Victory Giant Technology, a leading domestic PCB manufacturer, has delivered a strong set of interim results, with both revenue and profit achieving double-digit growth. The company also completed its Hong Kong listing during the period, significantly expanding its asset base.
According to the company's announcement, revenue for the first half of 2026 reached RMB 11.629 billion, up 28.77% year-on-year. Net profit attributable to shareholders stood at RMB 2.857 billion, a 33.30% increase. Basic earnings per share came in at RMB 3.14, up 25.60% from the prior year.
Meanwhile, the company completed its H-share listing on the Hong Kong Stock Exchange in April, issuing a total of 110 million H-shares after the over-allotment option was fully exercised, at an offer price of HK$209.88 per share. As a result, total assets surged 78.83% from the end of last year to RMB 63.029 billion, while net assets attributable to shareholders jumped 128.13% to RMB 37.909 billion.
Profit Growth Outpaces Revenue, Cash Flow Improves Significantly
Victory Giant Technology's profit growth notably outpaced its revenue growth this period, indicating enhanced profitability. The 33.30% increase in net profit exceeded the 28.77% revenue growth by over four percentage points.
Excluding non-recurring items, net profit attributable to shareholders was RMB 2.418 billion, up 12.50% year-on-year. This growth rate is lower than the figure including non-recurring items, suggesting that non-recurring gains made a positive contribution to net profit during the reporting period.
Cash flow performance was particularly outstanding. Net cash generated from operating activities reached RMB 2.911 billion, a substantial 144.61% increase year-on-year, demonstrating a significant enhancement in the company's core business cash generation capability.
It is worth noting that the weighted average return on equity stood at 11.80%, down 9.68 percentage points from the same period last year. This decline is primarily attributed to the substantial expansion of the net asset base following the H-share listing, rather than a deterioration in profitability.
Hong Kong Listing Completed, Capital Structure Fully Reshaped
The Hong Kong listing was the most significant capital markets event for the company during this period. Victory Giant Technology officially debuted on the Main Board of the Hong Kong Stock Exchange on April 21, 2026, with the offer price set at HK$209.88 per share.
The company fully exercised its over-allotment option on April 22, 2026, increasing the total number of H-shares in the global offering from the originally planned 95.85 million to 110 million shares. The complete exercise of the over-allotment option reflects robust market demand for the offering.
The H-share issuance was capped at 110 million shares and had previously received filing approval from the China Securities Regulatory Commission. This listing establishes an A+H dual listing structure for the company, with its A-shares traded on the Shenzhen Stock Exchange.
As of the end of the period, the company had a total of 284,039 ordinary shareholders. Among controlling shareholders, Shenzhen Shenghuaxinye Investment Co., Ltd. holds 15.45%, while Victory Giant Technology Group (Hong Kong) Co., Ltd. holds 15.06%. Together with Liu Chunlan as parties acting in concert, their combined stake exceeds 30%, ensuring a stable control structure. Neither the controlling shareholder nor the actual controller changed during the reporting period.
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