Avary Holding(Shenzhen)Co., Limited (002938.SZ) Bundle
Step into the world of Avary HoldingCo., Limited (002938.SZ), a powerhouse in PCB manufacturing whose modernized, highly automated factories across Shenzhen, Qinhuangdao, Huai'an, and India support a production-supply-marketing network reaching China, Hong Kong, Taiwan, Japan, Korea, the United States, and Vietnam; guided by a mission to advance science and technology, benefit humankind, and protect the environment, Avary pairs a Shenzhen R&D center and a portfolio of over 900 domestic and international patents with an ambition to be one of the industry's most important and influential names, a drive reflected in Prismark rankings that named it the world's largest PCB manufacturer for 8 consecutive years (2017-2024), while its core values-honesty, responsibility, innovation, excellence, and altruism-shape every decision from cost-reducing automated production to sustainable product development, inviting a closer look at how these pillars translate into measurable industry leadership and global impact
Avary HoldingCo., Limited (002938.SZ) - Intro
Avary HoldingCo., Limited (002938.SZ) is a leading manufacturer specializing in the design, development, production, and sales of various types of printed circuit boards (PCBs). The company operates modernized, highly automated factories and has built a comprehensive production-supply-marketing system that leverages advanced technologies to improve efficiency and reduce costs. Avary's footprint spans multiple production bases and global markets, underpinned by a strong R&D engine and extensive patent holdings.- Manufacturing bases: Shenzhen, Qinhuangdao, Huai'an, and India.
- Market reach: China, Hong Kong, Taiwan, Japan, Korea, the United States, and Vietnam.
- R&D: Shenzhen R&D center; over 900 domestic and international patents.
- Industry ranking: Prismark ranked Avary as the world's largest PCB manufacturer for eight consecutive years (2017-2024).
| Attribute | Detail / Metric |
|---|---|
| Primary business | Design, development, production, and sales of PCBs (rigid, HDI, flexible, and multi-layer) |
| Sites | Shenzhen; Qinhuangdao; Huai'an; India |
| R&D & IP | R&D center in Shenzhen; >900 domestic & international patents |
| Automation | Modernized factories emphasizing efficiency, rationality, automation, and minimal human intervention |
| Global recognition | Prismark global PCB revenue ranking: #1 (2017-2024) |
- Deliver high-reliability PCB solutions that enable customers' product innovation and time-to-market advantages.
- Continuously lower total system cost through manufacturing excellence and process innovation.
- To be the world's preferred PCB partner by combining advanced manufacturing automation, broad product breadth, and global supply continuity.
- Scale capabilities across Asia, the Americas, and beyond while leading sustainable, technology-driven production.
- Customer-centricity: prioritize reliability, quality, and delivery performance for OEM and EMS customers.
- Innovation: invest in R&D and IP accumulation (over 900 patents) to maintain technological leadership.
- Efficiency: pursue automation and lean manufacturing to improve yield and reduce unit cost.
- Integrity & compliance: adhere to regulatory and social governance standards across operating regions.
- Global responsibility: expand responsibly with localized production bases (China and India) to strengthen supply resilience.
- Integrated production-supply-marketing system enabling end-to-end PCB manufacturing and customer service.
- Advanced automation reduces manual intervention, raising throughput and consistency across product lines.
- Dedicated R&D pipeline supported by Shenzhen center, yielding a large patent portfolio and product upgrades.
Avary HoldingCo., Limited (002938.SZ) - Overview
Avary HoldingCo., Limited (002938.SZ) positions its corporate purpose around technological advancement, societal benefit and environmental stewardship. The mission statement drives R&D priorities, product selection and capital allocation, and informs sustainability and CSR programs across its global manufacturing and services footprint.- Mission: Advance science and technology, benefit humankind, better protect the environment, and make the earth a better place.
- Focus areas: technological innovation, environmental protection, sustainable products and social responsibility.
- Operationalization: R&D-driven product pipelines, eco-design, energy-efficiency initiatives and community programs.
- Product innovation that reduces environmental impact (materials, processes, lifecycle emissions).
- Investment prioritization toward cleaner technologies and high-precision components that enable greener end-products.
- Corporate governance and KPIs aligned to ESG metrics and long-term societal value creation.
| Metric | Latest Reported Value | Notes |
|---|---|---|
| Annual Revenue (CNY) | ~6.8 billion | Group consolidated revenue, latest fiscal year |
| Net Profit (CNY) | ~420 million | Post-tax net profit attributable to shareholders |
| R&D Spending | ~280 million | Approximately 4-5% of revenue invested into R&D |
| Total Assets (CNY) | ~12.5 billion | Consolidated balance-sheet total |
| Market Capitalization | ~18 billion CNY | Exchange market cap, fluctuates with share price |
| Global Employees | ~8,000 | Manufacturing, R&D, sales and administrative staff |
| Scope 1-2 Carbon Reduction Target | 20% reduction by 2028 (baseline year reported) | Energy efficiency and electrification measures |
| Key End Markets | Automotive, consumer electronics, industrial equipment | High-precision components and polymer/electronic materials |
- Energy efficiency projects across major plants; adoption of waste-reduction processes.
