关于江苏本川智能电路科技股份有限公司 申请向不特定对象发行可转换公司债券 审核问询函的回复报告 保荐人（主承销商） （住所：长春市生态大街 6666 号） 二〇二五年八月 深圳证券交易所： 根据深圳证券交易所（以下简称"深交所"或"贵所"）于 2025 年 8 月 6 日 出具的《关于江苏本川智能电路科技股份有限公司申请向不特定对象发行可转换 （审核函〔2025〕020040 号） 公司债券的审核问询函》 （以下简称"审核问询函"） 的要求，江苏本川智能电路科技股份有限公司（以下简称"本川智能" "发行人" 下简称"律师"）对相关问题进行了核查和落实，对申请材料进行了修改、补充。 现对审核问询函的落实和募集说明书的修改情况逐条书面回复，并提交贵所，请 予审核。 说明： 川智能电路科技股份有限公司向不特定对象发行可转换公司债券募集说明书》 （以下简称"募集说明书"）一致。涉及募集说明书补充披露或修改的内容已在 募集说明书及本回复报告中以楷体加粗方式列示。 均因计算过程中的四舍五入所形成。 审核问询函所列问题 黑体（加粗） 审核问询函所列问题的回复 宋体（不加粗） 涉及对募集说明书等申请文件的修改内容 楷体（加粗 ...

Core Viewpoint - Nvidia has become the first company in the world to surpass a market capitalization of $4 trillion, reaching $4.5 trillion on August 12, 2023, which has significantly impacted related stocks in the A-share market, particularly Shenghong Technology, whose stock price has surged over 450% this year [1][2]. Group 1: Company Performance - Shenghong Technology's stock price reached 245 yuan per share, with a total market value exceeding 200 billion yuan, making it the "king of PCB stocks" [1][2]. - In contrast, Pengding Holdings, while maintaining absolute revenue advantages, reported a net profit in Q1 that was only 52.8% of Shenghong Technology's [1][2]. - As of August 22, 2023, the market capitalization ranking among major PCB companies is led by Shenghong Technology at 189.88 billion yuan, followed by Pengding Holdings at 120.31 billion yuan [5]. Group 2: Market Dynamics - The core logic behind Shenghong Technology's rise is its deep integration with Nvidia's AI GPU supply chain, while Pengding Holdings remains heavily reliant on the communication and consumer electronics sectors, primarily serving Apple [1][2]. - The PCB industry is entering a new growth cycle driven by AI applications, with the global AI PCB market expected to reach $5.6 billion in 2025 and grow to $10 billion by 2026, reflecting a compound annual growth rate of 33% [8][10]. Group 3: Strategic Decisions - Shenghong Technology's strategic decision to enter the high-end HDI market in 2019 has allowed it to become a Tier 1 supplier for Nvidia's H-series AI acceleration cards [5][6]. - Pengding Holdings is also expanding its HDI and SLP product lines, with plans to invest 8 billion yuan in a new industrial park to enhance its capacity for AI-related PCB products [9]. Group 4: Competitive Landscape - The competition between Shenghong Technology and Pengding Holdings highlights the differences in their customer bases, with Shenghong benefiting from the AI boom while Pengding remains focused on traditional consumer electronics [2][8]. - Analysts note that while Shenghong Technology currently enjoys a first-mover advantage in AI-related PCBs, other companies, including Pengding, are ramping up their production capabilities to catch up [11][12].

Group 1 - The PCB sector experienced a significant surge on the 22nd, with notable stock increases such as Ding Tai Gao Ke rising nearly 18% and Guangxin Materials up over 10% [1] - The demand for printed circuit boards (PCBs) is expected to explode due to the acceleration of AI computing infrastructure construction, with a projected CAGR of 11.6% for server and storage PCBs from 2024 to 2029 according to Prismark and CITIC Securities [1] - High-layer boards, high-density interconnect (HDI) boards, and IC carrier boards are anticipated to see rapid growth in output value, with leading domestic PCB companies expected to invest 41.9 billion yuan from 2025 to 2026 [1] Group 2 - AI servers will have higher requirements for PCB usage, density, and performance, leading to increased precision demands in processes such as exposure, drilling, plating, and inspection [1] - Domestic PCB equipment manufacturers are expected to capitalize on the favorable conditions in the AI PCB market, accelerating the validation of emerging technologies and expanding their market share and value [1] - Companies focusing on AI PCB equipment, particularly in laser, vision, and inspection technologies, are recommended for investment consideration [1]

