Core Viewpoint - The article highlights the strong performance of Dazhu CNC in 2025, driven by the expansion of computing PCB and product structure upgrades, with expectations for continued high growth in mechanical drilling machines and excellent positioning in ultra-fast laser drilling machines [2][4]. Financial Performance - In 2025, Dazhu CNC achieved revenue of 5.77 billion, a significant increase of 72.7% year-on-year, and a net profit attributable to shareholders of 820 million, up 173.7% year-on-year. The gross margin was 35.1%, an increase of 7.0 percentage points, and the net profit margin was 14.2%, up 5.2 percentage points [2]. - In Q4 2025, the gross margin reached 42.2%, an increase of 13.8 percentage points year-on-year and 8.2 percentage points quarter-on-quarter. The net profit margin was 17.7%, up 8.0 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [3]. Business Segments - The revenue breakdown for drilling, detection, exposure, forming, and attachment equipment was 72%, 9%, 6%, 5%, and 2%, respectively, with year-on-year growth rates of 98%, 94%, -5%, 6%, and 45%. The gross margins for these segments were 33.5%, 41.9%, 40.2%, 26.2%, and 38.1%, with year-on-year changes of +8.7, 0.0, +4.4, +4.5, and -3.1 percentage points [2]. - The company is positioned as a leader in mechanical drilling, with a significant increase in orders and a doubling of production capacity expected this year to meet demand from major PCB clients [4]. Technology and Product Development - Dazhu's ultra-fast laser technology is leading the market, offering advantages such as improved quality in blind hole processing and compatibility with new materials and technologies in the computing PCB sector. The company anticipates starting bulk deliveries for 1.6T optical modules this year [4]. - The company is also expected to expand its product offerings by leveraging its drilling equipment advantages to sell complementary equipment such as exposure, forming, detection, and pressing devices [4]. Investment Outlook - Dazhu CNC is viewed as a global leader in PCB equipment, with the acceleration of AI PCB expansion and high-end product upgrades signaling a new phase of high-quality growth. Revenue and net profit forecasts for 2026-2028 have been adjusted upward based on the latest performance and growth potential of new high-end products [5][6].

全球發售 深圳市大族數控科技股份有限公司 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 3200 獨 家 保 薦 人、保 薦 人 兼 整 體 協 調 人、聯 席 全 球 協 調 人、聯 席 賬 簿 管 理 人 及 聯 席 牽 頭 經 辦 人 整 體 協 調 人、聯 席 全 球 協 調 人、聯 席 賬 簿 管 理 人 及 聯 席 牽 頭 經 辦 人 聯 席 全 球 協 調 人、聯 席 賬 簿 管 理 人 及 聯 席 牽 頭 經 辦 人 SHENZHEN HAN 深圳市大族數控科技股份有限公司 重要提示 重要提示： 閣下對本招股章程任何內容如有任何疑問，應徵詢專業獨立意見。 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. 深圳市大族數控科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 50,451,800股H股（視乎超額配股權行使與否而定） | | --- | --- | --- | | 香港發售股份數目 | ： | 5,04 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或完整 性亦不發表任何申明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. 深圳市大族數控科技股份有限公司 的聆訊後資料集 （於中華人民共和國註冊成立的股份有限公司） 警 告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。瀏覽本文件即表 示 閣下知悉、接納並深圳市大族數控科技股份有限公司（「本公司」，連同其子公司統稱「本集 團」）、其獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前， 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投 資者務請僅依據於香港公司註冊處處長登記的本公司 ...

Core Viewpoint - The demand for optical modules is expected to reach tens of millions by 2026, driven by the continuous increase in computing power requirements, leading to a shift towards automation in production processes [1][2][3] Group 1: Market Demand and Trends - The demand for AI computing servers is continuously being revised upwards, which in turn boosts the demand for optical modules [2] - Google’s Gemini3 and Nvidia’s Rubin architecture are key drivers for increased server shipments and higher bandwidth requirements for optical modules [2] - The optical module is a core component for building efficient computing clusters, essential for the advancement of AI technologies [2] Group 2: Industry Transformation - Historically, the optical module industry has been labor-intensive, but technological upgrades and overseas expansion are driving the need for automation [3] - The transition from 800G to 1.6T optical modules necessitates higher precision in assembly and testing, making automation equipment essential [3] - Companies are increasingly establishing overseas production capacities, particularly in Southeast Asia, to meet North American client demands, further emphasizing the need for automation due to labor quality concerns [3] Group 3: Recommended Companies - Companies with relevant product layouts in the optical module sector are highlighted for investment opportunities, including: - Coupling equipment: Robotech (300757.SZ) - AOI testing equipment: Aotaiwei (688516.SH), Tianzhun Technology (688003.SH), Quick Intelligent (603203.SH) - Attachment equipment: Bozhong Precision (688097.SH) - Automation assembly equipment: Kaige Precision Machinery (301338.SZ) - Fiber Array Unit (FAU): Jieput (688025.SH) [1]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The demand for AI computing servers is continuously being revised upwards, which in turn drives the demand for optical modules [1] - Major AI companies are increasing their capital expenditures, leading to an upward revision in server shipment expectations [1] - The introduction of automation in the optical module sector is becoming essential due to technological upgrades, rapid demand growth, and overseas capacity expansion [3] Summary by Sections AI Computing Servers and Optical Modules - The launch of Google Gemini 3 in November 2025 has demonstrated superior performance, leading to increased market interest in TPU servers, which are expected to shift from in-house use to external sales, thus boosting shipment forecasts [1][2] - Optical modules are critical components for building efficient computing clusters, with increasing bandwidth requirements due to advancements in server architecture [2] Automation in Optical Module Production - Historically, the optical module industry has been labor-intensive, but the need for automation is driven by technological upgrades, rapid demand growth, and the establishment of overseas production capacities [3] - The transition from 800G to 1.6T optical modules necessitates higher assembly precision, making automated assembly and inspection equipment essential [3] - The expected demand for optical modules is projected to reach tens of millions by 2026, making manual production insufficient to meet capacity needs [3] Investment Recommendations - The report recommends focusing on companies with relevant product offerings in the optical module automation space, including: - Coupling equipment: Robotech - AOI inspection equipment: Aotaiwei, Tianzhun Technology, Kuaike Intelligent - Adhesive equipment: Bozhong Precision - Automated assembly equipment: Kaige Precision - Fiber array units (FAU): Jieput [4]

