Zhen Ding 2026 AGM: AI Demand Drives PCB Growth and Five-Year Expansion Plan

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Zhen Ding Technology Holding Limited, a global leading PCB manufacturer, held its 2026 Annual General Meeting. During the meeting, Chairman Charles Shen stated that the rapid advancement of artificial intelligence is driving structural transformation across the electronics industry and creating an unprecedented growth opportunity for the PCB sector. According to Prismark, global PCB production value is expected to increase by 12.5% YoY to US$95.6 billion in 2026, with the market projected to expand at a CAGR of 7.7% from 2025 to 2030 and exceed US$123.0 billion by 2030. Driven by continued expansion in AI-related demand, Zhen Ding delivered another record-high consolidated revenue in 2025. Building on its long-standing investments in high-end products, critical process technologies, and global manufacturing footprint, the company aims to outpace industry growth over the next five years, while further enhancing profitability and creating long-term value for shareholders.

Chairman Shen noted that AI is redefining the role of PCBs, elevating them from traditional signal-interconnection components to critical system carriers for high-performance computing and system integration. To capture this structural trend, Zhen Ding has established comprehensive product and process capabilities across cloud, network infrastructure, and edge applications. The company expects 2026 to mark the beginning of accelerated growth in both cloud and network infrastructure applications. Key highlights include:

• AI Servers: Zhen Ding's Intelligent HDI (iHDI) and high-layer-count (HLC) products for GPU and ASIC customers are expected to gradually move into mass production.
• Optical Modules: Customers' transition toward next-generation 1.6T products is driving rising demand for high-end PCBs using MSAP technology.
• IC Substrates: The rapid growth of AI computing demand is expected to further strengthen momentum for high-end ABF substrates.

Zhen Ding expects server/optical module revenue to more than double in 2026, while IC substrate revenue is targeted to grow by over 70%, reflecting the company's accelerating business mix upgrade toward high-end AI applications.

Facing a new era shaped by both the AI megatrend and the realignment of global supply chains, Chairman Shen emphasized that Zhen Ding is accelerating its global build-out of high-end capacity and further strengthening its technology leadership. The company is currently undergoing the largest capacity expansion phase since its establishment, with key developments across three regions:

• Huai'an, China: Zhen Ding officially broke ground on the HD Campus at Huai'an Tech City in April 2026, where new HDI/MSAP and HLC facilities will be constructed. Upon completion, Huai'an Tech City will comprise 23 factory buildings across four campuses, with the goal of becoming the world's largest and most technologically advanced PCB manufacturing base.
• Thailand: Fab 1 is ramping smoothly; Fab 2 is scheduled to enter mass production in 2027; Fab 3, Fab 5, and a mechanical drilling center are also under construction.
• Kaohsiung AI Park: Focused on high-end ABF substrates and advanced PCB capacity, positioning it as an important base for advanced processes and high-end products.

Chairman Shen further stated that "One ZDT" is Zhen Ding's core strategy for navigating the rapid evolution of the technology industry and the accelerating adoption of AI applications. Through its industry-leading "one-stop shopping" platform, Zhen Ding provides global customers with integrated solutions across product categories, regions, and technologies, spanning its four major product lines: FPCs, RPCBs, HDI, and IC substrates. In 2025, Zhen Ding's number of granted patents officially surpassed 2,000, underscoring its long-term commitment to technology R&D and process innovation.

Beyond operational growth, Zhen Ding has continued to deepen its commitment to sustainability and corporate governance, earning recognition from leading global third-party sustainability assessments:

• Dow Jones Sustainability Index: Selected for the first time as a constituent of both the Dow Jones Best-in-Class World Index and the Dow Jones Best-in-Class Emerging Markets Index — the only Taiwan-based PCB company included in both.
• CDP Assessment (2025): Received the highest "A" rating in both climate change and water security.
• Business Weekly: Named among the "2025 Top 100 Carbon Competitive Enterprises."

Looking ahead, Chairman Shen stated that AI applications are expanding from cloud-based computing power and high-speed transmission to a wide range of smart devices, which will continue to drive demand for high-end PCBs and IC substrates. Anchored by its "One ZDT" strategy, Zhen Ding is confident in its ability to further expand revenue scale, optimize its product mix, and enhance profitability, while creating long-term and sustainable value for customers, employees, shareholders, and society.