Avary Holding (Shenzhen) Co., Limited designs, develops, manufactures, and sells printed circuit boards in China, the United States, the rest of Asia, and Europe. Its products are used in communications, consumer electronics, computers, automotive electronics, and industrial control. The company also engages in property leasing, warehousing, wholesale and import/export of electronic information products and related boards, water pollution control, environmental consulting, and real estate development and operation. Founded in 1999 and headquartered in Shenzhen, China, it operates as a subsidiary of Shenzhen Meigang Industrial Co., Ltd.
Avary's AI server and optical module bets drive growth
▲
AI server and optical module revenue surge Avary's automotive and server board business revenue jumped 181.58% year-on-year, with AI server revenue near 1 billion yuan and optical module revenue up 11 times to 626 million yuan. This shows the company's new growth engines are paying off, boosting future profit expectations.
This is the core new fundamental driver showing Avary's successful pivot to AI-related products.
▲
Parent Pengding's 10 billion yuan AI PCB investment Parent Pengding Holdings plans to invest 10 billion yuan in a new Shenzhen campus for AI high-end substrate-like PCBs and flexible circuit boards. This signals strong commitment to AI supply chain and could benefit Avary through shared technology and customer access.
This major capital commitment from the parent company reinforces the strategic focus on AI and supports Avary's long-term growth outlook.
▲
High institutional interest and R&D spending Avary hosted 221 institutional investors this week, one of the most visited A-share companies. R&D expenses rose to 1.597 billion yuan, up over 500 million year-on-year. This reflects strong investor confidence and commitment to innovation.
High institutional attention and increased R&D indicate market recognition and future growth potential.
◆
Overall profit growth modest despite AI gains Parent Pengding's first-half net profit rose only 4.11% year-on-year to 1.284 billion yuan, as traditional communications and consumer electronics board revenue declined. This shows that while AI is booming, it hasn't yet fully offset weakness in other segments.
This provides a balanced view: AI growth is strong but overall profit growth is still modest due to drag from legacy businesses.
Q3 2026
▲3
Avary's AI server and optical module bets drive growth
▲
AI server and optical module revenue surge Avary's automotive and server board business revenue jumped 181.58% year-on-year, with AI server revenue near 1 billion yuan and optical module revenue up 11 times to 626 million yuan. This shows the company's new growth engines are paying off, boosting future profit expectations.
This is the core new fundamental driver showing Avary's successful pivot to AI-related products.
▲
Parent Pengding's 10 billion yuan AI PCB investment Parent Pengding Holdings plans to invest 10 billion yuan in a new Shenzhen campus for AI high-end substrate-like PCBs and flexible circuit boards. This signals strong commitment to AI supply chain and could benefit Avary through shared technology and customer access.
This major capital commitment from the parent company reinforces the strategic focus on AI and supports Avary's long-term growth outlook.
▲
High institutional interest and R&D spending Avary hosted 221 institutional investors this week, one of the most visited A-share companies. R&D expenses rose to 1.597 billion yuan, up over 500 million year-on-year. This reflects strong investor confidence and commitment to innovation.
High institutional attention and increased R&D indicate market recognition and future growth potential.
◆
Overall profit growth modest despite AI gains Parent Pengding's first-half net profit rose only 4.11% year-on-year to 1.284 billion yuan, as traditional communications and consumer electronics board revenue declined. This shows that while AI is booming, it hasn't yet fully offset weakness in other segments.
This provides a balanced view: AI growth is strong but overall profit growth is still modest due to drag from legacy businesses.
News & notes moving002938.CS
China
Artificial Intelligence▼
Shengyi Electronics Plans to Invest 2.257 Billion Yuan to Expand High-End HDI Capacity
Shengyi Electronics announced on the evening of August 28 that it plans to have its wholly owned subsidiary Ji'an Shengyi Electronics invest in the construction of a high-speed interconnect circuit board manufacturing project called Core Computing Intelligent Connectivity. The total investment is approximately 2.257 billion yuan, of which new investment is about 2.158 billion yuan. The products are positioned as HDI printed circuit boards for AI servers, automotive electronics, and other fields, with a designed capacity of 445,900 square meters per year. In the first half of the year, the company's revenue was 5.784 billion yuan, up 53.46 percent year on year, and net profit attributable to the parent company was 1.111 billion yuan, up 109.36 percent year on year. Gross margin rose to 34.31 percent, a new high since listing. As of the close on August 28, Shengyi Electronics traded at 131.2 yuan per share, with a total market value of about 109.9 billion yuan, and had risen nearly 40 percent during the year. The company noted that project funding will come from its own and self-raised funds, while cash and cash equivalents at the end of the period were only 407 million yuan, and the asset-liability ratio rose to 53.76 percent, creating funding pressure. In the industry, according to CPCA statistics, in the first half of 2026 there were 76 new investment projects in China's PCB industry, with a total investment of about 169.1 billion yuan. Leading manufacturers such as Victory Giant Technology, Avary Holding, and Wus Printed Circuit have all expanded capacity significantly, but the new capacity is expected to be released mainly from the second half of 2026 to 2028, posing a risk of oversupply.
