经测算，方正科技未来三年（2025 - 2027年）资金缺口约为24.64亿元。本次拟募集资金总额19.80亿元 低于资金缺口水平，融资规模具备合理性。 业务经营情况分析 方正科技主营业务收入包括PCB、融合通信服务业务收入等，其他业务收入以废料收入为主。报告期 内，公司综合毛利率分别为16.23%、18.28%、21.97%、21.91%。 PCB业务方面，除2023年受行业影响外整体呈上升趋势，毛利率稳定提升。融合通信业务为非核心业 务，收入逐年减少，毛利率存在波动。公司拟压缩该业务规模并寻求出售。 废料销售收入是其他业务收入主要来源，其变动受PCB收入规模、废料率、废料价格等因素影响，与主 营业务收入变动基本匹配。 近日，中审众环会计师事务所针对方正科技集团股份有限公司申请向特定对象发行股票审核问询相关问 题出具专项核查报告。此次方正科技拟募集资金不超过19.8亿元，用于"人工智能及算 力类高密度互连 电路板产业基地项目"，引发市场关注。 募投项目详情披露 本次募投项目计划总投资21.31亿元，其中建设投资20.90亿元、铺底流动资金0.41亿元。拟使用募集资 金19.80亿元，全部用于资本性支出。项目 ...

（记者 王晓波） 世运电路（603920.SH）9月26日在投资者互动平台表示，储能产品相关的电路板是公司目前及未来重 点发展方向之一。目前公司在储能领域主要的合作客户为国际新能源龙头企业T客户，得益于其2024年 储能业务的翻倍提升，从2023年14.7GWh提升至2024年31.4GWh，公司储能PCB产品大幅放量，随着其 上海储能超级工厂的投产，预计公司储能产品出货量将保持快速增长态势。具体业务进展情况，请您关 注公司公告及定期报告。 每经AI快讯，有投资者在投资者互动平台提问：公司PCB业务中，储能相关的业务占比多少？下游客户 主要有哪些？ ...

Group 1 - The company, Benewake Intelligent (300964), is actively developing new products based on its long-term technological accumulation [1] - The new product focus includes layered rigid-flex combination boards, high-precision embedded component circuit boards, and embedded copper boards [1]

Core Viewpoint - Strong demand recovery in the market is expected to benefit the company's revenue and profit growth in 2025 [1] Financial Performance - The company achieved operating revenue of 455.72 million yuan, an increase of 17.25% year-on-year [1] - Net profit reached 58.75 million yuan, reflecting a year-on-year increase of 4.87% [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was 58.66 million yuan, up 13.88% year-on-year [1] Growth Drivers - Key growth drivers include increased demand in downstream application areas such as industrial control and communication equipment [1] - The company has focused on customer development and maintenance, continuous optimization of product structure, and innovation in research and development [1] - The performance changes align well with the overall development trends in the industry [1]

Group 1 - The company Fu Shi Convertible Bond experienced a decline of 2.13%, trading at 135.82 yuan per share, with a transaction volume of 94.9025 million yuan and a conversion premium rate of 17.79% [1] - The credit rating of Fu Shi Convertible Bond is "AA-", with a maturity period of 6 years and a tiered coupon rate starting from 0.30% in the first year to 2.00% in the sixth year [1] - The conversion price for the underlying stock, Si Hui Fu Shi, is set at 29.54 yuan, with the conversion period beginning on February 19, 2024 [1] Group 2 - Si Hui Fu Shi Electronic Technology Co., Ltd. is a private national high-tech enterprise focused on high-quality PCB manufacturing, with applications in industrial control, automotive, transportation, communication, and medical fields [2] - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on July 13, 2020, with the stock code 300852 [2] - For the first quarter of 2025, Si Hui Fu Shi reported a revenue of 406.2 million yuan, a year-on-year increase of 26.23%, while the net profit attributable to shareholders was 28.6926 million yuan, a year-on-year decrease of 38.08% [2] - The concentration of shareholding is high, with the top ten shareholders holding a combined 68.51% and the top ten circulating shareholders holding 67.23% of the shares [2]

