Goldenmax International Technology Ltd

Three major copper-clad laminate producers have raised prices in succession, driving PCB-related stocks to strengthen against the market trend. At the end of August, Kingboard Laminates issued its seventh price increase letter this year, raising FR-4 copper-clad laminate prices by 10 percent across the board, adjusting prepreg prices by specification, and raising thin fabric prices by up to 20 percent. Panasonic then announced it would raise copper-clad laminate prices from September 1, with some products up by as much as 30 percent, and Nan Ya Plastics followed with increases of 20 to 25 percent. Boosted by this, Goldenmax International surged to its daily limit up, closing the morning session at 76.45 yuan, with more than 180,000 lots locked on the limit-up board, turnover exceeding 3.7 billion yuan, and a total market value of 55.6 billion yuan. Yihao New Materials rose by the 20 percent daily limit, GD-Goworld posted a strong run of two limit-up moves in four sessions, and Sihui Fushi, Sdic, and Wanyuan Tong rose more than 10 percent, while China Jushi and Founder Technology also advanced. According to a China Securities Journal report on September 9, several electronic fabric companies and downstream copper-clad laminate producers said the market has shown relatively good acceptance of the new round of price increases, that electronic fabric supply is somewhat tight, and that leading companies are actively expanding capacity, with new projects expected to come on stream this year and next, at which point price trends will need further market confirmation.

Invengo plans to acquire 100% equity in Shenzhen Guangtai Communication Equipment Co., Ltd. Guangtai Communications' main business includes providing customers with automated coupling equipment and test instruments for optical communication devices and modules, as well as automated test solutions. JiuLiang intends to acquire no less than 51% equity in Shandong Haidi New Energy Technology Co., Ltd., with a transaction price not exceeding 275 million yuan, expected to constitute a major asset restructuring. The target company focuses on lithium battery power systems and energy storage systems, with a cumulative net profit commitment of no less than 170 million yuan over three years. Dingtong Technology plans to use its own funds to establish a wholly-owned subsidiary, Dingtong Liquid Cooling Xinyang Technology Co., Ltd., with registered capital of 100 million yuan. The controlling shareholder, actual controller, and executive deputy general manager and chief financial officer of Xianhui Technology plan to increase their shareholding within six months from the announcement date, with a combined increase of no less than 40 million yuan and no more than 80 million yuan. Trading public information on September 10 showed that Goldenmax received net institutional buying of 203 million yuan, accounting for 4.23% of total turnover.

Goldenmax International Technology released its 2026 interim report, showing total operating revenue of 3.399 billion yuan, net profit attributable to the parent company of 766 million yuan, and net operating cash inflow of 359 million yuan. The latest asset-liability ratio was 47.38%, up 1.79 percentage points from the previous quarter and up 3.49 percentage points from the same period last year. Gross margin was 33.14%, return on equity was 17.86%, and diluted earnings per share were 1.05 yuan. Total asset turnover was 0.46 times, and inventory turnover was 4.82 times, down 10.93% year on year. The number of shareholders was 95,400, and the top ten shareholders held 71.81% of total share capital.

