Core Viewpoint - The company, Chaoying Electronics, is facing significant challenges as it seeks to go public, including slowing profit growth, questionable related-party transactions, and high debt levels, raising concerns among investors and the market [1][2][3]. Financial Performance - Chaoying Electronics has shown steady profit growth from 2022 to 2024, with net profits of 141 million, 266 million, and 276 million yuan respectively [2]. - The company's net profit growth is projected to slow to 3.78% in 2024 [1]. Related-Party Transactions - There are notable discrepancies in related-party transactions, particularly in pricing. For instance, the price for double-sided boards sold to the parent company was 606.32 yuan/㎡, while the average price for other customers was 678.13 yuan/㎡ [2]. - The company's subsidiary in Seychelles reported a net profit of 129 million yuan in 2023, a 70% increase from 2021, raising suspicions of profit shifting through transfer pricing [2]. Debt and Financial Health - The company's debt-to-asset ratio has increased to 72.83% in 2024, marking a five-year high and significantly above industry averages [4]. - Short-term borrowings surged to 1.726 billion yuan in 2024, nearly doubling from the previous year, primarily due to funding needs for a factory in Thailand [6]. - Accounts payable also rose sharply from 1.153 billion yuan to 2.038 billion yuan, reflecting increased obligations related to the factory's construction [7]. Revenue Sources and Risks - Over 80% of the company's revenue comes from international markets, with export revenues accounting for 81.89%, 81.67%, and 82.77% from 2022 to 2024 [7]. - The company benefits from a 13% export tax rebate, but potential reductions in this rate could adversely affect profitability [7]. Fundraising and R&D Concerns - Chaoying Electronics plans to raise 660 million yuan, with 39.4% earmarked for working capital and debt repayment, raising concerns about the legitimacy of its fundraising intentions [8]. - The company's R&D expenditure as a percentage of revenue is below 4%, with rates of 3.07%, 3.34%, and 3.27% from 2022 to 2024, which is lower than industry peers [8][10]. Competitive Landscape - The PCB industry is highly competitive, with approximately 1,500 manufacturers in China. Chaoying Electronics ranks in the lower tier, with a revenue significantly less than leading competitors like Pengding Holdings, which reported 35.14 billion yuan in 2024 [10].

Group 1 - The stock of Bomin Electronics has experienced a significant increase, with three limit-up days recorded within six trading days, resulting in a cumulative increase of 13.36% and a turnover rate of 109.60% [2] - As of 9:31 AM, the stock's trading volume reached 34.54 million shares, with a transaction amount of 365 million yuan and a turnover rate of 5.48% [2] - The total market capitalization of the A-shares reached 6.739 billion yuan [2] Group 2 - The latest margin trading data shows that as of July 7, the margin balance for the stock was 442 million yuan, with a financing balance of 441 million yuan, reflecting a decrease of 45.17 million yuan or 9.29% compared to the previous trading day [2] - Over the past six days, the margin balance has decreased by 25.54 million yuan, representing a decline of 5.47% [2] - The stock has appeared on the Dragon and Tiger list three times due to a daily price deviation of 7%, a daily turnover rate of 20%, and a daily increase deviation of 7% [2] Group 3 - The company's Q1 report indicated a total operating revenue of 823 million yuan, marking a year-on-year increase of 14.38%, and a net profit of 27 million yuan, which is a year-on-year growth of 4.53% [2] - Recent trading data shows fluctuations in daily price changes and net inflows of main funds, with notable increases and decreases over the past week [2]

Core Viewpoint - The company plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares held, totaling 19,143,013.20 yuan (including tax) based on the current total share capital of 191,430,132 shares [1][2]. Summary by Sections Dividend Distribution Plan - The company intends to distribute profits based on the total share capital as of the equity distribution registration date, with a cash dividend of 1.00 yuan for every 10 shares held, without issuing new shares or increasing capital from reserves [1][2]. - The total cash dividend amount is 19,143,013.20 yuan (including tax) [1][2]. Taxation Details - For Hong Kong market investors and certain foreign institutions, the cash dividend will be 0.90 yuan for every 10 shares due to tax considerations [2]. - Different tax rates apply based on the holding period of shares, with specific amounts to be paid depending on whether shares are held for less than one month, between one month and one year, or for more than one year [2]. Key Dates - The equity registration date is set for July 11, 2025, and the ex-dividend date is July 14, 2025 [3]. Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians on the ex-dividend date [3]. Adjustments and Conditions - The company will maintain the total distribution amount even if there are changes in total share capital due to convertible bonds, share buybacks, or other corporate actions, adjusting the per-share distribution accordingly [1][2].

