[Definitions](index=4&type=section&id=Section%201%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, including company names, major shareholders, subsidiaries, core technologies, processes, and industry terms, ensuring accuracy and consistency in report reading - Company's main subsidiaries include Guangde Dongwei, Dongguan Dongwei, Changshu Dongwei, Shenzhen Dongwei, and Thailand Dongwei[10](index=10&type=chunk) - Core technical terms like **VCP (Vertical Continuous Plating equipment)** are used for PCB copper plating, and **PCB (Printed Circuit Board)** is the support for electronic components[10](index=10&type=chunk) - **Plating uniformity** is a key indicator of plating quality, and **through-hole rate (TP)** refers to deep hole plating capability, with higher values indicating better plating[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) Kunshan Dongwei Technology Co., Ltd. (Dongwei Technology) is a company listed on the STAR Market of the Shanghai Stock Exchange, stock code 688700, with Liu Jianbo as legal representative, registered and office address at No. 505 Dongding Road, Bachang Town, Kunshan City - Legal representative is Liu Jianbo, registered address is No. 505 Dongding Road, Bachang Town, Kunshan City[13](index=13&type=chunk) Company Stock/Depositary Receipt Overview | Security Type | Listing Exchange and Board | Stock/Depositary Receipt Abbreviation | Stock/Depositary Receipt Code | | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | Shanghai Stock Exchange STAR Market | Dongwei Technology | 688700 | | Global Depositary Receipts | SIX Swiss Exchange | Not Applicable | KUDO | [Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary (domestic representative for information disclosure) is Xu Peipei, with contact address and email consistent with the company's registration information, and phone number 0512-57710500 - Board Secretary is Xu Peipei, contact number **0512-57710500**, email **DW10798@ksdwgroup.com**[14](index=14&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) The company designates Shanghai Securities News and Securities Times as information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website (http://www.sse.com.cn), and documents stored at the company's office address - Information disclosure newspapers are Shanghai Securities News, Securities Times, website **http://www.sse.com.cn**[15](index=15&type=chunk) [Company Stock/Depositary Receipt Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) The company's stock is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange, stock code 688700, and it also issued Global Depositary Receipts (GDRs) on the SIX Swiss Exchange, code KUDO Company Stock/Depositary Receipt Overview | Security Type | Listing Exchange and Board | Stock/Depositary Receipt Abbreviation | Stock/Depositary Receipt Code | | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | Shanghai Stock Exchange STAR Market | Dongwei Technology | 688700 | | Global Depositary Receipts | SIX Swiss Exchange | Not Applicable | KUDO | - GDR depositary is **Citibank**, custodian is **Bank of China Limited**[17](index=17&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 13.07% year-on-year, primarily due to increased demand in the high-end printed circuit plating sector, while total profit and net profit decreased by 17.06% and 23.66% respectively Key Accounting Data for H1 2025 | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 443,376,759.05 yuan | 392,138,314.18 yuan | 13.07 | | Total Profit | 48,992,827.82 yuan | 59,071,382.06 yuan | -17.06 | | Net Profit Attributable to Shareholders of Listed Company | 42,503,071.88 yuan | 55,679,524.81 yuan | -23.66 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 40,946,128.28 yuan | 49,126,477.93 yuan | -16.65 | | Net Cash Flow from Operating Activities | 30,389,155.18 yuan | -14,631,135.72 yuan | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,749,262,222.82 yuan | 1,733,625,561.91 yuan | 0.90 | | Total Assets (Period-end) | 3,028,540,968.28 yuan | 2,717,987,693.16 yuan | 11.43 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.14 | 0.19 | -26.32 | | Diluted Earnings Per Share (yuan/share) | 0.14 | 0.19 | -26.32 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.14 | 0.16 | -12.50 | | Weighted Average Return on Net Assets (%) | 2.43 | 3.19 | Decrease of 0.76 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 2.34 | 2.82 | Decrease of 0.48 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 8.54 | 10.61 | Decrease of 2.07 percentage points | - Operating revenue increased by **13.07%** year-on-year, mainly due to a significant increase in demand for high-end printed circuit board (PCB) plating equipment[23](index=23&type=chunk) - Total profit and net profit decreased, mainly because no high-margin new energy equipment products were recognized as revenue during the reporting period, coupled with rising raw material prices and increased costs and expenses[23](index=23&type=chunk) - Net cash flow from operating activities significantly increased year-on-year, primarily due to increased orders and a substantial increase in customer payments[23](index=23&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 1,556,943.60 yuan, mainly including government subsidies, fair value changes in financial assets, and other non-operating income and expenses Non-recurring Gains and Losses and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -21,434.30 | | Government grants recognized in profit or loss for the current period | 1,781,120.17 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | 735,194.36 | | Other non-operating income and expenses apart from the above | -666,135.41 | | Other gains and losses that meet the definition of non-recurring gains and losses | 8,400.00 | | Less: Income tax impact | 280,201.22 | | Total | 1,556,943.60 | [Net Profit After Deducting Share-based Payments](index=8&type=section&id=IX.%20Net%20Profit%20After%20Deducting%20Share-based%20Payments) During the reporting period, the company's net profit after deducting the impact of share-based payments was 44,828,305.50 yuan Net Profit After Deducting Impact of Share-based Payments | Key Accounting Data | Current Reporting Period (Jan-Jun) | | :--- | :--- | | Net Profit After Deducting Impact of Share-based Payments | 44,828,305.50 yuan | [Management Discussion and Analysis](index=8&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Overview of Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Overview%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in the special equipment manufacturing industry, with products covering PCB, general hardware surface treatment, and new energy sectors, providing efficient, environmentally friendly, and intelligent electroplating solutions - The company's industry is manufacturing, specifically special equipment manufacturing, with products in PCB, general hardware surface treatment, and new energy[28](index=28&type=chunk) - The PCB industry is strongly driven by artificial intelligence and high-speed network applications, with global PCB market output value projected to grow by **7.6%** to **79.1 billion USD** in 2025[30](index=30&type=chunk)[31](index=31&type=chunk) - In the new energy sector, composite current collector materials and photovoltaic copper plating equipment are key focus areas, with composite current collector materials offering low cost, high safety, and high energy density advantages, and photovoltaic copper plating equipment enabling "de-silverization" for cost reduction and efficiency improvement[33](index=33&type=chunk)[34](index=34&type=chunk) - The company is a global leading electroplating equipment manufacturer, with vertical continuous plating equipment holding over **50%** market share in China[35](index=35&type=chunk) [1. PCB Sector](index=8&type=section&id=1.