10th. Will Gao
PCB related: Professional PCB manufacturer, products covering automotive electronics, industrial control and other fields
CPO related: The company has 100G and 25G optical module products.
Third quarter report shows a year-on-year increase of approximately 76.39% in non recurring net profit for 2025
Chapter 9: Shengyi Technology
PCB related: PCB substrate leader, global leader in copper-clad laminate production capacity, supporting high-end PCB manufacturing
CPO related: indirectly serving the CPO industry chain, high-end copper-clad laminates can adapt to high-speed transmission needs
Third quarter report shows a year-on-year increase of approximately 81.25% in non recurring net profit for 2025
8th. Founder Technology
PCB Association: Layout PCB Manufacturing and Solution Services, Products Applied in Communication and Consumer Electronics
CPO association: Optical modules are one of the company's key layout directions
Third quarter report shows a year-on-year increase of approximately 85.88% in non recurring net profit for 2025
7. Zhongjing Electronics
PCB related: High end PCB core manufacturers, deeply cultivating sub sectors such as automotive electronics and 5G communication
CPO correlation: Exploring high-speed PCB technology that can indirectly match CPO related transmission module requirements
Third quarter report shows a year-on-year increase of approximately 114.89% in non recurring net profit for 2025

Chapter 6: Honkawa Intelligence
PCB Association: Focusing on small batch customized PCBs, serving industrial control and communication equipment customers
CPO related: The company has products applied to optical modules, and the optical module project is being promoted
Third quarter report shows a year-on-year increase of approximately 142.98% in non recurring net profit for 2025
Chapter 5: Mingyang Circuit
PCB association: PCB manufacturers, whose products cover multiple application scenarios such as communication, automotive, medical, etc
CPO related: There are technical reserves of 400G and 800G optical modules, of which 400G has been launched in small quantities to the market
Third quarter report shows a year-on-year increase of approximately 224.13% in non recurring net profit for 2025
4. Shenghong Technology
PCB Association: An important global PCB manufacturer with significant production advantages in high-end multi-layer boards and HDI boards
CPO correlation: High speed PCB technology is mature and can meet the transmission carrier requirements of CPO modules
Third quarter report shows a year-on-year increase of approximately 317.75% in non recurring net profit for 2025
Chapter 3: Shengyi Electronics
PCB related: a subsidiary of Shengyi Technology, specializing in high-end PCB manufacturing, focusing on communication and servers
CPO Association: Indirectly serving the CPO industry chain, high-end PCBs for servers can adapt to relevant needs
Third quarter report shows a year-on-year increase of approximately 526.1% in non recurring net profit for 2025
Chapter 2: Hongxin Electronics
PCB association: Layout FPC (flexible PCB), product application in consumer electronics, automotive electronics
CPO related: Subsidiary has research and development and production of optical module products
Third quarter report shows a year-on-year increase of approximately 829.4% in net profit after deducting non recurring expenses in 2025
1. Xingsen Technology
PCB association: PCB template and express delivery leader, providing integrated PCB design and manufacturing services
CPO related: can provide customized CPO related PCB samples, supporting industrial chain technology research and development
Third quarter report shows a year-on-year increase of approximately 1195.5% in net profit after deducting non recurring expenses in 2025
China is a global center for optical communication manufacturing and innovation, with leading market share in areas such as fiber optic cables and optical modules.
In cutting-edge fields such as CPO and high-end PCB materials, the global competitive landscape has not yet solidified, and the combination of geopolitical factors is driving the regional restructuring of the supply chain. China's industrial chain is expected to break through key links, achieve independent upgrading, and seize the long-term opportunities of global digital transformation.