审 计 报 告 华兴会计师事务所（特殊普通合伙） 生益电子股份有限公司 华兴审字[2025]24012480012 号 审 计 报 告 华兴审字[2025]24012480012号 生益电子股份有限公司全体股东： 一、审计意见 我们审计了生益电子股份有限公司（以下简称"生益电子"或"公司"） 财务报表，包括2024年12月31日的合并及母公司资产负债表，2024年度的合 并及母公司利润表、合并及母公司现金流量表和合并及母公司股东权益变动 表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了生益电子2024年12月31日的合并及母公司财务状况以及2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的责任。按照中国注册会计师职业道德守则，我们独立于生益电子，并履行 了职业道德方面的其他责任。我们相信，我们获取的审计证据是充分、适当 的，为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断 ...

中信证券股份有限公司、 东莞证券股份有限公司 关于 生益电子股份有限公司 2025 年度向特定对象发行 A 股股票 之 上市保荐书 联合保荐人（主承销商） （广东省深圳市福田区中心三路 8 号 （东莞市莞城区可园南路一号） 卓越时代广场（二期）北座） 二〇二六年二月 生益电子股份有限公司 上市保荐书 声 明 中信证券股份有限公司、东莞证券股份有限公司（以下合并简称"保荐人"） 接受生益电子股份有限公司（以下简称"生益电子""发行人"或"公司"）的 委托，担任生益电子股份有限公司向特定对象发行 A 股股票（以下简称"本次 发行"）的保荐人，为本次发行出具本上市保荐书。 保荐人及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发 行上市保荐业务管理办法》（以下简称"《保荐业务管理办法》"）、《上市公 司证券发行注册管理办法》（以下简称"《注册管理办法》"）等有关法律、法 规和中国证券监督管理委员会（以下简称"中国证监会"）及上海证券交易所的 有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范 和道德准则出具上市保荐 ...

格隆汇2月12日丨生益电子(688183.SH)公布，公司于2026年2月11日收到上海证券交易所出具的《关于 受理生益电子股份有限公司科创板上市公司发行证券申请的通知》(上证科审(再融资)[2026]20号)。上海 证券交易所依据相关规定对公司报送的科创板上市公司发行证券的募集说明书及相关申请文件进行了核 对，认为该项申请文件齐备，符合法定形式，决定予以受理并依法进行审核。 公司本次向特定对象发行A股股票事项尚需通过上海证券交易所审核，并获得中国证券监督管理委员会 作出予以注册的决定后方可实施。上述事项最终能否通过上海证券交易所审核，并获得中国证监会予以 注册的决定及其时间尚存在不确定性。 如何抓住黄金波段机会？聪明钱的选择，黄金+股票一键搞定>> ...

公司本次向特定对象发行A股股票事项尚需通过上海证券交易所审核，并获得中国证券监督管理委员会 作出予以注册的决定后方可实施。上述事项最终能否通过上海证券交易所审核，并获得中国证监会予以 注册的决定及其时间尚存在不确定性。 格隆汇2月12日丨生益电子(688183.SH)公布，公司于2026年2月11日收到上海证券交易所出具的《关于 受理生益电子股份有限公司科创板上市公司发行证券申请的通知》(上证科审(再融资)[2026]20号)。上海 证券交易所依据相关规定对公司报送的科创板上市公司发行证券的募集说明书及相关申请文件进行了核 对，认为该项申请文件齐备，符合法定形式，决定予以受理并依法进行审核。 ...

人工智能计算HDI生产基地建设项目规划建设期36个月，第三年开始试生产，第五年完全达产。智能制 造高多层算力电路板项目规划建设期30个月，分阶段试生产，第一阶段于第二年试生产，第三年达产； 第二阶段于第三年试生产，第四年达产。这些项目旨在缓解高端PCB产能瓶颈，匹配AI算力需求增长。 经济观察网生益电子(688183)近期多项重要事件值得关注，包括定增计划进展、产能建设项目里程碑、 2025年业绩预告披露以及国际化布局与客户合作。 定增股票 公司26亿元定增计划正稳步推进，预计在2026年第二季度完成资金募集，用于人工智能计算HDI生产基 地建设项目和智能制造高多层算力电路板项目。该计划需经过股东大会审议及监管审核，资金到位后将 支持高端产能扩张。 项目定位规划 公司计划加速泰国基地建设以规避地缘政治风险，并深化与英伟达等核心客户的供应链合作，这些战略 举措可能在未来逐步落地。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 公司于2026年1月29日发布2025年业绩预告，预计净利润同比增长331.03%至355.88%，正式年度报告计 划在后续披露，将提供经审计的财务细节。 战略推进 ...

