The PCB sector experienced a full-scale breakout, with numerous stocks hitting their daily limit-up. Market analysts point out that capital is targeting a key niche within the PCB industry chain—Automatic Optical Inspection (AOI)—making related listed companies worthy of attention. Recently, a detailed "bill of materials (BOM) breakdown" for a single Nvidia rack went viral. Morgan Stanley conducted a comprehensive BOM analysis of Nvidia's next-generation Rubin rack, revealing that among the downstream components covered, the value contribution from PCBs saw the most significant increase, surging 233% compared to the GB300. Consequently, the PCB sector has become a hot spot under the watchful eyes of major capital. During Friday's A-share trading, PCB concept stocks were ubiquitous at the top of the individual gainers list. As the PCB industry enters an expansion cycle, the Automatic Optical Inspection (AOI) segment, a crucial niche within the PCB supply chain, is poised to become a primary focus for various capital flows.

Following Thursday's decline, the A-share market showed a notable recovery on Friday. AI-related industry chains driven by Nvidia, including PCB, MLCC, electronic cloth, CCL, lab-grown diamonds, CPO, high-speed copper cable connections, and HBM, all posted significant gains. The PCB sector's performance was particularly eye-catching. From a market perspective, the PCB sector witnessed a comprehensive surge. Stocks such as PCB Bancorp (002938), Baoding Technology (002552), Zolang Intelligent (600545), Jingwang Electronics (603228), Shengyi Technology (600183), Shennan Circuits (002916), Huadian Co., Ltd. (002463), Honghe Technology (603256), Bomin Electronics (603936), Founder Technology (600601), Tiancheng Technology (688603), Qiangda Circuit (301628), Fangbang Shares (688020), First Applied Material (603806), Sinoma Science & Technology (002080), Hongban Technology (603459), China Tungsten and Hightech Materials (000657), Shandong Fiberglass (605006), Guanghua Sci-Tech (002741), Ruifeng High-Tech (300243), Dingtai High-Tech (301377), Minbao Optoelectronics (301362), Lihexing (301013), Tongling Nonferrous Metals (000630), Dongcai Technology (601208), Huazheng New Material (603186), Hongtian Co., Ltd. (603800), Dalian Thermal Power (600719), and Shuangxing New Materials (002585)—over 30 PCB concept stocks—hit their daily limit-up. More than 50 PCB-related stocks saw gains exceeding 10%! According to the latest reports, Morgan Stanley's detailed BOM analysis of Nvidia's next-generation Rubin rack showed that among the covered downstream components, the value increase from PCBs was the most significant, up 233% from the GB300. It's no surprise, then, that the PCB sector dominated the top gainers list amid intense interest from major funds, with PCB concept stocks prevalent among Friday's biggest A-share gainers. All signs indicate that through technological upgrades in recent years, the PCB industry chain has ascended to become the "core hub for AI computing power synergy," achieving a genuine value reconstruction. As the PCB industry enters its largest-ever expansion cycle, the Automatic Optical Inspection (AOI) segment, a key niche within this chain, is set to be a primary target for capital attention.

Through technological advancement, PCBs have become the "core hub for AI computing power synergy," enabling true value reconstruction: the PCB sector erupted in a limit-up frenzy. Many PCB concept stocks have doubled in price since the beginning of this year. Compared to the optical module sector, the PCB sector remains at a stage where institutional attention is not yet fully saturated.

A PCB, or printed circuit board, is a board with pre-designed copper circuit patterns on a substrate, primarily responsible for connecting various electronic components. Like traffic lights and police officers, sophisticated PCB design ensures massive data flows smoothly at intersections without collisions or congestion, efficiently distributes power, and aids chip heat dissipation. It is an indispensable component in most electronic devices and products, often called the "mother of electronic products." Regarding high-end PCBs required for AI clusters, Chinese suppliers have made significant technological breakthroughs, no longer relying on imported materials but achieving domestic material substitution through independent R&D and innovation. This not only reduces costs but also improves product quality and supply stability.

As a core segment where Chinese companies deeply participate in the AI computing power industry chain, PCBs are undergoing a value re-rating driven by technological iteration. Morgan Stanley recently conducted a detailed BOM analysis of Nvidia's next-generation Rubin rack.

