Core Viewpoint - Despite the ongoing impact of SSDs on the consumer HDD market, there remains significant demand for HDDs in data centers, enterprise storage, and big data processing due to their advantages in large capacity and low-cost storage [1] Company Summary - As of the first half of 2025, the sales volume of the company's substrate business has significantly increased compared to the same period last year [1] - The sales volume of the hard disk head business has declined year-on-year due to the impact of customer capacity layout shifts [1] - The company aims to seize opportunities from the explosive growth in data storage demand and the upcoming technological upgrades in the storage industry driven by innovations such as HAMR (Heat-Assisted Magnetic Recording) [1] - The company plans to continuously optimize its product matrix and business model while actively expanding into emerging business areas to maintain its technological leadership in the storage industry [1]

Company Overview - Shenzhen Great Wall Development Technology Co., Ltd. is a leading global professional electronic manufacturing company, consistently ranked among the top in the Electronic Manufacturing Service (EMS) industry according to Manufacturing Market Insider (MMI) [2] - The company focuses on providing one-stop electronic product manufacturing services, including R&D, process design, production, supply chain management, logistics, and sales [2] Business Segments - The company has established three main business strategies: storage semiconductors, high-end manufacturing, and intelligent metering terminals [2] Market Dynamics - Despite the ongoing impact of SSDs on the consumer HDD market, HDDs still have significant demand in data centers, enterprise storage, and big data processing due to their large capacity and low-cost storage advantages [3] - As of mid-2025, the company's sales volume of disk substrates has significantly increased compared to the same period last year, while the sales volume of hard disk heads has decreased due to client capacity layout shifts [3] Future Outlook - The storage industry is expected to undergo a technological upgrade wave driven by explosive growth in data storage demand and innovations such as Heat-Assisted Magnetic Recording (HAMR) [3] - The company plans to optimize its product matrix and business model while actively exploring emerging business areas to maintain its technological leadership in the storage industry [3] Production Capacity and Expansion - The company is currently operating smoothly, with production capacity meeting order demands. Future expansion plans will be driven by customer demand growth [3] Digital Transformation - The company is deepening its digital transformation with a focus on smart manufacturing, digital operations, and intelligent supply chains [3] - Key initiatives include the implementation of IoT data collection projects across multiple divisions and overseas factories, AI visual inspection technology, and upgrades to the Manufacturing Execution System (MES) for improved responsiveness [3] Compliance and Information Disclosure - The company adheres strictly to information disclosure regulations, ensuring that all disclosed information is true, accurate, complete, timely, and fair, with no significant undisclosed information leaks [4]

Group 1 - Western Digital has announced a gradual price increase for all HDD products, citing unprecedented demand across its storage product lineup and investments in advanced innovative technologies [1] - The stock price of Western Digital rose by 0.68% to $103.09 per share, marking a new historical high and over a twofold increase since its low point earlier this year [1] - According to CITIC Securities, AI has significantly driven up global data center storage demand since 2023, with HDDs offering advantages in capacity and cost over SSDs, making them the preferred choice for near-line storage among cloud providers in Europe and the U.S. [1] Group 2 - Major companies like Seagate Technology and Western Digital account for 80% of global HDD production capacity, and after a downturn in 2021, there is currently a lack of short-term expansion willingness and motivation among enterprises [1] - The current upcycle for data center HDDs is expected to begin in 2024, with major companies having product lead times and order visibility extending over one year, indicating a tight supply-demand situation that may last until at least the second half of 2026 [1] - Deep Technology has core manufacturing technologies for hard disk heads and disk substrates, with products including hard disk heads, disk substrates, and HDDs [2]