Core Viewpoint - The company has demonstrated significant growth in key financial metrics such as revenue and net profit, indicating a positive operational trend [1] Revenue Growth and Product Optimization - The company achieved a revenue of 3.362 billion yuan, a 12.70% increase from 2.983 billion yuan in the same period last year, driven by improved internal management and marketing strategies [2] - Revenue from copper-clad laminate products increased by 11.82%, while bonding sheet products saw an 18.11% rise, reflecting enhanced market competitiveness [2] Profitability Improvement - The net profit attributable to shareholders was 50.32 million yuan, a turnaround from a loss of 129.49 million yuan in the previous year, indicating a successful recovery [3] - The net profit excluding non-recurring items was 28.04 million yuan, up from a loss of 150.57 million yuan, attributed to better internal management and an increase in high-margin product sales [3] Expense Management - Sales expenses rose to 44.82 million yuan, a 6.86% increase from 41.94 million yuan, mainly due to stock incentive amortization and sales growth [4] - Management expenses surged by 55.26% to 64.85 million yuan from 41.77 million yuan, primarily due to stock incentive amortization and increased personnel costs, which may pressure future profits [4] - Financial expenses decreased to -1.09 million yuan from 1.02 million yuan, a reduction of 206.69%, positively impacting profits [4] - R&D expenses decreased by 6.51% to 170.98 million yuan from 182.88 million yuan, with a reduced proportion of R&D spending relative to revenue, indicating a shift towards production [4] Cash Flow Performance - Net cash flow from operating activities significantly increased to 325.31 million yuan from 25.93 million yuan, a growth of 1154.57%, indicating improved operational efficiency [5] - Cash outflow from investment activities decreased to -103.20 million yuan from -80.03 million yuan, reflecting a more cautious investment approach focused on core business [6] - Cash outflow from financing activities increased to -92.40 million yuan from 132.98 million yuan, a 169.48% decrease, showing a strategic adjustment in funding sources [7] Industry Risks - The company faces market competition risks due to an oversupply of low-end capacity and weak demand, leading to intense price competition [9] - Fluctuations in raw material prices, particularly for electronic copper foil, glass fiber cloth, and resin, could impact production stability and profitability [10] - The potential for increased accounts receivable due to expanded operations may pose a risk if not managed properly [11]

Group 1: Global Electronic Circuit Copper Foil Industry Development - The global electronic circuit copper foil market shipment volume increased from 437,000 tons in 2018 to 592,000 tons in 2022, with a compound annual growth rate (CAGR) of 7.88% [3] - In 2023, the global shipment volume is projected to be 550,000 tons, a decline from 2022 due to weak demand in the PCB industry [3] - Future demand for electronic circuit copper foil is expected to rebound, reaching 823,000 tons by 2030, driven by industries such as IDC construction, consumer electronics, charging piles, and new energy vehicles [3] Group 2: China Electronic Circuit Copper Foil Industry Development - China's electronic circuit copper foil market shipment volume grew from 266,000 tons in 2018 to 395,000 tons in 2022, with a CAGR of 10.39% [5] - In 2023, the shipment volume is expected to decline to 380,000 tons due to a downturn in the PCB industry [5] - The demand for electronic circuit copper foil in China is projected to continue growing, with an estimated shipment volume of 538,000 tons by 2030, supported by advancements in 5G/6G, AI, big data, automotive electronics, and IoT [5] Group 3: Market Trends and Applications - The electronic circuit copper foil industry is diversifying its applications across emerging fields such as 5G/6G, AI, automotive electronics, and IoT [7] - Domestic production primarily focuses on conventional products, which do not meet the high-precision requirements of the market, leading to reliance on imports for high-end electronic circuit copper foil [7] - The increasing demand for high-performance electronic circuit copper foil presents significant market opportunities for domestic manufacturers as they innovate and enhance production technologies [7]

迅捷兴称，本次交易预计构成重大资产重组，但不构成《重组管理办法》规定的重组上市，预计不会导 致公司实际控制权变更。由于标的资产的审计、评估工作尚未完成，标的资产的交易价格尚未确定。 公告显示，嘉之宏2023年、2024年分别实现营业收入3.07亿元、4.91亿元；归属于母公司所有者的净利 润分别为910.49万元、1986.64万元，该财务数据未经审计。2024年，嘉之宏的归母净利润同比增幅高达 118.2%。对比之下，迅捷兴2024年实现营业收入4.75亿元，归母净利润-197.40万元，同比2023年由盈转 亏。 标的资产交易对价未确定 3月26日，迅捷兴就已对外明确，公司与交易对方签署了《发行股份及支付现金购买资产的意向协 议》，约定公司拟采用发行股份及支付现金方式收购交易对方持有的嘉之宏100%股权，交易完成后， 公司将直接持有嘉之宏100%股权。因此，经公司申请，公司股票于3月27日开市起停牌。 每经记者 陈鹏丽 每经编辑 董兴生 4月9日晚间，科创板上市企业迅捷兴（SH688655，停牌中）发布"发行股份及支付现金购买资产并募集 配套资金预案"显示，上市公司拟向吴文一、高培武、程晓晨等11名交易对 ...

星标 ★ IPO日报 精彩文章第一时间推送 日前，科创板上市公司深圳市迅捷兴科技股份有限公司（688655.SH）（下称"迅捷兴"）发布公告，拟通过发行股份及支付现金方式收购深圳市嘉之宏电 子有限公司（下称"嘉之宏"）100%股权，并募集配套资金。 公告显示，公司股票自3月27日起停牌，预计不超过10个交易日。此次交易预计构成重大资产重组，目前迅捷兴与交易方已签署《意向协议》，但具体交 易对价、支付比例等细节尚未披露。 就交易双方主营业务来看，此次收购属于同行业产业整合，双方同属于电子电路制造行业，其中，迅捷兴产品主要聚焦在硬板产品，而嘉之宏主要聚焦在 软板产品，具有一定的协同效应。 停牌前，公司股价上涨6.54%，为14.33元/股，市值回升至19亿元。 制图：佘诗婕 "上市即巅峰" 此次收购或许是迅捷兴打破业绩僵局的一战，亦是印制电路板（PCB）行业"大鱼吃小鱼"的缩影。 2024年以来，PCB价格战带来行业竞争升级，集中度持续提升，行业企业纷纷开展并购，或通过横向整合扩大市场份额，或纵向延伸切入高附加值领域。 就本次迅捷兴收购动作来看，应该属于后者。 具体来看，迅捷兴主营业务为印制电路板（PCB）的研发 ...

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。 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 招股说明书 （上会稿） 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。 保荐人（主承销商） （深圳市福田区福田街道福华一路 111 号） 首次公开发行股票并在创业板上市招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何 ...