Net Profit Increased by 20.4% year-on-year to HK$211.7million with a Dividend Payout Ratio of 30.2%
Launching AI Computing Power Supply and Expanding to High-End Smart Controller Business to Capture AIoT Opportunities
HONG KONG, Aug. 22, 2025 /PRNewswire/ —
Financial Highlights
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For the six months ended 30 June
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2025
HK$ million
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2024
HK$ million
|
Change
|
|
Revenue
|
2,948.1
|
2,471.0
|
+19.3 %
|
|
Gross Profit
|
526.7
|
501.9
|
+4.9 %
|
|
Profit attributable to Owners of the Company
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211.7
|
175.8
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+20.4 %
|
|
Profit for the period
|
212.2
|
175.3
|
+20.7 %
|
|
Net profit margin
|
7.2 %
|
7.1 %
|
+0.1 p.p.
|
|
Basic earnings per share (HK cents)
|
21
|
17
|
+23.5 %
|
|
Interim dividend per share (HK cents)
|
6.2
|
5.2
|
+19.2 %
|
|
|
|
|
|
Ten Pao Group Holdings Limited （’Ten Pao’ or ‘the Company’, together with the subsidiaries as the Group’, Stock code: 1979.HK ), an industry-leading provider of intelligent power supply solutions, is pleased to announce its interim results for the six months ended 30 June 2025 (“1H 2025” or, the “Period”).
In the first half of 2025, persistent global inflation and geopolitical conflicts, coupled with rapidly intensifying international trade frictions, created a challenging business environment. The Group maintained close communication with both upstream suppliers and downstream customers to address the impact of tariff policies collaboratively. Through years of strategic market diversification, the Group significantly reduced its reliance on any single market during the Period. With production bases and R&D centers strategically deployed across Southeast Asia, Europe, North America and China, the Group has achieved agile resource allocation, enabling it to respond swiftly to customer needs and market fluctuations. At the same time, Ten Pao continued to expand into the new energy and high-end smart controller businesses, further enriching its product portfolio and customer base, thereby enhancing operational resilience and market adaptability.
By firmly executing its integrated strategy of high quality, strong R&D, intelligent manufacturing and global deployment, the Group advanced the development of innovative products, diversified its customer portfolio, secured stable raw material supply, expedited orders and deliveries, and implemented stringent internal cost control. This enabled the Group to maintain operational and financial stability. Revenue for the Period increased by approximately 19.3% year-on-year (“YoY”) to HK$2,948.1 million, driven primarily by growth in the industrial power supply and new energy segments. Gross profit rose by approximately 4.9% to HK$526.7 million, with gross profit margin slightly decreasing due to intensified competition in the power supply industry. Net profit margin stood solid at 7.2%. Profit attributable to owners of the Company rose by 20.4% YoY to HK$211.7 million. Basic earnings per share increased by 23.5% year-on-year to HK21 cents in 1H 2025.
The Group remains committed to a long-term stable dividend policy to reward shareholders for their continued support. The Board has declared an interim dividend of HK6.2 cents per share for the Period (1H 2024: HK5.2 cents), representing a payout ratio of approximately 30.2% (1H 2024: 30.5%).
Major Business Highlights
Capitalizing on the Opportunities in the AI Era, with Rising Demand for High-End Smart Controllers
The rapid development of AI has accelerated the demand for fast data transmission, driving the high-end smart controller (PCBA) market into a growth phase. During the Period, the Group actively seized market opportunities in the smart controller segment, expanding collaboration with Fortune Global 500 customers and securing new orders for high-end smart controllers. The Group’s new production bases in Vietnam and Mexico are already equipped with dedicated smart controller production lines, and will continue to integrate automation and AI-enabled equipment to significantly enhance capacity and production efficiency, laying a solid foundation for future order growth.
New Energy Business Maintains Strong Contribution with 33.6% year-on-year Growth
The Group continued to implement its three core product strategies of “energy storage systems, automotive electronics applications and electric vehicle core charging modules” to align with the global “fuel-to-electric” transition. During the Period, the new energy business contributed 19.1% of total revenue, representing 33.6% year-on-year growth, driven primarily by contributions from energy storage and automotive electronics products, as well as the Group’s expansion of its new
energy business customer base. Leveraging the global shift from “fuel-to-electric” and net-zero carbon emissions, the Group launched residential balcony photovoltaic micro-storage systems and actively participated in Southeast Asia’s new energy infrastructure projects, including Thailand’s two-wheeler electric vehicle battery-swap cabinet and fast-charging station projects, further consolidating its presence in the green energy market.
