Wiwynn (6669.TW) ☆

servers & ODM · Industry Index 14 (rank #53) · $1,810.00 (-4.00%) · mkt cap $30.9B

ⓘ Data freshness

price: as of 2026-10-30 index: as of 2026-10-30 fundamentals: latest filing 2026-06-30 Reports quarterly (financials via Yahoo Finance; not SEC-registered)

Wiwynn is a Taiwanese cloud-infrastructure ODM that designs and manufactures hyperscale servers and NVIDIA GB200 AI racks, with over 90% of revenue from hyperscalers.

Industry exposure 0.9 (Over 90% of revenue comes from hyperscaler cloud and AI server infrastructure.)

Signal

signal: as of 2026-10-13

Short (~2 weeks)

Low-confidence · Neutral

Conviction 0

Price momentum— Technical uptrend across short+medium horizon(s) — vote 0.29, confidence 0.30 from 11 indicator sub-signal(s).[price] · derived internally
Structural— Industry Index 14.3 (falling -3.4 over window) — structural headwind.[index] · derived internally

Medium (~3 months)

Low-confidence · Neutral

Conviction 7

Growth trend— Revenue 16% YoY (decelerating), net margin contracting.[filing: revenue 2026Q2 vs 2025Q2]
Price momentum— Technical uptrend across short+medium horizon(s) — vote 0.29, confidence 0.30 from 11 indicator sub-signal(s).[price] · derived internally
Structural— Industry Index 14.3 (falling -3.4 over window) — structural headwind.[index] · derived internally

Long (~6 months)

32%

Bearish

Conviction 32

Growth trend— Revenue 16% YoY (decelerating), net margin contracting.[filing: revenue 2026Q2 vs 2025Q2]
moat— Editorial prior (subjective, NOT backtested): narrow moat / co_leader / weak pricing ⇒ wider/leading long-horizon tilt 0.05. Bounded, low-confidence input.[moat: Editorial moat profile — wiwynn — narrow moat, co_leader, weak pricing (as of 2026-04-30)]
Structural— Industry Index 14.3 (falling -3.4 over window) — structural headwind.[index] · derived internally

Show Details

Relationship network

Loading relationship graph…

Wistron — investor
Microsoft — customer
NVIDIA — customer

Key relationships

Wistron — investor · Wistron founded and spun off Wiwynn and remains its largest shareholder with roughly a 35% stake. source: en.wikipedia.org
Microsoft — customer · Wiwynn supplies hyperscale cloud servers to Microsoft, one of its largest customers, with over 90% of revenue from hyperscalers. source: en.wikipedia.org
NVIDIA — customer · Wiwynn is an NVIDIA supplier that builds GB200 NVL72-ready liquid-cooled AI server racks for hyperscalers. source: english.cw.com.tw

Moat

moat: latest change 2026-04-30

Wiwynn sells ODM-Direct — it designs and builds cloud and AI server systems to hyperscale operators' specifications rather than shipping a branded product — and the 2025 annual report grounds its edge in that relationship: "highly customized solutions", integration "from server design and system integration to large-scale L10/L11 rack-level delivery", Open Compute Project participation described as "a core competitive advantage in marketing to global hyperscale data centers", and products deployed in more than 750 hyperscale data centers as of the end of 2025. The report also says that high integration and testing abilities "increases the threshold of vendors in the assembly industry and creates entry barriers". Against that, the same report lists excessive customer concentration and an increasingly competitive market as its negative factors, discloses customers at 41.48%, 26.03% and 10.43% of 2025 net sales, explains its main-supplier table with "The suppliers are designated by customers", and reports an 8.3% gross margin on 2025 revenue of NT$950.66bn.

Rating: narrow

The 2025 annual report (published 2026-04-30) shows a real but shallow position: products deployed in "more than 750 hyperscale data centers" and, on the Company's own internally assessed shipment volume, "more than 10% of global server shipments and nearly 30% of global ODM-Direct server shipments" in 2025 — while the same report's own list of negative factors names "Excessive concentration of customers" and a market "getting more and more competitive", discloses three customers at 41.48%, 26.03% and 10.43% of 2025 net sales, and reports 2025 gross profit up 109.77% against revenue up 163.68% for an 8.3% gross margin. Defensible incumbency, not a durable one.

