Shenzhen National Circuit Company Limited (hereinafter referred to as "National Circuit" or "the Company"), a listed company on the main board of the Shenzhen Stock Exchange. To meet the funding needs for the implementation of the Company's operational strategy and business development, seize industry development trends and market opportunities, further enhance the Company's capital strength, and optimize its capital structure and core competitiveness, in accordance with the "Company Law of the People's Republic of China" (hereinafter referred to as "Company Law"), the "Securities Law of the People's Republic of China" (hereinafter referred to as "Securities Law"), and the "Administrative Measures for Issuance Registration of Listed Company Securities" (hereinafter referred to as "Issuance Registration Measures") and other relevant laws, regulations, and normative documents, the Company plans to issue shares to specific targets to raise capital (hereinafter referred to as "this Offering"), and has compiled this analysis report on the justification for the targeted private placement of shares.
Unless otherwise specified in this report, the terms used herein have the same meaning as defined in the "Shenzhen National Circuit Company Limited 2026 Targeted Private Placement of Shares Pre-plan".
I. Background and Objectives of the Targeted Private Placement
(I) Background of the Offering
- Strong National Policy Support, Accelerating the Development of the PCB Industry
The "Outline of the 15th Five-Year Plan for National Economic and Social Development and the Vision for 2035" issued on March 13, 2026, places technological innovation at the core of the national development agenda. It explicitly calls for optimizing and upgrading traditional industries, cultivating and strengthening emerging and future industries, and consolidating the foundation of the real economy, promoting the deep integration of technological innovation and industrial innovation. The "Outline" particularly emphasizes accelerating the application of innovative digital technologies such as artificial intelligence, strengthening the efficient supply of computing power, algorithms, and data, and building strategic emerging industries with international competitiveness. It also calls for accelerating the development of strategic emerging industry clusters such as the low-altitude economy and proactively planning for future industries like embodied intelligence and the sixth generation of mobile communication (6G) to foster new economic growth drivers.
Printed Circuit Boards (PCBs), as the "cornerstone" of the electronic information industry, are an indispensable core foundation for integrated circuits, artificial intelligence, mobile communications, the low-altitude economy, and other strategic emerging and future industry clusters. Enhancing the overall effectiveness of the PCB industry's innovation system is of crucial strategic importance for solidifying China's electronic industry foundation and accelerating the formation of new quality productive forces.
- Broad Market Space and Steady Demand Growth in the Global PCB Industry
As demand from downstream application areas of PCBs increases, the global PCB industry is experiencing steady growth, with a broad market space. In the medium to long term, the industry is expected to maintain a stable growth trend. According to Prismark data, the global PCB output value is projected to reach US$85.152 billion in 2025, a year-on-year increase of 15.80%. From 2025 to 2030, the global PCB output value is expected to grow at a compound annual growth rate of 7.7%, reaching a market size of US$123.348 billion by 2030. By region, major global PCB industry regions are showing sustained growth, with China's mainland region projected to achieve a compound annual growth rate of 7.0%, indicating a stable growth trend. In terms of product structure, high-end products are growing significantly faster than the industry average. The compound annual growth rate for 18-layer and above multilayer boards and HDI boards is expected to be 21.7% and 9.2% respectively over the next five years.
(II) Objectives of the Offering
- Supporting the Construction of AI Computing Infrastructure, Accelerating the Development of New Quality Productive Forces