SCC(SZ:002916)2025-11-06 11:12Group 1: Financial Performance - The company's overall gross margin improved in Q3 2025, driven by increased demand for storage packaging substrates and higher capacity utilization rates [1] - PCB data center and wired communication business revenues continued to grow, contributing to a slight increase in gross margins [1] - The revenue from packaging substrates increased quarter-on-quarter, with significant growth in storage packaging substrates [2] Group 2: Business Expansion - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [1] - The company has a wide range of packaging substrate products, including module packaging substrates and storage packaging substrates, primarily used in mobile smart terminals and servers/storage [2] Group 3: Production Capacity and Technology - The company has achieved mass production capability for FC-BGA packaging substrates with up to 20 layers, while R&D for 22-26 layer products is progressing on schedule [3] - New factories in Nantong Phase IV and Thailand are under construction, with the Thailand factory already in trial production [4] - The overall capacity utilization rate remains high, with a noticeable increase in the packaging substrate business due to rising demand [5] Group 4: Raw Material Prices - Key raw materials include copper-clad laminates, prepregs, copper foil, gold salt, and inks, with some experiencing price increases in Q3 2025 due to commodity price fluctuations [6] - The company is actively monitoring international commodity price changes and maintaining communication with suppliers and customers [6] Group 5: Technology Application - HDI technology is applied in the PCB business, primarily for mid-to-high-end products in communication, data centers, industrial control, medical, and automotive electronics [8]