Core Viewpoint - The report outlines the continuous supervision and guidance provided by Minsheng Securities for Shenzhen Xunjiexing Technology Co., Ltd. after its listing, emphasizing the company's compliance with regulations and the challenges it faces in the PCB industry [1][2][3]. Continuous Supervision Work - Minsheng Securities has established a comprehensive supervision system and executed a work plan to monitor Xunjiexing's operations, ensuring compliance with laws and regulations [2][3]. - The supervision includes regular communication, site inspections, and due diligence to understand the business situation of Xunjiexing [2][3]. - No violations or breaches of commitments were reported during the supervision period [3]. Financial Performance - In 2024, the company's revenue was 47,458.50 million RMB, a 2.26% increase from 2023 [12]. - The net profit attributable to shareholders was -197.40 million RMB, a significant decline compared to 1,346.97 million RMB in 2023, marking a 114.65% decrease [12][13]. - The net profit after deducting non-recurring gains and losses was -710.19 million RMB, down 213.27% year-on-year [12][13]. Industry Challenges - The PCB industry is experiencing intense price competition, leading to high fixed costs and underutilization of production capacity for Xunjiexing [5]. - The company faces risks related to core competitiveness, as continuous R&D and process improvements are essential for maintaining market position [5][6]. - There is a significant reliance on raw material prices, which can impact operational costs and profitability [7]. Core Competitiveness - Xunjiexing specializes in PCB prototypes and small-batch production, with a focus on high-difficulty, customized products [14][15]. - The company has developed a comprehensive technical system to meet diverse customer needs, including various specialized PCB technologies [16][17]. - The company has established a robust quality control system to ensure product quality and timely delivery [18]. R&D Investment - The company invested 3,213.67 million RMB in R&D in 2024, reflecting its commitment to innovation [19]. - The R&D expenditure as a percentage of revenue was 6.77%, slightly down from 7.00% in the previous year [13]. Use of Raised Funds - As of December 31, 2024, the company had a net amount of 20,005.52 million RMB from fundraising, with no violations in the use of these funds [19].

Core Viewpoint - The company announces the implementation of the early redemption of its convertible bonds, highlighting the significant difference between the market price and the redemption price, urging bondholders to convert their bonds within the specified period to avoid potential losses [1][5]. Group 1: Convertible Bond Redemption Details - The company will redeem the convertible bonds at a price of 100.19 yuan per bond (including tax) [1][6]. - The redemption was triggered as the company's stock price met the condition of being at least 130% of the conversion price (36.17 yuan) for at least 15 out of 30 consecutive trading days [5][4]. - The redemption period is set from January 17, 2025, to February 28, 2025, during which bondholders are advised to convert their bonds to avoid losses [1][5]. Group 2: Convertible Bond Issuance and Terms - The company issued convertible bonds with a total amount of 520 million yuan, and they began trading on November 3, 2023 [3][2]. - The conversion period for these bonds starts on April 20, 2024, and ends on October 15, 2029 [3][4]. - The initial conversion price was set at 36.44 yuan per share, which was later adjusted to 27.93 yuan per share due to market conditions [3][4]. Group 3: Redemption Process and Procedures - The redemption price includes accrued interest calculated based on a 0.40% annual coupon rate, resulting in a total redemption price of 100.19 yuan per bond [6][5]. - The redemption will be executed for all bondholders registered with the China Securities Depository and Clearing Corporation by the close of trading on April 10, 2025 [6][7]. - The redemption funds will be transferred to the bondholders' accounts on April 18, 2025 [7][6].

深圳市景旺电子股份有限公司 2025 年度"提质增效重回报"行动方案 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步 提高上市公司质量的意见》及《关于加强监管防范风险推动资本市场高质量发展 的若干意见》、中国证监会《上市公司监管指引第 10 号——市值管理》要求，积 极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》， 推动上市公司高质量发展、保护投资者尤其是中小投资者的合法权益，深圳市景 旺电子股份有限公司（以下简称"公司"或"景旺电子"）结合公司经营实际和 发展战略，制定了 2025 年度"提质增效重回报"行动方案，并于 2025 年 2 月 26 日召开第四届董事会第二十六次会议审议通过，具体内容如下： 二、发展新质生产力，提升研发实力和运营效能 技术创新是公司高质量发展的源动力和重要抓手，公司持续开展以市场需求 为导向的技术创新工作。公司从组织架构、人员配备、激励机制等多个方面搭建 了完整的研发创新体系，建立了以市场为导向的合作研发机制，结合公司实际需 求，积极与外部高校、科研机构及行业头部客户开展新产品开发、生产工艺改造、 人才培养等方面的合作交流。截至 2 ...

