Core Viewpoint - The stock price increase of Industrial Fulian is attributed to the market's reassessment of its value as a key player in AI computing infrastructure, rather than mere speculation [1][16]. Group 1: Company Performance - In the last three months, the stock price of Industrial Fulian surged by 141%, significantly outperforming Nvidia's 14.5% increase during the same period [4][5]. - For the first half of 2025, Industrial Fulian reported a revenue growth of 35.6% and a net profit growth of 38.6% [9]. - The core driver of this growth is the cloud computing business, particularly AI servers, with AI server revenue increasing by over 60% year-on-year in Q2 [14]. Group 2: Market Position and Products - Industrial Fulian is a major player in the AI server market, which is projected to account for over 70% of the total server market by 2025 [7][8]. - The company is the exclusive or primary supplier for Nvidia's key products, such as the GB200 series, integrating complex server systems that include liquid cooling [15]. - The revenue from Industrial Fulian's 800G high-speed switches reached nearly three times the total revenue for 2024 in the first half of 2025, indicating a strong competitive advantage in the data center interconnect market [19]. Group 3: Strategic Advantages - Industrial Fulian has established "lighthouse factories" that leverage industrial AI and robotics for high-precision manufacturing, crucial for complex products like the GB200 [21]. - The company has a forward-looking global layout and supply chain capabilities, enabling efficient and rapid fulfillment of global customer demands [22]. - Long-term partnerships with top global tech brands allow Industrial Fulian to co-develop new technologies, enhancing customer stickiness [23]. Group 4: Financial Indicators - The company's inventory increased by 44.2% compared to the previous year, indicating a significant rise in server orders [25][28]. - Short-term borrowings rose by 70%, and contract liabilities surged by 474.3%, reflecting a high demand for AI servers and prepayments from customers [26][28]. - These financial indicators suggest that Industrial Fulian is in a high-growth expansion phase [29]. Group 5: Overall Assessment - Industrial Fulian has evolved beyond its traditional image as a contract manufacturer, becoming an essential builder of AI infrastructure [30]. - The company is positioned as a critical partner for Nvidia, transforming cutting-edge AI chips into usable server systems while also expanding into high-speed networking and AI terminals [31].

Core Viewpoint - Industrial Fulian has announced its first semi-annual dividend plan since its listing in 2018, distributing a cash dividend of 33 yuan per hand, totaling approximately 6.551 billion yuan, which represents 54.08% of the company's net profit for the first half of 2025 [1][5]. Financial Performance - In the first half of 2025, Industrial Fulian achieved a revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.11 billion yuan, up 38.60% year-on-year [1][5]. - The company's total market capitalization reached 1.3 trillion yuan as of October 22, 2025 [1][10]. AI-Driven Growth - The growth in performance is primarily driven by the global development of AI, with significant contributions from its four main business segments: precision components, high-speed network equipment, cloud computing, and industrial internet [3][8]. - In the second quarter of 2025, overall server revenue grew by over 50%, with cloud service provider server revenue increasing by approximately 150% and AI server revenue rising by about 60% [3][8]. Dividend History and Strategy - Since its listing, Industrial Fulian has distributed a total cash dividend of 56.54 billion yuan across seven occasions, maintaining a leading position in the A-share electronic industry for dividend payouts [4][5]. - The introduction of the semi-annual dividend plan is part of the company's strategy to share its development achievements with shareholders and respond to recent regulatory encouragement for increased cash dividends [5][10]. Market Position and Future Outlook - Industrial Fulian's stock price has seen significant growth, with a notable increase from a low of 13.94 yuan per share in early April 2025 to a historical high of 74.72 yuan per share by September 23, 2025 [10]. - The company has established itself as a leader in the AI infrastructure sector, providing a full supply chain service from GPU modules to data centers, which positions it well for future growth despite challenges such as rapid technological iteration and increasing market competition [8][11].

Core Viewpoint - Industrial Fulian has announced its first semi-annual cash dividend plan since its listing in 2018, distributing 33 yuan per hand (100 shares) to shareholders, totaling approximately 6.551 billion yuan, which represents 54.08% of the company's net profit for the first half of 2025 [1][5] Financial Performance - In the first half of 2025, Industrial Fulian achieved revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.11 billion yuan, up 38.60% year-on-year [1][5] - The company's total market capitalization reached 1.3 trillion yuan as of October 22, 2025 [1][12] Dividend History - Since its listing, Industrial Fulian has distributed over 56.54 billion yuan in cash dividends, maintaining its position as the top dividend payer in the A-share electronic industry [5] - The company has completed seven cash dividend distributions, with the amount exceeding 10 billion yuan for three consecutive years [5] AI-Driven Growth - The growth in Industrial Fulian's performance is primarily driven by the global development of AI, with significant contributions from its four main business segments: precision components, high-speed network equipment, cloud computing, and industrial internet [3][9] - In the second quarter of 2025, the overall server revenue grew by over 50%, with cloud service provider server revenue increasing by approximately 150% and AI server revenue rising by about 60% year-on-year [3][9] Market Position and Strategy - Industrial Fulian has established a leading position in AI computing infrastructure, covering the entire AI industry chain, including GPU modules, substrates, and backend AI server design and system integration [10] - The company has built eight internal and empowered nine external world-class "lighthouse factories," contributing to the high-quality transformation of China's manufacturing industry [13] ESG and Future Outlook - Industrial Fulian's ESG rating was upgraded from A to AA by MSCI, making it one of the few companies in the A-share electronic industry to achieve this rating [13] - The AI server market is expected to continue growing, although challenges such as accelerated technological iteration and increased market competition remain [13]

