Delton Technology (Guangzhou) (1989) H2 2025 earnings summary

Executive summary

• Achieved record revenue of ¥5.49 billion in 2025, up 46.89% year-over-year, with net profit reaching ¥1.02 billion, up 50.24% year-over-year.

• Maintained focus on high-end PCB for server and AI applications, with 93% of revenue from PCB products.

• Significant operational improvements: Guangzhou base increased digitalization and capacity, Thailand subsidiary achieved profitability within six months of launch.

• R&D investment rose 56.14% to ¥279.8 million, supporting breakthroughs in AI server and high-density PCB technologies.

• Cash dividend of ¥6.46 per 10 shares proposed, with cash payout ratio at 30.05% of net profit.

Financial highlights

• Revenue: ¥5.49 billion, up 46.89% year-over-year; Net profit: ¥1.02 billion, up 50.24%.

• Gross margin for PCB segment at 29.88%, up 0.96 percentage points year-over-year.

• Operating cash flow: ¥1.03 billion, up 29.55% year-over-year.

• Basic EPS: ¥2.40, up 44.58% year-over-year; Weighted ROE: 29.24%.

• Total assets: ¥7.54 billion, up 32.65% from prior year-end.

Outlook and guidance

• Will continue to focus on AI, cloud, and high-speed communication PCB markets, targeting next-gen server and network infrastructure.

• Plans to expand Thailand factory output and global market share, leveraging dual-base supply chain.

• Industry outlook: global PCB market expected to grow at 8.2% CAGR through 2029, with AI server PCB demand leading at 18.7% CAGR.