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Shennan Circuit Company (002916) investor relations material
Shennan Circuit Company H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2026 reached ¥15.30 billion, up 46.33% year-over-year; net profit attributable to shareholders was ¥2.25 billion, up 65.55% year-over-year.
All three core businesses—PCB, substrate, and EMS—achieved double-digit growth, with substrate revenue more than doubling.
The company capitalized on AI infrastructure demand, optimizing product mix and expanding capacity, especially in high-end substrates and data center applications.
R&D investment increased 27.81% to ¥859 million, supporting technical leadership and patent growth.
Financial highlights
Operating income: ¥15.30 billion, up 46.33% year-over-year.
Net profit attributable to shareholders: ¥2.25 billion, up 65.55% year-over-year.
Operating cash flow: ¥1.50 billion, stable year-over-year.
Gross margin for PCB: 36.85% (+2.43ppt), substrate: 31.35% (+16.20ppt), EMS: 17.30% (+2.32ppt).
Total assets: ¥40.74 billion (+33.22% from year-end 2025); equity: ¥18.03 billion (+5.14%).
Outlook and guidance
AI and data center demand expected to drive continued growth in high-end PCB and substrate markets.
Ongoing capacity expansion in Thailand, Guangzhou, and Wuxi to support future orders.
Management remains cautious on macroeconomic and supply chain risks but expects structural opportunities in AI and automotive electronics.
- Revenue and net profit soared in Q1 2026, but operating cash flow fell sharply.002916
Q1 2026 - Q3 revenue surged 33% and net profit nearly doubled, driven by strong orders and capacity expansion.002916
Q3 2025 - Revenue and net profit surged, driven by robust PCB, substrate, and EMS growth.002916
H1 2025 - Q3 revenue up 37.95% and YTD net profit up 63.86% on robust demand and order growth.002916
Q3 2024 - Net profit more than doubled as revenue and margins surged across all business lines in H1 2024.002916
H1 2024 - Q1 2025 saw double-digit revenue and profit growth, driven by robust demand and policy support.002916
Q1 2025 - Revenue and net profit surged over 30% year-over-year, with robust growth across all segments.002916
H2 2024
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