688183.CG · Capital · Positive Shengyi Electronics plans a 2.257 billion yuan investment to expand high-end HDI capacity for AI servers and automotive electronics.
002463.CS · Competition · Negative Named as a leading PCB manufacturer whose significant capacity expansion contributes to the industry oversupply risk.
002938.CS · Competition · Negative Named as a leading PCB manufacturer whose significant capacity expansion contributes to the industry oversupply risk.
300476.CS · Competition · Negative Named as a leading PCB manufacturer whose significant capacity expansion contributes to the industry oversupply risk.
Avary Holding received research visits from 221 institutions this week
Avary Holding hosted research visits from 221 institutional investors this week, making it one of the most visited A-share companies by institutions. A total of 72 listed companies received institutional research visits this week, with six companies hosting more than 100 institutions, and Avary Holding and Ninebot receiving over 200. Avary Holding's research and development expenses in the first half of the year reached 1.597 billion yuan, an increase of more than 500 million yuan year on year, with the proportion of operating revenue rising to 9.28 percent. The company's communications board business achieved revenue of 10.048 billion yuan, down 2.15 percent year on year, while gross margin rose 3.96 percentage points to 19.94 percent. The consumer electronics and computer board business achieved revenue of 4.742 billion yuan, down 8.36 percent year on year, while gross margin rose 1.02 percentage points to 25.54 percent. The automotive and server board business achieved revenue of 2.267 billion yuan, up 181.58 percent year on year, with AI server business revenue approaching 1 billion yuan and a gross margin of 37.42 percent for the segment. The company's overall gross margin was 23.82 percent, up 5.08 percentage points year on year. Avary Holding said its high-end HDI products have entered the AI server market and passed certification from mainstream server and cloud service providers, its SLP products have entered the 800G and 1.6T high-end optical module market and begun mass production and shipment, and its 3.2T products have entered the research and development stage. In the first half of the year, the optical module business achieved sales revenue of 626 million yuan, an increase of 11 times year on year.
002938.CS · Demand · Positive AI server and optical module business revenue surged, with high-end HDI and SLP products entering AI server and high-end optical module markets.
G-bits plans to distribute 100 yuan per 10 shares; first-half net profit up nearly 70%
G-bits disclosed that in the first half of 2026 it achieved operating revenue of 3.727 billion yuan, up 48.01% year on year, and net profit attributable to the parent of 1.092 billion yuan, up 69.31% year on year, and plans to distribute a cash dividend of 100 yuan, tax included, for every 10 shares. On the same day, Avary Holding's first-half AI server PCB revenue approached 1 billion yuan, and high-speed optical module PCB revenue exceeded 600 million yuan. Jifeng Auto Parts received a nomination for a passenger car seat assembly project, with an estimated total life-cycle value of 2.12 billion yuan. SMIC's second-quarter overall sales revenue reached 3 billion US dollars, up 20% quarter on quarter. In addition, Grace Fabric Technology's first-half net profit rose 334.32% year on year. Dalian Thermal Power's first-half net profit was 50.135 million yuan, turning from a loss to a profit year on year. BGE and its subsidiary jointly won a 500 million yuan solid waste treatment project in Vietnam.
603444.CG · Capital · Positive G-bits reported 69.31% net profit growth and announced a cash dividend.
002938.CS · Capital · Positive First-half AI server PCB revenue approached 1 billion yuan, and high-speed optical module PCB revenue exceeded 600 million yuan.
0981-OL.HK · Capital · Positive SMIC's Q2 sales revenue reached $3B, up 20% QoQ.
