JLC, a one-stop hardware innovation infrastructure platform, has officially launched its A-share IPO (stock code 001232). Starting from PCB prototyping and small-batch production, JLC has expanded into component sourcing, PCBA, EDA, 3D printing, and CNC machining – all integrated into a unified online system.
By end-2025, the platform had accumulated 9.59 million registered users , with annual revenue of RMB 10.23 billion and net profit of RMB 1.31 billion. PCB remained the foundation at RMB 3.88 billion, while component sales reached RMB 3.65 billion and PCBA RMB 1.79 billion – showing strong diversification.
JLC handled 21.08 million orders in 2025 – 25x the volume of component-focused peer YXIC – reflecting a fundamentally different business model: serving high-frequency, small-volume R&D orders from individual engineers and startups, rather than relying on a few large clients.
Key enablers include intelligent panelization – pooling scattered orders onto shared production panels to achieve scale economics – and reserved idle capacity (~76% utilization) to ensure 15-hour rapid delivery for urgent prototyping orders, treating speed as a service rather than a cost.
Business synergy is visible: PCBA growth (49.7% YoY) drove incremental PCB revenue of RMB 469 million in 2025. The self-developed EDA tool now has 6.58 million global users and over 52 million design projects, funneling post-design orders back to JLC's manufacturing services.
The IPO raises RMB 4.2 billion for high-layer PCB lines, smart PCBA assembly, component supply chain, machining, and digital R&D upgrades. The high-layer PCB project alone is projected to add RMB 2.32 billion in annual revenue.
Strategic investors include PCB material giant Kingboard and battery leader CATL , reflecting broad industry recognition of JLC's integrated hardware R&D service model.
From ICgoodFind: 21 million orders a year – that's not a PCB factory, that's a platform. JLC's real value isn't per-board margin; it's the lifecycle spend of millions of R&D engineers. The IPO isn't about scaling production – it's about scaling customer value.
