Group 1: Company Operations and Capacity Utilization - The company's overall business operations are normal, with a comprehensive capacity utilization rate remaining relatively high. The PCB business benefits from sustained demand in computing power and automotive electronics, maintaining high capacity utilization [1] - The packaging substrate business has seen an improvement in capacity utilization due to a relative recovery in the storage sector compared to Q4 2024 and Q1 2025 [1] Group 2: PCB Business Applications and Trends - The PCB business focuses on high-end PCB product design, development, and manufacturing, primarily serving communication devices, data centers, automotive electronics, and industrial control sectors [1] - The demand for PCB products in high-speed communication networks, data center switches, AI accelerator cards, and memory has increased due to the urgent need for high computing power and high-speed networks [2] Group 3: Expansion Plans and Investments - The company has factories in Shenzhen, Wuxi, Nantong, and a factory under construction in Thailand. It is enhancing capacity through technological upgrades and is progressing with the Nantong Phase IV project to establish an HDI technology platform [3] - The total investment for the Thailand factory is 1.274 billion RMB, aimed at developing high-layer and HDI PCB technology to expand overseas market reach [4] Group 4: Packaging Substrate Business Development - The packaging substrate products cover a wide range, including module packaging substrates and storage packaging substrates, with demand improving in Q1 2025 compared to Q4 2024, primarily driven by increased demand for storage products [5] - The FC-BGA packaging substrate has achieved mass production capability for products with 20 layers or fewer, while R&D for products with more than 20 layers is progressing on schedule [6] Group 5: Raw Material Price Changes - In Q1 2025, the prices of key raw materials such as copper-clad laminates and gold salts have increased year-on-year and compared to Q4 2024, influenced by commodity price fluctuations [7]

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law of the People's Republic of China and other relevant regulations [2] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 48 million shares on December 2, 2016 [3] - The registered capital of the company is RMB 934,365,401 [3] Business Objectives and Scope - The company's business objective is to utilize advanced technology and scientific management methods to provide satisfactory products and services to customers, maximizing shareholder and social benefits [4] - The registered business scope includes the production and operation of double-sided circuit boards, multi-layer circuit boards, and flexible circuit boards [4] Shares - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [5] - The total number of shares issued by the company is 934,365,401, all of which are ordinary shares [5] - The company does not provide any financial assistance to individuals or entities purchasing its shares [5] Shareholder Rights and Obligations - Shareholders have the right to receive dividends and participate in decision-making processes, including voting at shareholder meetings [10] - Shareholders are obligated to comply with laws and regulations, pay the subscribed capital, and not abuse their rights to harm the company or other shareholders [13] Shareholder Meetings - The company holds annual shareholder meetings within six months after the end of the previous fiscal year [15] - Shareholder meetings can be convened by the board of directors or at the request of shareholders holding more than 10% of the shares [19] - The company must provide a notice of the shareholder meeting at least 20 days in advance [20] Voting and Resolutions - Resolutions at shareholder meetings can be classified as ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [27] - Shareholders can exercise their voting rights based on the number of shares they hold, with each share granting one vote [28] - Related party shareholders must abstain from voting on matters that involve their interests [30]

Core Viewpoint - The legal opinion letter from Beijing Guantao (Shenzhen) Law Firm confirms that Shenzhen Jingwang Electronics Co., Ltd. has obtained the necessary approvals for the repurchase and cancellation of certain restricted stocks and stock options, in accordance with relevant laws and regulations [1][6][7]. Summary by Sections Approval and Authorization - The board of directors of the company has reviewed and approved the repurchase and cancellation of restricted stocks and stock options as part of the 2024 stock option and restricted stock incentive plan [3][4]. - The supervisory board has verified the list of incentive objects and confirmed that the public disclosure procedures were legal and compliant [4][5]. Specifics of the Repurchase and Cancellation - The repurchase involves 165,000 shares of restricted stock and the cancellation of 145,200 stock options due to the departure of certain incentive objects [5][6]. - The repurchase price for the restricted stock is set at 9.39 yuan per share, which is compliant with the incentive plan's stipulations [5][6]. - The funding for the repurchase will come from the company's own funds [6]. Conclusion - The legal opinion concludes that the repurchase and cancellation actions are in compliance with the relevant management measures and legal regulations, and the company must fulfill subsequent disclosure obligations and complete the necessary registration procedures [6][7].

