Core Viewpoint - Continuous investment in R&D is essential for companies in technology-intensive industries like copper-clad laminates to advance into high-end markets and avoid being eliminated by industry reshuffling [2][26]. Group 1: R&D Investment - In the first three quarters of 2025, the company's R&D expenses reached 1.014 billion yuan, a year-on-year increase of 28%, significantly surpassing five competitors' combined R&D expenses of 694 million yuan [3][20]. - The company has consistently focused on copper-clad laminates since its establishment in 1985, with this segment generating 8.364 billion yuan in revenue in the first half of 2025, accounting for 67.34% of its main business revenue [7][10]. - R&D expenses are primarily allocated to employee salaries (202 million yuan), stock incentives (104 million yuan), and direct investments (308 million yuan), which together account for 95.5% of total R&D spending [16][18]. Group 2: Market Position and Performance - The company has established itself as a pioneer in the high-end copper-clad laminate sector, having begun research on advanced materials as early as 2004 and achieving industrialization of high-frequency laminates in 2017 [14][19]. - By the first half of 2025, the company held 534 valid patents, with 18 patents granted in that period alone, indicating a strong commitment to innovation [18][19]. - The company achieved revenues of 20.614 billion yuan and a net profit of 2.443 billion yuan in the first three quarters of 2025, reflecting year-on-year growth rates of 39.8% and 78.04%, respectively [20][23]. Group 3: Industry Context - The copper-clad laminate industry is characterized by high technical barriers, with key formulations and processes often monopolized by foreign leaders, making entry challenging for domestic players [13][14]. - The demand for high-frequency and high-speed copper-clad laminates is driven by advancements in terminal products, particularly in AI computing and server technology, which require improved signal transmission and lower loss [11][12]. - The company has successfully captured approximately 3% of the global high-end copper-clad laminate market, becoming the only Chinese mainland enterprise to enter the global top ten in this sector [19][20].