Sihui Fuji Electronics Technology Co., Ltd. (hereinafter referred to as "the Company" or "Sihui Fuji") intends to issue A shares to specific targets and raise funds to meet the capital needs for the development of the Company's main business, enhance its capital strength, and improve its core competitiveness. In accordance with the "Company Law of the People's Republic of China," the "Securities Law of the People's Republic of China," the "Administrative Measures for the Registration of Securities Issuances by Listed Companies," and other relevant laws, regulations, or normative documents and the "Articles of Association," the Company has compiled the "Feasibility Analysis Report on Fund Investment Projects for Issuing A Shares to Specific Targets in 2026."
Unless otherwise specified, the terms used herein have the same meaning as defined in the "Proposal for Issuing A Shares to Specific Targets by Sihui Fuji Electronics Technology Co., Ltd. in 2026."
I. Plan for Use of Raised Funds
The total amount of funds to be raised from the issuance of A shares to specific targets shall not exceed RMB 930,000,000. After deducting issuance expenses, the raised funds will be invested in the following projects:
| Item | Project Name | Implementing Entity | Total Project Investment | Amount to be Raised |
|---|---|---|---|---|
| 1 | New Project for Producing 5.58 Million Square Meters of High-Reliability Circuit Boards — Project for Producing 600,000 Square Meters of High-Layer and HDI Circuit Boards (Phase I) | Sihui Fuji | 109,236.13 | 93,000.00 |
| Total | 109,236.13 | 93,000.00 |
Note: As approved by the 22nd meeting of the third board of directors, the amount of financial investment newly introduced and planned to be introduced within 6 months before the board resolution date and before this issuance was reduced by RMB 20,000,000.
The implementing entity for the above projects is Sihui Fuji. Upon the arrival of the raised funds, the Company will implement the fundraising investment plan as formulated. Before the arrival of the raised funds, the Company may use its own funds to invest in the project according to its actual construction progress and will replace them upon the arrival of the raised funds. If the actual raised funds cannot meet the capital needs of the above projects, the shortfall will be resolved by the Company's own funds.
II. Basic Information of the Fund Investment Projects for This Issuance
(I) Project Overview
| Category | Project Name | Content |
|---|---|---|
| New Project for Producing 5.58 Million Square Meters of High-Reliability Circuit Boards — Project for Producing 600,000 Square Meters of High-Layer and HDI Circuit Boards (Phase I) |
Sihui Fuji Electronics Technology Co., Ltd.
Total Investment | 109,236.13 million yuan
Main Construction Content | Construction of high-layer and HDI circuit boards for servers, optical modules, industrial control, and automotive electronics.
Construction Location | No. 1 Huiyuan Third Road, Longpu Town, Sihui City
(II) Necessity of Project Implementation
- Responding to the Core Trend of High-End PCB Market Structural High-Speed Growth and Seizing the Future Growth Track
The global PCB industry is currently undergoing a profound structural transformation. While the growth of traditional low-end products is slowing down, high-end products, especially high-layer boards and HDI, are becoming the core engines driving industry growth. For the Company, continuously expanding high-layer and HDI board products is a strategic reshaping of its future growth trajectory and a key initiative to establish a foothold in the new round of industrial upgrading.
In terms of market size and growth rate, the high-end PCB market is developing rapidly. According to Prismark data, in 2025, the output value of high-layer boards and HDI boards is expected to grow by 18.2% and 25.6% year-on-year, respectively, making them the fastest-growing segments among all PCB sub-products. The compound annual growth rate for high-layer and HDI boards is projected to be 9.0% and 11.2% from 2024 to 2029.