Core Viewpoint - The recent investor relations activity of Shenzhen Sannuo Circuit Co., Ltd. attracted over a hundred institutions, focusing on the company's operational performance, business segment development, and capacity construction [1] Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 10.453 billion yuan, a year-on-year increase of 29.21%, and a net profit attributable to shareholders of 1.360 billion yuan, up 37.75% year-on-year [2] - The growth was driven by opportunities in AI computing power upgrades, a recovery in the storage market, and the growth of electric and intelligent vehicles [2] Group 2: Business Segments - The PCB business generated revenue of 6.274 billion yuan in the first half of 2025, reflecting a year-on-year growth of 29.21%, with a gross margin of 34.42%, an increase of 3.05 percentage points [2] - The packaging substrate business reported revenue of 1.740 billion yuan, a year-on-year increase of 9.03%, but with a gross margin of 15.15%, down 10.31 percentage points due to product structure adjustments and initial cost increases [2] Group 3: Capacity and Projects - The first phase of the Guangzhou packaging substrate project is set to begin mass production in Q4 2023, with ongoing development for higher-layer products [3] - The Thailand project, with a total investment of 1.274 billion yuan, has commenced trial production and will enhance the company's capabilities in high-layer and HDI PCB technologies [3] - The overall capacity utilization rate remains high, driven by demand in AI computing and automotive electronics, while the packaging substrate business has seen a significant increase in utilization due to growth in the storage sector [3] Group 4: Research and Development - In the first half of 2025, the company invested approximately 672 million yuan in R&D, accounting for 6.43% of revenue, with various projects progressing smoothly [3] - New capacity construction for PCB is expected to come online in Q4 2023, alongside ongoing technological upgrades to existing facilities [3]

证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 | 编号：2025-27 | | --- | | 投资者关系 | √特定对象调研 □分析师会议 □现场参观 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 □新闻发布会 | | | □路演活动 □其他 （ ） | | | 国泰海通、华创证券、华泰证券、嘉实基金、泉果基金、上海证券、施罗德基金、易方达基 | | | 金、永赢基金、招商证券、中国国际金融、银华基金、诺德基金、安信基金、长城基金、华 | | | 夏基金、恒越基金、创金合信基金、博时基金、九泰基金、国金基金、汇添富基金、泰信基 | | | 金、天弘基金、金元顺安基金、安联基金、国融基金、国投瑞银基金、浦银安盛基金、长盛 | | | 基金、申万菱信基金、农银汇理基金、诺安基金、财通基金、方正富邦基金、摩根士丹利基 | | | 金、摩根证券投资信托、路博迈（亚洲）、广东君心盈泰投资、上海保银私募基金、上海聆 | | | 泽投资、淡水泉(北京)投资、耕霁(上海)投资、北京市星石投资、北京泽铭投资、江苏瑞华 | | | 投资、上海雷钧私募基金、湖 ...

Core Viewpoint - Mingyang Circuit (300739.SZ) reported a revenue of 882 million yuan for the first half of 2025, reflecting a year-on-year growth of 13.11% [1] - The net profit attributable to shareholders reached 41.51 million yuan, marking a year-on-year increase of 32.60% [1] - The net profit excluding non-recurring gains and losses was 35.21 million yuan, showing a significant year-on-year growth of 84.13% [1] - Basic earnings per share stood at 0.12 yuan [1] Financial Performance - Revenue for the first half of 2025: 882 million yuan, up 13.11% year-on-year [1] - Net profit attributable to shareholders: 41.51 million yuan, up 32.60% year-on-year [1] - Net profit excluding non-recurring items: 35.21 million yuan, up 84.13% year-on-year [1] - Basic earnings per share: 0.12 yuan [1]