Vera Rubin (referred to as Rubin, codenamed NVL72) is Nvidia's rack-scale, full-stack AI supercomputing platform slated for launch in 2026. Its core positioning is to replace Blackwell (GB200/GB300), targeting three key scenarios: 10,000-card-scale large model training, large-scale inference, and agentic AI. It is the core engine for Nvidia's revenue growth in fiscal years 2026-2028.

The core configuration of Rubin is the VR200 rack (NVL72 architecture). A single rack integrates seven self-developed chips, achieving full-stack self-sufficiency across "GPU+CPU+interconnect+networking+packaging+power+cooling." A single rack is a complete supercomputer, requiring no additional supporting components. Based on Rubin platform technical requirements and supply relationships, core suppliers cover eight segments: PCB/equipment, substrates, MLCC, optical modules/components, high-voltage power supplies, full liquid cooling, HBM support, and ODM.

The report indicates that the procurement price for Nvidia's next-generation Rubin rack from ODMs is approximately $7.8 million, nearly double the $3.99 million of the previous-generation GB300 rack. The component with the largest value increase is not the GPU, but the PCB.

From the OEM perspective, breaking down the BOM material value of Nvidia's next-generation Rubin rack, the VR200 rack's selling price is $7.8 million, a 100% increase over the GB300 rack ($3.9 million). Within this, the PCB value for the VR200 rack is $116,000, triple the $35,000 PCB value of the GB300 rack, representing a 233% year-over-year increase.

It is worth noting that the increased PCB value in the VR200 rack is not simply due to "volume growth" but is driven by a dual logic of "layer count upgrade + process iteration + value reconstruction." On one hand, PCB substrate specifications have upgraded from traditional low-loss materials to M7-grade high-frequency, high-speed copper-clad laminates, and the process has evolved from ordinary HDI to high-layer-count, high-precision advanced HDI. On the other hand, the role of the PCB within the entire rack has transformed from a "power/signal support carrier" to a "core hub for high-bandwidth signal transmission." The direct result of this value reconstruction is that the single-rack PCB value for the VR200 jumped from approximately $35,100 in the GB300 era to about $116,700.

The PCB is the core segment with the highest value increment in the VR200 rack. The necessity of its technological upgrade is driven by the VR200 rack's extreme high-bandwidth data interaction demands. From a technical principle standpoint, the computing power synergy of the entire rack essentially relies on the PCB layers to achieve ultra-low-loss transmission of high-bandwidth signals. In multi-GPU collaborative work scenarios, data transmission volume grows exponentially. Once signal transmission loss exceeds a critical threshold, the computing power synergy efficiency of the entire rack will plummet. This technical requirement directly pushes PCBs to upgrade from a "computing power support auxiliary material" to the "core hub for computing power synergy," making the PCB sector one of the clearest beneficiaries for domestic suppliers in this VR200 rack super-cycle.

In fact, the logic for PCBs continues to strengthen. Some brokerage research suggests that the PCB value in the next-generation Rubin Ultra's Kyber rack will see a further leap. Rubin Ultra adopts a new Kyber rack architecture, with single-rack power consumption surging from 130kW to 600kW. The single-rack PCB value is expected to increase another 2X, with increments coming from sources like Compute Blade PCBs using M9+Q cloth materials and rack-level orthogonal backplanes replacing traditional copper cable cartridges.

All signs indicate that through technological upgrades in recent years, the PCB industry chain has ascended to become the "core hub for AI computing power synergy," achieving genuine value reconstruction.

Since the beginning of this year, the PCB industry has entered a price increase cycle, with a new round of centralized price hikes in May. Upstream materials like copper-clad laminates, high-end copper foil, electronic cloth, and special resins are all rising. Products for AI computing power, especially high-speed, high-frequency ones, have seen the sharpest increases, with lead times extending to several months. A listed company executive stated, "Prices for all PCB products have increased, with specific hikes following upstream raw material costs."

Data from Soochow Securities shows: the global AI server PCB market size was only $3 billion in 2024 but is projected to surge to over $20 billion by 2027. The year-over-year growth rates for 2026 and 2027 exceed 100% and 70%, respectively. This isn't just a price hike; it's a rocket launch.

Against this backdrop, the profitability of listed companies related to the PCB industry chain has improved significantly. Shenghong Technology (300476) holds the position of "profit king" in the PCB concept sector, achieving a net profit attributable to shareholders of 1.288 billion yuan in Q1 this year, a year-over-year increase of 39.95%. China Jushi (600176), Huadian Co., Ltd. (002463), Shengyi Technology (600183), and Dongshan Precision (002384) also reported Q1 profits exceeding 1 billion yuan.

