Core Viewpoint - Founder Technology Group Co., Ltd. is planning to issue A-shares to specific investors, aiming to raise funds for the development of high-density interconnection circuit board projects in the artificial intelligence and computing power sectors. Group 1: Company Overview - The company specializes in the design, research and development, manufacturing, and sales of printed circuit board (PCB) products, including HDI, multilayer boards, and customized PCBs, widely used in communication devices, consumer electronics, and automotive electronics [17]. - As of March 31, 2025, the company has a registered capital of 4,170.29 million yuan and is listed on the Shanghai Stock Exchange under the stock code 600601 [16]. Group 2: Fundraising Details - The company plans to issue shares to no more than 35 specific investors, with a commitment from Huansheng Fangke to subscribe for up to 23.50% of the total issuance amount [2][3]. - The final issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing benchmark date [4][5]. Group 3: Industry Context - The global PCB industry is a significant segment of the electronic components market, with a total output value of 81.74 billion USD in 2022, showing a slight increase from the previous year [22]. - China has become the largest PCB manufacturing base globally, with its output value rising from 3.368 billion USD in 2000 to an estimated 41.213 billion USD in 2024, accounting for 56.02% of the global market [22][23]. Group 4: Market Trends and Future Outlook - The PCB industry is expected to enter a new growth cycle driven by emerging technologies such as artificial intelligence and the increasing demand from sectors like electric vehicles and satellite communications [22]. - The global PCB market is projected to grow at a compound annual growth rate (CAGR) of 5.20% from 2024 to 2029, reaching approximately 94.7 billion USD by 2029 [22].

Core Viewpoint - AT&S reported a total revenue of €1.59 billion for the fiscal year 2024/2025, reflecting a 3% year-on-year growth despite price pressures and global trade uncertainties [1][2]. Financial Performance - The company's revenue increased from €1.55 billion in the previous fiscal year to €1.59 billion [1]. - EBITDA saw a significant rise of 97%, increasing from €307 million to €606 million, primarily due to the sale of the Korean factory [1]. - Adjusted EBITDA, excluding the impact of the Korean factory sale, was €408 million, up 6% from €384 million in the previous fiscal year [2]. Market Environment - The ongoing trade tensions, particularly between the U.S. and China, are viewed as the largest uncertainty affecting the market [2][5]. - Demand in the mobile devices, computers, and communication infrastructure sectors remains stable, while the automotive sector is stagnant and the industrial sector is weak [2][5]. - Price pressures in the printed circuit board (PCB) and semiconductor packaging sectors continue, although the decline in PCB prices is less severe than in the previous fiscal year [2][5]. Strategic Initiatives - The company is focusing on cost optimization and efficiency improvements to counteract market pressures and inflation [2]. - AT&S is implementing a "local for local" strategy in China to enhance market resilience and capitalize on local opportunities [6]. - The company plans to balance production capacity across its global manufacturing network, which includes facilities in China, Malaysia, Austria, and India [7]. Future Outlook - AT&S is preparing for future demand recovery by ensuring that its new factory in Malaysia is ready to start production quickly when needed [7]. - The company acknowledges the growing interest from Chinese clients in its advanced technologies, emphasizing that the Chinese market remains a core business area [7].