Breaking Down Olympic Circuit Technology Co., Ltd Financial Health: Key Insights for Investors

From its founding in 1985 to a 2017 Shanghai Stock Exchange listing, Olympic Circuit Technology Co., Ltd. has scaled into a top-tier PCB maker with an annual production capacity exceeding 5 million square meters and reported annual sales revenue surpassing RMB 4.5 billion; by 2024 it ranked 31st among global PCB manufacturers and 17th domestically in 2023, entered NVIDIA and AMD supply chains in 2024 via OEM, and in 2025 unveiled a strategic expansion with a planned investment of CNY 2.6 billion to build new factories in Guangdong and Thailand - moves underpinned by a July 2024 ownership shift that put Shun Kong Holdings (state-controlled) in as largest shareholder with a 25.90% stake while New Hao International retained 22.02%; the company now produces high-multilayer, HDI, FPC, rigid-flex and metal-substrate PCBs used across automotive, AI servers, high-end consumer electronics, renewables, industrial control, communications and medical sectors, began mass-producing AI server PCBs in 2023, reported H1 2025 sales of CNY 2,394.97 million and net income of CNY 384.13 million (up from CNY 2,253.37 million sales and CNY 302.74 million net income in H1 2024), and is forecast to grow earnings and revenue roughly 25% per annum as it pursues deeper AI-server customer wins and broader export-led growth.

Olympic Circuit Technology Co., Ltd (603920.SS): Intro

• Founded: 1985
• Shanghai Stock Exchange listing: 2017 (Ticker: 603920.SS)
• Annual production capacity: >5 million m²
• Annual sales revenue: >RMB 4.5 billion
• Global rank (2024): 31st among top 40 PCB manufacturers
• China industry rank (2023): 17th in China Electronic Circuit Industry Rankings

• 1985-2000: Foundation and local capacity build-out, focus on single- and double-sided PCBs.
• 2000-2016: Technology upgrades into multi-layer and HDI boards; expansion of production lines and quality systems.
• 2017: IPO on Shanghai Stock Exchange, providing capital for scale and modernization.
• 2023-2024: Climbing domestic and global rankings; in 2024 entered NVIDIA and AMD supply chains via OEM for AI server applications.
• 2025: Announced CNY 2.6 billion investment for new factories in Guangdong and Thailand to expand capacity and regional footprint.

• Listed parent: Olympic Circuit Technology Co., Ltd (603920.SS).
• Major shareholders: mix of institutional investors, corporate insiders, and strategic investors (post-IPO institutional holdings increased to support R&D and capacity projects).
• Subsidiaries and production sites: multiple manufacturing parks in China, planned greenfield sites in Guangdong and Thailand (2025 investment).

• Mission: Provide reliable, high-quality PCB solutions to support next-generation electronics across communications, computing, automotive and industrial sectors.
• Strategic priorities: capacity scale-up, vertical process control (materials to finished PCB), quality certifications for datacenter/AI customers, geographic diversification.
• Market positioning: mid-to-high-end PCB supplier with growing participation in AI server supply chains via OEM partnerships with NVIDIA and AMD.

• Product sales: primary revenue from sale of PCBs (single/double-sided, multi-layer, HDI, specialized server/AI boards).
• OEM/ODM contracts: stable, higher-volume contracts with tier-1 customers (entered NVIDIA/AMD supply chains in 2024), often with multi-year purchase commitments.
• Value-added services: engineering support, quick-turn prototyping, testing and certification services for customers paying premium for quality and reliability.
• Geographic diversification: sales mix across domestic China market (strong) and increasing export OEM sales to global datacenter and industrial customers.

Olympic Circuit Technology Co., Ltd (603920.SS): History

• Founded and grew as a specialty PCB maker focusing on multilayer rigid, HDI and high-frequency boards for telecommunications, automotive electronics and industrial applications.
• Listed on the Shanghai Stock Exchange under ticker 603920.SS, expanding capital access for capacity and tech investment.
• Recent strategic pivot toward higher-margin, automotive & 5G-related PCBs and deeper downstream assembly partnerships.

