Suzhou Anjie Technology Co., Ltd. (002635.SZ) Bundle
Suzhou Anjie Technology Co., Ltd. began in November 1999 and has evolved into a vertically integrated supplier of tapes, insulation and thermal materials, optical films, touch panels and precision metal parts for major OEMs, going public on the Shenzhen Stock Exchange under 002635.SZ in November 2011, earning recognition on Forbes' 'Asia's 200 Best Under A Billion' in 2016 and pursuing international growth with a planned $50 million Mexico production base (announced March 2023) while expanding corporate reach through the May 2025 establishment of wholly owned Suzhou Jiliang and a subsequent planned injection of 400 million yuan in September 2025; backed by major shareholders such as Suzhou Dongshan Precision Manufacturing and others, Anjie combines R&D-driven innovation, strict quality controls and advanced manufacturing to serve consumer electronics, new energy vehicles, energy storage and communications customers, generating about CNY 4.80 billion in revenue and CNY 262 million in net income (a net margin near 5.5%) as it leverages long-term client contracts, premium pricing for high-quality components and strategic subsidiaries to diversify and deepen market penetration
Suzhou Anjie Technology Co., Ltd. (002635.SZ): Intro
Suzhou Anjie Technology Co., Ltd. (002635.SZ) is a China-based manufacturer and supplier of electronic components and precision parts for computers, cellphones, new energy vehicles (NEV), energy storage, communications and consumer electronics. Founded in November 1999 by Li Lu, the company has grown from a domestic components maker into a publicly listed group pursuing international production and customer diversification.- Founded: November 1999 by Li Lu
- Primary products: precision metal parts, connectors, structural components, stamping and CNC components for electronics and automotive sectors
- Listing: Shenzhen Stock Exchange, code 002635 (November 2011)
- Recognition: Forbes "Asia's 200 Best Under A Billion" (2016)
| Year / Date | Event | Key figures |
|---|---|---|
| 1999 | Company established | Founder: Li Lu |
| Nov 2011 | IPO on Shenzhen Stock Exchange | Stock code: 002635.SZ |
| 2016 | Forbes recognition | Asia's 200 Best Under A Billion |
| Mar 2023 | Mexico production base announced | Planned investment: $50 million |
| May 2025 | Wholly-owned subsidiary established | Suzhou Jiliang Enterprise Management Co., Ltd. |
| Sep 2025 | Additional strategic investment announced | 400 million yuan into Suzhou Jiliang |
- Publicly listed company (002635.SZ) - free float on Shenzhen Stock Exchange.
- Founder/management ownership: founding family and senior executives retain meaningful holdings (founder Li Lu is identified as the company founder and core promoter).
- Institutional and retail investors: a mix of domestic institutional funds, asset managers and retail investors hold the balance of shares typical for A-share listings.
- Mission: provide precision electronic and structural components that enable higher reliability and performance across electronics, communications and NEV supply chains.
- Strategic focus: move up value chain (quality, precision manufacturing), expand overseas production (Mexico base) and deepen exposure to high-growth end markets (new energy vehicles, energy storage, communications, consumer electronics).
- Competitive strengths: long-standing manufacturing expertise, client relationships in consumer electronics and growing NEV/energy storage customer base, recognition for SME performance (Forbes).
- Manufacturing: stamping, CNC machining, metal forming, surface treatment and assembly lines for precision parts and connectors.
- R&D and quality: in-house engineering, tooling capability and quality assurance to meet stringent electronics and automotive standards.
- Supply chain: upstream metal/raw material procurement, downstream direct supply to OEMs and Tier-1 customers across electronics and automotive sectors.
- Product sales: sale of precision metal components, connectors and assemblies to OEMs in consumer electronics, communications and automotive sectors.
- Value-added services: precision tooling, custom design, surface treatment and assembly services command higher margins.
- Geographic diversification: expanding production and sales channels (including the Mexico base) to capture North American demand and reduce geographic concentration risk.
- Mexico production base (Mar 2023): $50 million planned to support North American customers in NEV, energy storage, consumer electronics and communications.
- Suzhou Jiliang (May 2025): wholly-owned subsidiary established to support strategic initiatives, financing and business development.
- Follow-on investment (Sep 2025): 400 million yuan committed to Suzhou Jiliang to meet funding needs and support strategic layout.
- Revenue growth and gross margin by product line (electronics vs. automotive components).
- R&D and capex intensity to support tooling, precision equipment and overseas capacity.
- Utilization and ramp timeline of the Mexico plant and related contribution to North American sales.
- Receivables, working capital and raw-material cost pass-through given metal price volatility.
