On January 23, 2026, Victory Giant Technology (300476) announced that the company organized an on-site visit event on the same day, with participation from Goldman Sachs, T. Rowe Price, Temasek, Panze Asset Management, Shenwan Hongyuan Securities, Ruiyuan Fund, Changsheng Fund, Hongming Capital, Korea Investment Corporation, Hongdao Investment, Guosen Securities, AllianceBernstein, Heyuan Fund, Shenzhen Zhongou Ruibo Investment, Nuode Fund, Baichuan Investment, CITIC-Prudential Asset Management, Xiniu Investment, Shenzhen Aixi Capital, Zhong'an Huifu, Dunhe Asset Management, GF Securities, Boyu Investment, Hui Capital, Zhenxingu, Tengyue Fund, Hezhong Yisheng, Sunshine Asset Management, Industrial Fund, Anjie Asset Management, Guangxin Capital, HFT Investment Management, Jiangsu Ruihua, Millennium Capital, Zhongyong Capital, Panwei Capital, Pinpoint Asset Management, and Bojun Capital.
The specific content is as follows: Question: Investors toured the company's exhibition hall and production workshops. Answer: The company currently has a sufficient order backlog, with business progressing smoothly. Capacity utilization is maintained at a favorable level, and order production and delivery are being fulfilled normally. The company is fully committed to advancing capacity expansion, with progress across all stages proceeding smoothly, and the pace of expansion is already at an industry-leading level. New factory buildings will progressively undergo main structure construction, equipment installation, and commissioning. The initial production line run-in and the gradual ramp-up of capacity and output in the new facilities represent a necessary phase in the industry. The company maintains close communication with customers and advances capacity preparations based on their demand. As new capacities ramp up and contribute to performance, the company is confident in its future profitability. Regarding domestic capacity, the Huizhou Plant 4 project is now being commissioned in phases, while the Plant 10 and 11 projects are under construction as planned. For overseas capacity, the Phase 1 upgrade of the company's Thailand factory building was completed in March 2025, and Phase 2 high-end capacity has begun producing verification boards. The construction of the additional Thailand building and the Vietnam factory is also progressing orderly according to plan. The company's overseas layout is driven by supply security considerations and, upon completion, will effectively meet the diversified needs of global customers.
In next-generation AI server products and future technology solutions, does the company have a layout, and when will significant progress be evident? The company possesses mass production capability for high-precision circuit boards with over 70 layers and is among the first globally to achieve mass production of 6-substrate 24-layer AI computing data center products, along with technical capabilities for 8-substrate 28-layer HDI and 16-layer any-layer HDI. Currently, the company is continuously advancing the R&D and certification of 10-substrate 30-layer HDI and has the technical capability for high-multilayer PCBs exceeding 100 layers. Leveraging leading advantages in R&D technology, manufacturing technology, and quality technology, the company is deeply involved in the pre-research of new products for major international clients and is laying the groundwork for future new technologies and materials. The company maintains close communication with customers and advances capacity preparations based on their demand, fully supporting the R&D and production of new products. The specific mass production timeline for products will be determined by integrating technology R&D progress with customer requirements.
Is the supply of the company's key raw materials currently tight? If rising copper prices and raw material prices exert pressure on the cost side, will the company's product selling prices also increase accordingly? The company has established stable cooperative relationships with its major raw material suppliers, ensuring a stable supply. Raw material cost is a significant factor influencing the company's product pricing. To address potential risks from raw material price fluctuations, the company, on one hand, negotiates product pricing with downstream customers based on raw material price trends to reasonably pass on cost pressure. On the other hand, the company will continuously mitigate the impact of raw material price volatility through technological process innovation and deepening strategic supply chain cooperation. Regarding the main raw materials required for high-end products, their prices are less affected by fluctuations in commodity prices; therefore, the prices of the company's high-end products are currently relatively stable.
What is the progress of the company's Hong Kong listing? The H-share issuance and listing process is being promoted in an orderly manner. The company submitted an application to the Hong Kong Stock Exchange on August 20, 2025, for the issuance of overseas listed shares (H-shares) and for listing on the Main Board of the Hong Kong Stock Exchange. This issuance and listing still require approvals or filings from relevant government departments, regulatory bodies, and stock exchanges, including the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange. Implementation is also subject to comprehensive consideration of market conditions and other factors, meaning this matter remains uncertain. The company will fulfill its information disclosure obligations promptly in accordance with relevant regulations based on the subsequent progress of this issuance and listing. Please pay attention to the company's subsequent announcements.
Victory Giant Technology (300476) Main Business: The research, development, production, and sales of high-density printed circuit boards. According to Victory Giant Technology's third-quarter report for 2025, the company's operating revenue for the first three quarters was 141.17 billion yuan, a year-on-year increase of 83.4%; net profit attributable to shareholders was 3.245 billion yuan, a year-on-year increase of 324.38%; and net profit after deducting non-recurring items was 3.248 billion yuan, a year-on-year increase of 317.75%. In the third quarter of 2025 alone, the company's single-quarter operating revenue was 50.86 billion yuan, a year-on-year increase of 78.95%; single-quarter net profit attributable to shareholders was 1.102 billion yuan, a year-on-year increase of 260.52%; and single-quarter net profit after deducting non-recurring items was 1.099 billion yuan, a year-on-year increase of 247.73%. The debt-to-asset ratio was 50.44%, investment income was 908,200 yuan, financial expenses were 81.6658 million yuan, and the gross profit margin was 35.85%. In the past 90 days, a total of 12 institutions have provided ratings for the stock, with 11 giving a "Buy" rating and 1 giving an "Overweight" rating. The average institutional target price over the past 90 days is 403.42.
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