Wus Printed Circuit(Kunshan)Co.,Ltd. disclosed its first-quarter report showing the company achieved operating revenue of 62.14 billion yuan in the first quarter of 2026, representing a year-on-year increase of 53.91%. Net profit attributable to shareholders reached 1.242 billion yuan, rising 62.90% compared to the same period last year. After non-recurring adjustments, net profit stood at 1.163 billion yuan, up 56.02% year-on-year. Basic earnings per share were 0.6455 yuan, while the weighted average return on equity increased by 1.59 percentage points to 7.81%. The performance growth primarily benefited from structural demand for printed circuit boards driven by emerging computing scenarios such as high-speed computing servers and artificial intelligence.
The profit growth rate continues to outpace revenue growth, reflecting the company's favorable position in product structure optimization and cost control. However, during the reporting period, the company incurred approximately 148 million yuan in exchange losses due to currency fluctuations, which negatively impacted financial expenses.
Notably, net cash flow from operating activities was 511 million yuan, a decrease of 64.04% compared to the same period last year. The company attributed this primarily to expanded operational scale and increased raw material procurement, with cash paid for goods and services rising by approximately 1.521 billion yuan year-on-year. Nevertheless, the monetary fund balance at the period-end remained substantial at 4.392 billion yuan, growing 70.29% from the end of the previous year, indicating ample overall liquidity.
Driven by AI and high-speed network demand, high-end PCB volume continues to expand. The core growth logic for Wus Printed Circuit remains clear: the expansion of AI computing infrastructure is driving structural demand for high-end PCB products featuring high layer counts, high frequency and speed, high-density interconnects, and high current flow. With its product portfolio in areas such as high-speed computing servers and next-generation high-speed network switches, the company continues to benefit from this technological upgrade cycle.
Financially, first-quarter revenue grew 53.91% year-on-year, while net profit increased by 62.90%, demonstrating significant improvement in profitability. Achieving this growth rate despite nearly 150 million yuan in exchange losses highlights strong operational resilience in its core business.
Concurrently, during the reporting period, the company completed the sale of its 100% equity stake in Huangshi Wus Supply Chain Management Co., Ltd., generating approximately 47.72 million yuan in disposal gains, further sharpening its focus on the printed circuit board main business.
Research and development investment doubled, while exchange losses impacted profits. On the cost side, total operating costs for the quarter were 4.887 billion yuan, an increase of approximately 56.6% year-on-year, slightly higher than revenue growth, mainly due to significantly increased raw material purchases driven by scale expansion. Operating costs specifically were 3.999 billion yuan, up approximately 47.3% year-on-year, with the gross profit margin showing slight improvement compared to the same period last year.
R&D investment was particularly noteworthy. R&D expenses for the period reached 417 million yuan, a substantial increase of approximately 96% year-on-year—nearly doubling—accounting for about 6.7% of revenue. This level of investment reflects the company's accelerated focus on cutting-edge technology directions like CoWoP packaging substrates and mSAP advanced processes, laying the technical foundation for mass production of higher-end product lines. Regarding financial expenses, impacted by approximately 148 million yuan in exchange losses, financial expenses for the period reached 140 million yuan, a significant shift from a net gain of 31 million yuan in the same period last year, representing a difference of about 171 million yuan.
Capital expenditures are being intensively deployed, with multiple capacity expansion projects advancing simultaneously. Since the beginning of the year, Wus Printed Circuit has been active in capacity expansion, disclosing several major investment plans covering production bases in Changzhou, Kunshan, and Huangshi.
In January, the company announced the establishment of a wholly-owned subsidiary in the Jintan District of Changzhou to develop a high-density photoelectric integrated circuit board project, with a planned total investment of 300 million US dollars, creating an incubation platform for前沿 technologies like CoWoP and advanced processes such as mSAP.
In February, the company approved an investment to build a new "High-End Printed Circuit Board Production Project" with a total investment of approximately 3.3 billion yuan, focusing on products like 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 intensified its efforts: its wholly-owned subsidiary Kunshan Wus Printed Circuit planned an investment of approximately 5.5 billion yuan to build a new printed circuit board production project and supporting facilities; subsequently, it disclosed another investment plan of about 6.8 billion yuan for constructing a printed circuit board production project and its supporting facilities.
These investment projects all target medium- to long-term demand driven by AI computing power and high-speed networks. The company is accelerating the construction of a high-end PCB capacity matrix covering multiple regions and technological directions.
The balance sheet is expanding as business operations grow and capital expenditures are realized. As of the end of the first quarter, total assets reached 32.720 billion yuan, an increase of 15.81% from the end of the previous year. Equity attributable to shareholders of the listed company was 16.790 billion yuan, growing 11.10% from the end of the prior year.
Specifically, short-term borrowings increased from 2.170 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 a moderate increase in leverage to support expansion and working capital needs. However, the overall asset-liability ratio was 48.65%, remaining within a controllable range.
Regarding shareholder structure, the top two shareholders, BIGGERING (BVI) HOLDINGS and WUS GROUP HOLDINGS, held 19.32% and 11.26% of shares respectively, with both ultimately controlled by the Wu Ligan family. Hong Kong Securities Clearing Company Limited held 10.08%, ranking as the third-largest shareholder.
Comments