Wus Printed Circuit (Kunshan) Co. (002463) H2 2025 earnings summary

Executive summary

• Revenue reached ¥18.95 billion in 2025, up 42% year-over-year, with net profit attributable to shareholders at ¥3.82 billion, up 47.74%.

• PCB business drove growth, with revenue of ¥18.14 billion, up 41.31% year-over-year, and gross margin rising to 36.91%.

• Data communications PCB revenue surged 45.21% to ¥14.66 billion; intelligent automotive PCB revenue rose 26.41% to ¥3.04 billion.

• Major investments in R&D and capacity expansion, with R&D spending up 44.5% to ¥1.14 billion.

• Cash dividend of ¥5 per 10 shares proposed, totaling ¥962 million.

Financial highlights

• Operating cash flow increased 66.52% year-over-year to ¥3.87 billion.

• Total assets at year-end were ¥28.25 billion, up 33.4% from prior year.

• Net assets attributable to shareholders rose 27.63% to ¥15.11 billion.

• Basic EPS was ¥1.99, up 47.05% year-over-year.

• Gross margin for PCB business improved by 1.06 percentage points to 36.91%.

Outlook and guidance

• 2026 focus on H-share listing in Hong Kong, further R&D investment, and digital/AI-driven manufacturing upgrades.

• Continued expansion of high-end PCB capacity in China and Thailand, with Thailand plant utilization over 90% in Q1 2026.

• Strategic focus on high-value, differentiated products and global supply chain resilience.