Core Viewpoint - The company has established a three-year shareholder dividend return plan (2025-2027) to enhance shareholder returns and improve its profit distribution system [1] Group 1: Factors Considered in the Plan - The dividend return plan is based on a comprehensive analysis of the company's operational development, shareholder demands, social capital costs, and external financing environment [1] - The plan considers the company's current and future profitability, cash flow, developmental stage, funding needs, and external financing conditions [1] Group 2: Basic Principles of the Plan - The plan emphasizes investor returns while balancing the company's long-term interests and sustainable development [1] - It aims to establish a continuous, stable, and scientific return mechanism [1] Group 3: Specific Dividend Distribution Scheme - The company will implement an active, continuous, and stable profit distribution policy, prioritizing cash dividends [2] - The distribution methods include cash, stock, or a combination of both, with cash dividends being the preferred option [2] - The company plans to distribute at least 30% of the average distributable profit from the last three years in cash over the next three years [2] Group 4: Cash Dividend Conditions - Cash dividends will be implemented when the net profit after reserves is positive and cash flow is sufficient [2] - The company will conduct annual cash dividends under the condition that profit distribution requirements are met [2] Group 5: Decision-Making Process and Implementation Mechanism - The profit distribution plan requires approval from the board of directors and the supervisory board, with independent directors' opinions considered [4] - The company will communicate with public investors, especially minority shareholders, before the shareholder meeting to gather their opinions [4][6] Group 6: Adjustment of Profit Distribution Policy - The company may adjust its profit distribution policy as needed, ensuring that adjustments do not harm shareholder rights [5] - Any proposed adjustments must be approved by the board and the shareholder meeting [5][6] Group 7: Information Disclosure - The company is required to disclose the cash dividend policy and its execution status in the annual report, including reasons for not distributing dividends if applicable [6] - The company must ensure that minority shareholders have opportunities to express their opinions and that their rights are protected [6]

Group 1 - The company reported a total order backlog of 2.813 billion (un-taxed) as of June 30, 2025, representing a year-on-year increase of 69.24% [1] - The order backlog in the IC semiconductor sector amounted to 1.135 billion (un-taxed), while the precision manufacturing sector had an order backlog of 569 million (un-taxed), and the optoelectronics and other sectors totaled 1.109 billion (un-taxed) [1] - The company operates in a stable industry with steady business growth, which contributes to the increase in order backlog [1] Group 2 - The company emphasizes that the order backlog may fluctuate monthly due to various factors, including statistical differences and tax considerations [1] - The execution of the reported order backlog is subject to various influences, including force majeure, which introduces uncertainty regarding the impact on the company's current and future performance [1]

Performance Forecast - The company expects a net profit attributable to shareholders of approximately 49.3 million to 53 million yuan for the period from January 1, 2025, to June 30, 2025, representing a year-on-year increase of 46.61% to 57.61% compared to 33.63 million yuan in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 49.1 million and 52.8 million yuan, reflecting a year-on-year growth of 48.58% to 59.78% from 33.05 million yuan [1] - The basic earnings per share are estimated to be between 0.46 yuan and 0.50 yuan, compared to 0.31 yuan per share in the previous year [1] Reasons for Performance Change - The company has actively expanded its production capacity and continuously developed customer resources, which has driven revenue growth [1] - Ongoing implementation of lean improvement measures has further enhanced profitability, resulting in steady growth in operating profit [1]

