Company Overview - Guanghe Technology (SZ 001389) announced on November 28 that its second board meeting will be held on November 28, 2025, to discuss the proposal for the reappointment of the accounting firm [1] - As of the report, Guanghe Technology has a market capitalization of 29.2 billion yuan [1] Revenue Composition - For the first half of 2025, Guanghe Technology's revenue composition is as follows: printed circuit boards account for 93.42%, while other businesses account for 6.58% [1]

2025年1至6月份，崇达技术的营业收入构成为：印制电路板制造行业占比89.48%，其他业务占比 10.52%。 （记者 曾健辉） 截至发稿，崇达技术市值为159亿元。 每经AI快讯，崇达技术（SZ 002815，收盘价：13.07元）11月28日晚间发布公告称，公司第六届第一次 董事会会议于2025年11月28日在公司召开。会议审议了《关于聘任公司董事会秘书的议案》等文件。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 ...

Financial Performance - In Q3 2025, the company achieved a revenue of 6.301 billion CNY, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 0.9287 billion CNY, with a year-on-year increase of 9.66% [1] - The non-recurring net profit totaled 0.916 billion CNY, reflecting a year-on-year growth of 94.16% [1] Gross Margin Improvement - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced capacity utilization [2] - Revenue from PCB data centers and wired communication businesses continued to grow, contributing to a slight increase in gross margin [2] Business Expansion - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [3] - The packaging substrate business includes a wide range of products, with significant growth in storage packaging substrates in Q3 2025 [4] Capacity Utilization - The overall capacity utilization remained high in Q3 2025, with a notable increase in packaging substrate business due to rising demand in the storage market [5] Production Capacity Development - The company has factories in Shenzhen, Wuxi, Nantong, and Thailand, with new capacity coming from both new factories and upgrades to existing ones [6] Raw Material Price Changes - Key raw materials include copper-clad laminates, semi-cured sheets, copper foil, gold salt, and ink, with some prices increasing in Q3 2025 due to commodity price fluctuations [7]

Group 1 - The company, Jinlu Electronics (301282.SZ), is engaged in the research, development, production, and sales of printed circuit boards (PCBs) [1] - The company does not manufacture copper cables or copper foil products [1]

Core Viewpoint - Strongda Circuit has shown a mixed performance in financing activities, with a notable increase in revenue and profit year-on-year, indicating potential growth opportunities in the PCB industry [1][2]. Financing Activities - On November 27, Strongda Circuit's financing buy-in amounted to 9.77 million yuan, while financing repayment was 15.42 million yuan, resulting in a net financing outflow of 5.65 million yuan [1]. - As of November 27, the total financing and securities balance for Strongda Circuit was 161 million yuan, accounting for 5.88% of its circulating market value, which is above the 80th percentile level over the past year [1]. - The company had no short-selling activities on November 27, with a short-selling balance of 0 yuan, indicating a high level of confidence among investors [1]. Company Performance - As of September 30, Strongda Circuit reported a total of 13,000 shareholders, a decrease of 14.74% from the previous period, while the average circulating shares per person increased by 17.29% to 1,446 shares [2]. - For the period from January to September 2025, Strongda Circuit achieved operating revenue of 706 million yuan, representing a year-on-year growth of 20.74%, and a net profit attributable to shareholders of 96.32 million yuan, up 20.91% year-on-year [2]. - Since its A-share listing, Strongda Circuit has distributed a total of 30.15 million yuan in dividends [2]. Shareholding Structure - As of September 30, 2025, the largest circulating shareholder of Strongda Circuit was Hong Kong Central Clearing Limited, holding 136,000 shares as a new shareholder [2].

Core Viewpoint - The company has engaged in the application of PCB technology in the elderly care sector, indicating its involvement in relevant hardware facilities [1] Group 1 - The company responded to investor inquiries regarding its involvement in the IP economy, elderly care, and the three-child policy sectors [1]

Group 1 - The company, Jinbai Ze, stated on November 26 that it possesses high-reliability PCB and electronic assembly capabilities [2] - The products offered by the company can serve the aerospace sector [2]

Group 1 - The core viewpoint of the article is that Ding Tai Gao Ke (301377.SZ) primarily focuses on products used in the manufacturing of printed circuit boards (PCBs) [1]

Core Viewpoint - The PCB industry is expected to maintain a growth trend in the medium to long term, driven by the recovery of end consumption and the expansion of downstream markets [2] Group 1: Company Strategy - The company plans to expand production scale and enhance technological innovation, production, and management service capabilities [2] - There is a focus on increasing product diversity and innovation based on existing product lines, including single/double-sided boards, multilayer boards, high-frequency boards, high-speed boards, HDI boards, and rigid-flex boards [2] - The company aims to strengthen its PCB process capabilities and enhance industrial automation, particularly in emerging sectors such as 5G communication, new energy vehicles, semiconductors, and the digital economy [2] Group 2: Market Adaptation - The company intends to meet and support the specialized PCB needs of downstream customers during research, development, testing, and small batch stages [2] - Continuous adjustments to the PCB product structure and optimization of capacity allocation are planned, with a targeted shift towards high value-added products [2]

Core Insights - Strongda Circuit has emphasized its focus on high-density interconnect (HDI) boards, which utilize micro-blind buried hole technology, showcasing features such as high density, fine wiring, and small aperture [2] Group 1: Product Development - The company is actively engaged in the research and development of advanced PCB products, including HDI boards, millimeter-wave radar boards, semiconductor test boards, and optical module boards, which are characterized by high technical difficulty [2] - Strongda Circuit aims to achieve a maximum of 6-layer arbitrary interconnection in its HDI boards, enhancing its product capabilities [2] Group 2: Competitive Strategy - The company is committed to continuous R&D investment to maintain long-term market competitiveness of its products, thereby deepening its technological reserves [2]