Group 1 - The company held its fifth board meeting on August 10, 2025, with all seven directors present, ensuring compliance with legal regulations and company bylaws [1][2] - The board approved an investment proposal to increase capital in Shenzhen New Sound Semiconductor Co., Ltd., with a total investment of 269 million yuan, of which the company will contribute 125 million yuan [1][2] - After the investment, the company will hold a 3.8238% equity stake in Shenzhen New Sound Semiconductor [1] Group 2 - The independent directors of the board approved the investment proposal with a voting result of 3 in favor, 0 against, and 4 abstentions [2] - Related directors recused themselves from the vote to ensure impartiality [2] - Relevant documents regarding the board's decisions are available for review [2]

满坤科技（301132.SZ）8月4日在投资者互动平台表示，目前公司光模块电路板处于材料研讨阶段，尚 未达到量产条件，因此具体量产时间、目标客户及订单情况尚无法确定；公司整体生产经营有序，开工 率保持在合理水平。我们深知市值管理的重要性，将持续加强技术研发投入，积极把握市场机遇，努力 提升核心竞争力，以期为投资者创造价值。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司的800g光模块PCB基板预计什么时候量产， 目前可有目标客户或者有接到订单，公司目前整体开工率如何。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company is proposing a plan for a private placement of A-shares to specific investors, aiming to raise up to 1.98 billion RMB for investment projects, particularly in the artificial intelligence and high-density interconnection circuit board industry [4][8][9]. Group 1: Issuance Plan - The company intends to issue A-shares to no more than 35 specific investors, including its controlling shareholder, Huanxin Fangke, which will subscribe for up to 23.5% of the total issuance [5][6]. - The issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing date [7][8]. - The total amount raised from the issuance will not exceed 1.98 billion RMB, with the funds allocated primarily to the artificial intelligence and circuit board projects [8][9]. Group 2: Shareholder Meeting Details - The first extraordinary general meeting of shareholders is scheduled for June 27, 2025, at 14:30 in Guangdong Province [2][3]. - Shareholders can participate in the meeting either in person or through a proxy, and the voting will be conducted via a designated online system [2][3]. Group 3: Related Transactions - The issuance involves related transactions, particularly with Huanxin Fangke, which requires the related shareholders to abstain from voting on these matters [10][11]. - The company has signed a conditional subscription agreement with Huanxin Fangke, which constitutes a related party transaction [22][23]. Group 4: Financial Measures - The company has proposed measures to mitigate the dilution of immediate returns resulting from the issuance, ensuring that the interests of minority investors are protected [19][20]. - A three-year shareholder return plan (2025-2027) has been developed to enhance profit distribution transparency and ensure investors benefit from the company's growth [20]. Group 5: Regulatory Compliance - The company confirms compliance with relevant laws and regulations regarding the issuance of A-shares, including the need for approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [4][5]. - The company will not need to prepare a report on the use of previous fundraising as it has not raised funds through public offerings in the last five years [14].

