Pengding Holdings benefits from the surge in computing power demand, with revenue reaching 39.1 billion yuan; over seven and a half years, it paid out dividends of 9.725 billion yuan, 2.62 times the financing amount.

Changjiang Business Daily News ● Changjiang Business Reporter Yang Die

Global PCB (Printed Circuit Board) leader Pengding Holdings (002938.SZ) has shown strong operational performance.

On the evening of March 12, Pengding Holdings released its 2025 annual performance brief, achieving a total revenue of 39.147 billion yuan, an 11.4% increase year-over-year, setting a new record; net profit attributable to shareholders (hereinafter referred to as “net profit”) was 3.738 billion yuan, up 3.25% year-over-year.

Pengding Holdings mainly attributes its growth to the rapid development of artificial intelligence technology driving explosive demand for computing power, with downstream markets represented by AI servers expanding quickly, leading to rapid growth in the global PCB industry.

The Changjiang Business Daily notes that during its operational development, Pengding Holdings has maintained good financial health and a tradition of dividend distribution. As of the end of 2025, the company’s total assets reached 48.752 billion yuan, a 9.45% increase from the beginning of the year; owners’ equity attributable to shareholders was 34.136 billion yuan, up 6.31%. Since its listing in September 2018, over the past seven and a half years, the company has distributed a total cash dividend of 9.725 billion yuan, with a dividend payout ratio of 261.8%.

Revenue of 39.147 billion, up 11.4%

Pengding Holdings releases positive signals.

The latest performance brief shows that in 2025, Pengding Holdings achieved operating revenue of 39.147 billion yuan, an 11.4% increase; net profit attributable to shareholders was 3.738 billion yuan, up 3.25%; net profit after deducting non-recurring gains and losses (hereinafter “non-recurring net profit”) was 3.534 billion yuan, a 0.08% increase.

The Changjiang Business Daily reviewed past financial data and found that the 2025 revenue of 39.147 billion yuan was the best in the company’s history; at the same time, both net profit attributable to shareholders and non-recurring net profit reached their highest levels in nearly three years since 2023, and both indicators, after declining 34.41% and 35.09% respectively in 2023, have achieved positive year-over-year growth for two consecutive years.

Regarding the main reasons for revenue growth, Pengding Holdings states that in 2025, the rapid development of AI technology drove explosive demand for computing power, with downstream markets represented by AI servers expanding quickly, leading to rapid growth in the global PCB industry. Despite external uncertainties such as changes in the global trade environment and supply chain tensions, the company maintained strategic focus, accurately grasped industry trends, and achieved steady revenue growth by consolidating existing customer share and expanding into emerging business areas.

As for the main reasons behind improved profitability, Pengding Holdings explains that in 2025, rising raw material prices combined with intensified exchange rate fluctuations put pressure on cost control and profit growth; to seize opportunities in the AI server market, the company continued to increase capital expenditure, which temporarily increased depreciation expenses and affected profit growth. In response to these challenges, the company actively maintained supply chain stability, deepened cost reduction and efficiency improvements, seized market trends, and actively developed new customers and products, maintaining steady profitability.

The Changjiang Business Daily finds that benefiting from AI server demand, recent years have seen rapid growth in high-layered, high-end HDI, and other advanced PCB products. According to Prismark data, by 2029, the global PCB market for servers/data storage is expected to reach $18.921 billion, with a compound annual growth rate of 11.6% from 2024 to 2029, leading other PCB application fields.

The announcement also disclosed the company’s financial indicators. As of the end of 2025, total assets were 48.752 billion yuan, up 9.45% from the beginning of the year; owners’ equity attributable to shareholders was 34.136 billion yuan, up 6.31%; net asset value per share was 14.73 yuan, an increase of 6.35%.

Operating cash flow remains positive

Behind the stable fundamentals is Pengding Holdings’ continuous strengthening of core competitiveness.

Data shows that Pengding Holdings was founded in 1999 and successfully listed on the Shenzhen Stock Exchange in September 2018. According to the China Electronic Circuit Association (CPCA) China Electronic Circuit Ranking, the company has ranked first in China for many years; according to Prismark’s ranking of global PCB companies by revenue from 2018 to 2025, it has been the world’s largest PCB manufacturer for eight consecutive years from 2017 to 2024.

In a recent investor survey discussing its advantages over peers, Pengding Holdings stated that since its establishment, it has served top international brand clients, demonstrating strong management capabilities, robust R&D strength, and quick order response. Additionally, the company is simultaneously developing future product lines and technological layouts with international brand clients for the next 1-2 years, including early research on new materials, process technology breakthroughs, product quality verification, and smart manufacturing line construction. The company focuses on five key areas: new products, new technologies, new processes, new materials, and new equipment, aiming to master cutting-edge and common key technologies.

The Changjiang Business Daily notes that in the face of rapid technological iteration and industry transformation, Pengding Holdings has always adhered to R&D-driven development, continuously increasing technological investment. From 2021 to 2024, R&D expenses were 1.572 billion, 1.672 billion, 1.957 billion, and 2.324 billion yuan respectively, increasing year by year. In the first three quarters of 2025 alone, R&D expenditure reached 1.713 billion yuan, totaling 9.238 billion yuan over the past five years.

Correspondingly, Pengding Holdings has accelerated the transformation of technological achievements. As of the end of the first half of 2025, the company had applied for 2,732 patents and received 1,525 patents.

Currently, Pengding Holdings has built a comprehensive product matrix covering AI smartphones, AIPC, AI glasses, and other AI-side consumer products. 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 deep development of the AI industry.

It is worth noting that while investing heavily in R&D, Pengding Holdings maintains strong cash-generating ability and financial strength. In the first three quarters of 2025, net cash flow from operating activities was 4.259 billion yuan, up 45.93%, and since listing, the company has maintained positive net cash flow from operating activities at year-end each year.

Pengding Holdings actively shares its growth dividends with investors. According to Choice data, since its listing, the company has paid dividends every year, with a total of 7 cash dividends distributed, amounting to 9.725 billion yuan, with a dividend payout ratio of 64.03%, and a dividend-to-financing ratio of 261.8%.