回购注销与注销详情 登录新浪财经APP 搜索【信披】查看更多考评等级 景旺电子于2025年5月26日分别召开第四届董事会第二十九次会议与第四届监事会第十九次会议，审议 通过了《关于回购注销部分限制性股票及注销部分股票期权的议案》。 激励计划决策回顾 2024年4月19日，景旺电子召开第四届董事会第十八次会议与第四届监事会第十次会议，审议通过 《2024年股票期权与限制性股票激励计划（草案）》等相关议案。随后，公司对首次授予部分激励对象 名单及职务进行核查，并于2024年5月15日公告核查意见。2024年5月20日，公司召开2023年年度股东大 会，审议通过激励计划相关议案。 2024年6月13日，公司召开第四届董事会第二十次会议与第四届监事会第十二次会议，审议通过调整激 励计划相关事项及向激励对象首次授予股票期权与限制性股票的议案。2025年3月28日，公司召开第四 届董事会第二十七次会议和第四届监事会第十七次会议，审议通过向激励对象授予预留部分股票期权与 限制性股票的议案。 点击查看公告原文>> 责任编辑：小浪快报 依据《激励计划(草案)》，激励对象因辞职、公司裁员而离职，其已获授但尚未行权的股票期权由公司 ...

Core Viewpoint - The company has announced adjustments to the exercise prices of its 2021 stock option incentive plan, which were approved by the board and supervisory committee, ensuring compliance with relevant regulations and maintaining shareholder interests [1][4][6] Summary by Sections Approval Process - The company has completed the necessary approval procedures for the 2021 stock option incentive plan, including independent opinions from directors and verification by the supervisory committee [2][3] Adjustments to Exercise Prices - The exercise price for the initial grant of stock options has been adjusted from 7.91 yuan per share to 7.31 yuan per share, while the exercise price for reserved grants has been adjusted from 11.74 yuan per share to 11.14 yuan per share [5][6] - The adjustments are based on a cash dividend distribution of 0.6 yuan per share, totaling 432.33 million yuan, calculated from the company's total share capital of 720,546,867 shares [5] Impact of Adjustments - The adjustments to the exercise prices are in accordance with the company's incentive plan and relevant regulations, and they are not expected to have a substantial impact on the company's financial status or operational results [5][6] Legal Opinions - The adjustments have received the necessary approvals and are in compliance with the management regulations and the incentive plan [6]

Core Points - The company announced a cash dividend of 0.6 yuan per share for its A shares [1] - The total cash dividend distribution amounts to 432,328,120.2 yuan based on a total share capital of 720,546,867 shares [1] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 6, 2025 [1] Dividend Distribution Dates - The record date for the dividend is June 3, 2025, with the last trading day on June 4, 2025, and the ex-dividend date also on June 4, 2025 [1] Implementation of Dividend Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [1] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [1] Taxation on Dividends - For individual shareholders holding shares for less than or equal to one month, the actual tax burden is 20% on the dividend income [3] - For shares held between one month and one year, the tax burden is reduced to 10% [3] - For shares held for more than one year, the dividend income is exempt from personal income tax [3] Special Considerations for Foreign Investors - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in an actual cash dividend of 0.54 yuan per share [3][4] - Hong Kong investors holding shares through the "Shanghai-Hong Kong Stock Connect" will also have a 10% withholding tax applied [4][5]

Group 1 - The meeting of the fifth supervisory board of Guangdong Shiyun Circuit Technology Co., Ltd. was held on May 26, 2025, with all three supervisors present, confirming the legality and validity of the meeting's resolutions [1][2]. - The supervisory board approved the proposal to adjust the exercise price of the 2021 stock option incentive plan, with a unanimous vote of 3 in favor and no votes against or abstentions [2].