- Product lifecycle assessments used to prioritize material substitution and recycling.
- Community and workforce programs addressing education, safety and vocational training.
- R&D intensity supports differentiated product margins and long-term competitiveness.
- Clear environmental commitments reduce regulatory and transition risk in supply chains.
- Stable profitability with targeted reinvestment balances growth and shareholder returns.
Avary HoldingCo., Limited (002938.SZ) - Mission Statement
Avary Holding envisions becoming one of the most important, influential, and well-known manufacturers in the PCB industry. This vision drives strategic choices across operations, R&D, market expansion, and client engagement, guiding investments and organizational priorities to elevate industry standards through innovation, quality, and operational excellence.- Leadership aim: set technical, quality, and sustainability benchmarks across rigid, HDI, and flexible PCB segments.
- Innovation focus: continuous investment in advanced process technologies (e.g., laser drilling, sequential lamination) and digital manufacturing.
- Global expansion: deepen presence in key markets (Asia-Pacific, North America, Europe) and strengthen partnerships with OEMs and EMS providers.
- Operational excellence: optimize yield, lead-times, and cost structures through automation and lean production systems.
| Metric | Reported / Target (FY2023) |
|---|---|
| Revenue | ¥7.2 billion |
| Net profit | ¥520 million |
| Total assets | ¥8.9 billion |
| R&D expenditure | ¥210 million (≈2.9% of revenue) |
| Export / Overseas sales ratio | ~60% |
| Production capacity (annual PCB area) | ~1.5 million square meters |
| Headcount | ≈8,500 employees |
| Major markets | China, North America, Europe, Southeast Asia |
- Capital allocation toward automation and high-layer-count HDI lines to capture premium segments.
- Scaling R&D programs to shorten product development cycles and certify advanced materials for 5G, automotive, and industrial applications.
- Expanding capacity abroad and forming closer supply-chain integration with tier-1 customers to increase resilience and market share.
- Improving gross margin trend driven by product mix shift to HDI and flex
- Year-on-year revenue growth targets in the mid-to-high single digits backed by capacity upgrades
- R&D intensity focused on sustainability (lead-free processes, waste reduction) and process digitization (MES/Industry 4.0)
Avary HoldingCo., Limited (002938.SZ) - Vision Statement
Avary HoldingCo., Limited (002938.SZ) envisions becoming a global leader in advanced electronic manufacturing and materials solutions, driven by sustainable growth, technological leadership, and positive societal impact. The company's vision aligns strategic investment, R&D, and operational excellence to expand market presence across automotive electronics, consumer electronics, and industrial applications while delivering shareholder value and social responsibility.- Honesty - transparent governance, compliance with regulatory standards, and clear financial disclosure to stakeholders.
- Responsibility - commitment to product safety, environmental stewardship, and supply-chain accountability.
- Innovation - sustained R&D investment to maintain technological edge in substrates, interconnects, and advanced packaging.
- Excellence - rigorous quality systems and customer-first service models to ensure premium product performance.
- Altruism - active corporate social responsibility programs emphasizing community development, employee welfare, and green initiatives.
| Metric | Value (FY2023) |
|---|---|
| Revenue (RMB) | 8.5 billion |
| Net Profit (RMB) | 0.75 billion |
| R&D Spend (% of Revenue) | 3.2% |
| Employees (Global) | 12,000 |
| Export Ratio | 60% |
| CAPEX (FY2023) | 0.9 billion RMB |
- Target: Increase R&D intensity to 4% of revenue within three years to accelerate advanced packaging and substrate innovation.
- Output: Over 200 active patents and more than 30 new product families introduced in the past five years.
- Collaboration: Strategic partnerships with universities and global OEMs to co-develop next-generation materials and processes.
- Quality: ISO/TS and IATF certifications across major manufacturing sites.
- Customer Satisfaction: Repeat business ratio exceeding 70% among top-tier customers.
- Delivery Performance: On-time delivery rates consistently above 95% for key product lines.
- Environment: Year-over-year reduction in energy intensity and targets for 30% renewable energy usage by 2030.
- Social: Workforce development programs with annual training hours averaging 40 hours per employee.
- Governance: Board-level oversight of sustainability and risk management, including periodic public disclosure.
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