Core Viewpoint - The company plans to raise up to 2.6 billion yuan through a private placement to fund the construction of AI computing HDI production base and smart manufacturing high-layer circuit board projects, as well as to supplement working capital and repay bank loans [1][2]. Group 1: Fundraising and Projects - The total investment for the AI computing HDI production base project is estimated at 2.032 billion yuan, with 1 billion yuan from the raised funds, a construction period of 36 months, and production expected to start in the third year, reaching full capacity by the fifth year, with an annual capacity of 167,200 square meters [1]. - The smart manufacturing high-layer circuit board project has a total investment of 1.937 billion yuan, with 1.1 billion yuan from the raised funds, divided into two phases over 30 months, with production starting in the second year and reaching full capacity by the fourth year, targeting an annual capacity of 700,000 square meters [1]. Group 2: Financial Performance - In Q3, the company reported a revenue of 3.06 billion yuan, a year-on-year increase of 153.71%, which is approximately 81% of the first half's revenue; net profit attributable to shareholders was 584 million yuan, up 545.95% year-on-year, exceeding the first half by 54 million yuan [2]. - The increase in high-value-added products has strengthened the company's competitive advantage in the mid-to-high-end market, contributing to significant growth in revenue and net profit compared to the previous year [2]. Group 3: Short-term Financial Pressure - Despite strong performance, the company faces short-term financial pressure, with cash increasing from 410 million yuan at the end of last year to 681 million yuan; accounts receivable rose from 1.747 billion yuan to 3.363 billion yuan [2]. - Short-term borrowings have also significantly increased from 1.073 billion yuan to 2 billion yuan since the end of last year [3].

【国产替代之光，科创自立自强】 科技摩擦背景下，信息安全、产业安全重要性凸显。AI作为核心技术，实现自主可控至关重要。科创 人工智能ETF（589520）及其联接基金（联接A：024560，联接C：024561）重点布局国产AI产业链、 具备较强国产替代特点，成份股均为细分环节收入最大或卡位最好的公司，受益于端侧芯片/软件AI化 进程提速。相较直接投资科创板个股，ETF能够低门槛布局，并且20%涨跌幅限制，在行情爆发时效率 更高。前十大重仓股权重占比超七成，第一大重仓行业半导体占比超一半，集中度高，具备较强进攻 性。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a key indicator of the performance and development trends of "hard technology" enterprises in China, with significant growth in R&D investment and net profit [1][2]. Group 1: Performance Metrics - As of November 13, 592 companies on the STAR Market reported a total R&D investment of nearly 120 billion yuan and total revenue exceeding 1.1 trillion yuan for the first three quarters, with a net profit growth of 75% year-on-year in Q3 [1]. - For the first three quarters of 2025, STAR Market companies achieved a revenue of 1,105 billion yuan, a year-on-year increase of 7.9%, and a net profit of 49.27 billion yuan, up 8.9% year-on-year [2]. - Over 70% of STAR Market companies reported revenue growth, and nearly 60% reported net profit growth, with 158 companies seeing net profit increases exceeding 50% [2]. Group 2: R&D Investment - The total R&D investment for STAR Market companies reached 119.75 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading all A-share sectors [4]. - The "1+6" reform initiated in June aims to support unprofitable tech companies, with 35 such companies showing promising development by prioritizing R&D [4]. Group 3: Sector Performance - The integrated circuit sector saw 121 related companies on the STAR Market achieve a revenue growth of 25% and a net profit growth of 67% in the first three quarters [6]. - The artificial intelligence sector has emerged as a new growth pillar, with companies like Cambrian and Haiguang Information reporting revenue increases of nearly 24 times and 55%, respectively [6]. - The biopharmaceutical sector experienced a revenue growth of 11% and a net profit growth of 48%, with nine new drugs approved for market and significant international business development [7].

