From a small giant in PCB samples to a one-stop service provider, this established electronic engineering company is undergoing the most challenging transformation pains.
In the wave of the electronic information industry, Jinbai Ze, which started with PCB, known as the “mother of electronic products,” has already passed 28 years. As a service-oriented manufacturing demonstration enterprise certified by the Ministry of Industry and Information Technology, this company is attempting to break the ceiling of traditional manufacturing and transition to a high-value-added service provider.
Three major business pillars support half a billion in revenue
The business landscape of Jinbai Ze is built on three solid pillars: the traditional strong PCB business, the rapidly growing electronic manufacturing services, and the future-oriented scientific and technological innovation services.
The printed circuit board business remains an indispensable cash cow for the company, contributing 187 million yuan in revenue in the first half of 2025, accounting for 55.28% of total revenue.
This business focuses on PCB samples and small to medium batch boards in the R&D stage, serving technology innovation enterprises that require “multiple varieties, small batches, and short delivery times“.
The electronic manufacturing services serve as the second growth curve, with revenue of 112 million yuan in the first half, accounting for 33.32%, providing full-process services from component selection to PCBA assembly.
The most imaginative is the scientific and technological innovation services, which, although currently small in scale, represent the strategic direction of the company’s transition from “manufacturing” to “manufacturing + services”.
Revenue growth with shrinking profits, profitability faces challenges
In 2025, Jinbai Ze is caught in a typical “increasing revenue without increasing profit” dilemma. In the first three quarters, revenue reached 531 million yuan, a year-on-year increase of 6.43%, demonstrating a certain market expansion capability.
However, looking at the profit statement, the situation is worrying. The net profit attributable to shareholders was 7.03 million yuan, a year-on-year drop of 67.18%; the net profit after deducting non-recurring gains and losses, which better reflects the profitability of the main business, was only 747,300 yuan, a year-on-year decline of 94.61%.
The continuous decline in gross profit margin is also a warning bell. The gross profit margin in the first three quarters was 22.48%, a year-on-year decrease of 13.71 percentage points, indicating that the company faces pressure in cost control or product pricing.
Looking at the quarters, the revenue growth in the third quarter increased by 13.15%, reaching 194 million yuan, with revenue growth accelerating, but the decline in profit has not narrowed, suggesting that the company may have adopted a market strategy of “exchanging price for volume”.
High accounts receivable, interest-bearing liabilities decreased by 94%
In-depth analysis of Jinbai Ze’s financial structure reveals that cash flow pressure has become an unavoidable risk point. As of the third quarter of 2025, the accounts receivable balance reached 200 million yuan.
This figure sharply contrasts with the company’s net profit of 703,000 yuan, with accounts receivable being 28.5 times the net profit, indicating that a large amount of funds is occupied by customers.
The proportion of three expenses has risen to 15.4%, an increase of 4.05 percentage points year-on-year, indicating that the company has increased its efforts in market expansion and management investment, but the efficiency of input-output needs to be improved.
However, there are also highlights in the financial structure: interest-bearing liabilities have significantly decreased from 43.459 million yuan to 2.4914 million yuan, a reduction of 94.27%, significantly alleviating the interest burden.
Operating cash flow per share is 0.46 yuan, a year-on-year increase of 116.45%, indicating that the company has achieved certain results in cash flow management.
Transitioning from manufacturing to services, digital transformation fully initiated
Jinbai Ze’s breakthrough strategy relies on service-oriented manufacturing and digital transformation as two major strategies.
The company has been recognized as the fourth batch of service-oriented manufacturing demonstration enterprises by the Ministry of Industry and Information Technology, and its “manufacturing + services + platform” model is building new competitive barriers.
Specifically, the company solidifies its foundation through one-stop integrated services, extends the service chain through cloud factories and digital service platforms, and relies on pilot and scientific innovation platforms to connect key links from R&D to industrialization.
In terms of digitalization, the company has built a digital platform system centered on “cloud design, cloud factory, cloud engineering“. The cloud design platform provides fast and efficient R&D tools; the cloud factory platform achieves intelligent scheduling of production resources through digitalization + AI.
In 2025, the company also partnered with digital partners such as Qiyunfang and Yuepu to jointly promote the localization process of domestic EDA/CAM software, responding to national policy guidance on the autonomy and controllability of industrial software.
Policy winds frequently blow, capacity release awaits opportunity
The future growth potential of Jinbai Ze is built on three pillars: policy dividends, capacity release, and service transformation.
In October 2025, the Ministry of Industry and Information Technology and seven other departments jointly issued the “Implementation Plan for Deepening the Innovation and Development of Service-Oriented Manufacturing (2025-2028)”, clearly stating that the deep integration of “manufacturing + services” is the new direction for future development, which highly aligns with the company’s strategy.
In terms of capacity, the company’s PCB headquarters in Daya Bay and bases in Xi’an have completed technical upgrades of multiple SMT and AOI automated production lines, continuously enhancing flexible manufacturing and rapid delivery capabilities.
The company clearly states that “existing capacity still has room for release“, while also “accelerating the promotion of integrated intelligent manufacturing and expansion project construction”.
From a business expansion perspective, the company is gradually extending its scientific innovation service capabilities from serving leading clients in the service industry to opening up to small and medium-sized enterprises. If this transformation is successful, it will help the company break through the growth ceiling of traditional manufacturing.
Jinbai Ze stands at the crossroads of transformation. On one hand, the company needs to quickly enhance the profitability of its main business and manage accounts receivable risks; on the other hand, the strategic layout of service-oriented manufacturing and digitalization has gradually improved, and there is still room for capacity potential to be released.
Note: The above content is for information sharing only and does not constitute investment advice.