Fii released its 2024 annual results on April 29, reporting record revenue of $84.83 billion (RMB 609.14 billion), representing 27.88% year-over-year growth. Attributable net profit reached $3.23 billion (RMB 23.22 billion), up 10.34%, with both metrics achieving historic highs. The company declared a cash dividend of $0.089 per 10 shares (RMB 0.64), totaling $1.77 billion (RMB 12.71 billion) with a 54.74% payout ratio—the third consecutive year exceeding $1 billion in distributions.
AI Server Revenue Soars 150%+, High-Speed Switch Sales Multiply
Driven by accelerating AI adoption, Fii's core business segments delivered robust growth across the board. Cloud computing achieved dual-dimensional success, generating $44.49 billion (RMB 319.38 billion) in revenue—a 64.37% surge that propelled the segment above 50% of total company revenue for the first time. AI servers comprehensively addressed both training and inference markets, with revenue climbing over 150% and capturing more than 40% of cloud computing revenue, establishing themselves as the portfolio's primary growth driver. General server revenue advanced 20%, outpacing broader market trends.
Customer diversification accelerated, with cloud service provider server revenue jumping over 80% to comprise more than half of total server revenue. As North American Tier-1 brands amplified AI server procurement and capital investments, brand customer server revenue expanded over 70%.
The communication and mobile network equipment division generated $40.10 billion (RMB 287.90 billion), maintaining steady growth while reinforcing market leadership. 5G terminal precision components shipments rose 10%, with market share remaining consistently strong among major customers and deepening relationship resilience.
High-speed switching portfolios spanning Ethernet, Infiniband, and NVLink architectures continued their premium evolution. 400G and 800G high-speed switches delivered multi-fold growth, reflecting the industry's infrastructure upgrade momentum.
$1.77 Billion Dividend: Three-Year Streak Above $1 Billion
Fii's proposed $0.089 dividend per 10 shares (RMB 0.64) represents a record $1.77 billion (RMB 12.71 billion) distribution at a 54.74% payout ratio, marking three consecutive years above $1 billion.
Since its 2018 listing, Fii has consistently elevated annual distributions, with 2023 dividends reaching $1.61 billion (RMB 11.52 billion)—leading A-share electronics sector rankings. Including the current proposal, cumulative distributions will total $7.88 billion (RMB 56.55 billion), underscoring exceptional cash generation capabilities and unwavering shareholder value commitment.
Advanced Manufacturing Leadership: Expanding Lighthouse Factory Network
Technology investment remained paramount, with R&D expenditures reaching $1.48 billion (RMB 10.63 billion)—the fifth consecutive year exceeding $1 billion. Fii's global intellectual property portfolio expanded to 7,224 effective assets (including pending applications), growing 9.3% year-over-year and strengthening competitive moats.
Leveraging innovation prowess, Fii accelerated digital transformation through scalable lighthouse factory standardization. In 2024, the company commissioned two internal facilities while enabling two external world-class lighthouse factories. Notably, Fii's Shenzhen Guanlan facility became Guangdong Province's inaugural sustainable lighthouse factory, while Vietnam's Bac Giang facility achieved Vietnam's first "lighthouse factory" designation. The portfolio now encompasses 8 internal and 5 externally-enabled lighthouse factories, amplifying smart manufacturing influence.
MSC A Rating Achievement
Fii embraced its "EPS+ESG" sustainable business framework, formally joining the United Nations Global Compact (UNGC) and endorsing its ten principles. The company evolved its five-year "Corporate Social Responsibility Report" into a comprehensive "Sustainability Report," demonstrating systematic sustainable development commitment.
Sustained ESG investments elevated Fii's MSCI rating to "A" level, achieving first place in electronics sector ESG rankings according to SWSRESEARCH classifications. The company earned inclusion in S&P Global's 2025 "Sustainability Yearbook" and ranked within the global top 4% for electronic equipment, instruments, and components. Strategic global capacity expansion continues enhancing customer support across new product development, rapid manufacturing scale-up, and worldwide delivery capabilities.
Q1 2025: Record-Setting Performance Demonstrates Market Resilience
Q1 2025 results showcased continued momentum with revenue of $22.35 billion (RMB 160.42 billion), advancing 35.16% year-over-year, while attributable net profit reached $0.73 billion (RMB 5.23 billion), up 24.99%—demonstrating robust growth dynamics amid volatile market conditions.
Cloud computing sustained exceptional performance with over 50% revenue growth, driven by AI and general server segments both exceeding 50% expansion. Customer segmentation revealed cloud service provider server revenue surging over 60%, while brand customer server revenue grew over 30%.
Fii emphasized that AI advancement and global positioning have become fundamental drivers of sustainable development and competitive differentiation. The company remains committed to industry leadership, addressing premier global customer requirements, and strengthening AI growth engines through enhanced data, algorithmic, and computational capabilities to establish world-class competitive excellence.