Group 1: 华峰化学 - Company decided to terminate the acquisition of 100% equity in Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. due to insufficient shareholder approval [1] - The decision was made based on prudence, as the proposal did not receive more than two-thirds of the valid voting rights at the shareholders' meeting [1] - Company will continue to promote related equity injection work and strictly fulfill asset injection commitments [1] Group 2: 中荣股份 - Actual controller and chairman Huang Huanran has been placed under residential surveillance by the police [2] - Other board members and senior management are performing their duties normally, and the board of directors is operating as usual [2] - Company specializes in the research, design, production, and sales of paper printing and packaging products [2] Group 3: 密尔克卫 - Three shareholders plan to reduce their holdings by a total of up to 2% of the company's shares through block trading [3] - The reduction includes 143.63 million shares, 97.65 million shares, and 75.03 million shares, representing 0.91%, 0.62%, and 0.47% of the total share capital respectively [3] - The reduction period is from June 6, 2025, to September 5, 2025, due to personal funding needs [3] Group 4: 舒泰神 - Subsidiary Jiangsu Beijietai Biotechnology Co., Ltd. has obtained a drug production license from the Jiangsu Provincial Drug Administration [4] - The license allows for the production of therapeutic biological products, specifically for registered declaration use [4] - The license is valid until May 7, 2030, and is not expected to have a significant impact on the company's current performance [4] Group 5: 捷顺科技 - Company won the bid for the "Chongqing Beautiful Sunshine Home and other public rental housing supporting parking space operation project" [5] - The project includes four public rental housing supporting parking lots with a total of 13,335 parking spaces [5] - The minimum guaranteed revenue for the project is quoted at 40.43 million yuan per year, with a total contract amount expected to exceed 100 million yuan [5] Group 6: 综艺股份 - Company signed an investment cooperation intention agreement to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. through cash capital increase or share transfer [6] - Jilai Micro primarily engages in the research, production, and sales of power semiconductor chips and devices [6] - The transaction is expected to constitute a major asset restructuring [6] Group 7: 东山精密 - Subsidiary DSBJ PTE. LTD. plans to acquire 100% equity of French GMD Group for approximately 100 million euros (about 814 million yuan) [7] - The acquisition aims to advance the company's globalization strategy and enhance its market share in the automotive parts sector [7] - The company specializes in the research, production, and sales of electronic circuit products and precision components [7] Group 8: 诺诚健华 - Company reported a net profit of 17.97 million yuan for the first quarter of 2025, a significant turnaround from a loss of 142 million yuan in the same period last year [8] - The first quarter revenue reached 381 million yuan, representing a year-on-year growth of 129.92% [8] - The company focuses on the research, production, and commercialization of innovative drugs [8] Group 9: 凯美特气 - Shareholders plan to reduce their holdings by up to 3% of the company's shares through centralized bidding and/or block trading [9] - The total number of shares to be reduced is 20.86 million [9] - The reduction is due to personal funding needs [9] Group 10: 海创药业 - Controlling shareholder plans to reduce holdings by up to 2% of the company's shares through centralized bidding and block trading [10] - The total number of shares to be reduced is 1.98 million [10] - The reduction is due to personal funding needs [10] Group 11: 高争民爆 - Controlling shareholder plans to reduce holdings by up to 3% of the company's shares through centralized bidding and block trading [11] - The total number of shares to be reduced is 828,000 [11] - The reduction is due to the company's funding needs [11] Group 12: 金埔园林 - Two shareholders plan to reduce their holdings by a total of up to 1.91% of the company's shares [12] - The reductions include 183.93 million shares and 167.73 million shares [12] - The reasons for the reductions are asset optimization and personal funding needs [12] Group 13: 掌趣科技 - The largest shareholder plans to reduce holdings by up to 1% of the company's shares through centralized bidding or block trading [13] - The total number of shares to be reduced is 27.2 million [13] - The reduction is due to personal funding needs [13] Group 14: 美凯龙 - Company announced that its director and general manager has been placed under investigation and detention by the local supervisory committee [14] - Other board members and senior management are performing their duties normally, and daily operations are unaffected [14] - The company specializes in managing and operating self-operated and franchised shopping malls [14] Group 15: 新强联 - Major shareholder plans to reduce holdings by up to 1.89% of the company's shares through centralized bidding and block trading [15] - The total number of shares to be reduced is 717,490 [15] - The reduction is due to operational needs [15] Group 16: 日月明 - Shareholder plans to reduce holdings by up to 1% of the company's shares through centralized bidding [16] - The total number of shares to be reduced is 80,000 [16] - The reduction is due to personal funding needs [16] Group 17: 同有科技 - Major shareholder and vice president plan to reduce their holdings by up to 1.53% of the company's shares [17] - The total number of shares to be reduced is 730,850 [17] - The reduction is due to personal funding needs [17] Group 18: 爱尔眼科 - Subsidiary successfully acquired 60% equity and specific debt of Shenzhen Guangsheng Digital Technology Co., Ltd. for 650 million yuan [18] - The transaction constitutes a related party transaction [18] - The acquired asset will serve as long-term medical premises for the subsidiary [18]

