Summary of Aoshikan's Conference Call Company Overview - Aoshikan is expected to achieve a revenue of 1.467 billion yuan in 2025, representing a year-on-year growth of 26.65% and a net profit growth exceeding 50% due to the increase in AI products, automotive clients, and new consumer electronics [2][3][29] - The company is currently in a capacity ramp-up phase, with production focusing on HDI products and high-layer boards [4][11] Financial Performance - In the first three quarters of 2025, Aoshikan reported a revenue of 1.032 billion yuan, a year-on-year increase of 21.89%, marking the highest quarterly and annual growth in four years [3] - The net profit for the same period grew by over 50% year-on-year, driven by the growth in AI products and automotive clients [3] Production Capacity and Expansion Plans - Aoshikan operates three factories: Yiyang (monthly capacity of 350,000 square meters), Zhaoqing (500,000 square meters), and Thailand (120,000 square meters, currently utilizing 70,000 square meters) with an overall utilization rate exceeding 80% [6][12] - The Zhaoqing factory is undergoing an expansion with an investment of 1.8 billion yuan, expected to release capacity in the first half of 2026, primarily targeting domestic computing clients [8] - The Thailand factory has been operational since Q4 2024, but is expected to incur losses of approximately 100 million yuan in 2025 due to the customer and product expansion phase [5][7] Product Development and Market Trends - The automotive and communication sectors each account for about 30% of revenue, while consumer electronics contribute in the low teens [4][13] - Aoshikan is focusing on high-end products in the automotive sector, including radar boards and intelligent driving domain controllers, which utilize HDI technology [18] - The company anticipates that the penetration rate of HDI and high-layer boards in high-end PCs will reach 60% or higher in the next two years, up from over 30% currently [11] Challenges and Cost Management - The rise in CCL prices is expected to impact gross margins by 2-3 percentage points, but the company plans to manage costs through refined management practices [22] - The company is experiencing challenges with yield rates affecting high-end board orders, which is a significant factor in production capacity enhancement [26][27] Future Outlook - Aoshikan is optimistic about its growth trajectory, particularly with the anticipated benefits from the AI wave and the expansion of its product offerings [29] - The company is actively engaging with North American clients to secure bulk supply agreements for AI server power boards in 2026 [9][12] Strategic Partnerships - Collaboration with Mingxin Company has been beneficial, enhancing Aoshikan's capabilities in the automotive sector and improving production processes at the Thailand factory [20] Conclusion - Aoshikan is positioned for significant growth driven by advancements in AI technology and a strategic focus on high-end products across various sectors, despite facing challenges in production capacity and cost management [29]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.032 billion CNY, representing a year-on-year growth of 21.89% [2] - The net profit attributable to the parent company was 1.31 billion CNY, with a year-on-year increase of 2.82% [2] - The decline in gross profit margin is attributed to challenges in production ramp-up and yield improvement for new products in Thailand [2] Production Capacity - The company has established a global production capacity with three core bases in Hunan, Guangdong, and Thailand, optimizing resource allocation and collaborative development [3] Revenue Structure - The revenue for the first three quarters of 2025 was primarily derived from servers, automotive electronics, base stations, switches, routers, PCs, storage, and consumer electronics [4] Industry Insights - The rise of AI in various smart terminals is transforming the PC industry, with AIPC (Artificial Intelligence Personal Computer) emerging as a key innovation, enhancing user experience through applications like AI search and content generation [4] - The company has quickly entered the AIPC market, forming deep partnerships with several PC manufacturers to provide customized product solutions [4] Automotive Electronics - The company is focusing on high-end products in the automotive electronics sector, particularly in autonomous driving, while maintaining strong relationships with Tier 1 automotive brands [5] - The shift towards electrification and intelligence in vehicles is expected to increase the demand and value of automotive PCBs [5] AI Server Market - The company is actively expanding its presence in the AI server market, responding to high demand for high-performance and reliable PCB products in data centers and servers [5] - Plans include increasing investment in R&D, personnel, core equipment, and customer development to enhance market competitiveness [5]

Core Insights - Aoshikang Technology Co., Ltd. reported a revenue of approximately 4.032 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 21.89% [1] - The third quarter showed particularly strong performance with a revenue of about 1.467 billion yuan, a year-on-year increase of 26.45%, and a net profit attributable to shareholders of approximately 86.24 million yuan, up 56.09% year-on-year [1] Company Performance - The core of Aoshikang's growth lies in breakthroughs in high-end printed circuit board (PCB) technology and the expansion of applications across multiple scenarios [1] - The company focuses on core products such as high-layer boards, achieving technological implementation in emerging fields like AI servers and automotive electronics [1] - The company has made significant progress in delivering server motherboards, storage boards, and GPU boards, with its Thailand factory taking on high-end orders for AI servers and AIPC, indicating a ramp-up in production capacity [1] Technological Advancements - Advanced technology serves as the main engine for Aoshikang's performance growth, with a quality management model emphasizing IT management, automated production, and professional personnel [1] - The company continues to increase R&D investment, successfully penetrating core scenarios of new productivity such as 5G base stations, data storage, autonomous driving, and AR/VR [1] Market Positioning - Aoshikang's products cover a wide range of applications including high-end consumer electronics, digital energy, and medical industrial control, focusing on core products like AI servers and embedded ICT [2] - The company aims to anchor new productivity tracks through technological breakthroughs, leveraging diverse application scenarios and global capacity layout to sustain growth momentum [2]

