What this factory is. The other kind of Chinese PCB giant: not a board maker that grew, but a sheet-metal stamper from 1998 that bought its way into circuits — Mflex for flexible board, Multek for rigid, and in September 2025 Source Photonics for optical modules, with a French automotive supplier consolidated the same year. 2025 revenue ¥40.125bn, of which electronic circuits are ¥25.62bn and 63.85%. Two listings: Shenzhen since 2010-04-09, and Hong Kong from 2026-10-28 — six days before this measurement, at HK$86.80 a share.
Why it belongs in a shortlist. Almost no other plant in this directory covers flexible board, rigid board, rigid-flex, SMT and optical modules inside one consolidated group, and the segment table is disclosed line by line with gross margins attached. If a programme needs an FPC plus the board it mounts on plus the assembly, this is the shortest supply chain in China on paper — one contract, three processes.
What is not confirmed. How many people work at the Suzhou site: the registry says 1,495 insured, the annual report says 39,245 employees, and one commercial database says 50,116. No square-metre capacity for any plant, in any language. No certificate number. No sitemap. And an English section that tells every parser it is Chinese. Nothing here is estimated.
| Field | Value | Source |
|---|---|---|
| 1 · Legal name | 苏州东山精密制造股份有限公司 Suzhou Dongshan Precision Manufacturing Co., Ltd. / DSBJ Former names include 吴县市东山钣金有限公司 and 苏州市东山钣金有限责任公司 — a sheet-metal shop, which is what the registry still thinks it is | Qichacha; 2022 annual report (English, PDF) |
| 2 · USCC | 91320500703719732P Identical across three databases | Qichacha, Xinchacha, Aiqicha |
| 3 · Founded · listings | 1998-10-28 Shenzhen Stock Exchange 002384 Hong Kong listing 2026-10-28 (A+H), six days before this measurement | Qichacha (founding and the H-share listing announcement) |
| 4 · Registered address | No. 288 Shanfeng Road, Wuzhong Economic Development Zone, Suzhou three addresses in circulation: the registry prints 善丰路288号, the 2025 annual filing prints 石鹤山路8号 as correspondence address, and the English annual report still prints No. 88 Tangdong Road, which the company itself says was replaced on 2019-12-27 | Qichacha; English annual report (PDF) |
| 5 · Capital | Registered ¥1,831,607,532 Paid-in ¥1,831,607,532 on two databases, ¥120,000,000 on a third — a 15× disagreement on the same field | Qichacha and Xinchacha vs Aiqicha |
| 6 · Legal representative | 袁永刚 (chairman) General manager 袁永峰 Board reshuffled twice in 2026 (2026-06-26, 2026-08-25) — both filings are in the registry change log | Qichacha; change log from Qibook |
| 7 · Industry code | 33 — 金属制品业 (metal products), on one registry record vs C3982 电子电路制造 on another A ¥40bn circuit-board group whose licence still reads like a stamping shop, because that is what it was in 1998 | Qibook (33) vs Qichacha (C3982) |
| 8 · Headcount | 1,495 insured at this legal person (2025 annual filing) 39,245 employees per the 2025 annual report (+66.89% year on year) 50,116 on one commercial database three numbers, one company — see section D | 1,495 from Qichacha and Xinchacha; 39,245 from the 2025 annual report coverage; 50,116 from Qibook |
| 9 · Status | In operation (在业) Large-scale enterprise classification, 2025 | Qichacha |
The segment table is the reason this profile exists. In most Chinese board groups the non-board revenue is a rounding error; here it is a third of the company, and each line is priced on a completely different curve.
| Line | 2025 revenue | Growth | Share | Gross margin |
|---|---|---|---|---|
| Electronic circuits (PCB, FPC, rigid-flex) | ¥25.620bn | +3.3% | 63.85% | 17.59% |
| Photoelectric display modules | ¥5.986bn | −6.03% | 14.92% | 5.18% |
| Precision components | ¥5.930bn | +30.61% | 14.78% | 9.22% |
| Optical modules (one quarter only) | ¥1.436bn | new | 3.58% | 36.74% |
| Other (LED displays, materials, scrap) | ¥1.153bn | — | 2.87% | — |
| Total | ¥40.125bn | +9.12% | 100% | 14.09% |
Net profit attributable to shareholders ¥1.386bn (+27.67%), recurring profit ¥966m (+7.50%), operating cash flow ¥5.307bn, basic EPS ¥0.79, weighted ROE 6.89%, net margin 3.47%. Total assets ¥60.25bn against ¥38.55bn of liabilities — a 63.98% gearing ratio, and ¥19.71bn of it interest-bearing.