%20PCB%20Sector) PCB electroplating is a critical step in printed circuit board production, where the company's product performance directly impacts PCB integration and conductivity, with global PCB market output value expected to grow by 7.6% to 79.1 billion USD in 2025 - PCB electroplating equipment is critical in PCB wet process, determining PCB product quality in integration, conductivity, and signal transmission[29](index=29&type=chunk)[30](index=30&type=chunk) - Strong demand from AI servers and high-speed network applications, coupled with a rebound in smartphone and PC shipments, supports global PCB industry growth[30](index=30&type=chunk) - Prismark forecasts global PCB market output value to grow by **7.6%** to **79.1 billion USD** in 2025, with the 18-layer and above multilayer board market growing by **41.7%**[31](index=31&type=chunk) [2. General Hardware Sector](index=9&type=section&id=2.%20General%20Hardware%20Sector) General hardware electroplating is an essential part of the industrial chain, widely applied across various industries, where the company's continuous electroplating equipment offers significant advantages in yield, cost, efficiency, and environmental protection - General hardware electroplating is an indispensable part of the industrial chain, applied in electronics, automotive, aerospace, light industry, machinery, and other sectors[32](index=32&type=chunk) - The company's continuous hardware electroplating equipment offers significant advantages in yield improvement, cost reduction, labor saving, efficiency enhancement, safety, and environmental protection[32](index=32&type=chunk) [3. New Energy Sector](index=9&type=section&id=3.%20New%20Energy%20Sector) The company's composite current collector material equipment is primarily used in power, energy storage, and consumer batteries, offering advantages of low cost, high safety, and high energy density, while its photovoltaic copper plating equipment achieves cost reduction and efficiency improvement through "de-silverization" technology - The company's composite current collector material equipment produces composite current collector materials mainly used in power batteries, energy storage batteries, and consumer batteries[33](index=33&type=chunk) - Composite current collectors adopt a "metal conductive layer - polymer composite material - metal conductive layer" structure, offering advantages of low cost, high safety, and high energy density compared to traditional materials[33](index=33&type=chunk) - The company's photovoltaic copper plating equipment reduces costs for photovoltaic enterprises through "de-silverization" technology, with copper grid lines offering stronger conductivity and improving battery conversion efficiency[34](index=34&type=chunk) [(II) Description of Main Business Operations](index=9&type=section&id=%28II%29%20Description%20of%20Main%20Business%20Operations) The company is a global leading manufacturer of high-end precision electroplating equipment, providing efficient, environmentally friendly, and intelligent electroplating solutions across PCB, general hardware, and new energy electroplating fields - The company primarily engages in R&D, design, production, and sales of high-end precision electroplating equipment and supporting equipment, providing efficient, environmentally friendly, and intelligent electroplating solutions[35](index=35&type=chunk) - The company's products mainly target PCB electroplating, general hardware electroplating, and new energy electroplating, with vertical continuous plating equipment holding over **50%** market share in China[35](index=35&type=chunk) - The company is currently the only STAR Market listed company purely focused on precision electroplating equipment and technical services in China, and has established a production base in Bangkok, Thailand[36](index=36&type=chunk) - The company has a forward-looking layout in the new energy market, being the only enterprise globally to achieve mass production of composite copper foil equipment, and actively developing composite aluminum equipment and photovoltaic copper-for-silver technology[38](index=38&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company continued to deepen its main business, with total operating revenue increasing by 13.07%, but net profit decreasing by 23.66%, mainly due to unconfirmed revenue from high-margin new energy equipment products and increased costs - During the reporting period, the company's total operating revenue was **443.38 million yuan**, a year-on-year increase of **13.07%**; net profit attributable to shareholders was **42.50 million yuan**, a year-on-year decrease of **23.66%**[39](index=39&type=chunk) - Net profit in the second quarter increased by **49.93%** quarter-on-quarter, and vertical continuous plating equipment order value increased by over **100%** year-on-year[39](index=39&type=chunk) - R&D expenses during the reporting period were **37.86 million yuan**, accounting for **8.54%** of operating revenue, with **35** new patents (including **26** invention patents)[39](index=39&type=chunk) - The company launched glass substrate related equipment for semiconductor packaging, successfully developed a two-stage double-sided roll-to-roll horizontal non-contact coating line for new energy equipment, and is actively developing composite aluminum foil vacuum evaporation plating equipment[41](index=41&type=chunk) - The company continues to deepen its market share in domestic vertical continuous plating equipment and has established a production base in Thailand to serve Southeast Asian customers and enhance global sales capabilities[41](index=41&type=chunk) [(I) Continued Deep Cultivation of Main Business, Steady Improvement in Operations](index=10&type=section&id=%28I%29%20Continued%20Deep%20Cultivation%20of%20Main%20Business%2C%20Steady%20Improvement%20in%20Operations) The company's total operating revenue increased by 13.07% during the reporting period, primarily driven by the PCB Southeast Asia investment wave and demand growth in AI intelligent related big data storage, with vertical continuous plating equipment order value increasing by over 100% H1 2025 Operating Performance | Indicator | Amount (yuan) | Year-on-Year Growth Rate (%) | | :--- | :--- | :--- | | Total Operating Revenue | 443,376,759.05 | 13.07 | | Net Profit Attributable to Shareholders of Listed Company | 42,503,071.88 | -23.66 | - Net profit in the second quarter increased by **49.93%** quarter-on-quarter[39](index=39&type=chunk) - Vertical continuous plating equipment order value increased by over **100%** year-on-year[39](index=39&type=chunk) [(II) Significant R&D Innovation Achievements, Driving High-Quality Development](index=10&type=section&id=%28II%29%20Significant%20R%26D%20Innovation%20Achievements%2C%20Driving%20High-Quality%20Development) The company adheres to market-oriented differentiated technological innovation, with R&D expenses of 37.86 million yuan during the reporting period, accounting for 8.54% of operating revenue, and 35 new patents added H1 2025 R&D Investment | Indicator | Amount/Quantity | | :--- | :--- | | R&D Expenses | 37.86 million yuan | | R&D Expenses as Percentage of Operating Revenue | 8.54% | | Number of R&D Personnel | 192 people | | R&D Personnel as Percentage of Total Employees | 12.42% | | Number of New Patents | 35 (26 invention patents, 9 utility model patents) | [(III) Strengthening Brand Building, Continuous Equipment Innovation](index=10&type=section&id=%28III%29%20Strengthening%20Brand%20Building%2C%20Continuous%20Equipment%20Innovation) The company enhances brand influence through domestic and international exhibitions and continuously introduces innovative equipment, including glass substrate related equipment for semiconductor packaging and new energy equipment like the two-stage double-sided roll-to-roll horizontal non-contact coating line - The company enhances brand awareness and influence by participating in domestic and international industry exhibitions and technical exchange events[41](index=41&type=chunk) - Glass