1. Background and Purpose of the Issuance
(1) Background of the Issuance
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National industrial policies continuously empower and support the high-quality development of the semiconductor industry. In recent years, the government has elevated the strategic position of the semiconductor industry, with various policies promoting structural adjustments and upgrades in the industry chain, creating a favorable policy environment for the development of the electronic components distribution industry and providing solid support for the company's fundraising projects. In January 2024, the Ministry of Industry and Information Technology and six other departments jointly issued the "Implementation Opinions on Promoting Innovation and Development of Future Industries," focusing on material breakthroughs, technological challenges, and ecosystem construction to promote the high-end and autonomous upgrade of the semiconductor industry chain, enhancing global competitiveness through domestic substitution and technological innovation. In July 2024, the Central Committee of the Communist Party of China released the "Decision on Further Deepening Reforms to Promote Chinese-style Modernization," proposing to establish a complete autonomous control capability for key industrial chains such as integrated circuits, advancing technological challenges and application of results throughout the chain, clearly stating that semiconductors serve as the underlying hardware support for the digital economy, with demand expected to continue growing alongside smart manufacturing and the Internet of Things. In September 2025, the Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry (2025-2026)," listing integrated circuits as a key area and proposing 16 measures to promote industrial transformation and upgrade, strengthening the resilience of the industry chain. The "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," released in October 2025, elevated the comprehensive tackling of key core technologies in integrated circuits to the national science and technology security strategy level. National policies vigorously promote the expansion of semiconductor capacity and market demand, driving product iteration and upgrade, and continuously increasing the scale of the electronic components distribution industry, providing a favorable external policy environment for the company to build a smart warehousing logistics center and supplement business development funds.
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The demand from emerging downstream sectors is being released, and the electronic components distribution market is steadily expanding. In recent years, rapid developments in downstream fields such as artificial intelligence, new energy vehicles, 5G communications, and industrial automation have continuously driven the growth of electronic component demand, promoting steady expansion of the distribution market. According to data from the World Semiconductor Trade Statistics (WSTS), global semiconductor sales are expected to reach $791.7 billion in 2025, a year-on-year increase of 25.6%, with the core electronic components market reaching $1.6 trillion. In the domestic market, data from the Ministry of Industry and Information Technology indicates that the market size of electronic components in China reached 2.78 trillion yuan in 2023, with a compound annual growth rate of 8.5%; the Leopard Research Institute predicts that the domestic electronic components market will exceed 3.5 trillion yuan by 2025. The structural growth of downstream demand places higher requirements on the warehousing and logistics efficiency and service coverage of distribution companies, while also intensifying the demand for capital turnover and supply chain integration, providing a realistic market foundation for the company's smart warehousing construction and liquidity supplementation projects.