证券代码：301200 证券简称：大族数控 公告编号：2025-077 深圳市大族数控科技股份有限公司 关于申请发行境外上市股份（H 股）并上市的进展公告 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。 深圳市大族数控科技股份有限公司（以下简称"公司"）正在进行申请境外 发行股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主 板挂牌上市（以下简称"本次发行上市"）的相关工作。公司已于 2025 年 5 月 30 日向香港联交所递交了本次发行上市的申请，并于同日在香港联交所网站刊 登了相关申请资料。 根据本次发行上市的时间安排及香港联交所的相关规定，公司已于 2025 年 12 月 2 日向香港联交所更新递交了本次发行上市的申请，并于同日在香港联交 所网站刊登了本次发行上市的更新申请资料。该相关申请资料为公司按照香港证 券及期货事务监察委员会（以下简称"香港证监会"）和香港联交所的要求编制 和刊发，为草拟版本，其所载资料可能会适时作出更新及修订。 英文： https://www1.hkexnews.hk/app/sehk/2025/107924 ...

Core Viewpoint - Dazhu CNC Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D and operational capabilities, expanding overseas sales, increasing PCB equipment production capacity, and supplementing working capital [2] Industry Background - China is the largest PCB production base globally, with a projected PCB output value of $41.2 billion in 2024, accounting for approximately 56% of the global market, expected to rise to $49.7 billion by 2029 [2] - The Chinese PCB industry is undergoing a structural transformation, shifting from traditional through-hole boards to high-end HDI, packaging substrates, and high-frequency boards, with increasing demand for high-precision PCB equipment driven by AI and smart electric vehicles [2] Company Overview - Dazhu CNC has over 20 years of experience in the PCB equipment sector, providing end-to-end solutions for manufacturers in various industries, including automotive electronics and consumer electronics [3] - The global PCB equipment market is competitive and fragmented, with the top five manufacturers holding about 20.9% of the market share; Dazhu CNC is the largest PCB equipment manufacturer in China, with a market share of 10.1% [3] R&D and Innovation - R&D is a core competitive advantage for Dazhu CNC, with 742 R&D personnel, representing 25.5% of total employees, and 72.2% holding a bachelor's degree or higher [5] - The company has established several research centers to enhance its technological capabilities, focusing on laser processing equipment for packaging substrates and other key areas [5] Product and Production Capacity - Dazhu CNC's product range covers critical PCB production processes, including drilling, exposure, lamination, forming, and testing, with sales across over 10 countries [5] - Sales data for key equipment types: - **Drilling Equipment**: Sales of 2,514 units in 2022, 1,129 in 2023, and projected 3,119 in 2024, with varying production and sales rates [5] - **Exposure Equipment**: Sales of 132 units in 2022, 79 in 2023, and 141 in 2024, with production rates reflecting market conditions [6] - **Testing Equipment**: Sales of 519 units in 2022, 400 in 2023, and 446 in 2024, with a noted decrease in production rates due to inventory levels [6] - **Forming Equipment**: Sales of 463 units in 2022, 289 in 2023, and 596 in 2024, maintaining stable production rates [6] - **Attachment Equipment**: Sales of 74 units in 2022, 183 in 2023, and 206 in 2024, with production rates indicating market adaptation [7] - **Lamination Equipment**: Introduced in 2024 with initial sales of 2 units, reflecting early market entry challenges [7]

Core Viewpoint - Dazhu CNC has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CICC acting as the sole sponsor [1] Company Overview - Dazhu CNC specializes in the research, development, production, and sales of PCB (Printed Circuit Board) dedicated production equipment, providing end-to-end process solutions for PCB manufacturers [1] - The company serves downstream industries including servers, automotive electronics, and mobile phones [1] Market Position - According to Zhaoshang Consulting, Dazhu CNC is the largest manufacturer of PCB dedicated production equipment in China, with a market share of 10.1% based on projected revenue for 2024 [1]