600719.CG · Capital · Positive Dalian Thermal Power turned from loss to profit with net profit of 50.135M yuan.
603256.CG · Capital · Positive Grace Fabric Technology's first-half net profit rose 334.32% YoY.
603588.CG · Demand · Positive BGE and subsidiary won a 500M yuan solid waste treatment project in Vietnam.
Pengding Holdings' First-Half 2026 Net Profit Reaches 1.284 Billion Yuan, Up 4.11% Year-on-Year
Pengding Holdings released its 2026 semi-annual report, achieving a net profit attributable to shareholders of the listed company of 1.284 billion yuan, a year-on-year increase of 4.11%. The company's operating revenue for the same period was 17.217 billion yuan, up 5.14% year-on-year. During the reporting period, the company's automotive and server board business achieved operating revenue of 2.267 billion yuan, a significant year-on-year increase of 181.58%, of which AI server business revenue was nearly 1 billion yuan and optical module business revenue exceeded 600 million yuan, both achieving substantial growth. The gross profit margin of this segment reached 37.42%, demonstrating good profitability.
Pengding Holdings July Consolidated Revenue Reaches 3.201 Billion Yuan, Up 6.61% Year-on-Year
Pengding Holdings announced that its consolidated operating revenue for July 2026 was 3.201 billion yuan, an increase of 6.61% year-on-year. In the first quarter of 2026, the company achieved revenue of 7.986 billion yuan and net profit attributable to the parent company of 463 million yuan.
Xinrui Shares' Acquisition of Huilian Electronics Reaches Substantive Progress, Consolidation Begins in August
Xinrui Shares' acquisition of Huilian Electronics has reached a substantive milestone. The company has completed the first payment under the equity purchase agreement, and all legacy issues such as the pledge of the target equity and related-party debts have been fully resolved. Huilian Electronics will be formally consolidated into the company's financial statements starting in August. Huilian Electronics specializes in the field of precision cutting tools for printed circuit boards, mastering core technologies such as mature ultra-fine micro-drills and diamond coatings. Its customers include leading PCB manufacturers like Avary Holding and Shennan Circuits, and it is a significant beneficiary of the industry boom in high-end circuit boards for AI servers. This acquisition is a core strategic move for Xinrui Shares to expand its electronic precision consumables business, with strong synergies with the company's existing cemented carbide main business. The market also views this acquisition as an important step for the company to open up a second growth curve. According to the acquisition agreement, Xinrui Shares paid 79.6528 million yuan in special release funds to the seller Xu Meihua on July 30. The seller settled the corresponding debts on the same day and simultaneously completed all procedures for the cancellation of the equity pledge. Currently, the target equity is free from any rights restrictions such as mortgages, pledges, or freezes. Meanwhile, all related-party debts have been fully settled, with the main sellers—Henan Jiurixu Enterprise Management Company, Xu Meihua, and Li Lingxiang—instructing Xinrui Shares to pay the target company from the equity transfer payments they are due to receive. Currently, the transaction parties are handling relevant tax and industrial and commercial registration change procedures.
Pengding Holdings Plans to Invest 10 Billion Yuan in AI High-End Substrate-Like PCBs and Flexible Circuit Board Smart Manufacturing Base
Pengding Holdings announced plans to invest in a new third campus in Shenzhen, building an AI high-end substrate-like PCBs and flexible circuit board smart manufacturing base project. The total investment is expected to be 10 billion yuan, with construction starting in July 2026 and production commencing by 2033. The announcement noted that this investment is an important move to accelerate the company's high-end PCB product production layout and further improve its strategic layout across the AI cloud, pipe, and device chain. In the first quarter of 2026, Pengding Holdings achieved revenue of 7.986 billion yuan and net profit attributable to the parent company of 463 million yuan.
002938.CS · Capital · Positive Pengding Holdings, the parent company of Avary Holding, announced a 10 billion yuan investment in AI high-end PCB and flexible circuit board manufacturing, which is expected to boost its strategic position in AI-related products.
