WUS(SZ:002463)2025-09-26 08:42Group 1: Company Strategy and Market Positioning - The company focuses on differentiated operations, dynamically adapting its technical and production capabilities to meet long-term market demands, emphasizing sustainable benefits over short-term gains [2] - The company aims to maintain a balanced customer base to ensure stable growth in a changing market environment, requiring enhanced comprehensive competitiveness [2] - There is a need to analyze the underlying structure of demand and predict future supply structure evolution to adapt to changing market conditions [2] Group 2: Financial Performance and Revenue Growth - In the first half of 2025, the enterprise communication market segment achieved revenue of approximately 6.532 billion CNY, a significant year-on-year increase of about 70.63% [3] - AI server and HPC-related PCB products grew by approximately 25.34%, accounting for about 23.13% of the enterprise communication market revenue [3] - The fastest-growing segment 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 [3] Group 3: Capital Expenditure and Future Projects - 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 1.388 billion CNY in the first half of 2025 [4] - A planned investment of approximately 4.3 billion CNY for a new high-end PCB production project related to AI chips is expected to begin trial production in the second half of 2026 [4] - This project aims to enhance the company's high-end product capacity and better meet long-term customer demands in emerging computing scenarios [4] Group 4: Competitive Landscape and Challenges - The development of AI and network infrastructure requires more complex and higher-performance PCB products, presenting new growth opportunities while increasing competition [5] - Companies must accurately grasp strategic timing and invest appropriately to enhance technological capabilities and innovation [5] - The need for rapid response to market demands and the development of advanced interconnect technologies is crucial for maintaining competitive advantage [5] Group 5: International Expansion and Production Capacity - The Thailand production base entered small-scale production in Q2 2025, gaining formal recognition from customers in AI server and switch applications [6] - The efficient operation of the Thailand facility is a key support for the company's overseas strategic layout, with expectations for gradual capacity release and optimization of product structure [7] - By the end of 2025, the facility is anticipated to approach reasonable economic scale, laying a foundation for achieving operational profitability [7]