从PCB到生态服务，拟上市的嘉立创构筑硬件创新协同路径

Core Insights - The article highlights the significant transformation in the hardware innovation paradigm towards "small batch, multiple batches, and rapid iteration," alongside the deep integration of manufacturing and digitalization, as reflected in the financial performance of Jialichuang in the first half of 2025 [1] Financial Performance - In the first half of 2025, Jialichuang achieved operating revenue of 4.679 billion yuan, a year-on-year increase of 25.95%, and a net profit of 590 million yuan, up 23.5% year-on-year, indicating robust performance [3] - By the end of the reporting period, the number of registered users on Jialichuang's online self-service ordering platform reached 8.225 million, an increase of 1.1061 million compared to the end of 2024 [3] - The total number of processed orders exceeded 9.5 million, reflecting a year-on-year growth of 15.85% [3] Business Structure - The core business segments of printed circuit boards (PCB), electronic components, and electronic assembly (PCBA) generated revenues of 1.821 billion yuan, 1.696 billion yuan, and 790 million yuan respectively, with year-on-year growth rates of 13.33%, 28.38%, and 49.9% [3] - The revenue share of the electronic assembly business increased by 2.73 percentage points year-on-year, indicating a shift in business dynamics [3] Growth Drivers - The growth of Jialichuang has transitioned from early online convenience to structural drivers stemming from deep collaboration, technological empowerment, and ecosystem building [3] - The PCBA business contributed an additional 210 million yuan to PCB revenue, accounting for 31.62% of the growth in PCB revenue, an increase of 6.7 percentage points compared to 2024 [5] - New business ventures and international market growth are significant, with other services, including mechanical industry chain services, generating 226 million yuan, a year-on-year increase of 73.18% [5] Market Demand - The demand for high-layer PCBs in sectors such as AI servers, new energy vehicles, high-end industrial control equipment, and robotics has surged, leading to a 1.26 billion yuan increase in multi-layer board revenue, which accounted for 58.90% of the overall growth in PCB revenue [5] - Jialichuang has successfully implemented advanced technologies, including 64-layer ultra-high-layer PCBs and HDI boards, while continuously expanding PCBA production capacity to meet market demands [5] Operational Efficiency - Jialichuang's subsidiary, Lichuang Mall, has recently invested in over a hundred CTU material box robots and AGV intelligent logistics handling robots, supporting "lightning delivery" within four hours [7] - As of June 2025, Lichuang Mall's inventory included over 700,000 SKUs, with an annual order volume exceeding 3.9 million, averaging over 180,000 SKUs shipped daily on working days [7] - The company has demonstrated adaptability in the current industrial environment, shifting from single business drivers to collaborative support across PCBs, components, and electronic assembly [7]