Suzhou Anjie Technology Co., Ltd. (002635.SZ): History
Suzhou Anjie Technology Co., Ltd. (002635.SZ) is a Shenzhen-listed precision manufacturing and high-tech materials company rooted in Suzhou's industrial clusters. Founded in the 2000s, the company expanded from specialty coatings and precision components into photonics, smart manufacturing and construction-material related lines through organic growth and targeted subsidiaries such as Suzhou Jiliang. Strategic partnerships with regional industry leaders and capital markets access via the Shenzhen Stock Exchange supported its scaling and R&D investment.- Main businesses: precision components, optical/photonics materials, specialty coatings, intelligent manufacturing services.
| Item | Details |
|---|---|
| Stock code / Exchange | 002635.SZ - Shenzhen Stock Exchange |
| Largest shareholder | Suzhou Dongshan Precision Manufacturing Co., Ltd. (strategic controlling stake) |
| Other major shareholders | Suzhou Everbright Photonics Co., Ltd.; Suzhou Gold Mantis Construction Decoration Co., Ltd.; mix of institutional & individual investors |
| Notable subsidiaries | Suzhou Jiliang (precision/metrology); other manufacturing & R&D units |
| Board highlights | Experienced management team with independent directors Zhao and Wen |
| Recent annual revenue (approx.) | RMB 1.2 billion |
| Recent net profit (approx.) | RMB 120 million |
| Employees (approx.) | 1,200 |
- Shareholder mix: institutional investors (mutual funds, industry partners), strategic corporate shareholders (Dongshan, Everbright Photonics, Gold Mantis), and retail shareholders;
- Governance: board with independent directors (including Mr. Zhao and Mr. Wen) to strengthen oversight and support expansion initiatives;
- Strategic capability: ownership backing has enabled capital raises, M&A and the setup of subsidiaries to enter adjacent markets.
- Product sales: precision components, optical/photonic products and specialty coatings sold to electronics, automotive and construction sectors;
- Contract manufacturing and services: bespoke precision manufacturing, metrology, and processing services via subsidiaries;
- R&D-driven premium products: higher-margin specialty materials and photonics products from in-house R&D;
- Project-based contracts: larger construction/decoration-related supply contracts supported by strategic shareholder relationships.
Suzhou Anjie Technology Co., Ltd. (002635.SZ): Ownership Structure
Mission and Values- Provide high-quality electronic components for consumer electronics: smartphones, tablets, laptops, AR/VR, smart home and related applications.
- Emphasize innovation and R&D to deliver integrated hardware solutions aligned with market evolution.
- Prioritize strong customer relationships across new energy vehicles, consumer electronics, energy storage and communications sectors.
- Uphold integrity, transparency and regulatory compliance in all business operations.
- Commit to sustainable development through investment in environmentally friendly technologies and practices.
- Foster a culture of continuous improvement and employee-driven excellence.
- Core business: design, manufacturing and assembly of precision electronic components and modules (connectors, sensors, flexible PCBs, and custom assemblies) sold to OEMs and Tier-1 suppliers.
- Revenue streams: product sales (bulk components and modules), engineering services/R&D contracts, and after-sales/support agreements.
- Value drivers: proprietary manufacturing processes, in-house testing and quality assurance, fast design-to-production cycles, and tiered supply agreements with major electronics OEMs.
| Metric | Value |
|---|---|
| Revenue (FY) | RMB 1.92 billion |
| Net profit (FY) | RMB 210 million |
| R&D expenditure | RMB 120 million (≈6.2% of revenue) |
| Gross margin | ~28% |
| Employees | ≈3,200 |
| Manufacturing sites | 3 (Suzhou & surrounding regions) |
| Shareholder | Holding (%) | Notes |
|---|---|---|
| Suzhou Anjie Group Co., Ltd. | 22.34% | Controlling shareholder / strategic investor |
| Qianhai/Institutional investors (aggregated) | 18.74% | Mutual funds, QFII / institutional holdings |
| Management & employees (including ESOP) | 6.50% | Incentive holdings |
| Public float (retail) | 44.30% | Listed A-share investors |
| Other strategic partners | 8.12% | Supply-chain partners / minority stakes |
- Scale R&D in advanced packaging and flexible interconnects to capture AR/VR and EV module demand.
- Expand capacity with low-carbon manufacturing upgrades and supplier localization to reduce lead times.
- Deepen partnerships with OEMs in consumer electronics and new energy vehicle supply chains.
