Important Notice
The Company specifically requests that investors carefully read the full text of this prospectus and pay special attention to the following important matters before making investment decisions.
I. Special Risk Warnings
The Board of Directors of the Company specifically reminds investors to carefully read the contents of "Chapter V: Risk Factors Related to This Offering" in this prospectus and pay attention to investment risks. In particular, investors should note the following risks:
(I) Risk of Operating Performance Volatility
During the reporting period, the Company's operating income was 2,623.767 million yuan, 2,932.0911 million yuan, and 3,140.6501 million yuan, respectively; net profit attributable to the parent company was -137.211 million yuan, -87.4337 million yuan, and 27.3689 million yuan, respectively; and the gross margin of the main business was 9.95%, 11.17%, and 15.66%, respectively, indicating significant volatility in operating performance. As a core basic component of the electronic information industry, PCBs are widely used in network communications, consumer electronics, automotive electronics, medical equipment, security and industrial control, and many other fields, and their industry development is closely related to the prosperity of the macroeconomy.
In the future, if global economic recovery slows down, residential consumption and downstream capital expenditures weaken, or if there are unfavorable factors such as industrial policy adjustments, intensified industry competition, fluctuations in major raw material prices, and escalating international trade frictions, there may be a combined impact of pressure on orders and selling prices, rigid increases in costs, and a decline in the income structure toward low-end products, thereby leading to the risk of gross margin fluctuations and the interruption or even further decline of profit recovery.
(II) Risk of Digesting New Capacity After Completion of Fundraising Projects
Currently, there are many manufacturers in the PCB industry, market competition is sufficient and increasingly fierce, price competition is white-hot, and industrial policies are accelerating the forcing out of inefficient capacity, leading to industry differentiation and intensified competition among leading companies. Against this background, companies in the same industry are generally seizing opportunities to actively expand production, facing the pressure of supply-demand mismatch caused by the concentrated release of capacity in the short term.
The Company's existing production capacity is 3.293 million square meters, of which rigid boards account for 2.3968 million square meters, or 72.79%. The new capacity from this fundraising project is all rigid boards, including 550,000 square meters from the "Thailand PCB Intelligent Production Base Project" and 287,500 square meters from the "Huizhou CEE Production Line Technical Transformation and Upgrade Project," totaling 837,500 square meters of new capacity, an expansion ratio of 25.43%. After the fundraising project reaches production, the Company's total capacity will be 4.1305 million square meters, with rigid boards accounting for 3.2343 million square meters, increasing the proportion to 78.30%. As of March 31, 2026, the Company's on-hand orders for rigid boards were 342,500 square meters, with an order amount of 372 million yuan. The existing on-hand order scale cannot yet cover the expanded production capacity, and the new capacity still needs to be digested and absorbed by tapping into the incremental demand of existing customers and developing new customer demand.
If, after the fundraising project is put into production, it encounters a slowdown in downstream market growth, intensified industry competition, overly rapid expansion of homogeneous capacity, major technological substitution, changes in customer demand preferences, failure to meet expectations in customer development, or other major unfavorable changes, or if market demand growth falls short of expectations and product promotion is hindered, the fundraising project will face the risk of being unable to digest the new capacity.
(III) Risk of Fundraising Project Benefits Falling Short of Expectations