What this factory is. The largest domestic-funded PCB maker in China and the country’s first serious packaging-substrate business: founded 1984, Shenzhen-listed since 2017 (002916), ¥23.647bn revenue in 2025 and ¥3.276bn of net profit, of which PCB is ¥14.359bn, packaging substrate ¥4.148bn and electronics assembly ¥3.075bn. Three businesses that share one technology root, which is the company’s own description and the reason it can quote a GPU substrate and an AI-server backplane out of the same building complex.
Why it belongs in a shortlist. It publishes a genuine capability table — backplane to 100 layers, single boards to 36, with a 120-layer column in the same table — rather than a marketing sentence about “high layer count”. For a 60-layer-and-above requirement this is one of the few Chinese plants where the manufacturer’s own page gives a number a buyer can design against.
What is not confirmed. A certificate number for any of the five standards named on its quality page — all five carry an expiry date that has already passed. Any capacity figure with a site attached to it: the only square-metre number on the site sits in a meta description, undated, with no site split. And a machine-readable anything: the homepage returns 332 bytes to a non-JavaScript client, robots.txt and sitemap.xml both 404, and there is no structured data on any page measured. Nothing here is estimated.
| Field | Value | Source |
|---|---|---|
| 1 · Legal name | 深南电路股份有限公司 Shennan Circuits Co., Ltd. / 深南电路 (002916.SZ) Former names on the registry: 深圳深南电路公司, 深圳市深南电路有限公司, 深南电路有限公司 | Qichacha; 2026 listing sponsor report |
| 2 · USCC | 914403001921957616 Same string in the registry extract, the 2022 placement filing and the 2026 sponsor report | Qichacha, Xinchacha, 2022 filing (PDF) — all identical |
| 3 · Founded · listing | 1984-07-03 Listed on the Shenzhen Stock Exchange 2017-12-13 42 years of operating history under one USCC — unusual in this directory, where most plants are 10–20 years old | Qichacha; listing date from the 2026 sponsor report |
| 4 · Registered address | No. 1639 Yanlong Avenue, Pingdi Street, Longgang District, Shenzhen 深圳市龙岗区坪地街道盐龙大道1639号 — registry marks this a “one licence, multiple addresses” entity (一照多址), i.e. the registered address is not the only site | Qichacha; address also printed in the 2022 filing |
| 5 · Capital | Registered ¥681,166,595 Paid-in two databases disagree: ¥681,166,595 (100%) on one, ¥666,740,795 (97.9%) on another The 2.1% gap is consistent with a placement still being settled; the registered figure is the one printed in the March 2026 filing | Qichacha vs Xinchacha; registered capital from the 2026 sponsor report |
| 6 · Legal representative | 杨智勤 — also chairman since 2026-10-10 The registry change log shows 杨之诚 moving out of both roles on that date; one commercial database still displays 杨之诚, which is how a buyer ends up addressing a letter to the wrong person | Qibook change log; 2026 sponsor report prints 杨智勤 |
| 7 · Industry code | 2319 — 包装装潢及其他印刷 (“packaging and other printing”) on one record vs C3982 电子电路制造 (electronic circuit manufacturing) on another Same USCC, two codes. A buyer filtering a supplier database by industry code gets a different shortlist depending on which one they use | Qibook (2319) vs Qichacha (C3982) |
| 8 · Headcount | 6,152 insured at this legal person (2025 annual filing) 3,139 insured at branches (2022 filing) 21,211 employees per the 2025 annual report (+22.54% year on year) 3.4× gap — see section F | 6,152 from Qichacha and Xinchacha; 21,211 from the 2025 annual report coverage |
| 9 · Status | In operation (存续/在营) 2026 private placement approved by the exchange review centre 2026-10-14 | Qichacha; placement timeline from company announcements listing |
One of the few plants in this directory where all three revenue lines are disclosed separately and audited. The split matters more than the total: a buyer sourcing a backplane and a buyer sourcing a BT substrate are talking to the same company but not the same cost base.
| Line | 2025 revenue | Growth | Share | Gross margin |
|---|---|---|---|---|
| Printed circuit boards | ¥14.359bn | +36.84% | 60.72% | 35.53% |
| Packaging substrate | ¥4.148bn | +30.80% | 17.54% | 22.58% |
| Electronics assembly (EMS) | ¥3.075bn | +8.93% | 13.00% | 15.00% |
| Other | ¥746m | +34.90% | 3.15% | 18.41% |
| Total | ¥23.647bn | +32.05% | 100% | 28.32% |
Net profit ¥3.276bn (+74.47%), recurring net profit ¥3.114bn (+78.96%), operating cash flow ¥3.838bn, basic EPS ¥4.91, weighted ROE 20.79%, net margin 13.86%. Top five customers were 18.42% of sales — lower concentration than most plants in this directory, and the opposite of what a single-programme supplier looks like.
