Benefiting from Surge in Computing Power Demand, Pentavalent Holdings Reports Double Growth in Revenue and Net Profit in 2025

On the evening of March 12, Pengding Holdings (002938) announced its earnings brief, showing that in 2025, the company achieved operating revenue of 39.147 billion yuan, an increase of 11.40% year-on-year; net profit of 3.738 billion yuan, up 3.25% year-on-year; and basic earnings per share of 1.61 yuan.

Pengding Holdings is one of the few large-scale professional manufacturers worldwide that simultaneously engages in R&D, design, manufacturing, and sales of various PCB products. It offers a high-quality and diverse PCB product line, mainly including FPC, SMA, SLP, HDI, RPCB, RigidFlex, and other products. These are widely used in communication electronics, consumer electronics, high-performance computers, EVs, and AI servers.

Regarding performance growth, Pengding Holdings stated that in 2025, the rapid development of artificial intelligence technology has driven explosive demand for computing power. The downstream market, represented by AI servers, is expanding quickly, leading to rapid growth in the global printed circuit board (PCB) industry. In the face of external uncertainties such as changes in the global trade environment and supply chain tensions, the company maintains strategic focus, accurately grasps industry trends, consolidates existing customer share, and expands into emerging business areas to achieve steady revenue growth.

“At the same time, rising raw material prices coupled with intensified exchange rate fluctuations have put pressure on cost control and profit growth; to seize opportunities in the AI server market, the company continues to increase capital expenditure. In the short term, the increase in depreciation expenses also poses some pressure on profitability. In response to these challenges, the company actively maintains supply chain stability, deepens cost reduction and efficiency improvements, seizes market trends, actively develops new customers and products, and maintains a stable profit level,” Pengding Holdings said.

In mid-January this year, during an institutional survey, Pengding Holdings indicated that in the field of computing power, overall customer certification progress has been smooth. It is expected that this year will be the first year of direct customer order introduction in the computing power sector. As capacity is released and orders are gradually fulfilled, related businesses will become an important growth engine for the company.

Regarding AI development opportunities, Pengding Holdings stated that the company always adheres to R&D-driven development and continues to increase technological investment. In 2024, the company’s R&D expenditure reached 2.324 billion yuan, accounting for 6.61% of operating revenue; in the first half of 2025, R&D investment was 1.072 billion yuan, accounting for 6.55% of revenue. The company has built a comprehensive product matrix covering AI smartphones, AIPC, AI glasses, and other AI edge-side consumer products, and has become an indispensable part of the global AI edge-side product supply chain. Meanwhile, the company actively leverages the ONEAVARY product platform to accelerate full-chain deployment in AI servers, optical modules, switches, humanoid robots, new energy vehicles, and other fields, promoting the in-depth development of the AI industry.

Pengding Holdings also revealed that AI glasses and humanoid robots are products with high growth potential that the company is very optimistic about. Currently, the company is a major supplier for mainstream AI glasses customers. Due to the high requirements for lightweight and fashion in AI glasses, their popularization is expected to significantly increase demand for high-end PCB products. In the humanoid robot field, the company has conducted in-depth cooperation with leading clients on PCB application scenarios and product development, and related circuit boards are already being supplied.

Regarding overseas capacity layout, Pengding Holdings disclosed that in recent years, it has gradually strengthened its overseas capacity deployment, establishing production bases in Thailand and India. The first phase of the Thailand plant mainly expands capacity for automotive and server-related products and is currently in small-batch production and yield ramp-up; the India plant mainly focuses on module assembly.

As of the close on March 12, Pengding Holdings’ stock price was 52.33 yuan, with a total market value of 121.3 billion yuan.