Mankun Technology: Thailand PCB plant expected to start production in 2027, adding 1.1m sqm capacity

Date: September 24, 2026

Source: Securities Star News

Man Kun Technology (stock code: 301132) announced on September 24, 2026, that it held a roadshow on the same day. Below is a structured summary of the key questions and responses from the event.

Project Progress: Thailand High-End PCB Production Base

Q: What is the current construction progress of the Thailand production base project funded by this convertible bond issuance?

A: The "Thailand High-End Printed Circuit Board Production Base Project" is being implemented by the company's Thai subsidiary, Thai Kun Technology Co., Ltd. In the early stages, the company completed, within the authorization scope of the Board of Directors, the establishment of the Thai company, domestic filing and registration, land agreement signing, capital increase, and land title deed transfer. The company has also successfully received the Investment Promotion Certificate from the Thailand Board of Investment (BOI). Infrastructure construction is underway, along with plans for upgrades and expansion of the factory. The Thailand factory is expected to commence production gradually in 2027. The actual timeline will depend on construction progress, and the company will fulfill its information disclosure obligations in accordance with legal requirements.

Product Positioning of the Thailand Base

Q: What products will the Thailand production base primarily focus on?

A: The project aligns with the company's core business. Main products will include four-layer boards, six-layer and above boards, and HDI boards. Upon completion and reaching full capacity, the project will add an annual production capacity of 1.1 million square meters of printed circuit boards (PCBs). This will optimize the company's capacity layout and meet customer demand in areas such as AI server power supply high-multilayer boards, thereby strengthening the company's overseas production base and core competitiveness.

Rationale for Investing in Thailand

Q: What considerations led the company to choose Thailand for its production base?

A: In recent years, an increasing number of PCB companies have invested in Southeast Asia, driving the maturity and market share of the regional PCB industry chain. Thailand offers comparative advantages in land resources, infrastructure, tax incentives, and supply chains, attracting significant PCB downstream industry transfers. Many electronics manufacturers and automotive producers have already established production bases in Thailand, increasing PCB procurement demand. Additionally, numerous domestic and international power battery, AI infrastructure, and energy storage companies have built factories in Thailand, with some initiating localized production. Thailand is also a major global production base for computer hard disk drive components and accessories, with a well-established mechanical hard disk industry chain. The thriving downstream industries will continue to drive PCB market demand in Southeast Asia and solidify the region's strategic position in the global PCB landscape.

The company's investment in Thailand aligns with industry trends and customer needs, leveraging local resource advantages, tariff reductions, and trade facilitation policies to optimize capacity layout, deepen cooperation with core domestic and international clients, and explore new strategic opportunities and market space.

Capacity Utilization Strategy

Q: How will the company absorb the new capacity after the Thailand base is completed?

A: The company's current overall capacity utilization rate is at a relatively high level. The new project will add 1.1 million square meters of annual PCB production capacity.

Many of the company's long-term, globally renowned electronics manufacturing customers have established production bases in Thailand, Vietnam, and other Southeast Asian regions. They are gradually shifting their PCB orders originally placed outside China to supporting suppliers in Southeast Asia. Combined with incremental orders from domestic leading clients expanding overseas, this will effectively support capacity utilization during the project's ramp-up phase. Going forward, the Thailand base will leverage localized advantages such as nearby delivery, tariff reductions, and shorter logistics cycles to sustainably expand overseas orders. Additionally, incremental demand for high-speed PCBs driven by the expansion of overseas supply chains for AI server power supplies and optical modules is expected to absorb the remaining capacity. Actual conditions will depend on the capacity ramp-up status.

Target Downstream Markets

Q: Which downstream markets will the Thailand base's products primarily serve?

A: The Thailand High-End PCB Production Base Project focuses on the company's core business, with main products including four-layer boards, six-layer and above boards, and HDI boards. These products precisely target localized supporting needs in overseas AI computing hardware, intelligent driving, and industrial control supply chains. Key downstream sectors include automotive electronics, AI server power supply and supporting equipment, and industrial control. Specific products cover AI server power supplies, new energy three-electric systems, and industrial robotic arms. After reaching full capacity, the proportion of six-layer and above high-end products is expected to increase significantly. The project will also deeply explore overseas markets in Southeast Asia, Taiwan (China), Japan, South Korea, Europe, and the United States.

Convertible Bond Downward Revision Mechanism

Q: During the bond's term, if the downward revision conditions are triggered, will the Board initiate a downward revision of the conversion price?