Core Viewpoint - The company, Aoshikang, is currently unable to disclose specific customer information and business conditions due to commercial confidentiality agreements, but it continues to focus on high-value-added product areas such as AI servers, AIPC, automotive electronics, switches, artificial intelligence, and high-frequency high-speed communication equipment [1] Group 1 - The company is engaged in sectors including AI servers, AIPC, automotive electronics, switches, artificial intelligence, and high-frequency high-speed communication equipment [1]

Core Viewpoint - Aoshikan (002913.SZ) reported its Q3 2025 results, highlighting a significant increase in institutional ownership and changes in foreign investment [1] Institutional Ownership - As of October 27, 2025, five institutional investors disclosed holding Aoshikan A-shares, totaling 180 million shares, which represents 56.82% of Aoshikan's total share capital [1] - The institutional ownership increased by 2.03 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 173 public funds were disclosed, including notable funds such as Southern CSI 1000 ETF, E Fund Industry Upgrade Mixed A, and GF Steady Growth Mixed A [1] Foreign Investment - There was an increase in foreign investment, with one foreign fund, Hong Kong Central Clearing Limited, increasing its holdings by 1.46% compared to the previous period [1]

Core Insights - The company reported a revenue of 1,467,138,855.41 yuan for the third quarter of 2025, representing a year-on-year growth of 26.45% [1] - The net profit attributable to shareholders of the listed company was 86,601,638.09 yuan, showing a year-on-year increase of 53.67% [1] Financial Performance - Revenue for Q3 2025: 1,467.14 million yuan, up 26.45% year-on-year [1] - Net profit for Q3 2025: 86.60 million yuan, up 53.67% year-on-year [1]

Core Insights - Aoshikan (002913.SZ) reported a revenue of 4.032 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 21.89% [1] - The net profit attributable to shareholders of the listed company reached 282 million yuan, with a year-on-year increase of 1.31% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 270 million yuan, showing a year-on-year growth of 1.52% [1]

证券代码：002913 证券简称：奥士康 公告编号：2025-067 奥士康科技股份有限公司 关于使用闲置自有资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、投资种类：安全性高、流动性好、风险较低的短期理财产品或存款类产品， 购买渠道包括但不限于商业银行、证券公司、信托公司等金融机构。 2、资金额度：不超过人民币 15 亿元，在上述额度内，资金可以滚动使用。 （五）授权情况：公司董事会授权董事长或董事长授权人员在上述额度范围行 使投资决策权并签署相关文件，由财务管理中心负责具体组织实施。 （六）资金来源：公司自有闲置资金，不涉及使用募集资金或银行信贷资金的 情况。 二、本次事项履行的决策程序 2025 年 10 月 24 日，公司召开第四届董事会第九次会议，审议通过《关于使用 闲置自有资金进行现金管理的议案》，同意公司及子公司在不影响正常经营的情况 下，使用不超过人民币 15 亿元闲置自有资金进行现金管理，通过商业银行、证券公 司、信托公司等金融机构购买安全性高、流动性好、风险较低的短期理财产品或存 款类产品。上述额 ...

Group 1 - The core point of the news is that Aoshikang (SZ 002913) held its fourth board meeting on October 24, 2025, to discuss the use of idle self-owned funds for cash management [1] - For the first half of 2025, Aoshikang's revenue composition was 91.6% from PCB manufacturing and 8.4% from other businesses [1] - As of the report date, Aoshikang's market capitalization was 13 billion yuan [2]

证券代码：002913 证券简称：奥士康 公告编号：2025-068 奥士康科技股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 奥士康科技股份有限公司（以下简称"公司"）全资子公司广东喜珍电路科技有 限公司（以下简称"广东喜珍"）最近一期财务报表资产负债率超过 70%，公司及全 资子公司对外担保金额超过上市公司最近一期经审计净资产 50%，特此提醒投资者充 分关注担保风险。 一、担保情况概述 公司于 2025 年 4 月 23 日召开第四届董事会第五次会议、2025 年 5 月 16 日召开 2024 年年度股东大会审议通过《关于为控股子公司提供担保额度的议案》，同意公司 为合并报表范围内全资、控股子公司提供不超过人民币 81 亿元的担保额度。以上担 保额度自股东大会审议通过之日起 12 个月内有效，并经股东大会授权董事会转授权 公司管理层在符合规定的被担保方之间进行调剂分配。具体内容详见公司披露于巨潮 资讯网（www.cninfo.com.cn）的相关公告。 1、公司名称：广东喜珍电路科技有限公司 ...