With strong downstream demand, all segments of the PCB upstream material chain—copper-clad laminates, copper foil, PCB manufacturing, and PCB-specific equipment—are attracting active attention from major capital in the A-share market.

In terms of stock performance, among the top 20 companies by net profit attributable to shareholders, China Jushi (600176), Dongshan Precision (002384), China Tungsten and Hightech Materials (000657), Guanghe Technology (001389), Han's Laser (002008), Han's CNC (301200), Xinrui Shares (688257), and International Composite Materials (301526) have all seen their stock prices double since the start of the year. Moreover, several of these stocks have nearly tripled since January.

Professionals believe that compared to the optical module sector, the PCB sector remains at a stage where institutional attention is not yet fully saturated. According to public data, by the end of Q2 2025, 81 funds held over 9% of the shares of optical module leader Xinyisheng (300502); by year-end, this number surged to 265. In the Q1 2026 report, among the 1,478 funds heavily invested in Xinyisheng (300502), 270 had a holding proportion exceeding 9%, accounting for about 18%. This level of crowding makes it difficult for incremental capital to enter significantly. In contrast, institutional allocation in the PCB sector remains in a relatively early accumulation phase. For PCB leader Dongshan Precision (002384), only 29 funds have a holding proportion exceeding 9%, representing about 7% of all funds, far from the crowding seen in the optical module sector.

Therefore, for a considerable period in the future, market opportunities for listed companies in the PCB industry chain remain worthy of high attention.

The PCB industry is entering its largest-ever expansion cycle. In this context, Automatic Optical Inspection (AOI), as a key niche within the PCB industry chain, is poised to become a primary target for capital attention.

It is noteworthy that with the continuous improvement in industry sentiment across all segments of the PCB chain in recent years, the entire PCB industry is plunging into its largest expansion wave in history.

The PCB industry is ushering in an upturn cycle following the 2021 peak and a three-year cooling period,堪称 "the largest expansion wave in history." Soochow Securities statistics show that capital expenditure for nine leading PCB enterprises reached 26.7 billion yuan in 2025, a year-over-year increase of 111%. In Q1 2026, capital expenditure reached 12.5 billion yuan, with a year-over-year growth rate of 182%, indicating continued acceleration.

Since 2026, the industry has welcomed its largest expansion wave. The total investment plans announced by just three leading companies—Shenghong Technology (300476), Huadian Co., Ltd. (002463), and PCB Bancorp (002938)—exceed 40 billion yuan. If investments from manufacturers like Shennan Circuits (002916), Dongshan Precision (002384), Jingwang Electronics (603228), and Founder Technology (600601) are included, the industry's expansion scale continues to rise.

Huadian Co., Ltd. (002463) is advancing projects at a pace close to "one investment per month," with cumulative investment this year reaching 17.6 billion yuan, five times its total for 2025. Shenghong Technology (300476) raised its 2026 capital expenditure ceiling to 20 billion yuan, also a significant increase from 2025. Not long ago, PCB Bancorp's (002938) wholly-owned subsidiary, Qingding Precision Electronics (Huai'an) Co., Ltd., formally signed a project investment agreement with the Huai'an Economic and Technological Development Zone Management Committee. According to the agreement, Qingding Precision will invest 11 billion yuan in one go on state-owned construction land in Huai'an's 2025GGK33 plot to build a high-end printed circuit board (PCB) production base.

This expansion wave is not a random capital impulse; it is driven by extremely clear logic. The demand explosion for high-multilayer, high-density boards brought by AI and high-speed computing is reshaping the demand structure of the entire PCB industry. Traditional server PCBs typically have only 8 to 12 layers, with a value of around $500 to $800, while AI server PCB layer counts directly soar to 20, 40, or even 78 layers for high-end models. This is not just an increase in layer count but an exponential rise in technical difficulty and material costs.

Clearly, the first driver is the pressure from rapid technological iteration.

Marked by Nvidia's Rubin architecture expected in 2026, the global data center transmission rate leap to 224Gbps poses physical-limit-level challenges to the core carrier—the PCB. Technological upgrades force companies to upgrade capacity, otherwise facing obsolescence risks. Traditional material systems are nearing obsolescence, driving the industry chain to fully switch to "M9-grade" materials represented by BCB resin, quartz cloth, and HVLP copper foil.

