Core Viewpoint - 科翔股份 is a leading manufacturer of high-density printed circuit boards in China, with a full industry chain production capability and high product quality and technology levels [1] Group 1: Business Performance - In Q3 2025, 科翔股份 reported revenue of 2.727 billion yuan, ranking 22nd among 44 companies in the industry [2] - The industry leader, 东山精密, achieved revenue of 27.071 billion yuan, while the second, 鹏鼎控股, reported 26.855 billion yuan; the industry average revenue was 4.913 billion yuan [2] - The net profit for the same period was -134 million yuan, placing the company at the bottom of the industry ranking at 44th [2] - The industry leader, 胜宏科技, had a net profit of 3.245 billion yuan, and the second, 生益科技, reported 2.864 billion yuan; the industry average net profit was 481 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, 科翔股份 had a debt-to-asset ratio of 73.61%, up from 71.66% in the previous year, which is significantly higher than the industry average of 44.70% [3] - The gross profit margin for Q3 2025 was 6.98%, an increase from 3.97% year-on-year, but still below the industry average of 20.58% [3] Group 3: Executive Compensation - The chairman, 郑晓蓉, received a salary of 1.9557 million yuan in 2024, an increase of 96,400 yuan from 2023 [4] - 郑晓蓉 has been the chairman since April 2019 and has a background in electronics manufacturing [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 42.81% to 28,500 [5] - The average number of circulating A-shares held per shareholder increased by 74.88% to 11,500 [5] - 大成中证360互联网 + 指数A exited the list of the top ten circulating shareholders [5]

Core Viewpoint - Aoshikan is a leading global PCB manufacturer with full industry chain production capabilities, showcasing strong investment value due to its advanced product quality and technology [1] Group 1: Business Performance - In Q3 2025, Aoshikan reported revenue of 4.032 billion, ranking 14th among 44 companies in the industry, while the industry leader, Dongshan Precision, achieved revenue of 27.071 billion [2] - The net profit for the same period was 276 million, also ranking 14th, with the top performer, Shenghong Technology, reporting a net profit of 3.245 billion [2] Group 2: Financial Ratios - Aoshikan's debt-to-asset ratio stood at 45.79%, slightly above the industry average of 44.70%, indicating a higher leverage compared to peers [3] - The gross profit margin was 21.38%, higher than the industry average of 20.58%, reflecting better profitability [3] Group 3: Executive Compensation - The chairman, Cheng Yong, received a salary of 644,500, a decrease of 117,700 from the previous year, while the general manager, He Zixiu, saw an increase in salary to 2.5331 million, up by 1.4457 million [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.13% to 14,500, while the average number of shares held per shareholder increased by 13.80% to 20,900 [5] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 4.629 million shares [5] Group 5: Future Outlook - Analysts predict Aoshikan's revenue for 2025-2027 to be 5.52 billion, 6.74 billion, and 8.15 billion respectively, with net profits expected to be 510 million, 690 million, and 870 million [5] - The company is focusing on expanding its global footprint and increasing R&D investments, particularly in the automotive electronics and AIPC markets [5]

Core Points - Kexiang Co., Ltd. experienced a 5.3% increase in stock price, reaching 15.90 CNY per share, with a trading volume of 689 million CNY and a turnover rate of 13.76%, resulting in a total market capitalization of 6.594 billion CNY [1] - The company, established on November 2, 2001, and listed on November 5, 2020, specializes in the research, production, and sales of high-density printed circuit boards, with 90.56% of its revenue coming from circuit board products [1] Shareholder Analysis - The top circulating shareholder of Kexiang Co., Ltd. includes a fund from Dazhong Fund, specifically the Dazhong CSI 360 Internet + Index A (002236), which entered the top ten circulating shareholders in the second quarter with 1.636 million shares, accounting for 0.5% of circulating shares [2] - The Dazhong CSI 360 Internet + Index A fund has achieved a year-to-date return of 38.29%, ranking 1254 out of 4218 in its category, and a one-year return of 47.2%, ranking 730 out of 3878 [2] Fund Management - The fund manager of Dazhong CSI 360 Internet + Index A is Xia Gao, who has been in the position for 10 years and 330 days, managing a total fund size of 2.494 billion CNY, with the best fund return during his tenure being 225.06% [3] Fund Holdings - Dazhong CSI 360 Internet + Index A has Kexiang Co., Ltd. as its largest holding, with 1.636 million shares, representing 1.16% of the fund's net value, and a floating profit of approximately 1.3088 million CNY [4]

