Group 1: Financial Performance - In 2025, the company achieved total revenue of 23.647 billion CNY, with a net profit attributable to shareholders of 3.276 billion CNY [2] - PCB, packaging substrates, and electronic assembly businesses generated revenues of 14.359 billion CNY, 4.148 billion CNY, and 3.075 billion CNY, accounting for 60.73%, 17.54%, and 13.00% of total revenue respectively [2] Group 2: Market Trends and Strategic Focus - The global PCB industry is projected to grow by 15.8% year-on-year in 2025, driven by demand for high-layer boards, HDI boards, and packaging substrates, with compound annual growth rates of 21.7%, 9.2%, and 10.9% respectively over the next five years [1] - The company plans to adhere to its "3-In-One" strategy in 2026, focusing on artificial intelligence opportunities, enhancing technology and capacity, and ensuring supply chain security for high-quality development [2] Group 3: Production Capacity and Supply Chain Management - The company is actively implementing technological upgrades and gradually increasing production capacity at its Nantong Phase IV and Thailand factories, which are currently in the ramp-up phase [1] - The company maintains a high overall capacity utilization rate, benefiting from strong demand for computing-related products [1] Group 4: Gross Margin and Cost Management - The gross margin for overseas sales in 2025 was 30.11%, a decrease of 1.28 percentage points year-on-year, primarily due to the growth of lower-margin electronic assembly business and the ramp-up phase of the Thailand factory [3] - The company is addressing rising raw material prices by optimizing product structure, enhancing operational efficiency, and maintaining close communication with suppliers and customers [3] Group 5: Product Development and Market Opportunities - The company has made steady progress in the FC-BGA packaging substrate product line, with 22 layers and below already in mass production, while R&D for 24 layers and above is on schedule [4] - The automotive electronics sector is a key focus, with rapid revenue growth driven by opportunities in ADAS and new energy vehicles [8]

Core Viewpoint - The company reported significant growth in revenue and net profit for the year 2025, driven by strategic market opportunities in AI computing power, storage market demand, and automotive electrification [2][5]. Financial Performance - The company achieved total revenue of 23.65 billion yuan, a year-on-year increase of 32.05% [3]. - The net profit attributable to shareholders reached 3.28 billion yuan, up 74.47% compared to the previous year [3]. - Basic earnings per share were 4.91 yuan, reflecting a 34.15% increase [3]. - The company proposed a cash dividend of 24 yuan per 10 shares (tax included) [2]. Business Segments - The printed circuit board (PCB) business generated 14.36 billion yuan in revenue, a 36.84% increase, accounting for 60.73% of total revenue with a gross margin of 35.53% [5]. - The packaging substrate business reported revenue of 4.15 billion yuan, up 30.80%, representing 17.54% of total revenue with a gross margin of 22.58% [5]. - The electronic assembly business achieved revenue of 3.08 billion yuan, an 8.93% increase, making up 13.00% of total revenue with a gross margin of 15.00% [5]. Capacity Utilization and Production - The company maintains a high overall capacity utilization rate, with significant improvements in the packaging substrate business due to increased demand in the storage market [6]. - The company operates PCB factories in Shenzhen, Wuxi, Nantong, and Thailand, focusing on technological upgrades to enhance capacity [6]. - New factories in Thailand and Nantong are in the early stages of ramping up production, which may temporarily impact profit margins due to high fixed costs per unit [6]. Market Trends - The demand for high-performance PCB products is increasing, driven by advancements in AI technology and the need for high-speed networks [7]. - The company's PCB products are benefiting from trends in high-speed switches, optical modules, AI accelerator cards, and servers [7].

Core Viewpoint - ShenNan Circuit experienced a slight increase in stock price by 0.26% on February 10, with a trading volume of 2.159 billion yuan, indicating active market participation and interest in the stock [1]. Financing and Margin Trading - On February 10, ShenNan Circuit had a financing buy amount of 121 million yuan and a financing repayment of 256 million yuan, resulting in a net financing outflow of 135 million yuan [1]. - As of February 10, the total margin trading balance for ShenNan Circuit was 1.238 billion yuan, with the financing balance of 1.231 billion yuan accounting for 0.75% of the circulating market value, which is above the 80th percentile of the past year [1]. - In terms of securities lending, 600 shares were repaid and 1,000 shares were sold on February 10, with a selling amount of 246,700 yuan, while the remaining securities lending balance was 26,700 shares, totaling 6.6976 million yuan, also above the 70th percentile of the past year [1]. Company Overview - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984, with its listing date on December 13, 2017 [1]. - The company's main business involves the research, development, production, and sales of printed circuit boards, with revenue composition as follows: printed circuit boards 60.01%, packaging substrates 16.64%, electronic assembly 14.14%, other (supplementary) 5.80%, and other products 3.40% [1]. Financial Performance - As of September 30, the number of shareholders for ShenNan Circuit was 39,500, a decrease of 25.79% from the previous period, while the average circulating shares per person increased by 34.75% to 16,847 shares [2]. - For the period from January to September 2025, ShenNan Circuit achieved an operating income of 16.754 billion yuan, representing a year-on-year growth of 28.39%, and a net profit attributable to shareholders of 2.326 billion yuan, reflecting a year-on-year increase of 56.30% [2]. - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion yuan in dividends, with 1.744 billion yuan distributed over the past three years [2]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder of ShenNan Circuit was Hong Kong Central Clearing Limited, holding 21.7066 million shares, an increase of 7.4697 million shares from the previous period [3]. - The third-largest circulating shareholder was Huatai-PineBridge CSI 300 ETF, holding 4.7445 million shares, which decreased by 134,200 shares compared to the previous period [3]. - New institutional shareholders included Yongying Technology Smart Selection Mixed Fund A, holding 4.6218 million shares, and several other funds entering the top ten circulating shareholders list [3].

