Zenithtek (新聿科) is set to list on Taiwan's Emerging Stock Market on April 22, driven by surging demand from AI server and high-performance computing customers. Chairman Tu Chun-hung (涂俊宏) told reporters at a media briefing Wednesday that AI-related revenue is on track to exceed 60% of total sales this year, as the company cements its role in next-generation chip platform supply chains.
According to company data, Zenithtek posted revenue of NT$1.024 billion (approximately $32 million) in 2025, a 56% year-on-year increase. Gross margin rose to 32.16% from 28.24% the prior year, while after-tax net profit reached NT$114 million, translating to earnings per share of NT$6.15. Operating profit climbed to NT$151 million, which the company attributed to a higher mix of AI server and premium networking products.
Tu said the shift toward an AI-dominant revenue mix reflects a broader transformation in the company's positioning — from a supplier of standard power inductors to a maker of critical power components for AI infrastructure. Reaching 60% AI revenue "should be no problem" given the current product lineup, he added.
Why AI Servers Need Better Inductors
The shift is partly structural. As power consumption in CPUs, GPUs, and custom ASICs rises sharply, data centers increasingly require components capable of handling higher power density, faster transient response, and greater energy efficiency. This has accelerated adoption of next-generation power delivery architectures such as TLVR (Trans-Inductor Voltage Regulator) and vertical power delivery designs, raising both the technical bar and unit value of inductor components.
Inside Blackwell, Venice — and Already Eyeing Vera Rubin
Zenithtek said it has entered mass production for NVIDIA's Blackwell platform and has qualified as a reference architecture supplier for AMD's Venice platform. Looking further ahead, the company has already received certification for NVIDIA's next-generation Vera Rubin platform and is participating in development programs for upcoming Intel and AMD x86 platforms.
Tu described the company's supply chain role as going beyond order-taking. Zenithtek engages directly with NVIDIA, AMD, and certain cloud service providers' in-house ASIC teams during early-stage platform design discussions on power architecture, though final volume shipments are typically routed through ODM and OEM partners. Fubon Securities Investment Consulting noted that the relevant end platforms span Meta, AWS, and Google custom ASIC supply chains, with products entering the market through system integrators including Quanta, Wistron, Wiwynn, and Foxconn.
Networking Emerges as a Second Growth Engine
Beyond AI servers, networking hardware has emerged as a second growth engine. Stronger order pull from customers including Accton and Luxshare, alongside rising demand for 400G and 800G high-end switches, drove a 110% year-on-year surge in Zenithtek's networking revenue to NT$232 million (roughly $7.2 million) in 2025. Continued data center network upgrades are expected to sustain demand for higher-specification inductors in premium switching equipment.
Thailand Factory and Capacity Ramp
To meet anticipated demand, Zenithtek is expanding capacity on two fronts. Its Zhongshan facility is undergoing a new round of expansion, with three to five additional production lines planned before year-end. A greenfield factory in Thailand broke ground in March, with first-phase production readiness targeted for Q4 this year and volume output beginning in Q1 2027. The Thailand facility is intended to serve AI-related demand from international customers while reducing exposure to geopolitical risk through non-China manufacturing capacity.
Fubon estimated Zenithtek's capital expenditure this year at approximately NT$250 million (roughly $7.8 million), covering both the Zhongshan expansion and Thailand construction. Total monthly production capacity is projected to rise from 4.4 million units in 2025 to 13.65 million units in 2026, with further increases planned for 2027.
What to Watch
Key indicators to watch in coming quarters include the ramp pace of Blackwell and Venice platform shipments, whether AI revenue can hold above the 60% threshold, and whether the Thailand facility achieves its planned production timeline — all of which will be central to the company's next phase of growth.