The second driver is the binding effect of customers scrambling to sign long-term agreements.

AI server PCB orders in 2026 increased 113% year-over-year, with a global scale of $21.4 billion. High-end production lines of domestic leading manufacturers are operating at full capacity 24/7, with orders scheduled into Q1 2027, and some customers offering 10%–20% premiums to secure capacity. Downstream major clients lock in capacity through long-term agreements, compelling companies to follow suit with expansion to maintain market share.

While PCB manufacturers at the forefront are placing massive orders worth billions, equipment suppliers behind the scenes are welcoming a surge of orders.

According to incomplete statistics from China Merchants Securities, the total investment in PCB enterprise expansion and capital increase projects over the past three years reached 86.926 billion yuan, with most projects' production timelines concentrated in 2027. This means that from equipment procurement to plant construction, to capacity ramp-up, the entire industry chain will enter an accelerated operational state over the next 24 months or so.

From a logical chain perspective, after PCB manufacturers obtain end-client certification, they decide to expand and then place orders with equipment suppliers—a process that inherently involves a time lag. Taking core equipment like laser drilling machines, LDI (Laser Direct Imaging), and AOI (Automatic Optical Inspection) as examples, the cycle from order placement to delivery typically takes several months, and from equipment installation and debugging to final effective capacity formation, additional time is required. This means that the orders received by equipment suppliers today will directly translate into revenue and profits over the next 6-12 months or even longer.

In this context, Automatic Optical Inspection (AOI), as a key niche within the PCB industry chain, is poised to become a primary target for capital accumulation.

In the PCB production process, quality control is a crucial link. The AOI fully automatic optical inspection instrument, as an important piece of equipment on modern production lines, provides solid quality assurance for PCB production with its efficient and accurate detection capabilities.

AOI, or Automatic Optical Inspection, utilizes optical principles and high-resolution cameras to conduct high-speed, high-precision automatic inspection of printed circuit boards (PCBs). AOI equipment integrates various advanced technologies, enabling round-the-clock, uninterrupted detection of subtle defects difficult for the naked eye to spot, thus playing a vital role in the PCB manufacturing process.

Within the complex PCB manufacturing流程, AOI is entrusted with the important role of "quality gatekeeper." It not only efficiently improves product quality but also ensures stable production line operation.

1. Improve Product Quality: Through precise detection, AOI can promptly screen out defective boards, ensuring the final product's yield and reliability. 2. Real-time Monitoring and Early Warning: By collecting and analyzing production process data, AOI helps achieve a shift from "passive post-inspection" to "active pre-prevention." 3. Reduce Production Costs: Early defect detection by AOI avoids later repairs or scrap, significantly lowering rework costs. 4. Increase Production Efficiency: Compared to traditional manual visual inspection, AOI detection is faster and unaffected by fatigue. 5. Data Traceability and Analysis: Generated inspection reports support quality traceability and long-term data analysis, aiding continuous improvement for enterprises.

The role of the AOI fully automatic optical inspection instrument lies not only in improving the production quality of preceding processes but also in blocking defects from flowing into subsequent processes, preventing increased scrap rates and decreased first-pass yields. It can conduct real-time quality inspection on the production line,及时发现 and处理 defects, ensuring each PCB meets quality requirements.

Clearly, in the PCB fabrication process, AOI equipment plays a crucial role. Different equipment types, such as inner/outer layer, blind via, and finished product inspection machines, cater to various detection needs, effectively guaranteeing product quality and production efficiency.

1. Inner/Outer Layer Pattern AOI: Identifies defects like opens and nicks by comparing and detecting circuit patterns. 2. Blind Via Recession AOI Inspection Machine: Specifically for post-blind via plating inspection, capable of precisely scanning the state of blind vias. 3. Laser AOI Inspection Machine: Used to detect various defects in blind vias and surfaces. 4. Fully Automatic Line Width Inspection Machine: Achieves precise line width and dimensional measurement through optical scanning technology. 5. Finished Product AOI Appearance Inspection Machine: Conducts comprehensive外观 inspection of finished PCBs, ensuring high quality.

