Techshine Electronics Co. Ltd. A

Tianshan Electronics' complex module business achieved operating revenue of 34.9032 million yuan in 2025, a year-on-year surge of 3,394.32%, becoming the company's new growth engine. The company's total annual revenue was 1.786 billion yuan, up 20.96% year-on-year, of which color LCD display module revenue was 1.189 billion yuan, up 31.67%, forming the revenue base. Complex modules integrate display, touch, main control circuit boards, structural components, and embedded software systems, providing downstream terminal customers with one-stop integrated hardware solutions, covering mainstream terminal tracks such as industrial control equipment, new energy vehicle cockpits, and whole-house smart control panels. The company has long supplied leading terminal manufacturers such as Honeywell, BYD, Daikin, and Hikvision, benefiting from domestic demand market expansion and industrial digitalization policy dividends, with downstream demand continuing to increase. Industry insiders analyze that the three main policy themes of boosting domestic demand, new infrastructure, and smart terminal popularization will continue to boost downstream terminal demand for Tianshan Electronics, and the growth momentum of high-value-added complex modules is expected to be sustained.

Baoding Technology disclosed its 2026 half-year earnings forecast, projecting net profit attributable to the parent company of 125 million to 145 million yuan, a year-on-year increase of 468.71% to 559.71%. Even the lower end of the range already exceeds last year's full-year level. Boosted by the news, Baoding Technology hit its daily limit one minute after the market opened, triggering a rally in PCB-related stocks including MLS, Shandong Fiberglass, and Zhongjing Electronics, which also hit their daily limits, while Tianshan Electronics, Mankun Technology, and Nanya New Material followed with gains. The company's profit growth mainly came from its subsidiary Jinbao Electronics, whose copper-clad laminate and electronic copper foil business turned from loss to profit, as well as higher volumes and prices for finished gold products from Hexi Gold Mine. At the industry level, AI computing demand is driving PCB upgrades toward high-layer-count, high-density, and high-speed designs, accelerating capacity expansion for high-end, high-frequency, high-speed PCBs.