AI Computing Power Drives High-End PCB Volume Surge, WUS Q1 Revenue Jumps 54% YoY to 6.2 Billion Yuan, Net Profit Up 63% | Financial Report Insights

On April 21, WUS disclosed its first-quarter report showing that the company's operating revenue for the first quarter of 2026 reached 6.214 billion yuan, a year-on-year increase of 53.91%; net profit attributable to the parent company was 1.242 billion yuan, up 62.90% YoY; non-recurring net profit after deduction was 1.163 billion yuan, up 56.02% YoY; basic earnings per share were 0.6455 yuan; and the weighted average return on net assets increased by 1.59 percentage points year-on-year to 7.81%. The performance growth mainly benefited from the structural demand for printed circuit boards driven by emerging computing scenarios such as high-speed computing servers and artificial intelligence. Profit growth continued to outpace revenue growth, reflecting a positive trend in product structure optimization and cost control. However, during the reporting period, exchange rate fluctuations resulted in foreign exchange losses of approximately 148 million yuan, exerting some drag on financial expenses. Of particular note is that the net cash flow from operating activities was 511 million yuan, a year-on-year decline of 64.04%. The company explained that this was primarily due to the expansion of business scale and increased raw material procurement, with cash paid for purchasing goods and accepting services increasing by approximately 1.521 billion yuan year-on-year. Nevertheless, the balance of monetary funds at the end of the period still reached 4.392 billion yuan, a 70.29% increase compared to the end of the previous year, indicating ample overall liquidity. AI and High-Speed Network Demand Drive Continued Surge in High-End PCBs The core logic behind WUS's current growth remains clear: the expansion of AI computing infrastructure is driving structural demand for high-end PCB products featuring high layer counts, high frequency/high speed, high-density interconnects, and high current carrying capacity. Leveraging its product layout in high-speed computing servers and next-generation high-speed network switches, the company continues to benefit from this technology upgrade cycle. From a financial indicator perspective, first-quarter revenue grew 53.91% year-on-year, while net profit growth reached 62.90%, showing significant improvement in profitability. Achieving this growth amidst nearly 150 million yuan in foreign exchange losses demonstrates strong elasticity at the core business level. Meanwhile, during the reporting period, the company completed the sale of 100% equity in Huangshi Wusi Supply Chain Management Co., Ltd., realizing a disposal gain of approximately 47.72 million yuan, further focusing on its core business of printed circuit boards. R&D Investment Doubles, Foreign Exchange Losses Drag Down Profits From the cost side, total operating costs for the first quarter were 4.887 billion yuan, an increase of approximately 56.6% year-on-year, slightly higher than revenue growth, primarily driven by a significant increase in raw material procurement due to scale expansion. Among these, operating costs were 3.999 billion yuan, up approximately 47.3% year-on-year, with gross margin improving slightly compared to the same period last year. R&D investment attracted particular attention. R&D expenses for this period reached 417 million yuan, a substantial year-on-year increase of approximately 96%, nearly doubling, accounting for about 6.7% of revenue. This level of investment reflects the company's accelerated layout in cutting-edge technical directions such as CoWoP packaging substrates and mSAP advanced processes, laying the technological foundation for mass production of even higher-end product lines. Regarding financial expenses, impacted by foreign exchange losses of approximately 148 million yuan, financial expenses for this period reached 140 million yuan, compared to a net income of 31 million yuan in the same period last year, a difference of approximately 171 million yuan. Intensive Capital Expenditures, Multiple Capacity Expansion Projects Advance Simultaneously Since the beginning of this year, WUS has been active in capacity expansion, continuously disclosing multiple major investment plans covering production bases in Changzhou, Kunshan, and Huangshi. In January, the company announced the establishment of a wholly-owned subsidiary in Jintan District, Changzhou, to launch a high-density optoelectronic integrated circuit board project with a planned total investment of 300 million US dollars, building an incubation platform for frontier technologies like CoWoP and advanced processes like mSAP. In February, the company approved an investment plan to newly build a "High-End Printed Circuit Board Production Project," with a total investment of approximately 3.3 billion yuan, focusing on products such as high-layer-count and high-frequency/high-speed boards to meet incremental demand from high-speed computing servers and next-generation high-speed network switches, with a construction period of two years. In March, the company further stepped up efforts: its wholly-owned subsidiary Kunshan Huli Microelectronics planned to invest approximately 5.5 billion yuan to build a new printed circuit board production project and supporting facilities; subsequently, it disclosed another investment plan of approximately 6.8 billion yuan for constructing a printed circuit board production project and supporting facilities. All the aforementioned investment projects target the medium-to-long-term demand brought by AI computing power and high-speed networks, as the company accelerates the construction of a high-end PCB capacity matrix covering multiple regions and technical directions. Balance Sheet Expansion, Shareholders' Equity Steadily Increases With business expansion and capital expenditures landing, the company's balance sheet expanded accordingly. As of the end of the first quarter, total assets reached 32.72 billion yuan, an increase of 15.81% from the end of the previous year; owners' equity attributable to shareholders of the listed company was 16.79 billion yuan, up 11.10% from the end of the previous year. Among these, short-term borrowings increased from 2.17 billion yuan at the end of the previous year to 3.072 billion yuan, and long-term borrowings rose from 1.886 billion yuan to 2.626 billion yuan, reflecting the company's moderate increase in leverage to support expansion and operational funding needs. However, the overall asset-liability ratio stood at 48.65%, within a controllable range. Regarding shareholder structure, the top two shareholders, BIGGERING (BVI) HOLDINGS and WUS GROUP HOLDINGS, held 19.32% and 11.26% respectively, with the actual controller being the Wu Liguan family in both cases. Hong Kong Central Clearing Limited held 10.08%, ranking as the third-largest shareholder.