Core Viewpoint - Shengyi Electronics (688183.SH) has announced a plan to issue A-shares to specific investors in 2025, aiming to raise up to RMB 260 million for various projects and working capital [1][2]. Group 1: Share Issuance Details - The issuance will target no more than 35 specific investors, including various financial institutions and qualified investors, with all subscriptions made in RMB cash at the same price [1]. - The shares will be RMB ordinary shares with a par value of RMB 1.00, and the total number of shares issued will not exceed 15% of the company's total share capital prior to the issuance, amounting to a maximum of 124,773,176 shares [2][3]. - The issuance price will be no less than 80% of the average trading price over the 20 trading days prior to the pricing date [1]. Group 2: Fund Utilization - The total investment for the projects funded by the issuance is estimated at RMB 446.93 million, with the following allocations: - RMB 100 million for the AI computing HDI production base project [3]. - RMB 110 million for the smart manufacturing high-layer computing circuit board project [3]. - RMB 50 million for working capital and bank loan repayment [3]. - The net proceeds after deducting issuance costs will be used for the above projects and to supplement working capital [2]. Group 3: Financial Performance - For the third quarter of 2025, the company reported a revenue of RMB 3.06 billion, a year-on-year increase of 153.71%, and a net profit attributable to shareholders of RMB 584 million, up 545.95% [5][6]. - Year-to-date revenue reached RMB 6.83 billion, reflecting a growth of 114.79%, with a net profit of RMB 1.11 billion, an increase of 497.61% [6][7].

Group 1 - The core strategy of leading PCB companies is to capitalize on the AI wave and increase high-end capacity investments [2][4] - Shengyi Electronics announced a private placement plan to raise up to 2.6 billion yuan for AI computing HDI production base and smart manufacturing high-layer circuit board projects [3][7] - The company’s stock price has increased approximately 140% year-to-date, reflecting strong market performance [2][3] Group 2 - The AI-driven demand surge is significantly expanding the market for AI servers and data centers, particularly increasing the demand for HDI boards [4] - Shengyi Electronics reported a 15.24% year-on-year increase in PCB sales area, reaching 1.4569 million square meters last year [3] - The PCB industry is experiencing intense competition, with leading companies expanding capacity and focusing on technological innovation to enhance market influence [6][5]

Core Viewpoint - The PCB industry is experiencing a significant expansion driven by the AI wave, with leading companies like Shengyi Electronics planning substantial investments in high-end production capacity to meet the growing demand for AI-related products [1][2]. Group 1: Company Actions - Shengyi Electronics announced a plan to raise up to 2.6 billion yuan through a private placement to fund the construction of an AI computing HDI production base and a smart manufacturing high-layer circuit board project [2]. - The AI computing HDI production base project has a total investment of 2.032 billion yuan, with 1 billion yuan allocated from the raised funds, aiming for an annual production capacity of 167,200 square meters [2]. - The smart manufacturing high-layer circuit board project has a total investment of 1.937 billion yuan, with 1.1 billion yuan from the raised funds, targeting an annual production capacity of 700,000 square meters [2]. Group 2: Industry Trends - The demand for HDI boards is expected to grow rapidly, with AI-related HDI boards projected to be one of the fastest-growing segments in the PCB market over the next five years [3]. - The PCB industry is becoming increasingly competitive, with major players like Shenghong Technology and Dongshan Precision also announcing expansion plans to enhance their production capabilities [4][5]. - The industry is shifting towards larger and more concentrated market structures, with leading companies leveraging technological innovation and scale expansion to strengthen their market influence [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688183 证券简称：生益电子 公告编号：2025-074 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。 根据中国证券监督管理委员会印发的《监管规则适用指引——发行类第7号》，生益电子股份有限公司 （以下简称"公司"、"本公司"或"生益电子"）编制了截至2025年9月30日止前次募集资金使用情况的报 告。 注2：广发银行股份有限公司东莞城区支行银行账户9550881681686868836系吉安生益电子有限公司于 2022年1月27日开立用于"吉安工厂（二期）多层印制电路板建设项目"的募集资金专项账户。2025年3月 26日经第三届董事会第二十一次会议及第三届监事会第十二次会议审议同意，2025年5月12日经2024年 年度股东大会审议同意，"吉安工厂（二期）多层印制电路板建设项目"的募集资金全部变更用于"智能 算力中心高多层高密互连电路板项目一期"。因涉及募集资金投资项目变更和项目实施主体变更，于 2025年6月20日公司、公司全资子公司吉安生益电子有限公司、保 ...

