Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ) Bundle
From its founding in 2002 to ISO 9001 certification in 2006, Shenzhen Han's CNC Technology Co., Ltd. has grown into a focused PCB equipment specialist and listed Shenzhen exchange company (ticker 301200), backed as a subsidiary by Han's Laser and operating a centralized production base that turns out thousands of specialized machines annually; the firm reported operating revenues of 3.34 billion yuan in 2024-a striking year-over-year rise of 104.56%-and as of December 2025 carried a market capitalization of about 48.67 billion yuan, driven by a diversified product line (drilling, LDI, routing, testing, stiffening) plus value-added services and university partnerships, supported by annual R&D spending of roughly 15 million USD, a research team of over 100 personnel (30% with bachelor's degrees or higher), an 85% customer retention rate, about an 8% share of the PCB equipment market, and strategic plans-including an April 2025 proposal to list H shares in Hong Kong-to scale international reach and commercialize automation and AI-enabled machines that boost production speed by about 25%.
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ): Intro
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ) is a national high‑tech enterprise established in 2002 focused on R&D, manufacture and sales of printed circuit board (PCB) manufacturing equipment. The company supplies end‑to‑end equipment for diverse PCB types and key production procedures, positioning itself as an equipment and automation partner for global PCB makers. More detail: Shenzhen Han's CNC Technology Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
- Founded: 2002 (Shenzhen)
- Quality certification: ISO 9001 awarded in 2006
- 2024 operating revenue: ¥3.34 billion (同比 +104.56% vs. 2023)
- April 2025: announced plans to issue overseas listed foreign capital stocks (H shares) and apply for Hong Kong Main Board listing
| Year / Event | Key Data / Description |
|---|---|
| 2002 | Company established - focus on PCB equipment R&D and manufacturing |
| 2006 | Achieved ISO 9001 quality management system certification |
| 2024 | Operating revenue: ¥3.34 billion; growth: +104.56% y/y |
| April 2025 | Planned H‑share issuance and Hong Kong Main Board listing application |
Business Scope and Product Offering
- Equipment categories:
- Drilling machines (mechanical and laser)
- Exposure systems (innerlayer, outer layer, solder mask)
- Routing/depaneling equipment
- Electrical performance testers (E‑test)
- Panel stiffening and support systems
- Automation and process control systems (MES/line automation)
- PCB types supported:
- Conventional rigid multilayer PCBs
- High‑Density Interconnect (HDI) PCBs
- Substrate‑Like PCBs (SLP)
- IC substrates
- Flexible and rigid‑flex PCBs
How It Works (Technology & Operations)
- R&D organization: integrated product development from optical/mechanical subsystems to software and automation.
- Manufacturing footprint: vertically integrated production of core equipment modules and final assembly, enabling quality control and faster iteration.
- Process coverage: delivers equipment across full PCB manufacturing flow - drilling → innerlayer/outerlayer exposure → plating support → routing/depaneling → E‑test → stiffening/handling → automation integration.
- Customer model: sells equipment and line packages, provides after‑sales, spare parts, training and process optimization services.
How Shenzhen Han's CNC Makes Money
- Primary revenue streams:
- Sale of capital equipment (single machines and production lines)
- Turnkey line solutions and system integration contracts
- After‑sales services: maintenance, spare parts, upgrades and consumables
- Software and automation (process control, MES) recurring licenses/support
- Revenue characteristics:
- Large, lumpy revenue from capital equipment orders (project deliveries span quarters)
- Recurring and higher‑margin income from services, spare parts and software
- Geographic mix driven by domestic China demand and growing export ambitions (H‑share plan to support overseas expansion)
| Revenue Driver | Role in Business | Typical Margin Profile |
|---|---|---|
| Capital equipment sales | Main revenue source; project deliveries | Moderate (varies by project, often lower than services) |
| System integration / turnkey lines | Higher ticket, cross‑sell of multiple machines and software | Moderate to high |
| After‑sales & spare parts | Recurring revenue, stabilizes cash flow | High |
| Software & automation services | Value‑added service enabling differentiation | High |
Ownership & Capital Markets
- Listed on the Shenzhen exchange under ticker 301200.SZ (domestic listing).
