广东世运电路科技股份有限公司 第五届董事会第七次会议决议公告 证券代码：603920 证券简称：世运电路 公告编号：2025-058 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 广东世运电路科技股份有限公司（以下简称"公司"）第五届董事会第七次会议（以下简称"会议"）通知 于2025年8月5日以电子邮件方式发出，于2025年8月10日以通讯表决的方式召开，并以记名的方式进行 了表决。会议由董事长林育成先生主持，会议应参加董事7人，实际参加7人。公司监事及高级管理人员 列席了本次会议。本次会议的召开符合有关法律法规和《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 审议并通过《世运电路关于拟投资深圳新声半导体有限公司暨关联交易的议案》 为进一步提升公司未来盈利空间，公司与关联方天津顺科聚芯创业投资基金合伙企业（有限合伙）、非 关联方天津泓生嘉诚股权投资合伙企业（有限合伙）拟分别通过增资的方式对深圳新声半导体有限公司 （以下简称"新声半导体"）进行投资，各方合计向新声半导体增资26,900万元 ...

Core Viewpoint - Shiyun Circuit plans to invest 125 million yuan in Shenzhen Xinsong Semiconductor, which has a net asset of 21.2 million yuan and a valuation of 3 billion yuan [2][3] Investment Details - The investment will be made through capital increase, acquiring 3.8238% equity in Xinsong Semiconductor [2] - The investment requires only board approval and does not need a shareholders' meeting [2] Company Overview - Xinsong Semiconductor specializes in the R&D, production, and sales of SAW (Surface Acoustic Wave) filters and BAW (Bulk Acoustic Wave) filters [3] - The company holds over 170 authorized patents in China and the U.S., with products covering mainstream mobile communication frequency bands [3] - It is the first filter company in China to pass AEC-Q200 automotive certification, with products already in mass production for the automotive market [3] Financial Performance - As of June 30, 2025, Xinsong Semiconductor's total assets and net assets are 458 million yuan and 21.2 million yuan, respectively, with a debt ratio of 95.37% [4][6] - The company reported revenues of 227 million yuan and a net loss of 28.8 million yuan for the year 2024, with a revenue of 102 million yuan and a net loss of 55.3 million yuan for the first half of 2025, indicating an expanding loss [4][6] Valuation Basis - The investment is based on a pre-investment valuation of 3 billion yuan, which reflects the company's product development progress and business growth compared to the previous financing round [7] - The previous financing round had a post-investment valuation of approximately 2.538 billion yuan [7] Product Development and Business Growth - Xinsong Semiconductor has made significant progress in product development, including new high-frequency BAW products and successful mass production of automotive-grade filters [7] - The company achieved a revenue of 102 million yuan in the first half of 2025, representing a 25% year-on-year growth, with a strong order backlog [8] Company Background - Shiyun Circuit specializes in PCB (Printed Circuit Board) manufacturing and was listed on the Shanghai Stock Exchange in April 2017 [8] - As of August 8, 2023, Shiyun Circuit's market capitalization is 23.06 billion yuan [9]

Group 1 - Liyang Chip's shareholders plan to reduce their holdings by a total of up to 3.94% of the company's shares [2] - New Tian Green Energy reported a 9.32% year-on-year increase in power generation for July, totaling 84.42 million megawatt-hours [3] - Springlight Technology plans to invest up to 1 billion yuan in a new project to produce 8 million clean electrical products annually [5] Group 2 - Industrial Fulian reported a net profit of 12.113 billion yuan for the first half of the year, a year-on-year increase of 38.61% [8] - Yanjing Beer achieved a net profit of 1.103 billion yuan in the first half of the year, up 45.45% year-on-year [11] - Changqing Co. reported a net profit of 42.278 million yuan for the first half of the year, a significant increase of 117.75% [9] Group 3 - Seiyun Circuit plans to invest 125 million yuan to acquire a 3.82% stake in Shenzhen New Sound Semiconductor [6] - Crystal New Materials reported a net profit of 37.6744 million yuan for the first half of the year, a decrease of 7.3% year-on-year [7] - Kaipu Testing reported a net profit of 40.7898 million yuan for the first half of the year, a year-on-year increase of 3.73% [10]

