DSBJ(SZ:002384) Xin Lang Cai Jing·2025-12-03 01:27Core Insights - Dongshan Precision, a key supplier in Apple's supply chain, has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to expand its capital footprint through an "A+H" dual-platform strategy [1] - The company is the largest PCB supplier for edge AI devices and the second-largest soft board supplier globally, with a revenue of 27.071 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 2.28% [1] - The family behind Dongshan Precision has engaged in significant capital expansion through various acquisitions, totaling over 21 billion yuan, which has led to a market capitalization exceeding 100 billion yuan [2] Company Overview - Dongshan Precision provides essential flexible circuit board (FPC) components for the iPhone 17 series, particularly for the ultra-thin iPhone Air model, and operates in multiple sectors including PCB, precision components, touch display modules, and optical modules [1] - The company has seen a recovery in its gross profit margin, which rose to 13.1%, indicating an improving operational situation [1] Financial Performance - In the first three quarters of 2025, the company reported a net profit of 1.071 billion yuan, up 6.22% year-on-year, despite facing financial pressure from its aggressive acquisition strategy [2] - As of the end of the third quarter of 2025, the company's short-term debt reached 9.836 billion yuan, with cash reserves of only 6.676 billion yuan, resulting in a funding gap of 3.16 billion yuan [2] Capital Expansion Strategy - The family has made strategic acquisitions since 2014, including a 3.13 billion yuan purchase of a touch panel manufacturer and a 6 billion USD acquisition of an American FPC manufacturer, integrating into Apple's supply chain [2] - The family also controls other listed companies, such as Landun Optoelectronics and Anfu Technology, with significant investments across various sectors including technology and new materials [3] Shareholding Structure - The shareholding ratio of the Yuan family has decreased from 64.14% at the time of the company's IPO in 2010 to 33.25% by mid-2025, indicating a dilution of control due to multiple rounds of share sales [3] - The family has raised approximately 1.115 billion yuan through share sales between 2014 and 2020, with a notable reduction in holdings in 2020 [3] Future Outlook - The IPO in Hong Kong is part of Dongshan Precision's strategy to enhance its international presence and brand influence, potentially leading to further expansion of the family's wealth and industrial impact [3]