The advent of "OCR 2.0" and large-scale vision-language models (VLMs) has set new benchmarks in text recognition. However, these unified architectures often come with significant computational demands, challenges in precise text localization within complex layouts, and a propensity for textual hallucinations. Revisiting the prevailing notion that model scale is the sole path to high accuracy, this paper introduces PP-OCRv5, a meticulously optimized, lightweight OCR system with merely 5 million parameters. We demonstrate that PP-OCRv5 achieves performance competitive with many billion-parameter VLMs on standard OCR benchmarks, while offering superior localization precision and reduced hallucinations. The cornerstone of our success lies not in architectural expansion but in a data-centric investigation. We systematically dissect the role of training data by quantifying three critical dimensions: data difficulty, data accuracy, and data diversity. Our extensive experiments reveal that with a sufficient volume of high-quality, accurately labeled, and diverse data, the performance ceiling for traditional, efficient two-stage OCR pipelines is far higher than commonly assumed. This work provides compelling evidence for the viability of lightweight, specialized models in the large-model era and offers practical insights into data curation for OCR. The source code and models are publicly available at https://github.com/PaddlePaddle/PaddleOCR.