Type: switching costs

The report's "Competitive niche" section locates the advantage in the customer program rather than in IP or unit cost: "highly customized solutions for hyperscale data centers", "end-to-end technical integration capabilities ranging from server design and system integration to large-scale L10/L11 rack-level delivery", and a one-stop service "covering product design, integration, optimization, deployment, and after-sales services" across a base of more than 750 hyperscale data centers. Every advantage the section claims is about integration work and customer proximity, none about patents or proprietary silicon, and an 8.3% gross margin is not the profile of a cost advantage; what is left is the friction in an installed, co-designed rack program.

Leadership: co leader

The report claims "nearly 30% of global ODM-Direct server shipments" for 2025 on internally assessed volume, against an IDC Worldwide Quarterly Server Tracker base of approximately 7.7 million ODM-Direct units within roughly 16.78 million total 2025 server shipments — yet describes the Company only as "one of the major suppliers to international hyperscale data centers". Among the largest in its segment; the report makes no claim to be first.

Pricing power: weak

2025 gross margin was 8.3% and operating margin 6.7%; gross profit rose 109.77% while revenue rose 163.68%, so the margin narrowed as volume grew. The report discloses three customers at 41.48%, 26.03% and 10.43% of 2025 net sales, lists "Excessive concentration of customers" among its negative factors, and explains its main-supplier table with "The suppliers are designated by customers."

Curated moat judgment grounded in the cited source. source: wiwynn.com

Compare with…

Value-chain position

Layer: servers & ODM

Upstream (suppliers): —
Downstream (customers): Microsoft, NVIDIA
Competitors: —

The report's cloud/AI-server value-chain diagram places system assembling in the midstream and "Direct sales from original manufacturers" downstream selling to cloud service providers; Wiwynn describes itself as providing "IT equipment and rack system integration service to hyperscale data centers". 82.12% of 2025 revenue came from America.

Derived from this company's mapped supply-chain edges and its industry layer.

Signal contribution editorial prior

The moat prior voted +0.05 on the long (~6-month) horizon at weight 0.20 — the swarm call there is bearish (score -0.30, conviction 32).

Editorial prior — subjective, not backtested. It is bounded (±0.6), low-confidence, and never votes on short/medium. See exactly how it voted →

Product lineup

Products & services with an editorial market-share band and technical barrier band — qualitative judgments tied to a cited basis, never invented figures.

Product	Market share	Technical barrier
AI ASIC servers and integrated racks · Custom-accelerator systems Per the report, a disaggregated AI server structure in which computing power is provided by ASICs rather than GPUs, requiring CPU-to-ASIC and ASIC-to-ASIC interconnect at rack level plus high-speed networking to connect disaggregated servers across racks.	Unknown The report presents this as an R&D result and lists "Early-stage development collaboration with ASIC designers" among scheduled new products; it discloses no share or revenue for the line.	Moderate The report grounds the difficulty in interconnect: the rack "utilizes a variety of interconnect technologies" to link CPU to ASIC, ASIC to ASIC and rack to rack. The report claims no proprietary position in the ASIC silicon itself, and lists collaboration with ASIC designers as an early-stage development item.
Hyperscale cloud and AI server systems (ODM-Direct) · Cloud infrastructure servers The report's current product items: a 21-inch series (multi-node computing server, storage server, server) and a 19-inch series (edge/AI computing platform, multi-node and multi-purpose computing servers), plus server accessories and software and services, designed to hyperscale customers' specifications and sold direct.	Top 3 The report states that on internally assessed shipment volume the Company accounted for "more than 10% of global server shipments and nearly 30% of global ODM-Direct server shipments" in 2025, against IDC's tracker base of approximately 16.78 million total and 7.7 million ODM-Direct units; a share near 30% of that segment cannot sit below third.	Moderate The report says advancing technical requirements for high integration and testing "increases the threshold of vendors in the assembly industry and creates entry barriers", and that Taiwan accounts for more than 90% of world server shipments — but it also lists "The market is getting more and more competitive, and the industry is changing rapidly" as a negative factor.
Rack-level liquid cooling and thermal management · Data-center thermal solutions Per the report, direct liquid cooling (DLC), immersion cooling and single- and two-phase cooling for kilowatt-level high-power chips; Super Fluid coolant technology introduced in partnership with Intel; and the UMS100L rack-level cooling management system for DLC racks, with leak detection and real-time monitoring and control.	Unknown The report describes the thermal portfolio in its industry and R&D sections but discloses no market share, revenue or ranking for cooling products.	Moderate The report calls the UMS100L "a proprietary rack-level cooling management system developed by the Company" and describes coolant technology "co-developed" with Intel — but also frames liquid cooling as an industry-wide upgrade cycle and says the Company "continues working with the solution providers for the liquid cooling solutions", so the stack is not self-contained.
Rack-scale AI systems (NVIDIA GB200 / GB300 NVL72) · AI server racks Per the report, the GB200 NVL72 rack integrates 72 NVIDIA B200 GPUs scaled up over NVLink 5.0 Switch with NVIDIA Grace ARM CPUs at a 1:2 CPU-to-GPU ratio, cooled by liquid cooling plates with 48V busbar power and a Cooling Distribution Unit; the GB300 NVL72 is a fully liquid-cooled rack-scale system with 72 Blackwell Ultra GPUs, over 20TB of HBM3e and ConnectX-8 SuperNICs.	Unknown The report discloses no share, revenue or ranking for AI racks — its only share disclosure is company-wide server shipments — so no band is claimable for this line.	Deep The report describes the line as rack-level work spanning "board-level design and system integration to full cabinet integration", with 72-GPU NVLink scale-up, liquid cooling plates, 48V busbar power and CDU heat exchange, and places it inside the Company's claimed "large-scale L10/L11 rack-level delivery" capability.

