证券代码：301377 证券简称：鼎泰高科 公告编号：2025-051 广东鼎泰高科技术股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 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 22 日召开第二届董事会第十四次会议，审议通过《关于 2025 年前三季度计提资产 减值准备的议案》。具体情况如下： 一、本次计提资产减值准备的概述 （一）计提资产减值准备原因 二、本次计提资产减值准备对公司的影响 本 次 计 提 资 产 减 值 准 备 ， 将 导 致 公 司 2025 年 1-9 月 利 润 总 额 减 少 27,578,054.49 元。本次计提资产减值准备未经会计师事务所审计，最终实际金额 以会计师事务所年度审计确认的金额为准。 根据《企业会计准则》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定 的要求，基于谨慎性原则，为了更加真实、准确的反映公司的资产与财务状况， 公司及下属子公司于 20 ...

证券代码：301377 证券简称：鼎泰高科 公告编号：2025-048 广东鼎泰高科技术股份有限公司 第二届董事会第十四次会议决议公告 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。 广东鼎泰高科技术股份有限公司（以下简称"公司"）第二届董事会第十四 次会议于 2025 年 10 月 22 日在公司会议室以现场及通讯表决相结合的方式召开。 本次会议通知于 2025 年 10 月 11 日以电子邮件或书面方式发出，会议应出席董 事 8 人，实际出席董事 8 人。会议由董事长王馨女士召集并主持，公司高级管理 人员列席本次会议。本次会议的召集、召开符合《公司法》和《公司章程》的有 关规定，会议合法有效。 本事项已经公司审计委员会审议并取得了明确同意的意见。 具体内容详见公司于巨潮资讯网（http://www.cninfo.com.cn）同日披露的 《2025 年第三季度报告》（公告编号：2025-049）。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 2、审议通过《关于使用部分暂时闲置募集资金进行现金管理的议案》 经董事会审议，同意公司在不影响募集资金投资 ...

