编号：2025-0923-026 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： 参与单位名称 JP Morgan Asset Management （参会者已签署书面调研承诺函，在交流活动中，我公司严格遵守相关规 定，保证信息披露真实、准确、及时、公平，没有发生未公开重大信息泄露 等情况。下文会议纪要中的内容不代表公司对未来的盈利预测和业绩指引， 请投资者注意投资风险并谨慎投资。） 时间 2025 年 9 月 23 日 15:00-16:15 地点 公司会议室 形式 实地调研 公司接待 人员姓名 钱元君、王术梅 投资者关系活动 主要内容介绍 1、公司整体经营策略 公司差异化经营，将技术能力、制程能力、产能结构动态适配市场中长期 的需求结构，坚持面向整体市场的主要头部客户群体开展业务。公司向来注重 中长期的可持续利益，而非仅仅局限于眼前的短期利益。公司深知只有着眼长 远，保持客户均衡，才能在不断变化的市场环境中稳健发展，实现可持续增长。 面向整体市场的主要头部客户群体开展业务，对公司的综合竞争力提出了 更高要求，这意味着公 ...

Core Viewpoint - The company plans to invest approximately 4.3 billion in a new high-end printed circuit board production project for artificial intelligence chips, expected to start construction in late June 2025 and begin trial production in the second half of 2026 [2] Group 1: Investment and Production Plans - The investment in the new project aims to expand the company's high-end product capacity to meet the long-term demand for high-end printed circuit boards in emerging computing scenarios such as high-speed computing servers and artificial intelligence [2] - The Thai production base is set to enter small-scale production in the second quarter of 2025, with formal recognition from clients in AI servers and switches [2] Group 2: Strategic Importance and Future Outlook - The successful operation of the Thai production base is crucial for the company's overseas strategic layout, with efforts focused on improving production efficiency and product quality [2] - As customer expansion and product introduction progress, production capacity will be gradually released, laying a foundation for optimizing the product structure and achieving operational profitability goals by the end of 2025 [2]

Group 1: Company Performance - Honghe Technology reported a net profit increase of 10,588% year-on-year for the first half of the year, with revenue of 550 million yuan, up 35% [2] - Zhongtai Co. expects a net profit of 325 million to 355 million yuan for the first three quarters, representing a growth of 71.36% to 87.19% year-on-year, with Q3 net profit projected at 190 million to 220 million yuan, a year-on-year increase of 187.60% to 233.01% [3] - Guanghe Technology plans to invest 2.6 billion yuan in the construction of a cloud manufacturing base to expand high-end printed circuit board production capacity, with a project cycle from late 2025 to 2027 [3] Group 2: Market Trends - The stock market saw a significant drop in the afternoon, with both the Shanghai and Shenzhen indices falling over 1%, and a total trading volume of 3.17 trillion yuan, an increase of 486.5 billion yuan from the previous trading day [1] - Market hotspots were concentrated in computing power and chip sectors, with over 4,700 stocks declining, while sectors like CPO, rare earths, and semiconductors showed gains [1] - In the US market, major indices experienced slight gains, with the Dow up 0.32%, S&P 500 up 0.24%, and Nasdaq up 0.21%, driven by increases in large tech stocks [4]

Group 1 - The company, Guanghe Technology, plans to acquire land use rights in Huangpu District, Guangzhou, through a bidding process to invest in the Cloud Engine Manufacturing Base project [1] - The total investment for the project is approximately 2.6 billion yuan, which includes the cost of purchasing land use rights [1] - The funding for the project will be sourced from the company's own funds, bank loans, or other financing methods, aimed at development and operation [1] Group 2 - The project aims to expand the production capacity of high-end printed circuit boards to meet the demands of clients in the server application sector [1] - This initiative is expected to enhance the competitiveness of the company's core products and solidify its market position [1]