Those are 2025 numbers, and they are already out of date. The 2026 third-quarter report, filed 2026-10-31, shows nine-month revenue of ¥45.379bn (+67.63%), net profit of ¥5.289bn (+332.34%) and a group gross margin of 21.28%, up 7.49 points — higher than the 2025 board business ever reached. The third quarter alone was ¥17.582bn at 23.07% gross. Construction in progress stood at ¥5.467bn, up 133.04% since January, and research spending at ¥1.365bn, up 47.05%. A supplier whose margin has moved seven points in nine months is being repriced by the market, not by its board customers.
The margin spread is the whole story. Optical modules earn 36.74% — four times photoelectric display modules at 5.18% and twice the board business at 17.59% — and that line existed for one quarter of the year, because Source Photonics was consolidated on 2025-09-30. By the first half of 2026 it was ¥5.351bn, a fifth of revenue. A group whose best margin arrived by acquisition is not the same supplier it was eighteen months ago: by the first nine months of 2026 the blended margin was 21.28%, four points above the 2025 board line, and the segment table below is no longer a price reference — only a structural one.
The 2026 first half confirms the shift: revenue ¥27.348bn, of which electronic circuits ¥12.530bn (45.07%), precision components ¥6.581bn (23.67%) and optical modules ¥5.351bn (19.25%). Export share 83.20% — the highest in this directory, and the reason the compliance and origin questions below matter more here than at a domestic-only plant.
Two fields make this plant hard to find in a database, and both are inherited rather than current.
The industry code. One registry record files the company under 33, metal products; a commercial database reclassifies the same USCC as C3982, electronic circuit manufacturing. A buyer filtering a supplier list for “printed circuit board manufacturing” gets this company from one source and not from the other, with no way to tell which is right without opening the licence — which names stampings, powder metallurgy, surface treatment and telecommunications equipment before it ever mentions circuits.
The address. Three are in circulation: the registered address on 善丰路288号, a correspondence address on 石鹤山路8号 from the 2025 annual filing, and No. 88 Tangdong Road in the company’s own English annual report — an address the company says was superseded on 2019-12-27. An English-speaking buyer who checks the annual report and then the registry finds two different sites and no note explaining it.
What a buyer should do with this. Not distrust the company — distrust the field. Ask for the shipping address in writing, and put the USCC on the PO. The registry is the only source that says which legal person is answering, and here it says the legal person was born in 1998 as a sheet-metal shop, which is exactly true and exactly useless for finding a board supplier.
For every other plant in this directory the insured figure understates the group by two to six times. Here it understates it by 26 times: 1,495 insured at the Suzhou legal person against 39,245 employees in the consolidated accounts.
The mechanism is straightforward, and worth understanding because it decides whether a supplier can staff your programme. Production sits in subsidiaries — Mflex in Suzhou for flexible board, Multek in Zhuhai for rigid, further plants in Yancheng and elsewhere, plus the newly consolidated Source Photonics and the French GMD — and each is a separate legal person with its own social-insurance filing. The 39,245 is the group; the 1,495 is the head office and whatever it directly employs.
The third number is the problem. A commercial database reports 50,116 employees for the same USCC. That is not the group and not the insured count; it is a different definition entirely, and nothing on the record says which. Three numbers, all presented as “employees”, spanning 33 times.
The 2025 jump from roughly 23,500 to 39,245 (+66.89%) is not organic either: it follows the two 2025 acquisitions. So the one number that looks most authoritative — the annual report’s — is partly an accounting event, not a hiring one.