substrate related equipment for semiconductor packaging, including PVD, TGV, and RDL equipment, has been delivered to customers and successfully trial-produced[41](index=41&type=chunk) - New energy equipment successfully developed a two-stage double-sided roll-to-roll horizontal non-contact coating line, improving material utilization and reducing production costs[41](index=41&type=chunk) - Composite aluminum foil vacuum evaporation plating equipment has been installed and debugged at customer sites, and the company is committed to providing integrated front-to-back services for lithium battery anode and cathode materials[41](index=41&type=chunk) [(IV) Deepening Domestic Market, Expanding Company's Overseas Market](index=11&type=section&id=%28IV%29%20Deepening%20Domestic%20Market%2C%20Expanding%20Company%27s%20Overseas%20Market) The company maintains a leading position in the domestic vertical continuous plating equipment market, with order value significantly increasing year-on-year, and is building a production base in Thailand to enhance global sales capabilities and brand influence - The company maintains a leading market share in the domestic vertical continuous plating equipment market, with order value significantly increasing year-on-year during the reporting period[41](index=41&type=chunk) - A production base is being established in Thailand, having already served dozens of customers in Thailand and other Southeast Asian countries, aiming to enhance global sales capabilities and brand influence[41](index=41&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in focusing on electroplating technology and extending its application scenarios, adhering to independent R&D to strengthen innovation capabilities, achieving scaled production and efficiency improvement, providing quality services, and possessing a stable and professional management team - The company has been deeply involved in electroplating technology for **20 years**, achieving standardized design, streamlined production, and scaled industrialization, with over **50%** market share in vertical continuous plating equipment in China[42](index=42&type=chunk) - The company has formed a core technology system centered on vertical continuous plating technology, possessing over **400** patent technologies, and has extended its core technologies to general hardware and new energy electroplating fields[42](index=42&type=chunk) - Through modular segmentation technology and rhythmic production technology, production efficiency is significantly improved, and manufacturing costs are reduced[43](index=43&type=chunk) - The company has an experienced sales and after-sales service team, capable of timely responding to customer needs, and has established good cooperative relationships with numerous well-known enterprises at home and abroad[43](index=43&type=chunk)[44](index=44&type=chunk) - The company's management team is mature, stable, and professional, holding company equity, deeply aligned with the company's development, leading the company to explore new markets and develop new products[44](index=44&type=chunk) [1. Focusing on Electroplating Technology, Extending Application Scenarios](index=11&type=section&id=1.%20Focusing%20on%20Electroplating%20Technology%2C%20Extending%20Application%20Scenarios) The company has been deeply involved in electroplating technology for 20 years, holding over 50% market share in PCB electroplating equipment, and has successfully extended its technical expertise to general hardware and new energy electroplating fields - The company remains focused on and continuously innovates in the electroplating equipment market, developing into a global leading electroplating equipment enterprise[42](index=42&type=chunk) - Vertical continuous plating equipment holds over **50%** market share in China, widely used in high-performance computers, servers, big data centers, and other fields[42](index=42&type=chunk) - Leveraging deep technical expertise in PCB electroplating equipment, business has expanded to general hardware electroplating and new energy fields, achieving several domestic and industry firsts[42](index=42&type=chunk) [2. Adhering to Independent R&D, Strengthening Innovation Capabilities](index=11&type=section&id=2.%20Adhering%20to%20Independent%20R%26D%2C%20Strengthening%20Innovation%20Capabilities) The company adheres to independent R&D and innovation in high-end electroplating equipment, forming a core technology system centered on vertical continuous plating technology, possessing over 400 patent technologies, and successfully applying its core technologies to general hardware and new energy electroplating fields - The company has formed a core technology system centered on vertical continuous plating technology, possessing over **400** patent technologies, with leading technical levels[42](index=42&type=chunk) - Core technologies have been extended to general hardware electroplating and new energy electroplating fields, developing several domestic and international first-of-their-kind equipment[42](index=42&type=chunk) [3. Achieving Scaled Production, Improving Production Efficiency](index=11&type=section&id=3.%20Achieving%20Scaled%20Production%2C%20Improving%20Production%20Efficiency) The company effectively shortens product manufacturing cycles and significantly improves production efficiency through modular segmentation technology and rhythmic production technology, possessing industry-leading scaled production advantages and reducing manufacturing costs - The company significantly improves production efficiency and effectively reduces manufacturing costs through modular segmentation technology and rhythmic production technology[43](index=43&type=chunk) - The aforementioned technologies can be widely applied in the production of various electroplating equipment, possessing industry-leading scaled production advantages[43](index=43&type=chunk) [4. Providing Quality Services, Ensuring Customer Stability](index=11&type=section&id=4.%20Providing%20Quality%20Services%2C%20Ensuring%20Customer%20Stability) The company has an experienced sales and after-sales service team capable of timely responding to customer needs and ensuring stable customer production, establishing good cooperative relationships with numerous well-known enterprises at home and abroad - The company has an experienced sales and after-sales service team, capable of reliable and timely response to customer needs and service assurance[43](index=43&type=chunk) - Customers include numerous well-known enterprises in various fields at home and abroad, with products exported to Japan, South Korea, Europe, North America, and Southeast Asia[43](index=43&type=chunk)[44](index=44&type=chunk) [5. Stable Management Team, Growing Together](index=12&type=section&id=5.