Shennan Circuit Company (002916) Q4 2025 earnings summary

Executive summary

• Focused on electronic interconnects with three main businesses: printed circuit boards (PCB), electronic assembly, and packaging substrates.

• Achieved global leadership in wireless base station RF power PCB and is the largest domestic packaging substrate supplier.

• 2025 saw significant growth driven by AI infrastructure, storage, and automotive electronics demand.

Financial highlights

• Total revenue reached ¥23.65 billion, up 32.05% year-over-year.

• Net profit attributable to shareholders was ¥3.28 billion, up 74.47% year-over-year.

• Operating cash flow was ¥3.84 billion, up 28.71% year-over-year.

• Basic and diluted EPS were ¥4.91, up 34.15% year-over-year.

• Gross margin for PCB business rose by 3.91 percentage points to 35.53%.

Outlook and guidance

• AI, storage, and automotive electronics remain key growth drivers.

• Continued investment in digital transformation and smart manufacturing to enhance operational efficiency.

• Industry trends favor high-layer, high-density, and high-integration PCBs, with strong growth expected in China.