二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的 业绩进行评价，以实现激励计划与激励对象工作业绩、贡献紧密结合，从而提高 公司整体业绩，实现公司与全体股东利益最大化。 三、考核范围 本办法适用于参与公司本次限制性股票激励计划的所有激励对象。 四、考核机构 深圳明阳电路科技股份有限公司 2025 年限制性股票激励计划实施考核管理办法 深圳明阳电路科技股份有限公司 深圳明阳电路科技股份有限公司（以下简称"明阳电路"或"公司"）为进 一步加强完善公司法人治理结构，健全长效激励约束机制，吸引和留住专业管理、 核心技术和业务人才，充分调动公司员工积极性和创造性，有效提升核心团队凝 聚力和企业核心竞争力，确保公司战略目标实现及股东利益最大化，公司拟对公 司核心人才进行股权激励，公司制定了《深圳明阳电路科技股份有限公司 2025 年限制性股票激励计划（草案）》（以下简称"激励计划"）。 为保证激励计划的顺利实施，现根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司股权激励管理办法》等有关法律法规和规范性文件、 以及《公司章程》的相关规定，并结合公司的实际情况，特制定本办法。 一 ...

深圳明阳电路科技股份有限公司 一、限制性股票激励计划分配情况 深圳明阳电路科技股份有限公司 董 事 会 划草案公告时公司股本总额的 1.00%。公司全部有效期内的激励计划所涉及的标的股票总数累计不超 过本 激励计划草案公告时公司股本总额的 20.00%。 薪酬与考核委员会发表明确意见、律师发表专业意见并出具法律意见书后，公司在指定网站按要求及时 披 露激励对象相关信息。 东或实际控制人及其配偶、父母、子女。中层管理人员和核心骨干人员中陈德聪先生为中国香港籍。 | | | 获授的限制性 | | 占本激励计划 | | 占股本 | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 国籍 | 职务 | 股票数量 | | 授予限制性股 | 总额的 | | | | | （万股） | 票总数的比例 | | 比例 | | 胡诗益 | 中国 | 董事、副总经理 | | 35.00 | 7.26% | 0.10% | | 窦旭才 | 中国 | 董事、副总经理 | | 35.00 | 7.26% | 0.10% | | 赵春林 | 中国 | 董事 | 30.00 | 6.22% ...

南财智讯8月27日电，明阳电路发布2025年半年度报告，报告期实现营业收入8.82亿元，同比增长 13.11%；归属上市公司股东的净利润4150.75万元，同比增长32.60%；扣除非经常性损益后的归属于上 市公司股东的净利润3520.75万元，同比增长84.13%；基本每股收益0.12元。 ...

Core Insights - The company reported a total revenue of 10.453 billion yuan for the first half of the year, representing a year-on-year increase of 25.63% [1] - Net profit reached 1.36 billion yuan, up 37.75% year-on-year, while the net profit excluding non-recurring items was 1.265 billion yuan, reflecting a growth of 39.98% [1] - The printed circuit board (PCB) segment was the main driver of revenue growth, achieving a revenue of 6.274 billion yuan, which is a 29.21% increase year-on-year [1] PCB Industry Outlook - According to Prismark's Q1 2025 report, the global PCB market (including packaging substrates) is expected to grow by 7.6% year-on-year in 2025, with 18-layer and above multilayer boards projected to grow by 41.7% due to strong demand from AI servers and high-speed network communications [1] - The HDI market is anticipated to grow by 12.9%, driven by increased applications in AI computing and automotive electronics [1] Business Segment Performance - The company's wireless and wired communication product orders have significantly increased due to the recovery of the global communication market [3] - In the data center sector, demand for AI computing has boosted orders for AI servers and related products, leading to a notable increase in orders for AI accelerator cards [3] - The automotive electronics segment has seen a 34.5% year-on-year increase in global new energy vehicle sales, contributing to rapid growth in orders related to automotive electronics and ADAS [3] Packaging Substrate Business - The packaging substrate segment achieved a revenue of 1.740 billion yuan, a year-on-year increase of 9.03% [4] - The global semiconductor industry has seen sales growth driven by computing-related chips, with significant increases in storage-related packaging substrate orders [4] - The gross margin for this segment decreased by 10.31 percentage points to 15.15% due to capacity ramp-up challenges and rising raw material prices [4] Electronic Assembly Business - The electronic assembly segment reported a revenue of 1.478 billion yuan, reflecting a year-on-year growth of 22.06% [4] - The gross margin for this segment increased by 0.34 percentage points to 14.98% [4] - The company is focusing on the growing demand in data centers and automotive electronics, enhancing customer collaboration and optimizing supply chain management [4] R&D and Global Expansion - The company increased its R&D investment to 6.43% of revenue, focusing on next-generation communication, data centers, and automotive electronics PCB technology [5] - The company has made progress in its overseas expansion, with the Thai factory construction ongoing and key projects in Guangzhou and Taixing on schedule [5] - The Guangzhou packaging substrate project is 72.06% complete, while the Taixing high-density PCB manufacturing project is 60.09% complete, supporting future capacity release and business growth [5]

