Core Viewpoint - Pengding Holdings reported strong financial performance for H1 2025, with significant growth in revenue and net profit, driven by demand in the PCB industry and advancements in AI and mobile devices [2][3][4]. Financial Performance - Revenue for H1 2025 reached 16,375,291,624.65 CNY, a year-on-year increase of 24.75% [3]. - Net profit attributable to shareholders was 1,233,023,885.96 CNY, up 57.22% compared to the same period last year [2][3]. - Net profit excluding non-recurring items was 1,148,508,663.87 CNY, reflecting a growth of 51.9% year-on-year [2][3]. - Operating cash flow for the period was 4,276,933,506.84 CNY, an increase of 53.29% from the previous year [3]. - Basic and diluted earnings per share were both 0.53 CNY, a rise of 55.88% [3]. Asset and Equity Position - Total assets as of the end of H1 2025 were 44,434,986,384.52 CNY, a slight decrease of 0.24% year-on-year [3]. - Net assets attributable to shareholders were 31,233,625,412.88 CNY, down 2.73% from the previous year [3]. Industry Growth - The global PCB industry experienced a year-on-year growth of 12.1% in Q1 2025 compared to Q1 2024, supported by strong demand for AI and high-speed network applications [3]. - The total market value of the PCB industry is projected to reach 79.128 billion USD in 2025, representing a 7.6% increase [3]. - The PCB market is expected to expand from 73.5 billion USD in 2024 to 94.6 billion USD by 2029 [3]. Product Development and Market Position - As the largest FPC product manufacturer globally, Pengding Holdings holds over 30% market share in FPC products, leveraging its extensive experience in R&D, design, and production [4]. - The company is focusing on high-end HDI products to penetrate the AI server market and is actively pursuing product certifications with well-known manufacturers [4]. - Pengding Holdings is expanding its collaboration with cloud server manufacturers on AI ASIC-related products to enhance competitiveness in the AI server market [4]. Capacity Expansion - The company is accelerating investments in high-end HDI and SLP products, with the first phase of its Thailand factory completed in May 2025, primarily serving AI servers and optical communication sectors [5]. - The second phase of the Thailand factory construction has also commenced, supporting the company's full-chain layout in AI cloud, edge, and terminal applications [5].