A: According to the Prospectus, during the bond's term, if the company's stock closing price is below 85% of the current conversion price for at least 15 trading days in any 30 consecutive trading days, the Board or its authorized persons have the right to propose a downward revision plan for shareholder vote. The Board will make a prudent decision based on the company's fundamentals, market conditions, bondholder interests, and overall shareholder interests. If a revision plan is proposed, it must be approved by at least two-thirds of the voting shares present at the shareholder meeting, with bond-holding shareholders abstaining. The company will strictly follow legal and regulatory requirements and the Prospectus to balance the smooth conversion of bonds and the protection of shareholder rights.

Details of the Downward Revision Clause

Q: Please explain the trigger conditions, revision authority, and minimum revision limit for the conversion price downward revision clause.

A: According to the Prospectus:

• Trigger Condition: During the bond's term, if the stock's closing price is below 85% of the current conversion price for at least 15 trading days in any 30 consecutive trading days. If a price adjustment occurs within those 30 days, calculations before the adjustment use the pre-adjustment price, and calculations on and after the adjustment date use the adjusted price.
• Revision Authority: Upon triggering, the Board or its authorized persons may propose a downward revision plan for shareholder vote. The Board will make a prudent decision. If proposed, the plan requires approval by at least two-thirds of voting shares present at the shareholder meeting, with bond-holding shareholders abstaining.
• Minimum Revision Limit: The revised conversion price must not be lower than the higher of: (a) the average stock trading price in the 20 trading days before the shareholder meeting, and (b) the average stock trading price on the trading day before the shareholder meeting.

Lock-Up Period for Converted Shares

Q: Is there a lock-up period for new shares obtained through conversion?

A: According to the Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 15 – Convertible Bonds, shares converted from publicly issued convertible bonds are listed and tradable on the next trading day after conversion. There is no statutory lock-up period for the conversion itself. Investors who convert their bonds will have the new shares tradable the next trading day, with the same shareholder rights as ordinary shares. However, if the investor is a shareholder holding 5% or more of the company's shares, or a director or senior executive, they must comply with short-swing profit rules and any applicable lock-up provisions for converted shares.

Foreign Exchange Risk Management

Q: How does the company hedge against exchange rate risks from fluctuations in the Thai Baht and US Dollar?

A: The company continuously monitors the impact of USD and THB exchange rate fluctuations on overseas investment and operations. It has actively adopted multiple measures to mitigate exchange rate risks, including: choosing opportune times for foreign exchange settlement or making payments in foreign currencies, negotiating forward exchange locking and option products with banks, and considering exchange rate impacts when negotiating product prices with overseas customers.

Use of Proceeds if Actual Fundraising is Less Than 760 Million RMB

Q: If the actual fundraising amount is less than 760 million RMB, how will the company adjust the investment projects? Which project will be prioritized?

A: If the actual net proceeds (after deducting issuance costs) are less than the planned total, the Board will prioritize the use of funds based on the importance and urgency of each project. Any shortfall will be covered by the company's own funds or self-raised capital. Without changing the investment projects, the Board may adjust the order and amount of funds allocated to each project based on actual needs. Before the convertible bond proceeds are received, the company may use its own funds or self-raised capital to advance project implementation, and will later replace these funds with the bond proceeds in accordance with relevant laws and regulations.

No Material Non-Disclosed Information

No material undisclosed information was involved in this roadshow.

Company Overview and Financial Highlights

Core Business: Man Kun Technology (301132) is primarily engaged in the research, development, production, and sales of printed circuit boards (PCBs).

2026 Interim Report Highlights:

| Metric | H1 2026 Value | YoY Change | |---|---|---| | Revenue | RMB 942 million | +24.03% | | Net Profit Attributable to Parent | RMB 43.98 million | -30.46% | | Core Net Profit (excl. non-recurring items) | RMB 37.63 million | -33.75% | | Q2 2026 Revenue | RMB 536 million | +27.81% | | Q2 Net Profit Attributable to Parent | RMB 25.86 million | -26.24% | | Q2 Core Net Profit | RMB 22.66 million | -28.16% | | Debt Ratio | 41.73% | — | | Investment Income | RMB 1.67 million | — | | Financial Expenses | RMB 8.59 million | — | | Gross Margin | 16.66% | — |

Margin Trading Data (Last 3 Months):

• Net margin buying inflow: RMB 26.69 million (margin balance increased)
• Net short selling outflow: RMB 361,500 (short selling balance decreased)

Disclaimer: The above content is compiled by Securities Star from publicly available information and is for reference only. It does not constitute investment advice.