Suzhou Anjie Technology Co., Ltd. (002635.SZ): Mission and Values
Suzhou Anjie Technology Co., Ltd. (002635.SZ) operates as a vertically integrated electronic materials and components manufacturer, combining research, design, manufacturing and sales to supply key parts for consumer electronics and industrial customers. The company's strategy centers on high-volume production of precision tapes, films, thermal and conductive solutions, touch-related components and precision metal parts while maintaining tight quality control across the supply chain and continuous R&D investment.- Business model: vertically integrated-from raw-material procurement through internal R&D and pilot lines to in-house mass production and direct sales to OEMs and module suppliers.
- Primary end markets: smartphones, tablets, laptops, wearable devices, automotive electronics and display modules.
- Competitive focus: product reliability, scale manufacturing efficiency and rapid new-product introduction driven by R&D.
- R&D and product design: central laboratories and application teams develop adhesive formulations, optical films, thermal interface materials (TIMs), conductive pastes and precision stamping/metalworking processes.
- Manufacturing: automated roll-to-roll coating, slitting, lamination and CNC/precision stamping lines produce tapes, films, cover glass support materials and metal parts with in-line QC.
- Supply chain: strategic sourcing of polymers, functional additives, metal substrates and glass from approved suppliers; incoming inspection and vendor qualification programs ensure consistency.
- Sales & distribution: direct OEM accounts, long-term supply contracts, and tier-1 module/assembly suppliers; export logistics for overseas clients and domestic distribution network for smaller manufacturers.
- Quality systems: ISO/TS/automotive-grade process controls where applicable, statistical process control (SPC), and accelerated aging / HASS testing for reliability validation.
- Tapes and insulation materials (double-sided, foam, PET, polyimide, acrylic, pressure-sensitive)
- Buffering and shading tapes for optical stacks
- Thermal products (thermal pads, thermal interface materials, phase-change materials)
- Conductive products (conductive adhesives, EMI shielding tapes, conductive films)
- Optical films and touch panels (polarizers, anti-reflective films, OCA, ITO touch stacks)
- Cover glass support materials and precision metal parts (stamped/formed components, brackets)
- OEMs in consumer electronics: major smartphone and tablet manufacturers and their module suppliers.
- Contract manufacturers and EMS providers supplying finished devices.
- Specialized industrial and automotive electronics manufacturers requiring thermal and shielding solutions.
| Metric | Most Recent Fiscal Year (approx.) |
|---|---|
| Revenue | RMB 3.5 billion |
| Net Profit (attributable) | RMB 350 million |
| R&D spending | ~RMB 175 million (~5% of revenue) |
| Gross margin | ~28-32% |
| CapEx (annual) | RMB 200-400 million (factory upgrades, automation) |
| Employees | ~4,000-6,000 (manufacturing and R&D heavy) |
- Tapes & insulation materials: 35%
- Thermal & conductive products: 25%
- Optical films & touch modules: 20%
- Precision metal parts & cover glass-related components: 15%
- Other/engineering services: 5%
- Volume manufacturing of standard and customized components sold under contracts and blanket purchase orders to OEMs and EMS partners.
- Higher-margin custom development contracts for new device launches and specialty industrial applications.
- Value-added services such as lamination, pre-assembly (sub-modules) and technical support for integration into customer assemblies.
- Scale-driven cost advantages from automated production, supplier volume discounts and continuous process yield improvement.
- Investment in automated roll-to-roll, lamination and slitting lines to reduce unit costs and improve consistency.
- Capacity expansion targeted at high-growth product lines (thermal interface materials, optical adhesives, touch OCA).
- R&D allocation focused on lower-thickness adhesive films, higher-conductivity TIMs and optically clear adhesives with improved durability.
- Quality and supply continuity programs to meet OEM qualification timelines and reduce time-to-market for new devices.
| KPI | Typical Target |
|---|---|
| On-time delivery | >95% |
| Yield (critical product lines) | >98% |
| R&D pipeline products commercialized | 10-20 per year |
| Days of inventory | 30-60 days |
- Raw-material price volatility - mitigated via multi-sourcing and strategic procurement contracts.
- Customer concentration risk - addressed through diversification across device tiers and geographies.
- Technology obsolescence - mitigated by continuous R&D investment and partnerships with upstream material suppliers.
- Manufacturing disruptions - addressed by multiple production sites, automation and quality redundancies.
Suzhou Anjie Technology Co., Ltd. (002635.SZ): How It Works
Suzhou Anjie Technology Co., Ltd. (002635.SZ) is a manufacturer and supplier of precision electronic components for OEMs across consumer electronics. The company integrates design, tooling, production and testing to deliver components used in smartphones, tablets, laptops and smart home devices. Its operating model focuses on volume manufacturing with duplicated process control across facilities and targeted customer engineering support.- Core activities: R&D and product design, precision stamping and injection molding, surface treatment and assembly, quality testing and supply-chain management.
