生益电子股份有限公司 2025 年第三次临时股东会会议资料 （二 O 二五年十二月四日） 生益电子股份有限公司 2025 年第三次临时股东会会议资料 生益电子股份有限公司 2025年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会会议秩序和议事效率，保证股东 会的顺利召开，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》以及《生益电子股份有限公司章程》《生益电子股份有限公 司股东会议事规则》等相关规定，特制定生益电子股份有限公司（以下简称"公 司"）2025年第三次临时股东会会议须知： 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次会议的严肃性和正常秩序，切实维护股东的合法权益，务必 请出席会议的股东或其代理人或其他出席者准时到达会场签到确认参会资格。在 会议主持人宣布现场出席会议的股东和代理人人数及所持有表决权的股份总数 之前，会议登记应当终止。 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代理人参加股东会依法享有发言权、质询权、表决权等权利。 ...

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]

Market Overview - The three major A-share indices opened high but closed lower, with the Shenzhen Component Index, Shanghai Composite Index, and ChiNext Index all turning negative [1] - As of the latest update, the Shenzhen Component Index is at 12,492.11, down 0.37%; the Shanghai Composite Index is at 3,822.36, down 0.33%; and the ChiNext Index is at 2,909.92, down 0.35% [2] Solid-State Battery Sector - The solid-state battery sector showed significant activity, with stocks such as Gaogao Co., Guosheng Technology, and GAC Group hitting the daily limit up [3] - A total of 272 stocks are involved in the solid-state battery sector, with notable performers including Gaogao Co. (+10.07% to 4.81), Guosheng Technology (+10.07% to 8.09), and GAC Group (+10.00% to 8.36) [4] - GAC Group's chairman announced the completion of a pilot production line for solid-state batteries, which can produce batteries with specifications above 60Ah, marking a significant step towards small-batch vehicle integration [4] AI Computing Power - Google’s AI infrastructure head stated that the company must double its AI computing power every six months and achieve an additional 1,000 times growth in the next 4 to 5 years to meet rising demand for AI services [7] Real Estate Sector - The real estate sector experienced a surge, with stocks like Everbright Jiabao hitting the daily limit up, alongside others such as Shijie Holdings and Zhangjiang Hi-Tech [8] - Recent policies aimed at stabilizing the real estate market have been introduced, including a joint notice from multiple departments in Foshan to implement 12 measures to promote healthy market development [10] Aquaculture Sector - The aquaculture sector saw strong performance, with Zhongshui Fishery achieving a seven-day consecutive limit up, and Kaichuang International also hitting the limit up [11] - Zhongshui Fishery issued a risk warning due to significant stock price fluctuations, noting a rolling P/E ratio of 77.53 and a P/B ratio of 13.48, indicating potential irrational trading behavior [13]

Core Insights - The electronic sector has significantly outperformed the market since 2025, driven by substantial capital expenditures and demand for computing power from major companies like Google, Meta, Microsoft, and Amazon, which collectively spent nearly $100 billion in Q3 2025, a year-on-year increase of approximately 70% [1] - The demand for high-end PCBs (Printed Circuit Boards) has surged due to the explosion of computing power, particularly for AI servers, which require advanced PCB designs [1] - The global PCB market is projected to approach $95 billion by 2029, with the specialized PCB market for AI and high-performance computing expected to grow at a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2029 [1] Semiconductor Sector - In Q3 2025, top performers in the semiconductor sector included companies like Silan Micro with a 1109% year-on-year growth and Geke Micro with 519% [2] - The strong performance of Nvidia and Google's AI advancements indicate that the AI industry is in an accelerating growth phase, presenting opportunities in the PCB sector as it aligns with AI chip upgrades [2] PCB Sector - Companies in the PCB sector, such as Shenghong Technology and Shennan Circuit, reported significant revenue and net profit growth, reflecting the rapid increase in orders for AI servers and related equipment [1][2] - The PCB market is experiencing a transformation driven by AI, which is reshaping the value chain of the electronic industry and creating new growth opportunities [2] Market Activity - On November 24, 2025, the PCB sector saw active trading, with stocks like Pengding Holdings and Huadian Shares rising over 1%, indicating positive market sentiment [3] - The electronic ETF (515260), which focuses on core leaders in the electronic sector, has attracted significant investment, with a total of 11.2 million yuan in inflows over three days, reflecting investor confidence in the sector's future performance [3] Investment Tools - The electronic ETF (515260) and its linked funds are designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including high-demand areas like AI chips and 5G [5][6] - The ETF's composition heavily features the Apple supply chain, which accounts for 44.63% of its holdings, benefiting from the anticipated strong performance of Apple's product line [6] - Government policies are supporting the semiconductor industry, aiming for self-sufficiency and leveraging AI to enhance consumer electronics, positioning the electronic sector for potential growth [6]