沪电股份(002463.SZ)在投资者关系活动上表示，公司 PCB产品以 通信通讯设备、 数据中心基础设施、 汽车电子为核心应用领域。公司近两年已加大对关键制程和瓶颈制程的投资力度，预计2025年下半年产 能将得到有效改善。此外，公司正在推动沪士泰国生产基地从试生产到量产，并尽快达到预期的生产效 率和产品质量，争取在2025年第二季度全面加速开启客户认证与产品导入工作。 ...

Business Overview - The company focuses on PCB business expansion in communication equipment, data centers, automotive electronics, and industrial control sectors, with a slight recovery in wireless communication orders compared to Q4 2024 [1] - The packaging substrate business has seen a continuous increase in demand, particularly for storage products, contributing to improved order volume [2] Production Capacity and Utilization - The overall production capacity utilization remains high, with PCB business benefiting from sustained demand in computing and automotive electronics [3] - The packaging substrate business has improved capacity utilization due to enhanced demand in the storage sector compared to Q4 2024 [3] Sales and Market Impact - Direct sales to the U.S. account for a low percentage of total revenue, minimizing the impact of U.S. tariff policies on overall operations [4] - The company is actively monitoring changes in the international trade environment and maintaining communication with industry stakeholders [4] Technology and Product Development - The FC-BGA packaging substrate has achieved mass production capabilities for products with 20 layers or fewer, while R&D for products with more than 20 layers is progressing as scheduled [5] - The company is expanding its PCB business through technological upgrades and new projects in various locations, including Thailand, with a total investment of RMB 1.274 billion [7][8] Strategic Positioning - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication, data centers, medical, and automotive electronics [9] - The company aims to leverage its technology platform to provide integrated solutions and enhance customer loyalty [9] Raw Material Costs - The prices of key raw materials, such as copper foil and gold salt, have increased due to fluctuations in commodity prices, impacting overall costs [10] - The company is committed to monitoring raw material price trends and maintaining proactive communication with suppliers [10] AI and High-Performance Computing - The demand for high-performance PCB products is rising due to the acceleration of AI technology and the need for high-speed networks [11] - The company is focusing on developing PCB products for high-performance applications, including AI accelerators and data center switches [11] Client Base - The packaging substrate business serves a diverse client base, including IDM, Fabless, and OSAT manufacturers, both domestically and internationally [12]

