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].