Promoting high-Power Supply Products for Data Centers and Expanding AI Computing Power Supply Product Portfolio
As AI becomes a core driver of global development and permeates application scenarios such as smart homes, household appliances, automotive electronics, and power tools, market demand for computational resources has surged. During the Period, the Group expanded its AI computing power supply product portfolio and secured related orders. Notably, it launched a new high-power supply product with a 3,500W output for server applications, suitable for high-performance computing scenarios such as cloud computing data centers, supercomputing/HPC systems, and enterprise-level servers, effectively meeting the stringent stability and performance requirements of next-generation AI hardware.
Global Production Footprint Enhances Risk Resilience and Capacity Flexibility
To address global market demand fluctuations and changes in trade dynamics, the Group continued to optimize its global production and R&D footprint. Current production bases are located in Huizhou (Guangdong Province) and Dazhou (Sichuan Province) in China, Hungary, Vietnam and Mexico, providing strong capacity support for business expansion. The Group’s new 200,000-square-metre Huizhou Intelligent Manufacturing Industrial Park has largely completed production line relocations and is expected to be fully operational in the second half of 2025. With its global production network entering a harvest stage, the Group’s future capital expenditure is expected to stabilize.
Outlook
Looking ahead to the second half of 2025, global macroeconomic conditions and trade policies remain volatile. However, “new quality productivity” and AIoT are driving mainstream societal development trends, accelerating enterprise digital transformation and providing vital impetus for advancement up the global value chain. The Group will actively respond to the national call to develop “new quality productivity”, expanding into green new energy sectors and focusing on cutting-edge areas such as energy storage system solutions, electric vehicle charging equipment, green mobility and AI computing power supplies as new growth engines.
The AI industry’s sustained demand for high-end power solutions, alongside explosive growth in the global smart controller market—projected to exceed US$100 billion by 2033—presents significant opportunities. The Group will continue to drive R&D in technological innovation and product upgrading, focusing on intelligent products and energy storage systems, high-end smart controllers, fully digital power supplies, high-power and high-stability power products, and AI computing power supplies exceeding international standards. These products will provide reliable power support for high-performance computing equipment and strengthen the Group’s sustainable development capabilities. The Group will also explore collaboration opportunities with leading global technology companies to expand application scenarios and market share, further enhancing new quality productivity.
In the new energy sector, the Group will actively seize opportunities from the global trend of “fuel-to-electric” transition and net-zero carbon emission, accelerating expansion in Southeast Asia. The Southeast Asian two-wheeler electric vehicle market is projected to reach US$67.8 billion in 2025 and grow to US$157.2 billion by 2034. As the “fuel-to-electric” timetable advances in the region, the Group is participating in Thailand’s national project for two-wheeler electric vehicle battery-swapping cabinets and fast-charging stations. The project will deploy fast-charging facilities nationwide to provide rapid battery replacement services for the two-wheeler electric vehicle drivers, enhancing the efficiency of their vehicles. Over the long term, the Group will leverage its robust network of more than 30,000 retail outlets and stores to deepen penetration into the green mobility market.
Operationally, the Group will continue to strengthen its global production footprint, enhance supply chain efficiency, and respond swiftly to evolving market demands through refined resources allocation and technological innovation, thereby maintaining steady growth in operations and finances, creating sustainable, high-quality long-term growth and greater value for shareholders.
In addition, the Group will maintain a high degree of sensitivity to the industry trends, uphold the concept of sustainable development, further seize upon the key role of power supply in the future’s sustainable, intelligent, and low-carbon development of society, and produce innovative power solutions that are efficient and in line with the development of the times. It will also continue to optimize its business structure, reduce reliance on any single market, and enhance overall resilience and long-term growth momentum.
About Ten Pao Group
Established in 1979, Ten Pao has 46 years of experience in power supply industry. It has been listed on the Main Board of the Hong Kong Stock Exchange since 2015. With the development direction of high-end and digital intelligence, it continues to provide customers with “intelligent, efficient, safe, reliable, and rapid response” product customization and production manufacturing services, whilst offering “one-stop” intelligent power supply solutions with market competitiveness. Over the years, Ten Pao has established a long-term stable cooperative relationship with many well-known international brands and become an international leading, reliable and innovative power supply group.
This press release was distributed by DLK Advisory on behalf of Ten Pao Group Holdings Limited.
