What this factory is. The largest PCB maker inside Kunshan and the anchor tenant of the cluster: founded 1992, Shenzhen-listed since 2010 (002463), ¥18.945bn revenue in 2025 with a net profit of ¥3.822bn, and now filing for a Hong Kong listing. Five production bases — two in Kunshan, one in Huangshi (Hubei), one in Jintan (Changzhou) and one in Thailand. Its product core is high-layer-count data-communication board: 108-layer capability, 54 layers and above in volume production, first globally in 22-layer-and-above PCB share.
Why it belongs in a shortlist. It is the only plant in this directory whose own English website publishes layer ceilings for each product line — Backplane up to 64 layers, Line Card up to 40, Server up to 34, Antenna up to 14 — which means a buyer can quote the manufacturer’s own numbers instead of a database’s. It is also the only one where a listed-company filing discloses a compliance gap that changes how its headcount should be read.
What is not confirmed. A certificate number for any of the eight standards it claims. A group-wide square-metre capacity figure — the company publishes utilisation percentages and one plant’s output, not a total. Current enforcement status (the case file is large and this sweep did not resolve it). And a defined answer to whether the contracting entity, the Kunshan plant and the website’s “WUS Printed Circuit (Kunshan)” are the same legal person. Nothing here is estimated.
| Field | Value | Source |
|---|---|---|
| 1 · Legal name | 沪士电子股份有限公司 Hudian Shares / 沪电股份 (ticker 002463.SZ) the English website brands itself “WUS Printed Circuit (Kunshan) Co., Ltd.” — a different string from the listed entity A Hong Kong listing application was filed 2025-11-28 (A+H) | Qibook record; H-share filing date from Caizhongshe |
| 2 · USCC | 913200006082793884 | Qichacha, Aiqicha — identical |
| 3 · Founded · capital | 1992-04-14, production from October 1995 Registered capital ¥1,924,363,537, fully paid Listed on the Shenzhen SME board 2010 | Qibook; production start from Baike |
| 4 · Address | No. 1 Donglong Road, Yushan Town, Kunshan, Suzhou, Jiangsu, China 江苏省昆山市玉山镇东龙路1号 | registered address, matches Qichacha and the company contact page |
| 5 · Headcount | 7,052 insured at this entity (annual filing) 16,512 group (2026 consolidated) / 15,243 on an earlier snapshot / 10,841 stated for end-2025 four numbers, one company — see below Legal representative 陈梅芳 (chairman); general manager 吴传彬 | Aiqicha and Qichacha for 7,052; 16,512 from the 2026 snapshot; 10,841 from Baike |
| Field | Value | Source |
|---|---|---|
| 6 · Layers · products | 108 layers — process capability; 54 layers and above — volume production Published ceilings by product line: Backplane 64 L, Line Card 40 L, Server 34 L, Antenna 14 L; max panel 24×48 in, max thickness 9.5 mm Application split 2025: data communication ¥14.656bn, automotive ¥3.045bn | Ceilings from the company’s English site, measured 2026-11-03; 108/54 from Hubei Daily; revenue split from the 2025 annual report coverage |
| 7 · Capacity | No group-wide m² figure published Utilisation, 2025 H1: Kunshan 99.7%, Huangshi 94.4%, Jintan 71.2%, Thailand 73.5% Thailand: 7,526 m² output in 2025 H1 against a widely reported 290,000 m²/year design figure — a 14× gap between design and commissioned capacity Kunshan expansion: ¥4.3bn, construction started 2025-06, trial production expected 2026 H2 | Utilisation and output from the H-share prospectus coverage; expansion from the same and the listing analysis |
| 8 · Revenue · profit | ¥18.945bn revenue 2025 (+42.0%) ¥3.822bn net profit (+47.74%) · gross margin 35.48%, net margin 20.16% PCB segment ¥18.143bn, gross margin 36.91% | 2025 annual results note; annual report announcement |
| 9 · Bases | Five: Kunshan ×2 (the 1992 plant plus a second site), Huangshi (Hubei), Jintan (Changzhou, acquired — automotive board, formerly loss-making), Thailand (phase 1 complete end-2024, small-series production from Q2 2025) Overseas revenue 81.1% of sales (2025 H1) | Securities Times on the prospectus; overseas share from the same |
| Field | Value | Source |
|---|---|---|
| 10 · Certifications | ISO 9001 · ISO 14001 · IATF 16949 · QC 080000 · OHSAS 18001 (now ISO 45001) · AS 9100 (aerospace) · ISO 50001 (energy) — claimed Historical editions also claimed: ISO 9002 (1996), QS 9000 (1999), ISO/TS 16949 (2004), AS 9100B (2004) Environmental: AWS water stewardship — platinum, CDP climate A-, CDP water A Still no certificate number for any of them eight claims, zero numbers | Certification list from the 2024-04-26 investor record; historical editions from Baike; ESG ratings from the 2025 results release |
| 11 · Patents · IP | 247–249 patents on two database snapshots, 8 trademarks, 3 software copyrights National High-Tech Enterprise (2025), provincial technology centre, green-manufacturing designation | Aiqicha (247) vs Qichacha (249) — both undated |