Group 1 - Shengyi Electronics plans to repurchase shares with a total amount between 50 million and 100 million yuan, at a price not exceeding 43.02 yuan per share, for employee stock ownership plans [1] - Guoyao Modern's subsidiary has passed the consistency evaluation for the quality and efficacy of a generic drug, which is used for treating severe infections [1] - Tianhe Magnetic Materials' subsidiaries have obtained project filing notices for high-performance rare earth permanent magnet projects, with total investments of 100 million yuan and 50 million yuan respectively [1][2] Group 2 - Dream Lily intends to repurchase shares with an amount between 85 million and 170 million yuan, at a price not exceeding 10.90 yuan per share, supported by a loan commitment of up to 150 million yuan [3] - Weifu High-Tech has received a loan commitment of up to 135 million yuan from a financial institution for share repurchase [3] Group 3 - Lu'an Environmental Energy reported a coal sales volume of 4.51 million tons in April, a year-on-year increase of 17.75% [5] - *ST Tianshan reported a significant decline in livestock sales and revenue, with a revenue of 70,500 yuan in April, down 95.68% year-on-year [7] Group 4 - Feirongda announced a cash dividend of 0.38 yuan per 10 shares, with a total distribution of 21.9 million yuan [8] - Zhejiang Rongtai's shareholders and executives plan to reduce their holdings by up to 1.93% of the company's shares [9] Group 5 - Changhua Group's subsidiary won the land use rights for an industrial site in Ningbo for 27.05 million yuan, intended for manufacturing and related business [11] - Zejing Pharmaceutical's new drug application for a treatment for severe alopecia has been accepted by the regulatory authority [13][14] Group 6 - Hainan Mining plans to distribute a cash dividend of 0.8 yuan per 10 shares, totaling 1.59 billion yuan [15] - China Jushi plans to distribute a cash dividend of 0.24 yuan per share, totaling 9.61 billion yuan [16] Group 7 - Zhengzhong Design's subsidiary has obtained a utility model patent for an acrylic signage guide [18] - Rundu Co., Ltd. received approval for a veterinary drug product, which is intended for treating bacterial diseases in livestock [20] Group 8 - Emei Mountain A announced the resignation of its general manager due to work reasons [22] - Tonghua Dongbao's insulin injection has received a registration certificate in Nicaragua, allowing for sales in that market [23] Group 9 - Dizu Fashion's subsidiary has completed the registration of a private equity investment fund [24] - Ningbo Gaofa plans to increase capital by 60 million yuan in its subsidiary for operational needs [26] Group 10 - Haichuan Intelligent has obtained two utility model patents for material handling devices [27] - Newland's subsidiary signed a deep cooperation agreement with Alibaba Cloud for AI model applications [29] Group 11 - Rui Neng Technology's controlling shareholder plans to reduce its stake by up to 2.89% [30] - Guomai Culture intends to repurchase shares between 50 million and 100 million yuan for capital reduction [31] Group 12 - Shaanxi Construction won major construction projects totaling 7.88 billion yuan in April [32] - Hanyu Pharmaceutical signed a joint development agreement for a new peptide drug with a partner [34] Group 13 - Yunnan Copper is planning to acquire a 40% stake in Liangshan Mining, leading to a stock suspension [35] - Haizheng Pharmaceutical plans to repurchase shares between 50 million and 100 million yuan for employee stock ownership [36] Group 14 - Tianqiao Hoisting's controlling shareholder plans to increase its stake by 75 million to 150 million yuan [37] - Tiandi Online's controlling shareholder is transferring shares to introduce a strategic investor [38] Group 15 - Hongchang Technology plans to invest 15 million yuan in a joint venture with a partner [39] - Rabbit Baby's subsidiary is preparing for an IPO in Hong Kong [41] Group 16 - Wol Nuclear Materials is planning to issue H-shares for listing in Hong Kong [42] - Tangyuan Electric plans to raise up to 864 million yuan through a private placement for various projects [43] Group 17 - Tongrun Equipment's major shareholders plan to reduce their holdings by up to 2% [44] - Linzhou Heavy Machinery plans to raise up to 600 million yuan through a private placement [46] Group 18 - China Merchants Securities announced the resignation of its vice president [47] - Shangsheng Electronics plans to issue convertible bonds to raise up to 330 million yuan for various projects [48] Group 19 - Longda Co., Ltd.'s major shareholder plans to reduce its stake by up to 1% [49] - China Medical plans to acquire 100% of Jinsui Technology for 302 million yuan [50] Group 20 - Silek has signed a strategic cooperation agreement with a battery manufacturer [51] - Boyun New Materials' major shareholder plans to reduce its stake by up to 3% [53]

