本次可转债的初始转股价格不低于募集说明书公告日前二十个交易日公司股票交易均价(若在该二十个 交易日内发生过因除权、除息引起股价调整的情形，则对调整前交易日的交易价格按经过相应除权、除 息调整后的价格计算)和前一个交易日公司股票交易均价，具体初始转股价格提请公司股东会授权公司 董事会(或由董事会授权的人士)在本次发行前根据市场状况与保荐机构(主承销商)协商确定。 本次可转债的具体发行方式由股东会授权董事会(或由董事会授权的人士)与保荐机构(主承销商)根据法 律、法规的相关规定协商确定。 本次可转债的发行对象为持有中国证券登记结算有限责任公司深圳分公司证券账户的自然人、法人、证 券投资基金、符合法律规定的其他投资者等(国家法律、法规禁止者除外)。 中国经济网北京12月29日讯强达电路（301628）(301628.SZ)12月27日披露的向不特定对象发行可转换 公司债券预案显示，本次向不特定对象发行可转债拟募集资金总额不超过人民币55,000.00万元(含本 数)，扣除发行费用后的募集资金净额拟用于以下项目：南通强达电路科技有限公司年产96万平方米多 层板、HDI板项目。 本次发行的可转换公司债券按面值发行，每张 ...

尖端创新 无人驾驶出租车驶上街头，人形机器人从实验室走向生产线……近年来，浦东持续聚焦最前沿的科技创 新，取得不少重要突破。"十四五"期间，浦东持续强化高端产业引领功能，聚焦集成电路、生物医药、 人工智能三大先导产业打造世界级产业集群，2024年，全区三大先导产业规模8323亿元，近3年年均增 长11.7%。 2020年，浦东新区被赋予打造社会主义现代化建设引领区的重大任务。2021年，《中共中央 国务院关 于支持浦东新区高水平改革开放打造社会主义现代化建设引领区的意见》（以下简称"引领区意见"）印 发实施，推动浦东高质量发展与更高层次开放。相关文件明确其在制度型开放、科技创新等领域的引领 作用，目标是2035年建成现代化经济体系，2050年成为全球城市典范。 如今5年时间过去，浦东引领区建设取得了怎样的成绩？展望"十五五"，浦东如何更好完成社会主义现 代化建设引领区的战略使命？近日，记者走进浦东新区深入采访。 在政策支持和市场驱动下，浦东的辅助驾驶产业实现快速发展。早在2022年11月，上海市就出台了《上 海市浦东新区促进无驾驶人智能网联汽车创新应用规定》；今年7月26日，上海正式发放首批智能网联 汽车示范 ...

Core Viewpoint - The collaboration between the company and Xiaopeng has deepened since 2019, focusing on various technological developments in the automotive sector, particularly in high-voltage architecture and intelligent driving systems [1] Company Collaboration - The company has been working closely with Xiaopeng since 2019, starting from the vehicle's three electric systems to body control and central control domains [1] - In the 2025 semi-annual report, it was highlighted that both parties are jointly developing an 800V high-voltage architecture embedded new project [1] Product Development - The collaboration has led to the mass production of several key projects, including intelligent cockpit domain controllers and three electric systems [1] - The company has secured a project for the high-performance Thor chip for intelligent driving domain controllers, along with the production of intelligent driving vision COB camera circuit boards and perception laser radar and millimeter-wave radar circuit boards [1] - Additional projects include the HSP thermal grease circuit board for third-generation power semiconductor devices and semi-rigid flexible circuit boards, all achieving mass production and delivery [1] Robotics Sector - The company is a major supplier of circuit boards for Xiaopeng's humanoid robots, maintaining a long-term cooperative relationship based on shared technology [1] - Humanoid robots, as a new application of AI, share multiple core technology architectures with new energy vehicles, including high-performance central control, three electric systems, and intelligent perception [1] - The company has developed targeted technological reserves in the robotics field, including core products such as dexterous hands, joint drive control boards, and visual perception module circuit boards [1] - The production lines are equipped to adapt to robotic products, meeting the full process requirements from sample validation to mass delivery for downstream customers [1]