%20Stable%20Management%20Team%2C%20Growing%20Together) The company has a mature, stable, and professional management team with rich industry experience, holding company equity, and growing with the company, leveraging its deep technical background and profound industry understanding to formulate development strategies - The company has a mature, stable, and professional management team with rich industry experience, having served the company for many years and holding company equity[44](index=44&type=chunk) - The management team leads the company in exploring new market areas, implementing new product R&D, establishing stable cooperative relationships, and achieving industry leadership[44](index=44&type=chunk) [(III) Core Technologies and R&D Progress](index=12&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) The company possesses a core technology system for vertical continuous plating in PCB special electroplating equipment, with multiple technologies at international or domestic advanced levels, leading in key indicators such as plating uniformity and through-hole rate - The company has formed a vertical continuous plating core technology system, demonstrating advanced capabilities in PCB special electroplating equipment R&D, design, and manufacturing[44](index=44&type=chunk) - Leading in key indicators such as **plating uniformity** and **through-hole rate (TP)**[44](index=44&type=chunk) - All core technologies are self-developed, covering three major business areas, including vertical continuous plating technology, stable transmission and uniform current conduction system technology, and automated clean production technology[46](index=46&type=chunk)[47](index=47&type=chunk) R&D Achievements During the Reporting Period | Intellectual Property Type | New Applications in Current Period (units) | New Acquisitions in Current Period (units) | Cumulative Acquisitions (units) | | :--- | :--- | :--- | :--- | | Invention Patents | 13 | 26 | 83 | | Utility Model Patents | 10 | 9 | 320 | | Design Patents | 0 | 0 | 1 | | Software Copyrights | 3 | 2 | 48 | | Other | 0 | 0 | 20 | | Total | 26 | 37 | 472 | R&D Investment Overview | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment as Percentage of Operating Revenue (%) | 8.54 | 10.61 | Decrease of 2.07 percentage points | - The company has **192** R&D personnel, approximately accounting for **12.42%** of the total workforce[39](index=39&type=chunk)[60](index=60&type=chunk) [1. Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=12&type=section&id=1.%20Core%20Technologies%2C%20Their%20Advanced%20Nature%2C%20and%20Changes%20During%20the%20Reporting%20Period) The company's core technology system is centered on vertical continuous plating technology, demonstrating advanced capabilities in PCB special electroplating equipment, with key indicators such as plating uniformity and through-hole rate at industry-leading levels - The company's core technology system is centered on vertical continuous plating technology, with key indicators such as **plating uniformity** and **through-hole rate (TP)** at industry-leading levels[44](index=44&type=chunk) - All core technologies are self-developed, covering PCB, general hardware, and new energy three major business areas, including vertical continuous plating technology, stable transmission and uniform current conduction system technology, automated clean production technology[46](index=46&type=chunk)[47](index=47&type=chunk) - The company's R&D team continuously conducts significant technological innovations in new energy coating equipment, photovoltaic equipment, gantry equipment, and high-end IC substrate equipment, forming new profit growth points[45](index=45&type=chunk) [2. R&D Achievements During the Reporting Period](index=14&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) As of June 30, 2025, the company cumulatively holds 404 patents (83 invention patents, 320 utility model patents, 1 design patent) and 48 computer software copyrights, with 23 new patent applications and 35 granted patents during the reporting period List of Intellectual Property Acquired During the Reporting Period | Intellectual Property Type | New Applications in Current Period (units) | New Acquisitions in Current Period (units) | Cumulative Acquisitions (units) | | :--- | :--- | :--- | :--- | | Invention Patents | 13 | 26 | 83 | | Utility Model Patents | 10 | 9 | 320 | | Design Patents | 0 | 0 | 1 | | Software Copyrights | 3 | 2 | 48 | | Other | 0 | 0 | 20 | | Total | 26 | 37 | 472 | [3. R&D Investment Overview](index=14&type=section&id=3.%20R%26D%20Investment%20Overview) During the reporting period, the company's expensed R&D investment was 37.86 million yuan, a year-on-year decrease of 8.99%, with total R&D investment accounting for 8.54% of operating revenue R&D Investment Overview | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment as Percentage of Operating Revenue (%) | 8.54 | 10.61 | Decrease of 2.07 percentage points | [4. Ongoing R&D Projects](index=15&type=section&id=4.%20Ongoing%20R%26D%20Projects) The company has 33 ongoing R&D projects, with a total estimated investment of 367 million yuan, covering multiple fields such as PCB, photovoltaics, and new energy, with many technologies reaching industry-leading or domestic first-of-their-kind levels - The company has **33** ongoing R&D projects, with a total estimated investment of **367 million yuan**, and **37.86 million yuan** invested in the current period[58](index=58&type=chunk) - Multiple projects have reached industry-leading or domestic first-of-their-kind technical levels, such as horizontal continuous copper plating lines, roll-to-roll vertical continuous developing and copper plating lines, and **8000 wafers/hour** silicon wafer vertical continuous electroplating equipment[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - Ongoing R&D projects cover multiple application areas with broad prospects, including PCB production, 3C/automotive touchscreens, photovoltaic cell copper-for-silver, lithium battery anode composite aluminum foil, and high-end IC packaging substrates[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) [5. R&D Personnel Situation](index=20&type=section&id=5.%20R%26D%20Personnel%20Situation) The company has a total of 192 R&D personnel, accounting for 12.42% of the total workforce, with total R&D personnel compensation of 24.68 million yuan and an average compensation of 128,500 yuan Basic Information of R&D Personnel | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 192 | 190 | | R&D Personnel as Percentage of Total Company Employees (%) | 12.42 | 14.74 | | Total R&D Personnel Compensation (10,000 yuan) | 2,467.85 | 2,471.19 | | Average R&D Personnel Compensation (10,000 yuan) | 12.85 | 13.01 | Educational Background of R&D Personnel | Educational Background | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Master's Degree | 1 | 0.52 | | Bachelor's Degree | 61 | 31.77 | | Associate's Degree | 77 | 40.10 | | High School and Below | 53 | 27.60 | | Total | 192 | 100.00 | Age Structure of R&D Personnel | Age Range | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Under 30 years old | 30 | 15.63 | | 30-40 years old | 75 | 39.06 | | 40-50 years old | 59 | 30.73 | | 50-60 years old | 23 | 11.98 | | 60 years old and above | 5 | 2.60 | | Total | 192 | 100.00 | [Risk Factors](index=20&type=section&id=IV.%20Risk%20Factors) The company faces risks such as core technology leakage, loss of technical talent, large inventory scale, accounts receivable bad debts, and changes in corporate income tax preferential policies, which may lead to fluctuations in downstream industry demand and affect operating performance - The company faces risks of core technology leakage, which could lead to reduced market competitiveness due to technology disclosure or imitation by competitors[61](index=61&type=chunk) - The talent-intensive nature of the industry leads to risks of technical talent loss, potentially affecting new product R&D and technical services[61](index=61&type=chunk) Key Financial Risk Indicators | Risk Indicator | Period-end Amount (10,000 yuan) | | :--- | :--- | | Inventory | 86,310.62 | | Accounts Receivable | 69,975.92 | - The company enjoys a **15%** corporate income tax preferential rate as a high-tech enterprise; if policies change or qualifications are not renewed, it will adversely affect after-tax profit[63](index=63&type=chunk) - Downstream industries are affected by macroeconomic cycles or industrial policy adjustments, which may lead to a decline in the company's performance[64](index=64&type=chunk) [1. Core Technology Leakage Risk](index=20&type=section&id=1.%20Core%20Technology%20Leakage%20Risk) The company's various products rely on core technologies and R&D achievements; if technology or confidential information is leaked, it may be imitated by competitors, adversely affecting the company's market competitiveness - The company's products rely on core technologies accumulated through long-term R&D; technology leakage could lead to a decline in market competitiveness[61](index=61&type=chunk) [2. Technical Talent Loss Risk](index=20&type=section&id=2.