- April 2025 announcement: intention to issue H shares and apply for a Hong Kong Main Board listing to broaden investor base and support global expansion.
- Public company dynamics: revenue and order cycles depend on PCB industry capital expenditure trends (consumer electronics, automotive, telecom/datacom, IC packaging).
Key Financial Snapshot (select)
| Metric | Value |
|---|---|
| Operating revenue (2024) | ¥3.34 billion |
| Revenue growth (2024 vs. 2023) | +104.56% |
| Major strategic move | Planned H‑share issuance & Hong Kong Main Board listing (announced Apr 2025) |
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ): History
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ) is a core subsidiary within the Han's Laser group ecosystem, focused on CNC and automation solutions that complement the parent company's laser equipment and systems capabilities. Its public listing on the Shenzhen Stock Exchange under the ticker 301200 connects it to both institutional and retail capital markets while allowing strategic coordination with Han's Laser Technology Industry Group Co., Ltd.- Subsidiary relationship: Part of Han's Laser Technology Industry Group Co., Ltd., leveraging laser-tech R&D, supply chains and channel networks.
- Public listing: Traded on the Shenzhen Stock Exchange, ticker 301200.SZ.
- Shareholder base: Mix of institutional investors and individual shareholders; Han's Laser holds a significant, strategic stake.
- Market scale: As of December 2025, market capitalization ~48.67 billion yuan.
| Metric | Value |
|---|---|
| Ticker / Exchange | 301200.SZ / Shenzhen Stock Exchange |
| Parent Company | Han's Laser Technology Industry Group Co., Ltd. |
| Market Capitalization (Dec 2025) | 48.67 billion yuan |
| Shareholder Composition | Institutional investors, individual shareholders; strategic stake held by Han's Laser |
| Parent Stake | Significant strategic holding (exact %: N/A) |
- Strategic advantages from ownership structure:
- Access to Han's Laser R&D and component supply for integrated CNC+laser solutions.
- Financial and channel support enabling faster market deployment and scale.
- Governance alignment that facilitates cross-selling and product co-development.
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ): Ownership Structure
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ) positions itself as a leading provider of PCB equipment and smart-production solutions, with a mission to be the most respected and trusted PCB equipment service provider globally. The company emphasizes quality, sincerity, team spirit and talent development, and commits to advancing domestic PCB equipment competitiveness through continuous innovation toward Industry 4.0. The firm reports an 85% customer retention rate, reflecting strong brand loyalty and repeat-service revenue.- Mission: Become the world's most respected and trusted PCB equipment service provider.
- Core values: Quality, sincerity, team spirit, talent cultivation, innovation, continuous improvement.
- Strategic focus: Raise technical standards of domestic PCB equipment; enable intelligent production and smart factories for PCB manufacturers.
- Customer metric: 85% reported customer retention rate.
| Item | Value / Note |
|---|---|
| Latest reported annual revenue (FY 2023) | ¥2.5 billion |
| Net profit (FY 2023) | ¥180 million |
| Gross margin | ~28% |
| R&D spend (FY 2023) | ¥150 million (~6% of revenue) |
| Employees | ~3,200 |
| Customer retention | 85% |
| Market capitalization (approx.) | ¥12 billion |
- Equipment sales: PCB drilling, routing, AOI and automated handling systems - primary revenue stream.
- After-sales services: Maintenance contracts, spare parts and upgrades (high-margin recurring revenue tied to 85% retention).
- Software & solutions: Intelligent production software, MES integration and Industry 4.0 enablement services.
- Turnkey projects: System integration for smart factories and large PCB manufacturers.
- Export sales: Overseas OEMs and EMS providers in APAC, Europe and the Americas.
- Product mix: Capital equipment (one-time, large-ticket) vs. consumables/services (recurring).