Core Viewpoint - Dazhu CNC Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D and operational capabilities, expanding overseas sales, increasing PCB equipment production capacity, and supplementing working capital [2] Industry Background - China is the largest PCB production base globally, with a projected PCB output value of $41.2 billion in 2024, accounting for approximately 56% of the global market, expected to rise to $49.7 billion by 2029 [2] - The Chinese PCB industry is undergoing a structural transformation, shifting from traditional through-hole boards to high-end HDI, packaging substrates, and high-frequency boards, with increasing demand for high-precision PCB equipment driven by AI and smart electric vehicles [2] Company Overview - Dazhu CNC has over 20 years of experience in the PCB equipment sector, providing end-to-end solutions for manufacturers in various industries, including automotive electronics and consumer electronics [3] - The global PCB equipment market is competitive and fragmented, with the top five manufacturers holding about 20.9% of the market share; Dazhu CNC is the largest PCB equipment manufacturer in China, with a market share of 10.1% [3] R&D and Innovation - R&D is a core competitive advantage for Dazhu CNC, with 742 R&D personnel, representing 25.5% of total employees, and 72.2% holding a bachelor's degree or higher [5] - The company has established several research centers to enhance its technological capabilities, focusing on laser processing equipment for packaging substrates and other key areas [5] Product and Production Capacity - Dazhu CNC's product range covers critical PCB production processes, including drilling, exposure, lamination, forming, and testing, with sales across over 10 countries [5] - Sales data for key equipment types: - **Drilling Equipment**: Sales of 2,514 units in 2022, 1,129 in 2023, and projected 3,119 in 2024, with varying production and sales rates [5] - **Exposure Equipment**: Sales of 132 units in 2022, 79 in 2023, and 141 in 2024, with production rates reflecting market conditions [6] - **Testing Equipment**: Sales of 519 units in 2022, 400 in 2023, and 446 in 2024, with a noted decrease in production rates due to inventory levels [6] - **Forming Equipment**: Sales of 463 units in 2022, 289 in 2023, and 596 in 2024, maintaining stable production rates [6] - **Attachment Equipment**: Sales of 74 units in 2022, 183 in 2023, and 206 in 2024, with production rates indicating market adaptation [7] - **Lamination Equipment**: Introduced in 2024 with initial sales of 2 units, reflecting early market entry challenges [7]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何申明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. 深圳市大族數控科技股份有限公司 的申請版本 （於中華人民共和國註冊成立的股份有限公司） 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。瀏覽本文件即表 示 閣下知悉、接納並深圳市大族數控科技股份有限公司（「本公司」，連同其子公司統稱「本集 團」）、其獨家保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前， 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投 資者務請僅依據與香港公司註冊處處長登記的本公司招股章程作出投資決定；招股章程的文本 將 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by demand in the AI server market and advancements in drilling equipment technology [1][4]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 2.382 billion yuan, a year-on-year increase of 52% [1] - The net profit attributable to shareholders reached 263 million yuan, up 84% year-on-year [1] - The non-recurring net profit was 250 million yuan, reflecting a 101% increase year-on-year [1] - The gross margin was 30.28%, an increase of 1 percentage point year-on-year, while the net margin was 10.97%, up 2 percentage points year-on-year [1] - In Q2 2025, the company reported operating revenue of 1.422 billion yuan, a 75% increase year-on-year and a 48% increase quarter-on-quarter [1] Product Development and Market Position - The company capitalized on the AI server opportunity, with drilling equipment revenue reaching 1.692 billion yuan in the first half of 2025, a 72% increase year-on-year [2] - The gross margin for drilling equipment was 26.10%, up 0.4 percentage points year-on-year [2] - The company has developed new drilling machines with advanced features, such as a 3D back drilling function, which have been certified by industry clients and are in high demand [2] - The laser drilling product matrix includes various types of laser drilling equipment tailored for different PCB segments, with ongoing upgrades to meet the evolving technical requirements of HDI products [3] - The company’s new laser processing solutions have achieved high precision requirements for small holes and complex shapes, gaining recognition and orders from downstream customers [3] Comprehensive Service Offering - The company is one of the largest providers of PCB specialized equipment, with detection equipment revenue of 209 million yuan, an 82% increase year-on-year, and a gross margin of 41% [4] - Exposure equipment revenue was 124 million yuan, down 23% year-on-year, while forming equipment revenue was 141 million yuan, up 4% year-on-year [4] - The company’s one-stop service significantly reduces customer procurement and maintenance costs, facilitating ongoing technical collaboration and communication with clients [4] Investment Outlook - The company is expected to achieve revenues of 4.973 billion yuan, 6.703 billion yuan, and 8.373 billion yuan for the years 2025 to 2027, with net profits of 596 million yuan, 822 million yuan, and 1.033 billion yuan respectively [4] - Corresponding price-to-earnings ratios are projected to be 63.22, 45.79, and 36.46 times for the same years [4] - The company is well-positioned to benefit from the growing demand in the AI server market and maintains a leading position in drilling equipment [4]