PCB (Printed Circuit Board) is a circuit board that connects and secures electronic components by printing conductive circuit layouts on an insulating substrate. It is a core component of electronic systems, often referred to as the “mother of electronic products,” and is widely used across various fields in modern society, including consumer electronics, healthcare, industrial manufacturing, and transportation.
【Shenghong Technology】
Company Highlights: One of the top 100 PCB manufacturers globally, specializing in the R&D, production, and sales of high-density printed circuit boards.
Business Performance: As of March 31, 2025, the company reported total revenue of 4.312 billion, a year-on-year increase of 80.31%, with a net profit attributable to shareholders of 920.6 million, up 339.22% year-on-year.
By product, as of December 31, 2024, the main source of revenue for the company was PCB manufacturing, with operating income of 10.05 billion, accounting for 93.66% of total revenue. The second largest source of revenue was others (supplement), with operating income of 680.7 million, accounting for 6.34% of total revenue.
【Huadian Co., Ltd.】
Company Highlights: One of the largest and most technologically advanced PCB manufacturers in China, focusing on communication equipment, data center infrastructure, and automotive electronics as core application areas. The main products are 14-28 layer enterprise communication market boards and mid-to-high-end automotive boards.
Business Performance: As of March 31, 2025, the company reported total revenue of 4.038 billion, a year-on-year increase of 56.25%, with a net profit attributable to shareholders of 762.5 million, up 48.11% year-on-year.
By product, as of December 31, 2024, the main source of revenue for the company was product sales revenue (PCB business), with operating income of 12.84 billion, accounting for 96.23% of total revenue. The second largest source of revenue was others (supplement), with operating income of 497.5 million, accounting for 3.73% of total revenue.
【Dongshan Precision】
Company Highlights: The company has become one of the few upstream suppliers capable of providing various products and comprehensive solutions, including PCBs (including FPC), in-vehicle displays, and functional structural components for new energy vehicle customers. It has ranked second globally in flexible printed circuit boards (FPC) for several consecutive years and third in PCBs.
Business Performance: As of March 31, 2025, the company reported total revenue of 8.602 billion, a year-on-year increase of 11.07%, with a net profit attributable to shareholders of 455.9 million, up 57.55% year-on-year.
By product, as of December 31, 2024, the main source of revenue for the company was electronic circuit products, with operating income of 24.8 billion, accounting for 67.45% of total revenue. The second largest source of revenue was touch panels and LCD display modules, with operating income of 6.37 billion, accounting for 17.32% of total revenue.
【Shennan Circuit】
Company Highlights: The company has become a global leader in the supply of RF power amplifier PCBs for wireless base stations, the largest domestic supplier of packaging substrates, and a leading supplier of processor chip packaging substrates, specializing in electronic assembly manufacturing.
Business Performance: As of March 31, 2025, the company reported total revenue of 4.783 billion, a year-on-year increase of 20.75%, with a net profit attributable to shareholders of 491.4 million, up 29.47% year-on-year.
By product, as of December 31, 2024, the main source of revenue for the company was printed circuit boards, with operating income of 10.49 billion, accounting for 58.60% of total revenue. The second largest source of revenue was packaging substrates, with operating income of 3.171 billion, accounting for 17.71% of total revenue.
【Pengding Holdings】
Company Highlights: The company is the largest PCB manufacturer globally, one of the few large professional manufacturers capable of R&D, design, manufacturing, sales, and service of various PCB products.
Business Performance: As of March 31, 2025, the company reported total revenue of 8.087 billion, a year-on-year increase of 20.94%, with a net profit attributable to shareholders of 488.2 million, down 1.83% year-on-year.
By product, as of December 31, 2024, the main source of revenue for the company was communication boards, with operating income of 24.24 billion, accounting for 68.97% of total revenue. The second largest source of revenue was consumer electronics and computer boards, with operating income of 9.754 billion, accounting for 27.76% of total revenue.
【Honghe Technology】
Company Highlights: The company is a global leader in the production of mid-to-high-end electronic-grade fiberglass cloth and is one of the few manufacturers capable of producing ultra-thin cloth. The main products are mid-to-high-end electronic-grade fiberglass cloth series, which are important raw materials for manufacturing core copper foil substrates for electronic products.
Business Performance: As of March 31, 2025, the company reported total revenue of 246 million, a year-on-year increase of 29.52%, with a net profit of 30.87 million, up 482.59% year-on-year.
By product, as of December 31, 2024, the main source of revenue for the company was thin cloth, with operating income of 34.18 million, accounting for 40.96% of total revenue. The second largest source of revenue was ultra-thin cloth, with operating income of 15.49 million, accounting for 18.56% of total revenue.
【Shengyi Technology】
Company Highlights: The company independently produces copper-clad laminates, semi-cured sheets, insulated laminated boards, metal-based copper-clad foil boards, resin-coated copper foils, and cover films, among other high-end electronic materials, primarily for the production of single-sided, double-sided, and high-multilayer circuit boards.
Business Performance: As of March 31, 2025, the company reported total revenue of 5.611 billion, a year-on-year increase of 26.86%, with a net profit attributable to shareholders of 563.6 million, up 43.76% year-on-year.
By product, as of December 31, 2024, the main source of revenue for the company was the copper-clad laminate business, with operating income of 15.52 billion, accounting for 76.12% of total revenue. The second largest source of revenue was the circuit board business, with operating income of 4.678 billion, accounting for 22.95% of total revenue.
【Jin’an Guoji】
Company Highlights: One of the top three domestic enterprises in the copper-clad laminate industry in China.
Business Performance: As of March 31, 2025, the company reported total revenue of 959 million, a year-on-year increase of 14.77%, with a net profit of 23.36 million, up 212.22% year-on-year.
By product, as of December 31, 2024, the main source of revenue for the company was copper-clad laminates (including semi-cured sheets), with operating income of 3.582 billion, accounting for 88.49% of total revenue. The second largest source of revenue was PCBs, with operating income of 167.7 million, accounting for 4.14% of total revenue.
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