Group 1 - The core point of the news is that ShenNan Circuit experienced a stock price increase of 5.19%, reaching 236.94 yuan per share, with a trading volume of 1.041 billion yuan and a turnover rate of 0.69%, resulting in a total market capitalization of 161.396 billion yuan [1] - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, development, production, and sales of printed circuit boards [1] - The revenue composition of ShenNan Circuit includes printed circuit boards (60.01%), packaging substrates (16.64%), electronic assembly (14.14%), other supplementary products (5.80%), and other products (3.40%) [1] Group 2 - From the perspective of the top ten holdings of funds, data shows that Fu Rong Fund has one fund heavily invested in ShenNan Circuit. The Fu Rong CSI 300 Index Enhanced A (004788) held 147,300 shares in the fourth quarter, accounting for 2.74% of the fund's net value, ranking as the tenth largest holding [2] - The Fu Rong CSI 300 Index Enhanced A (004788) was established on February 11, 2018, with a latest scale of 760 million yuan. Year-to-date returns are 3.52%, ranking 2737 out of 5564 in its category; the one-year return is 40.78%, ranking 1663 out of 4288; and since inception, the return is 148.99% [2] Group 3 - The fund managers of Fu Rong CSI 300 Index Enhanced A (004788) are Meng Yaqiang and Lang Chengcheng. As of the report, Meng Yaqiang has a cumulative tenure of 9 years and 247 days, with a total fund asset size of 1.3 billion yuan, achieving a best fund return of 67.19% and a worst return of -36.78% during his tenure [3] - Lang Chengcheng has a cumulative tenure of 5 years and 207 days, with a total fund asset size of 1.276 billion yuan, achieving a best fund return of 74.46% and a worst return of -18.92% during his tenure [3]

Group 1 - The company, ShenNan Circuit (002916.SZ), has three main business segments: printed circuit boards, electronic assembly, and packaging substrates, with applications in various fields including communication, data centers, industrial control medical, and automotive electronics [1] - The company does not engage in the production of the mentioned substrate materials [1] Group 2 - An investor inquired whether the company's products can support 800G and 1.6T connection adjustments and if the company possesses the manufacturing process or product capabilities for M9 level substrates [3]

Core Viewpoint - ShenNan Circuit experienced a 4.57% increase in stock price on January 16, with a trading volume of 3.665 billion yuan, indicating strong market interest and activity [1]. Financing Summary - On January 16, ShenNan Circuit had a financing buy amount of 234 million yuan and a financing repayment of 238 million yuan, resulting in a net financing outflow of 3.8473 million yuan [1]. - As of January 16, the total financing and securities lending balance for ShenNan Circuit was 1.309 billion yuan, with the financing balance at 1.304 billion yuan, accounting for 0.84% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, 800 shares were repaid and 1,800 shares were sold on January 16, with a selling amount of 418,800 yuan, and the remaining securities lending balance was 25,400 shares, totaling 5.9049 million yuan, which is above the 60th percentile of the past year [1]. Business Performance - As of September 30, ShenNan Circuit reported a total of 39,500 shareholders, a decrease of 25.79% from the previous period, while the average circulating shares per person increased by 34.75% to 16,847 shares [2]. - For the period from January to September 2025, ShenNan Circuit achieved a revenue of 16.754 billion yuan, representing a year-on-year growth of 28.39%, and a net profit attributable to shareholders of 2.326 billion yuan, reflecting a year-on-year increase of 56.30% [2]. Dividend and Shareholding Structure - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion yuan in dividends, with 1.744 billion yuan distributed over the past three years [3]. - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 21.7066 million shares, an increase of 7.4697 million shares from the previous period [3]. - The third-largest circulating shareholder is Huatai-PB CSI 300 ETF, holding 4.7445 million shares, which decreased by 134,200 shares compared to the previous period [3].