Group 1 - The core point of the news is that Aoshikang's stock price has dropped by 5.03%, currently trading at 37.80 CNY per share, with a total market capitalization of 11.996 billion CNY [1] - Aoshikang Technology Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on May 21, 2008, with its listing date on December 1, 2017 [1] - The company's main business involves the research, production, and sales of high-density printed circuit boards, with revenue composition being 75.36% from four-layer and above boards, 16.24% from single/double-sided boards, and 8.40% from other sources [1] Group 2 - From the perspective of major fund holdings, one fund under China Europe Fund has a significant position in Aoshikang, specifically the China Europe Small Cap Growth Mixed A fund, which held 99,600 shares, accounting for 0.57% of the fund's net value [2] - The China Europe Small Cap Growth Mixed A fund has a current scale of 199 million CNY and has achieved a year-to-date return of 50.47%, ranking 801 out of 8160 in its category [2] - The fund manager, Qian Yating, has a tenure of 3 years and 350 days, with the best fund return during this period being 56.97% [2]

Group 1 - The core viewpoint of the news is that Kexiang Co., Ltd. experienced a stock price increase of 5.21%, reaching 13.73 CNY per share, with a trading volume of 376 million CNY and a turnover rate of 8.78%, resulting in a total market capitalization of 5.694 billion CNY [1] - Kexiang Co., Ltd. is primarily engaged in the research, production, and sales of high-density printed circuit boards, with 90.56% of its revenue coming from circuit board products, 9.39% from other sources, and only 0.05% from cathode material products [1] Group 2 - From the perspective of major circulating shareholders, the Dazheng Fund has a fund that ranks among the top ten circulating shareholders of Kexiang Co., Ltd. The Dazheng CSI 360 Internet + Index A fund (002236) newly entered the top ten in the second quarter, holding 1.636 million shares, which accounts for 0.5% of the circulating shares [2] - The Dazheng CSI 360 Internet + Index A fund has achieved a return of 33.64% this year, ranking 1543 out of 4220 in its category, and a return of 52.63% over the past year, ranking 529 out of 3855 [2] Group 3 - The fund manager of the Dazheng CSI 360 Internet + Index A fund is Xia Gao, who has a cumulative tenure of 10 years and 315 days, with the fund's total asset size at 2.26 billion CNY [3] - During Xia Gao's tenure, the best fund return was 215.18%, while the worst return was -71.74% [3] Group 4 - The Dazheng CSI 360 Internet + Index A fund holds Kexiang Co., Ltd. as its largest heavy stock, with 1.636 million shares, accounting for 1.16% of the fund's net value, and it has generated an estimated floating profit of approximately 1.1125 million CNY today [4]

Group 1 - The core viewpoint of the news is that Kexiang Co., Ltd. has seen a significant increase in its stock price, rising by 5.25% to reach 13.63 yuan per share, with a trading volume of 256 million yuan and a turnover rate of 5.80%, resulting in a total market capitalization of 5.652 billion yuan [1] - Kexiang Co., Ltd. is primarily engaged in the research, production, and sales of high-density printed circuit boards, with its main business revenue composition being 90.56% from circuit board products, 9.39% from other sources, and 0.05% from positive electrode materials [1] Group 2 - The top circulating shareholder of Kexiang Co., Ltd. is a fund under Dacheng Fund, specifically the Dacheng CSI 360 Internet + Index A (002236), which entered the top ten circulating shareholders in the second quarter with 1.636 million shares, accounting for 0.5% of the circulating shares [2] - The Dacheng CSI 360 Internet + Index A (002236) has achieved a year-to-date return of 34.31%, ranking 1619 out of 4221 in its category, and a one-year return of 52.81%, ranking 772 out of 3848 [2] - The fund manager of Dacheng CSI 360 Internet + Index A is Xia Gao, who has been in the position for 10 years and 311 days, with a total fund asset size of 2.26 billion yuan and a best fund return of 216.78% during his tenure [3]

Group 1 - The core viewpoint of the news is that Kexiang Co., Ltd. has seen a significant increase in stock price, with a rise of 5.09% to 12.60 CNY per share, and a total market capitalization of 5.225 billion CNY [1] - Kexiang Co., Ltd. is primarily engaged in the research, production, and sales of high-density printed circuit boards, with 90.56% of its revenue coming from circuit board products [1] - The company was established on November 2, 2001, and was listed on November 5, 2020 [1] Group 2 - The top circulating shareholder of Kexiang Co., Ltd. is a fund under Dazhong Fund, which has recently entered the top ten circulating shareholders with 1.636 million shares, accounting for 0.5% of circulating shares [2] - The Dazhong Zhongzheng 360 Internet + Index A fund has achieved a year-to-date return of 34.11% and a one-year return of 89.11%, ranking 1197 out of 4223 and 670 out of 3803 respectively [2] - The fund manager, Xia Gao, has a tenure of 10 years and 287 days, with the best fund return during this period being 216.29% [3] Group 3 - The Dazhong Zhongzheng 360 Internet + Index A fund holds Kexiang Co., Ltd. as its largest position, with 1.636 million shares, representing 1.16% of the fund's net value [4] - The estimated floating profit from this position is approximately 997,900 CNY [4]

