On November 3, HannStar Board Corp. (5469.TW) reported continued momentum in its AI and high-end PCB business, with AI server orders now providing more than one year of visibility. According to General Manager Terry Tao, shipments of server motherboards reached 650,000 units in the first three quarters of 2025, representing a global market share of about 6%. Of these, AI server boards accounted for 150,000 units, giving HannStar an estimated 23% share of the AI server PCB market.

AI-related products now contribute more than 20% of the company's revenue, and this ratio is expected to rise further next year. HannStar also plans to add AI server board production lines at subsidiary Global Brands Manufacture Ltd.'s Malaysia plant, with mass production scheduled to begin in the first quarter of 2026.

In the first three quarters of 2025, HannStar's consolidated revenue came mainly from PC products (36%), servers (20%), networking (16%), other products (12%), gaming (7%), LCD (6%) and automotive applications (3%). Regionally, its Taiwan plants focus on server boards that make up 89% of shipments, while its China facilities primarily produce PC and consumer electronics boards.

For the third quarter of 2025, HannStar posted revenue of NT$15.716 billion (≈USD 0.51 billion / CNY 3.63 billion), up 0.98% quarter-on-quarter and 33.10% year-on-year, with a gross margin of 20.04%. Net profit after tax was NT$1.089 billion (≈USD 0.04 billion / CNY 0.25 billion), equivalent to earnings per share (EPS) of NT$2.26. Cumulative revenue for the first three quarters reached NT$41.849 billion (≈USD 1.35 billion / CNY 9.65 billion), up 33.04% year-on-year, with EPS at NT$4.93.

Subsidiary Global Brands Manufacture Ltd. (GBM, 6191.TW) recorded third-quarter revenue of NT$9.57 billion (≈USD 0.31 billion / CNY 2.21 billion), down 0.92% quarter-on-quarter but up 62.34% year-on-year. It achieved a gross margin of 18.92% and net profit of NT$942 million (≈USD 0.03 billion / CNY 0.22 billion), resulting in EPS of NT$1.96. For the first three quarters of 2025, GBM's revenue totaled NT$24.393 billion (≈USD 0.79 billion / CNY 5.62 billion), up 46.06% year-on-year, with EPS at NT$5.01. Both companies continue to benefit from the acquisition of Japan-based Lincstech.

Tao said that the group's capital expenditure for the first three quarters of 2025 — combining HannStar and WUS — has reached nearly NT$6 billion (≈USD 0.19 billion / CNY 1.38 billion), the highest level to date, and will extend through 2027. The investments focus on expanding capacity for AI accelerators, high-layer-count PCB technologies and product lines absorbed from Lincstech.

To meet rising demand, HannStar is replicating its server board production technology from its Guanyin plant in Taiwan to a new facility in Taoyuan Technology Park, bypassing early construction stages. The new plant is expected to start production in the first half of 2026, focusing on high-end switch products. The Malaysia plant will mainly support AI server motherboards and automotive PCBs, with mass production also expected in the first quarter of 2026.

HannStar has additionally leased over 10,278 ping of factory space from flexible PCB maker Career Technology in the Taoyuan Science Park to install AI board capacity, targeting 400G switch products starting in the first half of 2026.

Overseas expansions also include strengthening HDI and AI server board capacity at its Jiangyin, Jiangsu facility in China to target the domestic server and switch markets. WUS is adding HDI and VGA capabilities at its Chongqing and Huangjiang plants in China to develop new product segments. Lincstech is enhancing talent and technology at its Singapore site and accelerating debottlenecking at its Japan facility to increase probe card and advanced testing substrate output.

In addition to server boards, HannStar is accelerating development of AI-related networking products. Its 800G switch boards have already been sent for customer evaluation, with volume production planned next year in its Singapore facility. In the edge computing PC sector, HannStar holds around 50% of the global market share for PC boards and about 20% for AI PCs.