Core Viewpoint - The demand for printed circuit boards (PCBs) is surging due to the accelerated construction of AI computing infrastructure, leading to significant growth in the value of high-layer boards, high-density interconnect boards (HDI boards), and IC substrates [1] Group 1: Industry Trends - The investment amount for leading PCB companies in China is expected to reach 41.9 billion yuan by 2025-2026 [1] - AI servers have higher requirements for PCB usage, density, and performance, which increases the precision demands on related equipment [1] Group 2: Opportunities for Domestic Manufacturers - Domestic PCB equipment manufacturers are likely to seize the opportunity presented by the AI PCB boom, accelerating the validation of emerging technologies [1] - There is an expectation for an increase in domestic market share and value enhancement for PCB equipment manufacturers [1] Group 3: Recommended Focus Areas - Companies involved in laser, vision, and inspection technologies related to AI PCB equipment are suggested for attention [1]

Group 1 - The stock price of Weigao as of August 18, 2025, is 62.35 yuan, down by 0.19 yuan or 0.30% from the previous trading day. The opening price was 63.73 yuan, with a high of 65.18 yuan and a low of 60.28 yuan, and the trading volume reached 174,739 hands with a transaction amount of 1.097 billion yuan [1] - Weigao operates in the electronic components industry, focusing on the research, production, and sales of printed circuit boards (PCBs). Its products are widely used in consumer electronics, automotive electronics, and industrial control sectors. The company is recognized as a specialized and innovative enterprise in Jiangxi and is included in the Shenzhen Stock Connect [1] - On August 18, the company announced the early repayment of 100 million yuan of idle raised funds to its special account for raised funds, completing the return of all idle raised funds used for temporary liquidity [1] Group 2 - On August 18, Weigao experienced a net inflow of main funds amounting to 16.2183 million yuan, with a cumulative net inflow of 47.8278 million yuan over the past five trading days [2]

公开资料显示，生益电子主要从事各类印制电路板的研发、生产与销售业务。公司主要通过核心技术为客户提供定制化印 制电路板（PCB）产品，主要产品按照应用领域划分包括通信设备板、网络设备板、计算机/服务器板、消费电子板、工控医疗 板和其他板。 生益电子相关负责人向《证券日报》记者表示，受益于行业基数较低及人工智能等高端应用领域的快速扩张，PCB产业整 体呈现复苏态势。2025年上半年，在AI服务器与高性能计算需求的持续带动下，行业保持增长趋势，其中HDI（高密度互连 板）和高多层板等细分领域表现尤为亮眼。 本报记者李雯珊 见习记者张美娜 此外，生益电子同日披露的另一则公告显示，公司计划投资总额约19亿元用于智能制造高多层算力电路板项目，其中包含 吉安二期项目已投入的厂房建设、设备等费用，新增投资约17.5亿元。项目将分两阶段实施，总建设周期计划2.5年，预计2026 年和2027年分别开始试生产。项目聚焦于满足服务器、高多层网络通信及AI算力等中高端市场需求。 8月15日晚间，生益电子股份有限公司（以下简称"生益电子"）披露2025年半年度报告，公司在2025年上半年实现营业收 入37.69亿元，同比增长91%；归 ...

Core Viewpoint - The article highlights the rapid growth and strategic expansion of Shenghong Technology, a PCB manufacturer, which has become a core supplier for major tech companies like NVIDIA, AMD, and Intel, leading to significant increases in stock price and market capitalization [5][7][36]. Group 1: Company Performance - Shenghong Technology's stock price surged to 225.69 yuan, marking an increase of nearly 13 times compared to early 2024, with a market capitalization of 194.7 billion yuan, up over 137 billion yuan since mid-April [5][11]. - The company's main business is printed circuit boards (PCBs), with projected revenue exceeding 10.7 billion yuan in 2024, a year-on-year growth of 35.31%, with approximately 60% of revenue coming from direct exports [7][36]. - The financial performance shows total revenue of 10.73 billion yuan in 2024, up from 7.93 billion yuan in 2023, while total costs increased from 7.16 billion yuan to 9.42 billion yuan [9]. Group 2: Strategic Expansion - Shenghong initiated a Hong Kong IPO process in late July, aiming to raise 1 billion USD (approximately 7.2 billion yuan) to support its expansion plans [10][44]. - The company has been actively investing in production capacity in Southeast Asia, with a 260 million USD investment in Vietnam for high-precision PCB projects and a 3.21 billion yuan plan for AI HDI projects [15][16]. - The total financing planned by the company this year exceeds 9 billion yuan, including a recent fundraising of 1.9 billion yuan for projects in Vietnam and Thailand [17][18]. Group 3: Market Position and Clientele - Shenghong's strategy focuses on deepening relationships with leading international clients, participating in new product development, and expanding its product offerings in AI computing and data centers [24][36]. - The company has established itself as a key supplier for major clients, including Tesla, AMD, Intel, and others, with significant production commitments for high-density multi-layer boards [32][36]. - The CEO, Chen Tao, has been pivotal in the company's growth, leveraging his experience and strategic vision to navigate the competitive landscape of the PCB industry [39][41].