Core Viewpoint - Aerospace Holdings (00031) experienced a significant stock increase of over 14%, reaching HKD 0.8 with a trading volume of HKD 24.44 million following the announcement of its interim results [1] Financial Performance - The company reported interim revenue of approximately HKD 2.023 billion, reflecting a year-on-year growth of 10.89% [1] - Shareholder attributable loss amounted to HKD 42.337 million, which represents a year-on-year increase of 48.15% [1] Business Segments - The injection molding product segment saw a revenue increase of 20.32% compared to the same period last year, contributing to an overall rise in operating profit for the technology industry [1] - The circuit board business stabilized, with revenue growth of 11.42% year-on-year, primarily driven by strong performance in optoelectronic modules and domestic substrate business [1] Strategic Developments - Aerospace Holdings disclosed that the civil engineering for the Nantong Kangyuan integrated circuit packaging substrate capacity construction has been completed, with production line construction proceeding in an orderly manner [1] - The Nantong Kangyuan circuit packaging substrate project is a key investment initiative with a total investment of HKD 5 billion, of which HKD 1.5 billion has been allocated for the first phase, set to commence trial production in Q4 2024 and enter ramp-up production in January 2025 [1] - The designed annual production capacity is 240,000 square meters, with projected annual sales of HKD 1.35 billion; once fully operational, the company's capacity for high-end integrated circuit packaging substrates and high-density printed circuit boards will double, positioning it among the top three in the domestic substrate industry and advancing the domestic semiconductor industry's self-sufficiency and controllability [1]

Core Viewpoint - Aerospace Holdings (00031) has seen a significant stock increase of over 14%, with a current price of 0.8 HKD and a trading volume of 24.44 million HKD, following the release of its interim results which show a mixed performance in revenue and losses [1] Financial Performance - The company reported a revenue of approximately 2.023 billion HKD for the first half of the year, representing a year-on-year growth of 10.89% [1] - Shareholder losses amounted to 42.337 million HKD, which is an increase of 48.15% compared to the previous year [1] Business Segments - The injection molding product segment experienced a revenue increase of 20.32% year-on-year, contributing positively to the overall operating profit of the technology industry [1] - The circuit board business showed stable sales with a revenue growth of 11.42% year-on-year, driven by strong performance in optoelectronic modules and domestic substrate business [1] Strategic Developments - Aerospace Holdings disclosed that the construction of the Nantong Kangyuan integrated circuit packaging substrate capacity has been completed, with production line construction proceeding in an orderly manner [1] - The Nantong Kangyuan circuit packaging substrate project is a key investment initiative with a total investment of 5 billion HKD, where the first phase involves 1.5 billion HKD and is set to begin trial production in Q4 2024, with mass production ramp-up expected in January 2025 [1] - The designed annual production capacity for the project is 240,000 square meters, with projected annual sales of 1.35 billion HKD [1] - Once fully operational, the company's capacity for high-end integrated circuit packaging substrates and high-density printed circuit boards will double, positioning it among the top three in the domestic substrate industry and promoting the domestic substitution and self-control process in the semiconductor sector [1]

Group 1 - The core viewpoint of the news is that Aoshikan Technology Co., Ltd. has seen a stock price increase of 5.52%, reaching 41.10 CNY per share, with a total market capitalization of 13.044 billion CNY [1] - Aoshikan specializes in the research, production, and sales of high-density printed circuit boards, with its main business revenue composition being 75.36% from four-layer and above boards, 16.24% from single/double-sided boards, and 8.40% from other sources [1] Group 2 - According to data, a fund under Zheshang Securities Asset Management holds Aoshikan as its fourth-largest position, with 32,000 shares, accounting for 0.74% of the fund's net value [2] - The Zheshang Huijin Quantitative Selected Stock A fund has achieved a year-to-date return of 25.53% and a one-year return of 63.83%, ranking 1497 out of 4222 and 1273 out of 3798 in its category, respectively [2] - The fund manager, Chen Gujun, has a tenure of 5 years and 235 days, with the fund's total asset size being 204 million CNY [2]