Earnings explosion! Trillion-yuan Foxconn Industrial Internet plans a 12.9 billion yuan dividend payout.

The AI boom has led to a sustained increase in demand for computing power from global AI giants.

As a benchmark enterprise in the AI infrastructure sector, Industrial Fu Lian has benefited significantly.

On the evening of March 10th, Industrial Fu Lian announced its 2025 performance. The financial report shows that in 2025, the company achieved revenue of 902.887 billion yuan, a year-on-year increase of 48.22%; net profit reached 35.286 billion yuan, up 51.98% year-on-year; and non-GAAP net profit was 34.188 billion yuan, an increase of 46.02% year-on-year.

Regarding the explosive growth in performance, Industrial Fu Lian attributes it to the following four main reasons:

First, the sustained release of AI computing power demand, accelerating the iteration of global infrastructure scale.

Second, AI innovation empowers high-end product iteration, leading to a value reshaping of the mobile terminal market.

Third, AI clusters drive cross-generational upgrades in network architecture, with technological iteration opening up incremental market space.

Fourth, continued policy support has propelled the industrial internet into the deep waters of large-scale application.

In fact, from a business structure perspective, Industrial Fu Lian has moved away from its previous OEM model and successfully completed an industrial upgrade. The financial report indicates that as of the end of December 2025, the company's cloud computing segment generated revenue of 602.679 billion yuan, accounting for 66.75% of total revenue; revenue from communication and mobile network equipment was 297.851 billion yuan, accounting for 32.99% of total revenue. Notably, before 2023, the main source of the company's revenue was still the communication and mobile network equipment segment. In just two years, cloud computing has replaced it, becoming the core pillar of the company's revenue.

From the logic of AI development, the revenue share of Industrial Fu Lian's cloud computing segment is expected to further increase in the future.

Industrial Fu Lian stated in its financial report that capital expenditure on AI infrastructure by major global cloud service providers has entered a new expansion cycle. With the continuous iteration of computing power solutions such as GPUs and ASICs, demand for AI computing power remains strong. Industry demand is gradually shifting from model development to large-scale inference applications. The exponential growth in Token consumption places higher demands on the throughput capacity and construction scale of data centers. According to TrendForce forecasts, global AI server shipments in 2026 will increase by 28.3% year-on-year, driving the overall server market growth to expand to 12.8%.

Industrial Fu Lian also stated that during the reporting period, the company has established deep strategic synergies with several leading global customers, jointly tackling core aspects such as next-generation AI servers and liquid cooling technology. Through highly customized solutions, it has deeply deployed high-performance AI data center clusters. Currently, the company is continuously advancing cooperation with customers on next-generation products, with its delivery capabilities and supply chain integration capabilities firmly positioned in the industry's first tier.

On the basis of the performance surge, Industrial Fu Lian has simultaneously increased its rewards to investors. According to the announcement, the company plans to distribute a cash dividend of 6.5 yuan per 10 shares (tax inclusive) to all shareholders, with a total proposed cash dividend of approximately 12.9 billion yuan. Based on this calculation, Industrial Fu Lian's total cash dividends for 2025 (including interim dividends) will reach 19.451 billion yuan, with a cash dividend payout ratio of 55.12%, reaching a new high since its listing.

In a letter to shareholders, Industrial Fu Lian's Chairman Zheng Hongmeng stated that artificial intelligence is accelerating profound changes in the global industrial structure, and AI computing power infrastructure will become one of the most certain core development areas for many years to come. Industrial Fu Lian will continue to adhere to technology innovation as the driver and advanced manufacturing as the foundation, deepen its global industrial layout, continuously improve system integration and large-scale manufacturing capabilities, and consistently consolidate its leading position in the global AI computing power industry chain.

Guotai Junan Securities and Haitong Securities released research reports pointing out that as a core supplier of global AI computing power infrastructure, Industrial Fu Lian, leveraging its precision manufacturing DNA and full industry chain layout, has created synergistic effects in AI servers, high-speed switches, and edge AI. With the global wave of AI capital expenditure and the volume ramp-up of new platforms like GB200/300, the company's growth momentum is expected to continue strengthening.

Sinolink Securities released a research report stating that the company's cloud computing business has seen both volume and price increases, with the proportion of AI-related business significantly rising. The report noted that Industrial Fu Lian's full-year cloud computing revenue reached 602.7 billion yuan, a year-on-year increase of 89%, accounting for 67% of total revenue and becoming the main driver of performance. Among this, revenue from cloud servers and AI servers grew more than threefold year-on-year, and products related to GPU and ASIC solutions all achieved rapid growth. The gross margin of the cloud computing business in 2025 increased by 0.74 percentage points year-on-year. The company has successfully secured a position in the high-end GPU/ASIC server market, hence the optimism about future dual increases in product unit price and gross margin.

Kan Jian Finance believes that as the global AI industry enters the era of AI Agents, market demand for computing power will remain at a high level. Against this backdrop, the revenue share of Industrial Fu Lian's cloud computing will continue to increase, and its performance will be consistently realized. With Industrial Fu Lian completing its industrial transformation and upgrade, the company is expected to become a high-tech enterprise driven by AI in the future, and the market valuation logic will also undergo profound changes.