Revenue and Profit - The company's revenue for Q3 2025 reached ¥553,053,190.27, representing a 32.94% increase year-over-year[5] - Net profit attributable to shareholders was ¥122,566,567.48, up 47.05% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥114,808,931.88, reflecting a 62.37% increase year-over-year[5] - Total operating revenue for the current period reached ¥1,457,322,044.31, a 29.1% increase from ¥1,128,573,047.08 in the previous period[20] - Operating profit for the current period was ¥318,744,275.03, up 63.1% from ¥195,407,261.40 in the previous period[21] - Net profit attributable to shareholders of the parent company was ¥282,318,905.89, representing a 63.9% increase compared to ¥172,207,181.62 in the previous period[22] - Total comprehensive income for the current period was ¥283,955,869.00, compared to ¥175,592,906.68 in the previous period, a growth of 61.8%[22] - Basic earnings per share for the current period were ¥0.69, compared to ¥0.42 in the previous period, reflecting a 64.3% increase[22] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥4,055,655,738.40, a 15.20% increase from the end of the previous year[5] - Total current assets increased to ¥2,503,196,296.35 from ¥2,160,708,019.10, representing a growth of approximately 15.8%[17] - Total liabilities increased to ¥1,213,968,795.78 from ¥885,814,700.17, representing a growth of about 37.0%[17] - Total liabilities increased to ¥1,397,205,002.26, up from ¥1,041,129,305.08, reflecting a growth of 34.4%[18] - Total equity attributable to shareholders of the parent company rose to ¥2,657,147,759.34, an increase of 7.3% from ¥2,476,792,851.01[18] Cash Flow - Cash flow from operating activities for the year-to-date was ¥22,010,442.35, down 89.05% from the previous year[11] - Cash inflow from operating activities was ¥1,209,584,679.46, compared to ¥1,020,997,914.51 in the previous period, marking an 18.5% increase[23] - The net cash flow from operating activities was $22,010,442.35, a decrease of 89% compared to $201,046,120.16 in the previous period[24] - The total cash inflow from investment activities was $2,158,384,172.28, up from $1,897,169,045.74, representing an increase of approximately 13.76%[24] - The cash outflow from investment activities totaled $2,193,021,325.32, compared to $1,964,308,871.70, indicating an increase of about 11.65%[24] - The net cash flow from investment activities was -$34,637,153.04, an improvement from -$67,139,825.96 in the previous period[24] - The cash inflow from financing activities was $368,551,004.87, significantly higher than $127,229,447.81, marking an increase of approximately 189.5%[24] - The net cash flow from financing activities was $17,213,019.93, a recovery from -$193,538,088.07 in the previous period[24] - The net increase in cash and cash equivalents was $1,469,004.62, contrasting with a decrease of $59,258,963.88 in the prior period[24] - The ending balance of cash and cash equivalents was $166,614,827.56, up from $131,444,511.46[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,158[14] - Guangdong Taiding Holdings Co., Ltd. holds 76.23% of the shares, amounting to 312,552,000 shares[14] - The company has no preferred shareholders or significant changes in shareholding structure reported[15] Inventory and Expenses - The company reported a significant increase in inventory, which reached ¥507,984,697.93, a 30.54% rise due to increased revenue[9] - Research and development expenses for the current period were ¥89,832,397.99, up from ¥80,034,129.66, indicating an increase of 12.2%[21] - The company experienced a 67.58% increase in income tax expenses, totaling ¥37,744,594.86, driven by higher pre-tax profits[10] - Deferred income increased to ¥82,934,718.31 from ¥79,800,942.90, showing a rise of 3.7%[18] Cash and Cash Equivalents - Cash and cash equivalents at the end of the period reached ¥311,486,822.09, up from ¥231,725,392.08, an increase of about 34.4%[16] - Accounts receivable rose to ¥758,365,823.62 from ¥649,668,528.97, reflecting an increase of approximately 16.7%[16] - Inventory increased to ¥507,984,697.93 from ¥389,134,055.61, showing a growth of around 30.5%[17] - Short-term borrowings increased by 104.32% to ¥384,698,746.61, primarily due to new borrowings and unconfirmed discounts[9] - Short-term borrowings rose significantly to ¥384,698,746.61 from ¥188,282,946.02, an increase of approximately 104.1%[17] Audit Information - The third quarter financial report was not audited[25]

Investment Rating - The report maintains an "Overweight" rating for the AI industry, particularly focusing on the PCB supply chain benefiting from AI infrastructure growth [1]. Core Insights - The AI infrastructure market is expected to maintain high growth, driven by increased model performance and accelerated applications in both B-end and C-end markets, leading to a significant rise in token consumption [6][14]. - The PCB and CCL sectors are experiencing simultaneous increases in both volume and price, with new technologies opening up further opportunities for growth [44]. - The demand for drilling consumables is expected to rise, enhancing the value of products such as micro drills and coated drills due to the increasing complexity of PCB manufacturing driven by AI applications [6][44]. Summary by Sections AI Infrastructure - The AI infrastructure market is projected to grow rapidly, with global data center capital expenditures expected to reach $1 trillion by 2028, reflecting a CAGR of approximately 20% from 2025 to 2028 [6][41]. - Major tech companies are accelerating their capital expenditures, with a combined increase of 67% year-on-year in Q2, focusing on cloud computing and AI [22][24]. PCB/CCL - The introduction of new technologies such as the Rubin series from NVIDIA is anticipated to significantly enhance the value of PCB and CCL materials, with expectations of higher-grade materials being utilized [44][48]. - The demand for high-end PCBs is increasing, with several listed companies actively expanding their production capacities to meet the growing needs of AI applications [61][63]. Drilling Consumables - The rise in AI-related products is expected to increase the number of drill holes and the complexity of PCB designs, leading to a higher demand for specialized drilling tools [6][44]. - The value of drilling consumables is projected to increase as AI applications impose stricter quality and technical requirements on drilling processes [6][44].

