Core Viewpoint - The company has achieved mass production capability for PCB products used in 1.6T switches and has initiated small batch shipments [2] Group 1 - The company confirmed its readiness for mass production of PCB products [2] - Small batch shipments for the 1.6T switch PCB products have commenced [2]

Group 1 - The core point of the article is that Aoshikan (002913.SZ) has announced a stock option incentive plan for 2025, which involves granting stock options to selected employees [1] - The total number of stock options to be granted is 10.64 million, corresponding to the same number of underlying shares, which represents 3.35% of the company's total issued share capital [1] - The initial grant will be awarded to 69 individuals, with the exercise price set at 28.30 yuan per option [1]

Core Viewpoint - The company, Shenzhen Circuit, reported a broad and diverse range of products in its packaging substrate business, indicating growth in demand across various downstream sectors, particularly in storage packaging substrates [1] Group 1: Business Overview - The packaging substrate products include module packaging substrates, storage packaging substrates, and application processor chip packaging substrates [1] - These products are primarily used in mobile smart terminals, servers, and storage fields [1] Group 2: Financial Performance - In the third quarter of 2025, the revenue from packaging substrates increased sequentially, with notable growth in demand across all downstream sectors [1] - The most significant growth was observed in the storage packaging substrate segment [1]

Financial Performance - In Q3 2025, the company achieved a revenue of 9.66 billion CNY, representing a year-on-year increase of 92.87%. The net profit attributable to shareholders reached 9.16 billion CNY, up 94.16% year-on-year [1] - The improvement in financial performance is attributed to the company's focus on opportunities in AI upgrades, structural growth in the storage market, and the demand for automotive electronics [1] Gross Margin and Profitability - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced capacity utilization in the Guangzhou factory [2] - The PCB data center and wired communication business revenues continued to grow, contributing to a slight increase in gross margins [2] Business Expansion - The PCB business is primarily focused on communication equipment, with key expansions in data centers (including servers) and automotive electronics, maintaining consistent revenue contributions from various sectors [3] - The packaging substrate business saw a revenue increase in Q3 2025, with significant growth in storage packaging substrates [4] Capacity Utilization - The overall capacity utilization rate remained high in Q3 2025, with notable increases in the packaging substrate business due to rising demand in the storage market [5] - The company has factories in Shenzhen, Wuxi, Nantong, and Thailand, with new capacity coming from both new factories and upgrades to existing facilities [6] AI and Technology Development - The PCB business is adapting to the growing demand for high-performance products driven by advancements in AI technology, focusing on high-speed networks and large-scale PCB products [7] Raw Material Prices - In Q3 2025, the prices of key raw materials such as gold salt and copper increased due to fluctuations in commodity prices, prompting the company to monitor market conditions closely [8] Future Planning - The new land in Wuxi is designated for the storage of products related to the PCB business, with investments planned based on market developments [8]

Core Viewpoint - The company has accumulated significant technology in the HDI field over the years and has sufficient equipment inventory, with limited impact expected from the need to supplement certain equipment [1] Group 1 - The company has a long-standing technological accumulation in the HDI sector [1] - The equipment inventory is relatively adequate, indicating a strong operational capacity [1] - Only specific equipment such as electroplating and testing devices require supplementation, which is not expected to significantly affect the company [1]

Core Viewpoint - The company is in the process of applying for a simplified procedure to issue shares to specific investors, which will support the establishment of a high-end server PCB production capacity of 100,000 square meters per year at Zhien Electronics [1] Group 1 - The company has over 10 years of technical accumulation in the HDI field and is fully committed to entering the AI sector [1] - The company plans to upgrade its production line next year based on order conditions [1]

Core Viewpoint - The company, Kexiang Co., announced its strength in the power PCB segment, highlighting its leading position in the PCB industry and its capability to produce thick copper boards and aluminum substrates [2]. Group 1: Company Overview - Kexiang Co. identifies power PCB as one of its main and advantageous products, positioning itself among the top players in the PCB industry [2]. - The production of power PCBs primarily takes place at the company's facility in Ganzhou, where it specializes in thick copper boards and aluminum substrates [2]. - The company has achieved the capability for mass production of 12oz thick copper boards, indicating a significant manufacturing advancement [2].

Core Viewpoint - The company has categorized its server PCB products into three distinct types, indicating a strategic focus on various market segments, including AI applications [2] Group 1: Product Categories - The first category includes high-layer, through-hole boards used in standard servers [2] - The second category consists of mid-range products, primarily 2-3 layer HDI boards, which support server applications [2] - The third category features high-end server PCBs designed for AI computing, mainly 6-8 layer HDI boards, along with ceramic boards currently in small batch testing for enhanced heat dissipation [2]

Core Viewpoint - The company, Ultrasonic Electronics (000823.SZ), has confirmed that its printed circuit board products are utilized in mobile phones and smart terminals, and currently, there is a sufficient order volume [1] Group 1 - The company specializes in printed circuit board products [1] - The applications of these products include mobile phones and smart terminals [1] - The current order volume is described as sufficient, indicating strong demand [1]

Group 1: AI Market and Industry Trends - The global market is embracing AI development, with early PCB industry participants benefiting from this trend [1] - 科翔股份 has over 20 years of experience in the PCB industry and is increasing investments in the AI sector [1] Group 2: Production Capacity and Technology Layout - The company is applying for a simplified procedure for a private placement to establish a 100,000㎡/year high-end server PCB production capacity [1] - The company has over 10 years of technical accumulation in the HDI field and plans to upgrade production lines based on order conditions next year [2] Group 3: Product Offerings - The company offers three types of server-related PCB products: high-layer through-hole boards for standard servers, mid-range HDI products, and high-end AI server PCBs with advanced heat dissipation capabilities [2] Group 4: Equipment and Resource Management - The company has sufficient equipment inventory in the HDI field, with limited impact from the shortage of high-end production equipment [2] Group 5: New Product Development - The company has achieved mass production of 800G optical module products and is currently developing 1.6T optical modules [2] Group 6: R&D in New Materials and Technologies - The company is collaborating with a North American firm to develop ceramic boards for AI server applications, addressing critical heat dissipation issues [2] Group 7: Business Performance Improvement Strategies - The company aims to improve performance by expanding high-end, high-value product orders while reducing low-margin orders to enhance overall gross margin [2] - Strict cost control measures will be implemented, focusing on procurement, production lines, and sales team collaboration to achieve standardization and cost reduction [2] Group 8: Future Capacity Planning - The company plans to adjust its production capacity based on server customer order progress and has sufficient land and factory reserves to meet future demands [3]