嘉立创深交所主板挂牌上市：股价涨146% 市值超千亿

This article shares key takeaways from JLC's recent IPO on the Shenzhen Stock Exchange main board, including its growth achievements and core advantages:

1. Core IPO data: JLC priced its offering at RMB 84.46 per share, and its share price jumped 146% on the first trading day, pushing its total market capitalization to RMB 116.5 billion. The company raised approximately RMB 4.693 billion, exceeding its original fundraising target. All proceeds will be allocated to five core business projects, with none earmarked for working capital replenishment or debt repayment. The projects are expected to add no less than RMB 529 million in annual net profit once fully operational.

2. Company growth trajectory: Founded in 2006 starting from a 1-meter counter in Shenzhen's Huaqiangbei electronics district, JLC has grown into an industrial internet platform covering the entire value chain from electronic design to manufacturing. Its revenue surpassed RMB 10 billion in 2025, with a 23.34% compound annual growth rate (CAGR) from 2023 to 2025. Revenue grew 45.29% year-over-year in Q1 2026, indicating strong ongoing momentum.

3. Core competitive strengths: Focusing on the small-batch PCB prototyping niche, JLC leverages technology to cut prototyping costs from thousands of RMB to just dozens of RMB, and reduces delivery lead time to as little as 12 hours. Its self-developed EDA software has accumulated over 6.58 million registered users, and total registered users across the platform exceed 9.5 million.

This article outlines development paths, industry trends and actionable lessons for brands in the electronic manufacturing services sector:

1. Industrial and consumer trends: The global PCB market continues to expand. AI computing infrastructure construction is driving explosive growth in demand for high-end PCBs, with the global AI PCB market projected to grow at over 80% annually from 2026 to 2028. Growth in emerging sectors such as AI hardware and commercial space is also steadily boosting demand for one-stop services for fast, small-batch product validation.

2. Lessons for differentiated brand positioning: JLC avoided the mass-volume PCB segment dominated by large incumbents, and instead focused on the small-batch prototype niche. By vertically integrating the entire industry chain from design to manufacturing to build out one-stop service capabilities, it has built a user ecosystem of nearly 10 million engineers, forming strong differentiated competitive advantages.

3. Lessons for brand growth and capital strategy: JLC attracted strategic cornerstone investments from leading industry players including Kingboard Copper Foil and CATL, confirming its value as an infrastructure player in the electronics supply chain. All IPO proceeds will be invested in core business expansion and upgrading, to optimize its revenue mix toward higher-value-added PCBA and mechanical industry chain services. This continues to strengthen business synergies and supports gross margins above the industry average.

This article outlines new growth opportunities, replicable business models, and risk notes for players in the electronics supply chain:

1. Market opportunities: The overall PCB industry is growing steadily, with AI driving explosive demand for high-end PCBs. Growth rates for the small-batch prototype segment, PCBA, and mechanical industry chain services far outpace that of traditional PCB business. JLC's overseas revenue grew 44.98% year-over-year in 2025, pointing to significant untapped growth potential in international markets. Emerging hardware innovation has created strong, unmet demand for one-stop small-batch validation services, making this a clear blue ocean market.

2. Replicable business model: By focusing on long-tail small-batch order demand and integrating end-to-end services via digital tools, JLC developed self-owned intelligent panelization algorithms to combine orders from different customers for shared production, delivering major cost and efficiency improvements. This model cut PCB prototyping costs from thousands of RMB to dozens of RMB, and reduced lead times from weeks to as little as 12 hours, building competitive advantage through precise customer demand matching.

3. Risk and opportunity notes: The PCB industry remains highly fragmented, with fierce competition and low gross margins in traditional segments. Sellers must target a clear differentiated position, expand into higher-value-added businesses, and improve operational efficiency through digitalization to achieve higher returns. JLC's post-IPO expansion will also create new cooperation opportunities for upstream and downstream sellers.

This article provides clear actionable insights for electronics manufacturing factories on capturing market demand, advancing digital transformation, and expanding business opportunities:

1. Shifts in production and design demand: Growth of computing hardware such as AI servers and high-speed switches is driving sustained strong demand for high-end PCBs including high-frequency, high-speed and high-multilayer products. Faster iteration of downstream hardware innovation has generated large volumes of multi-variety, small-batch, short-lead-time orders, significantly raising requirements for production flexibility.