Core Insights - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions aimed at enhancing the wealth management industry in China [1]. Group 1: Top Stocks by Purchase Frequency - The top ten stocks purchased by frequency on October 23 are led by Jifeng Co., Ltd. (stock code: sh603997) and include notable companies such as XWANDA (sz300207) and Agricultural Bank of China (sh601288) [1]. Group 2: Top Stocks by Purchase Amount - The top ten stocks by purchase amount on October 23 include Three Gorges New Materials (sh600293) and Guangku Technology (sz300620), with significant investments also seen in companies like Bright Real Estate (sh600708) and Shenghong Technology (sz300476) [2]. Group 3: Event Structure and Data Explanation - The event features a competitive evaluation of investment capabilities across three categories: stock simulation group, on-market ETF simulation group, and public fund simulation configuration group, with specific trading rules regarding holding proportions, maximum drawdown rates, and rebalancing frequency [4]. - The data presented reflects simulated trading activities and is not indicative of actual trading scenarios, serving solely as a reference [4].

Company Performance - Ding Tai Gao Ke's stock price reached a historical high, increasing by 7.44% to 93.69 yuan, with a trading volume of 7.9052 million shares and a transaction value of 724 million yuan, resulting in a turnover rate of 11.13% [2] - The company's latest A-share total market capitalization is 38.413 billion yuan, with a circulating market capitalization of 6.654 billion yuan [2] - The company reported a revenue of 904 million yuan for the first half of the year, representing a year-on-year growth of 26.90%, and a net profit of 160 million yuan, which is a year-on-year increase of 79.78% [2] - The basic earnings per share are 0.3900 yuan, and the weighted average return on equity is 6.23% [2] Industry Overview - The mechanical equipment industry, to which Ding Tai Gao Ke belongs, has an overall decline of 1.71%, with 72 stocks rising and 4 stocks hitting the daily limit, including Sai Xiang Technology and Shi Hua Machinery [2] - Conversely, 514 stocks in the industry are experiencing declines, with the largest drops seen in Tie Tuo Machinery, Wan Tong Hydraulic, and Hui Feng Diamond, with declines of 12.14%, 9.49%, and 8.07% respectively [2] Financing Data - As of October 22, the latest margin trading balance for Ding Tai Gao Ke is 291 million yuan, with a financing balance of 291 million yuan, reflecting an increase of 132 million yuan over the past 10 days, which is a growth of 83.21% [2]

Summary of Conference Call on PCB Equipment and Industry Outlook Industry Overview - The conference call focused on the PCB (Printed Circuit Board) equipment industry, highlighting advancements in materials and technology, particularly related to AI applications and drilling equipment [1][2][3]. Key Points and Arguments 1. **Material Upgrades**: Nvidia's upcoming Ruby Ultra series, expected to launch in 2027, will fully adopt the Ma Jiu material across various components, including middle boards and orthogonal backplanes, driving upgrades in upstream PCB materials [1][3]. 2. **Increased Drill Demand**: The demand for drilling needles is anticipated to rise significantly due to the reduced lifespan of drilling in Ma Jiu materials, which is less than 200 holes, approximately 10 times shorter than standard materials [1][3]. 3. **Limited Production Expansion**: Major manufacturers like Ding Tai plan to increase production by about 50% in 2025, with expectations to maintain this level in 2026. Taiwanese manufacturers are expected to see only a modest increase in production capacity [1][3]. 4. **Price Trends**: Ding Tai's drilling needle prices are steadily increasing, driven by a higher proportion of AI applications. The average price is currently 1.2 yuan, with potential for high-end drilling needle prices to increase significantly as demand grows [1][4]. 5. **Technological Developments**: Zhejiang Beta is collaborating with Nvidia to finalize technical solutions by the end of the year, with simulated mass production expected to start in the second half of 2026 [1][4]. 6. **Laser Equipment Demand**: The demand for ultra-fast laser equipment is increasing due to its ability to meet the needs for drilling in Ma Jiu materials, which traditional CO2 lasers cannot satisfy [1][4]. 7. **Orthogonal Backplane Benefits**: Orthogonal backplanes, as high-layer boards, directly benefit from mechanical drilling, positively impacting companies like Ding Tai and Dazhu CNC [2][4]. 8. **AI Market Growth**: The recent increase in demand for optical modules suggests a growing end-user demand, which could benefit the entire AI supply chain and the PCB market [4][5]. Additional Important Insights - **Price Adjustments**: Taiwanese manufacturers have begun raising prices by 15% for certain drilling needle models due to rising raw material costs, while Ding Tai has not yet increased prices due to fixed agreements [5][6]. - **Future Trends**: The PCB industry is expected to see increased demand for AI PCBs, material structure upgrades, and improved equipment consumption, with leading companies showing strong performance in recent quarterly reports [7]. This summary encapsulates the critical developments and insights from the conference call, providing a comprehensive overview of the PCB equipment industry and its future trajectory.