Core Viewpoint - Jingwang Electronics (603228.SH) announced a significant change in shareholder equity due to the completion of its 2024 equity incentive plan, resulting in a dilution of shareholding for major shareholders, reducing their combined stake from 65.54% to 60.00% [1][3]. Shareholder Changes - The total number of shares held by major shareholders decreased from 588,657,775 shares to 562,615,975 shares, reflecting a reduction in ownership percentage from 65.54% to 60.00% [1][2]. - Major shareholders include Shenzhen Jinghong Yongtai Investment Holding Co., Ltd. and Zhichuang Investment Co., Ltd., both of which saw their shareholdings decline [2]. Equity Incentive Plan and Share Dilution - From July 17, 2024, to June 15, 2025, the company granted 2,129,800 restricted shares and repurchased 206,800 shares, leading to an increase in total shares from 898,181,889 to 934,950,557 [3]. - The conversion of convertible bonds also contributed to the increase in total shares, with a total of 34,441,249 shares converted from "Jing 20 Convertible Bonds" and 404,419 shares from "Jing 23 Convertible Bonds" [3]. Financial Impact - Between June 16, 2025, and July 3, 2025, the weighted average price of Jingwang Electronics was 36.909 yuan, resulting in a cash-out amount of 961 million yuan for the major shareholders after a reduction of 26,041,800 shares [3][4].

据目前安排，若无变动，本周（7月7日到11日）共有1只新股申购，为沪市主板新股华电新能。 7月7日启动申购的沪市主板新股华电新能，是我国五大发电集团之一中国华电风力发电、太阳能发电的 新能源业务最终整合的唯一平台，独享中国华电在新能源项目开发、资源支持等方面的渠道和政策优 势，具备较高行业影响力及行业代表性，公司已逐步发展成为国内最大的新能源发电运营商之一。 本周1股打新 （原标题：今年最低价新股来了！） 本周1只新股申购，新能源发电运营商将登陆A股。 2家公司IPO上会 值得注意的是，截至目前本周（7月7日到11日）将有2家公司IPO首发上会，为拟闯关上证主板的超颖 电子和北交所的北矿检测。 即将上证主板IPO上会的超颖电子主营业务是印制电路板的研发、生产和销售，产品广泛应用于汽车电 子、显示、储存、消费电子、通信等领域，公司以汽车电子PCB为主，是国内少数具备多阶HDI及任意 层互连HDI汽车电子板量产能力的公司之一，与大陆汽车、法雷奥、博世、安波福等全球Tier1汽车零部 件供应商及特斯拉等知名新能源汽车厂商建立了稳定合作。 根据CPCA公布的《第二十四届（2024）中国电子电路行业主要企业营收榜单》， ...

Group 1 - The PCB industry is experiencing active investments, with companies like Shiyun Circuit and Shenghong Technology making strategic moves to enhance their competitive advantages [1][2] - Shiyun Circuit plans to acquire 7.759 million shares of Lail Technology for a total price of 153 million yuan, representing 5% of Lail Technology's total equity, to promote strategic cooperation in various high-tech fields [1] - Shenghong Technology is increasing its investment in its Thai subsidiary by 250 million USD to optimize capacity layout and enhance supply chain stability, which is expected to positively impact its main business [2] Group 2 - Pengding Holdings is also actively investing, with a projected capital expenditure of 5 billion yuan for 2025, focusing on high-end HDI and advanced SLP manufacturing projects, digital transformation, and production capacity expansion [3] - The PCB industry in China has become a global production center, showing rapid development, especially in high-value products, with increasing competitive advantages for domestic companies [3] - The investments in the PCB sector are aimed at vertical and horizontal expansion of the industry chain, allowing companies to better seize new opportunities brought by technological advancements like AI [3]

