WUS(SZ:002463)2025-09-24 10:14Group 1: Company Strategy and Market Position - The company focuses on differentiated operations, adapting its technical and production capabilities to meet long-term market demands, emphasizing sustainable growth over short-term gains [2][3] - A balanced and diversified customer structure, along with supply chain resilience, is crucial for maintaining competitive advantages in a complex market environment [3] Group 2: Business Performance in the Enterprise Communication Market - In the first half of 2025, the enterprise communication market segment achieved revenue of approximately CNY 6.532 billion, a significant year-on-year increase of about 70.63% [4] - AI server and HPC-related PCB products grew by approximately 25.34%, accounting for about 23.13% of the segment's revenue [4] - The fastest-growing sub-sector was high-speed network switches and related PCB products, which saw a year-on-year growth of approximately 161.46%, making up about 53.00% of the segment's revenue [4] Group 3: Capital Expenditure and Market Opportunities - The company accelerated capital expenditures in response to the growing demand for AI-driven servers and high-speed network infrastructure, with cash outflows for fixed assets and long-term assets amounting to approximately CNY 1.388 billion in the first half of 2025 [5] - A planned investment of approximately CNY 4.3 billion for a new AI chip supporting high-end PCB production project is underway, expected to begin trial production in the second half of 2026 [5] Group 4: Future Market Trends and Challenges - The development of AI and network infrastructure necessitates more complex and high-performance PCB products, presenting new growth opportunities while increasing competition [6] - Companies must strategically allocate resources and invest in innovative areas to enhance product competitiveness and respond swiftly to market demands [6] Group 5: Thailand Factory Operations - The Thailand production base entered small-scale production in Q2 2025, gaining formal recognition from clients in AI server and switch applications [8] - The successful operation of the Thailand facility is a key support for the company's overseas strategic layout, with expectations to reach reasonable economic scale by year-end [8]