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Core Viewpoint - Shengyi Electronics, a leading PCB manufacturer in China, has announced its first equity refinancing plan since its IPO, aiming to raise up to 2.6 billion yuan for AI-related projects and working capital [1][2] Group 1: Financing Details - The company plans to issue no more than 125 million shares, accounting for 15% of its total share capital, with the issue price set at no less than 80% of the average trading price over the previous 20 trading days [2] - The funds raised will be allocated to three main areas: the construction of an AI computing HDI production base, a smart manufacturing project for high-layer circuit boards, and replenishing working capital and repaying bank loans [5][6] Group 2: Performance Highlights - In 2024, Shengyi Electronics reported a revenue of 4.687 billion yuan, a year-on-year increase of 43.2%, and a net profit turnaround from a loss of 25 million yuan in 2023 to a profit of 332 million yuan [4] - The gross profit margin improved significantly from 10.07% in 2023 to 24.95% in 2024, driven by a higher proportion of high-value-added products, particularly in the AI server PCB business [4] - For the first three quarters of 2025, the company achieved explosive growth with total revenue of 6.829 billion yuan, a year-on-year increase of 114.79%, and a net profit of 1.115 billion yuan, up 497.61% [4] Group 3: Strategic Focus - The company aims to expand its presence in high-value markets such as AI servers and high-end switches, with a significant portion of the raised funds directed towards technological innovation [5] - The AI computing HDI production base project will require an investment of 1 billion yuan, while the smart manufacturing project for high-layer circuit boards will receive 1.1 billion yuan [6] - The existing production capacity is insufficient to meet the rapidly growing market demand, making the success of this financing crucial for the company's profitability [6]