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 improved demand in the storage sector, with capacity utilization increasing compared to Q4 2024 and Q1 2025 [1] Group 2: Product Development and Project Progress - The company has achieved mass production capability for packaging substrates with up to 20 layers, and the technical development for products with over 20 layers is progressing as scheduled [1] - The Guangzhou packaging substrate project has entered its first phase, with production capacity steadily increasing and batch orders for BT and some FC-BGA products being accepted, although it is still in the early stages of capacity ramp-up [1][2] Group 3: Client Base and Market Position - The packaging substrate business serves a diverse client base, including IDM (Integrated Device Manufacturers), Fabless (semiconductor design companies), and OSAT (Outsourced Semiconductor Assembly and Test) manufacturers [3] Group 4: Expansion Plans and Technological Capabilities - The PCB business is expanding with factories located in Shenzhen, Wuxi, Nantong, and a new facility under construction in Thailand. The company is upgrading existing PCB factories to enhance capacity and is progressing with the Nantong Phase IV project to establish an HDI technology platform [4] - The company’s PCB business utilizes HDI technology, which allows for high-density wiring, primarily applied in communication, data centers, industrial control medical, and automotive electronics sectors [5] Group 5: Investment and Market Strategy - The total investment for the Thailand factory is 1.274 billion RMB, with construction progressing on schedule. The factory will have capabilities in high-layer and HDI PCB technologies, aiding in expanding overseas market reach [6] Group 6: Raw Material Price Trends - Key raw materials include copper-clad laminates, prepregs, copper foil, gold salts, and inks. In Q1 2025, prices for some raw materials, such as gold salts, increased year-on-year and compared to Q4 2024 due to commodity price fluctuations [7] Group 7: Compliance and Disclosure - The company adhered to the "Information Disclosure Management System" during the research process, ensuring no significant undisclosed information leaks occurred [8]

证券代码：301251 证券简称：威尔高 江西威尔高电子股份有限公司投资者关系活动记录表 编号：2025 -002 | 投资者关系活动 | | □特定对象调研□分析师会议 | | --- | --- | --- | | 类别 | □媒体采访√业绩说明会 | | | | □新闻发布会□路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 2025 年 5 月 21 日 (周三) 下午 14:30~17:00 | | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人 | 1、总经理陈星 | | | 员姓名 | 2、董秘贾晓燕 | | | | 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | | 1、泰国工厂目前超能安排怎么样，二次电源产品目前出货 | | | | 量怎么样，台达电认证通过了吗？ | | | | ...

证券代码：301132 证券简称：满坤科技 证券代码：301132 证券简称：满坤科技 吉安满坤科技股份有限公司 证券代码：301132 证券简称：满坤科技 多种方式传递公司价值信息，提升资本市场对公司的认同，为 广大投资者创造价值回报。感谢您的关注！ 2、8 月公司将有大量原始股解禁，请问大股东有减持计 划吗？ 答：投资者您好，截至目前公司大股东暂无减持安排，公 司大股东后续如有相关的减持计划，将严格按照相关法律法规 及承诺及时履行信息披露义务，谢谢。 3、公司未来的发展战略如何？ 答：投资者您好，公司的发展战略目标为：发扬"以客户 为聚点，以质量为生命，以革新为动力，追求卓越，实现股东 权益、员工利益和社会责任"的经营宗旨，秉承"奋斗、革新、 坚守、朴实"的价值观，立足于高精密电路板产业广阔的市场 空间和历史机遇，以高增长、高效率、智能化为发展基调，加 强与全球一流企业（客户和供应商）的深度合作，致力于实现 "成为全球电子电路行业具有影响力的标杆企业"的愿景。公 司将继续立足印制电路板行业，坚持以技术研发为驱动，加强 产品创新，持续跟踪下游行业的发展趋势和客户应用需求，力 争在汽车电子（新能源汽车、自动驾 ...

Group 1 - The legal opinion letter confirms that the 2024 annual general meeting of shareholders for Changzhou Aohong Electronics Co., Ltd. was convened and conducted in accordance with relevant laws and regulations [2][6][12] - The meeting was announced 20 days prior, with details including the type of meeting, convenor, voting methods, and agenda published [3][4] - A total of 87 shareholders and their proxies attended the meeting, representing 100,759,100 shares, which is 70.4984% of the total voting shares [4][5] Group 2 - The voting process combined both on-site and online methods, with results announced immediately after voting concluded [6][12] - The voting results showed a high level of agreement on the proposals, with the majority of votes in favor, such as 99.4519% for one of the resolutions [6][7][9] - The meeting's resolutions were deemed legally valid and effective, complying with the Company Law and other relevant regulations [12]

证券代码：002436 证券简称：兴森科技 公告编号：2025-05-028 深圳市兴森快捷电路科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）2024 年度利润分配方案已 经 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过的利润分配方案 议通过，同意以利润分配方案未来实施时股权登记日的股本总数为基数，扣除回购专户持有的 股份数量，向全体股东每 10 股派发现金股利 0.3 元（含税），不送红股，不以公积金转增股 本。如后续公司股本发生变动，公司将按照分配比例固定的原则对分配总金额进行调整。 年年度股东大会决议公告》（公告编号：2025-05-026）详见《证券时报》《中国证券报》《上 海证券报》《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）。 至本次权益分派股权登记日 2025 年 5 月 27 日期间暂停转股。截至本次权益分派股权登记日， 公司总股本为 1,689,600,801 股 ...