Market Overview - The general equipment sector experienced a decline of 0.12% on October 22, with Pioneer Electronics leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Top Performers - Slinje (688115) saw a significant increase of 20.00%, closing at 62.81 with a trading volume of 24,900 [1] - Wanda Bearings (920002) rose by 13.50%, closing at 117.26 with a trading volume of 38,300 [1] - Ding Tai High-Tech (301377) increased by 10.94%, closing at 87.20 with a trading volume of 172,000 [1] - Other notable gainers include Shenyang Machine Tool (000410) and Huanghe Xuanfeng (600172), both rising by 9.97% [1] Underperformers - Pioneer Electronics (002767) fell by 9.55%, closing at 22.64 with a trading volume of 394,500 [2] - Baoding Technology (002552) decreased by 7.35%, closing at 16.01 with a trading volume of 249,500 [2] - Other significant declines include Shankai Intelligent (300897) down 6.84% and Jiuling Technology (920505) down 6.08% [2] Capital Flow - The general equipment sector saw a net outflow of 266 million yuan from institutional investors, while retail investors contributed a net inflow of 115 million yuan [2] - Notable net inflows from retail investors were observed in Ding Tai High-Tech (301377) and Shenyang Machine Tool (000410) [3] Individual Stock Capital Flow - Ding Tai High-Tech (301377) had a net inflow of 161 million yuan from institutional investors, representing 10.93% of its trading volume [3] - Shenyang Machine Tool (000410) experienced a net inflow of 160 million yuan, accounting for 21.81% of its trading volume [3] - Conversely, significant net outflows were noted for several stocks, including Daxiyang (600558) and Longqi Technology (301360) [3]

Group 1 - The A-share market experienced a collective decline, with the Shanghai Composite Index dropping by 0.15%, while precious metals and gas sectors saw significant losses [1] - The machine tool sector showed strong performance, with the Machine Tool ETF (159663) rising by 1.47%. Notable individual stocks included Ding Tai High-Tech up by 11.07%, Hua Gong Technology up by 4.49%, and Qiao Feng Intelligent up by 4.01% [1] Group 2 - "Made in China 2025" identifies high-end CNC machine tools as a key development area for the manufacturing industry over the next decade, aiming for a domestic market share exceeding 80% by 2025 [3] - The National Standardization Administration and the Ministry of Industry and Information Technology issued a plan to establish a high-quality standard system for industrial mother machines, promoting the high-end, intelligent, and green development of the industry [3] - The machine tool industry in China is undergoing a profound transformation driven by strong policy support and upgraded market demand, shifting from low-end expansion to a comprehensive strategic transformation towards high-end, intelligent, green, and service-oriented manufacturing [3]

Core Viewpoint - The industrial mother machine sector in the A-share market is experiencing a counter-trend rise, with several companies showing significant gains [1] Group 1: Company Performance - Ding Tai Gao Ke has increased by over 10% [1] - Hua Su Holdings and Shenyang Machine Tool have reached the daily limit of 10% increase [1] - Kai Teng Precision Engineering has risen by over 9% [1] - Ji Ke Co., Ltd. has seen an increase of over 5% [1]