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].

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]

Group 1: Business Operations and Growth - The company is actively expanding its operations in Thailand, focusing on AI power supplies and automotive electronics, with a successful breakthrough in DC-DC product technology [1] - Orders in the server power supply sector are growing well, aligning with industry trends and the company's strategic planning [2] - The second phase of the factory in Jiangxi commenced construction in April to increase production capacity [2] Group 2: Financial Performance and Shareholder Concerns - The company has no current plans for share buybacks but will consider future needs based on market conditions and financial status [2][4] - There are expectations for the company to achieve profits exceeding 300 million in 2025, although this is subject to confirmation in regular reports [2] - The company is monitoring the impact of NVIDIA's product restrictions on its operations, but currently, there is no direct effect [2] Group 3: Strategic Focus - The company has no plans for mergers or acquisitions at this time, preferring to concentrate on optimizing existing operations and market expansion [4]

Financial Performance - In Q1 2025, the company's operating revenue reached 341 million CNY, a year-on-year increase of 43.09% [2] - The net profit attributable to shareholders was 28 million CNY, reflecting a significant year-on-year growth of 313.78% [2] Strategic Initiatives - The company plans to enhance competitiveness through four key areas: smart manufacturing, product R&D, market development, and talent development [2] - Ongoing projects are gradually ramping up, with HDI products entering mass production to meet market demand [2] Future Development Strategy - The strategic goal is to become a benchmark enterprise in the global electronic circuit industry, focusing on high precision circuit boards [3] - The company aims to strengthen cooperation with top global enterprises and enhance product innovation, particularly in automotive electronics, consumer electronics, and communication electronics [3] - Plans to increase production capacity through ongoing investment projects and international expansion, particularly in Thailand [3] Shareholder Relations - As of now, the major shareholder has no plans for share reduction, and any future plans will comply with legal disclosure obligations [3] - The company is committed to improving information disclosure quality and investor relations management to enhance market recognition [2][3]

Meeting Overview - The annual general meeting of Shenzhen Jingwang Electronics Co., Ltd. was held on May 20, 2025, at the company's headquarters in Shenzhen [2] - The meeting was convened by the board of directors and chaired by Mr. Liu Shaobai, with a combination of on-site and online voting methods [2] Attendance - Out of 9 current directors, 8 attended the meeting, with one director absent due to work commitments [3] - All 3 current supervisors and the board secretary attended the meeting, along with all senior management [3] Resolutions Passed - The following resolutions were approved during the meeting: 1. 2024 Board of Directors Work Report [4] 2. 2024 Supervisory Board Work Report [4] 3. 2024 Annual Report and its Summary [5] 4. 2024 Financial Settlement Report [5] 5. 2024 Profit Distribution Plan [5] 6. Proposal for the Shareholder Dividend Return Plan for the next three years (2025-2027) [5] 7. Proposal for applying for comprehensive credit from banks and providing guarantees for subsidiaries in 2025 [5] 8. Proposal for conducting asset pool business [5] Voting Process - All resolutions were passed using a non-cumulative voting method, with special resolutions (items 6, 7, and 8) requiring approval from over two-thirds of the voting rights held by attending shareholders [5] Legal Verification - The meeting was witnessed by Beijing Guantao (Shenzhen) Law Firm, confirming that the convening and proceedings of the meeting complied with relevant laws and regulations [6] - The legal opinion concluded that the qualifications of attendees and the convenor were valid, and the voting procedures and results were legally effective [6]

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]

Core Viewpoint - Shenzhen Fastprint Circuit Technology Co., Ltd. has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 0.3 RMB per 10 shares, approved by the shareholders' meeting on May 16, 2025 [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan involves a cash dividend of 0.3 RMB per 10 shares (including tax), with no bonus shares or capital increase from reserves. The total cash dividend amounts to approximately 50.62 million RMB, calculated based on the total share capital of 1,689,600,801 shares [1][2]. Dividend Calculation - The cash dividend per share is calculated as 0.0299573 RMB, derived from the total cash dividend divided by the total share capital. For every 10 shares, the cash dividend is approximately 0.299573 RMB [2]. Shareholder Eligibility - The dividend distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of May 27, 2025 [3]. Important Dates - The record date for the dividend distribution is May 27, 2025, and the ex-dividend date is May 28, 2025 [3]. Adjustment of Convertible Bonds - Following the dividend distribution, the conversion price of the company's convertible bonds (code: 128122) will be adjusted from 13.38 RMB to 13.35 RMB per share, effective from May 28, 2025 [4].

