Core Insights - The company reported a total revenue of 10.453 billion yuan for the first half of the year, representing a year-on-year increase of 25.63% [1] - Net profit reached 1.36 billion yuan, up 37.75% year-on-year, while the net profit excluding non-recurring items was 1.265 billion yuan, reflecting a growth of 39.98% [1] - The printed circuit board (PCB) segment was the main driver of revenue growth, achieving a revenue of 6.274 billion yuan, which is a 29.21% increase year-on-year [1] PCB Industry Outlook - According to Prismark's Q1 2025 report, the global PCB market (including packaging substrates) is expected to grow by 7.6% year-on-year in 2025, with 18-layer and above multilayer boards projected to grow by 41.7% due to strong demand from AI servers and high-speed network communications [1] - The HDI market is anticipated to grow by 12.9%, driven by increased applications in AI computing and automotive electronics [1] Business Segment Performance - The company's wireless and wired communication product orders have significantly increased due to the recovery of the global communication market [3] - In the data center sector, demand for AI computing has boosted orders for AI servers and related products, leading to a notable increase in orders for AI accelerator cards [3] - The automotive electronics segment has seen a 34.5% year-on-year increase in global new energy vehicle sales, contributing to rapid growth in orders related to automotive electronics and ADAS [3] Packaging Substrate Business - The packaging substrate segment achieved a revenue of 1.740 billion yuan, a year-on-year increase of 9.03% [4] - The global semiconductor industry has seen sales growth driven by computing-related chips, with significant increases in storage-related packaging substrate orders [4] - The gross margin for this segment decreased by 10.31 percentage points to 15.15% due to capacity ramp-up challenges and rising raw material prices [4] Electronic Assembly Business - The electronic assembly segment reported a revenue of 1.478 billion yuan, reflecting a year-on-year growth of 22.06% [4] - The gross margin for this segment increased by 0.34 percentage points to 14.98% [4] - The company is focusing on the growing demand in data centers and automotive electronics, enhancing customer collaboration and optimizing supply chain management [4] R&D and Global Expansion - The company increased its R&D investment to 6.43% of revenue, focusing on next-generation communication, data centers, and automotive electronics PCB technology [5] - The company has made progress in its overseas expansion, with the Thai factory construction ongoing and key projects in Guangzhou and Taixing on schedule [5] - The Guangzhou packaging substrate project is 72.06% complete, while the Taixing high-density PCB manufacturing project is 60.09% complete, supporting future capacity release and business growth [5]

Group 1 - Company announced on August 27 that it will hold the eighth meeting of the fourth board of directors on August 26, 2025, to review the proposal for providing guarantees for its subsidiary [1] - The wholly-owned subsidiary, Taixing Circuit Co., Ltd., plans to apply for a bank loan of 200 million RMB, and the company will provide joint liability guarantees for this loan [1] - After this guarantee, the total guarantee amount for the company's controlling subsidiaries will be 5.05 billion RMB, with an actual guarantee balance of 1.921 billion RMB, accounting for 13.12% of the company's audited net assets for 2024 [1]

Overview - The company plans to acquire land use rights through public bidding to build a cloud manufacturing base project, with an estimated investment of approximately 2.6 billion RMB [1][2] - The investment will be funded through self-owned funds, bank loans, or other financing methods [1] Land Acquisition Details - The land area for construction is approximately 25,349.37 square meters, with an additional green land area of 2,103.13 square meters [2] - The land is being sold by the Guangzhou Development Zone Planning and Natural Resources Bureau, and there are no related party transactions involved [2] Project Investment Overview - The project aims to meet the growing market demand for high-end PCB products driven by the increasing capital expenditure of global server cloud manufacturers [3][4] - The estimated tax return period for the investment project is about 6.5 years, including the construction period [2] Market Demand and Growth - The global PCB industry is projected to reach a market value of 78.562 billion USD in 2025, with a year-on-year increase of 6.8% [2] - High-end products such as HDI boards and multilayer boards are expected to maintain high growth rates, with compound annual growth rates of 6.40% and 15.70% from 2024 to 2029, respectively [2] Competitive Advantage - The company has established a production capacity for 46-layer multilayer boards and has validated the 7-stage HDI manufacturing process [3] - The company is recognized as a leading server PCB supplier in China, continuously enhancing its competitive edge through technology research and development, engineering design, and quality control [4] Operational Experience - The company has accumulated extensive operational management experience from its factories in Guangzhou, Huangshi, and Thailand, which will support the successful implementation of the new project [5] R&D Capabilities - The company invests 4% to 5% of its annual revenue in research and development, ensuring a strong foundation for technological advancements and product innovation [5] - As of December 31, 2024, the company has applied for 418 patents, demonstrating its commitment to continuous improvement in technology and production processes [5] Customer Relationships - The company has established long-term, stable relationships with major domestic and international server manufacturers and EMS companies, providing a reliable market foundation for the new project [6] Strategic Alignment - The investment aligns with national industrial policies and the company's strategic development plan, enhancing its production capacity for high-end PCBs and solidifying its market position [6]

