Mankun Technology's Net Profit Grew Nearly 70% in the First Three Quarters, AI Server Power PCB Business Continues to Ramp Up
In the first three quarters of 2026, Mankun Technology reported revenue of 1.667 billion yuan, up 36.32% year on year, and net profit attributable to shareholders of 172 million yuan, up 69.04% year on year. Net profit for the third quarter alone was 129 million yuan, surging 231.24% year on year. The growth was mainly driven by a surge in new orders, with the ramp-up of production capacity at Ji'an Plant No. 3 unleashing economies of scale, the AI server power PCB business continuing to ramp up, and 400G and 800G high-speed optical module products also advancing through customer certification and small-batch shipments.
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Mankun Technology (301132) disclosed its 2026 third-quarter report on the evening of October 29. In the first three quarters, the company achieved operating revenue of 1.667 billion yuan, up 36.32% year on year; net profit attributable to shareholders of the parent company was 172 million yuan, up 69.04% year on year; and net profit after deducting non-recurring gains and losses was 163 million yuan, an increase of 74.07% year on year, further improving profit quality.
Breaking it down by quarter, the third quarter alone achieved revenue of 724 million yuan, up 56.48% year on year and 35.18% quarter on quarter, accounting for 43.46% of total revenue in the first three quarters; single-quarter net profit attributable to shareholders of the parent company reached 129 million yuan, surging 231.24% year on year and 397.01% quarter on quarter. Single-quarter profit already accounted for 75% of the company's net profit attributable to shareholders of the parent company in the first three quarters, with the year-on-year and quarter-on-quarter growth rates of revenue and profit both rising sharply in tandem.
Regarding the rapid increase in third-quarter revenue, the company said the core driver came from a surge in new orders, which drove rapid growth in product sales. The financial report shows that, along with the expansion of production and sales scale, Mankun Technology's inventory at the end of the period increased 47.91% from the beginning of the year, with the balance reaching 366 million yuan. The company explained that, to ensure delivery, it proactively increased raw material stocking. At the same time, Ji'an Plant No. 3 is in a capacity ramp-up cycle, with capacity utilization continuing to rise and economies of scale gradually being released, supporting the company in taking on larger-volume orders.
At the strategic level, Mankun Technology adheres to the main line of "consolidating the foundation in consumer electronics and automotive electronics, and achieving incremental breakthroughs in AI computing power." During the reporting period, the company's cash flow improved significantly. In the first three quarters, net cash flow from operating activities was 149 million yuan, surging 305.44% year on year. Benefiting from the high prosperity of the AI computing power industry, the AI server power supply PCB business continued to expand; 400G and 800G high-speed optical module products advanced steadily, with customer certification, sample delivery, and small-batch shipments proceeding in an orderly manner.
Looking at the industry, the global technology industry is ushering in a new round of technological transformation driven by artificial intelligence, and PCB demand in high-value-added tracks such as automotive electronics, AI servers, and high-speed communications continues to be released. In the third quarter of this year, the company successfully completed the issuance of 760 million yuan of Mankun convertible bonds. The proceeds are earmarked for the construction of a high-end PCB production base in Thailand, as well as the intelligent and digital transformation of domestic production lines, strengthening the delivery capacity for high-end products. As the product mix continues to optimize, the proportion of high-value-added orders is expected to continue rising. (Guo Feng)