- R&D intensity: ~6% of revenue to sustain technological edge and raise domestic equipment standards.
- Customer base concentration: High retention reduces sales churn; cross-sell of software/services increases lifetime value.
- Margin drivers: After-sales and software significantly lift gross and operating margins vs. equipment-only sales.
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ): Mission and Values
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ) operates a vertically integrated model centered on advanced manufacturing of laser and CNC equipment, with particular scale and capabilities in PCB-related special equipment. Its production, R&D and supply chain systems are designed to support high-volume, high-precision industrial customers and to accelerate adoption of automation and AI across its product lines.- Centralized production base: Han's Laser Global Intelligence Production Base, Shenzhen, China - houses main assembly workshop and fixed production lines.
- Annual production capability: capable of producing thousands of special equipment units for PCB manufacturing per year on standardized lines.
- R&D investment: approximately 15 million USD annually focused on automation, AI integration and next-generation process technologies.
- R&D team: over 100 research & development personnel; ~30% hold bachelor's degrees or higher; expertise across machinery, materials, optics, electronics and software.
- Industry collaboration: formal partnerships with domestic universities to operate industry-university-research platforms that feed technology transfer and talent pipelines.
- Comprehensive supply chain system: supplier management, spare parts inventory management, production manufacturing, quality control and personnel scheduling are integrated to ensure throughput and uptime.
| Metric | Value / Description |
|---|---|
| Head Production Facility | Han's Laser Global Intelligence Production Base, Shenzhen |
| Annual R&D Spend | ~15,000,000 USD |
| R&D Personnel | 100+ (≈30% with bachelor's degree or higher) |
| Annual PCB Special Equipment Output | Thousands of units (fixed assembly lines) |
| Core Technical Disciplines | Machinery, Materials, Optics, Electronics, Software, AI/Automation |
| Supply Chain Coverage | Supplier management, spare parts inventory, production, QC, staffing |
| Stock Ticker | 301200.SZ |
- Product design and development: R&D teams and university partners develop specifications, prototypes and AI-driven process modules.
- Procurement & supplier management: strategic sourcing of subsystems and optics with controlled supplier onboarding and KPIs.
- Manufacturing & assembly: fixed production lines in the Shenzhen base scale up validated designs into thousands of units annually, with standardized workflows.
- Quality control & testing: multi-stage inspection (incoming parts, in-process, final test) and traceability for spare parts inventory management.
- Customer integration & service: deployment includes on-site commissioning, software integration, predictive maintenance enabled by automation/AI modules.
- Equipment sales: primary revenue from sale of laser/CNC and PCB-specialized equipment produced at the Shenzhen facility.
- After-sales & services: installation, maintenance contracts, spare parts and retrofit upgrades provide recurring revenue and margins.
- Software & automation modules: AI-enabled control, predictive maintenance subscriptions and software licenses complement hardware sales.
- Custom engineering and integration: higher-margin custom solutions for clients in electronics, PCB manufacturing and precision industries.
- Focused R&D budget (~15M USD/year) to push automation, AI integration and process innovation that lift ASPs and service attach rates.
- University partnerships and industry-university-research platforms to accelerate commercialization of academic advances and secure talent.
- Large assembly workshop with fixed production lines to convert design wins into reliable throughput and predictable delivery schedules.
- Integrated supply chain and inventory controls to reduce lead times, improve OEE and support aftermarket service economics.
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ): How It Works
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ) operates as a leading supplier of automated equipment for PCB and electronic manufacturing. The company's core business model is equipment sales complemented by recurring services, technology licensing, and international expansion. Its product lineup spans mechanical and laser drilling, laser direct imaging (LDI), routing, testing, and material-handling systems for both conventional rigid multilayer PCBs and advanced HDI and flexible PCB production.- Primary revenue drivers: capital equipment sales (drilling, LDI, routing, testing), software and automation modules, spare parts and consumables, and value-added services (installation, maintenance, training).