Fundraising Overview - The company has issued 21,374,181 convertible bonds with a face value of RMB 100 each, raising a total of up to RMB 2,137,418,100, netting RMB 2,116,023,100 after deducting fees [1][2] - The funds are expected to be in place by November 22, 2024, and have been verified by a certified public accountant [1] Fund Allocation Adjustments - The company has made adjustments to the allocation of the raised funds, reducing the investment in the "Tianxin Manufacturing Center Construction Project" from RMB 471.82 million to RMB 165 million [2] - The "Pinghu Manufacturing Center Construction Project" has been renamed to "Pinghu Base Construction and Power Management Product Expansion Project" with a change in implementation location [2] - The funding for the "Carbon Fiber and Heat Dissipation Precision Parts R&D Production Project" has been adjusted, and a new project for "Key Components and Complete Machine Upgrading for Humanoid Robots" has been added with an allocation of RMB 50 million [2] Fund Management and Supervision - The company has established a special account for the raised funds and signed a tripartite supervision agreement with the bank and the sponsor to ensure proper management and usage of the funds [3][4] - The agreement stipulates that the funds must be used solely for the designated projects and outlines the supervisory responsibilities of the involved parties [5][6]

Group 1 - The stock price of Tonglian Precision (688210) closed at 24.21 yuan on July 4, 2025, down 3.16% with a turnover rate of 3.63% and a trading volume of 58,100 shares, amounting to a total transaction value of 142 million yuan [1] - On July 4, 2025, the net inflow of funds for Tonglian Precision showed that institutional funds had a net inflow of 13.15 million yuan, accounting for 9.24% of the total transaction value, while retail investors had a net outflow of 29.20 million yuan, accounting for 20.53% of the total transaction value [2][4] - The company announced a cash dividend distribution plan for the year 2024, proposing a cash dividend of 1.50 yuan per 10 shares (including tax), with a total distribution amount of 23.51 million yuan (including tax) [2][4] Group 2 - The actual participating share capital for the dividend distribution is 156,755,846 shares after deducting 3,485,463 shares held in the company's repurchase account [2] - The ex-dividend date and cash dividend payment date are set for July 10, 2025, with the record date for shareholders being July 9, 2025 [2] - The verification by Guojin Securities confirmed that the differentiated equity distribution plan complies with relevant laws and regulations and does not harm the interests of the listed company and all shareholders [3]

Core Viewpoint - Recently, leading companies in the A-share market have initiated a trend of going public in Hong Kong, with Luxshare Precision announcing plans for an H-share IPO to enhance its global strategy and financing capabilities [1][3]. Group 1: IPO Plans and Strategic Goals - Luxshare Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange, aiming to deepen its global strategy and improve governance transparency [1][3]. - The company is in discussions with intermediaries regarding the specifics of the H-share issuance, with no changes expected in the control of the company [3]. - The H-share issuance is subject to approval from the board, shareholders, and regulatory bodies, indicating a level of uncertainty in the process [5][6]. Group 2: Significance of the Hong Kong Listing - The Hong Kong market, as an international financial center, offers a diverse investor base and capital market, which will help Luxshare expand its financing channels for overseas business and technology development [7]. - The listing will also allow the company to utilize flexible equity incentive tools to attract and retain high-caliber talent for its global development [7]. Group 3: Business Overview and Growth - Luxshare Precision is a leading precision manufacturing company focused on components and systems integration in consumer electronics, automotive electronics, and communication/data center sectors [11][12]. - The company has seen over 50% growth in its Apple-related business over the past two years, participating in the manufacturing of key Apple products [13]. - The automotive sector is a key growth area, with collaborations with major domestic automakers like Chery and GAC, aiming to enhance its Tier 1 business [14]. Group 4: Financial Performance - In 2024, Luxshare reported revenue of 268.79 billion yuan, a year-on-year increase of 15.91%, and a net profit of 13.37 billion yuan, up 22.03%, marking record highs for both metrics [18][19]. - For Q1 2025, the company achieved revenue of 61.79 billion yuan, a 17.9% increase year-on-year, and a net profit of 3.04 billion yuan, up 23.17% [20].

