Group 1: Financial Performance - In 2025, the company achieved a revenue of CNY 5.485 billion, representing a year-on-year growth of 46.89% [3] - The net profit for 2025 was CNY 1.016 billion, with a year-on-year increase of 50.24% [3] - The company’s five largest customers contributed 60.74% of total revenue, with the largest customer accounting for 20.20% [6] Group 2: Production Capacity and Expansion - The production capacity in 2026 is projected to be CNY 1.5 billion for Huangshi, over CNY 1 billion for Thailand, and around CNY 6 billion for Guangzhou [5] - The company is advancing several expansion projects, including upgrades at Guangzhou plants and new construction in Thailand, which are expected to support rapid growth in 2027 [5] - The Thailand facility achieved monthly profitability within six months of its launch in June 2025, indicating strong operational efficiency [5] Group 3: Product Development and Market Strategy - The company focuses on core customers in the computing power sector, enhancing product structure through technological innovation [3] - AI-related products generated approximately CNY 1.2 billion in revenue in 2025, accounting for about 24% of main business revenue [8] - The transition from PCIe 5.0 to PCIe 6.0 is expected to begin in Q3 2026, leading to significant upgrades in product pricing and demand [10] Group 4: Supply Chain and Material Costs - The company is monitoring the impact of rising raw material prices, such as copper and fiberglass, on profitability, but expects limited effects on its core PCB business [7] - Strategies to mitigate cost increases include enhancing communication with suppliers and optimizing product structures [7] Group 5: Customer Base and Market Position - Eight of the top ten global server manufacturers are customers of the company, with a goal to achieve full coverage of these manufacturers in the next three years [6] - The company is preparing to increase market share in GPU products, which are seen as a key area for business expansion [9]

Group 1 - The company is collaborating with Baidu primarily in the AI server sector [2] - The partnership involves providing AI server-related PCB products for Baidu's Wenxin Yiyan large model [2]

Core Viewpoint - Shenghong Technology's board has approved the issuance of H-shares and application for listing on the Hong Kong Stock Exchange to enhance global brand recognition and competitiveness, with a proposed issuance of H-shares not exceeding 10% of the total share capital post-issuance [1] Group 1: Financial Performance - In 2024, Shenghong Technology achieved revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit attributable to shareholders of 1.154 billion yuan, up 71.96% [1] - In Q1 2025, the company reported revenue of 4.312 billion yuan, a year-on-year growth of 80.31%, and a net profit of 921 million yuan, reflecting a staggering increase of 339.22% [1] - The company forecasts a net profit growth of no less than 30% quarter-on-quarter for Q2 2025, with a year-on-year increase exceeding 360% for the first half of 2025 [2] Group 2: Market Position and Strategy - Shenghong Technology has capitalized on the AI boom, with over 40% of its revenue in Q1 2025 coming from AI computing and data center-related products, holding the largest market share in AI computing cards globally [1] - The competitive landscape in the domestic PCB industry for AI servers is relatively stable, with companies at various stages of production and development; Shenghong Technology has achieved large-scale production of AI server-related PCB products and has entered the supply chain of top global server clients [2] Group 3: Stock Performance - Since January 2024, Shenghong Technology's stock price has increased by over 10 times [3] - As of July 29, 2023, the stock price closed at 189.25 yuan per share, with a market capitalization of 163.3 billion yuan [4]

Group 1: Investor Relations Activities - The investor relations activity involved 10 individual investors participating in a site visit at Shenghong Technology (Huizhou) Co., Ltd. on July 21, 2025 [1][2] - The event included a presentation by the CEO, Zhao Qixiang, introducing the company's basic situation [1] Group 2: AI Server PCB Market - The current competitive landscape for domestic PCB companies in the AI server sector is characterized by a tiered development pattern: some companies have achieved large-scale production, while others are in small-batch production or in the R&D phase [1] - Shenghong Technology has successfully entered the global supply chain of top-tier server clients with its large-scale production of AI server-related PCB products [1] Group 3: Company Developments - The company's private placement of shares is progressing smoothly, having received approval from the Shenzhen Stock Exchange, pending further approval from the China Securities Regulatory Commission [3] - The new factory (Factory No. 4) has officially commenced production as of mid-June, with confidence in future production efficiency and benefits [3] - The company emphasizes long-term capability building and global strategic alignment, focusing on technological upgrades to drive market breakthroughs and maintaining a stable supply chain and customer service [3] Group 4: Disclosure Information - The investor relations activity did not involve any undisclosed significant information [3]