Zhen Ding Achieves Record Revenue in 2025 with Both GM and OPM Expanding

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Zhen Ding Technology Holding Limited, a global leading PCB manufacturer, held an investor conference and announced its consolidated financial results for the full year of 2025.

Revenue for full-year 2025 reached NT$182.52 billion, marking a record high and reaffirming its position as the world’s largest PCB manufacturer for the ninth consecutive year. Net income for the year was NT$10.61 billion, with net income attributable to the parent company of NT$6.79 billion and EPS of NT$6.91.

According to Chairman Charles Shen, Zhen Ding maintained steady growth in 2025, with full-year revenue rising 6.3% YoY to a record high. Among the four major application segments, revenue from mobile communications, server/optical, and IC substrates all reached new highs, with AI-related applications accounting for nearly 70% of total revenue. The gross margin for 2025 was 19.8%, and the operating margin was 7.6%, both improving by 0.9 percentage points compared with the previous year. The improvement was mainly driven by a higher contribution from high-end AI applications and continued optimization of the product mix, further strengthening the company’s overall profitability structure.

Looking ahead to 2026, Chairman Shen noted that customer demand for high-end applications remains strong, including AI servers, optical communications, and IC substrates, as well as AI application products, with increasing order visibility and strengthening shipment momentum. 2026 is expected to mark the beginning of a new high-growth cycle, signaling the start of accelerated expansion over the coming years. Meanwhile, the company is working closely with key customers to develop and validate next-generation high-end technology platforms. Several projects have reached critical technical milestones and are progressing as planned, gradually aligning with future demand.

Across different product applications, in AI servers, Intelligent HDI (iHDI) and HLC products for GPU and ASIC customers are gradually entering mass production, with development continuing with customers for the next two to three platform generations. In optical communications, orders are primarily driven by 800G and 1.6T high-speed boards, with strong order visibility.

Revenue is expected to grow several-fold year over year, with customers already beginning to reserve capacity for 2027. In addition, new models of edge AI devices, including foldable smartphones and AI glasses, are also seeing notable upgrades in PCB specifications this year, further driving the company’s product mix toward higher-end applications.

Regarding IC substrates, Chairman Shen stated that Zhen Ding’s IC substrate revenue increased 31.3% YoY in 2025. In 2026, both BT and ABF substrates are seeing clear customer demand, with related revenue expected to increase quarter by quarter, and full-year IC substrate revenue growth expected to outpace that of 2025. The company’s ABF substrates currently achieve a maximum body size of 158 × 158 mm and up to 28 layers, representing cutting-edge industry capabilities and enabling the company to meet the large-size, high-layer-count substrate requirements of next-generation high-performance GPU and ASIC platforms. As of December last year, more than 60% of ABF substrate revenue was already derived from AI computing-related applications. Meanwhile, BT substrate utilization remains at a high level, with debottlenecking capacity expansion planned at the Qinhuangdao facility in 1H26.

Zhen Ding is currently undertaking the largest capacity expansion in its history, with capital expenditures expected to exceed NT$50 billion in 2026. Chairman Shen stated that the company has reached a shared understanding with several key customers regarding mid- to long-term demand for AI-related applications and is preparing capacity based on strong order visibility. At present, the company has a total of ten new facilities under construction across its Huai’an and Thailand campuses. Both sites are introducing production capacity for AI servers and optical communication products, forming a multi-site manufacturing footprint to address customers’ increasing demand for diversified production bases and greater supply chain resilience. In Kaohsiung, the company continues to work closely with customers on the development and qualification of several new programs, while supporting subsequent mass production. As new facilities across different regions gradually come online, the benefits of this expansion are expected to translate into stronger growth momentum, further expanding the company’s operating scale and growth in the years ahead and. positioning Zhen Ding to enter a new phase of structural growth.