The rapid, leapfrog development of AI technology in recent years is accelerating the reshaping of the electronics industry landscape. As a critical hardware foundation for connecting chips, transmitting signals, and supporting computing power, PCBs are among the first to benefit from this wave of technological dividends. In the cloud computing sector, the continuous rise in demand for AI model training and inference is driving accelerated construction of data infrastructure, fueling strong demand for high-performance PCB products featuring high speed, multiple layers, and high-density interconnects. In the edge computing domain, fields such as automotive electronics, smart devices, and industrial control are rapidly evolving towards deeper integration with AI, further stimulating market demand for high-end PCBs.
It has been noted that Shenzhen Kinwong Electronic Co., Ltd., the world's largest supplier of automotive electronics PCBs, has once again submitted a listing application to the Hong Kong Stock Exchange. Benefiting from the dual trends of electrification and intelligence, the usage and value of PCBs per vehicle have seen significant increases over the past few years. Capitalizing on this industry opportunity, Kinwong has achieved sustained high-speed growth in its revenue and profits. Data shows that in 2025, Kinwong's revenue reached 15.308 billion yuan, with a net profit of 1.244 billion yuan. Based on revenue for that year, the company is the world's largest supplier of automotive electronics PCBs, holding a market share as high as 10.6%.
Beyond this, the explosive growth in AI computing demand is also injecting a continuous stream of new momentum into the PCB industry. As a core supplier of PCBs for AI servers and high-speed optical modules, Shenzhen Kinwong Electronic Co.,Ltd. is also deeply benefiting from this trend. Following its initial application to the Hong Kong Stock Exchange earlier this year, Kinwong has returned this month. With current global investment sentiment in technology stocks remaining high, can the company successfully realize its Hong Kong listing dream and achieve an A+H share structure?
Automotive Electronics as the Foundation, AI-Related Orders as the Key Growth Driver?
Shenzhen Kinwong Electronic Co.,Ltd. is not a new face in the capital markets, having listed on the Shanghai Stock Exchange's main board as early as 2017. In recent years, leveraging its position as a global leader in automotive electronics PCBs and one of the few suppliers of core components for AI computing infrastructure, Kinwong's performance has charted a steep upward curve. Data shows that from 2023 to 2025, Kinwong's revenue was 10.757 billion yuan, 12.659 billion yuan, and 15.308 billion yuan respectively, representing a compound annual growth rate of approximately 19.4%. Revenue for the first four months of 2026 further increased to 5.341 billion yuan, a year-on-year growth of 17.8%.
In terms of revenue scale, Kinwong firmly sits within the top tier of the domestic PCB industry: based on 2025 revenue, it ranks eleventh among global PCB suppliers. Breaking down the structure, Kinwong's performance in high-end products and key application areas is particularly outstanding. According to its prospectus, in 2025, the company's revenue from HDI PCBs surged 45.8% year-on-year to 1.238 billion yuan, increasing its share of total revenue to 8.1%. In terms of end applications, the automotive electronics market has consistently been the largest application for Kinwong's products, with revenue from this market accounting for over 40% from 2023 to 2025.
However, while the automotive electronics business forms the foundation, the equally notable aspect is the continued strong growth momentum contributed by revenue related to communications and data infrastructure in recent years. In 2025, Kinwong's revenue from this field was 1.591 billion yuan, an increase of 70.7% year-on-year, raising its share of total revenue to 10.4%. Entering 2026, in the first four months of the year, the company's revenue from this area reached 833 million yuan, with its corresponding revenue share further rising to 15.6%. Behind this significant volume increase lies the accelerated release of high-end production capacity and continuous product structure upgrades, driven by Kinwong's AI server and optical module PCB products benefiting from the global acceleration in AI computing infrastructure construction.
While revenue continues to break upward, Kinwong's profit performance has been relatively less impressive. Data shows that from 2023 to 2025, Kinwong's gross profit was 2.492 billion yuan, 2.878 billion yuan, and 3.305 billion yuan respectively, with corresponding gross margins of 23.2%, 22.7%, and 21.6%, indicating that profitability has not actually strengthened. For the first four months of 2026, the company recorded a gross profit of 1.001 billion yuan, with a corresponding gross margin of 18.7%, down 2 percentage points on a year-on-year basis. Looking at net profit, from 2023 to 2025, Kinwong's net profit was 911 million yuan, 1.16 billion yuan, and 1.244 billion yuan respectively, with profit growth in 2025 already showing a clear deceleration. In the first four months of this year, Kinwong's net profit was 317 million yuan, a year-on-year decline of over 20%.
Will a "1+1+N" Strategy Drive Long-Term Growth?
Despite short-term profit pressure, this does not appear to have dampened market enthusiasm for investing in Kinwong. Exploring the logic behind this, aside from the overall high prosperity of the PCB industry, an equally important reason may lie in the company's "1+1+N" strategic plan. This concerns whether Kinwong can, while securing its automotive base, translate its AI business from concept to revenue and complete the leap from a global automotive PCB leader to a dual-engine driver powered by "AI + Automotive".
The so-called "1+1+N" refers to one pillar business (automotive electronics), one key development business (communications and data infrastructure), and a portfolio of N high-potential businesses (smart terminals, industrial control, etc.). The core logic of this strategy is clear: use automotive electronics as the base to stabilize revenue and profit, use AI-related business as the second growth curve to elevate the valuation ceiling, and use diversified end-market layouts to mitigate risks associated with single-industry cycles.
As Kinwong's absolute foundational business, eight of the world's top ten Tier 1 automotive suppliers are currently its customers, with its products covering the world's top ten automotive groups. On the technical front, the company has mass-produced lidar boards, fifth/sixth-generation millimeter-wave radar boards, and 400V/800V high-voltage platform PCBs, and possesses manufacturing capabilities for seventh-generation millimeter-wave radar boards. Moving forward, as advanced autonomous driving functions rapidly penetrate mainstream models, the pre-installation penetration rate of domain controllers continues to rise, and 800V high-voltage platforms accelerate their adoption, Kinwong will comprehensively enhance its competitiveness and market share in the fields of automotive electrification and intelligence.
Looking at the second "1", communications and data infrastructure, i.e., the AI-related business, this is the core narrative for which the market grants Kinwong a valuation premium. The company has already mass-produced high-end products such as HLC with over 40 layers, 6-step 22-layer HDI, mSAP process 14-layer HDI, and multi-layer PTFE FPC. A 9-step HDI product passed customer certification in just 90 days. According to Kinwong, in the high-speed network communications field, it has stably supplied 800G optical module products in bulk to several leading optical module customers and is actively promoting the shipment of 1.6T optical modules.
Overall, Kinwong's growth logic is clear: the automotive base provides a safety cushion for the bottom line of its performance, while the volume increase from AI-related business opens up imagination space for medium to long-term growth. However, the realization of this logic requires time for verification: the duration of profit pressure, the ramp-up efficiency of high-end production capacity, and the actual pace of AI order fulfillment will all directly impact whether the market's optimistic expectations can translate into real profit growth. For Kinwong, which aims to achieve an A+H share structure, the company still needs to prove to the market that its future growth potential can support the high market expectations.