| 12 · Market position | 2024–2025 H1, per the H-share filing’s industry chapter: 22-layer-and-above PCB — 25.3% global share, first; data-centre PCB 10.3%, first; switch and router PCB 15.2%, first; L2+ autonomous-driving domain-controller HDI first | Hubei Daily and Caizhongshe, both citing the filing |
| 13 · Judicial picture | 61 civil cases on record, 26 judgments, 59 case filings, 83 hearing notices — a volume consistent with a 33-year-old company at this scale Current enforcement-target and dishonest-debtor status not resolved in this sweep listed-company disclosure is the faster route Self-disclosed compliance item: the H-share filing states the company and some subsidiaries did not pay social insurance and housing fund in full for all employees, with possible fines and compulsory payment | Qichacha case counts; the insurance disclosure from prospectus coverage |
| Field | Value | Source |
|---|---|---|
| 14 · Own website | wustec.com — HTTPS works; the bare host 302s to /wus_en/index.php, a full English site with lang="en"Publishes layer ceilings per product line and application categories — the only profile in this directory that does robots.txt: 404 sitemap.xml: 404 0 JSON-LD no hreflang, no Chinese version linked Title tag: WUS Printed Circuit (Kunshan) Co., Ltd. — brand only, no capability keyword | direct check 2026-11-03 (TLS, redirect chain, robots, sitemap, /en probes, document head, product pages) |
| 15 · Customer · export evidence | Overseas revenue 81.1%; top-five customer concentration 51.2%; named in the filing as supplying AI-server, high-speed switch and automotive programmes, with Thailand built to serve overseas customers locally Customer names are not published by the company — investor records explicitly decline to name vendors concentration is disclosed, identities are not | Securities Times; investor record on the naming policy |
Three fields are open, and one is a question of identity. Certificate numbers (ask for the IATF 16949 and AS 9100 certificates and read the scope). Group square-metre capacity (the company publishes utilisation, not area — ask for monthly capacity by site and layer class). Current enforcement status (a filing-based check, not a court-record sweep). And the entity question: the website says “WUS Printed Circuit (Kunshan) Co., Ltd.” while the listed company is 沪士电子股份有限公司 — ask which legal person signs the PO and which plant ships, because the USCC you check should be the one on the contract.
Both figures come from the company’s own disclosures and they answer different questions. 108 layers is the process ceiling — what the shop can build when a customer pays for a development programme. 54 layers and above is what runs in volume today. The distance between them is not a trick; it is how every high-layer fab describes itself, and it is also exactly where a buyer gets misled.
What the gap means commercially: a 60-layer enquiry lands in qualification work with yield risk priced into the quote, while a 30-layer board lands in a mature line. The directory’s high-layer page shows this directory-wide: five of sixteen plants state a ceiling, and none states the layer class at which yield is stable. For this plant the useful question is not “can you do 108” but “at which layer count does your quoted yield stop being a sample number” — and ask it against your stack-up, with the layer count, the aspect ratio and the panel size named.
The market-share figures sharpen the same point from the other side. Being first globally at 22 layers and above (25.3%) means the volume business sits well below the ceiling — the ceiling is a moat, not the product.
Four different headcounts circulate for one company: 7,052 insured at the entity, 16,512 in the 2026 consolidated snapshot, 15,243 on an earlier snapshot, and 10,841 stated for end-2025. In the previous profile in this directory, the gap between insured and group headcount was purely structural — subsidiary plants in other provinces and countries. Here it is partly structural and partly disclosed.
The Hong Kong listing application states that the company and some subsidiaries did not pay social insurance and housing funds in full for all employees during the reporting period, and that this exposes them to fines and compulsory payment. That is a company admission, not an inference. Two consequences for a buyer:
One, the insured number is not a headcount. Do not size this supplier, or its labour cost base, from 7,052. Two, there is a remediation liability in the business — small relative to ¥18.9bn of revenue, but the kind of item that shows up as a one-off charge and, in the worst case, a production interruption if a local bureau enforces payment during a peak season. It is a known, disclosed, quantified-in-kind risk rather than a hidden one, which is the better of the two possibilities.