Group 1 - Company announced on August 27 that it will hold the eighth meeting of the fourth board of directors on August 26, 2025, to review the proposal for providing guarantees for its subsidiary [1] - The wholly-owned subsidiary, Taixing Circuit Co., Ltd., plans to apply for a bank loan of 200 million RMB, and the company will provide joint liability guarantees for this loan [1] - After this guarantee, the total guarantee amount for the company's controlling subsidiaries will be 5.05 billion RMB, with an actual guarantee balance of 1.921 billion RMB, accounting for 13.12% of the company's audited net assets for 2024 [1]

Overview - The company plans to acquire land use rights through public bidding to build a cloud manufacturing base project, with an estimated investment of approximately 2.6 billion RMB [1][2] - The investment will be funded through self-owned funds, bank loans, or other financing methods [1] Land Acquisition Details - The land area for construction is approximately 25,349.37 square meters, with an additional green land area of 2,103.13 square meters [2] - The land is being sold by the Guangzhou Development Zone Planning and Natural Resources Bureau, and there are no related party transactions involved [2] Project Investment Overview - The project aims to meet the growing market demand for high-end PCB products driven by the increasing capital expenditure of global server cloud manufacturers [3][4] - The estimated tax return period for the investment project is about 6.5 years, including the construction period [2] Market Demand and Growth - The global PCB industry is projected to reach a market value of 78.562 billion USD in 2025, with a year-on-year increase of 6.8% [2] - High-end products such as HDI boards and multilayer boards are expected to maintain high growth rates, with compound annual growth rates of 6.40% and 15.70% from 2024 to 2029, respectively [2] Competitive Advantage - The company has established a production capacity for 46-layer multilayer boards and has validated the 7-stage HDI manufacturing process [3] - The company is recognized as a leading server PCB supplier in China, continuously enhancing its competitive edge through technology research and development, engineering design, and quality control [4] Operational Experience - The company has accumulated extensive operational management experience from its factories in Guangzhou, Huangshi, and Thailand, which will support the successful implementation of the new project [5] R&D Capabilities - The company invests 4% to 5% of its annual revenue in research and development, ensuring a strong foundation for technological advancements and product innovation [5] - As of December 31, 2024, the company has applied for 418 patents, demonstrating its commitment to continuous improvement in technology and production processes [5] Customer Relationships - The company has established long-term, stable relationships with major domestic and international server manufacturers and EMS companies, providing a reliable market foundation for the new project [6] Strategic Alignment - The investment aligns with national industrial policies and the company's strategic development plan, enhancing its production capacity for high-end PCBs and solidifying its market position [6]

Group 1 - The company reported a revenue of 10.453 billion yuan for the first half of the year, representing a year-on-year growth of 25.63% [1] - The net profit attributable to shareholders of the listed company was 1.36 billion yuan, an increase from 987 million yuan in the same period last year, reflecting a year-on-year growth of 37.75% [1] - The basic earnings per share stood at 2.04 yuan [1]