Group 1 - The core viewpoint highlights the strong performance of domestic semiconductor companies, with Cambrian Technology's stock rising over 12% and approaching a market capitalization of 400 billion yuan [1] - Major funds have seen significant net inflows, with Haiguang Information and Zhongke Shuguang each receiving over 2 billion yuan, ranking among the top three in A-share capital absorption [1] - The electronic ETF (515260), focusing on "semiconductors + consumer electronics + PCB," has shown a price increase of over 2.2% during trading, indicating strong buying momentum [1] Group 2 - The U.S. government has taken action to limit chip transfers to China, with the Department of Commerce, Department of Homeland Security, and FBI secretly installing tracking devices in servers from brands like Dell and AMD [3] - This move aims to monitor the transfer of chips to China, reflecting the complex dynamics of technology security and regulation in the global supply chain [3] - The recent launch of OpenAI's GPT-5 and the anticipated release of the domestic DeepSeek-R2 model are expected to significantly boost demand for AI chips [3] Group 3 - The electronic ETF (515260) passively tracks the electronic 50 index, covering key sectors such as AI chips, automotive electronics, 5G, cloud computing, and printed circuit boards (PCB) [4] - It provides exposure to core assets in the A-share electronic sector, including companies like Luxshare Precision, SMIC, Haiguang Information, and Cambrian Technology [4]

Core Viewpoint - The article highlights the rapid growth and strategic expansion of Shenghong Technology, a PCB manufacturer, which has significantly increased its market value and revenue by closely aligning with major clients like NVIDIA, AMD, and Intel [4][20]. Financial Performance - Shenghong Technology's market capitalization exceeded 187 billion yuan, with a stock price increase of over 10 times since early 2024, particularly a surge of 130 billion yuan since mid-April [4]. - The company's total revenue for 2024 is projected to be over 10.73 billion yuan, a year-on-year increase of 35.31% from 7.93 billion yuan in 2023 [5][27]. - The net profit for 2024 is expected to reach 1.15 billion yuan, reflecting a significant growth rate of 71.96% compared to the previous year [27][28]. Strategic Expansion - Shenghong has initiated an IPO process in Hong Kong to raise approximately 10 billion USD (around 72 billion yuan) to support its expansion plans [5][32]. - The company has made substantial investments in Southeast Asia, including a 2.6 billion USD project in Vietnam and a 3.21 billion yuan project for AI HDI boards [12][13]. - The total financing planned for 2024 exceeds 9 billion yuan, aimed at enhancing production capacity and technological upgrades [13][15]. Client Relationships and Market Position - Shenghong's strategy focuses on deepening relationships with top-tier clients and participating in the development of new products, particularly in AI and data center applications [21][25]. - The company is recognized for its ability to produce advanced HDI boards, which are critical for high-performance computing and AI applications, making it a preferred supplier for major tech firms [22][24]. Founder Background - Chen Tao, the founder of Shenghong, has a background in sales and engineering, having started the company in 2006 to capitalize on the PCB market, which was then dominated by foreign firms [30][31]. - Under his leadership, Shenghong has transitioned from a local player to a significant global competitor, with recent acquisitions and expansions aimed at reducing logistics costs and enhancing market access [31][32].

Core Viewpoint - The company, International Composite Materials (301526.SZ), emphasizes the significance of its electronic-grade glass fiber as a fundamental material in the electronics industry, particularly for printed circuit boards (PCBs) [1] Group 1: Product Features - The electronic-grade glass fiber produced by the company exhibits excellent electrical insulation properties, outstanding fire resistance, and remarkable aging resistance [1] - The company has independently developed low-dielectric glass fiber for 5G applications, which has been utilized in high-end mobile phones and key wave-transmitting products for 5G high-frequency communication [1]