Group 1: Suspension and Resumption of Trading - Yongji Co., Ltd. has terminated the issuance of shares for asset acquisition and resumed trading of its stock [1] Group 2: Mergers and Acquisitions - Huayu Automotive plans to acquire 49% equity in SAIC Qingtao for 206 million yuan, marking its entry into the solid-state battery sector [2] - Debang Lighting intends to acquire control of Jiali Co., which specializes in the R&D, design, manufacturing, and sales of automotive lighting products [2] Group 3: Investment Cooperation and Operational Status - Hongjing Technology plans to raise no more than 1.35 billion yuan through a private placement for the construction and operation of intelligent computing clusters [3] - Guanghe Technology intends to invest 2.6 billion yuan to build a cloud manufacturing base, expanding its production capacity for high-end printed circuit boards [3] - Aerospace Electronics' Feihong Testing Company plans to invest 199 million yuan in the first phase of the Damaoqi base project to enhance low-altitude technology verification capabilities [3] - Shengyi Technology's ultra-low loss products have passed material certifications from multiple domestic and overseas clients, with ongoing collaborations on AI-related projects [3] - Zhuhai Guanyu's solid-state battery samples have demonstrated good safety performance and cycle life, with ongoing technical engagements with leading manufacturers [3] - Huafeng Technology's 224G high-speed backplane connector has completed customer validation tests, and samples are now available [4] - Xingsen Technology's FCBGA packaging substrate project has exceeded 3.8 billion yuan in investment, with sample orders surpassing the total from the previous year [5] - Xinjie Electric plans to invest 800 million yuan in the production project for intelligent drive and control systems for robots [6] - Betta Pharmaceuticals has issued its first prescription for Enzalutamide capsules in the United States [7] Group 4: Performance Changes - China Post Technology reported a net profit of 695 million yuan in the first half of the year, marking a turnaround from losses [8] - Jinlong Co. achieved a net profit of 125 million yuan in the first half, also reversing previous losses [9] - Honghe Technology's net profit reached 87.3751 million yuan, a year-on-year increase of 10,587.74%, driven by rising prices of electronic-grade glass fiber cloth [9] - Shen Shen Fang A reported a net profit of 103 million yuan, a year-on-year increase of 1,732.32% [10] - Yara International's net profit for the first half was 855 million yuan, up 216.64% year-on-year [11] - Juhua Co. reported a net profit of 2.051 billion yuan, a year-on-year increase of 98.36% [15] - Xinqi Eye Medicine's net profit reached 335 million yuan, a year-on-year increase of 97.75% [15] - China Giant Stone reported a net profit of 1.687 billion yuan, a year-on-year increase of 75.51% [15]

Core Viewpoint - Guanghe Technology (001389.SZ) plans to acquire land use rights in Guangzhou for the construction of the Yunqing Intelligent Manufacturing Base project, with an investment of approximately 2.6 billion RMB [1] Group 1: Project Details - The project will be financed through self-owned funds, bank loans, or other financing methods [1] - The land area for the project is 27,452.5 square meters, with a land transfer period of 50 years [1] - The starting bid for the land is 41.32 million RMB [1] Group 2: Financial Projections - The project timeline is set from the second half of 2025 to 2027, with an estimated post-tax payback period of about 6.5 years [1] Group 3: Strategic Implications - The construction of this project aims to expand the production capacity of high-end printed circuit boards to meet the demands of clients in the server application sector [1] - This initiative is expected to enhance the competitiveness of the company's core products and solidify its market position [1]

Core Insights - The company plans to acquire land use rights in Guangzhou for approximately 2.6 billion RMB to build the Cloud Manufacturing Base project [1] - The project aims to enhance the production capacity of high-end printed circuit boards to meet the demands of server application clients [1] - The expected tax return period for the project is about 6.5 years, with a project timeline from the second half of 2025 to 2027 [1] Financial Details - The total investment for the project is around 2.6 billion RMB, which includes the cost of land use rights [1] - The starting bid for the land is set at 41.32 million RMB [1] - Funding sources for the project will include self-owned funds, bank loans, or other financing methods [1] Project Specifications - The land area for the project is 27,452.5 square meters, with a land grant period of 50 years [1] - The project is expected to solidify the company's market position and enhance the competitiveness of its core products [1]

