通过，尚需提交公 司股东会审议，并经中国证券监督管理委员会备案和香港联交所等监管机构审核， 能否最终实施具有重大不确定性。具体内容详见公司于同日披露于巨潮资讯网 广东鼎泰高科技术股份有限 ...

Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness while ensuring sustainable development [1] Group 1: Strategic Intent - The company aims to deepen its global strategic layout and promote the construction of an international platform [1] - The issuance of H-shares is part of the company's efforts to enhance its comprehensive competitiveness [1] Group 2: Shareholder Considerations - The company will take into account the interests of existing shareholders during the issuance process [1] - The timing and window for the issuance will be chosen based on the conditions of domestic and international capital markets [1]

前次募集资金使用情况鉴证报告 广东鼎泰高科技术股份有限公司 容诚专字[2025]518Z0960号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 | 容 | 页码 | | --- | --- | --- | --- | | 1 | 前次募集资金使用情况鉴证报告 | | 1-2 | | 2 | 前次募集资金使用情况专项报告 | | 1-7 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街22号 1幢10层1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 前次募集资金使用情况鉴证报告 容诚专字[2025]518Z0960号 广东鼎泰高科技术股份有限公司全体股东： 我们审核了后附的广东鼎泰高科技术股份有限公司（以下简称鼎泰高科公司） 董事会编制的截至2025 年6月30日止的《前次募集资金使用情况专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供鼎泰高科公司为本次拟发行境外上 ...

Core Insights - The market experienced a rebound today, with the growth style sector leading the gains, as evidenced by the 1.7% increase in the Guozheng Growth 100 Index, marking its fourth consecutive day of gains [1] - Key stocks in the index included Honghe Technology, which hit the daily limit, Fujida rising over 14%, Dingtai High-Tech increasing over 12%, and Dazhu CNC up over 10% [1] - According to Industrial Securities, with the easing of U.S.-China trade tensions and strengthened expectations for Federal Reserve rate cuts, the most disruptive period may be gradually passing, and the "14th Five-Year Plan" is expected to boost confidence and consensus, supporting a positive long-term narrative for the market [1] Industry Analysis - The Guozheng Growth 100 Index focuses on A-share stocks with prominent growth characteristics, closely aligned with the economic transformation, particularly in high-growth sectors such as electronics, communications, and computers [1] - Wind data indicates that the latest expected net profit growth rate for the index's constituent stocks is over 100% for 2025, highlighting significant performance potential [1] - Historically, the index has shown an annualized return of over 20% since its base date at the end of 2012, with returns exceeding 115% since the beginning of 2024 and over 55% year-to-date, outperforming similar style indices [1] - The Growth ETF (159259) is currently the only ETF product tracking the Guozheng Growth 100 Index, providing investors with an opportunity to capitalize on growth style investments [1]

Market Overview - The general equipment sector increased by 1.09% on October 29, with Tiangang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in General Equipment Sector - Tiangang Co., Ltd. (code: 920651) closed at 54.40, up 20.73% with a trading volume of 39,400 lots and a transaction value of 194 million [1] - Rongyi Precision (code: 920223) closed at 22.55, up 16.54% with a trading volume of 206,500 lots and a transaction value of 439 million [1] - Tonghui Electronics (code: 920509) closed at 43.59, up 12.61% with a trading volume of 132,300 lots and a transaction value of 533 million [1] - Other notable gainers include Riyue Ming (code: 300906) and Dingtai Gaoke (code: 301377), with increases of 12.14% and 12.03% respectively [1] Top Losers in General Equipment Sector - Weilon Co., Ltd. (code: 002871) closed at 15.29, down 7.72% with a trading volume of 155,600 lots and a transaction value of 242 million [2] - Haitai Cold Chain (code: 603187) closed at 14.31, down 4.02% with a trading volume of 222,200 lots and a transaction value of 317 million [2] - Yindu Co., Ltd. (code: 603277) closed at 18.16, down 3.86% with a trading volume of 67,600 lots and a transaction value of 121 million [2] Capital Flow Analysis - The general equipment sector saw a net inflow of 298 million from institutional investors, while retail investors experienced a net outflow of 258 million [2][3] - Major stocks like Huadong CNC (code: 002248) and Ningbo Jingda (code: 603088) had significant net inflows from institutional investors, amounting to 163 million and 144 million respectively [3] - Conversely, retail investors showed net outflows in several stocks, including Huadong CNC and Ningbo Jingda, indicating a shift in investor sentiment [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][6] Core Views - The company has experienced rapid growth driven by the demand for AI servers, which has boosted the high-end PCB tool market. In the first three quarters of 2025, the company achieved revenue of 1.457 billion RMB, a year-on-year increase of 29.13%, and a net profit attributable to shareholders of 282 million RMB, up 63.94% year-on-year [4][9] - The company is positioned as a global leader in PCB drilling tools and is expected to benefit from the increasing penetration of high-end products such as micro-drills and coated drills. Additionally, the strategic expansion into CNC tools, smart devices, and embodied intelligence is anticipated to contribute to future growth [4][6][9] Financial Performance Summary - For the first three quarters of 2025, the company reported: - Revenue: 1,457.32 million RMB, up 29.13% year-on-year - Gross margin: 40.62%, an increase of 5.04 percentage points year-on-year - Net profit margin: 19.28%, an increase of 3.99 percentage points year-on-year [10] - In Q3 2025, the company achieved: - Revenue: 553.05 million RMB, up 32.94% year-on-year - Net profit: 122.57 million RMB, up 47.05% year-on-year - Gross margin: 42.88%, an increase of 5.71 percentage points year-on-year [11] Revenue and Profit Forecast - The company is projected to achieve the following financial results: - Revenue for 2025: 2.008 billion RMB, with a growth rate of 27.1% - Net profit for 2025: 382 million RMB, with a growth rate of 68.4% - EPS for 2025: 0.93 RMB, with a significant upward adjustment of 17.7% from previous forecasts [6][8]

（文章来源：证券时报网） 数据宝统计，截至14:00，鼎泰高科成交额18.60亿元，创上市以来新高。最新股价上涨7.55%，换手率 20.76%。上一交易日该股全天成交额为18.52亿元。 据天眼查APP显示，广东鼎泰高科技术股份有限公司成立于2013年08月08日，注册资本41000万人民 币。（数据宝） ...

