Amid the AI infrastructure boom, Foxconn Industrial Internet delivered its strongest-ever financial performance. The company's 2025 revenue reached 902.887 billion yuan, a sharp increase of 48.22% year-on-year, surpassing the 900-billion-yuan mark for the first time. Net profit attributable to shareholders rose 51.99% to 35.286 billion yuan, while adjusted net profit grew 46.02% to 34.188 billion yuan.
The explosive growth in AI computing infrastructure served as the primary driver behind these results. The cloud computing segment reported annual revenue of 602.679 billion yuan, surging 88.70% year-on-year and accounting for over 60% of total revenue, making it the dominant growth engine. Revenue from AI servers sold to cloud service providers more than tripled, with both GPU and ASIC solutions experiencing rapid volume expansion, reflecting strong momentum from generative AI demand flowing down to the manufacturing level.
Quarterly performance showed notable acceleration, with revenue climbing from 160.4 billion yuan in Q1 to 299 billion yuan in Q4, while quarterly net profit rose steadily from 5.2 billion yuan to 12.8 billion yuan. This sequential improvement, particularly in the second half of the year, indicates that global AI infrastructure investments are yielding substantial returns, with growth momentum remaining robust.
In terms of shareholder returns, the company demonstrated strong commitment. Total cash dividends for the year, including interim dividends, amounted to 19.451 billion yuan, supplemented by 354 million yuan in share repurchases, bringing total returns to shareholders to approximately 19.8 billion yuan, representing 56.13% of net profit. The proposed year-end dividend plan includes a cash distribution of 6.5 yuan per 10 shares, equivalent to an additional 12.9 billion yuan.
In a letter to shareholders, Chairman Zheng Hongmeng noted that while international political and economic uncertainties persist, and chip and raw material supply fluctuations may pose challenges, AI is accelerating profound changes in global industrial structure. He emphasized that AI computing infrastructure will remain one of the most certain growth areas in the coming years. The company will continue to prioritize technological innovation and advanced manufacturing, deepen its global industrial layout, and strengthen its leadership in the global AI computing supply chain.
AI Server Business: Triple-Digit Growth Solidifies Global Leadership
The cloud computing segment's explosive growth was the central narrative for Foxconn Industrial Internet in 2025. As major cloud providers entered a new cycle of capital expenditure on AI infrastructure, the company leveraged its R&D expertise and system integration capabilities to deeply embed itself in the construction of high-performance AI data center clusters.
During the reporting period, AI server shipments and prices both increased, with the product mix shifting toward higher-value offerings. Both GPU-accelerated servers and customized ASIC solutions saw rapid growth, supported by strategic collaborations with leading global cloud providers to advance next-generation AI servers and liquid cooling technologies.
According to TrendForce, global AI server shipments are expected to maintain a high growth rate of 28.3% in 2026. Foxconn Industrial Internet's early advantages in supply chain integration and delivery capabilities are likely to further expand its market share.
The accelerated adoption of liquid cooling technology has opened new value-added opportunities. As high-power AI chips drive a rapid shift toward liquid cooling in data centers, the company's jointly developed liquid cooling solutions are advancing through deep collaboration stages, promising significant profit elasticity in the next product cycle.
High-Speed Switches: 800G+ Revenue Soars 13-Fold
While AI servers formed the core of the company’s growth, high-speed switches emerged as a breakout "hidden champion." Revenue from 800G and above high-speed switches surged 13-fold year-on-year in 2025, building on already high growth from the previous year.
This surge is driven by generational upgrades in data center network architecture, fueled by AI model training and inference demands. As AI computing clusters expand, Ethernet penetration in AI backend networks is rising rapidly, making 400G/800G and even 1.6T networks an industry necessity.
Foxconn Industrial Internet’s product portfolio spans multiple technologies including Ethernet, InfiniBand, and NVLink switches, enabling it to meet the heterogeneous interconnection needs of hyperscale data center clusters. The company holds the leading market share in this segment and is proactively developing next-generation photoelectric integration technologies such as CPO and NPO in collaboration with global leaders. With 1.6Tbps switches entering mass production, the high-speed switch business is expected to maintain strong momentum.
Precision Components: Double-Digit Growth Driven by AI Smartphone Upgrade Cycle
Within the communication and mobile network equipment segment, which reported revenue of 297.851 billion yuan, up 3.46% year-on-year, the structural opportunity presented by AI smartphones stood out as a key highlight.
Global smartphone shipments grew approximately 2% in 2025, marking the second consecutive year of positive growth, with the market continuing to shift toward premium models. Leveraging its expertise in precision manufacturing, Foxconn Industrial Internet maintained a leading share in the supply chain for key customers' high-end devices. Benefiting from process upgrades driven by AI phones, the company’s precision component shipments achieved double-digit growth, outperforming the industry average.
As AI-generated content and large models increasingly penetrate the device side, the smartphone supply chain is expected to continue shifting toward higher-value offerings, further deepening Foxconn Industrial Internet’s technological moat in high-end precision manufacturing.
Mexico Becomes Largest Manufacturing Base with Over 300 Billion Yuan in Revenue
From a regional perspective, Foxconn Industrial Internet’s global manufacturing footprint is rapidly evolving. In 2025, Mexico contributed 307.044 billion yuan in operating revenue, while Vietnam contributed 83.055 billion yuan. Combined, these two locations accounted for over 43% of the company’s total manufacturing revenue. Mainland China and other regions contributed 504.808 billion yuan, representing about 56% of the total.
Mexico has become the company’s largest single overseas manufacturing base, contributing nearly four times the revenue of Vietnam, aligning closely with the "nearshoring" trend in global supply chains.
North American customers' demand for localized production continues to rise, particularly for complex, highly customized products like AI servers. The Mexico base has absorbed significant relocated capacity due to its geographic advantages, while also providing a buffer against potential trade policy changes.
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