These devices ensure the quality of finished PCB boards. Through integration with MES systems, they enable digital and intelligent control. In practical applications, different AOI equipment types, such as online and offline devices, can be flexibly configured and applied based on production needs, ensuring high quality for PCB and PCBA products.

In summary, AOI plays a vital role in modern PCB and SMT manufacturing. It is not merely an inspection tool but a powerful means of process control and data analysis.

Consequently, as the PCB sector erupts in a疯狂 limit-up frenzy, major capital, with sentiment running high, is beginning to target this key niche within the PCB industry chain—Automatic Optical Inspection (AOI).

Analyzing the "standout" in the key AOI niche within the PCB chain—Haining Leather City, which holds a controlling stake in the industry leader for PCB AOI, Kangdai Intelligent.

As mentioned, with the PCB industry entering its largest-ever expansion cycle, Automatic Optical Inspection (AOI), as a key niche within the PCB industry chain, is poised to become a primary target for capital accumulation.

As the only listed company controlled by the Haining State-owned Assets Supervision and Administration Commission (SASAC), the company previously underwent a change in controlling shareholder led by local state-owned assets. Its two major shareholders, Haining Asset Management Company and Haining Market Development Service Co., Ltd., transferred 12% and 18.36% of their respective holdings free of charge to Haining Chaosheng Technology Industry Investment Group Co., Ltd. Following this transfer, the company's controlling shareholder became Chaosheng Technology Industry Investment Group, with the actual controller remaining the Haining SASAC.

Haining was once known to people in Hangzhou for its three traditional industries: leather, warp knitting, and home textiles, with "Haining Leather City" renowned both domestically and internationally. In 2016, facing a new round of technological and industrial revolution, Haining decided to seize the opportunity for integrated circuit industry development, mobilizing全市之力 to develop the pan-semiconductor industry.

Over the past decade, Haining has achieved an "overtaking on the curve" in the pan-semiconductor industry, growing from nothing. Today, Haining has formed a complete pan-semiconductor industry chain. The design端 includes Yisiwei and Xinmeng; the manufacturing端 includes Li-on Micro, Tiantong Ruihong; the equipment端 includes Tuojing, Jingce, Zhichun, Tiantong, Xinyang Guimi; the materials端 includes Finland Paibang, Jiangfeng Electronics, Xinchuangna, Yingdesai, Taote; the封测端 includes Que'an Technology and Gulan Electronics.

It is no exaggeration to say that Haining's semiconductor enterprises are not only comprehensive in categories but also strong in R&D capabilities. Currently, Haining has laid out "east, south, west, north" four main platforms for pan-semiconductor industry development. Aiming for differentiated development in the semiconductor materials industry, Haining's semiconductor industry has formed a sound ecosystem, with its visibility continuously increasing across Zhejiang province and nationwide.

Haining's pan-semiconductor industry boasts several national firsts: it has the largest production scale for精密金属掩模板 in China, the sole domestic electrostatic chuck product, the first domestically produced turret test handler exported to the United States, and domestically produced high-purity ammonia率先 exported. Through cooperation with domestic and international research institutes, eight provincial-level or above R&D centers and three research institutes related to the pan-semiconductor industry have been established here.

As the company's controlling shareholder, Haining Chaosheng Technology Industry Investment Group is an important state-owned industrial investment platform in Haining, focusing on semiconductor industry布局 and regional economic transformation. The core business and strategic positioning of Chaosheng Technology Industry Investment Group is to promote Haining's transformation from traditional industries to the pan-semiconductor field through direct investment, fund operations, and industrial cluster construction.

In 2024, the规上工业总产值 of Haining's pan-semiconductor industry reached 26.4 billion yuan,入选 the Zhejiang Province Integrated Circuit Characteristic Industrial Cluster Core Zone.

In fact, the company had already followed the pulse of Haining's comprehensive transformation towards the pan-semiconductor industry chain and invested in持有 16.7%股权 of Zhongke Ruowei (Ningbo) Electronic Technology Co., Ltd. and 25%股权 of Ruilingwei Nanjing Electronic Technology Co., Ltd. Following asset restructuring, the company still holds a 9.8433%股权 in Zhejiang Kerui Microelectronics Technology Co., Ltd.