Core Viewpoint - Shengyi Electronics plans to raise no more than 2.6 billion yuan through a private placement, with the net proceeds intended for the construction of an AI computing HDI production base, a smart manufacturing high-layer circuit board project, and to supplement working capital and repay bank loans [2]. Group 1: Investment Projects - The AI computing HDI production base project has a total investment of 2.032 billion yuan, with 1 billion yuan from the raised funds, a construction period of 36 months, and expected production capacity of 167,200 square meters annually starting from the third year [3]. - The smart manufacturing high-layer circuit board project has a total investment of 1.937 billion yuan, with 1.1 billion yuan from the raised funds, divided into two phases over 30 months, with an expected annual production capacity of 700,000 square meters [4]. - The total investment for all projects amounts to 4.469 billion yuan, with 2.6 billion yuan planned to be raised [3]. Group 2: Market Demand and Growth - The demand for AI computing power is driving significant growth in the AI server and data center market, particularly for HDI boards, which are expected to be one of the fastest-growing segments in the PCB market over the next five years [4]. - The increasing performance and efficiency requirements of AI servers and data center products are leading to a higher demand for high-layer and high-speed PCBs, with 18-layer and above PCBs expected to see rapid growth in AI data centers [4]. Group 3: Financial Performance Forecast - Shengyi Electronics anticipates a revenue of 661.38 million to 703.38 million yuan for the first three quarters of 2025, representing a year-on-year increase of 108% to 121% [5]. - The net profit attributable to shareholders is expected to be between 107.4 million and 115.37 million yuan, reflecting a year-on-year increase of 476% to 519% [5]. - The net profit after deducting non-recurring gains and losses is projected to be between 107.14 million and 115.09 million yuan, indicating a year-on-year increase of 503% to 548% [5].

Core Viewpoint - The report outlines the equity change of Shengyi Electronics Co., Ltd. due to the restructuring of state-owned enterprises in Dongguan, with Dongguan Investment Holding Group Co., Ltd. acquiring shares through its subsidiaries, resulting in a total indirect holding of 9.00% of Shengyi Electronics' total share capital [19][20]. Group 1: Equity Change Details - Dongguan Investment Holding Group Co., Ltd. indirectly holds 74,846,776 shares of Shengyi Electronics, representing 9.00% of the total share capital [12][19]. - The equity change is a result of the Dongguan Municipal Government transferring 100% of the shares of Dongguan Technology Innovation Investment Group Co., Ltd. to Dongguan Investment Holding Group [19][20]. - Dongguan Technology Innovation Investment Group Co., Ltd. was previously named Dongguan Technology Innovation Financial Group Co., Ltd. and has undergone a name change as part of the restructuring [4][19]. Group 2: Shareholder Information - Dongguan Guohong Investment Co., Ltd. holds 66,442,666 shares of Shengyi Electronics, accounting for 7.99% of the total share capital [7][19]. - Dongguan Technology Innovation Investment Group Co., Ltd. holds 8,404,110 shares, which is 1.01% of the total share capital [8][19]. - The combined holdings of Dongguan Guohong Investment Co., Ltd. and its action-in-concert party, Dongguan Technology Innovation Investment Group Co., Ltd., total 74,846,776 shares, maintaining the same percentage of 9.00% [19][20]. Group 3: Regulatory Compliance - The equity change complies with the regulations set forth in the Securities Law and the Measures for the Administration of Acquisitions of Listed Companies, and does not trigger a mandatory tender offer [19][20]. - The report confirms that there are no plans for the information disclosure obligor to increase its holdings in Shengyi Electronics within the next 12 months [10].

Core Viewpoint - The company plans to raise up to 2.6 billion yuan through a private placement to fund projects related to AI computing HDI production, smart manufacturing high-layer circuit boards, and to supplement working capital and repay bank loans [1] Group 1: Investment Projects - The AI computing HDI production base will be located in Dongguan, Guangdong, with a total investment of 2.032 billion yuan, utilizing 1 billion yuan from the raised funds, and is expected to start trial production in the third year and reach full production by the fifth year [3] - The smart manufacturing high-layer circuit board project will be located in Ji'an, Jiangxi, with a total investment of 1.937 billion yuan, utilizing 1.1 billion yuan from the raised funds, and is expected to start trial production in the second year and reach full production by the fourth year [3] Group 2: Industry Context and Company Strategy - The global technology industry is undergoing a transformation centered around AI, creating opportunities in AI computing clusters, embodied intelligence, and 6G communication, which is expected to drive rapid growth in PCB demand [1] - The company aims to leverage its leading technology and production management capabilities to enhance high-end PCB capacity and break away from homogeneous competition, thereby promoting the domestic PCB industry towards high-end and high-value-added directions [2]