Wus Printed Circuit (Kunshan) Co., Ltd. (002463.SZ), known as the "first Taiwanese-funded listed company in Kunshan," is experiencing a pivotal moment. As a leading PCB manufacturer in the A-share market, the company has seen rapid growth in performance. From 2022 to 2024, its revenue surged from RMB 8.34 billion to RMB 13.34 billion, while net profit nearly doubled from RMB 1.36 billion to RMB 2.57 billion.
The company's stock has also soared, rising 87.05% year-to-date and hitting a record high of RMB 84.45 per share in September. As of December 9, it closed at RMB 73.85 per share, with a market cap of RMB 142.1 billion.
The power transition at Wus Printed Circuit has drawn significant attention. In April 2024, founder Wu Ligan, an 83-year-old Taiwanese businessman, passed away a week after stepping down. His 79-year-old wife, Chen Meifang, succeeded him as chairperson, while their younger son, Wu Chuanlin, became vice chairman. The eldest son, Wu Chuanbin, only joined the board in November this year.
Recently, Wus Printed Circuit filed for a Hong Kong IPO, aiming for a dual listing. Chen Meifang will lead a controlling shareholder group consisting of seven family members to share in this capital market opportunity.
**01: Wu Family Controls Seven Seats, Eldest Son Joins Board Pre-IPO**
Originally established in 1992 as Kunshan Wus Electronics, the company was founded with a USD 20 million investment from Hong Kong Bijing, wholly owned by Taiwan Nanya PCB, which was founded by the Wu family.
After multiple equity transfers and capital increases, by August 2002, Wus Printed Circuit's registered capital reached USD 67.5 million, with Wus Holdings holding 45%, Bijing Holdings 31%, and other shareholders owning the remainder. The Wu family controlled Wus Holdings, Bijing Holdings, and other entities.
Following its A-share listing in August 2010, the company underwent several capital adjustments. As of the latest date, its total shares stand at 1.924 billion.
Before the IPO filing, the Wu family controlled 20.35% of the company through Bijing Holdings and other entities, while Taiwan Nanya PCB held 11.26% via Wus Holdings.
The Wu family members include Chen Meifang, her sons Wu Chuanbin and Wu Chuanlin, daughter Wu Xiaoshan, daughters-in-law Deng Wenlan and Zhu Yujie, and son-in-law Hu Zhaotang—totaling seven individuals.
**02: Taiwan Nanya PCB’s Quadruple Role**
Despite no longer being controlled by the Wu family, Taiwan Nanya PCB maintains close ties with Wus Printed Circuit as a shareholder, customer, supplier, and sales agent.
In its early years, Wus Printed Circuit relied on Taiwan Nanya PCB for technology and orders. However, after the 1997 Asian financial crisis, the company began independently developing markets and products.
Today, Taiwan Nanya PCB remains a key supplier, with procurement agreements valid until 2028. From 2022 to H1 2025, Wus Printed Circuit purchased RMB 44.7 million to RMB 37.3 million worth of goods and services annually from Taiwan Nanya PCB.
Conversely, Wus Printed Circuit also sells products to Taiwan Nanya PCB, citing their "high quality and advanced technology." Sales to Taiwan Nanya PCB ranged from RMB 22.8 million to RMB 9.2 million during the same period.
Additionally, Wus Singapore, a subsidiary of Taiwan Nanya PCB, acted as a sales agent, earning commissions of RMB 8.5 million in 2022, dropping to RMB 1.4 million by 2024. The two companies also engaged in frequent fund transfers, with RMB 3.4 million in outstanding advances as of June 2025.
**03: Annual Revenue Hits RMB 13.3 Billion, Over 80% from Overseas**
Wus Printed Circuit is a global leader in PCB solutions for data communications and smart vehicles, offering products like high-speed network switches, AI servers, and autonomous driving controllers.
From 2022 to H1 2025, revenue grew from RMB 8.34 billion to RMB 13.34 billion, while net profit rose from RMB 1.36 billion to RMB 2.57 billion. In 2024 and H1 2025, revenue surged 49.26% and 56.59% YoY, respectively, with net profit up 72.29% and 48.76%.
Over 95% of revenue comes from PCB sales, with high-speed network switches and AI servers driving growth. High-layer PCBs (22+ layers) now account for 54.2% of revenue, up from 32.9% in 2022, reflecting a shift toward advanced products.
Overseas markets contribute over 80% of revenue, with top five customers accounting for 51.2% of sales in H1 2025. The company operates five production bases in China and Thailand, though utilization rates vary.
**04: Short-Term Debt Gap of RMB 720 Million Despite RMB 2.49 Billion Dividends**
As revenue grew, trade receivables and notes rose to RMB 4.41 billion by H1 2025, with overdue amounts at RMB 80.7 million (1.81% of total). Inventory also increased to RMB 2.94 billion, mostly comprising work-in-progress and finished goods.
Despite profit growth, cash flow from operations dipped to 88.78% of net profit in 2024, down from 114.1% in 2022. Investment activities saw outflows of up to RMB 2.99 billion in 2024, mainly for fixed assets and deposits.
As of September 2025, the company had RMB 3.07 billion in cash against RMB 3.79 billion in short-term debt, leaving a RMB 720 million gap. Long-term debt stood at RMB 1.16 billion, with total payables at RMB 6.66 billion.
Meanwhile, Wus Printed Circuit distributed RMB 2.49 billion in dividends over three and a half years, exceeding its total payouts in the previous nine years. Since its A-share listing, cumulative dividends reached RMB 4.11 billion.
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