What you're looking at

These charts plot Wiwynn's reported income statement, cash flow, and balance sheet from its SEC filings through 2026-06-30. Every figure is as-filed XBRL — none of it is an estimate.

Over the reported window, revenue grew 219% to $30.4B (FY2022→FY2025); net income at $1.6B in FY2025.

Analyst consensus — third-party estimates from Yahoo Finance, as of 2026-10-26. Not SEC filings and not a TradingPilot forecast. source: finance.yahoo.com

Period	EPS (est.)	Revenue (est.)	YoY
Q/E Sep 2026	TWD 35.08 (TWD 29.18–TWD 45.86) · 14	TWD 395.1B (TWD 306.3B–TWD 434.8B) · 14	+48%
FY 2026	TWD 131.80 (TWD 106.68–TWD 202.84) · 18	TWD 1403.1B (TWD 1127.6B–TWD 1574.6B) · 18	+48%

Each figure shows the consensus mean, its (low–high) range where available, and · the number of analysts behind that estimate.

Next report ~2026-11-06.

Our model leans Low-confidence · Neutral on the stock over the medium horizon — a market-direction call, not an earnings forecast. See the Signal tab.

Income statement

Cash flow & liquidity

Balance sheet

Some recent figures are from Yahoo Finance where the latest SEC filing hasn’t posted yet — FX-converted to USD and reconciled against SEC-filed periods.

Filings

2026Q2 · filed 2026-06-30 source: finance.yahoo.com
2026Q1 · filed 2026-03-31 source: finance.yahoo.com
2025Q4 · filed 2025-12-31 source: finance.yahoo.com
FY2025 · filed 2025-12-31 source: finance.yahoo.com
2025Q3 · filed 2025-09-30 source: finance.yahoo.com

Show 4 older filings

2025Q2 · filed 2025-06-30 source: finance.yahoo.com
FY2024 · filed 2024-12-31 source: finance.yahoo.com
FY2023 · filed 2023-12-31 source: finance.yahoo.com
FY2022 · filed 2022-12-31 source: finance.yahoo.com

Key ratios vs peers

Comparing against peers…

Impact = company-prominence tier (High/Medium auto-assigned by graph centrality/size; Low only on curated minor events), not a magnitude forecast.

Upcoming

Date	Type	Event	Impact
2026-11-06	earnings	Wiwynn earnings (estimated) — Date not yet announced — consensus estimate. estimated	High

Past

Date	Event	Impact	Outcome
2026-08-07	Wiwynn earnings confirmed	Medium	EPS miss · -1.5%

See the full calendar →