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

Executive summary

• Achieved record revenue of RMB5,485.4 million in 2025, up 46.9% year-over-year, driven by strong demand for high-layer-count PCBs in computing applications.

• Net profit reached RMB1,015.8 million, a 50.2% increase compared to 2024, with gross profit margin rising to 34.4%.

• Completed dual listings on Shenzhen and Hong Kong Stock Exchanges, raising HK$3,178.35 million in net proceeds for expansion and R&D.

• Expanded global footprint with Thailand facility achieving profitability within six months of operation.

Financial highlights

• Revenue: RMB5,485.4 million (2024: RMB3,734.3 million), up 46.9% year-over-year.

• Net profit: RMB1,015.8 million (2024: RMB676.1 million), up 50.2% year-over-year.

• Gross profit: RMB1,888.7 million, gross margin 34.4% (2024: 33.4%).

• Earnings per share: Basic RMB2.40, Diluted RMB2.39.

• R&D expenses: RMB279.8 million, up 56.1% year-over-year.

• Cash and cash equivalents: RMB410.4 million at year-end.

Outlook and guidance

• Focus on high-performance PCBs for AI, cloud, and next-gen communications (PCIe 6.0/7.0/8.0, 224G/448G switches, 5.5G/6G, autonomous driving).

• Thailand Phase II and Guangzhou Yunqing projects to drive future capacity and high-end product growth.

• Industry expects continued high demand for high-layer, high-density, high-reliability PCBs, with global PCB market CAGR of 8.2% through 2029.