Group 1: Investor Relations Activity Overview - The investor relations activity was a specific object survey held on July 22, 2025, at Jiangsu Guangqian Electronics Co., Ltd. [3] - Attendees included representatives from various securities firms and investment funds, with the company represented by the board secretary and a subsidiary's deputy general manager [3][4]. Group 2: Key Company Developments - The Thai factory is expected to start construction in Q3 2025 and commence production in Q3 2026, with an annual capacity of approximately 4 million square meters [5]. - The establishment of the Thai factory aims to meet the needs of major clients who have already set up production capacities in Southeast Asia, facilitating closer delivery and response to customer demands [5]. Group 3: Product Application and Market Trends - In the first half of 2025, automotive electronics accounted for over 40% of the company's revenue, making it the largest application area [6]. - The demand for HDI boards in automotive electronics is projected to grow 3 to 4 times over the next five years, driven by the trend towards intelligent driving [7]. Group 4: Current Product Supply Situation - The company's mass-produced HDI products are primarily used in vehicle intelligent driving applications, including DMS, millimeter-wave radar, and laser radar [8]. - Products are also applied in server auxiliary power supplies, mainly delivered through Taiwanese clients [9].

Company Overview - Ji'an Mankun Technology Co., Ltd. focuses on high-layer PCB products, with approximately 60% of its products being high-layer, and automotive electronics accounting for about 30% of its focus area [2][3]. Financial Performance - The gross margin for PCB products in 2024 was 10.44%, with the automotive electronics sector showing a higher gross margin [3][4]. - In 2024, the top five customers accounted for 35.92% of total sales, with no single customer exceeding 10% [6]. Investment and Expansion - The company is investing up to $70 million in Thailand to establish a new production base, with the project progressing through various stages, including registration and land agreements [3][6]. - The Thai factory is expected to commence production by 2027 [6]. Research and Development - Future R&D will focus on enhancing automotive electronic PCB capacity and developing core components for new energy vehicles, including battery, motor, and control systems [4][7]. - The company is advancing in the development of 16-layer server power products and automotive three-stage HDI intelligent driving domain control products, with prototypes currently in testing [4][5]. Production and Inventory Management - The company employs a "sales-driven production" model, maintaining a good inventory turnover rate of 7.59 times in 2024, which is favorable compared to industry peers [6][7]. - The production strategy includes monitoring material and finished goods aging to minimize obsolete inventory [6]. Cost Control and Efficiency - Cost reduction strategies include controlling procurement costs, optimizing production processes, and enhancing product yield to ensure quality and reduce internal failure costs [7]. - The company is committed to building a smart factory that integrates data management and automation to improve operational efficiency [7]. Strategic Vision - The company aims to enhance its international competitiveness and risk resilience through overseas expansion and strategic partnerships with leading global enterprises [7].