Shenzhen Sunwoda Electronics 2025 Net Profit Attributable to Parent Company Increases 74% Year-over-Year, Proposes Dividend of 24 Yuan Per 10 Shares | Financial Report Updates

Shennan Circuit delivers a “high growth + high quality” performance report for 2025: Achieving an annual operating revenue of 23.647 billion yuan, a year-on-year increase of 32.05%; net profit attributable to parent company of 3.276 billion yuan, a significant increase of 74.47%, with profit growth outpacing revenue, reflecting the operating leverage released during the AI computing power boom cycle.

Profit quality also improves simultaneously. The company’s 2025 non-recurring net profit attributable to parent is 3.114 billion yuan, up 78.96%; net cash flow from operating activities is 3.838 billion yuan, up 28.71%. The weighted average return on net assets (ROE) rises to 20.79%, an increase of 7.21 percentage points from the previous year, significantly boosting capital return levels.

By business segment, growth is mainly driven by high-end PCB and packaging substrates: PCB revenue of 14.359 billion yuan, up 36.84%, with gross margin rising to 35.53%; packaging substrate revenue of 4.148 billion yuan, up 30.80%, with gross margin increasing to 22.58%; electronic assembly revenue of 3.075 billion yuan, up 8.93%, steadily growing driven by data center and automotive electronics demand.

In capacity and capability building, the company mentions that PCB business faced temporary output pressure, but through technological upgrades, digitalization, and lean management, efficiency was improved. In the second half of 2025, the Thailand factory and Nantong Phase IV project were connected and put into production. Meanwhile, the company maintains high R&D investment (1.591 billion yuan, accounting for 6.73% of revenue) and plans to distribute 24 yuan per 10 shares (tax included), strengthening cash returns to shareholders during the performance release phase.

Performance and pace: Revenue rises quarter by quarter in Q4, with profit growth driven by efficiency and structural improvements

Quarterly performance shows that in 2025, revenue increased sequentially: Q1 at 4.783 billion yuan, Q2 at 5.671 billion yuan, Q3 at 6.301 billion yuan, Q4 at 6.893 billion yuan; net profit attributable to parent was 491 million yuan, 869 million yuan, 966 million yuan, and 950 million yuan respectively, maintaining high levels throughout the year.

Profit growth significantly outpaced revenue, partly due to the simultaneous improvement in PCB and packaging substrate gross margins (up 3.91 and 4.43 percentage points respectively year-over-year), and also related to the company’s focus on resolving capacity bottlenecks, digitalization, and lean management to improve output efficiency. Cash flow-wise, net operating cash flow of 3.838 billion yuan provides solid internal funds for capacity expansion and R&D investment.

PCB: AI server and high-speed network demand release, gross margin rises to 35.53%

In 2025, PCB revenue reached 14.359 billion yuan, up 36.84%, accounting for 60.73% of total revenue; gross margin was 35.53%, up 3.91 percentage points year-over-year, serving as the core engine of the company’s annual performance growth.

Demand structure focuses on three main areas:

• Data center/AI computing: Global cloud providers increase capital expenditure, leading to rapid growth in AI server and supporting demand. The company’s related orders increased significantly year-over-year, becoming a key driver for PCB growth.
• Communications: Wireless (RAN) side improved after two years of cycle adjustment; wired side saw increased investment, boosting demand for high-speed switches and optical modules. The company leverages technology and delivery services to expand order scale.
• Automotive electronics: Seizing the demand for ADAS and new energy vehicle “three electrical systems,” automotive orders continue to grow rapidly.

On the supply side, the company notes that PCB business faced temporary output pressure, but through technological upgrades, digitalization, and lean management, capacity was effectively released. The Thailand factory and Nantong Phase IV project connected and started production in the second half of 2025, supporting future high-growth orders.

Packaging substrates: Accelerated integration of memory and processors, FC-BGA advances to higher layers

In 2025, packaging substrate revenue was 4.148 billion yuan, up 30.80%, accounting for 17.54% of revenue; gross margin was 22.58%, up 4.43 percentage points year-over-year, achieving both revenue and profit growth. The company states that global semiconductor sales growth mainly stems from AI-related logic and memory chips, which aligns with the rapid increase in packaging substrate orders.

Product line details:

• BT-type packaging substrates: Continuous breakthroughs in memory manufacturing capacity, enabling high-end DRAM project integration and mass production, significantly boosting orders; for processor chips, FC-CSP process capabilities steadily improve; RF RF products and new customers/products are gradually introduced and achieve mass production.
• FC-BGA: Product capability continues to advance, with 22-layer and below achieving mass production; 24-layer and above R&D and sampling are progressing as scheduled, demonstrating the company’s continued climb in higher-end and more complex layers.

Electronic assembly: Steady growth, extending into “design + testing” value-added services

In 2025, electronic assembly revenue reached 3.075 billion yuan, up 8.93%, accounting for 13.00%; gross margin was 15.00%, up 0.60 percentage points. The company emphasizes that driven by data center and automotive electronics demand, it deepens customer strategic collaboration, advances key projects, and enhances the competitiveness of specialized product lines, supporting steady revenue growth.

Operationally, the company mentions leveraging intelligent manufacturing and digital management to improve personnel efficiency and quality assurance; additionally, it strengthens supply chain selection and management, and promotes value-added capabilities such as front-end design assistance and back-end testing services to enhance “one-stop” service levels.

R&D and digitalization: High R&D intensity with product and process innovation

In 2025, R&D investment was 1.591 billion yuan, accounting for 6.73% of revenue. R&D efforts cover next-generation communication, data center, and automotive PCB technologies, FC-BGA capability development, FC-CSP fine routing, and storage substrate enhancement. The company disclosed 137 new authorized patents and 14 PCT patent applications during the year.

On digitalization, the company continues to deepen digital transformation, introducing AI tools, and improving digital systems across process, operations, workflows, equipment, and products. It also advances system internationalization and upgrade adaptation; through key process optimizations such as IPD (Integrated Product Development), ISC (Integrated Supply Chain), and quality management, it strengthens process-oriented organizational capabilities. For sustainable development, the company improves product carbon footprint management and has completed ISO14064 certification.

Assets and returns: Total assets rise to 30.583 billion yuan, with a proposed dividend of 24 yuan per 10 shares

As of the end of 2025, total assets reached 30.583 billion yuan, up 20.87%; net assets attributable to parent were 17.149 billion yuan, up 17.33%. Amid profit recovery and capacity expansion, the company disclosed a profit distribution plan: based on the total share capital at the time of implementation, distributing 24 yuan cash dividend per 10 shares (tax included), with no bonus shares or capital reserve conversion. The controlling shareholder, Shenzhen Tian Technology Holdings Co., Ltd., held 63.97% of shares at year-end.

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