又一家万亿市值公司推出中期分红计划。 中期分红方案的推出，正值工业富联股价与业绩双双呈现增长态势。截至10月22日收盘，公司总市值达 1.30万亿元。 其业绩的增长主要受益于全球AI发展的推动。作为一家覆盖AI全产业链的上市公司，工业富联的四大 主营业务包括终端精密机构件、高速网络设备、云计算、工业互联网。这些业务均在此轮AI发展中受 益。 工业富联相关业务负责人向21世纪经济报道透露，今年第二季度，公司整体服务器营收增长超过50%， 云服务商服务器营收同比增长约150%，AI服务器营收同比增长约60%。 工业富联日前宣布，拟向全体股东每手（1手为100股，即最小持股单位）派发现金红利33元（含税）， 合计派发约65.51亿元。这是工业富联自2018年上市以来首次推出半年度分红方案。 此次分红总额占公司2025年半年度净利润的54.08%。半年度分红方案的首次推出，与其年内较好的业 绩表现密切相关。2025年上半年，工业富联实现营业收入3607.60亿元，同比增长35.58%；归属于上市 公司股东的净利润121.10亿元，同比增长38.60%。 高分红的背后：上市以来累计分红超565亿 工业富联此次半年度分红 ...

Core Viewpoint - Industrial Fulian has announced its first semi-annual dividend plan since its listing in 2018, distributing a cash dividend of 33 yuan per hand, totaling approximately 6.551 billion yuan, which represents 54.08% of the company's net profit for the first half of 2025 [2][4][5]. Financial Performance - In the first half of 2025, Industrial Fulian achieved revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.11 billion yuan, up 38.60% year-on-year [2][5]. - The company's total market capitalization reached 1.30 trillion yuan as of October 22, 2025, reflecting a strong performance in both stock price and earnings [3][11]. Dividend History - Since its listing, Industrial Fulian has distributed cash dividends totaling 56.54 billion yuan over seven occasions, maintaining a leading position in the A-share electronic industry for dividend payouts [4][5]. AI Business Growth - The growth in Industrial Fulian's performance is significantly driven by the global AI development, with the company benefiting from its comprehensive coverage of the AI industry chain, including precision components, high-speed network equipment, cloud computing, and industrial internet [3][9]. - In the second quarter of 2025, the overall server revenue grew by over 50%, with cloud service provider server revenue increasing by approximately 150%, and AI server revenue rising by about 60% year-on-year [8][10]. Market Position and Strategy - Industrial Fulian has established a leading position in AI computing infrastructure, providing a full supply chain service from GPU modules to data centers, which is rare in the industry [9]. - The company has also been recognized for its sustainable development efforts, with its ESG rating upgraded from A to AA by MSCI, making it one of the few companies in the A-share electronic industry to achieve this rating [14].

Core Viewpoint - Industrial Fulian (601138.SH), a major AI server manufacturer, has announced its first-ever interim dividend due to rapid profit growth, distributing a cash dividend of 3.3 yuan per 10 shares, totaling 6.551 billion yuan, which represents 54.08% of its net profit for the first half of 2025 [1][2][5] Financial Performance - In the first half of 2025, Industrial Fulian achieved a revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.113 billion yuan, up 38.61% [6][7] - The company's net profit since its listing in 2018 has reached 149.392 billion yuan, with cumulative cash dividends of 63.095 billion yuan, resulting in an average payout ratio of 42.23% [2][6] Dividend History - Industrial Fulian has consistently paid high annual dividends since its IPO, with amounts exceeding 10 billion yuan annually from 2022 to 2024, and a payout ratio maintained above 54% [2][6] - The recent interim dividend reflects a broader trend in the A-share market towards regular shareholder returns, encouraged by regulatory bodies [2] Stock Performance - The stock price of Industrial Fulian has surged by 226% from 20.86 yuan per share at the beginning of 2025 to 68 yuan per share as of October 21, 2025, with a current market capitalization of 1.35 trillion yuan [1][7] Shareholder Return Strategies - In addition to dividends, Industrial Fulian has implemented stock buyback plans, having completed two rounds of buybacks since 2021, with the latest plan involving a budget of 5 to 10 billion yuan [3][4]

