Han's CNC H1 Revenue Surges 109.29% YoY, Net Profit Jumps 263.45%, Driven by Explosive AI Computing PCB Demand | Financial Report Insights

Han's CNC delivered an impressive performance in the first half of the year, with both revenue and net profit seeing significant jumps. The core driver points to the explosive growth in demand for PCB equipment amid the boom in AI computing infrastructure construction.

According to the 2026 semi-annual report disclosed by the company on August 20, during the reporting period, Han's CNC achieved operating revenue of approximately RMB 4.985 billion, a year-on-year increase of 109.29%, nearly doubling; net profit attributable to shareholders of the listed company was approximately RMB 957 million, a year-on-year increase of 263.45%, more than doubling. The company attributed the significant performance leap to the substantial expansion in demand for high-end PCBs such as those for AI servers and high-speed optical modules, which drove downstream PCB companies to continuously increase capital investment. The company seized this window of customer capacity expansion and upgrades, resulting in substantial growth in orders across its entire product line.

The significant improvement in performance this period directly drove the expansion of the company's net asset scale. As of the end of the reporting period, the company's total assets reached RMB 18.201 billion, an increase of 71.46% compared to the end of the previous year; net assets attributable to shareholders of the listed company were approximately RMB 12.047 billion, an increase of 98.44% compared to the end of the previous year, approaching a doubling. The weighted average return on equity increased by 4.74 percentage points to 9.73%.

Explosive Demand for AI Computing PCBs Drives Significant Order Growth Across All Lines

The core catalyst for this round of performance growth is the structural expansion of high-end PCB demand oriented towards AI computing power. In its semi-annual report, the company pointed out that demand for high-end AI PCBs, such as high-multilayer HDI boards and N+N structure high-multilayer boards required for next-generation rack server computing and switching units, as well as mSAP-type substrates for 800G and 1.6T high-speed optical modules, has grown significantly.

The dual superposition of explosive demand and technological upgrades has driven downstream PCB companies to continuously increase capacity investment. The company stated that it was within this market window that orders for its entire product line achieved substantial growth. Net profit after deducting non-recurring gains and losses was approximately RMB 953 million, with a year-on-year increase of 281.36%, higher than the growth rate including non-recurring items, indicating that the performance improvement this period has strong operational support.

Adhering to the "ALL IN AI" Strategy, Continuously Deepening Technical Barriers

Facing the continuously increasing difficulty of PCB processing brought about by the rapid iteration of AI computing chips and data center technologies, Han's CNC persists in advancing its "ALL IN AI" strategy, focusing on technological upgrades for core PCB processing solutions in AI computing scenarios.

The company emphasized in its semi-annual report that it will continue to refine product research and development, consolidate its technical barriers in the core drilling process, and leverage the synergistic effects of its product matrix. As AI servers evolve towards cabinet-level and data-center-level integration, new categories of PCBs with higher technical requirements are emerging. The company stated that it has proactively laid out relevant key technologies, aiming to help downstream customers break through process bottlenecks. At the same time, the company is steadily promoting capacity expansion and optimization, gradually forming a mature pattern of mass production supply to adapt to the pace of rapid capacity expansion by downstream customers.

Operating Cash Flow Under Pressure, No Interim Dividend Distributed

Despite the significant expansion in profits, the net cash flow from operating activities was negative, amounting to approximately -RMB 1.075 billion during the reporting period, a year-on-year decrease of 95.02%, indicating that the company's occupation of working capital has increased during the rapid business expansion phase.

Meanwhile, the profit distribution plan for the reporting period approved by the company's board of directors shows that no cash dividends will be distributed, no bonus shares will be issued, and no capital reserve will be converted into share capital.

In terms of shareholding structure, the controlling shareholder, Han's Laser Technology Industry Group Co., Ltd., holds a 72.77% stake. During the reporting period, there were no changes in the controlling shareholder or the actual controller. As of the end of the reporting period, the total number of ordinary shareholders of the company was 28,630.