Core Viewpoint - Dazhu Laser (301200.SZ) is a leading provider of PCB specialized production equipment solutions, primarily serving various downstream industries such as servers, automotive electronics, and consumer electronics, with a significant market share in China [2][10]. Company Overview - Dazhu Laser operates in the PCB specialized equipment industry, focusing on the research, production, and sales of equipment that provides end-to-end solutions for PCB manufacturers [2]. - The company is the largest PCB specialized production equipment manufacturer in China, holding a market share of 10.1% as of 2024 [2]. Product Categories Drilling Equipment - Drilling is a critical process in PCB production, with the company selling 2,514, 1,129, 3,119, 1,601, and 2,637 units of drilling equipment in 2022, 2023, 2024, and the first half of 2025, respectively [3]. - The sales-to-production ratios for these years were 121.1%, 81.6%, 108.9%, 113.6%, and 94.5% [3]. Exposure Equipment - The company provides exposure equipment essential for transferring circuit designs onto PCB substrates, with sales figures of 132, 79, 141, 73, and 59 units for the same periods [4]. - The sales-to-production ratios were 109.1%, 97.5%, 110.2%, 130.4%, and 103.5% [4]. Testing Equipment - Testing is vital for ensuring the reliability and integrity of the final PCB products, with the company selling 519, 400, 446, 215, and 295 units of testing equipment during the specified periods [5]. - The sales-to-production ratios were 101.8%, 93.2%, 80.9%, 93.5%, and 89.7% [5]. Financial Performance - The company recorded revenues of 2.786 billion, 1.634 billion, 3.343 billion, and 2.382 billion RMB for the fiscal years ending in 2022, 2023, 2024, and the first half of 2025, respectively [6]. - Profit figures for the same periods were 432 million, 136 million, 300 million, and 261 million RMB [6]. Industry Overview - The global PCB specialized equipment market is projected to grow from approximately 5.84 billion USD in 2020 to about 7.085 billion USD by 2024, with a compound annual growth rate (CAGR) of 4.9% [12]. - The PCB industry is expected to see a market value increase from 65.2 billion USD in 2020 to 73.6 billion USD in 2024, with a CAGR of 3.1% [10]. - The demand for PCB specialized equipment is driven by the rapid growth in end-user applications and the expansion of production capacities by leading PCB manufacturers [10]. Market Dynamics - The drilling and exposure equipment segments are critical in the PCB production process, accounting for over 30% of the total capital expenditure on PCB specialized production equipment [17]. - The global drilling equipment market is expected to grow from approximately 1.174 billion USD in 2020 to about 1.470 billion USD by 2024, with a CAGR of 5.8% [18]. - The exposure equipment market is projected to increase from around 964 million USD in 2020 to approximately 1.204 billion USD by 2024, with a CAGR of 5.7% [20].

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. has submitted an application to the Hong Kong Stock Exchange for a mainboard listing, with CICC as the sole sponsor [1] Company Overview - Dazhu CNC is a provider of specialized production equipment solutions for the PCB (Printed Circuit Board) industry, serving as a core infrastructure supplier for various downstream sectors, including servers and data storage, automotive electronics, mobile phones, computers, and consumer electronics [1] - The company is engaged in the research, development, production, and sales of PCB specialized production equipment, offering end-to-end process solutions for PCB manufacturers [1] Industry Insights - The global PCB specialized equipment industry is highly competitive and relatively fragmented, with the top five manufacturers accounting for approximately 20.9% of the total market share by revenue in 2024 [1] - Dazhu CNC is the largest manufacturer of PCB specialized production equipment in China, holding a market share of 10.1% based on revenue in 2024 [1]

Group 1 - The core viewpoint of the article is that Shenzhen Dazhu CNC Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - Dazhu CNC is a provider of production equipment solutions specifically for the PCB industry, serving as a core infrastructure supplier for various downstream sectors such as servers, data storage, automotive electronics, mobile phones, computers, and consumer electronics [1] - The company focuses on the research, production, and sales of PCB-specific production equipment, offering end-to-end process solutions for PCB manufacturers [1] Group 2 - According to Zhaoshang Consulting, the global PCB equipment industry is highly competitive and relatively fragmented, with the top five manufacturers accounting for approximately 20.9% of the total market share by revenue in 2024 [1] - By revenue in 2024, Dazhu CNC is the largest manufacturer of PCB-specific production equipment in China, holding a market share of 10.1% [1]

每经AI快讯，12月2日，港交所文件显示，深圳市大族数控（301200）科技股份有限公司向港交所提交 上市申请书，独家保荐人为中金公司（601995）。 ...

据港交所文件：深圳市大族数控科技股份有限公司向港交所提交上市申请书。 ...

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

Company Overview - Dazhu CNC (SZ 301200) announced on December 1 that its 19th meeting of the second board of directors will be held via telecommunication on November 28, 2025, to review the proposal regarding changes in accounting estimates [1] - For the year 2024, Dazhu CNC's revenue composition is entirely from the specialized equipment manufacturing industry, accounting for 100.0% [1] - As of the report date, Dazhu CNC has a market capitalization of 47.4 billion yuan [1]