2. Business cooperation opportunities: All of JLC's IPO proceeds will be invested in core business expansion, including plans to build high-multilayer PCB production lines, intelligent PCBA production lines, and intelligent component centers. These projects require cooperation from upstream and downstream factories along the supply chain. Leading players across different supply chain segments including CATL and Kingboard have already participated in JLC's strategic private placement, highlighting significant room for industry-wide collaborative development.

3. Insights for digital transformation: JLC built five self-operated digital production bases and uses self-developed intelligent algorithms to consolidate orders from different customers for flexible production, delivering both cost reduction and efficiency gains. Its vertical integration of the entire industry chain also cuts intermediate circulation costs. This model provides a proven path for traditional electronics factories to transform, while developing self-owned industrial software also helps factories accumulate users and improve customer stickiness.

This article organizes industry trends, core customer pain points and proven solutions for the electronics industry services sector:

1. Industry development trends: Electronics supply chain services are shifting toward end-to-end one-stop offerings. Long-tail small-batch demand is growing rapidly alongside hardware innovation. Domestic board-level EDA industrial software has already achieved breakthrough user scale growth, and industrial internet-based transformation of traditional manufacturing and distribution links is accelerating, creating strong industry growth momentum.

2. Core customer pain points in the industry: Traditional electronics component distribution is highly fragmented, relies heavily on manual labor, and operates at low efficiency. It cannot solve the pain points of fragmented, high-frequency long-tail procurement and difficult lead time management. Under traditional PCB production models, small-batch prototyping is costly and has long lead times, which cannot match the validation requirements of the fast iteration cycles of modern hardware products.

3. Reference for proven solutions: Build an online trading platform via the industrial internet model, optimize operations with big data and artificial intelligence, and vertically integrate the entire value chain from design, manufacturing, distribution to assembly to deliver one-stop services. JLC accumulated more than 6.58 million registered users by opening its self-developed EDA tool for free, forming a stable user ecosystem barrier. Multi-business synergy also effectively improves customer retention and profitability.

This article introduces development paths, industry demand and operational experience for electronic industrial internet platforms:

1. Core industry demand for platforms: The electronics supply chain features concentrated upstream and highly fragmented downstream markets, with large volumes of long-tail fragmented demand. Traditional distribution channels operate at low efficiency, so customers need platforms to integrate end-to-end resources and deliver one-stop services to lower production and procurement barriers for small and mid-sized hardware innovators.

2. Actionable operational lessons for platforms: JLC adopted a clear differentiated positioning, avoiding the mass-volume order segment dominated by large incumbents to focus on the small-batch prototype market. It pursued a self-operated, vertically integrated strategy, building its own production and warehousing facilities and an online self-service ordering system, enabling flexible production via digital technology and cutting costs and boosting efficiency with intelligent algorithms. It also accumulated massive user traction by opening its self-developed EDA tool, forming a closed user ecosystem.

3. Lessons for financing and resource integration: During its IPO process, JLC attracted strategic cornerstone investments from leading players across all segments of the supply chain, including Kingboard, CATL and KTC. This not only secured capital endorsement but also locked in core supply chain resources, making this a model worth replicating for peer platforms. The case also highlights that a clear differentiated positioning is required for platforms to gain a foothold in highly fragmented markets.

This article presents the latest industry developments, innovative business models and open research questions in the electronic industrial internet sector:

1. New industry developments: The global PCB industry is undergoing structural upgrading, with AI driving explosive demand for high-end PCB that has pushed industry growth far past earlier expectations. Domestic board-level EDA software has already achieved breakthrough user scale growth, and Chinese industrial internet firms are expanding from single-link services to end-to-end industry chain integration. As the first end-to-end electronic industrial internet platform to go public, JLC's listing will accelerate industry consolidation.

2. A case study in innovative business model: JLC has pioneered a one-stop infrastructure service model for the electronics industry, focusing on the small-batch prototype niche. It vertically integrates the entire value chain from EDA design, PCB manufacturing, component distribution to PCBA assembly, and insists on self-operation through owned production bases. This model precisely matches the small-batch, high-frequency validation demand of emerging hardware innovation, and solves the efficiency pain points of the traditional industry.

3. Open industry research questions: The overall PCB industry remains highly fragmented, and there is still significant room for consolidation in the electronics component distribution segment. Domestic high-end EDA technology still requires further breakthroughs. The large-scale growth potential of this end-to-end one-stop model remains to be observed. That said, the model has already proven it can deliver sustainable profitability, with net profit CAGR outpacing revenue CAGR as scale effects kick in, providing a valuable new research case for industrial internet profitability models.