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, with increases compared to Q4 2024 and Q1 2025 [1] Group 2: FC-BGA Packaging Substrate Technology and Project Progress - The company has achieved mass production capability for FC-BGA packaging substrates with 20 layers and below, with ongoing sample certification processes. R&D and sampling for products with over 20 layers are progressing as scheduled [1] - The first phase of the Guangzhou packaging substrate project was connected in Q4 2023, with production capacity steadily increasing. The project has begun to receive bulk orders for BT and some FC-BGA products, although it is still in the early stages of capacity ramp-up, impacting profits negatively [1] Group 3: PCB Business Expansion Plans - The PCB business has factories in Shenzhen, Wuxi, Nantong, and a factory under construction in Thailand. The company is enhancing capacity through technological upgrades at existing factories and is advancing the Nantong Phase IV project to establish an HDI technology platform [2] - The company plans to rationally allocate business capacity based on its operational plans and market demand [2] Group 4: Thailand Factory Investment and Business Positioning - The total investment for the Thailand factory is 1.274 billion RMB (approximately equivalent in foreign currency), with basic engineering construction progressing on schedule. The production timeline will depend on future construction progress and market conditions [3] - The Thailand factory will have capabilities in high-layer and HDI PCB technologies, aiding the company in expanding its overseas market and meeting international customer demands [3] Group 5: Raw Material Price Changes and Impact - Key raw materials include copper-clad laminates, prepregs, copper foil, gold salt, and inks. In Q1 2025, prices for some raw materials, such as gold salt, increased year-on-year and also showed a rise compared to Q4 2024 due to commodity price fluctuations [4] - The company will continue to monitor international commodity price changes and maintain active communication with suppliers and customers regarding raw material price transmission [4] Group 6: Compliance and Disclosure - The company adhered strictly to the "Information Disclosure Management System" during the research process, ensuring no significant undisclosed information leakage occurred [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 5.817 billion yuan for 2024, an increase of 8.53% year-on-year, but a net profit attributable to shareholders of -198 million yuan, a decrease of 193.88% year-on-year. For Q1 2025, the revenue was 1.580 billion yuan, up 13.77% year-on-year, while the net profit attributable to shareholders was 9 million yuan, down 62.24% year-on-year [2][6]. - The PCB business showed growth, but significant investments in expenses led to losses. The revenue from PCB, semiconductor test boards, and packaging substrates for 2024 was 4.300 billion yuan, 169 million yuan, and 1.116 billion yuan, with year-on-year growth rates of +5.11%, -36.21%, and +35.87% respectively [11]. - The FCBGA project is expanding, with an overall investment exceeding 3.5 billion yuan, and the project has entered small batch production. The company aims to complete product certification for overseas clients by 2025 [11]. Summary by Sections Financial Performance - In 2024, the total revenue was 58.17 billion yuan, with a gross profit of 9.23 billion yuan, resulting in a gross margin of 16%. The net profit attributable to shareholders was -1.98 billion yuan [16]. - For 2025, the projected revenues are 62.62 billion yuan, 74.54 billion yuan, and 84.09 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 1.09 billion yuan, 3.65 billion yuan, and 4.35 billion yuan [16]. Business Segments - The PCB segment generated 4.300 billion yuan in revenue, with a gross margin of 26.96%. The semiconductor test board segment had a revenue of 169 million yuan, with a gross margin of 37.38%. The packaging substrate segment generated 1.116 billion yuan, but with a negative gross margin of -43.86% [11]. - The company is focusing on upgrading PCB products and breaking into strategic large clients, which is expected to improve product profitability [11]. Future Outlook - The semiconductor packaging substrate business is expected to become a new growth driver, with established partnerships with major domestic and international clients. The company anticipates benefiting from high industry demand as new capacities come online [11].

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]