Fueled by demand from AI and high-performance computing, Wus Printed Circuit (Kunshan) Co., Ltd. reported 2025 revenue of approximately 18.9 billion yuan and a net profit attributable to shareholders of around 3.822 billion yuan, representing year-on-year growth of about 42% and 47.74%, respectively. The weighted average return on equity reached 28.57%, indicating a continuous enhancement of profitability; the net profit after deducting non-recurring gains and losses was largely in line with the net profit attributable to shareholders, reflecting high profit quality. The company's total assets expanded to approximately 28.3 billion yuan, a year-on-year increase of 33.40%, with the pace of asset expansion outpacing the growth rate of profits. Benefiting from robust demand for printed circuit boards driven by emerging computing scenarios such as high-performance computing servers and artificial intelligence, Wus Printed Circuit achieved over 40% year-on-year growth in both revenue and profit for 2025. The company's performance report released on January 27 shows that its full-year operating revenue was about 18.9 billion yuan, up approximately 42% year-on-year; net profit attributable to shareholders was about 3.822 billion yuan, up 47.74% year-on-year; total assets also increased to around 28.3 billion yuan. Key highlights from the performance report are as follows: Strong financial performance: 2025 revenue of 18.9 billion yuan, up 42% year-on-year; net profit attributable to shareholders of 3.822 billion yuan, up 47.74% year-on-year; net profit after non-recurring items of 3.761 billion yuan, up 47.69% year-on-year. Improved profitability: Weighted average return on equity reached 28.57%, an increase of 4.32 percentage points from the previous year; basic earnings per share were 1.99 yuan, up 47.05% year-on-year. Asset base expansion: Total assets reached 28.3 billion yuan, up 33.40% year-on-year; equity attributable to shareholders was 15.1 billion yuan, growing 27.63%; net asset value per share increased to 7.85 yuan. Driven by AI demand: The high growth was primarily reliant on demand from AI servers and high-performance computing, with the product mix concentrated in mid-to-high-end printed circuit boards. The company stated that the performance growth was mainly attributable to the structural demand for printed circuit boards from emerging computing scenarios like high-performance computing servers and artificial intelligence. From a financial metrics perspective, the company's weighted average return on equity was 28.57%, an improvement from the previous year's 24.25%. Net profit after deducting non-recurring gains and losses was approximately 3.761 billion yuan, essentially equivalent to the net profit attributable to shareholders. The operating profit as a percentage of operating revenue was about 23.3%, a slight increase from 22.2% in the same period last year. As of the end of the reporting period, the company's total assets were approximately 28.3 billion yuan, an increase of about 33.40% from the end of the previous year; equity attributable to shareholders of the listed company was approximately 15.1 billion yuan, a year-on-year increase of about 27.63%. The growth rate of total assets exceeded the growth in revenue and net profit, while the growth rate of shareholder equity was lower than that of total assets, suggesting the company may have undertaken corresponding asset expansion and liability structure adjustments during the reporting period.