Analysis of Shengyi Technology's First Three Quarters 2025 Performance

According to public information, Shengyi Technology (600183.SH) recorded operating revenue of RMB 20.61 billion in the first three quarters of 2025, representing a year-on-year increase of 39.80%. The company’s main operations are divided into two segments, with their respective contributions detailed below:

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Indicator	First Three Quarters of 2025	First Three Quarters of 2024	Year-on-Year Change
Operating Revenue	RMB 20.614 billion	RMB 14.745 billion	+39.80%
Net Profit Attributable to Parent Company Shareholders	RMB 2.443 billion	RMB 1.372 billion	+78.04%
Net Profit Excluding Non-Recurring Gains and Losses	RMB 2.411 billion	RMB 1.331 billion	+81.25%

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• Revenue Contribution
  : Approximately
  75%
  of total revenue share
• Gross Profit Contribution
  : Approximately
  75%
  of total gross profit share
• Business Features
  :
  • The company is one of the world’s leading manufacturers of rigid copper clad laminates
  • Products are widely used in high-end fields such as AI servers, 5G base stations, high computing power devices, and automotive electronics
  • Copper clad laminate sales rose year-on-year in H1 2025, with continuous product structure optimization and improved gross margin
  • Mass supply of GPU/AI-related products has been achieved, breaking the monopoly of overseas high-end materials

• Revenue Contribution
  : Approximately
  20%
  of total revenue share
• Gross Profit Contribution
  : Approximately
  14%
  of total gross profit share
• Subsidiary Performance
  : Shengyi Electronics (688183) in the first three quarters of 2025:
  • Operating Revenue: RMB 6.614 billion to RMB 7.034 billion (year-on-year growth of 108% to 121%)
  • Net Profit Attributable to Shareholders: RMB 1.074 billion to RMB 1.154 billion (year-on-year growth of 476% to 519%)
  • The proportion of high value-added products continued to rise, with a significant increase in AI-related orders

• Revenue Contribution
  : Approximately
  5%
  of total revenue share
• Includes joint venture businesses such as silicon micropowder manufacturing, chip packaging, and composite materials

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Year	Copper Clad Laminate Revenue Share	PCB Business Revenue Share	Other Businesses Revenue Share
2021	80%	17%	3%
2023	76%	19%	5%
2024	73%	22%	5%
2025 (Forecast)	67%-70%	25%-29%	3%-4%

: The revenue share of the PCB business has continued to rise, developing into the company’s second growth curve, with significant advantages in industrial chain integration.

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1. Copper Clad Laminate Business
   :
   • Surge in demand for high-end copper clad laminates driven by AI computing power demand
   • Optimized product structure, with high-end product SKUs accounting for approximately 29%
   • Successfully passed verification by leading global AI customers

2. PCB Business (Shengyi Electronics)
   :
   • Capitalized on the volume expansion trend of self-developed ASICs by cloud computing vendors
   • Successfully developed AI server clients such as Amazon
   • Production capacity release for high-end products such as high-layer PCBs and HDI

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[1] Shengyi Technology 2025 Q3 Report (https://stockmc.xueqiu.com/202510/600183_20251029_SF3V.pdf)

[2] Huajin Securities - Shengyi Technology (600183.SH) Company Express Report (https://pdf.dfcfw.com/pdf/H3_AP202507301718523156_1.pdf)

[3] Guojin Securities - In-Depth Research Report on Global Copper Clad Laminate Leader (https://pdf.dfcfw.com/pdf/H3_AP202502111642959995_1.pdf)

[4] Shengyi Electronics 2025 First Three Quarters Performance Forecast (https://paper.cnstock.com/html/2025-10/24/content_2134290.htm)

[5] Securities Times - Shengyi Technology Signs RMB 4.5 Billion Investment Intent Agreement (https://www.stcn.com/article/detail/3569239.html)

[6] Marketscreener-Shengyi Technology Q3 2025 Earnings Results (https://www.marketscreener.com/news/shengyi-technology-co-ltd-reports-earnings-results-for-the-nine-months-ended-september-30-2025-ce7d5dddde8bf227)