天弘科技 2025年度报告

To our shareholders, 2025 was an outstanding year of disciplined execution and exceptionalgrowth for Celestica. We surpassed our annual outlook for each of ourkey financial metrics, extending a multi-year trajectory of consistentoutperformance. We also further strengthened our position as a keytechnology partner across our markets working with some of themost influential businesses in the global economy. In 2025, revenue growth continued to accelerate, increasing by 28% to $12.4 billion. Adjustedoperating margin expanded and our adjusted earnings per share grew, with both reachingrecord levels in our company’s history. Our balance sheet remains healthy, positioning usto invest for growth while maintaining financial discipline. Our Connectivity and Cloud Solutions (CCS) segment continues to drive significant growthas we execute on the incredible opportunity to support our hyperscaler customers as theybuild out their data center infrastructure. Our Advanced Technology Solutions (ATS)segment also delivered solid performance, demonstrating margin improvements as westrategically realigned our portfolio to achieve greater profitability and long-term,sustainable growth. Accelerating Customer Successand Market Advancements At Celestica, our vision is clear - to lead and accelerate marketadvancements. Our hyperscaler customers are the global leadersdriving the build-out of data center infrastructure, supportingunprecedented growth in demand for advanced technologies inAI/ML compute and high-speed networking. We have positionedourselves as a key partner to our customers in complex and criticalsupply chains by integrating deep expertise in product designand engineering, with world-class manufacturing and operationalexecution. We enable our customers to bring leading-edge, next-generation technologies to market faster and more efficiently. Throughout the past year, we deepened our relationships with industry leaders acrossour markets. Our track record of execution and proven ability to consistently support thedevelopment and delivery of the most complex technology platforms, at scale, has madeus a preferred provider for our major customers and key technology partners. In CCS, we are innovating to help deliver the technologies that enable data center customersto advance the future of AI and cloud computing. Our technology leadership is poweredby more than 1,100 dedicated hardware and software design engineers in our HardwarePlatform Solutions business, who address complex systems-level challenges, and helpdesign and develop leading-edge platform solutions across the technology stack. We are a recognized market leader in 400G and 800G ethernet switches, andin 2026 we plan to begin delivering the next-generation of 1.6T switchingsolutions. We also continue to strategically invest in broadening anddeepening our design capabilities across our hyperscaler customerbase, as we work towards the delivery of our first complete rack-scale compute solution for AI applications. We are innovatingto help deliver thetechnologies thatenable data centercustomers to advancethe future of AI andcloud computing. In ATS, we continue to prioritize our investments in ourengineering-led strategy. By investing in specialized,market-focused teams and global design centers,we have expanded our value-add beyond that of amanufacturing services provider, becoming a trustedtechnology partner capable of solving our customers’most complex challenges. Expanding Our Global Network:Strategic Capital Investment As transformational as the last several years have been for Celestica,we believe the pace of change will only accelerate. The opportunitywe see ahead of us over the next several years to support the growthin our business with data center customers, is unlike any we have seenin our business since I became CEO in 2015. To address this opportunity, we are strategically increasing our capital investment plans for2026 and 2027 to align our global design and manufacturing footprint with our major datacenter customers’ multi-year capacity plans. These investments are intended to provide uswith the scale and capabilities required to enable the continued growth in our business.They will see us add capacity across Asia and the United States, most notably supportingthe growth of our manufacturing and design footprint in Texas, and significant additionsto our largest campus in Thailand. While the scale of this latest investment plan is significant, we believe it is justified by thescale of the opportunity it is intended to support. We have confidence in our diligenceprocess, as we have assessed the merits and risks of these investments with the sameconservatism and rigor we apply to all capital allocation. The Road Ahead: Executing on Opportunity As we look ahead, we anticipate the strong momentum we areexperiencing will continue to drive further growth in our revenuein the coming year, and for this trajectory to sustain into 2027. The current bu