Core Viewpoint - The company, Strongda Circuit, maintains an open window for mergers and acquisitions but is proceeding cautiously without specific plans or target intentions at this time [2] Summary by Categories Mergers and Acquisitions Strategy - The company emphasizes a cautious approach to potential mergers and acquisitions, with no current specific plans or target intentions [2] - Future acquisition considerations will focus on three main criteria: 1. Strategic alignment with the company's development trends 2. Technological and market foresight, prioritizing targets with cutting-edge technology and emerging market advantages rather than mere capacity expansion 3. Cultural and qualitative fit, favoring targets with technological accumulation or market presence in areas not yet explored by the company [2] Business Focus - The company is focused on the PCB sector, specializing in a variety of high-value, low-volume products, with a clear technological direction [2] - Any future acquisitions will aim to enhance the company's technological layout and expand into emerging application markets, aligning with its core objectives [2] - The company commits to adhering to regulatory requirements for timely information disclosure regarding any relevant developments in mergers and acquisitions [2]

Group 1 - The core viewpoint is that the company's export revenue proportion has been declining in recent years, from 38.66% in 2022 to an expected 28.11% by the end of 2024 [2] - For the first half of 2025, the export revenue is projected to account for 27.95% of the main business income [2] Group 2 - The company's overseas revenue primarily comes from the European region, which constitutes over 60% of its foreign income [2]

Core Viewpoint - The company, Qiangda Circuit, reported a projected revenue of 706 million yuan and a net profit of 96.32 million yuan for the first three quarters of 2025, indicating significant growth in both revenue and profit compared to the previous year [2] Financial Performance - The projected revenue for the first three quarters of 2025 is 706 million yuan, representing a year-on-year increase of 20.74% [2] - The net profit is expected to reach 96.32 million yuan, showing a year-on-year growth of 20.91% [2]

Group 1 - The company has been deeply engaged in the PCB industry for over 20 years, indicating a strong foundation and expertise in the field [2] - The demand characteristics for orders are "multi-variety, small batch, high quality, and fast delivery," highlighting the evolving needs of the market [2] - The company possesses advantages in rapid response, flexible production, meticulous management, intelligent manufacturing, and excellent service [2]

Core Viewpoint - The company, Qiangda Circuit (301628), focuses on the research, production, and sales of printed circuit boards (PCBs), primarily targeting mid-to-high-end sample and small batch products [1] Group 1: Business Model - The company operates with an order-driven core orientation rather than a customer scale orientation, emphasizing the development of high value-added orders [1] - The company enhances unit output value through technological innovation and product upgrades [1] Group 2: Customer Base - Currently, the company serves nearly 3,000 active customers, indicating a broad customer base [1] - The concentration of the top five customers is at a low level, mitigating the risk associated with customer concentration [1]

Core Viewpoint - Strongda Circuit (301628) has nearly 3,000 active clients, primarily including electronic product manufacturers, PCB traders, and PCB producers, with around 100 listed companies among its main clients [1] Group 1: Client Base and Applications - The company serves a diverse range of industries, including industrial control, communication equipment, automotive electronics, consumer electronics, healthcare, and semiconductor testing [1] - The active client base consists of nearly 3,000 clients, indicating a robust market presence [1] Group 2: Future Expansion Plans - The company plans to focus on emerging technology areas such as optical modules and millimeter-wave radar [1] - There is an intention to deepen engagement in high-value sample and small-batch board layouts, targeting core application markets like data centers, servers, and CPU board cards [1] - The strategy aims to seize opportunities in emerging markets [1]

Core Viewpoint - The company aims to enhance its core advantages of "diverse products, small batches, high quality, and fast delivery" while expanding its capacity and business operations [1] Group 1: Business Strategy - The company will focus on improving product competitiveness and ensuring timely delivery of PCB samples and small batch orders to enhance customer satisfaction and loyalty [1] - The company plans to target high-tech sectors such as quantum computing, satellite communication, millimeter-wave radar, and data centers for customer development while diversifying its PCB product offerings [1] Group 2: Operational Focus - The company intends to solidify its operations in Shenzhen and Jiangxi factories, advancing the research and production of high-value-added PCB products to increase pricing [1] - Continuous efforts will be made in technology reserves, talent development, and market expansion to ensure the implementation of various plans and drive performance growth [1]

Core Viewpoint - The company has received shareholder approval for its convertible bond issuance plan, which is aimed at funding the construction of a new production facility for multi-layer and HDI boards in Nantong, with an expected production start in Q2 2026 [1] Group 1 - The company is actively and steadily advancing the related work for the convertible bond issuance, although it has not yet submitted the review to the Shenzhen Stock Exchange [1] - The funds raised from the convertible bonds will be entirely allocated to the Nantong Qiangda Circuit Technology Co., Ltd. project, which has a planned annual production capacity of 960,000 square meters [1] - The construction progress of the project is on track, and the approval process for the convertible bonds will not affect the project's scheduled production timeline [1]

Core Viewpoint - Stronger demand in the PCB downstream market is driving revenue and profit growth for the company, supported by its focus on high-end samples and small-batch production [1] Financial Performance - The company reported a revenue of 706 million yuan for the first three quarters of 2025, representing a year-on-year increase of 20.74% [1] - Net profit reached 96.32 million yuan, with a year-on-year growth of 20.91% [1] Operational Efficiency - The company has seen an increase in capacity utilization and order volume, currently achieving a high level of capacity utilization [1] - The company is meeting customer demands for "diverse varieties, small batches, high quality, and fast delivery" [1]

Group 1: Company Performance - The company achieved a revenue of 7.06 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 20.74% [2] - Net profit reached 9,632.37 million yuan, with a year-on-year increase of 20.91% [2] Group 2: Production Capacity and Orders - The company's production capacity utilization has increased due to the recovery in PCB downstream demand and a focus on high-end samples and small batch boards [2][3] - The company serves nearly 3,000 active customers, including around 100 listed companies, with a diverse application in industries such as industrial control, communication equipment, automotive electronics, consumer electronics, medical health, and semiconductor testing [4] Group 3: Customer Structure and Risks - The company has a low concentration of major customers, mitigating the risk of dependency on a few large clients [5] - The proportion of overseas revenue has decreased from 38.66% in 2022 to 28.11% by the end of 2024, with 27.95% in the first half of 2025 [5][6] Group 4: M&A Intentions and Strategy - The company remains open to mergers and acquisitions but has no specific plans or targets at this time, focusing on strategic alignment and technological advancement [7][8] Group 5: Long-term Development Strategy - The company aims to enhance its core advantages of "multi-variety, small batch, high quality, and fast delivery" while expanding into high-tech fields such as quantum computing and satellite communication [9] - Plans include solidifying production in Shenzhen and Jiangxi, and advancing high-value PCB product development [9] Group 6: Market Value Management - The company focuses on pragmatic development, emphasizing performance improvement and considering measures like dividends and convertible bonds to enhance market value [10] - The issuance of convertible bonds is underway, aimed at funding the production project of Nantong Qiangda Circuit Technology Co., Ltd., with an expected first batch production in the second quarter of 2026 [11] Group 7: Competitive Advantages - The company has over 20 years of industry experience, characterized by a demand for "multi-variety, small batch, high quality, and fast delivery," enabling rapid response and flexible production capabilities [11]