星标 ★ IPO日报 精彩文章第一时间推送 近日，惠州中京电子科技股份有限公司（以下简称"中京电子"，002579.SZ)披露了2025年度向特定对象发行A股 股票预案，公司拟向不超过35名(含本数)特定对象发行股票。 制图：佘诗婕 其中，公司实际控制人杨林拟认购金额不低于0.7亿元(含本数)且拟认购股票总数不超过本次向特定对象发行股票 总股数的30%(含本数)。发行价格不低于定价基准日前20个交易日公司股票交易均价的80%。本次向特定对象发 行股票的数量为不超过发行前公司总股本的30%。 本次向特定对象发行募集资金总额为不超过7亿元(含本数)，在扣除相关发行费用后将全部用于泰国PCB智能化生 产基地项目、惠州中京产线技改与升级项目及补充流动资金，分别投入募集资金3亿元、2亿元、2亿元。 公司指出，泰国投资建厂，满足公司海外订单需求在泰国投资建厂。2024年，公司国外营业收入52,498.02万 元，占营业收入的比重为17.90%，国外业务是公司业务收入的重要组成部分。 资料显示，中京电子主营业务为印制电路板(PCB)的研发、生产、销售与服务，主要产品为刚性电路板 （RPCB）、高密度互联板（HDI）、柔性电 ...

Group 1 - The company Huizhou Zhongjing Electronics Technology Co., Ltd. plans to issue A-shares to no more than 35 specific investors, with a total fundraising amount not exceeding 700 million yuan [1][3] - The actual controller Yang Lin intends to subscribe for at least 70 million yuan, accounting for no more than 30% of the total shares issued in this round [3] - The funds raised will be allocated to a PCB intelligent production base project in Thailand, production line upgrades in Huizhou, and to supplement working capital, with 300 million yuan, 200 million yuan, and 200 million yuan respectively [3] Group 2 - The company has experienced poor operating performance in recent years, with consecutive losses from 2022 to 2024, reporting net profits of -179 million yuan, -137 million yuan, and -87 million yuan [4][5] - In the first half of this year, the company achieved revenue of approximately 1.618 billion yuan, a year-on-year increase of 21.29%, and a net profit of approximately 18.29 million yuan, marking a turnaround from losses [5] - The company has conducted multiple fundraising activities since its listing, raising a total of 1.68 billion yuan through various methods in 2019 and 2020 [5]

Group 1 - The company plans to issue A-shares to specific investors, raising up to 700 million yuan for projects including a PCB production base in Thailand and upgrades to its production line in Huizhou [1] - The actual controller of the company, Yang Lin, intends to subscribe for at least 70 million yuan, representing no more than 30% of the total shares issued [1] - The investment in Thailand aims to meet overseas order demands, with foreign revenue projected to be approximately 525 million yuan in 2024, accounting for 17.9% of total revenue [1] Group 2 - The Huizhou production line upgrade is necessary to meet the evolving demands of emerging markets, as the current line, built in 2014, has some technological gaps [2] - The upgrade will enhance delivery capabilities and support entry into high-growth sectors such as AI and robotics, laying a solid foundation for product structure optimization [2] - The fundraising will significantly improve the company's financial strength, aiding in the enhancement of its capital structure and risk resistance [2] Group 3 - In the first half of 2025, the company achieved total revenue of 1.618 billion yuan, a year-on-year increase of 21.29%, and a net profit attributable to shareholders of 18 million yuan, up 125.05% [3] - The company focuses on high-end products, with the new factory in Zhuhai gradually releasing high-end capacity and optimizing customer structure [3] - The company has expanded its market presence in the AI sector, successfully developing clients in AI servers and AI glasses, while also securing direct supply qualifications from several global well-known terminal clients [3]