Core Viewpoint - The company plans to invest approximately 2.6 billion RMB in the construction of the Yunqing Intelligent Manufacturing Base project, aiming to enhance its high-end printed circuit board production capacity and strengthen its market position [1] Investment Details - The investment amount for the project is around 2.6 billion RMB, which includes the cost of purchasing land use rights [1] - The land area for the project is 27,452.5 square meters, with a land grant period of 50 years [1] - The starting bid price for the land auction is set at 41.32 million RMB [1] Project Timeline - The project is expected to commence in the second half of 2025 and conclude in 2027 [1] - The estimated post-tax payback period for the project is approximately 6.5 years [1] Strategic Objectives - The project aims to expand the company's production capacity for high-end printed circuit boards to meet market demand [1] - The initiative is designed to enhance the company's core competitiveness and market standing [1]

Group 1 - The stock price of Dongshan Precision reported at 52.30 yuan as of August 20, 2025, with a decrease of 0.30 yuan, representing a decline of 0.57% from the previous trading day [1] - The opening price on the same day was 50.80 yuan, with a highest point of 52.37 yuan and a lowest point of 49.60 yuan, and the trading volume reached 641,959 hands with a total transaction amount of 3.286 billion yuan [1] - Dongshan Precision specializes in electronic component manufacturing, with products widely used in consumer electronics and communication equipment, and is a significant player in the domestic precision manufacturing sector [1] Group 2 - A temporary shareholders' meeting is scheduled for August 21, 2025, to review investment in high-end printed circuit board projects, capital increase for subsidiaries, and amendments to the company’s articles of association [1] - On August 20, the net outflow of main funds was 350 million yuan, accounting for 0.48% of the circulating market value; over the past five trading days, the cumulative net outflow reached 1.779 billion yuan, representing 2.45% [1]

Group 1: Industry Overview - The demand for high-end printed circuit boards (PCBs) is surging due to rapid developments in industries such as electric vehicles, 5G communication, and artificial intelligence [1] - The market's supply-demand relationship is becoming increasingly tight, prompting many listed companies to accelerate their investments in high-end production capacity [1] - Traditional PCB markets are facing intense competition with limited profit margins, leading companies to transition towards high-end sectors [1] - Strong policy support for the electronic information industry is creating a favorable environment for companies to enter the high-end PCB market [1] Group 2: Company Investments and Projects - Suzhou Dongshan Precision Manufacturing Co., Ltd. plans to invest up to $1 billion in high-end PCB projects, focusing on emerging applications such as high-speed computing servers and AI [3] - Fourhui Fushi Electronic Technology Co., Ltd. has initiated a project with a total investment of 3 billion yuan to produce high-reliability PCBs, targeting AI, smart driving, and humanoid robots [3] - Aoshikang Technology Co., Ltd. has disclosed a plan to issue convertible bonds not exceeding 1 billion yuan to fund high-end PCB projects, including multi-layer and HDI boards [3] - Hushi Electronics Co., Ltd. has started a project with a total investment of 4.3 billion yuan for high-end PCBs supporting AI chips, expected to generate nearly 10 billion yuan in annual output value upon completion [3] Group 3: Demand Drivers and Market Growth - The intelligent development of electric vehicles is significantly increasing the value of PCBs per vehicle [4] - The construction of 5G base stations is driving a surge in demand for high-frequency and high-speed products, providing strong momentum for industry growth [4] - The number of layers in AI server PCBs is increasing from traditional servers' 14 layers to between 20 and 30 layers, with a single unit's value being 5 to 7 times that of traditional servers [4] - Global AI server shipments are projected to rise from 500,000 units in 2020 to 2 million units by 2024, with a compound annual growth rate of 45.2% [4] - The global PCB market is expected to reach $78.6 billion by 2025, with high-end products contributing significantly to growth [4] Group 4: Competitive Landscape - Leading companies dominate the high-end market due to their technological, financial, and brand advantages, offering comprehensive solutions to meet diverse customer needs [4] - Smaller companies are primarily focusing on mid-to-low-end markets to seek growth opportunities [4] - The industry has formed a complete industrial chain encompassing materials, equipment, and manufacturing, with future investments likely concentrated in areas such as ABF substrates, automotive millimeter-wave and power module boards, and capacity expansion in Southeast Asia [4]