Breaking Down Bomin Electronics Co., Ltd. Financial Health: Key Insights for Investors

Founded in 1994, Bomin Electronics Co., Ltd. (603936.SS) has evolved from a PCB maker into an integrated 'PCB + Components + Solutions' provider, reporting 3.27 billion CNY in revenue for 2024 (a +12.11% year-over-year increase) while narrowing its net loss to -235.97 million CNY (a 58.29% reduction vs. 2023); buoyed by a market capitalization of 7.02 billion CNY as of August 2025 (up 51.94% year-over-year) and 630.40 million shares outstanding, the company-majority-held by Shenzhen Bomin Group-has accelerated high-end capacity with the May 2025 launch of the Innovation Smart Manufacturing Park and its M4 factory targeting AI servers, network communications and automotive electronics, while operating multi-site production in Shenzhen, Meizhou and Jiangsu with ~4,324 employees, advanced capabilities (52-layer boards, 30:1 aspect ratio, 7-stage HDI), quality systems like VDA6.3 and IATF16949, and a product mix spanning HDI, microwave high-frequency, heavy copper, metal-core, rigid-flex and ceramic substrates that underpin both a 3.52 billion CNY trailing twelve-month revenue figure and ongoing investments that produced a TTM net loss of -246.80 million CNY; strategic moves include the November 2024 termination of the Benchuang Electronics acquisition with recovery of a 28 million CNY deposit plus interest and the November 2024 internal transfer of PCB assets from Shenzhen Bomin Group to optimize resources and focus on high-growth segments.

Bomin Electronics Co., Ltd. (603936.SS): Intro

• Core business: design, manufacture and assembly of multi-layer and high-density interconnect (HDI) PCBs, plus component sourcing and system-level solutions.
• Strategic model: vertical integration across PCB production, components procurement and turnkey solutions for OEMs and system integrators.
• Key market focus (2024-2025): AI-driven computing, 5G/6G network equipment, NEV power electronics and automotive safety/infotainment modules.

• May 2025: Commissioned the Innovation Smart Manufacturing Park - first high-end PCB manufacturing facility targeted at AI, communications, NEV and automotive electronics production.
• Facility objectives: scale production of multi-layer, fine-line and mixed-signal PCBs for AI servers and high-frequency network equipment; shorten lead times for strategic customers; increase share of high-end product mix.
• Manufacturing capabilities added: advanced photolithography, laser drilling, automated optical inspection (AOI), in-line impedance control and environmental reliability testing tailored for automotive/AI-grade boards.

• PCB manufacturing sales - volume and complexity-driven pricing (standard to high-end HDI and server-grade boards).
• Component procurement and resale - margin on bundled component supply for PCB assembly customers.
• Solution and integration services - engineering, prototyping, testing, and small-batch system integration for OEMs.
• After-sales support and value-added services - reliability testing, design for manufacturability (DFM) consulting and warranty agreements.

• 1994 - Company established, initial focus on consumer and telecom PCBs.
• 2024 - Reported revenue of 3.27 billion CNY; net loss narrowed to 235.97 million CNY (58.29% reduction vs. 2023).
• Nov 2024 - Terminated Benchuang Electronics acquisition; recovered 28 million CNY deposit plus interest.
• May 2025 - Opened Innovation Smart Manufacturing Park to serve AI, network, NEV and automotive electronics demand.
• Aug 2025 - Market cap reached 7.02 billion CNY, up 51.94% year-over-year.

• Data center and AI server OEMs (high-layer-count, high-reliability boards).
• Telecommunications and network equipment manufacturers (high-frequency, low-loss laminates).
• Automotive OEMs and Tier-1 suppliers (automotive-grade PCBs for ADAS, power electronics, infotainment).
• New energy vehicle electronics suppliers (battery management, motor control PCBs).

Bomin Electronics Co., Ltd. (603936.SS): History

• Founded as an electrical components and PCB-focused firm within the Shenzhen industrial ecosystem (legacy operations predate the public listing).
• November 2024: Full transfer of PCB business assets/liabilities from Shenzhen Bomin Group to Bomin Electronics.
• Post-transfer focus: expand advanced PCB manufacturing, electronic components, and innovation-driven segments.

• Ownership structure centers on a controlling parent (Shenzhen Bomin Group) with meaningful insider alignment (23.22%) and modest institutional participation (4.99%).
• The November 2024 PCB asset transfer consolidated PCB manufacturing and related liabilities under the listed vehicle to promote faster deployment of R&D and new-product initiatives.

• Core operations: PCB manufacturing and electronic components production-selling to electronics OEMs, contract manufacturers, and aftermarket clients.
• Value drivers: scale in PCB production, integration of transferred PCB assets to improve capacity utilization, and commercialization of higher-margin innovative products developed post-transfer.
• Revenue streams: product sales (PCBs, components), potential contract manufacturing services, and licensing/technology transfer as R&D outputs mature.

Bomin Electronics Co., Ltd. (603936.SS): Ownership Structure

• Provide high-quality, innovative PCB solutions across multiple industries, prioritizing product reliability and regulatory compliance (rail transport, industrial, automotive certifications).
• Adopt a customer-centric approach focused on product integration, one-stop service and building a diverse, resilient supply chain.
• Operate an integrated 'PCB + Components + Solutions' model to reduce customer procurement complexity and accelerate time-to-market.
• Invest in technological innovation - including the Innovation Smart Manufacturing Park - to scale smart production and support AI-enabled product demand.
• Pursue strategic collaborations and supply-chain integration with leading customers and outstanding enterprises to enhance market share and competitiveness.