Group 1 - The core point of the news is that ShenNan Circuit has experienced a significant decline in its stock price, dropping 3.24% to 220.18 CNY per share, with a total market value of 146.8 billion CNY and a cumulative drop of 9.87% over four consecutive days [1] - ShenNan Circuit Co., Ltd. is located in Shenzhen, Guangdong, and was established on July 3, 1984. It was listed on December 13, 2017, and its main business involves the research, development, production, and sales of printed circuit boards [1] - The revenue composition of ShenNan Circuit includes printed circuit boards (60.01%), packaging substrates (16.64%), electronic assembly (14.14%), other supplementary products (5.80%), and other products (3.40%) [1] Group 2 - Morgan Stanley's fund has a significant position in ShenNan Circuit, with the Morgan Stanley Digital Economy Mixed A Fund (017102) increasing its holdings by 554,500 shares to a total of 1.9348 million shares, representing 7.25% of the fund's net value [2] - The fund has incurred a floating loss of approximately 14.26 million CNY today and a total floating loss of 46.67 million CNY during the four-day decline [2] - The Morgan Stanley Digital Economy Mixed A Fund was established on March 2, 2023, with a current size of 3.351 billion CNY, achieving a year-to-date return of 0.88% and a one-year return of 91.29% [2]

Core Viewpoint - The stock of Shenzhen Sunnan Circuit Co., Ltd. has experienced fluctuations, with a recent decline of 2.11% and a year-to-date drop of 4.10%, despite a notable increase of 15.85% over the past 20 days [1] Group 1: Stock Performance - As of January 13, the stock price is reported at 222.76 yuan per share, with a total market capitalization of 148.52 billion yuan [1] - The stock has seen a net outflow of 84.67 million yuan from major funds, with significant buying and selling activity from large orders [1] - Year-to-date, the stock has decreased by 4.10%, while it has increased by 15.85% over the last 20 trading days [1] Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 16.75 billion yuan, representing a year-on-year growth of 28.39% [2] - The net profit attributable to shareholders for the same period was 2.33 billion yuan, reflecting a year-on-year increase of 56.30% [2] Group 3: Shareholder Information - As of September 30, the number of shareholders decreased by 25.79% to 39,500, while the average circulating shares per person increased by 34.75% to 16,847 shares [2] - The company has distributed a total of 3.44 billion yuan in dividends since its A-share listing, with 1.74 billion yuan distributed in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited and Huatai-PB CSI 300 ETF, with notable changes in their holdings [3]

Group 1 - The core point of the news is that ShenNan Circuit experienced a stock price increase of 5.02%, reaching 246.10 CNY per share, with a trading volume of 930 million CNY and a turnover rate of 0.58%, resulting in a total market capitalization of 164.085 billion CNY [1] - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, production, and sales of printed circuit boards [1] - The revenue composition of ShenNan Circuit includes printed circuit boards (60.01%), packaging substrates (16.64%), electronic assembly (14.14%), other supplementary products (5.80%), and other products (3.40%) [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Debon Fund holds ShenNan Circuit as a significant investment. Debon Fuxin A (001229) held 20,200 shares in the third quarter, accounting for 4.42% of the fund's net value, ranking as the tenth largest heavy stock [2] - Debon Fuxin A (001229) was established on April 27, 2015, with a latest scale of 77.9963 million CNY. The fund has achieved a return of 3.19% this year, ranking 3848 out of 8823 in its category; over the past year, it has returned 47.71%, ranking 2274 out of 8083; and since its inception, it has returned 96.46% [2]

Core Viewpoint - ShenNan Circuit has shown significant stock performance with a year-to-date increase of 146.00%, indicating strong market interest and potential growth in the PCB industry [1][2]. Company Overview - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, production, and sales of printed circuit boards (PCBs) [1]. - The revenue composition of ShenNan Circuit includes: 60.01% from printed circuit boards, 16.64% from packaging substrates, 14.14% from electronic assembly, 5.80% from other supplementary products, and 3.40% from other products [1]. Financial Performance - For the period from January to September 2025, ShenNan Circuit achieved a revenue of 16.754 billion yuan, representing a year-on-year growth of 28.39%. The net profit attributable to shareholders was 2.326 billion yuan, reflecting a year-on-year increase of 56.30% [2]. - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion yuan in dividends, with 1.744 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for ShenNan Circuit was 39,500, a decrease of 25.79% from the previous period. The average number of circulating shares per shareholder increased by 34.75% to 16,847 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 21.7066 million shares, an increase of 7.4697 million shares from the previous period. New entrants among the top shareholders include Yongying Technology Smart Selection Mixed Fund [3].