Measured directly on 2026-11-03. Six days after a Hong Kong listing, on a group with ¥40bn of revenue and 83% of it exported.
| Check | Result | What it means |
|---|---|---|
| Homepage | Title “Home-DSBJ” · 4 <h1> elements · empty meta description · 0 JSON-LD | No page description at all; four competing headings for a crawler to choose from |
| robots.txt | HTTP 200, 0 bytes | Exists and says nothing — no allow, no disallow, no sitemap pointer |
| sitemap.xml | 404 | No page inventory on the domain |
| /en/ and /en | Byte-identical to the Chinese homepage | The obvious English path serves the Chinese page, with lang="zh-CN" |
| The real English section | Exists at /En/Index/listView/catid/… — capital E, no predictable path | And every page in it declares lang="zh-CN" |
| hreflang | None | Chinese and English pages have no declared relationship |
| TLS | Valid — but the certificate is *.mflex.com, the acquired subsidiary’s wildcard, extended to dsbj.com | Works; also a reminder of how this group was assembled |
| Certificate numbers | None published | See below |
| Capacity, any unit | None published, in either language | No m², no panel count, no line count per plant |
| Layer capability | Absent from the site | Broker coverage of the 2025 results states 78-layer-and-above and 7-stage thick-board HDI, with 1.6T modules in small-batch trial — the capability is known to analysts and stated nowhere by the company |
The pattern is now familiar across this directory — Victory Giant’s English site also declares zh-cn, Kinwong’s Japanese and Korean pages also declare en — but DSBJ adds a variation worth naming: the English path that returns Chinese content. A buyer who guesses /en gets a Chinese page and no indication that an English version exists three directories away under a capital-E folder.
Certificates: the group names ISO 9001, IATF 16949, ISO 14001 and QC 080000 in its filings and ESG material, and publishes no certificate number, no issuing body and no expiry date for any of them on its website. This is the fourth plant in a row where that is true, and the certificate check explains why a number is the only thing a registry can confirm.
Flexible board (Mflex), rigid board (Multek), rigid-flex, SMT and now optical modules sit inside one consolidated group with 83.2% of revenue booked outside China. If your programme spans a flex circuit, the board it lands on and the module it goes into, this is the shortest chain available — and the least likely to hand you three different legal entities by accident.
2025: group 14.09%, circuits 17.59%, display modules 5.18%, optical modules 36.74%. Nine months of 2026: group 21.28%. A supplier whose blended margin rose seven points will re-quote, so an annual price built on last year’s margin is either a bargain that gets renegotiated or a premium that never comes back. Ask for the circuit line separately, and for the margin band the quote assumes.
1,495 insured at the Suzhou legal person against 39,245 in the group means production is elsewhere. The USCC on the PO must match the entity that invoices, and the shipping address in writing must match a plant — not the registered address, which is one of three in circulation.
1,495, 39,245 and 50,116 are three different definitions. Ask for on-register employees at the site that will run the programme, and for the shift pattern on that line.
Precision components grew 30.61% on EV demand and a French acquisition. Automotive work needs the IATF 16949 file for the specific site, and no number is published anywhere on the group’s site.
The highest-margin line arrived by acquisition in the last quarter of 2025, was a fifth of revenue by mid-2026, and lifted the group to 21.28% by September. Mix will keep shifting as the ¥5.47bn of construction in progress lands, so a price agreed this year is not a benchmark for next year — put a review clause in, not a fixed schedule.
Registry extract from three commercial databases that disagree on two fields — paid-in capital by 15× and headcount by 33× — both disagreements shown rather than resolved. Financials from the 2025 annual report (filed 2026-04-22) and cross-read against the company’s own 2025 preliminary results announcement on the Shenzhen disclosure site; the 2026 first-half figures from the same disclosure channel. Site measured directly on 2026-11-03: TLS chain, homepage fetched with and without JavaScript, robots.txt, sitemap.xml, the /en and /En paths, the lang attribute on both language versions, document head, heading count and structured-data count.
No capacity figure is published by this company in either language, so none appears here; the field is left open rather than estimated. Manufacturers cannot pay for inclusion in this directory and none has. Corrections with a public source are applied within five working days. Added 2026-11-03, outside the 2026-11-01 census.
lang="zh-CN")This is the first plant measured for the Suzhou / Yangtze-delta section. The same method applied elsewhere: eight plants in the Pearl River Delta, two in Kunshan, Shennan Circuits, and stated capacity versus audited output.