Core Viewpoint - Industrial Fulian announced its first-ever semi-annual profit distribution plan since its listing in 2018, proposing a cash dividend of 3.3 CNY per 10 shares, totaling 6.551 billion CNY, which accounts for 54.08% of its net profit for the first half of 2025 [1][2]. Financial Performance - For the first half of 2025, Industrial Fulian reported revenue of 360.76 billion CNY, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.113 billion CNY, up 38.61% [2][3]. - The company's non-recurring net profit reached 11.668 billion CNY, reflecting a growth of 36.73% year-on-year [2]. AI Business Growth - The revenue from AI servers in the second quarter of 2025 saw a significant increase, with a year-on-year growth rate exceeding 60% [3]. - The demand for 800G high-speed switch products surged, with revenue in the first half of 2025 reaching nearly three times that of the entire year of 2024, driven by the rising need for data transmission [3]. Shareholder Engagement - Industrial Fulian's semi-annual dividend plan is seen as part of a broader trend in the A-share market towards enhancing shareholder returns, with more leading companies adopting mid-term dividends as a standard practice [3]. - The company has maintained a strong annual dividend record since its listing, with total dividends exceeding 56.5 billion CNY, and has distributed over 10 billion CNY annually for three consecutive years from 2022 to 2024 [2][3]. Stock Performance - Industrial Fulian's stock price has more than doubled in 2023, closing at 62.06 CNY per share on October 20, 2023, with a total market capitalization of 1,232.4 billion CNY [3].

Core Viewpoint - Industrial Fulian plans to distribute a cash dividend of 3.3 yuan (including tax) for every 10 shares to all shareholders, totaling 6.551 billion yuan, which accounts for 54.08% of the net profit attributable to shareholders for the first half of 2025 [2][3]. Financial Performance - For the first half of 2025, Industrial Fulian reported revenue of 360.76 billion yuan, a year-on-year increase of 35.58% - The net profit attributable to shareholders reached 12.113 billion yuan, up 38.61% year-on-year - The net profit excluding non-recurring items was 11.668 billion yuan, reflecting a growth of 36.73% year-on-year [3][5]. Dividend Policy - This marks the first interim dividend distribution since Industrial Fulian's listing in 2018, highlighting a shift towards regular shareholder returns - The company has maintained a high annual dividend payout since its IPO, with total dividends exceeding 56.5 billion yuan, and has distributed over 10 billion yuan annually for three consecutive years from 2022 to 2024 [2][4]. Market Position and Growth Drivers - The strong performance is attributed to the company's strategic focus on AI business, which has entered a "harvest period" and is now a core growth driver - AI server revenue saw significant growth, with a year-on-year increase of over 60% in the second quarter of 2025, driven by demand from global cloud service providers and tech companies [3][4]. Stock Performance - Industrial Fulian's stock price has more than doubled this year, closing at 62.06 yuan per share on October 20, with a total market capitalization of 1,232.4 billion yuan [5].

Core Viewpoint - Industrial Fulian plans to distribute a cash dividend of 3.3 yuan (including tax) for every 10 shares to all shareholders, totaling 6.551 billion yuan (including tax), which accounts for 54.08% of the net profit attributable to shareholders for the first half of 2025 [2][5]. Financial Performance - For the first half of 2025, Industrial Fulian reported revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.113 billion yuan, up 38.61% year-on-year [5][6]. - The company achieved a non-recurring net profit of 11.668 billion yuan, reflecting a growth of 36.73% year-on-year [5]. AI Business Growth - The revenue from AI servers in the second quarter of 2025 saw a significant increase, with a year-on-year growth rate exceeding 60% [6]. - The demand for 800G high-speed switch products surged, with revenue in the first half of 2025 reaching nearly three times that of the entire year of 2024, driven by the rising need for data transmission [6]. Shareholder Returns and Market Position - Industrial Fulian has consistently maintained high annual dividends since its listing, with total dividends exceeding 56.5 billion yuan, and has distributed over 10 billion yuan annually for three consecutive years from 2022 to 2024 [5]. - The company's stock price has more than doubled this year, closing at 62.06 yuan per share on October 20, 2025, with a total market capitalization of 1,232.4 billion yuan [6].

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Insights - The company reported a strong performance in the first half of 2025, achieving operating revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.11 billion yuan, up 38.61% year-on-year [5][6] - The demand for high-end AI servers is surging, driven by significant capital expenditure growth from North American cloud service providers, with AI cloud infrastructure investments expected to increase [6][7] - The GB200 series is seeing continuous improvement in yield rates, and the GB300 series is expected to enter substantial shipment phases in the second half of the year, which will support the company's AI server business profitability [7][9] Financial Performance - The company forecasts operating revenues of 882.92 billion yuan, 1,235.84 billion yuan, and 1,668.09 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 33.43 billion yuan, 47.52 billion yuan, and 62.39 billion yuan for the same years [9][11] - The projected growth rates for operating revenue are 44.95% in 2025, 39.97% in 2026, and 34.98% in 2027 [11] - The company’s earnings per share (EPS) is expected to rise from 1.68 yuan in 2025 to 3.14 yuan in 2027, reflecting strong profitability growth [11]