Where it fits in an AI server rack
The world’s second-largest rigid copper-clad laminate maker every year from 2013 to 2024, with a 13.7% share in 2024 (Prismark, cited in its 2025 annual report); it says its laminates are widely used in high-compute and AI servers and that a full range of high-speed grades is in volume use. 2025 revenue was RMB28.43B (up 39.5%). It holds 63.56% of the votes in PCB maker Shengyi Electronics, whose 2025 revenue was RMB9.49B (up 102.6%).
What the evidence establishes
Upstream enablerDisclosed: Shengyi’s 2025 annual report describes its laminates’ use in AI servers, its global rank and its stake in Shengyi Electronics.
Materials, substrates, equipment or foundry capacity behind rack components. This is not a component supplier role or an established AI-rack revenue stream.
| Component role | High-speed laminates; controls Shengyi Electronics |
|---|---|
| Evidence | Disclosed: Shengyi’s 2025 annual report describes its laminates’ use in AI servers, its global rank and its stake in Shengyi Electronics. |
| How we know | Disclosed The company’s own filing, release, annual report, product page or investor record describes the AI-server or AI-rack role. Where customers are unnamed, the listing says so. |
| Primary source | Shengyi Technology — supporting disclosure Company or official disclosure; vendor claims are attributed to their source. |
| Checked | . This is the research review date, not the source publication or quote time. |
Keep in perspective
No end customer or AI platform is named. Shengyi Electronics is separately listed (688183.SS), so this row covers the laminate role; a July 24, 2026 Suzhou base for AI computing and advanced semiconductor materials was announced, but its details were not in text we could open.
Diversified business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.
Connections to the assembly
These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.
Tray motherboard
A high-layer-count printed circuit board built on low-loss laminate. It routes high-speed links and heavy power currents between the chips, connectors and power stages.
Scope of the company links: Board fabricators first, then laminate makers (upstream). Victory Giant, WUS and Shengyi Electronics disclose AI-server board revenue or share; Gold Circuit and TTM disclose AI-server or AI-driven data-center boards without naming customers. Elite Material, Shengyi Technology, Taiwan Union and Panasonic (MEGTRON) make the low-loss copper-clad laminate the boards are built on; they are upstream enablers, not board suppliers. No source names the fabricator or laminate of a specific NVL72 tray, and reports that Victory Giant supplies NVIDIA are press claims. Doosan and Kingboard Laminates were not verified.
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