China’s PCB enterprises—key participants in the global industrial chain—are confronted with multiple challenges such as cost pressures, demand volatility, and technological upgrading, all amid sustained international gold price increases. Leveraging 2025’s latest market data and policy trends, their response strategies not only shape their own development but also influence the supply chain stability of the global electronics manufacturing industry.
I. Soaring Gold Prices: Direct Cost Impacts for China’s PCB Enterprises
Since 2025, international spot gold prices have surpassed $4,100 per ounce, peaking at $4,179.33 per ounce—a cumulative year-on-year increase of over 52%, marking the largest annual rise in nearly 46 years (source: London Bullion Market Association).
For Chinese PCB firms, the immersion gold process is critical for high-end products, with gold salt accounting for over 70% of the process’s total cost. Every 10% increase in international gold prices pushes up the cost of this process by 6%-8%. Operationally, leading enterprises like Shennan Circuits and Huadian Corporation report a 35% year-on-year jump in gold-related raw material procurement costs. Small and medium-sized firms, with limited capital reserves, see order profit margins squeezed by over 10%. Middle East conflicts further disrupt the gold supply chain, worsening cost control difficulties.
II. Policies & Demand: Pillars of Resilience
Domestic policy support and strong downstream demand underpin the risk resistance of Chinese PCB enterprises. China’s “New Infrastructure” and “Equipment Upgrading” policies offer up to 20% subsidies for technological transformation of key electronics industry players. By 2025, over 200 Chinese PCB firms have secured such special funds.
On the demand side, the global AI server market is projected to reach $89 billion in 2025. Chinese PCB enterprises boast over 90% capacity utilization in AI server PCBs, with the value per unit 2.5 times that of traditional products. (source: China Electronic Circuit Industry Association). In new energy vehicles, these firms hold over 60% of the automotive PCB market share. The popularization of 800V high-voltage platforms drives a 40% year-on-year growth. In demand for high-spec automotive PCBs, creating room to offset cost pressures.
III. Technological Breakthroughs: Cost Reduction & Upgrading
To tackle gold price pressures, Chinese PCB enterprises are building competitive edges through innovation.
- Cost reduction via tech: Firms like Lieban and Kingboard Electronics have developed gold ion recovery systems with over 98% recovery rates. And cutting gold consumable costs by 15%-20%. Additionally, online X-ray fluorescence thickness gauges enable precise coating control. Gold layer thickness for consumer electronics is limited to 0.05μm, reducing gold usage by 30% compared to industry averages.
- High-end transformation: Localization of high-end PCBs (18+ layers) has exceeded 60%. Enterprises such as Huadian Corporation and Shengyi Electronics have entered the supply chains of global giants like NVIDIA and Intel, with high-end products contributing 45% of their revenue.
This dual path of “tech-driven cost reduction + structural upgrading” supports steady development amid gold price surges. Looking ahead, higher localization rates of high-end products will further boost the global competitiveness of Chinese PCB enterprises.