Puya Semiconductor first-half net profit expected to surge 1,925% year-on-year
Puya Semiconductor released its half-year performance forecast, estimating net profit attributable to parent company owners for the first half of 2026 at approximately 825 million yuan, a year-on-year increase of 1,925.36%. The company said it benefited from global AI computing infrastructure build-out, with simultaneous improvements in volume and pricing for general-purpose memory chips, while new analog products such as MCUs and drivers gradually penetrated industrial control and AIoT sectors and achieved scale shipments. ChangXin Memory Technologies announced it will list on the STAR Market on July 27, with an issue price of 8.66 yuan per share and total post-IPO share capital of 66.881 billion shares. Yunnan Lincang Xinyuan Germanium Industry's controlling subsidiary Yunnan Xinyao signed an indium phosphide wafer supply agreement, with an estimated total contract value of 570 million to 855 million yuan, accounting for 53.48% to 80.23% of the company's 2025 audited revenue. Avary Holding plans to invest 10 billion yuan to build a third Shenzhen campus, constructing an AI high-end substrate-like PCB and flexible circuit board intelligent manufacturing base project. Longsys's controlling shareholder proposed a share buyback of 400 million to 800 million yuan for equity incentives or employee stock ownership plans.
Multiple Companies on Shanghai and Shenzhen Stock Exchanges Release Positive Announcements on the Evening of July 23
On the evening of July 23, multiple listed companies on the Shanghai and Shenzhen stock exchanges released important positive announcements. Yunnan Germanium's holding subsidiary Yunnan Xinyao signed an indium phosphide wafer supply agreement, with an estimated total contract value of 570 million to 855 million yuan, accounting for 53.48% to 80.23% of the company's 2025 annual revenue, and deliveries will be made in batches from August 2026 to the end of 2027. Hongjing Optoelectronics plans to issue convertible bonds to raise no more than 630 million yuan for research and industrialization projects including diversified application lens modules. Pengding Holdings plans to invest 10 billion yuan to build a new third campus in Shenzhen, constructing an intelligent manufacturing base for high-end AI-related substrate-like PCBs and flexible circuit boards, with construction scheduled to start in July 2026 and be completed and put into production by 2033. Zhongyuantong's wholly-owned subsidiary Weipo plans to invest 10 million yuan of self-raised funds to build an energy storage PACK production line, expected to complete commissioning by the end of September 2026. Taijing Technology stated on an interactive platform that its high-frequency products have been supplied in batches to some optical module, server, and data center customers. Minmetals New Energy expects a net profit of 340 million to 400 million yuan in the first half of 2026, turning from a loss to a profit year-on-year, mainly due to the rapid development of the new energy vehicle and energy storage industries and a significant increase in product sales. Jiangbolong's chairman proposed to repurchase shares worth 400 million to 800 million yuan for equity incentives or employee stock ownership plans. Xingye Technology's wholly-owned subsidiary Jiangsu Xingguang acquired the indium phosphide substrate manufacturing and sales business of Qingdao Li'ang for 55 million yuan in cash. The business has total assets of 17.0246 million yuan, net assets of 6.3704 million yuan, revenue of 2.3438 million yuan in the first five months of this year, a net loss of 1.4409 million yuan, and orders on hand not exceeding 2 million yuan, with an expected minimal impact on current profits. Montage Technology plans to repurchase shares worth 300 million to 600 million yuan, with a repurchase price not exceeding 332.90 yuan per share, to maintain company value and shareholder equity. Redboard Technology's wholly-owned subsidiary Ganzhou Redboard plans to invest no more than 5 billion yuan to build an industrialization project for high-end mSAP precision circuit boards, and also plans to invest no more than 300 million yuan to construct Building D1 and auxiliary facilities. The company itself also plans to invest no more than 700 million yuan for technical transformation and capacity expansion of high-precision HDI circuit board production lines.
Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Supply
002428.CS · Demand · Positive Subsidiary signed indium phosphide wafer supply agreement worth 570-855 million yuan, 53-80% of 2025 revenue.
002938.CS · Capital · Positive Plans to invest 10 billion yuan to build a new campus for AI-related PCB and flexible circuit board manufacturing.
301479.CS · Capital · Positive Plans to issue convertible bonds up to 630 million yuan for R&D and industrialization projects.
603459.CG · Capital · Positive Chairman proposed share repurchase of 400-800 million yuan for equity incentives.
Shenzhen Hedar Zhongyuantong Power Technology Co., Ltd. · Capital · Positive Wholly-owned subsidiary plans to invest 10 million yuan to build an energy storage PACK production line.