Financial Data and Key Indicators Changes - The PCB industry in mainland China is experiencing rapid growth, becoming the largest production base globally due to the transfer of PCB capacity and the booming downstream electronic terminal manufacturing [12][22] - In 2023, the revenue for Huadian Co. was 89.4 billion, with a growth rate of 7%, while ShenNan Circuit's revenue was 135.3 billion, showing a decline of 3% [23] - Huadian Co. reported a net profit of 15.1 billion in 2023, an increase of 11%, while ShenNan Circuit's net profit decreased by 15% to 14.0 billion [23] Business Line Data and Key Indicators Changes - Huadian Co.'s PCB products focus on communication equipment, data center infrastructure, and automotive electronics, with AI server-related products accounting for 21.13% of its revenue [25] - ShenNan Circuit is engaged in high-end PCB design and manufacturing, with a focus on communication devices and data centers, while also expanding into automotive electronics [30] - Shengyi Technology's PCB products are heavily reliant on major clients like Huawei and ZTE, with a customer concentration of 42.28% in 2023 [31] Market Data and Key Indicators Changes - The demand for AI servers is driving PCB growth, with the market for HDI PCBs expected to reach $14.58 billion by 2027, growing at a CAGR of 6.2% from 2023 to 2028 [19][22] - The 800G optical module market is projected to grow significantly, driven by AI applications, with a forecasted CAGR of 11% over the next five years [17] - The PCB market is expected to continue growing due to the increasing complexity of AI models and the corresponding rise in computing power requirements [16][22] Company Strategy and Development Direction and Industry Competition - The PCB industry is moving towards high-density and high-performance designs, with companies like Huadian Co. and ShenNan Circuit focusing on technological innovation and quality improvement [25][30] - The competitive landscape is intensifying as major players expand their production capacities, leading to increased market competition [41] - Companies are investing in R&D to enhance their product offerings, with Huadian Co. maintaining a research expense rate of 6.03% in 2023, aligning with industry averages [25][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the rapid growth of AI applications as a key driver for the PCB market, emphasizing the need for advanced PCB technologies to meet increasing demands [16][22] - The management expressed concerns about macroeconomic risks and external environment uncertainties, particularly regarding geopolitical tensions affecting the industry [41] Other Important Information - The PCB industry is characterized by a wide range of applications, which helps mitigate development risks [12][22] - The main raw materials for PCB production are subject to price fluctuations based on global commodity markets, which poses a risk to profitability [41] Q&A Session Summary Question: What are the growth prospects for the PCB industry? - The PCB industry is expected to benefit from the increasing demand for AI applications and high-performance computing, with significant growth opportunities in the coming years [16][22] Question: How are companies managing risks in the current environment? - Companies are focusing on diversifying their client base and investing in R&D to mitigate risks associated with market competition and raw material price volatility [41]

一、同意你公司首次公开发行股票的注册申请。 中国证券监督管理委员 证监许可〔2023〕1524 号 关于同意江西威尔高电子股份有限公司 首次公开发行股票注册的批复 江西威尔高电子股份有限公司: 中国证券监督管理委员会收到深圳证券交易所报送的关于你 公司首次公开发行股票并在创业板上市的审核意见及你公司注册 申请文件。根据《中华人民共和国证券法》《中华人民共和国公司 法》《国务院办公厅关于贯彻实施修订后的证券法有关工作的通 知》(国办发〔2020〕5 号）和《首次公开发行股票注册管理办法》 (证监会令第 205 号）等有关规定,经审阅深圳证券交易所审核 意见及你公司注册申请文件,现批复如下: 2023 7 11 二、你公司本次发行股票应严格按照报送深圳证券交易所的 招股说明书和发行承销方案实施。 三、本批复自同意注册之日起 12个月内有效。 四、自同意注册之日起至本次股票发行结束前,你公司如发 ...

33-1Ui 创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投 资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成 长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决 定。 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告 的招股说明书作为投资决定的依据。 深圳市强达电路股份有限公司 （住所：深圳市宝安区福海街道和平社区福园一路 3 号福发工业园 A-1 栋厂房 101-401） 首次公开发行股票并在创业板上市 保荐人（主承销商） 招股说明书 （申报稿） 首次公开发行股票并在创业板上市招股说明书 （深圳市福田区福田街道福华一路 111 号） 1-1-1 首次公开发行股票并在创业板上市招股说明书 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营 ...