Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in the PCB business, particularly in AI and high-speed communication infrastructure sectors [1][2]. Group 1: Financial Performance - The company achieved approximately 8.494 billion yuan in revenue for the first half of 2025, representing a year-on-year increase of 56.59% [1]. - Net profit attributable to shareholders was about 1.683 billion yuan, reflecting a year-on-year growth of 47.5% [1]. - PCB business revenue reached approximately 8.152 billion yuan, with a year-on-year increase of 57.20% [1]. Group 2: Business Segments - The enterprise communication market segment generated approximately 6.532 billion yuan in revenue, a substantial year-on-year growth of 70.63% [1]. - Revenue from AI server and high-performance computing (HPC) related PCB products grew by 25.34%, accounting for 23.13% of the enterprise communication market segment [1]. - The fastest-growing sub-segment was the switch and router-related PCB products, which saw revenue surge by 161.46%, increasing its share to 53.00% [1]. Group 3: Capacity Expansion and R&D - The company is investing approximately 4.3 billion yuan in a new high-end PCB expansion project for AI chip support, which commenced construction in late June 2025 and is expected to begin trial production in the second half of 2026 [2]. - R&D investment for the first half of 2025 was about 482 million yuan, a year-on-year increase of 31.36%, resulting in the addition of 7 invention patents and 6 utility model patents [3]. - The company is focusing on developing products based on a 224Gbps rate platform and has entered the customer sampling and certification phase for a 1.6T switch [3]. Group 4: Automotive Business - The automotive segment achieved approximately 1.422 billion yuan in revenue, marking a year-on-year increase of 24.18% [2]. - Revenue from emerging products such as millimeter-wave radar and HDI-based autonomous driving assistance grew by 81.86%, increasing their share of automotive segment revenue from 37.68% in 2024 to 49.34% [2]. - The subsidiary Shengwei's operational performance improved significantly, with revenue growth of 159.63%, and P2Pack product revenue increased by 400.69% [2].