PC Partner Group (PCT) H1 2025 earnings summary

Executive summary

• H1 FY2025 revenue rose 28.5% YoY to HK$6,355.3m; profit attributable to owners increased 29.0% to HK$250.4m, driven mainly by own-brand VGA Cards.

• Gross margin eased to 10.5% from 11.3% as RTX 50 Series material costs rose and higher-margin EMS and other PC-related sales declined.

Financial highlights

• Revenue was HK$6,355.3m, up 28.5% YoY; gross profit rose 19.9% to HK$669.5m.

• Profit attributable to owners was HK$250.4m versus HK$194.1m; profit before tax increased to HK$305.3m from HK$228.5m, while income tax expense rose to HK$52.9m from HK$36.2m.

• Other revenue and gains, net, increased to HK$53.8m from HK$21.2m, including a HK$25.4m net exchange gain versus a HK$23.8m loss.

• Net cash from operating activities was HK$670.3m versus HK$558.5m; cash and cash equivalents were HK$1,978.4m at 30 June 2025.

Outlook and guidance

• RTX 50 Series demand is expected to remain strong in H2 FY2025 among gamers and creative professionals; global semiconductor capacity constraints may limit VGA Card growth.

• AI-driven demand for advanced chips competes for semiconductor capacity, potentially delaying or constraining GPU supply for gaming cards.

• NVIDIA Partnership Network participation creates opportunities for collaboration, innovation and growth.