Group 1: Financial Performance - In 2025, the company achieved a revenue of approximately 18.9 billion CNY, a year-on-year increase of about 42% [2] - The net profit attributable to shareholders was approximately 3.822 billion CNY, reflecting a year-on-year growth of about 47.74% [2] - The net profit after deducting non-recurring gains and losses was approximately 3.761 billion CNY, with a year-on-year increase of about 47.69% [2] Group 2: Business Strategy - The company focuses on high-growth, high-tech barrier PCB products, including high-speed network switches, AI servers, and smart automotive applications [3] - The strategy emphasizes long-term sustainable benefits over short-term gains, maintaining a balanced customer base to adapt to market changes [3] - The company aims to enhance its comprehensive competitiveness by continuously improving its technical and process capabilities [3] Group 3: Capital Expenditure and Market Situation - The company accelerated capital expenditures, with cash payments for fixed assets and long-term assets amounting to approximately 2.104 billion CNY in the first three quarters of 2025 [5] - A planned investment of approximately 4.3 billion CNY for a new AI chip supporting high-end PCB expansion project is set to commence in June 2025 [5] - The company recognizes the increasing competition in the high-end PCB market and aims to strategically allocate resources to innovative fields [5] Group 4: Production and Global Expansion - The Thailand production base entered small-scale production in Q2 2025, with a reported loss of approximately 139 million CNY [7] - The Thailand facility has received certifications from major global clients, marking the initial formation of the company's global delivery system [7] - The operational performance of the Thailand factory is showing improvement, with increased production quality and efficiency expected [7] Group 5: Technology Development - The company plans to establish a subsidiary in Jintan District, Jiangsu, to develop advanced technologies like CoWoP and mSAP [8] - The project aims to create a closed-loop system for R&D, pilot testing, and application, enhancing product capabilities in signal transmission and power distribution [8] - The success of the first phase of the project will determine the initiation of the second phase, with potential risks in technology development and commercialization [8]

Core Viewpoint - The company emphasizes the importance of advanced technology research and development to lead in the PCB industry, focusing on high-performance and high-reliability technologies [2] Group 1: Technology Development - The company has a clear technical roadmap based on industry trends and future market demand insights [2] - Key research areas include high-layer count, high-frequency and high-speed, high-density interconnect, and high current-carrying capacity PCB technologies [2] - The company has established a leading technical capability through systematic layout in foundational research areas such as signal integrity, power integrity, and system integration [2] Group 2: Competitive Advantage - The company aims to respond promptly to technological iterations and industry changes to maintain a long-term competitive edge [2]

Group 1: Financial Performance - In 2025, the company achieved an operating revenue of approximately 189 million, representing a year-on-year growth of about 42% [2] - The net profit attributable to shareholders was approximately 38.22 million, with a year-on-year increase of about 47.74% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 37.61 million, reflecting a year-on-year growth of about 47.69% [2] Group 2: Business Strategy - The company focuses on high-growth, high-tech barrier PCB products, including high-speed network switches and routers, AI servers, and smart automotive applications [3] - The strategy emphasizes long-term sustainable benefits over short-term gains, maintaining a balanced customer base to adapt to market changes [3] - The company aims to enhance its comprehensive competitiveness by continuously improving its technical and process capabilities [3] Group 3: Capital Expenditure and Market Situation - The company accelerated capital expenditures, with approximately 2.104 billion spent on fixed assets and long-term assets in the first three quarters of 2025 [5] - A planned investment of approximately 4.3 billion for a new AI chip supporting high-end PCB expansion project is set to commence in June 2025 [5] - The project aims to enhance the company's capacity for high-end products, aligning with the growing demand for high-performance servers and AI applications [6] Group 4: Production and Operations - The Thailand production base entered small-scale production in Q2 2025, with a reported loss of approximately 139 million [7] - The Thailand facility has received certifications from major global clients, marking the initial establishment of the company's global delivery system [7] - The operational performance is expected to improve significantly in Q4 2025, with increased production capacity and optimized product structure [7] Group 5: Technology Development - The company plans to invest in a wholly-owned subsidiary in Jintan District to establish a platform for advanced technologies like CoWoP and mSAP [8] - The project aims to create a closed-loop system for R&D, pilot testing, verification, and application of next-generation technologies [8] - Risks include potential deviations in technology routes and challenges in commercializing the developed technologies [9]

Group 1: Financial Performance - In Q3 2025, the company achieved record-high quarterly revenue and net profit, with net profit exceeding 1 billion RMB for the first time [2] - The revenue structure for Q3 2025 is not yet fully reported, but the H1 2025 report indicates that the largest revenue source is from high-speed network switches and related PCB products [2] - The company incurred a foreign exchange loss of approximately 18 million RMB and a loss of about 43 million RMB from its Thailand subsidiary in Q3 2025 [2] Group 2: Business Strategy - The company focuses on high-growth, high-tech barrier PCB products, including high-speed network switches, AI servers, and smart automotive applications [3] - The strategy emphasizes long-term sustainable benefits over short-term gains, targeting major head customers in the overall market [3] - The company aims to maintain a balanced customer base to ensure stable growth in a changing market environment [3] Group 3: Technological Development - The company specializes in core technologies required for high-performance and reliable PCBs, including high-layer, high-frequency, and high-density interconnect technologies [4] - It has established a leading technical capability through systematic research on signal integrity and system integration [4] - The company collaborates with numerous domestic and international clients to build a resilient technology ecosystem [4] Group 4: Capital Expenditure and Market Outlook - The company accelerated capital expenditures, with cash payments for fixed assets and long-term assets amounting to approximately 2.104 billion RMB in the first three quarters of 2025 [5] - A planned investment of about 4.3 billion RMB for a new AI chip-related PCB expansion project is set to begin construction in late June 2025 [5] - The company anticipates that this project will enhance its high-end product capacity and better meet the long-term demand for high-performance servers and AI applications [6] Group 5: Thailand Factory Operations - The Thailand production base began small-scale production in Q2 2025, focusing on AI servers and switches [6] - The factory is working to improve production efficiency and product quality, with capacity expected to gradually increase as customer base expands [6]