Market Performance - The three major U.S. stock indices closed lower last week, with the Dow Jones down 1.91%, the Nasdaq down 2.74%, and the S&P 500 down 1.95% [1] - European indices also performed poorly, with the FTSE 100 down 1.64%, the CAC 40 down 2.29%, and the DAX down 3.29% [1] Economic Data Releases - A series of key economic data, delayed due to government shutdown, will be released this week, potentially increasing market volatility ahead of the Federal Reserve's December meeting [2] - Important data includes September retail sales and Producer Price Index (PPI) on Tuesday, and September durable goods orders on Wednesday [2] - The release of the revised Q3 GDP growth rate and October personal income and spending data has been rescheduled [2] CPI and Employment Reports - The U.S. Bureau of Labor Statistics announced it will not release the complete October Consumer Price Index (CPI) report, with the November report scheduled for December 18 [3] - The delay in the October employment report may increase the importance of weekly initial jobless claims data [2] MSCI Index Adjustments - The MSCI China Index will undergo adjustments effective after the market close on November 24, including the addition of 26 stocks and the removal of 16 stocks [4] - New additions include companies like Qianli Technology and Huahong Semiconductor, while removals include Beikong Water Group and China Everbright Bank [4] U.S.-Ukraine Talks - U.S. and Ukrainian representatives reported progress in talks regarding a new 28-point plan to end the Russia-Ukraine conflict [5] - U.S. Secretary of State Rubio indicated that both sides are working to narrow differences and move towards a mutually acceptable solution [6]

Group 1 - Google must double its computing capacity every six months to meet the increasing demand driven by AI advancements, aiming for a 1000-fold increase in capabilities over the next 4 to 5 years [1] - Alphabet has raised its capital expenditure forecast to between $91 billion and $93 billion for this year, with significant investments expected in 2026 due to rising AI competition and cloud demand [1] - Major cloud service providers, including Google, Microsoft, Meta, and Amazon, are projected to spend over $380 billion collectively this year on AI infrastructure [1] Group 2 - The domestic AI computing industry is expected to shine in 2025, with companies in the server, PCB, and optical module sectors showing impressive performance [2] - Industrial Fulian reported a net profit of 22.487 billion yuan for the first three quarters, a year-on-year increase of 48.52%, while Zhongji Xuchuang's net profit surged by 90.05% to 7.132 billion yuan [2] - The demand for AI hardware infrastructure remains strong, with North American cloud providers' capital expenditures reaching $96.4 billion in Q3 2025, a 67% year-on-year increase [2] Group 3 - The domestic AI computing industry is expected to flourish in 2026, driven by the release of new chips from Nvidia and other major players, as well as the growth of domestic chip production [3] - It is recommended to focus on five key segments: domestic AI chips, computing devices, network equipment, AIDC, and cloud platforms [3] Group 4 - Alibaba's cloud division launched the Panjiu 128 ultra-node AI server, which supports 128 AI computing chips and boasts a 50% improvement in inference performance [4] - Baidu introduced new AI chips and super nodes, outlining a five-year roadmap for its Kunlun chip series [4] - SenseTime has formed a strategic partnership with Cambrian to enhance its AI computing capabilities through domestic chips [4] - ZTE is focusing on AI solutions, providing end-to-end intelligent computing solutions to support digital transformation across various industries [4]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report regularly tracks the latest private exchangeable bond (Private EB) projects from public channels, focusing on basic elements. It reminds that private issuance terms and processes may change, and the final prospectus should be referred to. The issuance progress should be consulted with relevant lead underwriters. [1] 3. Summary by Directory Newly Added Project Information - From November 17 - 21, 2025, the private exchangeable bond project of Guangdong Shengyi Technology Co., Ltd. for private placement to professional investors in 2025 was approved by the exchange, with an intended issuance scale of 2 billion yuan. The underlying stock is Shengyi Electronics (688183.SH), and the lead underwriter is CITIC Securities. The exchange update date is November 17, 2025. [1] Project Status Table - Multiple private exchangeable bond projects are listed in the table, including their bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in either "Passed" or "Feedback Received" status. For example, the project of Hangzhou Iron & Steel Group Co., Ltd. has a scale of 1 billion yuan, and the underlying stock is Hangzhou Iron & Steel Co., Ltd., with a passed status as of November 7, 2025. [3]