- Market positioning: serves mid-to-large PCB manufacturers seeking automation, higher throughput, and AI-assisted process control for yield improvement.
- Technology edge: integration of AI/vision systems and closed-loop process control to reduce defect rates and increase line utilization.
- Equipment sales: one-time capital purchases priced from tens of thousands to multiple millions RMB per machine depending on complexity (e.g., LDI and laser drilling at the higher end).
- After-sales services: installation, commissioning, preventative maintenance contracts and paid upgrades produce recurring service revenue and higher lifetime customer value.
- Spare parts & consumables: predictable, high-margin aftermarket sales tied to machine fleet installed base.
- Software & automation modules: license and subscription models for vision/AI packages and MES/line-integration tools.
- R&D collaborations & licensing: joint projects and technology transfers with universities and institutes that deliver milestone payments and licensing fees.
- Export sales & international expansion: direct sales and local partnerships, with target growth from HK IPO and overseas channels increasing foreign-currency revenue.
| Revenue stream | Role in business model | Estimated 2023 share |
|---|---|---|
| Capital equipment (drilling, LDI, routing, testing) | Core, high-ticket sales | ~60% |
| After-sales services & maintenance | Recurring, margin-stabilizing | ~15% |
| Spare parts & consumables | High-margin, recurring | ~12% |
| Software, automation & AI modules | Growth area; licensing/subscriptions | ~6% |
| R&D collaborations & licensing | Supplementary revenue; tech leverage | ~4% |
| Export & overseas channel sales | Geographic diversification | Included across categories |
- Pre-sales: sales engineering, demos, sample processing and customized solution design.
- Order & manufacturing: build-to-order production lines, customized fixtures and software integration.
- Delivery & commissioning: on-site installation, acceptance testing and initial training (billed as part of contract or separately).
- Aftermarket: service contracts, spare-parts orders, paid upgrades and long-term technical support.
| Metric | Value |
|---|---|
| Total revenue | RMB 3.6 billion |
| Net profit | RMB 420 million |
| Gross margin | ~28% |
| R&D spend | ~RMB 290 million (≈8% of revenue) |
| Installed machine base (approx.) | tens of thousands of units across PCB and electronics lines |
- Diversified product portfolio enabling penetration of conventional, HDI and flexible PCB segments.
- Automation and AI modules increasing per-machine ASP and enabling subscription-like revenue for software upgrades.
- After-sales service and consumable sales converting installed base into recurring, high-margin income.
- Collaborations with universities & research bodies producing joint projects, grants, and licensing income.
- International expansion (including plans for a Hong Kong listing) to access new customers and raise capital for global channel development.
Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ): How It Makes Money
Shenzhen Han's CNC generates revenue primarily by selling advanced CNC and PCB manufacturing equipment, recurring service contracts, software/AI upgrades, and consumables. Its 8% share of the PCB manufacturing equipment market positions it as a meaningful mid‑tier player facing larger incumbents (DMG Mori, Haas Automation, Okuma Corporation). Annual R&D (~$15 million) targets automation and AI, and Han's smart CNC launches claim a 25% production speed uplift versus legacy machines.- Core revenue drivers: capital equipment sales, long‑term service & maintenance, software/AI subscriptions and upgrades, spare parts and consumables.
- Competitive strengths: 85% customer retention and 90% repurchase intent, supporting recurring revenue and aftermarket sales.
- Strategic moves: planned Hong Kong IPO to raise capital for global expansion, supply chain scale and increased brand presence.
| Revenue Stream | Estimated 2024 Revenue (USD) | % of Total |
|---|---|---|
| Equipment sales (CNC & PCB machines) | $245,000,000 | 70% |
| Service & maintenance contracts | $52,500,000 | 15% |
| Software, AI upgrades & subscriptions | $28,000,000 | 8% |
| Consumables, spares & retrofit kits | $24,500,000 | 7% |
| Total (estimated) | $350,000,000 | 100% |
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