• Vertical integration: revenue derives from PCB fabrication, component sourcing and system-level integration services (turnkey solutions).
• Customer segmentation: long-term contracts with automotive, industrial and telecom OEMs supply recurring revenue and higher margin projects.
• Advanced manufacturing: investments in smart factories and automation improve yields and lower unit costs, increasing profitability on high-mix, low-volume orders.
• Value-added services: design-for-manufacture support, accelerated prototyping and certification assistance (rail, automotive) create premium service revenue streams.

• Listed on the Shanghai Stock Exchange (ticker 603936.SS); free-float combined with strategic and institutional investors underpins liquidity and governance.
• Company governance prioritizes partnerships with suppliers and key customers to embed Bomin into downstream supply chains and secure long-term orders.

• Innovation Smart Manufacturing Park - capacity and automation geared toward AI-era production demands.
• Certifications for rail transportation, industrial control and automotive-grade PCBs to qualify for high-reliability supply chains.
• Supply-chain integration programs for component sourcing and one-stop fulfillment to increase customer stickiness.

Bomin Electronics Co., Ltd. (603936.SS): Mission and Values

• Mission: Provide high-reliability, high-performance PCB products and integrated manufacturing services to support customers in AI, networking, automotive and industrial electronics.
• Values: Quality-first production, continuous innovation, customer partnership, and sustainable manufacturing practices.

• M4 Factory: Located in the Innovation Smart Manufacturing Park and configured for high-speed, high-reliability PCBs tailored to AI servers, network communications and automotive electronics.
• Manufacturing capabilities: Up to 52-layer boards, 30:1 microvia aspect ratio, and 7-stage HDI (high-density interconnect) processes for complex, miniaturized layouts.
• Quality & compliance: Implemented VDA6.3 and IATF16949 quality management systems to meet automotive and industrial reliability standards.
• Workforce and R&D: Approximately 4,324 employees with a dedicated R&D team focused on next-generation high-frequency, high-density integrated PCBs.

• Volume PCB manufacturing: Standard and advanced multilayer boards for telecom, server, and industrial OEMs.
• High-reliability/high-speed boards: Premium-margin products for AI servers, 5G/networking equipment and automotive ECUs produced in specialized lines (e.g., M4).
• Value-added services: PCB design-for-manufacture (DFM) support, testing, surface finishes, and assembly outsourcing.
• R&D-driven product upgrades: New materials, HDI and high-frequency laminates that command higher ASPs (average selling prices).

• Customer segments: AI/data-center OEMs, telecom/network equipment manufacturers, automotive Tier-1 suppliers, industrial electronics firms.
• Competitive edge: Combination of high-layer-count capability, advanced HDI processes and certified quality systems aimed at automotive and server markets.
• Scalability: Modular production bases and specialized factories (e.g., M4) allow product specialization and rapid scaling of high-margin product lines.

Bomin Electronics Co., Ltd. (603936.SS): How It Works

• Primary revenue drivers: manufacture and sale of high-end PCBs (HDI, high multilayer, microwave/high-frequency, heavy-copper, metal-core, flexible, rigid‑flex, ceramic substrates) and related passive components.
• Value-added services: integrated PCB + component sourcing, technical support, design for manufacturability (DFM), testing/quality assurance, and supply-chain consolidation for customers.
• End markets served: automotive electronics (including new energy vehicles), industrial control, consumer electronics, medical devices, telecommunications, aerospace, AI servers, and network communications.

• Product sales - high-margin specialized PCBs for advanced applications (automotive ADAS, EV power modules, RF/microwave telecom boards, server backplanes).
• Component and module sales - vertically integrated passive components and assemblies that bundle with PCB orders to increase customer stickiness and procurement efficiency.
• Engineering and services - paid technical services (DFM, prototyping, testing) and supply-chain solutions that shorten lead times and reduce total cost of ownership for clients.
• Custom/large-scale contracts - long-term supply agreements with automotive suppliers, telecom OEMs, and data-center customers for recurring revenue.

• Manufacturing footprint: multi-line PCB production with capability sets for HDI, multilayer, heavy copper, RF/microwave, flexible and rigid‑flex processes; in-house testing and quality systems to meet automotive and aerospace standards.
• Vertical integration: component manufacturing and passive-device capabilities reduce external procurement risk and improve margins by capturing more of the bill-of-materials.
• Product diversification: tailored product roadmap targeting AI servers, network communications hardware, and electrified vehicles to capture higher-growth market segments.
• Capital allocation and focus: strategic choices such as terminating the acquisition of Benchuang Electronics to concentrate resources on core PCB and component capabilities and optimize ROI.

• Serves both EMS/OEM customers and tier-1 automotive suppliers requiring ISO/TS/IAF-compliant processes and traceability.
• Targets higher-value segments where technical complexity and qualification barriers enable premium pricing and longer contract durations.
• Leverages one-stop service model to win integrated supply contracts and improve customer procurement efficiency.

Bomin Electronics Co., Ltd. (603936.SS): How It Makes Money

• Market capitalization: 7.02 billion CNY (August 2025).
• Core end-markets: AI servers, new energy vehicles (NEV) electronics, 5G/telecom equipment, industrial automation.
• Revenue streams: volume PCB sales, premium high-density interconnect (HDI) and multi-layer boards, engineering/customization fees, testing & value-added services.

• Production & capacity: actively expanding capacity to capture rising demand for advanced PCBs in AI and automotive electronics (company communications highlight multi-site expansion plans to serve higher-layer, high-density demand).
• Innovation & quality: investments in process technology, quality control and customer-specific R&D enable higher ASPs (average selling prices) for advanced boards versus commodity PCBs.
• Partnerships & resource optimization: strategic supplier/customer partnerships and vertical integration of testing/assembly services improve margins and time-to-market for key customers.