来源：市场资讯 来源：面包财经 2025年12月5日，三环集团正式向香港联合交易所递交招股书，拟在香港主板挂牌上市，中国银河国际 担任本次发行的独家保荐人。 三环集团近几年经营业绩稳步增长，2025年前三季度营业收入、利润同比涨幅均超过20%，毛利率维持 在40%左右。2025年三季度末，公司现金及现金等价物合计达42.99亿元，结合借款、应付账款及其他 应付款等来看，公司现金流较为充裕。 资料显示，公司在全球运营10个生产基地，包括潮州、南充、德阳、德国、泰国等，形成覆盖全球的产 销网络。按2024年收入计，氧化铝陶瓷基板、陶瓷插芯及套筒及SOFC隔膜片全球市占率位居第一。其 中，氧化铝陶瓷基板全球市占率超50%，陶瓷插芯及套筒的全球市场份额超70%，晶振封装用陶瓷封装 基座市占率约40%。 招股书显示，三环集团所在的行业及市场，其需求增长由技术迭代及应用升级所推动，这使得高端化被 动组件的需求持续攀升，公司收入逐年上升。 近年来，公司的电子元件业务占比持续提升，从2022年的16.2%增至2025年前三季度的36.1%，成为核 心收入支柱之一；通信器件、电子及陶瓷材料的收入占比在2025年前三季度分别为3 ...

香港聯合交易所有限公司與香港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意見，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。 Chaozhou Three-Circle (Group) Co., Ltd. 潮州三環（集團）股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「交易所」）及香港證券及期貨事務監察委員會（「委 員會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，當中所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其獨家保薦人、顧問或包銷銀團成員表示同意： 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 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據 本文件中的資料作出任何投資決定； (b) 在交易所網站登載本文件 ...

Core Viewpoint - The company achieved total revenue of 7.375 billion yuan in 2024, representing a year-on-year growth of 28.78%, and a net profit attributable to shareholders of 2.190 billion yuan, up 38.55% year-on-year. The net profit excluding non-recurring items was 1.932 billion yuan, reflecting a growth of 58.22% year-on-year. Both revenue and net profit reached historical highs in 2024 [1][2][3]. Financial Performance - In 2024, the company reported total revenue of 7.375 billion yuan, a year-on-year increase of 28.78%, and a net profit attributable to shareholders of 2.190 billion yuan, which is a 38.55% increase year-on-year. The net profit excluding non-recurring items was 1.932 billion yuan, marking a 58.22% year-on-year growth [2][3]. - For the first quarter of 2025, the company achieved total revenue of 1.833 billion yuan, a year-on-year increase of 17.24%, but a quarter-on-quarter decrease of 8.08%. The net profit attributable to shareholders was 533 million yuan, up 23.02% year-on-year, with a quarter-on-quarter decrease of 9.28% [2]. Market Demand and Product Development - The revenue growth in 2024 was driven by the continuous recovery in demand from downstream sectors such as consumer electronics, automotive electronics, and optical communications, leading to a steady increase in orders. Additionally, the company's MLCC products have made significant technological and market breakthroughs, enhancing brand competitiveness and resulting in substantial sales growth [1][3]. - The company has made progress in developing new products in the optical communication sector, driven by the rapid advancement of artificial intelligence, which has altered market demand dynamics and raised performance and manufacturing standards [3]. Product Diversification - The company has gradually overcome key production technologies for MLCC, launching a diversified range of products including automotive-grade, industrial-grade, consumer-grade, and mobile terminal series, forming a relatively comprehensive product matrix that meets diverse application scenarios and customer needs [4]. - In 2024, the company developed precision ceramic components for the semiconductor sector and entered the medical field with its subsidiary successfully registering a ceramic hip joint component with the National Medical Products Administration [5]. Future Outlook - The company forecasts revenues of 9.050 billion yuan, 11.160 billion yuan, and 13.552 billion yuan for 2025, 2026, and 2027 respectively, with net profits attributable to shareholders projected at 2.669 billion yuan, 3.330 billion yuan, and 4.117 billion yuan for the same years. The corresponding P/E ratios are expected to be 24.62, 19.73, and 15.96 [6].

Group 1 - The company reported a revenue of 7.375 billion yuan for 2024, representing a year-on-year increase of 28.78% [1] - The net profit attributable to shareholders reached 2.190 billion yuan, up 38.55% year-on-year, while the net profit excluding non-recurring items was 1.932 billion yuan, reflecting a 58.22% increase [1] - The gross margin for the year was 42.98%, an increase of 3.15 percentage points compared to the previous year [1] Group 2 - In Q4 2024, the company achieved a revenue of 1.994 billion yuan, which is a 23.03% increase year-on-year and a 2.09% increase quarter-on-quarter [1] - The net profit attributable to shareholders for Q4 was 587 million yuan, up 33.79% year-on-year and 1.63% quarter-on-quarter [1] - The gross margin for Q4 was 43.57%, an increase of 3.61 percentage points year-on-year, but a decrease of 0.73 percentage points quarter-on-quarter [1] Group 3 - The demand for high-capacity MLCC is growing due to the recovery in consumer electronics and the boost from AI, leading to significant revenue growth [2] - The company is expanding its production of high-capacity products and has introduced new products such as MT inserts and ceramic packaging tubes [2] - The company is also innovating in the development of solid oxide fuel cells (SOFC) and other new products to drive industry transformation [2] Group 4 - The company expects net profits attributable to shareholders to reach 2.754 billion yuan, 3.205 billion yuan, and 3.717 billion yuan for 2025, 2026, and 2027 respectively [2] - The projected EPS for the same years is 1.44 yuan, 1.67 yuan, and 1.94 yuan, with corresponding PE ratios of 24.78, 21.30, and 18.36 [2] - The company maintains a "buy" rating based on its rapid growth and favorable market conditions [2]