Recently, Shenzhen Qiangda Circuit Co., Ltd. (abbreviated as Qiangda Circuit; stock code: 301628.SZ) released its 2025 semi-annual report, marking the first semi-annual report since Qiangda Circuit was listed on the Shenzhen Stock Exchange on October 31, 2024. The company’s performance continues to show growth, with multiple business indicators performing outstandingly.
Qiangda Circuit has been deeply engaged in the PCB industry for over twenty years, focusing on mid-to-high-end prototypes and small batch boards. The company is committed to meeting the professional needs of customers’ electronic products in the research, development, testing, and small batch stages through rapid response, flexible production, meticulous management, intelligent manufacturing, and excellent service levels. Its products are widely used in industrial control, communication equipment, automotive electronics, consumer electronics, medical health, and semiconductor testing applications.
Continuous Growth Solidifies the Company’s Leading Position
Benefiting from the recovery of market demand, revenue and profit growth are on a positive trend. In the first half of 2025, Qiangda Circuit achieved operating revenue of 455.7174 million yuan, an increase of 17.25% year-on-year; net profit was 58.7491 million yuan, an increase of 4.87% year-on-year; and net profit attributable to the parent company, after deducting non-recurring gains and losses, was 58.6629 million yuan, an increase of 13.88% year-on-year.
The main driving factors for the company’s operational performance growth include increased demand in downstream application areas such as industrial control and communication equipment, customer development and maintenance, continuous optimization of product structure, and ongoing research and innovation, with performance changes aligning well with the overall industry development status.
In the first half of 2025, the electronic information industry released positive signals, with industrial automation and intelligent manufacturing upgrades bringing strong demand to the PCB industry. In the communication equipment sector, the demand for AI-driven computing infrastructure is growing rapidly, with developments in server data centers and high-speed networks becoming significant drivers of growth in the PCB industry. During the reporting period, the company’s revenue in the industrial control and communication equipment sectors increased by 15.13% and 25.04% year-on-year, respectively.
In the automotive electronics sector, the penetration rate of the new energy vehicle market continues to rise, with intelligent driving iterations accelerating. The widespread adoption of smart driving is leading to rapid growth in the use and specifications of PCBs in automotive sensors, ADAS controllers, smart cockpits, and electric drive systems.
According to Prismark data, the PCB output value in mainland China in 2024 is expected to reach 41.213 billion USD, accounting for more than half of the global PCB output value. In the future, mainland China will continue to maintain its position as a global manufacturing center, with the PCB output value in mainland China expected to account for 52.51% of the global PCB output value by 2029, further solidifying China’s core position in the PCB market and indicating a broad development prospect for the PCB industry.
Qiangda Circuit continues to pay attention to market dynamics, actively seizing new opportunities emerging in downstream sectors. While stabilizing its current advantageous business areas and continuously enhancing its operations in key sectors such as industrial control and communication equipment, the company is also actively expanding into AI servers, optical modules, new energy vehicles, and robotics, striving to develop both domestic and international markets. With a long-standing reputation for high-quality prototypes and small batch PCB production, the company is driving continuous revenue growth.
From 2022 to 2024, the company has been recognized as one of the top 100 enterprises in the Chinese electronic circuit industry by the China Electronic Circuit Industry Association for three consecutive years. In 2021, the company was selected as one of the top ten enterprises for “Featured Products” by the China Electronic Circuit Industry Association as a “Fast Board/Prototype” enterprise, making it one of the leading prototype companies in the PCB industry.
Multiple Advantages Ensure Stable Development of the Company
Qiangda Circuit serves a wide range of customers and industries, with nearly 3,000 active customers, including over a hundred listed companies. The customer base can be mainly divided into professional electronic product manufacturers, PCB traders, and PCB producers, with products widely used in industrial control, communication equipment, automotive electronics, consumer electronics, medical health, and semiconductor testing fields.
Through collaboration with numerous professional PCB customers, Qiangda Circuit has developed extensive capabilities in mid-to-high-end PCB processes covering special processes or materials, forming a rich customized PCB product system that can fully meet the professional needs of customers for mid-to-high-end prototypes and small batch boards. The company’s PCB products are categorized by order area into prototypes, small batch boards, and large batch boards, and by product layers into single/double-sided boards and multi-layer boards. The company’s mid-to-high-end PCB products with special processes or materials mainly include: high multi-layer boards, high-frequency boards, high-speed boards, HDI boards, thick copper boards, rigid-flex boards, semiconductor test boards, and millimeter-wave radar boards.
The company adopts a strategic positioning focused on the mid-to-high-end prototype and small batch board market in the PCB industry, forming a flexible manufacturing capability and management approach suitable for prototypes and small batch boards based on the customized and diversified product demands of customers. The company orderly controls each stage of order management, engineering data design, production scheduling, and product manufacturing according to the characteristics of PCB processes, deeply integrating the flexible production concept into the specific processes from order to output. Compared to the scale effect of traditional large batch board “rigid manufacturing” in the PCB industry, the company’s flexible manufacturing capability and management approach are better suited to the growing demand for R&D prototyping and small batch professional applications in the PCB industry.
Innovation is the greatest driving force for enterprise development. Since its establishment, Qiangda Circuit has placed a high emphasis on R&D innovation, independently developing multiple core technologies and production processes. The company’s main process technologies keep pace with market trends, maintaining industry-leading technical indicators. In the first half of 2025, the company invested 25.8786 million yuan in R&D, continuously conducting research on technologies related to automotive radar, drones, AI servers, data centers, and 5G communication, such as research on laser radar HDI printed circuit board technology, technology research for printed circuit boards used in AI servers, impedance ±3 ohm technology research for optical communication circuit boards, and high-precision multi-layer graphics card printed circuit board technology research, among ten technical R&D projects. As of the end of the reporting period, the company and its subsidiaries had a total of 133 authorized patents, including 12 invention patents and 121 utility model patents.
In terms of product quality and service, the company has established a comprehensive quality control system and has successively passed certifications for product quality management systems such as ISO9001, ISO13485, IATF16949, GJB9001C, UL, and CQC, with its product quality control capabilities recognized by many well-known domestic and foreign enterprises. The company has won high recognition from domestic and international customers for its excellent product quality and timely delivery capabilities, receiving honors such as “5-Year Strategic Partner,” “Best Quality Award,” “Best Delivery Award,” “Best Supplier Collaboration Award,” “Strategic Partner,” and “Annual Excellent Supplier” from several strategic customers.
Since its listing, Qiangda Circuit has opened a new chapter in the capital market. Through twenty years of accumulation and perseverance in the PCB industry, it has built a solid foundation of technology and experience, contributing to the high-quality development of the PCB industry through product innovation, technology upgrades, and optimization of the industrial chain. Qiangda Circuit is driving the PCB industry to new heights with innovative and collaborative thinking.