Recently, the A-share passive components and new materials sectors have seen significant activity, with the stock prices of Guangdong Fenghua Advanced Technology (Holding) Co., Ltd. (000636) and Baoding Technology Co., Ltd. (002552) experiencing consecutive abnormal fluctuations. On the evening of May 31, both listed companies issued announcements regarding abnormal stock trading, denying any involvement in NVIDIA's supply chain.

Guangdong Fenghua Advanced Technology stated, "NVIDIA has not conducted any product certification for the company." Baoding Technology also clarified, "The company has not had any contact or engaged in any form of business cooperation with NVIDIA."

Guangdong Fenghua Advanced Technology: Denies Rumors of NVIDIA Certification and Full Order Suspension On May 28 and May 29, Guangdong Fenghua Advanced Technology's stock price saw a cumulative deviation of over 20% in its closing price over two consecutive trading days, triggering the standard for abnormal trading. This marks the third time the company has disclosed abnormal stock price movements recently. As of the close on May 29, the stock price of Guangdong Fenghua Advanced Technology was reported at 53.03 yuan per share. The announcement indicated that the company's stock price had surged by 111.36% cumulatively in May, reflecting overheated market sentiment and irrational speculation, with significant potential for a correction ahead.

Addressing two core market rumors, the company conducted verifications and issued explicit denials. Guangdong Fenghua Advanced Technology noted recent media reports claiming the company had "suspended all orders for 0402 and 0603 chip resistors and MLCCs for agents." "After verification, this information is untrue. To facilitate upgrades to certain digital systems and product structure adjustments, the company temporarily suspended orders for some products. As of the announcement date, the company has resumed order acceptance," the company stated. Guangdong Fenghua Advanced Technology also addressed media reports suggesting the company had "entered NVIDIA's supply chain" and was "the only domestic company to have passed NVIDIA's full series of MLCC certifications." "After verification, this information is untrue. As of the announcement date, NVIDIA has not conducted any product certification for the company," the company emphasized.

Guangdong Fenghua Advanced Technology further explained that its main product applications remain stable compared to previous periods, primarily focused on home appliances, communications, and industrial control sectors. Emerging markets such as automotive electronics, artificial intelligence, energy storage, and low-altitude economy account for no more than 15% of revenue, posing risks related to market expansion and potential underperformance in high-end product pricing growth. Additionally, the core materials for the company's main products include metals such as silver, copper, nickel, and tin, as well as ceramic powders, with precious metal price fluctuations significantly impacting profitability. Influenced by factors such as turbulent international political situations, high commodity prices, and global supply chain restructuring, if raw material prices continue to rise or supply tightens further, the company may face upward pressure on supply chain costs, potentially affecting the gross margins of some products and leading to underperformance in financial results.

Baoding Technology: Denies Collaboration with NVIDIA From May 27 to May 29, Baoding Technology's stock price saw a cumulative deviation of over 20% in its closing price over three consecutive trading days. The company issued a risk warning, stating, "The company's stock price has risen rapidly and significantly in a short period, with high trading volumes and actual turnover rates over the past thirty trading days, indicating overheated market sentiment and irrational speculation. There is a risk of a rapid decline."

"Recently, the company has become aware of online rumors regarding the inclusion of its products in NVIDIA's supply chain certification system. This information is entirely false," Baoding Technology emphasized. As of now, the company has not had any contact with NVIDIA or engaged in any form of business cooperation with them.

Baoding Technology also clarified that its copper-clad laminate products mainly consist of conventional products such as FR-4 and composite boards, with no AI-specific copper-clad laminates. The company has not identified applications in AI servers or computing power fields. Currently, there are no sales of high-speed copper-clad laminates M7 and M9, nor any related orders or revenue. The M7 product is still in the customer certification stage, with no involvement of overseas clients, and its certification outcome remains highly uncertain. The M9 product is in the early stages of research and development, with no samples available, and its progress and results are also highly uncertain.

"The company's copper foil products are primarily standard copper foils, which are not applicable to AI servers or computing power fields and have low gross margins," Baoding Technology disclosed. Ultra-low profile HVLP copper foil is currently in the customer certification and market development stage, has not been included in AI server supply chain certification, has not entered mass production, and there are no expansion plans. The acquisition of future orders and business development remains uncertain. Data disclosed by Baoding Technology shows that in the first quarter of 2026, HVLP copper foil accounted for only 0.01% of the company's revenue and 0.03% of its copper foil sales. These were primarily samples for customer certification, with no formal orders or international sales, and are expected to contribute minimally to the company's overall operating performance in the short term.

Baoding Technology further highlighted risks, noting that its copper-clad laminate and copper foil businesses incurred losses in 2025, with a net profit of -18.5099 million yuan. In the face of increasingly fierce market competition, if the company's new product development progress falls short of expectations or it fails to complete technological and product iterations in a timely manner, its market competitiveness may weaken, adversely affecting its sustainable profitability.