Wus Printed Circuit (Kunshan) Co. (002463) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached ¥8.49 billion, up 56.59% year-over-year; net profit attributable to shareholders was ¥1.68 billion, up 47.50% year-over-year.

• PCB business accounted for 95.98% of revenue, with strong growth in enterprise communications and automotive segments.

• R&D investment increased 31.36% year-over-year to ¥482 million, with 13 new patents granted.

• Major capital projects include a new AI chip PCB expansion and ongoing upgrades in Thailand and China.

Financial highlights

• Operating cash flow was ¥2.10 billion, up 75.67% year-over-year.

• Gross margin for PCB business was 36.46%, down 1.49 percentage points year-over-year.

• Basic EPS was ¥0.8754, up 46.73% year-over-year; diluted EPS was ¥0.8693.

• Total assets at period-end were ¥24.46 billion, up 15.50% from year-end 2024.

• Net assets attributable to shareholders were ¥12.74 billion, up 7.58% from year-end 2024.

Outlook and guidance

• The company expects continued strong demand in AI, data center, and automotive PCB markets.

• Ongoing capital investments and overseas expansion are expected to support long-term growth.

• Management highlights industry risks including market competition, supply chain, and geopolitical factors.