Group 1: Financial Performance - In 2025, the company achieved total revenue of 32.05 billion yuan, a year-on-year increase of 236.47% [2] - Net profit attributable to shareholders reached 32.76 billion yuan, up 74.47% year-on-year [2] - PCB business generated 14.36 billion yuan in revenue, a 36.84% increase, accounting for 60.73% of total revenue [2] - The gross margin for PCB business improved to 35.53%, an increase of 3.91 percentage points [2] - The packaging substrate business reported revenue of 4.15 billion yuan, a 30.80% increase, representing 17.54% of total revenue [2] - The gross margin for packaging substrates rose to 22.58%, up 4.43 percentage points [2] - Electronic assembly business revenue was 3.08 billion yuan, an 8.93% increase, making up 13.00% of total revenue [4] - The gross margin for electronic assembly improved to 15.00%, an increase of 0.60 percentage points [4] Group 2: Market Opportunities and Strategies - The company is leveraging three major growth opportunities: AI computing power upgrades, increasing storage market demand, and the electrification of automobiles [2] - Focus on enhancing market development and competitiveness to optimize product structure [2] - The PCB business benefits from increased demand for AI accelerator cards and related products, with significant growth in data center orders [2] - The packaging substrate business is driven by rising demand for storage and processor chip substrates [4] - The electronic assembly business is expanding in communication, data centers, medical electronics, and automotive electronics sectors [4] Group 3: Production Capacity and Utilization - PCB business maintains high capacity utilization due to demand for AI computing infrastructure hardware [5] - The packaging substrate business also experiences high capacity utilization driven by demand for storage and processor substrates [5] - The company has production bases in Shenzhen, Wuxi, Nantong, and Thailand, with ongoing capacity ramp-up [6] - The Guangzhou packaging substrate project is progressing well, with production capabilities improving [7] Group 4: Raw Material Costs and Impact - Key raw materials include copper foil, gold salt, and ink, with prices rising due to commodity market fluctuations [8] - The company is monitoring international commodity price changes and maintaining communication with suppliers and customers [8] Group 5: Compliance and Disclosure - The company adhered to information disclosure regulations during the investor relations activities, ensuring no significant undisclosed information was leaked [9]

Group 1: Financial Performance - In 2025, the company achieved total revenue of 23.647 billion CNY, representing a year-on-year growth of 32.05% [1] - The net profit attributable to shareholders was 3.276 billion CNY, with a year-on-year increase of 74.47% [1] - The PCB business generated 14.359 billion CNY in revenue, up 36.84%, accounting for 60.73% of total revenue, with a gross margin of 35.53%, an increase of 3.91 percentage points [2] - The packaging substrate business reported revenue of 4.148 billion CNY, a growth of 30.80%, representing 17.54% of total revenue, with a gross margin of 22.58%, up 4.43 percentage points [3] - The electronic assembly business achieved revenue of 3.075 billion CNY, an increase of 8.93%, making up 13.00% of total revenue, with a gross margin of 15.00%, up 0.60 percentage points [4] Group 2: Business Growth Drivers - The PCB business benefited from increased demand for AI acceleration cards, servers, and related products, leading to a significant rise in orders from the data center sector [2] - The packaging substrate business saw rapid growth due to the demand for storage and processor chip substrates, with improved capacity utilization and successful ramp-up of the Guangzhou factory [3] - The electronic assembly business focused on communication, data centers, medical electronics, and automotive electronics, leveraging growth opportunities in these sectors [4] Group 3: Capacity Utilization and Expansion - The PCB business maintained high capacity utilization due to strong demand for AI infrastructure hardware [5] - The company has production bases in Shenzhen, Wuxi, Nantong, and Thailand, with the Thailand factory successfully ramping up production [6] - The Guangzhou packaging substrate project is progressing well, with production capabilities for BT-type substrates improving steadily [7] Group 4: Raw Material Price Impact - Key raw materials include copper foil, gold salt, and ink, with prices rising in 2025 due to fluctuations in commodity prices, impacting profitability [7]