Longsys expects first-half net profit to surge over 622-fold year-on-year
Longsys expects net profit of 9.2 billion to 11 billion yuan in the first half of 2026, a year-on-year increase of 62,204% to 74,394%, mainly benefiting from the global semiconductor storage industry upcycle, rising downstream demand and the renewal of wafer supply agreements. Hangzhou Cable expects first-half net profit of 360 million to 400 million yuan, up 852% to 958% year-on-year, as optical fibre sales grew with the industry recovery. Dongyue Silicone expects first-half net profit of 424 million to 444 million yuan, up 905% to 952% year-on-year, as higher silicone product prices and lower raw material costs boosted gross margins. Huafu Fashion expects first-half net profit of 160 million to 200 million yuan, up 538% to 697% year-on-year, with order recovery and investment income of about 160 million yuan. CECport expects first-half net profit of 500 million to 530 million yuan, up 176% to 193% year-on-year, as rising prices of core products such as memory drove revenue growth. Avary Holding plans a private placement to raise no more than 9.6 billion yuan for AI server and high-speed optical module high-density interconnect build-up board projects, with total investment of 12.73 billion yuan. Tinci Materials subsidiary Nantong Tinci terminated its annual 243,000-tonne lithium battery and fluorine-containing new materials project, originally planned with an investment of 2.654 billion yuan, due to industry supply-demand mismatch and market changes. PowerTECH plans to acquire all equity of Northstar Technologies Limited for 10 million US dollars to fill the gap in its storage testing business. Dynamic Power has suspended trading since 6 July due to a planned change of control. Gotion High-tech's wholly-owned subsidiary generated a profit of 829 million yuan from selling shares of Tongguan Copper Foil in the first half. Grace Fabric's second and third largest shareholders together reduced their holdings by 8.7503 million shares. Changsheng Bearing, Reach Machinery, Yibin Paper, Riying Electronics, Zhongzhong Technology and Foresight Technology each issued abnormal movement announcements regarding concepts such as robotics, electronic skin and commercial aerospace, noting that related business revenue proportions are extremely low or no orders have been formed. Shenhao Technology plans to purchase servers for no more than 2 billion yuan to carry out computing power leasing. JPT Opto-electronics plans to acquire all equity of NEOPTICS for 1.12 million Singapore dollars. Yunnan Energy Investment plans to invest in the construction of a 100-megawatt, 400-megawatt-hour all-vanadium liquid flow independent shared energy storage project in Lijiang. East Money contributed 200 million yuan to participate in the Yunfeng Yuancheng private equity fund. Seagull Cooling's controlling shareholder plans to reduce holdings by no more than 3%. Hanbang Technology shareholders Shanghai WuXi and Qingke Zhisheng plan to reduce their combined holdings by no more than 3%. EVE Energy plans to opportunistically reduce its holding of no more than 3.5% of Smoore International shares. ST Niya expects first-half net profit to increase by 1,017% to 1,523% year-on-year. Zhongjin Lingnan expects first-half net profit to increase by 88% to 115% year-on-year. Digital China won the bid for a major state-owned bank's Huawei intelligent computing server procurement project, with an estimated amount of 371 million yuan. Times New Material signed wind turbine blade sales contracts worth 3.034 billion yuan in the second quarter. Jiangsu Huachen signed a 221 million yuan energy storage converter booster integrated machine sales contract. Naipu Mining Machinery signed a 76 million yuan mineral processing equipment supply contract. Sunho Biologics plans to raise no more than 240 million yuan for nucleic acid drug platform construction. Hybio Pharmaceutical's semaglutide injection weight loss indication marketing application was accepted. Changchun High-Tech subsidiary's GenSci164 injection clinical trial application was approved. Yunnan Germanium's deputy general manager Pu Shikun resigned.
002938.CS · Capital · Positive Plans private placement to raise up to 9.6 billion yuan for AI server and high-speed optical module projects.
300821.CS · Pricing · Positive Higher silicone product prices and lower raw material costs boosted gross margins, leading to huge profit surge.
301308.CS · Demand · Positive Benefiting from global semiconductor storage industry upcycle and rising downstream demand, net profit surged over 622-fold.
301369.CS · Capital · Positive Plans to acquire all equity of Northstar Technologies Limited for $10 million to fill storage testing business gap.
301369.CS · Technology · Positive PowerTECH plans to acquire Northstar Technologies for $10 million to fill gap in storage testing business.
001287.CS · Demand · Positive CECport expects first-half net profit up 176%-193% year-on-year as rising prices of core products such as memory drove revenue growth.