Financial Performance - In Q3 2025, the company achieved a revenue of 6.301 billion CNY, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 0.9287 billion CNY, with a year-on-year increase of 9.66% [1] - The non-recurring net profit totaled 0.916 billion CNY, reflecting a year-on-year growth of 94.16% [1] Gross Margin Improvement - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced capacity utilization [2] - Revenue from PCB data centers and wired communication businesses continued to grow, contributing to a slight increase in gross margin [2] Business Expansion - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [3] - The packaging substrate business includes a wide range of products, with significant growth in storage packaging substrates in Q3 2025 [4] Capacity Utilization - The overall capacity utilization remained high in Q3 2025, with a notable increase in packaging substrate business due to rising demand in the storage market [5] Production Capacity Development - The company has factories in Shenzhen, Wuxi, Nantong, and Thailand, with new capacity coming from both new factories and upgrades to existing ones [6] Raw Material Price Changes - Key raw materials include copper-clad laminates, semi-cured sheets, copper foil, gold salt, and ink, with some prices increasing in Q3 2025 due to commodity price fluctuations [7]

Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 6.301 billion CNY, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 966 million CNY, with a year-on-year increase of 92.87% [1] - The non-recurring net profit accumulated to 916 million CNY, showing a year-on-year growth of 94.16% [1] Group 2: Gross Margin Improvement - The overall gross margin improved in Q3 2025, primarily due to increased demand for storage packaging substrates and enhanced capacity utilization [2] - The revenue scale and gross margin of packaging substrates showed significant improvement, aided by the steady ramp-up of the Guangzhou factory [2] Group 3: Business Expansion in PCB Sector - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [3] - Revenue from data centers and wired communication businesses continued to grow, maintaining a consistent share across various sectors compared to the first half of the year [3] Group 4: Packaging Substrate Business Growth - The packaging substrate business includes a wide range of products, with significant revenue growth in storage packaging substrates in Q3 2025 [4] - All downstream product demands showed growth, particularly in storage packaging substrates [4] Group 5: Capacity Utilization - The overall capacity utilization remained high in Q3 2025, with a noticeable increase in the utilization rate of packaging substrate business due to rising demand [5] Group 6: New Factory Developments - New factories include the Nantong Phase IV and Thailand projects, with the Thailand factory currently in trial production and Nantong Phase IV expected to commence in Q4 2025 [6] - These new facilities will enhance PCB production capabilities, particularly in high-layer and HDI technologies [6] Group 7: Raw Material Price Changes - Key raw materials such as copper foil and gold salt saw price increases in Q3 2025 due to fluctuations in commodity prices [7] - The company will continue to monitor international commodity price changes and maintain communication with suppliers and customers [7] Group 8: Land Planning in Wuxi - The new land in Wuxi is designated for PCB-related products, with investments planned in phases based on business development and market conditions [8]

Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 63.01 billion yuan, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 9.66 billion yuan, with a year-on-year increase of 92.87% [1] - The non-recurring net profit totaled 9.16 billion yuan, reflecting a growth of 94.16% year-on-year [1] Group 2: Gross Margin Improvement - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced capacity utilization [2] - The revenue from PCB data centers and wired communication businesses continued to grow, contributing to a slight increase in gross margin [2] Group 3: Business Expansion in PCB Sector - The PCB business focuses on communication equipment, with significant expansion in data centers and automotive electronics [3] - Revenue from data centers and wired communication businesses continued to grow, maintaining a consistent share compared to the first half of the year [3] Group 4: Packaging Substrate Business Growth - The packaging substrate business includes a wide range of products, with significant revenue growth in storage packaging substrates in Q3 2025 [4] - All downstream product demands showed growth, particularly in storage packaging substrates [4] Group 5: Technological Capabilities and Project Progress - The company has achieved mass production capabilities for FC-BGA substrates with 20 layers or fewer, while R&D for 22-26 layer products is on schedule [5] - The Guangzhou packaging substrate project is gradually reducing losses as various orders enter production [5] Group 6: New Factory Developments - New factories in Nantong Phase IV and Thailand are under construction, with the Thailand factory already in trial production [6] - These facilities will enhance PCB production capacity and capabilities [6] Group 7: Raw Material Price Changes - Key raw materials such as copper foil and gold salt saw price increases in Q3 2025 due to commodity price fluctuations [7] - The company is monitoring international commodity prices and maintaining communication with suppliers and customers [7] Group 8: Land Planning in Wuxi - The new land in Wuxi is designated for PCB-related product storage, with phased investment planned based on business development and market conditions [8]

Financial Performance - In Q3 2025, the company achieved a revenue of 6.301 billion CNY, a year-on-year increase of 33.25% [1] - The net profit attributable to shareholders reached 966 million CNY, reflecting a significant year-on-year growth of 92.87% [1] Gross Margin Improvement - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced production capacity utilization [2] - The revenue from PCB data center and wired communication businesses continued to grow, contributing to a slight increase in gross margin [2] Business Expansion - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [3] - The packaging substrate business saw a revenue increase in Q3 2025, with notable growth in storage packaging substrates [4] Capacity Utilization - The overall capacity utilization remained high in Q3 2025, with significant improvements in the packaging substrate business due to increased demand [6] Raw Material Price Changes - Key raw materials such as copper and gold salts experienced price increases in Q3 2025 due to fluctuations in commodity prices [7] R&D Investment - R&D investment in Q3 2025 amounted to approximately 464 million CNY, accounting for 7.37% of the company's revenue [8] New Projects - The company is developing new factories, including the Nantong Phase IV and Thailand projects, with the Thailand factory currently in trial production [5]

Financial Performance - In Q3 2025, the company achieved a revenue of CNY 6.301 billion, representing a year-on-year growth of 33.25% [2] - The net profit attributable to shareholders reached CNY 966 million, with a year-on-year increase of 92.87% [2] - The net profit excluding non-recurring items totaled CNY 916 million, reflecting a growth of 94.16% year-on-year [2] Business Growth Drivers - The growth was primarily driven by opportunities in AI computing power upgrades, structural growth in the storage market, and the acceleration of automotive electronics [2] - Increased demand for AI chips, servers, and related products contributed to the rise in main business revenue [2] Gross Margin and Cost Management - The overall gross margin showed improvement in Q3 2025, aided by increased demand for storage packaging substrates and enhanced production capacity utilization [2] - The company’s PCB business maintained a high capacity utilization rate, with significant improvements in the packaging substrate business due to rising demand [5] Product Development and R&D Investment - R&D investment in Q3 2025 amounted to approximately CNY 464 million, accounting for 7.37% of total revenue [7] - The company is advancing various R&D projects, including next-generation communication and data center-related PCB technologies [7] Capacity Expansion and New Projects - The company is constructing new factories, including the Nantong Phase IV and a facility in Thailand, which are expected to enhance PCB production capacity [4] - The Thailand factory has commenced trial production, while Nantong Phase IV is set to start operations in Q4 2025 [4] Raw Material Price Trends - In Q3 2025, prices for key raw materials such as gold salt and copper increased due to fluctuations in commodity prices [6] - The company is actively monitoring international commodity price changes and maintaining communication with suppliers and customers [6] Packaging Substrate Business - The packaging substrate business saw a sequential revenue increase in Q3 2025, with notable growth in storage packaging substrates [3] - The company’s FC-BGA packaging substrates have achieved mass production capabilities for products with 20 layers and below [9]