Group 1: Financial Performance - In 2025, the company achieved total revenue of CNY 23.647 billion, representing a year-on-year growth of 32.05% [2] - Net profit attributable to shareholders reached CNY 3.276 billion, with a significant increase of 74.47% [2] - PCB business generated revenue of CNY 14.359 billion, up 36.84%, accounting for 60.73% of total revenue [2] - The gross margin for PCB business improved to 35.53%, an increase of 3.91 percentage points [2] - The packaging substrate business reported revenue of CNY 4.148 billion, a growth of 30.80%, contributing 17.54% to total revenue [2] - The gross margin for packaging substrate business rose to 22.58%, up 4.43 percentage points [2] - Electronic assembly business revenue was CNY 3.075 billion, increasing by 8.93%, and accounted for 13.00% of total revenue [4] Group 2: Market and Operational Insights - The PCB business benefited from increased demand for AI server-related products, leading to a significant rise in orders [2] - The company capitalized on growth opportunities in automotive electronics, particularly in ADAS and new energy vehicles [2] - The packaging substrate business saw rapid growth due to advancements in technology and increased orders from storage and processor chip substrates [3] - The electronic assembly business focused on communication, data centers, and automotive electronics, enhancing strategic collaborations with key clients [4] Group 3: Capacity and Investment - The company maintained high capacity utilization rates in PCB and packaging substrate businesses due to strong market demand [5] - PCB production bases are located in Shenzhen, Wuxi, Nantong, and Thailand, with ongoing capacity expansion and technological upgrades [6] - The Guangzhou packaging substrate project is progressing well, with production capabilities steadily improving [7] - R&D investment for 2025 amounted to CNY 1.591 billion, representing 6.73% of total revenue, focusing on next-generation communication and automotive electronics technologies [8] Group 4: Raw Material and Market Conditions - The company faced rising prices for key raw materials such as copper foil and gold salt, impacting profitability [9] - Continuous monitoring of international commodity prices and proactive communication with suppliers and customers are essential for managing cost pressures [9]

Financial Performance - In the first half of 2025, the company achieved total revenue of 10.453 billion CNY, a year-on-year increase of 25.63% [1] - The net profit attributable to shareholders was 1.360 billion CNY, reflecting a growth of 37.75% compared to the previous year [1] - PCB business revenue reached 6.274 billion CNY, up 29.21%, with a gross margin of 34.42%, an increase of 3.05 percentage points [1] - The packaging substrate business generated 1.740 billion CNY in revenue, a 9.03% increase, but with a gross margin of 15.15%, down 10.31 percentage points [1] - The electronic assembly business reported revenue of 1.478 billion CNY, a growth of 22.06%, with a gross margin of 14.98%, up 0.34 percentage points [1] PCB Business Applications - The PCB business focuses on mid-to-high-end products, primarily serving communication devices, data centers, and automotive electronics [2] - Significant revenue growth in the first half of 2025 was driven by demand in communication, data center, and automotive sectors, particularly for 400G and above high-speed switches and optical modules [2] - The increase in PCB business gross margin was attributed to higher revenue scale and improved factory capacity utilization [2] Production Capacity Utilization - The overall capacity utilization for PCB business remained high due to sustained demand in computing and automotive electronics [3] - The packaging substrate business saw a notable improvement in capacity utilization year-on-year, driven by increased domestic storage market demand [3] Technology and Project Development - The company has achieved mass production capability for FC-BGA packaging substrates with up to 20 layers, while R&D for 22-26 layer products is progressing on schedule [4] - The Guangzhou packaging substrate project is advancing steadily, with the first phase connected in Q4 2023 and ongoing improvements in production capacity [4] Electronic Assembly Business Strategy - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication, data centers, medical, and automotive electronics [5] - Revenue from electronic assembly was 2.823 billion CNY in 2024 and 1.478 billion CNY in the first half of 2025, accounting for 15.76% and 14.14% of total revenue, respectively [5] Raw Material Price Trends - Key raw materials include copper-clad laminates, semi-cured sheets, copper foil, gold salt, and inks, with some prices continuing to rise due to commodity market fluctuations [6] - The company is actively monitoring international commodity price changes and maintaining communication with suppliers and customers [6]

Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 10.453 billion CNY, a year-on-year increase of 25.63% [1] - The net profit attributable to shareholders was 1.360 billion CNY, reflecting a growth of 37.75% compared to the previous year [1] - The PCB business generated a revenue of 6.274 billion CNY, up 29.21%, with a gross margin of 34.42%, an increase of 3.05 percentage points [3] - The packaging substrate business reported a revenue of 1.740 billion CNY, a growth of 9.03%, but with a gross margin of 15.15%, down 10.31 percentage points [4] - The electronic assembly business achieved a revenue of 1.478 billion CNY, a year-on-year increase of 22.06%, with a gross margin of 14.98%, up 0.34 percentage points [2] Group 2: Market Trends and Opportunities - The PCB business is benefiting from the demand for AI acceleration cards, servers, and high-speed switches, with significant growth in the data center sector [3] - The packaging substrate business is capitalizing on the recovery of the domestic storage market, leading to increased orders [4] - The company is focusing on the trends of AI computing upgrades, storage market recovery, and the deepening of automotive electrification [1] Group 3: Production Capacity and Utilization - The overall capacity utilization rate for the PCB business is at a relatively high level due to sustained demand in the computing and automotive electronics markets [8] - The packaging substrate business has seen a significant improvement in capacity utilization due to the increased demand in the domestic storage market [8] - The company is expanding its PCB production capacity through technological upgrades and new projects in Nantong and Thailand [9] Group 4: Product Applications and Innovations - The PCB products are primarily applied in communication devices, data centers, and automotive electronics, with a focus on high-end applications [5] - The company has developed capabilities in HDI technology, which is crucial for high-density wiring in PCB products [12] - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on providing integrated solutions for various industries [12]

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue and net profit exceeding market expectations, driven by growth in AI computing power, storage market recovery, and automotive electrification [2][3]. Financial Performance - In H1 2025, the company achieved revenue of 10.453 billion, a year-on-year increase of 25.63%, and a net profit of 1.360 billion, up 37.75% year-on-year [2]. - Q2 2025 saw revenue reach 5.670 billion, representing a 30.1% year-on-year increase and an 18.6% quarter-on-quarter increase, with net profit of 870 million, up 42.9% year-on-year and 76.7% quarter-on-quarter [3]. - The gross margin for Q2 was 27.59%, an increase of 0.47 percentage points year-on-year, while the net margin was 15.33%, up 1.38 percentage points year-on-year [3]. Business Structure - PCB Business: Revenue of 6.270 billion, a year-on-year increase of 29.2%, accounting for 60% of total revenue, with a gross margin of 34.42% [4]. - Substrate Business: Revenue of 1.740 billion, a year-on-year increase of 9.0%, accounting for 16.6% of total revenue, with a gross margin of 15.2% [4]. - Electronic Assembly Business: Revenue of 1.480 billion, a year-on-year increase of 22.1%, accounting for 14.1% of total revenue, with a gross margin of 15.0% [4]. Future Outlook - In H2 2025 and the medium to long term, the company expects continued acceleration in AI computing power client acquisition and capacity expansion, with ongoing product structure optimization [5]. - The company is actively advancing new project construction, including the Thailand factory and the fourth phase project in Nantong, to support future capacity expansion [5].

Business Overview - The company focuses on PCB business expansion in communication equipment, data centers, automotive electronics, and industrial control sectors, with a slight recovery in wireless communication orders compared to Q4 2024 [1] - The packaging substrate business has seen a continuous increase in demand, particularly for storage products, contributing to improved order volume [2] Production Capacity and Utilization - The overall production capacity utilization remains high, with PCB business benefiting from sustained demand in computing and automotive electronics [3] - The packaging substrate business has improved capacity utilization due to enhanced demand in the storage sector compared to Q4 2024 [3] Sales and Market Impact - Direct sales to the U.S. account for a low percentage of total revenue, minimizing the impact of U.S. tariff policies on overall operations [4] - The company is actively monitoring changes in the international trade environment and maintaining communication with industry stakeholders [4] Technology and Product Development - The FC-BGA packaging substrate has achieved mass production capabilities for products with 20 layers or fewer, while R&D for products with more than 20 layers is progressing as scheduled [5] - The company is expanding its PCB business through technological upgrades and new projects in various locations, including Thailand, with a total investment of RMB 1.274 billion [7][8] Strategic Positioning - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication, data centers, medical, and automotive electronics [9] - The company aims to leverage its technology platform to provide integrated solutions and enhance customer loyalty [9] Raw Material Costs - The prices of key raw materials, such as copper foil and gold salt, have increased due to fluctuations in commodity prices, impacting overall costs [10] - The company is committed to monitoring raw material price trends and maintaining proactive communication with suppliers [10] AI and High-Performance Computing - The demand for high-performance PCB products is rising due to the acceleration of AI technology and the need for high-speed networks [11] - The company is focusing on developing PCB products for high-performance applications, including AI accelerators and data center switches [11] Client Base - The packaging substrate business serves a diverse client base, including IDM, Fabless, and OSAT manufacturers, both domestically and internationally [12]