Shengyi Technology (600183.SH) has denied an online claim that NVIDIA canceled orders for its M9 material because of quality problems.
On 11 November 2026, an investor asked Guangdong Shengyi Technology Co., Ltd. on an investor-interaction platform whether the company’s M9 had been dropped by NVIDIA over quality issues, and whether the company had any undisclosed material matters. Shengyi replied that it had not received any notice of an order cancellation from any end customer, that production and operations were normal, and that orders were full. It declined to comment on the source or intent of the recent online claims.
According to the company’s website, Shengyi was founded in 1985 and is a global supplier of electronic-circuit base materials covering research, production, sales and service. Its copper-clad laminate (CCL) output grew from 600,000 square meters a year when the plant was built to 140 million square meters in 2024. Its products are mainly used to make single-sided, double-sided and high-layer-count printed circuit boards, with applications including high-performance computing, AI servers, 5G antennas, next-generation communication base stations, large computers, high-end servers, aerospace, chip packaging, automotive electronics, smart home, industrial and medical equipment, home appliances and consumer electronics.
Shengyi’s financial report shows third-quarter revenue of 14.182 billion yuan, up 78.76% year on year, and net profit attributable to shareholders of the parent of 3.44 billion yuan, up 238.4%. For the first three quarters, revenue was 33.208 billion yuan, up 61.1%, and attributable net profit was 6.727 billion yuan, up 175.36%.
The report attributed the rise in revenue and profit to the CCL business, where rapidly rising raw-material prices and continued strong demand for high-end products coincided with earlier research products reaching the market, newly expanded capacity being fully released, and a shift toward a better sales mix. Those factors lifted CCL volume, revenue and gross profit. It also cited substantial returns from external investment projects. In printed circuit boards, subsidiary Shengyi Electronics Co., Ltd. benefited from strong demand in AI computing; the report said the unit kept focusing on mid- to high-end products, released capacity, upgraded technology and tightened quality control, raising the share of higher value-added products.
M9 is an industry grade of high-grade, high-speed CCL, the core base material for printed circuit boards. Market attention to M9 is tied to NVIDIA’s next-generation AI computing platform. Research reports from China Securities and BOC Securities say NVIDIA’s Rubin platform is expected to use higher-grade CCL, and they describe M9 as a candidate for some computing, switch and backplane structures in Rubin servers. The upgrade involves materials including low-loss resin, low-roughness copper foil and quartz-fiber cloth.
A July 2026 research report from Shenwan Hongyuan Securities said Shengyi had supplied M8-grade CCL for NVIDIA GB300 switch boards and was the only mainland China manufacturer to have passed NVIDIA’s M9 certification for the next-generation platform.
On M9 market share, Shengyi said at its interim results briefing that it was developing AI-related projects with major domestic and overseas end customers and continued to offer more demanding materials to end customers and PCB customers. It said its high-speed products cover a full range of uses, that its ultra-low-loss products had passed material certification at multiple domestic and overseas end customers, and that some products were already in volume supply.
Shengyi Technology closed at 76.88 yuan per share on 11 November 2026, up 8.39%.
Original article: The Paper