Investment Rating - The report maintains a positive outlook on the electronic industry, indicating an "Overweight" rating for the sector, driven by AI computing and semiconductor localization trends [3][4]. Core Insights - The electronic industry is expected to leverage AI computing as a growth engine, with strong performance anticipated in PCB, storage, AI/GPU chips, and semiconductor equipment sectors [3][4]. - The semiconductor equipment and parts sector is experiencing a recovery in demand, particularly benefiting from domestic production [3][4]. - The storage sector is witnessing a significant increase in profitability due to the AI industry trend, with a notable rise in demand and prices for storage products [3][6]. - The AI server and chip sectors are seeing a surge in demand both domestically and internationally, particularly for cloud servers and high-speed switches [3][6]. - The PCB sector is expected to benefit from high-end AI PCB product demand, with companies like Shenghong Technology and Shenyin Electronics leading in performance [3][8]. Summary by Sections 2025 Industry Outlook - The electronic industry is projected to thrive with AI as the main driver and semiconductor localization as a catalyst, with strong performances expected across various sub-sectors [4][5]. - Specific forecasts for companies include: - Jiangfeng Electronics: Revenue of approximately 4.6 billion, net profit growth of 7.5% to 27.5% [5]. - ShenGong Co.: Revenue growth of 42.04% to 48.65%, net profit growth of 118.71% to 167.31% [5]. - Zhongwei Company: Revenue of 12.385 billion, net profit growth of 28.74% to 34.93% [5]. Semiconductor Storage Sector - The storage sector is benefiting from increased demand driven by AI, with prices stabilizing and then rising due to supply-demand imbalances [6][7]. - Key company forecasts include: - Jiangbolong: Expected net profit growth of 150.66% to 210.82% [7]. - Aibin Storage: Revenue growth of 49.36% to 79.23%, with net profit growth of 427.19% to 520.22% [7]. PCB Sector - The PCB sector is expected to continue benefiting from high-end AI product demand, with companies like Shenghong Technology and Shenyin Electronics showing strong performance [8][9]. - Forecasts for Shenghong Technology indicate a net profit increase of 260% to 295% [8].

Investment Rating - The report maintains an "Overweight" rating for the PCB industry chain, anticipating high growth in 2025 and sustained prosperity in 2026 [1]. Core Insights - The PCB industry is expected to experience significant growth in 2025, driven by increasing demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products. This includes a rise in demand for high-layer boards and advanced HDI products, which will also boost related sectors such as high-end copper-clad laminates, drilling consumables, and equipment [4][61]. - Despite some disruptions in Q4 2025 performance, the growth logic for 2026 remains intact, with new computing platforms and technologies like orthogonal backplanes and CoWoP expected to enhance product value significantly [4][61]. Summary by Sections PCB - Q4 2025 performance may face disruptions, but the growth logic for 2026 remains unchanged. The demand for high-layer and advanced HDI PCBs is increasing, leading to high growth rates for companies like Shenghong Technology, Huadian Co., and Shennan Circuit, with projected net profits of 43.60 billion, 38.22 billion, and 32.48 billion respectively, reflecting year-on-year growth rates of 277.68%, 47.74%, and 73.00% [13][14]. Copper Clad Laminate (CCL) - The CCL sector is expected to see high growth in 2025, benefiting from increased demand for high-end products driven by AI computing power and price adjustments. Major CCL manufacturers are projected to achieve significant profit increases, with companies like Shengyi Technology expected to report a net profit of 33.50 billion, a year-on-year increase of 92.50% [36][41]. Drilling Tools and Equipment - The drilling tool sector is anticipated to exceed market expectations in 2025, with companies like DingTai High-Tech projected to achieve a net profit of 4.35 billion, reflecting a year-on-year growth of 91.74%. This growth is driven by increased demand for high-end PCBs and the optimization of product structures [48][49]. - Equipment demand is expected to rise due to the expansion of PCB production capacity, with companies like Dazhu CNC and Chip Quik projected to see significant profit increases, driven by the growing market for PCB-specific processing equipment [55][57].