Core Viewpoint - The collaboration between the company and Xiaopeng has strengthened since 2021, focusing on the development of high-voltage architecture chips for electric vehicles [1] Group 1 - The company has been working with Xiaopeng since 2021, starting from vehicle control domains to central control domains [1] - The joint project for the 800V high-voltage architecture chip embedded circuit board has successfully passed a series of tests, achieving its goals as of the 2025 semi-annual report [1]

Group 1: Internationalization Support - The Shanghai Pudong New Area Enterprise Going Global Comprehensive Service Center, established in March 2025, is the first "going global" comprehensive service platform registered as a consulting organization in China, marking an innovative initiative to support international development for enterprises [2] - The center has formed a complete service ecosystem with 11 leading industry organizations and over 90 strategic partners, covering legal, financial, consulting, and accounting fields, successfully integrating government guidance, market operations, and professional empowerment [4] - The center has established over 270 global sites, creating an overseas service network covering key regions such as Europe, America, Asia-Pacific, and the Middle East, providing one-stop services including international market research, business investigation, investment project implementation, cross-border operation support, and systematic risk warning [5] Group 2: Case Studies of Benefiting Companies - Shanghai Yamazaki Circuit Board Co., Ltd., a high-tech enterprise focusing on precision circuit board R&D and production, successfully invested in a factory in Thailand in 2023, overcoming ODI procedure challenges with the center's assistance [5] - East Asia Asset Management (ATA), under Zhengchuang Group, has rapidly developed by leveraging the center's platform, providing one-stop services for Chinese enterprises going abroad and family asset allocation in Southeast Asia [6] Group 3: Innovation and Research Development - Fudan University has transformed the Zhangjiang campus into a technology innovation park, launching the Zhangjiang Fudan International Innovation Center in 2017, focusing on three leading industries: biomedicine, artificial intelligence, and integrated circuits [7] - The innovation center has a total construction area of approximately 653,000 square meters, with the first phase consisting of three research buildings covering about 320,000 square meters, supporting major research platform construction and innovation tasks [10] - The center aims to cultivate top global talent, produce original landmark results in brain science and integrated circuits, and accelerate the incubation of disruptive technologies, thereby promoting deep integration of scientific innovation and industrial innovation [11]

Core Insights - The company reported a revenue of 706 million yuan for the first three quarters of 2025, representing a year-over-year increase of 20.74% [1] - The net profit attributable to shareholders reached 96 million yuan, with a year-over-year growth of 20.91% [1] - The gross margin and net margin were 30.79% and 13.64%, respectively [1] Financial Performance - In Q3 2025, the company achieved a revenue of 251 million yuan, showing a year-over-year increase of 27.66% but a quarter-over-quarter decrease of 1.49% [1] - The net profit attributable to shareholders for Q3 was 38 million yuan, reflecting a year-over-year increase of 58.91% and a quarter-over-quarter increase of 16.40% [1] - The gross margin and net margin for Q3 were 31.56% and 14.99%, respectively [1] Market Dynamics - The growth in performance is driven by an increase in downstream demand, particularly in the electric vehicle sector and the rising need for sample/small batch production due to electrification and ADAS features [1] - Industrial automation replacement and expansion in AI server capacity, along with updates in broadband and switching equipment, are contributing to the demand for samples and small batch boards [1] Future Outlook - The company is expected to achieve a revenue of 964 million yuan in 2025, a year-over-year increase of 21.6%, with a projected net profit of 131 million yuan, up 16.0% year-over-year [1] - The company has been actively stocking raw materials in Q3, anticipating continued recovery in the industrial, communications, and automotive sectors [1] Margin Improvement - The gross margin improved by 0.42 percentage points in Q3 compared to the previous quarter, continuing an upward trend since Q1 2025 [2] - The improvement in gross margin is attributed to ongoing product structure optimization and the high-end sample positioning of the Shenzhen factory [2] - The company expects further gross margin enhancement as equipment matures, projecting an annual gross margin of 31% [2] Strategic Initiatives - The company has established a "dual-engine" growth strategy, focusing on deepening its presence in industrial and communication markets while exploring cutting-edge fields such as AI computing, high-speed optical interconnects, intelligent driving, and humanoid robots [2] - This strategy aims to convert the company's strong foundation in high-end samples and small batch manufacturing into robust performance growth [2] Revenue Projections - Revenue forecasts for 2025 and 2026 are 964 million yuan and 1.141 billion yuan, respectively, with net profits of 131 million yuan and 162 million yuan [2] - The corresponding price-to-earnings ratios are projected to be 53x for 2025 and 43x for 2026, maintaining a "hold" rating [2]