Group 1: Aerospace Industry - The "Aerospace Power" has been included in the 14th Five-Year Plan, indicating a potential rapid development phase over the next five years[10] - The deep space economy is expected to become a core engine for transforming China from a space power to a space superpower, with significant breakthroughs in key technologies like satellite internet and reusable rockets[10] - The aerospace industry value chain is structured like a pyramid, with high profit margins in the mid and downstream sectors, which include satellite services and ground equipment[12] Group 2: PCB Equipment - Demand for drilling equipment is increasing due to the rise in the number of holes required for high-speed materials, leading to a significant increase in the number of machines needed for PCB production[33] - The market for laser drilling equipment is experiencing both volume and price increases, driven by the growing complexity of PCB designs[33] - Major players in the PCB equipment market, such as Dazhu CNC and Dingtai High-Tech, are expected to see substantial revenue growth, with Dazhu reporting a 95.19% year-over-year increase in revenue for Q3 2023[35] Group 3: Automotive Industry - The automotive industry is expected to focus on "expanding domestic demand" and "high-quality development" during the 14th Five-Year Plan, emphasizing smart and green technologies[51] - The integration of AI and green technologies is projected to enhance the competitiveness of the automotive sector, with a focus on electric and hybrid vehicles[54] Group 4: AI Glasses - The market for AI glasses is rapidly expanding, with major players like Meta launching products that have received strong market responses, indicating a growing consumer interest[60] - AI glasses are expected to enhance user interaction through integrated functionalities, positioning them as a significant advancement in wearable technology[64] Group 5: Floor Cleaning Machines - The floor cleaning machine market has seen significant sales growth since Q4 2024, driven by government subsidies, with a projected increase in sales volume[89] - The market is currently dominated by a few key players, indicating a trend towards increased market concentration[89]

Core Insights - The PCB industry is experiencing unprecedented growth opportunities driven by the surge in AI server demand and the unexpected recovery in traditional sectors [1][2] Demand Drivers - The resilience in PCB demand is attributed to a dual-driven model of emerging sectors' explosion and the recovery of traditional fields [2] - AI technology breakthroughs are pushing the industry into a "golden phase" of simultaneous volume and price increases [2] - AI server PCB demand is expected to significantly increase, with Nvidia's GB 200/300 NVL72 shipments projected to meet expectations by 2025, and Blackwell & Rubin series shipments potentially exceeding 50,000-60,000 units by 2026 [2][3] - The technical requirements for AI servers far exceed those of traditional servers, with high-layer count (HLC) and high-density interconnect (HDI) boards becoming core demands [2] Market Dynamics - UBS estimates that the single-unit PCB content for AI servers is 5-10 times higher than that of traditional servers, significantly driving the server PCB market [3] - The domestic AI chip and cluster solutions are accelerating the formation of a local AI server supply chain, benefiting companies like Shenzhen Circuits and Huitian Technology [3] - Traditional PCB demand is also recovering, contributing 70-80% of revenue from sectors like smartphones, PCs, and general servers [3] Sector-Specific Insights - The smartphone sector is benefiting from the unexpected shipment volume of the iPhone 17 series, with global smartphone shipment forecasts for 2025/26 raised to 1.26 billion and 1.27 billion units, reflecting year-on-year growth of 3% and 1% respectively [3] - The PC market is seeing a recovery driven by the replacement cycle following the end of Windows 10 support, with global PC shipment growth expected to exceed 4% in 2025/26 [3] - General server demand is notably resilient, with global shipments projected to grow by 8.6% and 8.0% in 2025/26, and hyperscale data center shipments expected to grow by 17.8% and 9.8% [4] Industry Chain Analysis - The PCB industry chain shows a concentration of value in upstream segments, with substrates and copper-clad laminates (CCL) being the most certain segments benefiting from AI demand [5] - BT substrates are experiencing high utilization rates due to the recovery in storage chip demand and supply shortages of key materials [7] - The price of BT substrates has increased by 30% this year, with further increases expected by year-end [8] - The high-speed CCL segment is seeing explosive demand driven by AI server upgrades, with prices expected to rise by 10-15% in the second half of 2025 [9] Company Profiles - Shenzhen Circuits: Covers major North American clients [10] - Huitian Technology: Main PCB supplier for Google and optical modules [11] - Shenghong Technology: Strong position with Nvidia and aggressive capacity expansion [12] - Sany Electronics: Significant orders from AWS leading to strong Q3 performance [13] - Sany Technology: Strong earnings certainty due to CCL price increases [14] - Dazhu CNC: Q3 performance exceeded expectations, reflecting PCB segment dynamics [15] - Ding Tai High-Tech: Facing process challenges due to high difficulty in Q fabric [16] - Zhongcai Technology: Expected to benefit from sustained PCB demand in the coming year [17] Conclusion - The Chinese PCB industry is entering a new upward cycle driven by AI, with upstream segments like substrates and CCL, along with leading companies in the AI server supply chain, being the primary beneficiaries [18]