The margin spread is the useful part. PCB earns 35.53% gross; substrate 22.58%; assembly 15.00%. So “Shennan” is not one supplier with one price level — an EMS-style turnkey quote from this group is priced on a different curve than a bare backplane, and a buyer comparing the two is comparing two businesses that happen to share a balance sheet.
Measured directly on 2026-11-03. This is the largest domestic-funded PCB maker in China, with ¥23.6bn of revenue and a 300-page annual report, and its front door is a redirect.
| Check | Result | What it means |
|---|---|---|
| Homepage, no JavaScript | 332 bytes: an empty <head>, a Baidu analytics tag, a JS redirect to /scc/index.html | No title, no description, no text. A crawler that does not execute JavaScript sees nothing at all |
| Entry page after the redirect | Title is “深南电路” — four characters, brand only 0 <h1> elements · no lang attribute · 0 JSON-LD | The page that does load still hands over no heading, no language declaration and no structured data |
| robots.txt | 404 (nginx default page) | No crawl directives, and no sitemap pointer |
| sitemap.xml | 404 | No page inventory anywhere on the domain |
| English site | Exists at /scc/en/index.html — title “SCC”, ~1,250 visible characters, no lang attribute, 0 JSON-LD | English content exists but is invisible to a machine looking for a supplier profile; /en and /en/ both 404, so the path cannot be guessed |
| hreflang | None, though the site publishes Chinese, English and Japanese versions | Three language versions with no declaration linking them — they read as three unrelated pages |
| TLS | Valid: DigiCert wildcard *.scc.com.cn, expires 2026-12-26 | One of the few things here that is correct and current |
| News section | Newest item dated 2023-08-10 | A company with ¥23.6bn of revenue whose public news stopped three years ago, while its filings kept arriving |
| Certificate numbers | 0 — see section D | The quality page names five standards and prints no number for any of them |
Put next to the five plants already measured in the Pearl River Delta, this is the extreme end of a pattern the directory has been documenting all year: the bigger the company, the more it publishes into filings, and the less it puts where a machine can read it. It files a 300-page annual report and a sponsor report, and answers an AI assistant asking “who builds 100-layer backplanes in China” with four Chinese characters.
This is the single most consequential finding in this profile, and it is not an accusation — it is what the page says on 2026-11-03. The quality-system page (“质量体系认证”) lists five certificates by standard name, each with an expiry date, and no certificate number, issuing body or scope for any of them.
| Certificate named | Expiry printed on the page | Days before 2026-11-03 | Number published |
|---|---|---|---|
| ISO 9001 | 2026-05-22 | 165 past | None |
| IATF 16949 | 2026-05-22 | 165 past | None |
| ISO 13485 | 2025-10-23 | 376 past | None |
| QC 080000 | 2025-03-25 | 588 past | None |
| ESD 20.20 (PCBA) | 2024-12-19 | 684 past | None |
Read plainly: a company of this size almost certainly holds current certificates — a lapsed IATF 16949 would stop automotive shipments, and automotive is a named growth segment with ADAS and three-electric orders discussed in the annual report. What the page shows is a maintenance failure, not a compliance failure. But a buyer who does the right thing and checks the supplier’s own quality page is told that all five certificates expired, between five months and twenty-two months ago.
The practical consequence. An expired date and a missing number fail in the same way: neither can be verified. Without a number there is no registry lookup, so “IATF 16949” stays a string on a page; with a passed date you cannot even argue the string is current. Ask for the certificate PDF and the number, then read the scope wording — the certificate check walks the four fields a registry will give you that a PDF will not.
Against all of the above, the PCB capability page does something almost no plant in this directory does — it prints a table of layer counts by product type, with the 100-layer column filled in.
| Product | Published layer columns | Reading |
|---|---|---|
| Backplane | 68L / 100L / 68L / 100L / 68L / 120L | 100 layers is a stated production column, not a laboratory ceiling; one column reads 120L |
| Single board | 36 / 32 / 36 / 36 / 36 / 36 | 36 layers across the board — the AI-server class the annual report says drove PCB growth |
| Named capability | “100层双面压接背板” — 100-layer double-sided press-fit backplane | A specific construction, not a slogan; press-fit is what a backplane buyer actually specifies |
Compare with the two Kunshan plants: 沪电股份 publishes 108-layer capability against 54 layers in volume, and 万源通 names 12–24 layers in a timeline. Shennan publishes fewer headline numbers but prints them as a grid by product family, which is more useful to an engineer — you can see which column your design lands in.
