PC Partner Group (PCT) H2 2025 earnings summary

Executive summary

• FY2025 revenue reached HK$13,951.7 million, the second-highest on record; VGA Cards drove growth and gross and net profit margins rose for a second consecutive year.

• Blackwell-based GeForce RTX 50 Series demand, especially for high-end products, supported higher sales and margins; own-brand VGA Cards were the main revenue and profit driver.

Financial highlights

• Revenue rose 38.4% YoY to HK$13,951.7 million; gross profit increased 48.9% to HK$1,423.0 million.

• EBITDA was HK$823.1 million vs. HK$451.2 million; profit before income tax was HK$640.6 million vs. HK$311.5 million.

• Profit attributable to owners rose to HK$494.2 million from HK$262.1 million; basic and diluted EPS were HK$1.27 vs. HK$0.68.

• Net cash from operating activities increased to HK$2,815.4 million from HK$1,954.8 million; cash and bank balances were HK$2,506.7 million at year-end.

Outlook and guidance

• 2026 outlook is cautiously optimistic; constrained high-bandwidth memory supply and higher graphics-memory prices are expected to continue, with VGA card price increases offsetting lower volumes until supply improves.

• AI server demand presents an opportunity; preparations include recruiting AI talent and developing products, manufacturing and operational capabilities, with NVIDIA Partner Network integration support.

• 2026 environmental targets are to maintain or reduce GHG emissions, energy, water and waste intensity by 1% using 2025 as the baseline.