Core Viewpoint - A public fund, which previously faced significant losses and reduced its scale to 40 million, has successfully transformed by investing in AI, achieving a 12-fold increase in scale and doubling its value within a year [1][4][20]. Fund Performance - The fund's unit net value experienced a maximum decline of nearly 60% in less than two years, dropping from 246 million to approximately 40 million [4]. - As of November 18, 2025, the unit net value surged to 1.52, with an annual return of 109.57%, effectively doubling its value [4][20]. Investment Strategy - Initially, the fund heavily invested in the liquor sector, with seven out of ten top holdings in well-known brands, but faced losses due to a downturn in the industry [6][8]. - The fund manager, Liu Xiaoming, pivoted to AI investments, recognizing the potential in CPO sectors, which began to show significant profit growth [12][14]. - In 2025, the fund aggressively increased its positions in key AI-related stocks, achieving substantial gains, with some stocks seeing increases of over 350% [14][16]. Fund Scale and Challenges - Following the impressive performance, the fund's scale grew from 344 million in Q2 2025 to 4.487 billion in Q3 2025, marking a 12-fold increase [20]. - The increase in scale presents challenges, as larger funds face reduced flexibility in trading and may struggle to manage liquidity effectively [22][24]. - The transition from a small, agile fund to a larger one requires not only a focus on sector selection but also skills in position management and industry diversification [24].

Market Overview - The component sector experienced a decline of 5.69% on November 21, with Shengyi Electronics leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Notable declines in individual stocks include: - Shengyi Electronics (688183) down 8.74% with a closing price of 81.06 and a trading volume of 184,700 shares, resulting in a turnover of 1.529 billion [2] - Chaoying Electronics (603175) down 8.67% with a closing price of 71.54 and a trading volume of 90,800 shares, resulting in a turnover of 665 million [2] - Fenghua Advanced Technology (000636) down 8.67% with a closing price of 15.49 and a trading volume of 761,100 shares, resulting in a turnover of 1.226 billion [2] Capital Flow Analysis - The component sector saw a net outflow of 5.489 billion from institutional investors, while retail investors contributed a net inflow of 4.086 billion [2] - The net inflow from speculative funds was 1.403 billion [2] Detailed Capital Flow for Selected Stocks - For Mingyang Circuit (300739), the main capital inflow was 42.36 million, with a retail outflow of 58.98 million [3] - Dali Kipu (301566) had a main capital inflow of 34.85 million, while retail investors saw an outflow of 76.10 million [3] - Yibo Technology (301366) experienced a main capital inflow of 20.06 million, with a retail outflow of 23.99 million [3]

Investment Rating - The report suggests a focus on the AI Infrastructure industry chain, indicating a positive outlook for investment opportunities in this sector [2][26]. Core Insights - Nvidia's FY26Q3 revenue reached $57 billion, a 62% year-over-year increase, exceeding market expectations. The data center business contributed $51.2 billion, growing 66% year-over-year, driven by Blackwell shipments [26]. - The report highlights that Nvidia's guidance for the next quarter is $65 billion, also above market expectations, with a Non-GAAP gross margin of 75% [26]. - The anticipated GPU shipments for the Blackwell and Rubin platforms are expected to reach 20 million units by the end of 2026, with projected sales of $500 billion [26]. Market Review and Valuation - The Shenwan Electronics sector experienced a cumulative decline of 7.33% over the past two weeks (11/07-11/20), underperforming the CSI 300 index by 4.60 percentage points, ranking 31st among Shenwan industries [10]. - As of November 20, the PE TTM for the Shenwan Electronics sector (excluding negative values) is 56.82 times, positioned at the 94.90% percentile over the past five years and 89.80% over the past ten years [10][15]. Industry News - Tencent's Liu Chiping mentioned plans for WeChat to eventually launch an AI assistant to help users complete various tasks within the app [19]. - Google has officially released the Gemini 3 model, which significantly outperforms competitors' models [19]. - Nvidia and Microsoft announced a strategic partnership with Anthropic, with Nvidia committing up to $10 billion and Microsoft up to $5 billion [19]. Company Announcements - On November 17, Shengyi Electronics announced a fundraising of up to 2.6 billion yuan for projects related to AI computing and smart manufacturing [18]. - The report also notes significant revenue growth for companies like Huadian and Lixun Precision, driven by emerging computing demands [27][30].