Core Viewpoint - The company Shiyun Circuit (603920) plans to invest 125 million yuan in Shenzhen Xinsong Semiconductor, which has a net asset of 21.2 million yuan and a valuation of 3 billion yuan [1][5]. Investment Rationale - Shiyun Circuit aims to strengthen its strategic positioning in the high-tech segments of the electronic information industry, particularly in smart vehicles and AIOT applications, through this investment in Xinsong Semiconductor [2]. - Xinsong Semiconductor specializes in the research, production, and sales of SAW and BAW filters, holding over 170 authorized patents in China and the U.S., and has established partnerships with major ODM manufacturers [2]. Financial Overview - As of mid-2025, Xinsong Semiconductor's total assets and net assets are projected to be 458 million yuan and 21.2 million yuan, respectively, with a significant increase in debt ratio from 76.73% to 95.37% [3]. - The company reported revenues of 227 million yuan and a net loss of 28.78 million yuan for the year 2024, with a further decline in profitability expected in the first half of 2025 [3]. Valuation Basis - The investment valuation of 3 billion yuan was agreed upon by all parties involved, taking into account the company's product development progress and business growth compared to its previous financing round [5]. - Xinsong Semiconductor has made advancements in its BAW and TC-SAW product lines, with successful mass production of high-frequency products and entry into the automotive market [5]. Business Growth - Xinsong Semiconductor achieved a revenue of 102 million yuan in the first half of 2025, reflecting a year-on-year growth of 25%, indicating a strong order backlog [6]. Company Background - Shiyun Circuit specializes in PCB manufacturing and was listed on the Shanghai Stock Exchange in April 2017, becoming the first company from Jiangmen City to be publicly listed [6].

Core Viewpoint - The company Shiyun Circuit plans to invest 125 million yuan in Shenzhen Xinsong Semiconductor, which has a net asset of 21.2 million yuan and a valuation of 3 billion yuan [2][4]. Investment Details - Shiyun Circuit will acquire 3.8238% equity in Xinsong Semiconductor through capital increase with its own funds [2]. - The investment requires only board approval and does not need to go through a shareholders' meeting [4]. Company Profile - Xinsong Semiconductor specializes in the R&D, production, and sales of SAW (Surface Acoustic Wave) filters and BAW (Bulk Acoustic Wave) filters, holding over 170 authorized patents in China and the U.S. [6]. - The company has developed products that are supplied to major smartphone brands like Xiaomi, Honor, and Samsung [6]. Strategic Rationale - The investment aligns with Shiyun Circuit's strategy to establish a presence in high-tech segments of the electronic information industry, particularly in smart automotive and AIOT applications [6]. - The collaboration aims to promote the adoption of new vehicle-mounted filters and modular solutions, benefiting both companies [6]. Financial Overview - As of mid-2025, Xinsong Semiconductor's total assets and net assets are 458 million yuan and 21.2 million yuan, respectively, with a debt ratio of 95.37% [7][8]. - The company reported revenues of 227 million yuan and a net loss of 28.8 million yuan for 2024, with a worsening loss trend in the first half of 2025 [7][8]. Valuation Basis - The investment is based on a pre-investment valuation of 3 billion yuan, reflecting the company's product development progress and business growth since the last financing round [10]. - Xinsong Semiconductor achieved a revenue increase of 25% year-on-year in the first half of 2025, with a strong order backlog [10]. Company Background - Shiyun Circuit is primarily engaged in the production of PCBs (Printed Circuit Boards) and was listed on the Shanghai Stock Exchange in April 2017 [11]. - As of August 8, 2023, the company's market capitalization is 23.06 billion yuan [12].

格隆汇8月10日丨世运电路(603920.SH)公布，公司拟以自有资金1.25亿元与关联方顺科聚芯、非关联方 泓生嘉诚")通过增资的方式对深圳新声半导体有限公司(以下简称"新声半导体""目标公司")进行投资。 本次交易完成后，公司将取得目标公司3.8238%股权。 世运电路本次拟对新声半导体进行投资，一方面是在公司战略层面逐步在电子信息产业中高技术壁垒和 成长性的细分赛道进行前瞻性布局，加强公司对智能汽车、AIOT(人工智能物联网)等下游应用技术创 新需求的跟踪与研发。另一方面是未来有望与目标公司建立深度合作关系，共同推动新型车载滤波器及 模组化方案在行业内的普及与应用，实现双方共赢。 公告显示，滤波器是电子信息产业的核心部件，属于与 5G/6G 通信、智能汽车、卫星互联网等下游应 用领域发展密切相关的战略性新兴产业。同时，滤波器在半导体行业中存在较高技术壁垒，属于国产替 代空间较为确定的赛道，国内拥有庞大的存量市场与较好增长前景。新声半导体是一家主要从事研发、 生产和销售SAW(表面声波)滤波器和 BAW(体声波)滤波器及 FEM 模组的公司。新声半导体拥有已授权 中国、美国发明专利 170 余项，具备完全 ...

新声半导体是一家主要从事研发、生产和销售SAW(表面声波)滤波器和BAW(体声波)滤波器及FEM模组 的公司。世运电路称，此次投资后，双方计划通过跨领域技术整合与产业链协同，共同推动滤波器模组 方案在通信、汽车电子等领域的普及和应用。 人民财讯8月10日电，世运电路（603920）8月10日晚间公告，公司拟以1.25亿元，与关联方顺科聚芯、 非关联方泓生嘉诚通过增资的方式对深圳新声半导体有限公司(简称"新声半导体")进行投资。交易完成 后，公司将取得新声半导体3.82%股权。 ...