Industry Overview - Substrate-like PCB (SLP) is a new type of circuit board positioned between traditional PCBs and semiconductor packaging substrates, experiencing rapid development in recent years [1][4] - The global SLP market size is projected to reach 31.5 billion yuan in 2024, with a year-on-year growth of 6.06% [1][15] - SLP technology meets the increasing demand for miniaturization and high performance in electronic products, with line width/spacing reduced to 20/35 microns, allowing for double the component density compared to traditional HDI [1][15] Industry Development History - The SLP industry in China has gone through four stages: the initial stage (2010-2016), the startup phase (2017-2020), the scaling phase (2021-2023), and the internationalization phase (2024-present) [4][5][6] - The introduction of SLP technology by Apple in the iPhone X marked its commercial application, leading to increased demand from consumer electronics [4][5] - Chinese manufacturers like Pengding Holdings and Shenzhen Sannan Circuit began to break the technological monopoly of international firms during the startup phase [5][6] Industry Chain - The upstream of the SLP industry chain includes raw materials (copper foil, resin, glass fiber cloth, etc.) and production equipment (laser drilling machines, plating equipment, etc.) [9] - The midstream involves the manufacturing of SLP, while the downstream applications include smartphones, wearable devices, automotive electronics, data centers, and 5G communication devices [9] Market Size - The SLP market is expected to continue growing, driven by advancements in technology and increasing demand for high-density circuit boards [15][24] - The market is projected to expand further by 2030, particularly in China, due to the proliferation of 5G networks and upgrades in consumer electronics [24] Key Companies' Performance - Pengding Holdings, a leading PCB manufacturer, has achieved significant revenue growth, with SLP-related income accounting for over 45% of total revenue in 2024 [21] - Shenzhen Sannan Circuit has made advancements in SLP technology, achieving mass production of 25μm line width/spacing and continuously pushing towards 20μm [19][21] - Shenzhen Jingwang Electronics has established a strong position in the high-end PCB market, with a focus on SLP technology and significant revenue growth in 2025 [19][21] Industry Development Trends - The SLP technology is advancing towards higher density and finer lines, with line width/spacing shrinking to below 15/15 microns for applications in AR/VR and 6G communication [6][23] - The demand for high-performance PCBs is expected to drive industry expansion, with companies focusing on capacity expansion and technological upgrades to meet market needs [24][25] - Increased competition is anticipated, leading to higher market concentration, with leading companies solidifying their positions through innovation and market integration [25]

Core Viewpoint - The company, Founder Technology Group Co., Ltd., has announced the resolutions from its 2025 third meeting of the 13th Supervisory Board, focusing on the approval of a plan to issue A-shares to specific investors, which requires further approval from the shareholders' meeting [1][2][8]. Group 1: Issuance of A-Shares - The Supervisory Board confirmed that the company meets the conditions for issuing A-shares to specific investors as per relevant laws and regulations [1][2]. - The proposed issuance will involve domestic listed RMB ordinary shares (A-shares) with a par value of RMB 1.00 per share [2]. - The issuance will be conducted through a specific object issuance method, with the issuance price not lower than 80% of the average trading price over the 20 trading days prior to the pricing benchmark date [5][6]. Group 2: Subscription Details - The issuance will include up to 35 specific investors, with the controlling shareholder, Zhuhai Huashi Huanxin Fangke Investment Enterprise (Limited Partnership), committing to subscribe for no more than 23.50% of the total issuance amount, capped at RMB 46,500.00 million [3][4]. - Other investors will include qualified institutional investors as defined by the China Securities Regulatory Commission (CSRC) [3][4]. Group 3: Fundraising and Project Investment - The total amount to be raised from the issuance is capped at RMB 198,000.00 million, with the funds allocated primarily to the construction of an artificial intelligence and high-density interconnection circuit board industrial base project [6][7]. - If the actual net fundraising amount is less than the planned investment, the company will cover the shortfall through self-raised funds [7]. Group 4: Lock-up Period and Shareholder Rights - Shares subscribed by Zhuhai Huashi Huanxin Fangke will be subject to an 18-month lock-up period, while shares subscribed by other investors will have a 6-month lock-up period [7][8]. - Post-issuance, all shareholders will share the undistributed profits accumulated before the issuance according to their respective shareholding ratios [8]. Group 5: Future Plans and Reports - The company plans to submit various proposals related to the issuance, including feasibility analysis reports and shareholder return plans, for approval at the upcoming shareholders' meeting [9][10][11]. - The company has also proposed a stock incentive plan to attract and retain talent, which will be presented for shareholder approval [11][12].