Fenghua Advanced Technology Denies Rebadged MLCC Claims, Says High-End Products About 40% of Revenue

On September 15, 2026, Fenghua Advanced Technology released a record of its investor relations activities. At an investor reception and interim results briefing for listed companies in Guangdong held the same day, an investor asked whether claims circulating on self-media that the company's high-end multilayer ceramic capacitors (MLCCs) are overseas products purchased and rebadged are true.

The company replied that it has been engaged in the electronic components industry for more than 40 years and has the capacity to independently develop, produce and sell high-end products. It said it has continued to increase research and development investment in recent years, that the technical level of its main products has continued to make breakthroughs, and that the share of high-end products has risen steadily. The company also advised investors to verify the authenticity and accuracy of information and not to readily believe rumors published through unofficial channels.

The announcement disclosed that in the first half of 2026, revenue from high-end MLCC products, including high-capacitance products, automotive-grade products and medium- and high-voltage products, accounted for about 40% of total MLCC product revenue. Over the same period, MLCC product revenue accounted for about 40% of the company's overall revenue. The company said its fundraising project, the Xianghe Industrial Park project, has reached full production, that orders are currently sufficient and capacity utilization remains at a relatively high level, and that it will plan capacity in close connection with actual industry and market conditions. On progress in certification of MLCCs for AI servers, the company said it is concentrating superior resources on high-end transformation and the development of emerging markets, that relevant new products are successively passing customer certification, and that customer recognition and brand influence continue to improve. As of the close on September 15, the company's share price was RMB 57.51, giving a market value of RMB 65.992 billion.

According to an announcement on abnormal stock trading disclosed on September 14, 2026, the cumulative deviation of Fenghua Advanced Technology's closing price increases exceeded 20% over three consecutive trading days on September 10, September 11 and September 14, 2026, constituting abnormal stock trading fluctuations. This was the company's sixth abnormal fluctuation announcement since late May 2026. The company also said it disclosed an action plan for improving quality and returns on April 21, 2026, and disclosed a progress announcement on August 28, 2026.

The company also said that its high-end products still lag leading Japanese and South Korean peers in technical level, production capacity scale and product yield, and that the release of benefits from the high-end business is subject to uncertainty.

From September 2 to September 15, 2026, a total of 390 companies received institutional research visits, with overseas institutions visiting 106 listed companies. Guangdong Guanghe Technology was visited by 62 overseas institutions. The company said its Huangshi plant was initially positioned to produce consumer, automotive and industrial control products; as server product orders increase, the company is renovating production lines and upgrading equipment to expand server product capacity; the Huangshi plant will in the future become the main domestic production base for computing server PCBs. Orbbec was visited by 53 overseas institutions. During the research activity, the company said 3D vision is a systematic engineering field involving multiple disciplines and a long chain.

Defu Technology said during research that it has a mature and well-established raw material price hedging mechanism and relatively strong resistance to cyclical fluctuations, retaining only a small exposure for hedging business, and that copper price fluctuations have a controllable impact on its operating performance and profitability. Yibo Technology said that since the second half of 2025, ATE test boards have become a relatively high proportion of its PCB board business. China Merchants Energy Shipping was visited by two overseas institutions, Goldman Sachs Asia and UBS.