一、股东会审议通过利润分配方案情况 转债"）仍处于转股期，公司拟以未来实施分配方案时股权登记日的总股本为基 数，向全体股东每 10 股派发现金人民币 1.2 元（含税），不转增股本，不送红 股。剩余未分配利润结转以后年度分配。在利润分配方案公告后至实施前，因可 转换公司债券转股、股份回购、股权激励行权等原因导致享有利润分配权的股份 总额变动的情形，则以权益分派实施时股权登记日的总股本为基数，按照分配比 例不变的原则调整分配总额。 超过两个月。 二、权益分派方案 证券代码：002815 证券简称：崇达技术 公告编号：2025-029 崇达技术股份有限公司 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。 召开 2024 年度股东会，审议通过了公司 2024 年度权益分派方案，现将权益分派 事宜公告如下： 年 5 月 22 日通过股东托管证券公司（或其他托管机构）直接划入其资金账户。 序号 股东账号 股东名称 在权益分派业务申请期间（申请日：2025 年 5 月 13 日至股权登记日：2025 年 5 月 21 日），如因自派股东证券账户内股份减少而导致委托中国结算 ...

Core Viewpoint - The market is highly focused on the development of Shennan Circuit, a leading company in the PCB industry, as evidenced by over a hundred institutions conducting on-site research [1] Group 1: Business Performance - In Q1 2023, Shennan Circuit achieved revenue of approximately 48 billion yuan and a net profit attributable to shareholders of about 5 billion yuan, both showing over 20% year-on-year growth [1][2] - The company's revenue for the first three months was 47.83 billion yuan, a 20.75% increase year-on-year, while the net profit was 4.91 billion yuan, up 29.47% year-on-year [2] - The growth in revenue and profit is attributed to increased demand in high-speed network communication, computing power, and the automotive electronics sector [2] Group 2: Product and Market Strategy - Shennan Circuit's PCB business focuses on communication devices, data centers, and automotive electronics, with a notable increase in orders from the wireless communication sector [2] - The company has a diverse range of packaging substrate products, which have seen improved demand, particularly in storage products [3] - The company is expanding its overseas market presence with a factory in Thailand, investing approximately 12.74 billion yuan to enhance global supply capabilities [1][7] Group 3: Financial Health and Expansion - As of the end of 2024, Shennan Circuit's total assets increased from 207.27 billion yuan in 2022 to 253.02 billion yuan [7] - The company maintains a healthy financial position with a debt ratio of 42.14% and cash reserves of 17.08 billion yuan as of March 2023 [7] - Shennan Circuit has a history of steady dividends, proposing a cash dividend of 7.69 billion yuan for 2024, with a payout ratio of 40.97% [8][9] Group 4: Industry Position - According to Prismark, Shennan Circuit is expected to rank fourth among global PCB manufacturers in 2024, an improvement of four positions from 2023 [6] - The company has demonstrated resilience in the PCB industry, achieving continuous revenue and profit growth since 2016, except for a decline in 2023 due to market fluctuations [3][4]

Core Points - The company has completed the registration of stock options under the 2024 stock option and restricted stock incentive plan, with a total of 785,700 stock options reserved for 90 individuals [1][2] - The stock options have a maximum validity period of 60 months, with a waiting period of 12 and 24 months for different tranches [2] - The estimated total expense for the stock options is approximately 14.86 million yuan, with annual amortization affecting net profit over the years 2025 to 2027 [3][4] Group 1: Stock Option Details - The stock option grant date is set for March 28, 2025, with the number of options adjusted from 827,700 to 785,700 due to three individuals voluntarily forfeiting their options [1] - The first exercise period allows for 50% of the options to be exercised after 12 months, while the second exercise period allows for the remaining 50% after 24 months [2] Group 2: Financial Impact - The company will recognize the cost of the stock options in its financial statements, with the fair value calculated using the Black-Scholes model [3] - The estimated accounting cost will impact net profit, but the incentive plan is expected to enhance employee motivation and operational efficiency, positively influencing company performance [4]

江苏协和电子股份有限公司 为保障江苏协和电子股份有限公司（以下简称"公司"）全体股东的合法权 益，维护股东大会的正常秩序，保证股东大会的议事效率，确保本次股东大会如 期、顺利召开，根据《中华人民共和国公司法》、 江苏协和电子股份有限公司 股票代码： SH605258 江苏协和电子股份有限公司 会议资料 二零二五年五月 江苏协和电子股份有限公司 股票代码： SH605258 江苏协和电子股份有限公司 股票代码： SH605258 《江苏协和电子股份有限公司章 程》、 《江苏协和电子股份有限公司股东大会议事规则》及中国证监会、上海证券 交易所的有关规定，特制定本须知。 一、股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东及股东代理人 的合法权益，除出席会议的股东及股东代理人、公司董事、监事、高级管理人员、 见证律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 三、出席现场会议的股东及股东代理人须在会议召开前半小时到达会议现场 办理签到手续，并请按规定出示证券账户卡、身份证明文件或营业执照/注册证 书复印件（加盖公章）、授权委托书以 ...