Group 1 - The core focus of the North Exchange's IPO review is on the innovation capabilities and competitive advantages of the companies applying for listing [1][4] - In the first half of the year, the North Exchange received a total of 115 IPO applications, an increase compared to the same period in the last three years [2][8] - The review process emphasizes the authenticity of performance and the intended use of raised funds, with specific inquiries into companies' claims of technological advancement [1][4] Group 2 - June was a peak month for IPO applications, with 97 applications received, accounting for over 80% of the total for the first half of the year [2] - The majority of the newly accepted IPO companies reported strong performance, with revenues generally exceeding 300 million and net profits over 60 million in the past year [2] - Out of the 115 companies, more than 80% (95 companies) are still in the acceptance stage, with 12 entering the inquiry phase [2][3] Group 3 - Companies are required to provide quantitative evidence for their claims of technological leadership and innovation [4] - Performance fluctuations are another key area of inquiry, with companies needing to explain any declines in revenue and net profit [5][6] - The North Exchange is particularly attentive to companies that have made significant cash distributions prior to listing, which could raise red flags during the review process [9] Group 4 - The North Exchange has established specific standards for evaluating the innovation attributes of IPO applicants, focusing on R&D intensity and investment [8] - The exchange has a negative list for companies that engage in practices like excessive pre-IPO cash dividends, which could lead to automatic rejection [9] - The evaluation of innovation is now a collaborative effort involving the exchange, local regulatory bodies, and intermediary institutions [8]

Group 1 - The Shanghai and Shenzhen Stock Exchanges plan to adjust the price fluctuation limit for risk-warning stocks on the main board from 5% to 10%, aligning it with other main board stocks [1] - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted on the ChiNext board, indicating increased inclusivity for quality unprofitable enterprises [2] - The National Medical Products Administration approved the launch of the GLP-1 weight loss drug, Masitide, for long-term weight control in adults with obesity or overweight [2] Group 2 - Citic Qingdao Asset Management Co., Ltd. is offering 66.67% of its shares for sale with a starting price of approximately 30.14 billion yuan, marking a significant transaction in the asset management sector [3] - The market regulator has exposed a list of companies involved in severe illegal competition, aiming to deter such practices and promote a better market order [3] - Ideal Auto expects to deliver approximately 108,000 vehicles in the second quarter of 2025, a revision from its previous forecast of 123,000 to 128,000 vehicles [4] Group 3 - The resignation of Zeng Cong from the position of chairman at Sichuan Yibin Wuliangye Supply Co., Ltd. has been confirmed, with Xue Pengcheng taking over [5] - JD.com has entered the hotel and travel market with a "zero commission" policy, but the response from major hotel groups has been relatively muted compared to its aggressive entry into the food delivery sector [6][7] - Tianfeng International Securities is focusing on virtual asset research and has invested significant resources in this area, aiming to expand its tokenization business [7] Group 4 - Citibank's Macau branch will cease operations due to ongoing financial losses, with plans to continue serving customers through its Hong Kong branch [8] - Gong Qihua has been appointed as the chairman of China Post Securities, with a focus on achieving high-quality development [8] - Dongguan Financial Holdings Group has been approved to become the largest shareholder of Dongguan Securities, acquiring 12.9% of the company's shares [8] Group 5 - Zijin Mining International plans to apply for an IPO in Hong Kong, aiming to raise between 1 billion to 2 billion USD [9] - Defu Technology's subsidiary has signed a supply agreement for lithium battery copper foil with leading companies in the photovoltaic and consumer battery industries [9] - Binjiang Group has successfully acquired two residential land parcels for a total price of 4.368 billion yuan [10] Group 6 - Inner Mongolia First Machinery Group's subsidiary has signed a railway freight car procurement contract worth 130 million yuan with China National Railway Group [11] - Sega Technology's subsidiary has temporarily suspended production due to ongoing losses, with future production decisions dependent on market conditions [12] - The Shanghai Composite Index experienced a decline of 0.7%, with nearly 20 bank stocks dropping over 3% [13]