Economic Performance - The GDP of Dongcheng Street reached 75.23 billion yuan, with a year-on-year growth of 5%, ranking fourth among all towns and streets in the city [5][14][18] - Fixed asset investment totaled 10.14 billion yuan, with a growth rate of 13.4%, ranking second in total and third in growth rate citywide [5][18] - The total retail sales of social consumer goods amounted to 32.44 billion yuan, showing a year-on-year increase of 11.3%, ranking third in growth rate [5][18] - The total import and export volume reached 55.59 billion yuan, with a year-on-year growth of 20.9%, ranking eighth in total and tenth in growth rate [5][18] Major Projects and Investments - Significant projects like Minguan Oasis and Shengyi Electronics are progressing steadily, contributing to the rapid implementation of major investments [7][8] - In 2025, Dongcheng successfully introduced 27 industrial projects and commenced construction on 43 projects, achieving a total investment of 4.27 billion yuan, exceeding the annual target by 137.6% [7][8] - The Minguan Oasis project, covering an area of 476.3 acres, aims to become a large-scale cultural and tourism complex [5][19] Strategic Development Goals - Dongcheng aims to implement "three major leads" to promote economic development and improve quality, aligning with the city's strategic goals of "Intelligent Creation of Quality Products and Beautiful Livable Cities" [12][14] - The focus will be on enhancing the industrial development environment and supporting leading enterprises like Shengyi Electronics to expand and strengthen their operations [10][14] Infrastructure and Urban Development - The government plans to enhance infrastructure investments in modern industrial parks and public facilities, aiming for a significant increase in new signed, started, and produced industrial projects [8][9] - Urban improvement initiatives include upgrading five major parks and enhancing the quality of public spaces to create a more livable environment [15][20] Education and Social Development - Efforts will be made to improve educational quality and expand healthcare resources, including the completion of new school facilities and partnerships with high-level hospitals [16][17] - The focus on social governance will include enhancing safety measures and promoting civilized behavior among residents [17]

深南电路涨停，中富电路涨超10%，胜宏科技、鹏鼎控股、富佳股份、生益电子、方正科技等跟涨。 (本文来自第一财经) 深南电路涨停，中富电路涨超10%，胜宏科技、鹏鼎控股、富佳股份、生益电子、方正科技等跟涨。 (本文来自第一财经) ...

Core Viewpoint - The company anticipates a significant increase in net profit for 2025, projecting a range of 1.43 to 1.51 billion, representing a year-on-year growth of 331.0% to 355.9% [2] Group 1: 2025 Performance Expectations - The projected net profit for 2025 is between 1.43 to 1.51 billion, with a year-on-year increase of 331.0% to 355.9%, and the same range applies to the non-recurring net profit [2] - In Q4, the company experienced a quarter-on-quarter decline in net profit, with a median of 360 million, a year-on-year increase of 145.8% but a quarter-on-quarter decrease of 38.8% [2] - The decline in Q4 performance is attributed to a slowdown in order fulfillment from major clients in the computing power sector, particularly AWS, along with increased depreciation and foreign exchange losses [2] Group 2: Market Outlook for 2026 - For 2026, the company expects a new growth inflection point with the anticipated switch and ramp-up of AWS's new architecture products in Q2 [3] - The company is rapidly expanding its high-end production capacity, with new facilities in Jinan and Thailand expected to come online by mid-2026 [3] - The company is actively seeking certification from major clients like Meta, Google, and NV, which may enhance its market share in AI servers and high-speed switches [3] Group 3: Investment Recommendations - The company forecasts revenue for 2025-2027 to reach ***/***/*** billion, with net profit projected at ***/***/*** billion, corresponding to a PE ratio of ***/***/*** times [3] - The long-term outlook is positive due to accelerated expansion of high-end production capacity and continuous product structure optimization, which is expected to drive growth in the computing power market [3]