AGM

2025 margins show little pricing headroom: gross margin 10.3 percent and an operating loss without one‑offs. The 2026 AI server initiative could carry better mix, but there is no audited evidence of recurring, pricing‑led expansion. With a concentrated supplier base and small scale, the company is more price‑taker than price‑setter.

Latent pricing power appears limited until it demonstrates differentiated hardware or a software layer that locks in customers.