%20Technical%20Talent%20Loss%20Risk) The company operates in a talent-intensive industry, where technical personnel are crucial for new product R&D, cost control, and technical services, and increased industry competition may lead to the loss of technical talent - The company operates in a talent-intensive industry, where technical personnel are crucial for new product R&D, cost control, and technical services[61](index=61&type=chunk) - Increased industry competition may lead to the loss of technical talent; if the company cannot continuously strengthen talent acquisition, incentives, and protection, it will face the risk of talent loss[61](index=61&type=chunk) [3. Risk of Large Inventory](index=20&type=section&id=3.%20Risk%20of%20Large%20Inventory) As of the end of June 2025, the company's inventory was 863.11 million yuan; if the inventory scale further expands, it may negatively impact the company's production and operations Inventory Situation | Indicator | Period-end Amount (10,000 yuan) | | :--- | :--- | | Inventory | 86,310.62 | - Inventory mainly consists of raw materials, work-in-progress, consigned goods, and finished goods; future expansion of scale may bring negative impacts[63](index=63&type=chunk) [4. Bad Debt Risk of Accounts Receivable](index=21&type=section&id=4.%20Bad%20Debt%20Risk%20of%20Accounts%20Receivable) As of the end of June 2025, the company's accounts receivable was 699.76 million yuan; if customer credit conditions significantly deteriorate, the company will face certain bad debt risks for accounts receivable Accounts Receivable Situation | Indicator | Period-end Amount (10,000 yuan) | | :--- | :--- | | Accounts Receivable | 69,975.92 | - Adverse changes in customer credit conditions may lead to bad debt risk for accounts receivable[63](index=63&type=chunk) [5. Corporate Income Tax Preferential Policy Risk](index=21&type=section&id=5.%20Corporate%20Income%20Tax%20Preferential%20Policy%20Risk) The company and its subsidiary Guangde Dongwei, as high-tech enterprises, enjoy a 15% income tax preferential rate until 2024; if policies are adjusted in the future or re-certification is not successfully passed, it will adversely affect the company's after-tax profit - The company and its subsidiary Guangde Dongwei passed the high-tech enterprise re-assessment, enjoying a **15%** corporate income tax preferential rate from 2022 to 2024[63](index=63&type=chunk) - If national income tax policies undergo significant adverse changes or high-tech enterprise qualifications are not renewed, it will adversely affect the company's after-tax profit[63](index=63&type=chunk) [6. Risk of Performance Decline Due to Macroeconomic Environment Changes](index=21&type=section&id=6.%20Risk%20of%20Performance%20Decline%20Due%20to%20Macroeconomic%20Environment%20Changes) The company's core products are applied in PCB, general hardware, and new energy fields, and these downstream industries are affected by macroeconomic cycles and industrial policies, with the complex international political and economic environment potentially leading to a decline in operating performance - The company's core products are applied in PCB, general hardware, and new energy fields; downstream industries are affected by macroeconomic cycles or industrial policy adjustments[64](index=64&type=chunk) - The complex international political and economic environment and increased external uncertainties may lead to a decline in the company's performance[64](index=64&type=chunk) - The company plans to mitigate operational risks through technological innovation, expanding main business, enhancing global R&D capabilities, and establishing overseas sales networks[64](index=64&type=chunk) [Main Operating Performance During the Reporting Period](index=21&type=section&id=V.%20Main%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's total operating revenue increased by 13.07%, while net profit decreased by 23.66%, with total assets and net assets attributable to shareholders increasing by 11.43% and 0.90% respectively H1 2025 Key Operating Data | Indicator | Amount (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | | Total Operating Revenue | 443,376,759.05 | 13.07 | | Net Profit Attributable to Shareholders of Listed Company | 42,503,071.88 | -23.66 | | Total Assets (Period-end) | 3,028,540,968.28 | 11.43 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,749,262,222.82 | 0.90 | - Operating revenue growth was mainly driven by a significant increase in demand for high-end printed circuit plating equipment[65](index=65&type=chunk) - Profit decline was mainly due to unconfirmed revenue from high-margin new energy equipment products, rising raw material prices, and increased salaries[23](index=23&type=chunk) - Net cash flow from operating activities significantly increased, mainly due to increased orders and customer payments[66](index=66&type=chunk) - Overseas assets amounted to **26,209,443.82 yuan**, accounting for **0.87%** of total assets[73](index=73&type=chunk) [(I) Main Business Analysis](index=21&type=section&id=%28I%29%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by 13.07%, primarily driven by a significant increase in demand for high-end printed circuit plating equipment, while operating costs increased by 19.07% Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 443,376,759.05 | 392,138,314.18 | 13.07 | | Operating Cost | 299,302,006.74 | 251,361,916.05 | 19.07 | | Selling Expenses | 19,516,631.62 | 19,639,210.80 | -0.62 | | Administrative Expenses | 34,174,844.13 | 27,741,402.85 | 23.19 | | Financial Expenses | 2,888,253.69 | -2,135,971.91 | Not Applicable | | R&D Expenses | 37,861,514.08 | 41,601,881.14 | -8.99 | | Net Cash Flow from Operating Activities | 30,389,155.18 | -14,631,135.72 | Not Applicable | | Net Cash Flow from Investing Activities | -20,801,869.28 | 96,824,716.34 | -121.48 | | Net Cash Flow from Financing Activities | -30,726,903.20 | -72,526,867.29 | Not Applicable | - Operating revenue increased by **13.07%**, mainly due to a significant increase in demand for high-end printed circuit board (PCB) plating equipment[65](index=65&type=chunk) - Financial expenses significantly changed, mainly due to increased exchange losses in the current reporting period[66](index=66&type=chunk) - Net cash flow from operating activities significantly increased, mainly due to increased orders and a substantial increase in customer payments[66](index=66&type=chunk) [(III) Analysis of Assets and Liabilities](index=22&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 11.43% year-on-year, and net assets attributable to shareholders increased by 0.90% year-on-year, with significant changes in trading financial assets, notes receivable, inventory, construction in progress, and contract liabilities Changes in Assets and Liabilities | Item Name | Period-end Amount (yuan) | Period-end Percentage of Total Assets (%) | Change from Prior Year Period-end (%) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 30,018,000.00 | 0.99 | -69.04 | | Notes Receivable | 63,879,923.52 | 2.11 | 41.38 | | Accounts Receivable | 699,759,202.87 | 23.10 | 9.40 | | Accounts Receivable Financing | 13,827,842.05 | 0.46 | 57.57 | | Prepayments | 16,511,410.69 | 0.55 | 72.25 | | Inventory | 863,106,188.31 | 28.49 | 36.10 | | Construction in Progress | 36,615,446.65 | 1.21 | 194.77 | | Other Non-current Assets | 53,190,419.11 | 1.76 | 1,132.16 | | Notes Payable | 182,976,378.08 | 6.04 | 55.90 | | Contract Liabilities | 536,763,438.81 | 17.72 | 45.81 | | Other Current Liabilities | 58,551,038.91 | 1.93 | 29.84 | | Other Comprehensive Income | 1,010,787.68 | 0.03 | 151.20 | - Trading financial assets decreased by **69.04%**, mainly due to the redemption of matured bank wealth management products[70](index=70&type=chunk) - Inventory increased by **36.10%**, mainly due to increased orders and a significant increase