PROOF

CASE
STUDIES

Two decades of trusted supply to the world's most demanding industrial OEMs.

20+ YEARS OF SUPPLY
9 JAPANESE FA OEMs
IATF 16949 + ISO 13485
CUSTOMER ROSTER

Disclosed Customer Relationships

The following customers are disclosed in the parent company's public filings. Logos are rendered in monochrome white to match the dark theme.

Hitachi logo

Hitachi

日立

Industrial Control

Panasonic logo

Panasonic

松下

Industrial / Automotive

Omron logo

Omron

オムロン

Factory Automation

Yaskawa Electric logo

Yaskawa Electric

安川電機

Motion / Robotics

Sanyo Denki logo

Sanyo Denki

山洋電気

Servo & Cooling

Kyocera logo

Kyocera

京セラ

Electronic Components

Keyence logo

Keyence

キーエンス

Sensors & Vision

Shimadzu logo

Shimadzu

島津製作所

Analytical Instruments

Yokogawa logo

Yokogawa

横河電機

Process Control

Venture Corp logo

Venture Corp

EMS (Singapore)

GPV Group logo

GPV Group

(ex-Enics)

EMS (Europe)

GSK CNC logo

GSK CNC

广州数控

CNC Controllers

Hechuan Tech logo

Hechuan Tech

浙江禾川

Servo & Motion

All trademarks and logos are property of their respective owners. Customer relationships disclosed by parent Sihui Fushi Electronics (SZSE: 300852) in 2020 IPO prospectus and 2024 annual report. Logos shown reflect publicly disclosed supply relationships and are not endorsements.

CASE STUDIES

Five Anchored Narratives

01

INDUSTRIAL CONTROL / FACTORY AUTOMATION

Japan FA Big Four — 20 Years of Industrial-Control Supply

Hitachi · Panasonic · Omron · Yaskawa

Japan's four largest factory-automation OEMs require PCB supply under strict Japanese-style quality audits and IATF 16949 compliance, across product lifecycles exceeding 20 years. Long-life product support, defect rates measured in ppm, and lot-to-lot consistency sit at the core of their sourcing criteria.

FQC, founded by a Tokyo University graduate and shaped by Japanese-quality discipline, supplies up to 24-layer multilayer boards at 2 mil / 50 μm minimum trace and space on an IATF 16949-certified line. Every process step is barcode-traceable end-to-end, and Japanese QC specialists are embedded on-site.

Relationships with all four customers pre-date 2004 and are continuously disclosed in the 2020 IPO prospectus and the 2024 annual report. Japanese customers still represent roughly 50% of parent-company revenue.

LAYER

Up to 24 layers

TRACE/SPACE

2 mil / 50 μm

CERT / SPEC

IATF 16949:2016

TRACK RECORD

20+ years

Sources: Sihui Fushi 2020 prospectus · 2024 annual report
02

SENSORS & MACHINE VISION

Precision Sensor & Vision Supplier

Keyence · Omron · Sanyo Denki

Machine-vision cameras and high-precision sensors demand high-mix low-volume runs, tight tolerances, fine-line geometry, and ±5% impedance control. Flexibility from prototype through small-lot production is non-negotiable.

FQC delivers 5th-order build-up HDI, 2 mil / 50 μm fine-line patterning, and ±5% impedance — twice as tight as the ±10% industry norm. A dedicated prototype-and-small-lot pool runs LDI imaging, 5th-order HDI build-up, and mechanical plus laser drilling down to 100 μm.

These three customer relationships are recorded in the investor meeting minutes published by Sina Finance on 2024-06-22. Material portfolio spans high-Tg, low-Dk, and ultra-low-loss laminates across the mix.