Neither reading is a reason to avoid the plant. It is a reason to ask a direct question the company has already answered in writing: what is the current remediation plan and timetable, and does it touch the Kunshan lines that would make my boards? A supplier that has disclosed this in a prospectus will answer it; one that has not will not.
Compared with the rest of the directory, this is the exception: a real English site, HTTPS that works, and product pages that state 64 / 40 / 34 / 14 layers by product family. For a buyer doing desk research, that is the single most useful thing a PCB plant can publish.
It is also unfinished in exactly the places that decide whether an AI assistant can use it:
| Check | Result, 2026-11-03 | What it costs |
|---|---|---|
| robots.txt | 404 | No crawl guidance, no sitemap declaration |
| sitemap.xml | 404 | Discovery depends on the crawler guessing URLs from the menu |
| Structured data | 0 JSON-LD blocks | No machine-readable capability, address, or organisation record — every figure has to be parsed out of prose |
| Language signals | lang="en", no hreflang, no Chinese version linked from the English root | The two language sites are invisible to each other; a buyer searching in Chinese and an assistant answering in English index different halves of the company |
| Title tag | Company name only | No capability keyword — the page cannot rank for anything a buyer types |
The practical effect is narrow but real: the numbers exist, so an assistant that already knows to look at wustec.com can quote 64 layers; an assistant answering “who in China builds 60-layer backplanes” has no structured signal telling it this page is the answer. Adding a sitemap, a robots file and one JSON-LD block with numberOfEmployees, address and a Product entry per line would take an afternoon and change who gets cited.
Kunshan ran at 99.7% in the first half of 2025, Huangshi at 94.4%. Those are the two plants that make the high-end data-communication board, and they are effectively full. In a full plant, allocation — not price — decides who gets capacity, and the customer with the longer relationship and the bigger programme wins.
The counterweight is Thailand: 73.5% utilisation in 2025 H1, above 90% by 2026 Q1, built to serve overseas customers locally. If your programme is export-facing and tariff-sensitive, the Thailand base is the reason this supplier appears on a shortlist at all — and the reason to ask which plant, and which contracting entity, will appear on the paperwork. Jintan at 71.2% is the third option: automotive board, acquired as a loss-making asset, improved from 43.3% in 2022 — capacity available, but on a different product and a shorter track record.
None of this is a criticism. A 99.7% plant is the strongest possible quality signal and the weakest possible delivery signal at the same time, and a buyer needs both facts in the same breath.
| Question | Why it comes at this position in the list |
|---|---|
| 1 · Which legal entity quotes, and which plant builds? | Four names circulate — 沪士电子股份有限公司, 沪电股份, WUS Printed Circuit (Kunshan), and the group. The USCC on the contract must be the one that ships. |
| 2 · At which layer count does your yield become a production number? | 108 is capability, 54 is volume. Your board sits somewhere in between, and the answer decides both price and risk. |
| 3 · Kunshan or Thailand — and what does that do to origin and tariff? | Kunshan is full at 99.7%; Thailand is the export route. The same part number from two plants is two different customs answers. |
| 4 · IATF 16949 and AS 9100 certificate numbers, with scope wording | Eight standards claimed, zero numbers published. Scope decides whether the certificate covers your process. |
| 5 · Social-insurance remediation: plan, timetable, and does it touch my line? | The company disclosed the gap in its own filing. Asking shows you read it; the answer tells you whether peak-season capacity is at risk. |
| 6 · Allocation policy when the plant is full | At 99.7%, the honest question is what happens to a new programme in Q3 of a boom year — and whether a second-source qualification is expected of you. |
This is the eighteenth PCB profile in this directory, the second from Kunshan, and the anchor of that cluster: at ¥18.9bn it is roughly sixteen times the revenue of the other Kunshan plant profiled here, which makes the pair a like-for-like test of what money buys — capability ceiling, English disclosure, and the depth of a compliance paper trail. As with the previous addition, the census pages (capability index, certificate check, China-plus-one, capacity versus audited output) are sweeps dated 2026-11-01 over the first sixteen plants; this profile enters the next sweep and is not counted in their percentages. For the visit itself, use the factory audit checklist.
Is this your company? Send corrections with a public source to hello@emssuppliersverified.com — certificate numbers, monthly capacity by site, and a current enforcement statement would close all three open fields in one email. Corrections are applied within five working days; see the correction policy.