Group 1: Market Demand and Product Applications - The company focuses on the research, production, and sales of printed circuit boards (PCBs), including rigid multilayer PCBs (MPC), high-layer count boards (HLC), high-density interconnect boards (HDI), flexible circuit boards (FPC), flexible circuit board assemblies (FPCA), and rigid-flex boards (R-F) [1] - Emerging technologies such as artificial intelligence, next-generation networking, and automotive electronics are driving demand in related downstream application fields, prompting the company to accelerate capacity ramp-up of its Zhuhai project and optimize product structure [1] - The company’s PCB products can be applied in data center-related areas, including servers, storage devices, optical modules, and GPU accelerator cards [2] Group 2: Investment and Production Scale - The investment scale for the Thailand smart factory project (Phase I) is approximately 550 million yuan, with construction actively progressing [2] - The company is currently a secondary supplier to Huawei, primarily involved in mobile phones, tablets, and consumer electronics, but does not provide PCB substrates for Huawei's AI chips [2] Group 3: Stock Performance and Market Management - The company's stock price is currently at a lower level compared to peers, influenced by multiple factors, and the company encourages investors to view short-term market fluctuations rationally [2] - The company aims to strengthen communication with investors and enhance compliance information disclosure to share development achievements [2]

Core Viewpoint - The conflict between the local community and Anjieli (Panyu) Electronic Industrial Co., Ltd. regarding its new investment project highlights the challenges of urban planning and environmental management, particularly in high-pollution industries like flexible printed circuit boards (FPC) [1][2][11] Group 1: Company Overview - Anjieli specializes in the design, manufacturing, and sales of flexible circuit boards and electronic products, with a significant investment of 30 billion yuan planned for a new industrial park [1][5] - The company has faced ongoing complaints from nearby residents about odor and pollution, despite meeting national and provincial emission standards [1][6] Group 2: Environmental and Urban Planning Issues - The project has been defined as a "typical urban planning issue," where the proximity of residential areas to the industrial site has led to conflicts, with the required sanitary protection distance being 85 meters, while the nearest residential area is only 60 meters away [1][2][11] - The local government has acknowledged that despite Anjieli's efforts to improve pollution control, the emissions still affect nearby residents, leading to calls for the company to halt operations or relocate [2][11] Group 3: Community Response and Complaints - Residents have been vocal in their opposition to the expansion of Anjieli, representing over 400 households and demanding solutions to the persistent odor issues [2][6] - Complaints have persisted for years, with residents documenting instances of odor disturbances, particularly during specific hours [7][17] Group 4: Regulatory and Monitoring Challenges - The environmental monitoring conducted by local authorities has consistently shown that Anjieli's emissions are within legal limits, yet residents continue to report unpleasant odors, indicating a disconnect between regulatory compliance and community experience [9][10] - The complexity of the pollutants emitted, including various volatile organic compounds (VOCs), complicates the assessment of whether emissions are truly "acceptable" [8][9][18] Group 5: Future Considerations and Recommendations - Experts suggest that a collaborative governance mechanism is needed to balance the rights of the company and the community, emphasizing the importance of effective pollution source tracing and management [25][30] - There is a call for the establishment of stricter local and industry standards to address the inadequacies of existing national standards, particularly in high-pollution sectors [19][20]

星标 ★ IPO日报 精彩文章第一时间推送 日前，科创板上市公司深圳市迅捷兴科技股份有限公司（688655.SH）（下称"迅捷兴"）发布公告，拟通过发行股份及支付现金方式收购深圳市嘉之宏电 子有限公司（下称"嘉之宏"）100%股权，并募集配套资金。 公告显示，公司股票自3月27日起停牌，预计不超过10个交易日。此次交易预计构成重大资产重组，目前迅捷兴与交易方已签署《意向协议》，但具体交 易对价、支付比例等细节尚未披露。 就交易双方主营业务来看，此次收购属于同行业产业整合，双方同属于电子电路制造行业，其中，迅捷兴产品主要聚焦在硬板产品，而嘉之宏主要聚焦在 软板产品，具有一定的协同效应。 停牌前，公司股价上涨6.54%，为14.33元/股，市值回升至19亿元。 制图：佘诗婕 "上市即巅峰" 此次收购或许是迅捷兴打破业绩僵局的一战，亦是印制电路板（PCB）行业"大鱼吃小鱼"的缩影。 2024年以来，PCB价格战带来行业竞争升级，集中度持续提升，行业企业纷纷开展并购，或通过横向整合扩大市场份额，或纵向延伸切入高附加值领域。 就本次迅捷兴收购动作来看，应该属于后者。 具体来看，迅捷兴主营业务为印制电路板（PCB）的研发 ...