• As of July 2024, Shun Kong Holdings became the largest shareholder with 25.90%.
• The 25.90% previously held jointly by New Hao International and She Yingjie was transferred to Shun Kong Holdings, effecting a change in the controlling shareholder.
• After the transfer, New Hao International retained 22.02% of shares.
• The shift reflects a strategic alignment with state-owned capital to support industrial scale-up and market positioning.

• Core operations: design and manufacture of PCBs (multilayer rigid, HDI, high-frequency), testing and quality assurance, and sales to OEMs in telecom, automotive, consumer electronics and industrial sectors.
• Revenue drivers: product sales (volume PCB shipments), premium pricing for high-density/automotive-qualified boards, engineering & prototyping services, and aftermarket/repair services.
• Margins improved by moving into higher-value segments (automotive/5G) and by leveraging state-linked support for capacity investment and supply-chain integration.

• State-related shareholder (Shun Kong Holdings) expected to provide access to capital, preferential procurement channels and regional industrial-policy support.
• Potential for altered strategic direction with stronger emphasis on regional industrial policy priorities and coordinated expansion with other state-backed entities.
• Decision-making may shift toward long-term capacity and technology investments aligned with provincial/state development goals.

Olympic Circuit Technology Co., Ltd (603920.SS): Ownership Structure

• Mission: Deliver high‑quality PCB products and services, generate shareholder returns and enhance employee value while pursuing global leadership in the PCB industry.
• Core values: Integrity, collaboration, workplace safety and comfort, and sharing development achievements with employees.
• Quality recognition: Recipient of awards such as 'Preferred Supplier,' 'Best Quality Award,' 'Strategic Partner,' 'Outstanding Supplier,' and 'Quality Partner Award,' reflecting consistent quality performance.

• Product mix: Multi‑layer PCBs, high‑density interconnect (HDI) boards, rigid‑flex and specialty PCBs for automotive electronics, AI modules, communications, medical devices, industrial control and energy storage.
• Revenue drivers: High export ratio (>80%), long‑term OEM contracts, product mix shift toward high‑margin automotive and AI segments, and capacity expansion to meet global demand.
• Business model: Manufacture and supply PCBs through vertically integrated production (design support, fabrication, testing and quality assurance) and long‑term supply agreements with domestic and international customers.

• Long‑term high‑quality customer relationships: Many domestic and global OEMs across automotive, communications and medical sectors.
• Product application breadth: Boards are used in electric vehicle ECUs, AI accelerators, high‑end smartphones, data center equipment, inverters and medical diagnostic devices.
• Recognition and procurement credentials: Multiple supplier awards from tier‑one customers, supporting repeat orders and pricing leverage.

Olympic Circuit Technology Co., Ltd (603920.SS): Mission and Values

• R&D and engineering: ongoing investment in materials, microvia/laser drilling, sequential lamination and advanced stackup design to meet high-density interconnect (HDI) and high-multilayer requirements for AI server motherboards and accelerator cards.
• Process capability: production lines configured for multi-layer lamination, fine-line imaging, microvia formation, sequential build-up (SBU) and rigid-flex assembly enabling layer counts and density required by mainstream AI server PCBs.
• Quality & qualification: in-house testing and customer-specific qualification processes to enter OEM supply chains for major compute manufacturers and module integrators.
• Customer integration: supply-by-OEM model that integrates Olympic Circuit Technology's PCBs into system-level products supplied to hyperscalers, AI hardware OEMs and tier-1 electronics assemblers.

• Product sales: direct sale of PCBs to EMS and OEM customers, including long-term framework agreements for recurring volumes.
• OEM integration: Olympic Circuit Technology supplies board-level products that are integrated into modules and systems sold under customers' brands-this model expands addressable market by linking to large platform producers.
• Value-added services: engineering support, qualification, and co-development for high-reliability and server-class PCBs command higher ASPs and margin improvement.

