Financial Performance - The company achieved a revenue of 581,732.42 million CNY in 2024, representing a year-on-year growth of 8.53% [2] - The net profit attributable to shareholders was -19,828.98 million CNY, a decline of 193.88% year-on-year [2] - The net profit after deducting non-recurring gains and losses was -19,576.85 million CNY, down 509.87% year-on-year [2] Industry Overview - The global PCB industry is experiencing a weak recovery, with an expected market value of 73.565 billion USD in 2024, a growth of 5.8% [3] - High-layer and HDI boards are the best-performing segments, with growth rates of approximately 40% and 18.8% respectively, driven by AI and communication sectors [3] - The packaging substrate industry is expected to grow by 0.8%, indicating a recovery in 2025 [3] Product Development - The company's FCBGA packaging substrate is currently in small-batch production, with large-scale production dependent on market demand and customer progress [4] - The company has production capabilities for products with 20 layers or fewer, while products with more than 20 layers are in the sampling stage [5] - The company is focusing on enhancing its production capabilities and quality to meet international standards [6] Market Position and Competition - The company is expanding its collaboration with leading overseas clients, although the current revenue contribution from these partnerships is low [6] - The domestic competition in the semiconductor testing board sector includes companies like ShenNan Circuit, Huadian Technology, and Mingyang Circuit [10] Future Growth Prospects - The PCB sample business and ATE semiconductor testing board business are performing well, while FCBGA and CSP packaging substrate businesses are currently at a loss but expected to improve [11] - The global PCB market is projected to reach 78.562 billion USD in 2025, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [12] - High-layer high-speed boards and high-end HDI boards are expected to maintain strong growth, with projected market sizes of 5.020 billion USD and 17.037 billion USD by 2029, respectively [12]