in consigned goods[71](index=71&type=chunk) - Construction in progress increased by **194.77%**, mainly due to investment in new energy equipment expansion projects[71](index=71&type=chunk) - Contract liabilities increased by **45.81%**, mainly due to increased orders and advance receipts from contracts[72](index=72&type=chunk) [(IV) Analysis of Investment Status](index=25&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) At the end of the reporting period, the company's financial assets measured at fair value totaled 553 million yuan, including trading financial assets, accounts receivable financing, and other debt investments, with trading financial assets decreasing due to redemption of matured bank wealth management products Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gains/Losses in Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Period-end Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 96,966,416.67 | 222,355.55 | 273,500,000.00 | 340,670,772.22 | 30,018,000.00 | | Accounts Receivable Financing | 8,775,864.78 | | | | 13,827,842.05 | | Other Debt Investments | 501,814,597.22 | | | | 509,123,527.14 | | Total | 607,556,878.67 | 7,531,285.47 | 273,500,000.00 | 340,670,772.22 | 552,969,369.19 | - Trading financial assets decreased by **69.04%** compared to the beginning of the year, mainly due to the redemption of matured bank wealth management products[70](index=70&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=26&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main holding subsidiaries include Guangde Dongwei, Shenzhen Dongwei, Dongguan Dongwei, Changshu Dongwei, and Dongwei Technology (Thailand) Co., Ltd., with Guangde Dongwei being the most important profit-contributing subsidiary Major Holding and Participating Companies | Company Name | Main Operating Location | Registered Capital (RMB) | Registered Address | Business Nature | Shareholding Ratio (%) - Direct | Shareholding Ratio (%) - Indirect | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangde Dongwei Technology Co., Ltd. | Guangde, Anhui | 180 million yuan | Guangde, Anhui | Production Base | 100.00 | | Newly Established | | Shenzhen Kunshan Dongwei Technology Co., Ltd. | Shenzhen, Guangdong | 70 million yuan | Shenzhen, Guangdong | After-sales Center | 100.00 | | Newly Established | | Dongguan Dongwei Technology Co., Ltd. | Dongguan, Guangdong | 50 million yuan | Dongguan, Guangdong | Production Base | 100.00 | | Newly Established | | Changshu Dongwei Technology Co., Ltd. | Changshu, Jiangsu | 405 million yuan | Changshu, Jiangsu | Production Base | 100.00 | | Newly Established | | Dongwei Technology (Thailand) Co., Ltd. | Thailand | 100 million Thai Baht | Thailand | Production Base | 20.00 | 80.00 | Newly Established | - Guangde Dongwei Technology Co., Ltd. reported operating revenue of **329 million yuan** and net profit of **63.04 million yuan** during the reporting period, making it a significant profit-contributing subsidiary for the company[80](index=80&type=chunk) [Corporate Governance, Environment, and Society](index=29&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Senior Management, and Core Technical Personnel](index=29&type=section&id=I.%20Changes%20in%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company abolished the Supervisory Board in accordance with the new "Company Law" and completed the re-election of the Board of Directors and appointment of senior management on May 16, 2025 - The company abolished the Supervisory Board in accordance with the new "Company Law" and completed the re-election of the Board of Directors and appointment of senior management on May 16, 2025[84](index=84&type=chunk) Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Lu Huaming | Independent Director | Resignation | | Nie Xiaojian | Director | Resignation | | Jiang Zejun | Director | Resignation | | Zhong Jincai | Chairman of Supervisory Board | Resignation | | Zhou Xiangrong | Deputy General Manager, Financial Controller | Resignation | | Zhang Zhen | Director | Election | | Wei Yongjun | Director | Election | | Zhao Jianbing | Director | Election | | Su Xinjian | Director | Election | | Cai Wenwu | Director | Election | | Zhang Zuqing | Financial Controller | Appointment | [Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period - The company's proposed profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period is "No"[85](index=85&type=chunk) [Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=30&type=section&id=III.%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company approved the "2025 Restricted Stock Incentive Plan (Draft)" on March 22, 2025, which was passed by the shareholders' meeting on April 10, and restricted shares were granted to incentive recipients for the first time on April 24 - The company approved the "2025 Restricted Stock Incentive Plan (Draft)" and its summary on March 22, 2025[86](index=86&type=chunk) - The shareholders' meeting approved the incentive plan on April 10, 2025[86](index=86&type=chunk) - On April 24, 2025, the company granted restricted shares to incentive recipients for the first time[86](index=86&type=chunk) [Significant Matters](index=31&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=31&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, directors, supervisors, and senior management have strictly fulfilled all commitments made during the initial public offering and other commitments, with all commitments strictly fulfilled on time during the reporting period - Actual controller Liu Jianbo committed not to transfer shares within **36 months** from the listing date and not to reduce directly held company shares in any way within the next **12 months** from June 15, 2024[89](index=89&type=chunk) - The company, actual controller, directors, supervisors, and senior management all committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, and not to harm company interests[91](index=91&type=chunk) - All committing parties pledged to compensate investors for losses in accordance with the law if the prospectus contains false records, misleading statements, or major omissions[91](index=91&type=chunk)[92](index=92&type=chunk) - During the reporting period, all commitments were strictly fulfilled on time[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) [Major Litigation and Arbitration Matters](index=38&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during this reporting period - The company had no major litigation or arbitration matters during this reporting period[97](index=97&type=chunk) [Major Related Party Transactions](index=38&type=section&id=X.%20Major%20Related%20Party%20Transactions) During the reporting period, the company had no major related party transactions related to daily operations, asset acquisition or equity acquisition/disposal, joint external investments, or related party creditor-debtor relationships - During the reporting period, the company had no related party transactions related to daily operations[97](index=97&type=chunk) - During the reporting period, the company had no related party transactions involving asset acquisition or equity acquisition/disposal[97](index=97&type=chunk) - During the reporting period, the company had no major related party transactions involving joint external investments[98](index=98&type=chunk) - During the reporting period, the company had no related party creditor-debtor relationships

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。 昆山东威科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开 第三届董事会第二次会议，审议通过了《关于 2025 年半年度计提资产减值准备 的议案》。现将相关情况公告如下： 证券代码：688700 证券简称：东威科技 公告编号：2025-039 昆山东威科技股份有限公司 关于 2025 年半年度计提资产减值准备的公告 一、计提信用及资产减值概述 根据《企业会计准则第 8 号——资产减值》《企业会计准则第 22 号——金 融工具确认和计量》及相关会计政策、会计估计的相关规定，为了真实、准确地 反映公司截至 2025 年 6 月 30 日的财务状况及 2025 年半年度的经营成果，本着 谨慎性原则，公司 2025 年半年度确认资产减值损失和信用减值损失共计 17,001,782.74 元，明细如下： | 项目 | 本年发生额 | | --- | --- | | | （单位：人民币 元） | | 一、信用减值损失 | -13,560,954.01 | | 应收票据 ...