Zhejiang Kerui Microelectronics Technology Co., Ltd. is a professional fabless chip designer in the Wi-Fi and IoT fields. Market analysts interpret that this move was merely the company's "small test" in the semiconductor field. The significant step towards its transformation into the pan-semiconductor领域, however, was likely the joint控股 with its controlling party, Chaosheng Technology Industry Investment Group, to achieve control over the industry leader in PCB AOI, Zhejiang Kangdai Intelligent Technology Co., Ltd. (hereinafter "Kangdai Intelligent").

Public information shows that Kangdai Intelligent was founded in 2006,定位 in the machine vision industry. It originated from the printed circuit board division of Israel's Camtek Ltd. In 2017, it spun off independently from its parent company, Camtek. Dedicated to providing customized专属 solutions for PCB and IC substrate customers using advanced imaging systems and image processing technology,配套 proprietary software algorithms, with machine vision at its core, to meet the specific inspection needs of various stages in the PCB manufacturing industry and enhance its智能化 level.

Camtek is an Israeli company specializing in semiconductor manufacturing and inspection equipment. Its products include automatic optical inspection equipment, automatic X-ray inspection equipment, and smart manufacturing software, serving major global chip manufacturers.

Kangdai Intelligent provides solutions based on advanced imaging systems and image processing technology,配套 proprietary software algorithms, with machine vision at its core. Its main products include Automatic Optical Inspection systems (AOI) and Automatic Visual Inspection systems (AVI), used to detect defects in various printed circuit boards such as high-density interconnect boards, flexible boards, rigid-flex boards, and IC substrates.

World-leading electronics manufacturers use Kangdai Intelligent's equipment and solutions, which is why it has become a key player in the global electronics manufacturing supply chain.

In the PCB manufacturing环节, Kangdai Intelligent has long focused on improving the production processes and成品良率 of printed circuit boards (PCB), IC substrates, high-density interconnect boards (HDI PCB), flexible boards, and rigid-flex boards. It provides various solutions for different inspection needs, including Automatic Optical Inspection systems (AOI), Automatic Visual Inspection systems (AVI/AFI), measurement and other inspection function options, smart factory integration solutions, data management software, and cutting-edge AI-based inspection solutions.

In the semiconductor manufacturing环节, Kangdai Intelligent provides various professional inspection solutions for the wafer-level and panel-level packaging fields, especially for fan-out and fan-in products. Additionally, semiconductor manufacturers can utilize Kangdai Intelligent's proprietary 2D and 3D measurement solutions for real-time production quality monitoring at various packaging stages.

Kangdai Intelligent also offers a series of software solutions for PCB manufacturers, including CAM/CAD design packages (Ucam product series), Pre-CAM solutions, and other software solutions crucial to the PCB production环节. Moreover, Kangdai Intelligent provides high-resolution, high-precision laser photoplotters (Ucamco products) to meet the broad needs of the PCB and FPD (flat panel display) manufacturing industries.

Furthermore, Kangdai Intelligent provides advanced automation equipment for each production stage of PCB manufacturing, offering customized solutions专为 smart manufacturing and Industry 4.0 compatibility (Transystem products). Transystem has been part of the Kangdai Group since 2023.

Previously, Kangdai Intelligent's科创板 IPO application was accepted by the Shanghai Stock Exchange on June 29, 2020, but it主动撤回 the application on December 31, 2020, terminating the IPO process.

Notably, shortly after Kangdai Intelligent withdrew its IPO application, the company, in early 2022, through three funds established with institutions under the Haining state-owned assets umbrella—Chaosheng Technology Industry Investment Group and Haining Industrial Industry Investment Group Co., Ltd.—namely Haining Shilian Equity Investment Partnership, Haining Xinchao Equity Investment Partnership, and Haining Gaozhi Chuangtuo Equity Investment Partnership, achieved control over Kangdai Intelligent.

According to public information, Haining Shilian Equity Investment Partnership, Haining Xinchao Equity Investment Partnership, and Haining Gaozhi Chuangtuo Equity Investment Partnership hold 33.33%, 8.3334%, and 4.16663%股权 respectively in Zhejiang Kangdai Intelligent Technology Co., Ltd., with a combined持股比例 of 45.83%.

Among these, the company's wholly-owned subsidiary, Haining China Leather City Investment Co., Ltd., holds 19.2%股权 in Haining Shilian Equity Investment Partnership, 19.2%股权 in Haining Xinchao Equity Investment Partnership, and 24.59%股权 in Haining Gaozhi Chuangtuo Equity Investment Partnership.