Group 1 - The company reported a revenue of 10.453 billion yuan for the first half of the year, representing a year-on-year growth of 25.63% [1] - The net profit attributable to shareholders of the listed company was 1.36 billion yuan, an increase from 987 million yuan in the same period last year, reflecting a year-on-year growth of 37.75% [1] - The basic earnings per share stood at 2.04 yuan [1]

人民财讯8月27日电，深南电路（002916）8月27日晚间披露半年报，2025年上半年，公司实现营业总收 入104.53亿元，同比增长25.63%；归属于上市公司股东的净利润13.6亿元，同比增长37.75%；基本每股 收益2.04元。 ...

Summary of Key Points Core Viewpoint - The company, Hu Shi Electronics Co., Ltd., has announced that it will provide guarantees for its wholly-owned subsidiary, Hu Shi International Co., Ltd., which has an asset-liability ratio exceeding 70%. The total guarantee amount will not exceed RMB 5 billion, with specific allocations for subsidiaries based on their asset-liability ratios [1][2]. Group 1: Guarantee Overview - The company approved a total guarantee amount of up to RMB 5 billion for its subsidiaries, with RMB 2 billion allocated for subsidiaries with an asset-liability ratio of 70% or higher, and RMB 3 billion for those below 70% [1][2]. - The guarantees will include various forms such as credit guarantees, mortgage guarantees, and pledge guarantees, aimed at supporting the subsidiaries in obtaining credit from financial institutions [1][2]. Group 2: Subsidiary Financials - Hu Shi International, established in 2006, has total assets of RMB 402,145.28 million and total liabilities of RMB 371,118.17 million as of July 31, 2025. The company reported a net profit of RMB 1,768.53 million for the first seven months of 2025 [2]. - The subsidiary's financial risk is considered manageable, and it is not classified as a dishonest executor [2][5]. Group 3: Contractual Details - A maximum principal guarantee contract has been signed with CITIC Bank for Hu Shi International, which will facilitate the subsidiary's credit application [3][4]. - The company has also provided guarantees for other subsidiaries, including Hu Shi Thailand and Shengwei Ce Electronics, with specific amounts detailed for each [7][8]. Group 4: Board Opinion - The board believes that providing guarantees will help Hu Shi International secure funding and support its business operations, with the associated financial risks being within controllable limits [5][6]. Group 5: Current Guarantee Status - As of the announcement date, the company has no overdue guarantees or guarantees involved in litigation, indicating a stable guarantee situation [6][7].

Core Points - The company has completed the cancellation of 129,000 stock options from its 2024 stock option incentive plan due to the departure of 8 individuals who no longer qualify as incentive recipients [1][2] - Following the cancellation, the number of incentive recipients has been adjusted from 618 to 610, and the total stock options granted has been reduced from 29.8905 million to 29.7615 million [1][2] Summary by Sections - **Announcement Details** - The announcement was made on August 20, 2025, during the seventh meeting of the eighth board of directors and the fifth meeting of the eighth supervisory board [1] - The cancellation aligns with the regulations set forth in the "Management Measures for Equity Incentives of Listed Companies" and the company's 2024 stock option incentive plan [1][2] - **Procedural Compliance** - The cancellation process has been completed in accordance with necessary procedures and relevant regulations [2]

智通财经APP讯，四会富仕(300852.SZ)发布2025年半年度报告，该公司营业收入为8.6亿元，同比增长 31.63%。归属于上市公司股东的净利润为7538.95万元，同比减少15.89%。归属于上市公司股东的扣除 非经常性损益的净利润为6487.35万元，同比减少16.39%。基本每股收益为0.5292元。 ...

格隆汇8月27日丨四会富仕(300852.SZ)公布2025年半年度报告，上半年公司实现营业收入8.597亿元，同 比增长31.63%；归属于上市公司股东的净利润7538.95万元，同比下降15.89%；归属于上市公司股东的 扣除非经常性损益的净利润6487.35万元，同比下降16.39%；基本每股收益0.5292元。 ...

Group 1 - The third meeting of the supervisory board of Si Hui Fu Shi Electronic Technology Co., Ltd. was held on August 27, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2] - The supervisory board approved the proposal regarding the "2025 Half-Year Report" and its summary, stating that the report accurately reflects the company's actual situation without any false records or misleading statements [1][2] - The supervisory board also approved the proposal concerning the "Special Report on the Storage and Use of Raised Funds for the First Half of 2025," with unanimous support from all members [2]