昆山东威科技股份有限公司 关于 2025 年度"提质增效重回报"行动方案的半年 度评估报告 为了落实以投资者为本的理念，推动昆山东威科技股份有限公司（以下简称 "东威科技"或"公司"）持续优化经营、规范治理和积极回报投资者，大力提 高公司质量，助力信心提振、资本市场稳定和经济高质量发展，公司制定了《2024 年度"提质增效重回报"行动方案评估报告暨 2025 年"提质增效重回报"行动 方案》（以下简称《行动方案》），并于 2025 年 4 月 26 日正式对外披露。 为进一步落实有关工作安排，切实维护全体股东利益，公司对《行动方案》 在报告期内的执行情况进行全面评估并编制本报告，具体内容如下： 一、持续聚焦电镀领域，提升公司核心竞争优势 公司在电镀设备市场保持专注、持续创新，现已发展成为全球领先的电镀设 备企业。公司的垂直连续电镀设备，客户认可度高、市场竞争力强，广泛应用于 高效能计算机、服务器、大数据中心、高端通讯设备、人工智能、云储存等领域。 根据 Prismark 预测，2025 年全球 PCB 市场的产值将同比增长 7.6%，达 791 亿美金。AI 服务器和相关设备的持续强劲需求推动了市场增长，18 ...

一、GDR 募集资金基本情况 2022 年 12 月 12 日，公司召开第二届董事会第七次会议，并于 2022 年 12 月 28 日召开 2022 年第一次临时股东大会，审议通过《关于公司发行 GDR 并在瑞 士证券交易所上市及转为境外募集股份有限公司的议案》等本次发行上市相关议 案。 公司于 2023 年 2 月 2 日取得了瑞士证券交易所监管局关于公司发行 GDR 并 在瑞士证券交易所上市的附条件批准。2023 年 3 月 21 日收到中国证券监督管理 委员会（以下简称"中国证监会"）出具的《关于核准昆山东威科技股份有限公 司首次公开发行全球存托凭证并在瑞士证券交易所上市的批复》（证监许可 [2023]608 号）。根据该批复，中国证监会核准公司发行全球存托凭证（Global Depositary Receipts，以下简称"GDR"）所对应的新增 A 股基础股票不超过 11,776,000 股，按照公司确定的转换比例计算，对应的 GDR 发行数量不超过 5,888,000 份。 2023 年 6 月 13 日（瑞士时间），公司实际发行 GDR 数量为 5,888,000 份， 所代表的新增基础证券 A ...

Core Viewpoint - The report from Minsheng Securities highlights "speed" and "power" as the two core contradictions in current AI development, with PCB (Printed Circuit Board) being a crucial component in the AI industry chain, benefiting significantly from the ongoing advancements in PCB technology and processes [1] Group 1: PCB Industry Trends - The PCB industry is experiencing rapid development in advanced packaging and high-density interconnect technologies, transitioning from traditional HDI and substrate technologies to mSAP processes capable of sub-10μm line widths to meet the demands of high-speed signal transmission and large-scale integration [1] - New technologies such as CoWoP (Chip-on-Wafer-on-Panel) are changing the form of packaging substrates by using large-size PCBs to carry multiple chips, thereby reducing costs and enhancing interconnect density [1] Group 2: Upstream Material Demand - Driven by AI demand, leading PCB manufacturers like Shenghong Technology, Huitian Technology, and Pengding Holdings are actively expanding production, creating a resonance between material upgrades and capacity expansion [2] - Key upstream materials for PCBs include copper foil, electronic cloth, and resin, with upgrades in these materials to meet the requirements of high-speed signal transmission and lightweight designs [2] Group 3: Equipment Supply and Domestic Substitution - The core processes of PCB manufacturing, including drilling, electroplating, and etching, are critical for determining interconnect density, signal integrity, and production yield, with increasing demands for precision and reliability in these processes [3] - Domestic equipment manufacturers such as Dazhu CNC, Dingtai High-Tech, and Dongwei Technology are accelerating their layouts in advanced process equipment for high-layer boards, HDI, and mSAP, reflecting the industry's shift towards domestic substitution [3] Group 4: Investment Recommendations - Recommended PCB leading manufacturers include Shenghong Technology (300476.SZ), Pengding Holdings (002938.SZ), Huitian Technology (002463.SZ), Shenzhen South Circuit (002916.SZ), Guanghe Technology (001389.SZ), and Jingwang Electronics (603228.SH) [4] - In the materials sector, companies with core technologies and customer resources such as Honghe Technology (603256.SH), Zhongcai Technology (002080.SZ), Feilihua (300395.SZ), Defu Technology (301511.SZ), Longyang Electronics (301389.SZ), and Meilian New Materials (300586.SZ) are recommended [4] - For equipment, focus on domestic substitution in core segments with companies like Dazhu CNC (301200.SZ), Xinqi Microelectronics (688630.SH), Dingtai High-Tech (301377.SZ), and Dongwei Technology (688700.SH) [4]

Group 1 - The global server market is entering a new growth cycle starting in 2024, driven by the increasing demand for AI computing power, with an expected CAGR of 18.8% from 2024 to 2029 [2] - The PCB industry is recovering from a phase of adjustment due to weak consumer electronics and inventory cycles, with emerging demands from AI servers and high-performance infrastructure expected to drive growth from 2024 [2][3] - Domestic PCB manufacturers are actively expanding production and increasing capital expenditures, focusing on high-end products such as HDI and multi-layer boards [2][3] Group 2 - The global PCB equipment market is projected to reach 51 billion yuan in 2024, with a year-on-year growth of 9.0%, and a CAGR of 4.9% from 2020 to 2024 [3] - The demand for PCB equipment is significantly boosted by AI computing infrastructure, with the market expected to grow to 77.5 billion yuan by 2029, reflecting a CAGR of 8.7% from 2024 to 2029 [3] - Drilling, exposure, and testing equipment represent the highest value segments in the PCB equipment market, accounting for 20.75%, 16.99%, and 15.00% respectively in 2024 [3] Group 3 - The drilling equipment segment is expected to benefit from increased demand for high-end HDI, with both mechanical and laser drilling seeing growth due to the rising complexity of HDI designs [3] - The exposure equipment market is currently dominated by foreign brands, with low domestic penetration, particularly in LDI technology which is more suited for HDI [4] - The demand for plating equipment is increasing due to the higher number of plating cycles required for advanced HDI, alongside quality control pressures [5] Group 4 - Major equipment manufacturers are showing a clear upward trend, with expectations for accelerated performance in the future [6] - Key players in the drilling segment include Dazhu CNC (301200), while the exposure segment is led by Xinqi Micro (688630) and Tianzhun Technology (688003) [7] - The plating segment is highlighted by Dongwei Technology (688700), with Keg Precision (301338) noted for its role in the solder paste printing segment [7]