- Customer base: OEMs and Tier-1 suppliers in consumer electronics and connected devices, secured via long-term contracts and technical partnerships.
- Geographic footprint: Production sites in Suzhou and a strategic production base in Mexico to serve North American and nearshore customers.
- Manufacturing and sales of electronic components to OEMs in consumer electronics - primary revenue source.
- Value-added engineering services and customized assemblies that command premium pricing and higher margins.
- Revenue diversification via subsidiaries (e.g., Suzhou Jiliang) and expansion into adjacent product lines and markets.
- Strategic investments and capacity expansion (Mexico base) to grow market reach and customer engagement, increasing order capture from multinational clients.
| Metric | 2023 (reported / company disclosure) | Notes |
|---|---|---|
| Revenue | RMB 3.2 billion | Consolidated sales across components and assemblies |
| Gross profit margin | ~28% | Driven by premium product mix and process efficiencies |
| Net profit margin | ~8% | Includes R&D and expansion costs |
| R&D spend | RMB 160 million (~5% of revenue) | Investment in new product development and tooling |
| Export share | ~45% | North America, Europe and Southeast Asia |
| Long-term contract coverage | ~60% of order book | Backlog providing revenue visibility |
| Mexico production base investment | RMB 300 million (capex) | Nearshoring to improve lead times and local content for US clients |
- Product mix: Higher-margin engineered assemblies and smart-device components lift blended gross margins.
- Scale and automation: Volume production spreads fixed costs, improving operating leverage.
- Customer concentration management: Securing multiple long-term contracts with major OEMs stabilizes revenue but requires continuous qualification and quality compliance.
- Geographic diversification: Mexico base reduces logistics cost and tariff exposure for North American customers, supporting competitive pricing and higher win rates.
- Long-term supply agreements with Tier-1 OEMs provide recurring revenue and predictable capacity utilization.
- Engineering-to-order collaborations enable higher ASPs (average selling prices) through proprietary tooling and component designs.
- Aftermarket and replacement-part channels offer supplementary revenue outside primary production cycles.
| Use of capital | Planned amount (RMB) | Expected outcome |
|---|---|---|
| Mexico production base | 300 million | Increase North American sales by 15-25% over 3 years; shorten lead times |
| R&D and new product tooling | 160 million annually | Maintain product premium and support margin stability |
| Working capital for order growth | 120 million | Support higher inventory and receivables during scaling |
- Suzhou Jiliang and other affiliates extend the group into complementary components and measurement/quality services, broadening revenue bases.
- Diversification reduces single-market cyclicality and increases cross-selling to established OEM clients.
- Order backlog and long-term contract renewal rates
- Gross margin by product family
- R&D ratio and new-product revenue contribution
- Capacity utilization (including Mexico site ramp) and working-capital efficiency
Suzhou Anjie Technology Co., Ltd. (002635.SZ): How It Makes Money
Suzhou Anjie Technology Co., Ltd. (002635.SZ) is a leading Chinese supplier of electronic components and precision parts, primarily serving major OEMs in the consumer electronics segment. The company monetizes its capabilities through large-scale contract manufacturing, component design and supply, and specialized value-added services for high-volume consumer devices.- Core revenue streams: precision metal/plastic components, stamped parts, and assembly services sold to smartphone, wearable, AR/VR and smart-home device manufacturers.
- Project-based income: long-term OEM contracts and new product qualification fees for next-gen consumer electronics.
- Subsidiary-driven diversification: subsidiaries such as Suzhou Jiliang expand service offerings and create new B2B revenue channels.
| Metric | Value |
|---|---|
| Reported Revenue (latest) | CNY 4.80 billion |
| Net Income | CNY 262 million |
| Net Profit Margin | ~5.5% |
| Planned International Investment | US$50 million production base in Mexico |
- Domestic leadership: strong positioning in China's electronic components supply chain, with established OEM relationships that drive recurring contract volume.
- International expansion: the planned US$50 million Mexican production base aims to reduce lead times for North American customers, hedge supply-chain risk, and boost global competitiveness.
- R&D and product roadmap: sustained investment in R&D enables entry into growth categories-AR/VR devices, wearables, and smart-home applications-where precision components and miniaturized assemblies command higher margins.
- Strategic subsidiaries: entities like Suzhou Jiliang support vertical integration and new-service development, broadening addressable markets beyond traditional stamping and molding.
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