1 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：2025-20 Q5、请介绍原材料价格变化情况及对公司的影响。 Q3、请介绍公司 PCB 业务近年来扩产规划。 公司 PCB 业务在深圳、无锡、南通及泰国（工厂在建）均设有工厂。一方面，公司通过 对现有成熟 PCB 工厂进行技术改造和升级，打开瓶颈，提升产能；另一方面，公司有序推 进南通四期项目建设，构建 HDI 工艺技术平台和产能，目前正在推进项目基础工程建设。公 司将结合自身经营规划与市场需求情况，合理配置业务产能。 Q4、请介绍公司泰国工厂投资规模及业务定位。 公司在泰国工厂总投资额为 12.74 亿元人民币/等值外币。目前基础工程建设按期有序推 进中，具体投产时间将根据后续建设进度、市场情况等因素确定。泰国工厂将具备高多层、 HDI 等 PCB 工艺技术能力，其建设有利于公司进一步开拓海外市场，满足国际客户需求， 完善产品在全球市场的供应能力。 投资者关系 活动类别 √特定对象调研 □分析师会议 □现场参观 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □其他 （ ） 活动参与人 员（排名不 分先后） ...

丨证券研究报告丨 公司研究丨点评报告丨兴森科技（002436.SZ） [Table_Title] 兴森科技：营收实现增长，坚定发展半导体业务 报告要点 [Table_Summary] 近期兴森科技发布 2024 年年报和 2025 年一季度报告。 2024 年公司实现营收 58.17 亿元，同比增加 8.53%；实现归母净利润-1.98 亿元，同比减少 193.88%。2025Q1 公司实现营收 15.80 亿元，同比增加 13.77%；实现归母净利润 0.09 亿元， 同比减少 62.24%。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 兴森科技（002436.SZ） cjzqdt11111 [Table_Title2] 兴森科技：营收实现增长，坚定发展半导体业务 近期兴森科技发布 2024 年年报和 2025 年一季度报告。 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 ...

Core Viewpoint - The PCB industry is experiencing a recovery trend, characterized by structural growth due to the rapid development of emerging industries such as artificial intelligence and smart vehicles, with high-end product demand growing over 10% [1] Group 1: Company Performance - In 2024, the company achieved revenue of 3.266 billion yuan, a year-on-year increase of 12.11%, while net profit was -236 million yuan, a year-on-year reduction in losses by 58.29% [1] - The revenue growth was primarily driven by the ramp-up of production capacity at the Jiangsu Bomin Phase II factory and increased focus on high-end products in AI data centers and smart automotive sectors [1][3] Group 2: Market Trends - The global PCB industry is shifting towards high precision, high density, and high reliability, with high-end PCB products like HDI boards and IC substrates gaining market share due to demand from sectors such as servers, new energy vehicles, and consumer electronics [2] - The company has a 34% market share in the HDI sector and plans to increase the shipment ratio of high-end HDI boards through fundraising projects [2] Group 3: Future Growth Drivers - Future profitability growth will be driven by focusing on high-value products in AI, high-speed communication, and smart automotive sectors, leveraging new production facilities [3] - The company aims to enhance operational efficiency through internal management optimization, supply chain improvements, and cost control measures [4]

Group 1: Company Overview and Strategy - The company focuses on differentiated product competition strategy, relying on technology, management, and service advantages to maintain a balanced product layout and high-end differentiated products [3] - The top five customers reported significant revenue growth in 2024, emphasizing the company's long-term sustainable interests over short-term gains [3] - The company aims to enhance its resilience and competitive advantage through technological innovation and a diversified customer structure [3] Group 2: Capital Expenditure and Market Demand - Increased demand for AI-driven servers and high-speed network infrastructure has led to a rise in market opportunities, with the company investing heavily in key processes [4] - In Q1 2025, the company reported cash outflows of approximately 658 million for fixed assets and long-term assets [4] - A new project for AI chip-compatible high-end printed circuit board expansion is planned with a total investment of approximately 4.3 billion RMB, expected to enhance high-end product capacity [4] Group 3: Industry Challenges and Opportunities - The automotive PCB market faces oversupply in low-end segments, price competition, and fluctuating raw material costs, while also experiencing growth and increased competition [7] - The shift towards smart vehicles is accelerating, with companies focusing on L2-level assisted driving and smart cockpit technologies [7] - The company is leveraging its long-standing expertise in communication equipment and automotive electronics to enhance collaboration with clients in the new energy vehicle sector [7] Group 4: Production and Operational Efficiency - The company is transitioning its Thailand production base from trial to mass production, aiming to achieve expected production efficiency and product quality [8] - Efforts are being made to control initial costs through refined cost management and establish risk warning mechanisms for overseas operations [8]