What the table still does not say. Yield at those layer counts, lead time on a named stack-up, minimum order, or which site runs the 120-layer column. Capability is the cheap half of the answer; the expensive half is whether the line will hold a date.
The gap here is the widest in this directory — 3.4× — and unlike the Kunshan cases it is mostly a scope artefact, not a disclosure problem.
The insured figure is filed for the legal person 深南电路股份有限公司, which is the Shenzhen operation. Wuxi and Nantong are separate legal entities with their own filings, and the Thailand plant is a third. The 21,211 is the consolidated employee count in the 2025 annual report, covering all of them: 21,211 employees against 6,152 insured plus 3,139 insured at branches leaves roughly 11,900 people working inside subsidiaries that a database query will never surface.
So a buyer who looks the company up and reads “6,152 staff” understates the supplier by more than three times, and a buyer who reads “21,211” in the annual report is looking at a group, not at the plant that will run their programme. Both numbers are correct; neither answers “how many people are on the site that will build my board”.
Ask for on-register employees by site. Here it is not a trick question — the company has four production locations and publishes none of their headcounts. The same question at the two Kunshan plants produces the same blank.
The only square-metre figure on the entire website sits in a meta description: “每月PCB产能达14万平米” — 140,000 m² of PCB a month. It has no date, no site and no product split, and it is the same string on the homepage today as it was before the Wuxi and Nantong build-out.
Run the arithmetic. 140,000 m² a month is 1.68m m² a year. Against ¥14.359bn of 2025 PCB revenue that implies ¥8,547 per square metre — roughly ten times the value density of ordinary FR4 and about what backplane-class product costs. The number is therefore not obviously wrong; it is simply unusable:
The correct reading is the one the directory keeps arriving at: a capacity claim with no unit of scope is not a capacity claim. Ask for square metres a month at the site that will build the board, split by layer class, and the answer becomes comparable in one email.
The published grid reaches 100 layers on backplane and 36 on single boards. If your requirement is high-speed data communication or AI-server class, this is the reference plant for the domestic-funded tier — and the one whose numbers you can check fastest, because the accounts are detailed even when the website is not.
PCB gross margin 35.53%, substrate 22.58%, assembly 15.00%. A turnkey quote that bundles assembly is priced on a different curve; ask for the bare-board price and the assembly price as two numbers, or you cannot compare the offer with a board-only plant.
Five standards named, zero numbers, five expiry dates in the past. The page is out of date, not necessarily the certificates — but only a registry lookup settles it. Ask for the number and the scope wording, then confirm the site you are contracting is inside the scope.
The registered entity is the Shenzhen company at one address marked “one licence, multiple addresses”; production runs in Shenzhen, Wuxi, Nantong and now Thailand. The PO should name the entity that invoices and the site that ships, and they are frequently not the same string.
It is the insured count at one legal person. The group employs 21,211. Ask for on-register employees at the site, and if the answer is a group figure, ask again with the site name in the sentence.
Both the Nantong fourth phase and the Thailand plant connected in the second half of 2025 and were still climbing in 2026. A new programme landing in a ramp quarter competes with qualification lots for the same lines — ask which site will run the first article and what its current utilisation is.
Registry extract (USCC, capital, insured headcount, legal representative change log, industry code) from two commercial databases that disagree on two fields, both disagreements shown above rather than resolved. Financials from the 2025 annual report as filed on 2026-03-13, cross-read against two financial newswires carrying the same figures. Site measured directly on 2026-11-03: TLS handshake and certificate chain, homepage fetched without JavaScript, entry page after redirect, robots.txt, sitemap.xml, language paths, document head, structured-data count, quality-system page and PCB capability table. No capacity figure was estimated; the one published number is quoted with its arithmetic and its limits.
Manufacturers cannot pay for inclusion in this directory and none has. Corrections with a public source are applied within five working days. This profile was added on 2026-11-03 and sits outside the 2026-11-01 census, which covered sixteen plants.
Next in this series: the Pearl River Delta cluster this plant belongs to, the Kunshan pair that shows the same disclosure pattern at a tenth of the scale, and what a certificate number proves that a PDF does not.