Core Viewpoint - Fangzheng Technology Group Co., Ltd. is seeking to raise up to 1.98 billion yuan for an "AI and high-density interconnection circuit board industrial base project," which has attracted market attention [1] Fundraising Project Details - The total planned investment for the fundraising project is 2.131 billion yuan, with 2.09 billion yuan allocated for construction and 41 million yuan for working capital [2] - The proposed fundraising of 1.98 billion yuan will be entirely used for capital expenditures, with an expected internal rate of return of 10.46% upon reaching production capacity [2] - The project will be jointly implemented by Zhuhai Fangzheng Technology Multilayer Circuit Board Co., Ltd. and Zhuhai Fangzheng Technology High-density Electronics Co., Ltd. [2] - The estimated funding gap for Fangzheng Technology over the next three years (2025-2027) is approximately 2.464 billion yuan, making the proposed fundraising amount reasonable [2] Business Operations Analysis - Fangzheng Technology's main business revenue includes PCB and integrated communication services, with other income primarily from waste sales [3] - The comprehensive gross profit margins during the reporting period were 16.23%, 18.28%, 21.97%, and 21.91% [3] - PCB business shows an overall upward trend in gross profit margin, while the integrated communication business is declining and will be scaled down [3] - Revenue from waste sales is closely linked to PCB revenue, waste rates, and waste prices [3] - Overseas sales are influenced by macroeconomic conditions and industry demand, but the company maintains stable cooperation with international clients [3] Financial Metrics Interpretation - Fangzheng Technology's cash and interest-bearing debt have shown an upward trend, indicating a reasonable scale of cash holdings and debt [4] - Accounts receivable are aligned with operating income, and the change in expected credit loss rate from 5% to 1% is deemed reasonable [4] - Inventory levels have generally increased, with a stable structure and sufficient orders on hand [4] - Other receivables have decreased, with adequate provisions for bad debts [4] - Fixed asset scale continues to grow in line with production capacity and revenue [4] Bankruptcy Reorganization Progress - Fangzheng Technology completed its bankruptcy reorganization at the end of 2022, with good repayment conditions for confirmed and unreported debts [5] - There are no future cash outflows from the company due to guarantees and fund borrowings from subsidiaries [5] - The company continues to use the "Fangzheng" and "FOUNDER" trademarks, with minimal impact on financial status [5]

Core Viewpoint - The company is focusing on the development of energy storage-related PCB products, which are expected to see significant growth due to partnerships with leading international renewable energy companies and the expansion of production capacity in its Shanghai facility [1] Group 1: Business Focus - Energy storage products are a key development direction for the company both currently and in the future [1] - The company is collaborating with a major international renewable energy client, referred to as T client, which is projected to double its energy storage business from 14.7 GWh in 2023 to 31.4 GWh in 2024 [1] Group 2: Production and Growth - The company anticipates a substantial increase in the shipment volume of its energy storage PCB products, driven by the ramp-up of production at its Shanghai energy storage super factory [1] - The company expects to maintain a rapid growth trend in the shipment of its energy storage products [1]

Group 1 - The company, Benewake Intelligent (300964), is actively developing new products based on its long-term technological accumulation [1] - The new product focus includes layered rigid-flex combination boards, high-precision embedded component circuit boards, and embedded copper boards [1]

Core Viewpoint - Strong demand recovery in the market is expected to benefit the company's revenue and profit growth in 2025 [1] Financial Performance - The company achieved operating revenue of 455.72 million yuan, an increase of 17.25% year-on-year [1] - Net profit reached 58.75 million yuan, reflecting a year-on-year increase of 4.87% [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was 58.66 million yuan, up 13.88% year-on-year [1] Growth Drivers - Key growth drivers include increased demand in downstream application areas such as industrial control and communication equipment [1] - The company has focused on customer development and maintenance, continuous optimization of product structure, and innovation in research and development [1] - The performance changes align well with the overall development trends in the industry [1]