Zheng Quan Ri Bao·2026-01-06 13:37Core Viewpoint - The company expects its packaging substrate business to generate a revenue of 1.74 billion yuan in the first half of 2025, with a gross margin of 15.15%, indicating a year-on-year decline in gross margin due to increased costs from raw materials and production ramp-up challenges [2] Group 1: Financial Performance - In the first half of 2025, the packaging substrate business is projected to achieve a revenue of 1.74 billion yuan [2] - The gross margin for the packaging substrate business is expected to be 15.15%, which represents a year-on-year decline [2] - The decline in gross margin is attributed to the ramp-up phase of the Guangzhou packaging substrate project and rising costs of raw materials such as gold salt [2] Group 2: Business Operations - The company anticipates significant improvement in the gross margin of its packaging substrate business by the third quarter of 2025, driven by increased demand for storage packaging substrates and improved capacity utilization [2] - The Guangzhou Guangxin factory is steadily progressing in its ramp-up phase, contributing to the expected improvement in gross margin [2] - The company's PCBA business operates under two sales models: Consign and Turnkey, which generally results in a gross margin slightly lower than the overall company gross margin due to the nature of the business [2]