Zheng Quan Ri Bao Wang·2025-08-29 01:41Core Insights - The company reported a total revenue of 10.453 billion yuan for the first half of 2025, representing a year-on-year growth of 25.63% [1] - The net profit attributable to shareholders reached 1.360 billion yuan, with a year-on-year increase of 37.75%, driven by opportunities in AI computing power upgrades, a recovery in the storage market, and the electrification and intelligence of automobiles [1] Business Performance - The PCB (Printed Circuit Board) segment, as the main revenue contributor, achieved an income of 6.274 billion yuan, reflecting a year-on-year growth of 29.21%, with a gross margin of 34.42%, up by 3.05 percentage points [1] - The packaging substrate business generated revenue of 1.740 billion yuan, marking a year-on-year increase of 9.03% [1] - The electronic assembly business reported revenue of 1.478 billion yuan, with a year-on-year growth of 22.06% [1] Capacity Utilization and Raw Materials - The PCB business benefited from high capacity utilization due to demand in AI computing and automotive electronics, which significantly supported revenue growth [1] - The company noted price increases in certain raw materials, such as gold salt, and will continue to monitor price changes while communicating with suppliers and customers [1] R&D Investment - The company placed a strong emphasis on R&D, investing approximately 672 million yuan in the first half of 2025, which accounts for 6.43% of total revenue [2] - Ongoing R&D projects include advancements in next-generation communication, data centers, and automotive electronics-related PCB technologies, as well as improvements in FC-BGA substrate product capabilities and RF substrate technology [2]