A recent in-depth supply chain survey by Cailian Press found that surging AI server demand combined with tight industry capacity is intensifying the supply crunch for upstream PCB base materials, electronic yarn and electronic fabric. High-end electronic yarn remains extremely hard to source, and some manufacturers are shifting capacity toward high-margin categories such as ultra-thin fabric, extremely thin fabric, and specialty fabric, causing spot shortages and price increases even for ordinary electronic fabric. In the first half of this year, the electronic fabric industry completed five rounds of price increases. Thick fabric prices have now doubled from the end of last year. Data from Zhuochuang Information show that in August, the mainstream market average price of domestic G75 electronic yarn rose to 19,700 to 20,000 yuan per tonne, up nearly 53 percent from the end of May. The mainstream transaction price of traditional 7628 electronic fabric rose to 10 to 10.2 yuan per metre, a month-on-month increase of 17 to 18 percent. Cumulative gains this year for thin and ultra-thin fabrics such as 2116 and 1080 have exceeded 140 percent. Liu Yang, an analyst at Zhuochuang Information, said that under the siphon effect of AI demand, leading companies are proactively cutting conventional 7628 electronic fabric capacity and shifting to thin fabric and low-dielectric high-frequency specialty fabric, creating a situation where the supply-demand gap for conventional fabric is widening while high-end specialty fabric is severely out of stock. The industry is currently in a state of almost zero inventory. In response, listed companies including China Jushi, Sinoma Science and Technology, CPIC, Jujie Microfiber, and Goldenmax International Technology are accelerating capacity deployment. Quartz fiber electronic fabric, known as Q fabric, which suits high-frequency and high-speed application scenarios, is the main deployment direction. Among them, Feilihua is expected to achieve sales revenue of 150 million yuan from quartz electronic fabric in the first half of this year, and Honghe Technology's Q fabric has passed downstream customer certification and already has small-volume sales. Many interviewees believe that as the AI computing infrastructure wave continues, short-term supply of PCB upstream base materials such as electronic yarn and electronic fabric will remain tight. Because new capacity takes a long time to come online, combined with cost support and downstream demand resonance, product prices are expected to rise further.

On the evening of August 27, PCB concept stocks Goldenmax International, Zhongyi Technology, and Shenghong Technology released their 2026 interim reports. Goldenmax International's net profit rose 986.66% year on year, with JPMorgan and UBS Group newly entering its top ten tradable shareholders. In the first half, Goldenmax International posted revenue of 3.399 billion yuan, up 65.74% year on year, and net profit of 766 million yuan, with second-quarter net profit up 179% quarter on quarter. The company plans not to distribute cash dividends. Zhongyi Technology's first-half net profit rose 987.97% year on year, with revenue of 3.939 billion yuan, up 47.15%. Shenghong Technology's first-half net profit rose 33.3% year on year, with revenue of 11.629 billion yuan, up 28.77%. So far this year, Goldenmax International's share price has risen more than 316%, Zhongyi Technology has gained over 33%, while Shenghong Technology has fallen nearly 8%.

China National Chemical Corporation announced that the total value of contracts signed from January to June 2026 reached 209.49 billion yuan. At the macro level, Ministry of Finance data shows that stamp duty revenue from securities transactions in the first half of the year was 154.9 billion yuan, up 97.3 percent year on year. China Securities Regulatory Commission Chairman Wu Qing met with Graham, President of Canada Pension Plan Investment Board, and the two sides exchanged views on topics including investing in China's capital market. Beijing State-owned Capital Operation and Management Company said it has invested nearly 10 billion yuan in the stock market. At the company level, a subsidiary of Jereh Group signed a 1.465 billion US dollar contract for the supply of gas turbine generator sets. A subsidiary of China XD Group won bids totaling about 4.129 billion yuan for State Grid procurement projects. Goldenmax International plans to invest about 2 billion yuan in a capacity expansion project in Zhuhai.

Jereh Oilfield Services announced that its subsidiary has signed a gas turbine generator supply contract worth approximately 9.95 billion yuan with a well-known international cloud service provider. Today, the three major A-share indices closed mixed. The Shanghai Composite Index ended at 3,867.03 points, up 0.07 percent, while the Shenzhen Component Index and the ChiNext Index fell 1.42 percent and 3.23 percent respectively. Total market turnover for the day was about 2.67 trillion yuan. On the sector front, precious metals led the gains, while gaming and electronic chemicals were among the biggest decliners. In addition, several companies released important announcements after the market close. Ronbay Technology reported a first-half net profit of 109 million yuan, turning around from a loss a year earlier, with its lithium manganese iron phosphate business running at full production and full sales. Goldenmax International Technology plans to invest about 2 billion yuan in a capital increase and production expansion project in Zhuhai. Biwin Storage Technology's chairman proposed a share buyback of 200 million to 250 million yuan, with all repurchased shares to be cancelled to reduce registered capital. Yisheng Livestock and Poultry Breeding's first-half net profit surged 4,897 percent year-on-year, and it plans to distribute 1.5 yuan per 10 shares.