LAYER

5th-order HDI

TRACE/SPACE

2 mil / 50 μm

CERT / SPEC

±5% impedance

TRACK RECORD

High-mix low-volume

Source: Sina Finance 2024-06-22 investor record
03

ANALYTICAL INSTRUMENTS / MEDICAL-ALIGNED

Analytical & Process-Control Instrument PCBs

Shimadzu · Yokogawa

Analytical instruments and process-control hardware run on 15-20 year product-support cycles. They require full material traceability, medical-grade documentation, and a quality system aligned with ISO 13485. Line-down events are not an option.

FQC is one of the few fabs holding IATF 16949 and ISO 13485 simultaneously on the same production line. Serialized panel tracking, 25-year document archival, and medical-grade documentation packages ship as standard with every lot.

The Shimadzu and Yokogawa relationships are disclosed in the 2020 IPO prospectus. The analytical-instrument segment falls inside the ~10% "other" bucket in parent-company revenue, which also includes medical and consumer.

LAYER

Multilayer (standard)

TRACE/SPACE

Medical-grade

CERT / SPEC

ISO 13485 + IATF 16949

TRACK RECORD

25-year archive

Source: Sihui Fushi 2020 IPO prospectus
04

EMS / EXPORT-GRADE

Global EMS Partnership

Venture Corp · GPV Group (formerly Enics)

Global EMS partners need same-spec supply across multiple regions, export-grade audit rigor, and a China+1 alternate base to hedge US-China trade friction. Schedule reliability and QC080000 compliance are foundational.

FQC's Thai facility began mass production in June 2024. Located 27 km from Laem Chabang port and 99 km from Bangkok airport in AMATA City Rayong, the line holds IATF 16949, ISO 13485, and QC080000 concurrently and exports directly to Europe and North America.

Venture Corp (Singapore-listed) and GPV Group (formerly Enics — one of Europe's largest EMS groups) are named in the 2020 IPO prospectus. Both sit on the strategic shortlist for supply migration from FQC's China plant to the Thailand facility.

LAYER

Multilayer + HDI

TRACE/SPACE

Export-grade

CERT / SPEC

IATF + 13485 + QC080000

TRACK RECORD

Thailand live June 2024

Source: Sihui Fushi 2020 IPO prospectus
05

COMMUNICATIONS / AI INFRASTRUCTURE

800G / 1.6T AI-Server Optical Module Breakthrough

Leading optical-module end customer (anonymized)

800G and 1.6T AI-server optical modules require 40 GHz signal integrity, 3+4+3 HDI builds, embedded copper blocks for thermal extraction, and ultra-low-loss laminates such as Megtron 7/8. End-customer qualification cycles typically run 2-3 years.

FQC ships 5th-order any-layer HDI at ±5% impedance, with Megtron 7/8 support and measured 40 GHz signal integrity. Embedded copper blocks inside a 3+4+3 HDI stackup run on a single production line, with sub-micron position tolerance between blocks and vias.

In October 2024 FQC was qualified by a leading optical-module end customer for 800G and began small-batch shipping. In January 2026, the 1.6T variant passed qualification as well (reported by Sina Finance 2026-01-21).

LAYER

3+4+3 HDI

TRACE/SPACE

2 mil / 50 μm

CERT / SPEC

Megtron 7/8, 40 GHz

TRACK RECORD

Qualified Oct 2024

Sources: STCN 2024-10-26 · Sina Finance 2026-01-21Additional: Sina Finance 2026-01-21 · 1.6T qualification
REVENUE MIX

Disclosed Sector Breakdown

Revenue composition disclosed by parent Sihui Fushi Electronics (SZSE: 300852).

Source: Sihui Fushi 2024 annual report (Cninfo PDF)
Industrial Control~50%
Automotive Electronics~37%
Other (medical, consumer, etc.)~10%
Communications~2.5%
JAPAN CONCENTRATION

Two Decades of Trust with Japanese Industrial Leaders

Japanese customers represent approximately 50% of revenue today, with historical peaks of 57-66%. This reflects more than twenty years of trusted partnership with Japan's industrial leaders.

~50%

Japanese customer share (current)

57-66%

Historical peak range

Source: Sihui Fushi 2024 annual report

NEXT STEP

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