Core Viewpoint - Lixun Precision has undergone a transformative journey over the past decade, achieving a tenfold increase in market value and expanding its business from components to high-end assembly in the consumer electronics sector, while also diversifying into automotive and AI communication markets [1][2]. Group 1: Consumer Electronics Business - Lixun Precision established a foundation for AirPods production by acquiring Suzhou Meite in 2016 and became a core assembler for AirPods in 2017 [1]. - The company expanded into iPhone assembly by acquiring Wistron assets in 2020 and secured exclusive orders for VisionPro and iPhone Pro Max in 2023 and 2024, respectively [1]. - The company emphasizes risk mitigation by diversifying its business and is focusing on emerging markets, particularly in automotive and AI communication sectors, which are expected to grow similarly to the rapid expansion seen in consumer electronics from 2016 to 2017 [1]. Group 2: Automotive Business Expansion - Lixun Precision entered the automotive electronics and parts sectors through acquisitions in 2012 and 2013, which have facilitated the development of complex precision components and vehicle wiring harnesses [2]. - The company is positioned to benefit from the robust growth of the automotive supply chain in China, with expectations of double-digit growth rates, potentially exceeding 50% in the coming years [2]. - Collaborations with major domestic automakers like Chery and GAC have elevated Lixun's Tier 1 business, with plans for further development of ODM platforms and core component business [2]. Group 3: Strategic Acquisitions - In September 2024, Lixun Precision announced a significant acquisition of a 50.1% stake in the German automotive wiring harness manufacturer Leoni for approximately €5.25 billion, enhancing its competitive edge in the global automotive wiring harness market [3]. - This acquisition is expected to facilitate resource sharing and strategic collaboration, positioning Lixun to provide integrated services to both Chinese and traditional overseas automotive companies [3]. - The automotive business is projected to reach a scale of over 10 billion in 2024, leveraging Lixun's capabilities in consumer electronics and advanced manufacturing [3]. Group 4: AI and Innovation - Lixun Precision has been strategically positioned in the AI sector for over a decade, focusing on server-related electrical connections, optical modules, power supplies, and thermal management [4]. - The company has achieved mass production of 224G high-speed cable products and is set to begin pre-research on 448G products in January 2024 [4]. - Lixun's power module and thermal management products are expected to significantly outperform industry averages, with anticipated revenue and profit doubling in 2025 [4]. Group 5: Optical Modules and Connectivity - Lixun Precision currently possesses the capability to supply optical modules with specifications of 1.6T and higher, leveraging its leadership in electrical connection technology to deepen customer relationships [5]. - The company is making strides in high-speed interconnects, entering the supply chains of major global cloud providers and equipment manufacturers, while also advancing collaborative projects with clients [5]. - Intel's investment in Lixun Technology is expected to complement the company's advantages in high-speed interconnects, facilitating further expansion in the communications sector and overseas server markets [5].

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 1.63 per 10 shares, totaling RMB 10,106,000.00, to be distributed to all shareholders [1][2][3] Summary by Sections Dividend Distribution Plan - The company will distribute a cash dividend of RMB 1.63 per 10 shares based on a total share capital of 62,000,000 shares, amounting to a total cash dividend of RMB 10,106,000.00 [1][2] - No bonus shares will be issued, and there will be no capital reserve fund conversion into share capital [1][2] Taxation Details - For Hong Kong market investors and certain foreign institutions, the cash dividend will be RMB 1.467 per 10 shares after tax [2] - A differentiated tax rate will apply for individual shareholders based on their holding period, with specific tax amounts outlined for different scenarios [2] Key Dates - The record date for the dividend distribution is set for July 2, 2025, and the ex-dividend date is July 3, 2025 [2][3] Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their securities companies or other custodians [3] Adjustments and Commitments - The company has made commitments regarding the minimum selling price of shares post-dividend distribution, which will be adjusted accordingly [4] - The adjustments will also apply to restricted stock grants and repurchase prices [4]