Core Viewpoint - Shenzhen Han's CNC Technology Co., Ltd. (Han's CNC) has submitted a prospectus for a public listing on the Hong Kong Stock Exchange, marking its second attempt after a previous application lapsed in May 2025. The company was listed on the Shenzhen Stock Exchange in February 2022, with a market capitalization of approximately RMB 45.7 billion as of December 2, 2023 [1]. Company Overview - Han's CNC is a leading provider of PCB (Printed Circuit Board) specialized production equipment solutions in China, with over 20 years of industry experience. The company supports downstream sectors such as servers, data storage, automotive electronics, mobile phones, computers, and consumer electronics. Its product range covers nearly all major PCB production processes, including drilling, exposure, lamination, molding, and testing, positioning it among the top in the global PCB equipment industry [3]. Shareholding Structure - The controlling shareholders of Han's CNC include Mr. Gao Yunfeng, Han's Laser, Han's Holdings, and Han's Global, with Mr. Gao being the ultimate beneficial owner. As of the last practicable date, Mr. Gao holds approximately 84.39% of the company's issued share capital through Han's Laser (83.63%) and Han's Holdings (0.76%). Han's Laser is listed on the Shenzhen Stock Exchange [3]. Financial Performance - Han's CNC has shown a "first decline, then rise" recovery trend in its financial performance. The company reported revenues of RMB 2.786 billion, RMB 1.634 billion, and RMB 3.343 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 432 million, RMB 136 million, and RMB 300 million. The revenue fluctuations in 2023 were attributed to cyclical adjustments in the industry, while the strong rebound in 2024 highlighted the company's rapid response capabilities and core competitiveness during the industry recovery [5]. - In Q3 2025, the company achieved revenue of RMB 1.521 billion, a year-on-year increase of 95.19%, and net profit of RMB 228 million, a staggering year-on-year growth of 281.94%. For the first three quarters of 2025, cumulative revenue reached RMB 3.903 billion, up 66.53%, and net profit was RMB 492 million, up 142.19%, marking the best performance for the same period since the company went public in 2022 [5]. Product Development - Beyond drilling equipment, Han's CNC has achieved synergistic development across multiple processes, including lamination, exposure, molding, and testing. The company has introduced innovative products such as the "drill and measure integrated machine" and "laser cleaning machine for solder mask," which help clients reduce costs and improve efficiency, further solidifying its market position [6].

Group 1: Company Performance - The company achieved a revenue of 238,183.32 million yuan in the first half of 2025, a significant increase of 52.26% compared to the same period last year [3] - The net profit attributable to shareholders reached 26,327.17 million yuan, reflecting a growth of 83.82% year-on-year [3] Group 2: Core Competitiveness - The company employs an innovative self-research model focused on segmented markets and application scenarios, enhancing its competitiveness in automotive electronics and consumer electronics multilayer boards [4] - The business model integrates key PCB production processes and multi-category products, providing one-stop solutions that enhance technical capabilities and customer service [4] Group 3: PCB Industry Trends - The PCB industry is expected to grow, with Prismark forecasting a revenue growth of 7.6% and a production increase of 7.8% in 2025, driven by demand for AI servers and switches [5] - The compound annual growth rate (CAGR) for the PCB industry from 2024 to 2029 is projected to be 5.2%, with the global market reaching nearly $100 billion and the domestic market reaching $50 billion by 2029 [6] Group 4: High Multilayer Board Market - The demand for high multilayer boards is increasing due to the rapid growth of data volume and the adoption of high-speed designs in AI servers and switches [7] - The company has developed advanced drilling machines and laser drilling solutions to meet the high precision and quality requirements for AI PCB products [8] Group 5: HDI Market Situation - The demand for HDI boards is rising in applications such as AI smartphones and automotive electronics, necessitating higher performance and efficiency from specialized equipment [10] - The company is continuously upgrading its laser drilling and imaging systems to meet the evolving technical requirements of HDI products [10]

Group 1: Company Performance - In the first half of 2025, the company achieved operating revenue of 238,183.32 million yuan, a significant increase of 52.26% compared to the same period last year [4] - The net profit attributable to shareholders reached 26,327.17 million yuan, reflecting an impressive growth of 83.82% year-on-year [4] Group 2: PCB Industry Trends - The PCB industry is expected to grow by 7.6% in revenue and 7.8% in production in 2025, driven by strong demand for AI servers and switches [6] - From 2024 to 2029, the compound annual growth rate (CAGR) for capacity in the PCB sector is projected to be 22.1% for high multilayer boards and 17.7% for HDI boards [6] - The global PCB market is anticipated to reach nearly 100 billion USD by 2029, while the domestic market is expected to hit 50 billion USD [7] Group 3: High Multilayer Board Market - The demand for high multilayer boards is increasing due to the rapid growth of data and the adoption of 112/224Gbps SerDes designs in AI servers and high-speed switches [8] - The need for advanced drilling technology, such as CCD six-axis independent drilling machines, is rising to meet the higher precision and quality requirements for AI PCB products [9] - The company has developed a CO2 laser drilling machine that meets the high-quality processing needs for large-diameter and cross-layer blind holes [10] Group 4: HDI Market Situation - The demand for HDI boards is rapidly increasing in AI smartphones, AI PCs, automotive electronics, and optical modules [11] - The company is upgrading its CO2 laser drilling machines and high-resolution imaging systems to meet the shrinking feature sizes of HDI products [11] - New laser processing solutions have been developed to achieve high precision in micro-hole drilling and shaping, gaining recognition and orders from downstream customers [12]