Core Viewpoint - Benkwan Intelligent (300964) plans to issue convertible bonds to raise funds for various projects, including the construction of a smart circuit product production facility and a PCB production base in Thailand, as well as to supplement working capital [1][2]. Group 1: Convertible Bond Issuance - The convertible bonds will be issued at a face value of RMB 100.00 each, with a term of 6 years and an annual interest payment structure [1]. - The total amount to be raised from the bond issuance is capped at RMB 49 million, which will be allocated to specific projects and working capital [2][3]. - The initial conversion price for the bonds will be determined based on the average trading price of the company's A-shares over the 20 trading days prior to the announcement [2]. Group 2: Project Funding Allocation - The funds from the bond issuance will be allocated as follows: - Zhuhai Shuo Hong's smart circuit product production project: Total investment of RMB 35.62 million, with RMB 33.45 million from the bond proceeds [3]. - Benkwan Intelligent's PCB production base in Thailand: Total investment of RMB 23.76 million, with RMB 10.55 million from the bond proceeds [3]. - Supplementing working capital: RMB 5 million [3]. - The total investment for all projects amounts to RMB 64.38 million, with the bond proceeds covering RMB 49 million [3]. Group 3: Financial Performance - For the fiscal year 2024, the company reported a revenue of RMB 596.10 million, a year-on-year increase of 16.67% [5][6]. - The net profit attributable to shareholders reached RMB 23.74 million, reflecting a significant increase of 391.81% compared to the previous year [5][6]. - The net profit after excluding non-recurring gains and losses was RMB 16.97 million, up 351.81% year-on-year [5][6]. - The cash flow from operating activities was RMB 28.18 million, showing a decrease of 62.22% compared to the previous year [5][6].

Event Overview - The company reported Q1 2025 revenue of 5.611 billion yuan, a year-over-year increase of 26.86% and a quarter-over-quarter decrease of 0.57% [1] - The net profit attributable to shareholders was 564 million yuan, up 43.76% year-over-year and up 53.82% quarter-over-quarter [1] - The non-recurring net profit was 560 million yuan, reflecting a year-over-year increase of 44.97% and a quarter-over-quarter increase of 54.46% [1] - The gross margin was 24.6%, an increase of 3.3 percentage points year-over-year and 2.51 percentage points quarter-over-quarter [1] - The net profit margin was 11.31%, up 2.18 percentage points year-over-year and 3.92 percentage points quarter-over-quarter [1] - The significant growth in Q1 performance was driven by increased sales volume and optimized sales structure in the copper-clad laminate segment, as well as growth in the circuit board sector due to rising demand for high-layer, high-precision, and high-density multi-layer printed circuit boards [1] Product Technology Planning - The company is proactively planning product technology and has received certifications from advanced end customers for various self-developed products, which are widely used in high-performance computing, AI servers, 5G antennas, and other electronic products [2] - Continuous R&D investment is being made in products such as halogen-free low-loss copper-clad laminates for next-generation server platforms and high thermal conductivity copper-clad laminates for 5G communication power supplies [2] - The company is well-positioned for future growth as downstream demand is expected to recover, leading to potential price increases in copper-clad laminates, which could enhance both performance and valuation [2] Investment Recommendations - The company is projected to achieve net profits attributable to shareholders of 2.704 billion yuan, 3.455 billion yuan, and 4.12 billion yuan for the years 2025, 2026, and 2027 respectively [3] - Based on the closing prices for 2025, 2026, and 2027, the price-to-earnings ratios are estimated to be 21.8, 17.1, and 14.3 times respectively [3] - The recommendation to maintain a "buy" rating reflects confidence in the company's growth trajectory [3]