景旺电子上半年营收达70.95亿元，同比增长20.93%

Core Viewpoint - The company reported a revenue increase of 20.93% in the first half of 2025, despite a slight decline in net profit, indicating resilience in a challenging global economic environment driven by trade tensions and geopolitical conflicts [2][3]. Financial Performance - Revenue for H1 2025 reached 7,095,186,521.63 CNY, up from 5,867,141,061.12 CNY in the same period last year, reflecting a growth of 20.93% [3]. - Net profit attributable to shareholders was 649,550,970.36 CNY, a decrease of 1.06% compared to 656,532,509.80 CNY in H1 2024 [3]. - The net profit after excluding non-recurring gains and losses was 537,390,109.68 CNY, down 9.02% from 590,670,835.34 CNY year-on-year [3]. - Total assets increased by 10.62% to 21,287,462,378.19 CNY, while net assets attributable to shareholders grew by 0.34% to 11,351,767,534.73 CNY [2][3]. Industry Trends - The PCB industry is experiencing structural growth driven by advancements in AI hardware, automotive ADAS, and high-end consumer electronics, despite global economic uncertainties [2]. - The demand for high-density interconnect (HDI), high-level circuit (HLC), and flexible printed circuit (FPC) boards is increasing, necessitating higher customization and advanced manufacturing capabilities [2]. Company Strategy and Operations - The company operates six production bases in China and is establishing a production base in Thailand, aiming for a sustainable international supply strategy [4]. - In the AI server sector, the company has accelerated mass production and enhanced its HDI capabilities, responding to high demand for high-end products [4]. - The company is upgrading its existing facilities and expanding its production capacity for high-end HDI to support AI servers and data centers [4]. Product Innovations - The company has achieved significant technological breakthroughs in high-frequency and high-speed communication products, including advanced HDI and multi-layer PTFE boards [5]. - In the automotive electronics sector, the company has become the largest automotive PCB supplier globally, focusing on high-level intelligent driving applications and expanding its customer base [6]. - The company is actively exploring new business opportunities in emerging fields such as humanoid robots and low-altitude aircraft, leveraging its expertise in automotive electronics [7]. Consumer Electronics - The company is positioned to benefit from the growing demand for AI-driven consumer electronics, including AI phones, PCs, and smart home devices, by leveraging its technological advantages in high-density boards [7].