SCC(SZ:002916)2025-09-26 10:12Financial Performance - In the first half of 2025, the company achieved total revenue of 10.453 billion CNY, a year-on-year increase of 25.63% [1] - Net profit attributable to shareholders reached 1.360 billion CNY, up 37.75% year-on-year [1] - Growth driven by AI computing upgrades, storage market recovery, and automotive electrification [1] PCB Business - PCB business revenue for the first half of 2025 was 6.274 billion CNY, a 29.21% increase year-on-year [2] - Gross margin for PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [2] - Growth attributed to demand for AI accelerator cards, increased share from data centers, and rising automotive electronics demand [2] Packaging Substrate Business - Revenue from packaging substrate business was 1.740 billion CNY, a 9.03% increase year-on-year [3] - Gross margin for this segment was 15.15%, a decrease of 10.31 percentage points year-on-year [3] - Decline in gross margin due to rising costs from raw materials and production ramp-up phases [3] Capacity Utilization - PCB business maintained high capacity utilization due to strong demand in computing and automotive electronics [4] - Packaging substrate business saw significant improvement in capacity utilization driven by domestic storage market demand [4] New Capacity Developments - New PCB capacity primarily from new factories and upgrades of existing facilities, including projects in Shenzhen, Wuxi, Nantong, and Thailand [5] - Nantong Phase IV expected to be operational in Q4 2025, while the Thailand factory is already online [5] Guangzhou Packaging Substrate Project - The Guangzhou packaging substrate project has commenced operations in Q4 2023, with ongoing capacity ramp-up [6] - Focus remains on capability building and market development, with losses narrowing in the first half of 2025 [6] AI Computing Layout - The company is enhancing its PCB offerings in high-performance computing, data centers, and AI accelerator cards [7] - Increased demand for high-capacity, high-frequency, and advanced HDI PCB products driven by the evolution of AI technology [7]