Core Viewpoint - The company, Shiyun Circuit Technology Co., Ltd. (603920), is actively managing its idle fundraising capital through cash management products, indicating a strategic approach to optimize returns on unutilized funds [2][4]. Trading Information Summary - As of May 23, 2025, Shiyun Circuit's stock closed at 26.0 yuan, with a slight increase of 0.27% and a turnover rate of 2.65%. The trading volume was 190,600 shares, resulting in a transaction value of 503 million yuan [1]. - On the same day, the net inflow of main funds was 34.097 million yuan, suggesting a high level of market interest in the stock. However, retail investors showed a net outflow of 20.4634 million yuan [2][4]. Company Announcement Summary - The company announced the approval of using up to 1.1 billion yuan of idle fundraising capital for cash management, which will be invested in safe, liquid, and principal-protected financial products [2]. - The cash management products include: - A structured deposit from CITIC Bank amounting to 100 million yuan, with an interest period from May 22, 2025, to August 20, 2025, and an expected annual yield of 1.05% to 2.02% [2]. - A yield certificate from Galaxy Securities for 100 million yuan, with an interest period from May 23, 2025, to February 26, 2026, and an expected annual yield of 1.50% to 4.00% [2]. - As of the announcement date, the total amount of idle fundraising capital used for cash management that has not yet matured is 1.1 billion yuan [2].

Fundraising Overview - The company has raised a total of RMB 2,529,664,782.94 through a non-public offering of 23,694,480 shares, approved by the China Securities Regulatory Commission [1] - The funds will be primarily used for the manufacturing project of high-end flip chip IC substrates, with a total investment of RMB 276,627,000 and planned fundraising of RMB 255,000,000 [1] Change of Project Implementation Entity - The company has approved a change in the project implementation entity for the high-end flip chip IC substrate manufacturing project from its wholly-owned subsidiary Wuxi Shennan to another wholly-owned subsidiary, Wuxi Guangxin Packaging Substrate Co., Ltd. [2] Fund Management and Storage - The company has revised its fundraising management system to ensure dedicated storage and usage of the raised funds, in compliance with relevant laws and regulations [2] - The management system includes provisions for fund storage, usage, project management, and supervision of investment projects [2] Fund Supervision Agreements - The company has signed tripartite and quadripartite supervision agreements with banks and underwriters to ensure proper management of the raised funds [3] - A new quadripartite supervision agreement was signed following the change of the project implementation entity [3] Fund Account Status - The company has closed several fundraising accounts, including those at China Bank and Agricultural Bank, as part of its fund management strategy [5] - The company has transferred RMB 54,764,800 from one of its fundraising accounts to its own funds and completed the account closure [6]

Core Viewpoint - Jingwang Electronics (603228.SH) announced plans for share reductions by its controlling shareholders and directors, indicating potential changes in ownership structure and investor sentiment [1][2]. Share Reduction Plans - Controlling shareholder Shenzhen Jinghong Yongtai Investment Holding Co., Ltd. plans to reduce its holdings by up to 13,689,101 shares, representing a maximum of 1.4642% of the total share capital [1]. - Another controlling shareholder, Zhichuang Investment Co., Ltd., intends to reduce its holdings by up to 13,987,986 shares, accounting for a maximum of 1.4961% of the total share capital [1]. - Chairman Liu Shaobai plans to reduce his holdings by up to 159,601 shares, which is 0.0171% of the total share capital and not exceeding 25% of his total holdings [1]. - Director Huang Xiaofen plans to reduce his holdings by up to 139,285 shares, representing 0.0149% of the total share capital and not exceeding 25% of his total holdings [1]. Shareholding Structure - As of the announcement date, Jinghong Yongtai holds 293,731,122 shares, representing 31.4168% of the total share capital [2]. - Zhichuang Investment holds 293,731,108 shares, also accounting for 31.4168% of the total share capital [2]. - Liu Shaobai holds 638,405 shares, which is 0.0683% of the total share capital, while Huang Xiaofen holds 557,140 shares, representing 0.0596% [2]. - The combined holdings of Jinghong Yongtai, Zhichuang Investment, Liu Shaobai, and Huang Xiaofen total 588,657,775 shares, accounting for 62.9614% of the total share capital [2]. Fundraising Activities - Jingwang Electronics was listed on the Shanghai Stock Exchange on January 6, 2017, raising a total of 111,168.00 million yuan, with a net amount of 105,196.81 million yuan after expenses [3]. - The company issued convertible bonds in 2018, raising a total of 97,800.00 million yuan, with a net amount of 96,290.20 million yuan [3]. - In 2020, Jingwang Electronics raised 178,000.00 million yuan through another issuance of convertible bonds, with a net amount of 175,904.30 million yuan [4]. - The most recent issuance of convertible bonds in 2023 raised a total of 115,400.00 million yuan, with a net amount of 113,961.54 million yuan [4]. - The total amount raised from these four fundraising activities is 502,368.00 million yuan [5].