栢能集团(01263) - 2025 - 中期财报

Company Profile PC Partner is a leading manufacturer of computer electronic products, specializing in graphics cards, motherboards, and mini PCs, while also providing EMS to global brands Company Profile PC Partner is a leading manufacturer of computer electronic products, specializing in graphics cards, motherboards, and mini PCs, while also providing EMS to global brands - PC Partner is a leading manufacturer of computer electronic products, with core products including graphics cards, motherboards, and mini PCs[7] - The company also provides one-stop Electronic Manufacturing Services (EMS) for globally renowned brands[7] - Leveraging excellent R&D capabilities and advanced production facilities, the company continuously launches innovative products to maintain its industry-leading position[7] Company Information This section outlines key corporate governance and operational information, including board members, committee compositions, company secretary, auditors, legal advisors, registered office, and principal bankers Company Information This section outlines key corporate governance and operational information, including board members, committee compositions, company secretary, auditors, legal advisors, registered office, and principal bankers - The Board of Directors comprises executive directors (including Chairman and CEO Mr. Wang Xihao), non-executive directors, and independent non-executive directors[8] - The company has established an Audit Committee, Executive Committee, Remuneration Committee, and Nomination Committee to ensure a robust corporate governance structure[8] - The company's headquarters are in Singapore, with principal places of business in Hong Kong, and share registrars located in both Singapore and Hong Kong[10] Management Discussion and Analysis This section provides an overview of the Group's business performance, financial results, future outlook, and potential risks and uncertainties Business Review The Group manufactures and promotes proprietary graphics card brands and provides ODM/OEM services, expanding into Southeast Asia with new facilities and a Singapore listing, driven by strong demand from PC gaming and AI - The Group manufactures ODM/OEM graphics cards and promotes its proprietary brands ZOTAC, Inno3D, and Manli graphics cards and other products[12] - The company strategically relocated its headquarters to Singapore and obtained a secondary listing on the Singapore Exchange, while establishing new manufacturing facilities in Batam, Indonesia, to expand into the Southeast Asian market[14] - The graphics card industry is driven by technological advancements in PC gaming, e-sports, streaming, and AI acceleration, leading to sustained demand growth[13] Business Performance The Group's revenue increased by 28.5% year-on-year to HKD 6,355.3 million in the first half of FY2025, primarily driven by increased graphics card sales, especially strong performance in branded business 2025 First Half Fiscal Year Business Performance | Indicator | 2025 First Half Fiscal Year (Million HKD) | 2024 First Half Fiscal Year (Million HKD) | Change (Million HKD) | Growth (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 6,355.3 | 4,944.2 | 1,411.1 | 28.5% | | Graphics Card Sales | 5,770.3 | 4,088.7 | 1,681.6 | 41.1% | | Branded Business Sales | 4,961.0 | 3,094.3 | 1,866.7 | 60.3% | - Strong demand for RTX 50 series graphics cards, coupled with the company's successful acquisition of the latest top-tier RTX 5090 GPU after relocating its headquarters and secondary listing, drove a robust rebound in proprietary branded graphics card sales[15] Business Compliance The Group's operating entities consistently comply with relevant laws and regulations and fulfill social responsibilities under ISO and RBA standards - The Group's operating entities consistently comply with laws and regulations and fulfill social responsibilities under ISO9001, ISO14001, ISO45001, QC080000, ISO13485, and RBA codes[16] Financial Overview The Group's revenue increased by 28.5% to HKD 6,355.3 million in the first half of FY2025, with profit attributable to owners growing by 29.0% to HKD 250.4 million, while gross margin slightly decreased to 10.5% 2025 First Half Fiscal Year Key Financial Data | Indicator | 2025 First Half Fiscal Year (Million HKD) | 2024 First Half Fiscal Year (Million HKD) | Change (Million HKD) | Growth (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 6,355.3 | 4,944.2 | 1,411.1 | 28.5% | | Gross Profit | 669.5 | 558.4 | 111.1 | 19.9% | | Gross Margin | 10.5% | 11.3% | -0.8% | - | | Profit Before Income Tax | 305.3 | 228.5 | 76.8 | 33.6% | | Profit for the Period Attributable to Owners of the Company | 250.4 | 194.1 | 56.3 | 29.0% | | Net Profit Margin | 3.9% | 3.9% | 0.0% | - | | Earnings Per Share (HKD) | 0.645 | 0.500 | 0.145 | 29.0% | | Net Asset Value Per Share (HKD) | 7.899 | 7.379 | 0.520 | 7.1% | 2025 First Half Fiscal Year Revenue Composition | Revenue Source | Proportion | | :--- | :--- | | Graphics Cards | 90.8% | | Other PC-related Products and Components | 4.6% | | EMS | 4.6% | | Region | Proportion | | :--- | :--- | | Asia Pacific | 40.1% | | China | 21.6% | | NALA | 13.2% | | EMEAI | 25.1% | Outlook The company anticipates strong demand for RTX 50 series graphics cards, but global semiconductor chip capacity is constrained by AI chip demand, with plans to delist from HKEX after Singapore Exchange approval for primary listing - Demand for NVIDIA RTX 50 series graphics cards (based on Blackwell architecture) is expected to remain strong in the second half of FY2025 due to higher gaming performance and AI integration capabilities[24] - The graphics card business faces constrained global semiconductor chip supply due to intense competition for capacity from the immense demand for AI chips[24] - The company has become a member of the NVIDIA Partner Network and received approval for primary listing on the Singapore Exchange, with plans to delist from the Hong Kong Stock Exchange within the current fiscal year[24] Potential Risks and Uncertainties The Group faces multiple risks, including high reliance on NVIDIA, intense industry competition, loss of key personnel, manufacturing disruptions, material cost volatility, revenue concentration in graphics cards, trade tariffs, and global economic uncertainty Concentration Risk on NVIDIA as Primary GPU Supplier The Group's high reliance on NVIDIA for GPUs, accounting for approximately 68.5% of total procurement, poses significant business and financial risks from any supply disruptions or NVIDIA's shift to AI applications - NVIDIA is the Group's largest GPU supplier, with procurement accounting for approximately 68.5% of total procurement, posing a high concentration risk[25] - NVIDIA's shift in business focus towards AI applications may lead to prioritization of AI-related products, affecting the Group's access to gaming GPU supplies[26] - Any disruption in the relationship with NVIDIA or supply interruptions could have a material adverse effect on the Group's business, financial condition, and prospects[26][27] Intense Industry Competition and Risk of Market Share Loss The computer electronics manufacturing industry is highly competitive with short product lifecycles, and failure to adapt to market dynamics or new technologies may lead to market share and revenue loss - The Group operates in a highly competitive industry with continuously shortening product lifecycles, and failure to adapt to market dynamics or emerging technologies may result in falling behind competitors[27] - Major competitors may possess greater financial resources, raw material supply advantages, economies of scale, and brand recognition, leading to risks of declining profit margins or lost sales for the Group[28] Reliance on Executive Directors and Key Management Personnel The Group's performance is highly dependent on the continued service of its executive directors, senior management, and sales representatives, and their departure without suitable replacements could severely impair operations - The Group's performance depends on the continued service and performance of its executive directors, senior management, and sales representatives[29] - The departure of any key management personnel without suitable replacements could have a material adverse effect on the Group's business, financial condition, and prospects[29]