At a glance. A chassis and rack OEM whose AI shells are already 47% of sales, with power-rack samples done and an explicit dual-track: OCP ±400 V and NVIDIA 0–800 V HVDC both under study. No mix, no SOP for 800V. The near-term money is sidecar and in-rack CDU, not HVDC.
What changed this year
AI chassis became the largest line, at 47% of the mix, including work associated with GB200 NVL72 systems and Chinese superpod deployments.
Power Rack + PSU + BBU samples were completed with PSU partners — the mechanical envelope around the power shelf, not the PSU itself.
Thailand phase 1 was finished, with volume guided to 2026Q1. The Zhongli liquid-cooling line is mature; Taiwan rack production is targeted for 2026.
2026 growth is framed as liquid cooling — sidecar and the power/switch cabinets that spin out of it — contributing from 2H26.
The numbers
| 9M 2025 | Value | Change |
|---|---|---|
| Revenue | NT$7.499bn (~US$238m) | +11% |
| Gross profit | NT$1.31bn, margin 17.5% | +26%; GM from 15.5% |
| Net income | NT$501m (~US$16m) | +16% |
| EPS | NT$2.44 (~US$0.08) | — |
NVIDIA 800V read-through
Chenming is the mechanical envelope around whatever bus Lite-On and the PSU names put inside the rack. 0–800 V versus ±400 V is a sheet-metal and busbar problem as much as a silicon problem.
What is in development:
- NVIDIA MGX off-the-shelf boxes (GB300 1U, NVL4 2U, RTX Pro 4U) — two SKUs through system validation.
- In-house manifold, floating joints, leak-free loops (Taiwan patents).
- Power Rack + PSU + BBU samples done with PSU partners.
On architecture, management is explicitly dual-track: OCP ±400 V and NVIDIA 0–800 V HVDC both under study. NVIDIA chose single-ended 800 V because two-pole breakers already exist, but OCP's ±400 V rail is real and shipping, and a chassis maker cannot afford to pick wrong.
This memo is an early 2026/27 option, not a 2025 HVDC print. The near-term money is sidecar / in-rack CDU.
Segments that moved
| Line | 9M 2025 share |
|---|---|
| AI server chassis | 47% |
| General server | 41% |
| Liquid cooling | 7% |
| Desktop | 3% |
| Tooling | 2% |
Liquid cooling was due to rise in Q4 2025. The company dropped generic off-the-shelf designs to focus on NVIDIA MGX platform boxes.
Guidance
- Thailand volume from 2026Q1.
- Taiwan rack production targeted for 2026.
- 2H26 contribution from sidecar and the power/switch cabinets that spin out of liquid cooling.
- No numbered group outlook and no 800V SOP date.
Management Q&A
Q: Looking to 2026, which product lines are the main growth drivers?
A: The Zhongli plant's trained, mature lines should start showing results from now through the first half of next year, and sidecar is the more concrete growth driver. The sidecar idea is also changing: besides a liquid-cooling cabinet beside the IT rack, there may be a separate power rack or switch rack. Products being jointly studied and qualified with customers are expected to show up in revenue in the second half of next year.
Disclaimer
English notes on Chenming Electronic's investor conference of 13 November 2025, covering the first nine months of 2025. Figures are as presented by management and have not been independently verified. USD equivalents are approximate at about NT$31.5 to the dollar. For reference only; not investment advice.