Market Performance - The main board led the gains with notable increases in stocks such as Xinyada (+10.03%), Desheng Technology (+10.02%), and Jingbeifang (+10.01%) [1] - The ChiNext board saw significant growth, particularly with Longyang Electronics (+20.00%) and Nanling Technology (+19.98%) [1] - The Sci-Tech Innovation board was led by TuoJing Technology (+5.78%) and JinChengZi (+5.51%) [1] - Active sub-industries included SW Games III (+2.80%) and SW Printed Circuit Boards (+2.03%) [1] Domestic News - Xiamen Silan Microelectronics has commenced the first equipment installation for its 8-inch silicon carbide power device chip manufacturing line, with a total investment of 12 billion yuan and an annual production capacity of 720,000 chips [1] - The foundation for the high-precision photomask project by Lu Wei Optoelectronics has been laid, with a planned investment of 2 billion yuan, focusing on high-end photomasks for AMOLED and LTPO/LTPS [1] - China Mobile Zhejiang announced the procurement results for its 2025 FTTR products, with Huawei and ZTE winning all bids for a total of 99,750 units [1] - Nanya Technology reported a strong revenue growth in June, reaching 4.074 billion New Taiwan dollars, marking a 22.2% month-on-month increase and a 21.1% year-on-year increase, the highest monthly revenue in three years [1] Company Announcements - Mulin Sen plans to acquire an 18.7722% stake in Puri Optoelectronics for approximately 256 million yuan, which will not significantly impact the company's financials [3] - China Software reported a change in equity, with China Electronics increasing its stake to 13.00% following a stock issuance [3] - New Yichang announced a cash dividend of 2.00 yuan per 10 shares for the 2024 fiscal year [3] - Shenzhou Taiyue declared a cash dividend of 1 yuan per 10 shares based on a total share capital of 1,962,564,954 shares [3] Overseas News - Hanmi Semiconductor has begun production of its latest chip packaging equipment, TC Bonder 4, designed for the sixth-generation high bandwidth memory (HBM4) [4] - Codasip, a European RISC-V processor IP supplier, has initiated a sales acceleration program for its core processor design tools [4] - Counterpoint Research reported a 2% year-on-year decline in global smartwatch shipments for Q1 2025, marking the fifth consecutive quarter of decline [4] - BMW announced that its automatic charging robot has passed the trial period and will be deployed based on future market conditions [4]

奥士康科技股份有限公司 总经理工作细则 第一章 总则 第一条 为明确总经理职责权利，规范总经理工作行为，保证总经理依法行 使职权、履行职责、承担义务，根据《中华人民共和国公司法》《上市公司治理 准则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》等相关法律、行政法规、部门规章、规范 性文件及《奥士康科技股份有限公司章程》（以下简称"《公司章程》"）等有 关规定，并结合公司的实际情况，制订本细则。 第四条 总经理及其他高级管理人员每届任期三年，连聘可以连任。 第五条 总经理及其他高级管理人员任职应当具备下列条件： （一）具有较丰富的经济理论知识、管理知识及实践经验，具有较强的经营 管理能力； 第二条 本细则对公司总经理、副总经理和财务负责人（本公司称"财务总 监"，下同）及其他高级管理人员的职责权限与分工作出规定。公司总经理、副 总经理、财务负责人及其他高级管理人员除应按照《公司章程》的规定行使职权 外，还应当按照本细则的规定行使管理职权并承担管理责任。 第三条 公司设总经理一名，由董事会聘任或解聘。总经理主持公司日常生 产经营和管理工作，组织实施公司董 ...

景旺电子（603228）公告，公司控股股东景鸿永泰、智创投资、实际控制人刘绍柏、黄小芬计划自2025 年6月16日至2025年9月15日，通过集中竞价和大宗交易方式合计减持公司股份934.95万股，占公司总股 本1%。截至2025年7月4日，景鸿永泰、智创投资、刘绍柏、黄小芬合计持有公司股份5.63亿股，占公 司总股本60.00%。本次减持计划尚未实施完毕，未来12个月内，信息披露义务人将根据市场情况继续 减持股份。 ...

Core Viewpoint - Xinqiang Electronics' IPO application for the Growth Enterprise Market is facing challenges due to weak growth prospects, with revenue growth stagnating and a significant mismatch between revenue and net profit growth [1][3]. Financial Performance - Revenue for Xinqiang Electronics from 2022 to 2024 is projected to be 869 million, 1 billion, and 999 million yuan, with year-on-year growth rates of 15.13%, -0.13% respectively [3]. - Net profit for the same period is expected to be 84.98 million, 132 million, and 168 million yuan, with year-on-year growth rates of 55.26% and 27.45% [3]. Revenue Quality - The company relies heavily on joint venture income, which accounts for approximately 17.29% of total revenue, and trade revenue, which exceeds 10% [6][10]. - The revenue growth quality is under scrutiny, as the company’s revenue compound annual growth rate (CAGR) is only 7%, falling short of the required growth metrics for the IPO [5]. Industry Context - The global PCB market is projected to reach a total output value of 73.565 billion USD in 2024, with a stable growth forecast of 5.2% CAGR from 2024 to 2029 [4]. - The PCB industry is characterized by intense competition, with many manufacturers and a low concentration ratio, which may pose challenges for Xinqiang Electronics in maintaining market share [7]. Corporate Governance - Xinqiang Electronics is a family-controlled business, with the controlling family holding 95% of the shares, raising concerns about governance and investor value [8][9]. - Recent share transfers within the family for employee incentives were conducted at a price of 2.80 yuan per share, suggesting a valuation of approximately 12.85 billion yuan for the company [8].