Group 1 - The core point of the article is that Mingyang Circuit (SZ 300739) announced a temporary board meeting to discuss the early redemption of "Mingdian Convertible Bond 02" on November 20, 2025 [1] - For the year 2024, the revenue composition of Mingyang Circuit is projected to be 94.08% from printed circuit boards and 5.92% from other businesses [1] - As of the report date, the market capitalization of Mingyang Circuit is 5.8 billion yuan [1]

Core Viewpoint - The company has announced a guarantee for its wholly-owned subsidiary, Changzhou Haihong Electronics Co., Ltd., to support its funding needs for normal production and operations, with a total guarantee amount of RMB 120 million [2][3][14]. Summary by Sections Guarantee Overview - The company will provide a guarantee for a credit limit of up to RMB 120 million for its subsidiary Haihong Electronics from May 20, 2025, to May 19, 2026 [3]. - The board of directors approved the guarantee at meetings held on March 15, 2025, and May 20, 2025 [3]. - A maximum guarantee contract was signed with Industrial and Commercial Bank of China on September 17, 2025 [3]. Subsidiary Information - Haihong Electronics was established on December 9, 2004, with a registered capital of RMB 35 million [4]. - The company specializes in manufacturing printed circuit boards and has a total asset value of approximately RMB 836.82 million and a net profit of RMB 53.37 million for the fiscal year 2024 [4]. - For the first half of 2025, Haihong Electronics reported total assets of approximately RMB 832.15 million and a net profit of RMB 36.13 million [5]. Guarantee Contract Details - The guarantee contract specifies a maximum principal debt amount of RMB 120 million [7]. - The debt repayment period is from September 17, 2025, to September 30, 2026 [8]. - The guarantee is a joint liability guarantee covering various potential costs related to the principal debt [9][10]. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary and reasonable as it supports the subsidiary's operational needs and is within the company's control [14]. - The board believes that the subsidiary has sufficient capacity to repay the debt, ensuring no adverse impact on the company's shareholders [14]. External Guarantee Amounts - As of the announcement date, the total external guarantee amount provided by the company and its subsidiaries is approximately RMB 154.36 million, which is 8.97% of the company's latest audited net assets [14].

Group 1 - The company Mingyang Circuit (SZ 300739) announced the convening of its fourth board meeting on September 17, 2025, to discuss the proposal for the initial grant of restricted stock under the 2025 restricted stock incentive plan [1] - For the fiscal year 2024, the company's revenue composition is as follows: printed circuit boards account for 94.08%, while other businesses make up 5.92% [1] - As of the report date, Mingyang Circuit has a market capitalization of 6.5 billion yuan [1]

Core Viewpoint - Mingyang Circuit has not repurchased any shares as of July 31, 2025, indicating a focus on other financial strategies or investments [2] Group 1: Financial Performance - For the year 2024, the revenue composition of Mingyang Circuit is as follows: printed circuit boards account for 94.08% of total revenue, while other businesses contribute 5.92% [2]