Company Overview - Dongwei Technology Co., Ltd. is located in Kunshan, Jiangsu Province, established on December 29, 2005, and listed on June 15, 2021. The company primarily engages in the research, design, production, and sales of high-end precision electroplating equipment and its supporting devices [1] - The main products include vertical continuous electroplating equipment for PCB electroplating, horizontal surface treatment equipment, gantry electroplating equipment, and rolling electroplating devices [1] Revenue Composition - The revenue composition of Dongwei Technology is as follows: vertical continuous electroplating equipment accounts for 62.68%, gantry electroplating equipment 13.14%, other products 9.73%, rolling horizontal film electroplating equipment 6.14%, hardware continuous electroplating equipment 3.82%, horizontal surface treatment equipment 2.78%, other (supplementary) 0.99%, photovoltaic copper plating equipment 0.40%, and magnetron sputtering winding coating equipment 0.33% [1] Fund Holdings - According to data, one fund under Jiashi Fund holds Dongwei Technology as a top ten heavy stock. The Jiashi SSE STAR Market Industrial Machinery ETF (588850) held 10,100 shares in the second quarter, accounting for 2.54% of the fund's net value, ranking as the tenth largest heavy stock [2] - The Jiashi SSE STAR Market Industrial Machinery ETF (588850) was established on April 16, 2025, with a latest scale of 15.6942 million. Since its inception, it has achieved a return of 28.12% [2]

Core Insights - Guande Dongwei Technology Co., Ltd. has obtained a patent for a "clamping device and conveying system," with the authorization announcement number CN113428569B, applied on July 2021 [1] - The company was established in 2013 and is located in Xuancheng City, primarily engaged in the manufacturing of electrical machinery and equipment [1] - The registered capital of Guande Dongwei Technology Co., Ltd. is 180 million RMB [1] Company Activities - The company has participated in six bidding projects [1] - It holds three trademark registrations and has 151 patent records [1] - Additionally, the company possesses 24 administrative licenses [1]

Investment Rating - The report maintains a "Recommended" rating for leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd. [4][5] Core Viewpoints - The PCB industry is experiencing rapid advancements in packaging and high-density interconnect technologies, with traditional HDI and substrate technologies evolving into mSAP processes to meet the demands of high-speed signal transmission and large-scale integration [1][2] - The demand for PCB is driven by AI applications, leading to significant expansions in production capacity among leading companies, with total investments exceeding 30 billion RMB [2][20] - The core materials for PCB, including copper foil, electronic cloth, and resin, are undergoing upgrades to meet the high-frequency and high-speed requirements of AI applications [2][20][26] Summary by Sections 1. CoWoP and mSAP as Core Technologies - CoWoP (Chip-on-Wafer-on-PCB) is emerging as a future packaging route, enhancing interconnect density and reducing costs by directly using large-size PCBs [1][11] - mSAP (Modified Semi-Additive Process) is becoming the core process for achieving sub-10 µm line capabilities, essential for high-performance applications [1][14] 2. PCB Capacity Expansion and Material Upgrades - Leading PCB manufacturers are actively expanding production capacity, with significant investments announced by companies like Huadian Co., Ltd. and Shenghong Technology [2][20] - The upgrade of core materials includes the transition of copper foil from HVLP1 to HVLP5, electronic cloth to third-generation low-dielectric cloth, and resin to hydrocarbon and PTFE types [2][20][28] 3. Tight Supply of Core Equipment and Acceleration of Domestic Substitution - The supply of core PCB equipment, including drilling, plating, and etching imaging, is tight, with domestic manufacturers accelerating their layouts in advanced process equipment [2][49] - Companies like Dazhu CNC and Ding Tai High-Tech are focusing on high-layer boards and HDI equipment to meet the increasing demands of the industry [2][49] 4. Investment Recommendations - The report suggests focusing on leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd., as well as material companies with core technologies like Honghe Technology and Zhongcai Technology [3][4] - Equipment manufacturers involved in domestic substitution, such as Dazhu CNC and Xinqi Microelectronics, are also highlighted as potential investment opportunities [3][4]

Core Viewpoint - Dongwei Technology's stock price has shown significant growth this year, with a year-to-date increase of 56.68%, despite a recent decline in the last five trading days [2]. Group 1: Stock Performance - As of August 22, Dongwei Technology's stock price reached 46.00 CNY per share, with a market capitalization of 13.726 billion CNY [1]. - The stock has experienced a 2.15% decline over the last five trading days, but a 20.10% increase over the last 20 days and a 37.15% increase over the last 60 days [2]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 262 million CNY on March 10 [2]. Group 2: Financial Performance - For the first quarter of 2025, Dongwei Technology reported revenue of 211 million CNY, reflecting a year-on-year growth of 7.08% [2]. - The company has distributed a total of 240 million CNY in dividends since its A-share listing, with 152 million CNY distributed over the past three years [2]. Group 3: Shareholder Information - As of March 31, 2025, the number of shareholders for Dongwei Technology was 8,403, a decrease of 15.33% from the previous period [2]. - The average number of circulating shares per shareholder increased by 18.10% to 35,511 shares [2]. - Among the top ten circulating shareholders, China Europe Alpha Mixed A (009776) is the eighth largest, holding 4.68 million shares as a new shareholder [3]. Group 4: Company Overview - Dongwei Technology, established on December 29, 2005, is located in Kunshan, Jiangsu Province, and was listed on June 15, 2021 [2]. - The company specializes in high-end precision electroplating equipment and is categorized under the machinery and equipment industry, specifically in specialized equipment [2].