Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced additional requirements for the filing of overseas issuance and listing materials, specifically targeting Guanghe Technology's compliance with domestic and foreign investment regulations [1] Group 1: Regulatory Requirements - CSRC requires Guanghe Technology to clarify whether its domestic subsidiaries are in compliance with the "Interim Measures for the Administration of Overseas Issuance of Securities and Listing by Domestic Enterprises" [1] - The commission also demands an explanation regarding the business scope and actual operations of the issuer and its subsidiaries, particularly in relation to the "Negative List for Foreign Investment Access (2024 Edition)" [1] Group 2: Company Overview - Guanghe Technology is identified as a leading global manufacturer of key components for computing power servers, specializing in the research, production, and sales of customized PCBs for computing power servers and other related scenarios [1] - The company offers PCBs for computing power scenarios, industrial applications, and consumer electronics [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has published additional requirements for overseas listing applications, specifically for Guanghe Technology (001389) [1] - CSRC requires Guanghe Technology to clarify whether its domestic subsidiaries fall under the prohibited circumstances for overseas issuance and listing as per the relevant regulations [1] - Guanghe Technology has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and HSBC acting as joint sponsors [1] Group 2 - CSRC also demands clarification on whether the business scope and actual operations of the issuer and its subsidiaries involve areas restricted or prohibited for foreign investment according to the negative list [1] - Guanghe Technology is a leading global manufacturer of key components for computing servers, focusing on the research, production, and sales of customized PCBs for computing servers and other computing scenarios [1] - The company offers PCBs for computing scenarios, industrial scenarios, and consumer scenarios [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas issuance and listing, specifically for Guanghe Technology [1] - Guanghe Technology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and HSBC acting as joint sponsors [1] - The CSRC requires Guanghe Technology to clarify whether its domestic subsidiaries fall under the prohibited circumstances for overseas issuance as per the relevant regulations [1] Group 2 - Guanghe Technology is a leading global manufacturer of key components for computing servers, primarily engaged in the research, production, and sales of customized PCBs for computing servers and other computing scenarios [1] - The company offers PCBs for computing scenarios, industrial scenarios, and consumer scenarios [1] - The CSRC also demands clarification on whether the issuer and its subsidiaries' business operations involve areas restricted or prohibited for foreign investment according to the negative list [1]

Core Viewpoint - Guangzhou Guanghe Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and HSBC as joint sponsors [1] Company Overview - Guanghe Technology is a leading manufacturer of key components for computing power servers, primarily engaged in the research, production, and sales of customized PCBs for computing power servers and other computing scenarios [2] - The company ranks first among PCB manufacturers for computing power servers in mainland China and third globally, holding a 4.9% share of the global market [3] - In the CPU motherboard PCB segment for computing servers, Guanghe Technology also ranks first in mainland China and third globally, with a 12.4% global market share [3] Industry Trends - The demand for electronic devices is expected to grow significantly due to the proliferation of AI, data centers, vehicle networking, robotics, and IoT applications, presenting major growth opportunities for PCBs [3] - The increasing global demand for computing power is driving rapid development in the computing power PCB market [3] - The development of industrial control and automotive electronics is steadily increasing the demand for industrial scene PCBs [4] - The iteration and upgrade of consumer electronics are contributing to stable growth in the consumer scene PCB market [5] Competitive Landscape - The industry is characterized by intense competition and is technology-intensive, with global customers demanding more advanced technology, higher reliability, and PCBs tailored for specific applications [5] - Chinese PCB manufacturers have established a solid position in the global market, and their market share is expected to grow steadily as they gain recognition from global customers [5] - Technological advancements remain a key driver of competitiveness, with innovations in material technology and breakthroughs in high-precision, high-efficiency manufacturing processes accelerating industry upgrades [6] Financial Performance - Guanghe Technology's revenue for 2022, 2023, and 2024 is projected to be approximately RMB 2.412 billion, RMB 2.678 billion, and RMB 3.734 billion, respectively [6] - The company's comprehensive income for the same years is expected to be around RMB 280 million, RMB 415 million, and RMB 680 million [6] - The gross profit margin is expected to improve from 26.1% in 2022 to 33.4% in 2024, indicating enhanced profitability [7]

Core Viewpoint - Guanghe Technology has submitted its listing application to the Hong Kong Stock Exchange, highlighting its position as a leading manufacturer of PCB for computing servers and its strong financial performance [1][2]. Group 1: Company Overview - Guanghe Technology is a global leader in the manufacturing of key components for computing servers, specifically customized PCBs [1]. - The company ranks first among PCB manufacturers for computing servers in mainland China and third globally, holding a market share of 4.9% [1]. - In the CPU motherboard PCB segment for computing servers, Guanghe Technology also ranks first in mainland China and third globally, with a market share of 12.4% [1]. Group 2: Research and Development - The company has a strong R&D capability and has focused on the application of high-speed materials in cloud computing since early 2016 [2]. - Guanghe Technology employs a Joint Design Manufacturing (JDM) model, collaborating closely with leading global server manufacturers to provide customized product delivery [2]. - The company serves 8 out of the top 10 global server manufacturers, participating in the research and validation of new products [2]. Group 3: Financial Performance - Guanghe Technology has achieved seven consecutive years of revenue growth from 2022 to 2024 [2]. - In 2024, the company reported revenue of RMB 3.7 billion, a year-on-year increase of 39.4%, with a net profit of RMB 676.1 million and a net profit margin of 18.1% [2]. - Revenue from computing scene PCBs accounted for 67.8%, 69.4%, and 72.5% of total revenue in 2022, 2023, and 2024, respectively [2]. - The company's overseas revenue exceeded 70% in 2024, indicating strong international market competitiveness [2]. Group 4: Risks and Challenges - The company faces customer concentration risk, with revenue from its top five customers accounting for 63.6%, 65.6%, and 61.4% of total revenue in 2022, 2023, and 2024, respectively [3]. - The largest customer contributed 26.5%, 26.6%, and 24.6% of revenue during the same period, indicating sensitivity to demand changes from major clients [3]. - The profitability of the industrial and consumer PCB segments is weak, with gross margins of -1.0% and 1.6% in 2024, compared to 37.0% for computing scene PCBs [3]. - Fluctuations in raw material prices and supplier concentration are potential risks that could impact profitability and operational performance [3].