Shenzhen Kinwong Electronic (603228) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached RMB 7.10 billion, up 20.93% year-over-year, driven by increased orders and expansion in high-end PCB markets such as AI servers and automotive electronics.

• Net profit attributable to shareholders was RMB 649.55 million, a slight decrease of 1.06% year-over-year, with adjusted net profit (excluding non-recurring items) down 9.02%.

• The company maintained its position as the world's largest automotive PCB supplier and accelerated its presence in AI, data centers, and high-speed communication sectors.

• Strategic investments continued in new production bases, including ongoing construction in Thailand and upgrades to domestic facilities.

Financial highlights

• Operating income: RMB 7.10 billion, up 20.93% year-over-year.

• Net profit: RMB 653.46 million, up 0.22% year-over-year.

• Net profit attributable to shareholders: RMB 649.55 million, down 1.06% year-over-year.

• Adjusted net profit (excluding non-recurring items): RMB 537.39 million, down 9.02% year-over-year.

• Operating cash flow: RMB 912.72 million, down 20.53% year-over-year.

• Basic and diluted EPS: RMB 0.71, down 8.97% year-over-year.

Outlook and guidance

• The company expects continued growth in high-end PCB demand, especially in AI servers, automotive electronics, and data centers.

• Ongoing investments in R&D and production capacity, with the Thailand plant expected to come online soon.

• Management remains focused on digital transformation, supply chain resilience, and green manufacturing.