The explosion in artificial intelligence computing infrastructure has ushered in an epic boom cycle for the upstream PCB (Printed Circuit Board) industry. PCB manufacturer Victory Giant Technology has delivered an impressive annual report.
The company's 2025 annual report, released on March 12, reveals full-year operating revenue of 192.92 billion yuan, a year-on-year increase of 79.77%. Net profit attributable to shareholders of the listed company reached 43.12 billion yuan, a sharp surge of 273.52% compared to the previous year.
Key highlights of the report include:
Revenue crossing the 100-billion-yuan threshold: Annual revenue reached 192.92 billion yuan, nearly doubling from 107.31 billion yuan in 2024. On a quarterly basis, revenue showed a steady upward trend, with fourth-quarter revenue hitting a record high of 51.75 billion yuan.
Explosive profit performance: Net profit attributable to shareholders soared from 11.54 billion yuan in 2024 to 43.12 billion yuan, a year-on-year increase of 273.5%. This growth rate significantly outpaced revenue growth, indicating powerful operating leverage. Notably, net profit after extraordinary items was 43.04 billion yuan, up 277.07% year-on-year, demonstrating that profit growth was entirely driven by core business operations.
Strong cash flow: Net cash flow from operating activities reached 46.03 billion yuan, an increase of 238.85% year-on-year. Particularly in the fourth quarter, single-quarter cash flow amounted to 22.19 billion yuan, indicating the company holds a strong position in the supply chain and possesses excellent collection capabilities.
Substantial shareholder returns: Alongside robust earnings growth, the company proposed a generous dividend plan—a cash dividend of 20 yuan per 10 shares (including tax), totaling approximately 17.4 billion yuan in cash distributions. Based on the current share price, the dividend yield is considered quite attractive.
This financial report clearly reveals a trend: Victory Giant Technology's performance surge is not merely a cyclical industry recovery but is deeply tied to the artificial intelligence and high-performance computing (HPC) sector, which represents the most certain growth trajectory currently. Amidst soaring demand for AI computing power, Victory Giant Technology, leveraging its technological expertise in high-end HDI (High-Density Interconnect) boards and high-layer-count boards, has become a crucial "hidden champion" behind computing giants like NVIDIA and AMD.
Volume and Price Rise, Fully Unleashing Profitability Examining a three-year period, Victory Giant Technology's growth curve shows a steep ascent. Operating revenue increased from 79.31 billion yuan in 2023 to 107.31 billion yuan in 2024, and further jumped to 192.92 billion yuan in 2025, nearly quadrupling over two years. Net profit attributable to shareholders rose from 6.71 billion yuan in 2023 to 11.54 billion yuan in 2024, and surged to 43.12 billion yuan in 2025, marking an increase of over five times in three years.
The sustained and significantly higher profit growth rate compared to revenue growth indicates that the company is experiencing a pronounced profitability leverage effect, driven by both economies of scale and an increasing proportion of high-margin products. The weighted average Return on Equity (ROE) leapt from 13.95% in 2024 to 35.56% in 2025, an improvement of over 21 percentage points, serving as a key indicator of a qualitative leap in capital return quality. Basic earnings per share rose from 1.34 yuan to 5.01 yuan, a year-on-year increase of 273.88%, reaching a historical high.
Strong Full-Year Performance, Q4 Cash Flow Surge Quarterly revenue distribution showed a balanced and steadily climbing trend: Q1 to Q4 revenues were 43.12 billion, 47.19 billion, 50.86 billion, and 51.75 billion yuan respectively, indicating continuous sequential growth and reflecting full order books and orderly capacity utilization.
Regarding net profit, Q2 was the highest at 12.22 billion yuan, followed by Q3 and Q4 at 11.02 billion and 10.67 billion yuan respectively. While there was a slight sequential decline, profits remained at a high level overall, avoiding the common pattern of "high first half, low second half."
The cash flow performance is particularly noteworthy: Q4 net operating cash flow reached 22.19 billion yuan, accounting for 48% of the annual total. Annual operating cash flow of 46.03 billion yuan exceeded the net profit of 43.12 billion yuan (ratio >1), highlighting strong collection capabilities and operational quality.
AI Computing Reshapes PCB Landscape, High-End Products See Volume and Price Gains The PCB industry is undergoing a profound structural transformation driven by the AI technology revolution. Data from Prismark shows that global PCB output value grew 15.4% year-on-year in 2025, with HDI board growth at 25.6% and multi-layer board growth at 18.2%, while standard single/double-sided panels grew only 5.6%. This divergence in growth rates between high-end and low-end products is rapidly reshaping the competitive landscape.
Looking ahead to 2029, the compound annual growth rate (CAGR) for the AI server-related PCB market is projected to reach 18.7%. The CAGR for AI-related multi-layer boards with 18 layers or more is expected to be even higher at 33.8%, far exceeding the PCB industry's overall average of 8.2%. This suggests that manufacturers who have positioned themselves early in high-layer-count, high-density PCBs will continue to enjoy growth dividends significantly above the industry average for the next five years.
Mainland China's PCB output value reached $48.459 billion in 2025, accounting for over 57% of the global total, further highlighting the industry's concentration advantage. As a leading domestic manufacturer, Victory Giant Technology is undoubtedly a beneficiary of this trend.
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