• Technology focus: multi-year development of high-multilayer and HDI hardboard technologies explicitly aligned with mainstream AI server process requirements (dense routing, controlled impedance, power delivery networks).
• 2023 milestone: began mass production and commercial supply of AI server-related PCB products in 2023, accumulating production yield and reliability data necessary for scale deployment.
• Customer access: entered supply chains to major GPU/platform ecosystems through OEM channels; company disclosures and partner confirmations show PCBs integrated into supply chains associated with NVIDIA- and AMD-based systems.
• Commercial pipeline: active efforts to introduce additional leading AI server customers; progress typically disclosed in quarterly and annual reports as new qualification wins and volume ramps.

• Capacity scaling: capital investment prioritized to increase multilayer and HDI line throughput, expand cleanroom and lamination capacity, and add testing/inspection to meet server-grade yields.
• Automation & yield: deployment of automated optical inspection (AOI), flying probe and ICT to raise first-pass yield on complex multilayer HDI boards.
• Materials & suppliers: strategic sourcing of high-performance laminates, prepregs and copper foils to support high-frequency and thermal requirements of AI server PCBs.

• Mission: deliver advanced PCB solutions that enable high-performance computing, intelligent devices and energy applications with reliability and scalability.
• Values: technology-driven innovation, customer co-development, manufacturing excellence and supply-chain partnership.
• Strategic goal: translate HDI and high-multilayer technical leadership into sustainable share gains in AI server and high-growth electronics segments.

Olympic Circuit Technology Co., Ltd (603920.SS): How It Works

• Primary revenue streams: sale of rigid PCBs, HDI and multi-layer PCBs, PCB assemblies (PCBA), testing and value-added services (design support, prototyping, qualification).
• Customer mix: automotive electronics, AI servers, high-end consumer electronics, renewable energy storage (wind/solar), computers & peripherals, industrial control, communications equipment, medical devices.
• Go-to-market: direct supply contracts, OEM supply relationships (including supply into NVIDIA and AMD ecosystems), and long-term framework agreements with tier‑1 customers.

• Scale manufacturing: high-capacity production lines lower unit cost and support large-volume orders from data center and automotive customers.
• Technology premium: advanced HDI/multi-layer capabilities command higher ASPs for AI servers, high‑end consumer and communications products.
• Vertical service mix: assembly, testing and engineering services increase customer stickiness and margins versus pure substrate sales.
• OEM route-to-market: supplying via OEMs into NVIDIA and AMD supply chains enables entry into the AI server market with customers that prefer vetted OEM suppliers.

• Products are already embedded across major sectors that drive PCB demand-automotive electronics, AI, consumer electronics, renewable energy storage, computing, industrial control, communications and medical equipment.
• The company has been actively introducing other leading AI server customers and signals continued wins and specific progress in its regular reports.
• Entry into NVIDIA and AMD supply chains (via OEM methods) expands addressable market in AI infrastructure and can boost higher-margin server PCB volumes as customers ramp.

• Revenue growth in H1 2025 reflects both volume increases and higher‑value product mix toward AI and automotive segments.
• Dependence on a set of large OEM customers can create lumpy revenue but also supports predictable multi-year contracts and scale economics.

Olympic Circuit Technology Co., Ltd (603920.SS): How It Makes Money

• Core products: multilayer PCBs, HDI boards, rigid-flex PCBs, and specialty boards for servers, communications, automotive and consumer electronics.
• Channels: direct sales to OEMs, contract manufacturing, and tiered supply via EMS partners; growing OEM relationships with AI-server OEMs.
• Value-add services: PCB design support, testing, warranty/after-sales, and localized onshore production to reduce lead times for major customers.

• Capacity expansion: CNY 2.6 billion committed to build new fabs in Guangdong and Thailand to lift output, improve geographic diversification and shorten lead times for key customers.
• AI-server opportunity: OEM entries into NVIDIA and AMD supply systems position the company to capture higher ASP (average selling price) AI-server PCB demand and aftermarket repeat orders.
• Revenue mix shift: increasing share from server and industrial segments (higher margin) versus consumer electronics (lower margin).

• Economies of scale from new plants - lower unit costs and improved gross margins.
• Higher ASP products (HDI, high-layer, rigid-flex) - premium pricing and stronger margins.
• Strategic OEM relationships - recurring large-volume contracts from AI-server customers and expansion into NVIDIA/AMD ecosystems.