Jiangxi Welgao Electronics Co., Ltd. (hereinafter referred to as "Welgao" or "the Company"), to meet the capital needs for business development, increase its capital strength, and enhance profitability, in accordance with the "Company Law of the People's Republic of China" (hereinafter referred to as the "Company Law"), the "Securities Law of the People's Republic of China" (hereinafter referred to as the "Securities Law"), and the "Administrative Measures for the Registration of Issuance of Securities by Listed Companies" (hereinafter referred to as the "Registration Measures") and other relevant laws, regulations, and normative documents, proposes to issue A shares to specific objects (hereinafter referred to as the "Proposed Issuance"). The total capital to be raised shall not exceed RMB 1,300.00 million, which, after deducting issuance expenses, will be used for the high-end AI PCB intelligent manufacturing project with an annual output of 1.44 million square meters in Jiangxi, the high-end multi-layer printed circuit board intelligent manufacturing project with an annual output of 1.2 million square meters in Thailand, and to supplement working capital and repay bank loans. Unless otherwise specified, the terms used in this report are consistent with the definitions in the "Pre-plan for Issuance of Shares to Specific Objects by Jiangxi Welgao Electronics Co., Ltd."
I. Background and Objectives of the Proposed Issuance to Specific Objects
(I) Background of the Proposed Issuance to Specific Objects
- National Industrial Policy Lays a Good Foundation for High-Quality Development of the PCB Industry
In March 2026, the National People's Congress deliberated and passed the "Outline of the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through 2035" (hereinafter referred to as the "15th Five-Year Plan"). The "15th Five-Year Plan" places technological innovation at the core of the national development agenda, explicitly proposing to promote innovation throughout the entire electronic information industry chain, develop high-end and short-supply products, and accelerate breakthroughs in key components, devices, and special materials. For downstream application fields of the PCB industry, the "15th Five-Year Plan" proposes to accelerate the development of strategic emerging industries such as new-generation information technology, new energy, aerospace, and low-altitude economy, and to foster new economic growth drivers such as brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication. The "15th Five-Year Plan" particularly emphasizes accelerating the innovative application of digital intelligence technologies such as artificial intelligence, strengthening the efficient supply of computing power, algorithms, and data elements, and building emerging pillar industries with international competitiveness.
As the "mother of electronic products," PCBs are widely used in strategic emerging industries and future industrial clusters such as integrated circuits, new energy, aerospace, low-altitude economy, and artificial intelligence. Enhancing the overall efficiency of the PCB industry innovation system is a key supporting factor for the implementation of new quality productive forces.