Victory Giant Technology (HuiZhou) Co., Ltd. reported robust interim results for the six months ended 30 June 2026, lifted by accelerating demand for high-end printed circuit boards (PCBs) used in artificial intelligence infrastructure and data-centre upgrades.

Revenue advanced 28.77 % year on year to RMB 11.63 billion, while net profit attributable to shareholders rose 33.30 % to RMB 2.86 billion. Basic earnings per share increased 25.60 % to RMB 3.14. Net profit after extraordinary items reached RMB 2.42 billion, up 12.50 %.

Gross profit expanded 18.11 % to RMB 3.86 billion; however, the overall gross margin eased to 33.20 % from 36.20 % as labour costs and the ramp-up of new capacity weighed on profitability. PCB manufacturing accounted for 93.2 % of total revenue and delivered a segment gross margin of 28.60 %. Direct export sales represented 77.9 % of total revenue, increasing 30.60 % year on year.

Operating cash flow more than doubled to RMB 2.91 billion, supported by faster cash collection. Total assets surged 78.83 % to RMB 63.03 billion after the April global offering of 110.23 million H shares, which raised net proceeds of HKD 22.88 billion (approximately RMB 19.94 billion). Net assets attributable to shareholders jumped 128.13 % to RMB 37.91 billion, cutting the gearing ratio to 39.90 % from 52.90 %.

Capital expenditure remained elevated: fixed assets reached RMB 11.84 billion and construction in progress RMB 5.22 billion, reflecting continued investment in high-layer count and HDI production lines as well as overseas bases in Thailand and Vietnam. Net cash used in investing activities totalled RMB 21.96 billion, mainly from equipment purchases and deployment of surplus funds into short-term wealth-management products.

R&D expenditure grew slightly to RMB 359.17 million, focused on AI server boards, high-build-up HDI and advanced packaging substrates. As at period-end the company held 383 valid patents, including 194 inventions.

No interim dividend was declared. Management proposes a new 4.86 million-share A-share restricted equity plan and an employee stock-ownership scheme, both pending shareholder approval.

Looking ahead, Victory Giant Technology will continue to execute its “China + N” capacity strategy, expand global customer coverage and target the RMB 100 billion revenue milestone by 2030, underpinned by high-end PCB demand from AI computing, data-centre and new-energy vehicle markets.