高端PCB需求激增！上游覆铜板量价齐升，多家上市公司2025年业绩大增

Surging demand for high-end PCBs drives rising volume and prices of upstream copper-clad laminates; many listed firms posted stellar earnings growth in 2025

【环球网财经综合报道】据上市公司披露的2025年业绩报告，多家覆铜板（CCL）上市公司归母净利润报喜。具体来看，2025年，华正新材录得净利润2.77亿元，同比实现扭亏为盈；生益科技实现净利润33.34亿元，较上年同期增长91.76%；金安国纪预计净利润同比增长655.53%-871.40%。覆铜板销量及售价上行、高附加值产品占比提升成为各家业绩增长的核心驱动力。

Global Network Finance News. Many listed copper-clad laminate (CCL) enterprises unveiled their 2025 financial results, registering strong net profits belonging to parent companies. In 2025, Huazheng New Materials gained a net profit of 277 million yuan and turned losses into gains year-on-year. Shengyi Technology earned 3.334 billion yuan in net profit, surging 91.76% year-on-year. Jinanguoji estimated its year-on-year net profit growth to hit 655.53% to 871.40%. Rising sales and market prices of CCL as well as growing proportion of high value-added items are the core factors boosting corporate performance growth.

值得一提的是，近年来，AI服务器等应用的加速渗透令高端PCB需求激增，驱动上游基材CCL量价齐升。而覆铜板涨价主因在于铜箔、树脂、电子布等原材料成本上行。此外，AI服务器高频需求也带动高速板材需求爆发。在业内人士看来，目前涨价具备足够大的供需支撑，3-5年内随着新增产能逐步释放，涨价幅度将趋于收敛。

It is worth mentioning that in recent years, the accelerated penetration of AI servers and other applications has led to a surge in the demand for high-end PCBs, driving the volume and price of upstream substrate CCL to rise. The price increase of copper-clad laminates is mainly due to the rising cost of raw materials such as copper foil, resin and electronic cloth. In addition, the high-frequency demand of AI servers also drives the demand for high-speed plates to explode. In the eyes of the industry, the current price increase has enough supply and demand support. Within 3-5 years, with the gradual release of new production capacity, the price increase will tend to converge.

不仅如此，高阶CCL通常是面对高速、高频应用研发的先进覆铜板材料，具备低介电常数、超低介质损耗因子、高耐热性等特性，常采用低损耗树脂与高模量玻璃纤维布，适用于AI服务器、5G/6G基站、车载雷达和卫星通信等对信号完整性和散热要求极高的场景。而为紧抓景气周期红利，多家上市公司实施再融资事项，资金主要投向于高阶CCL。

High-end CCLs are developed for high-speed and high-frequency scenarios, featuring low dielectric constant, ultra-low dielectric loss and excellent heat resistance. Made with low-loss resin and high-modulus fiberglass cloth, they are widely applied in fields with strict requirements for signal integrity and heat dissipation, such as AI servers, 5G/6G base stations, vehicle-mounted radars and satellite communications. To seize dividends from the industry boom, many listed companies have launched refinancing plans, with raised funds mainly invested in high-end CCL production projects.

例如，华正新材近期披露定增预案，拟募集资金不超过12亿元，用于建设年产1200万张高等级覆铜板项目等；金安国纪拟定增募资不超过13亿元，用于建设年产4000万平方米高等级覆铜板项目和研发中心建设项目，重点布局高频高速覆铜板、耐高温特种覆铜板、高Tg覆铜板及无卤无铅FR-4等高性能、特殊性能产品线，同步配置部分产能用于通用型FR-4覆铜板生产。（南木）

Huazheng New Materials recently unveiled its private placement plan, planning to raise no more than 1.2 billion yuan to build a project with an annual output of 12 million high-end CCL pieces. Jinanguoji intends to raise up to 1.3 billion yuan via private placement for constructing a 40-million-square-meter high-end CCL production line and R&D centers. It focuses on developing high-frequency high-speed laminates, high-temperature resistant special CCLs, high-Tg CCLs and halogen-free lead-free FR-4 laminates, while arranging production capacity for general-purpose FR-4 CCLs.