SHENZHEN -- Avary Holding, the listed Chinese arm of Zhen Ding Technology, reported first quarter revenues of RMB6.69 billion ($923 million), flat with 2023.

The printed circuit board fabricator's net income was RMB497 million, up 19% from last year.

The profit margin was 7.4%, up 110 basis points from 6.3% a year ago.

Avary Holding was formed from the corporate restructuring of Fukui Precision Components (Shenzhen) Co. in April 1999. It is the parent of Pengding Holdings, a large-scale manufacturer with R&D, design, manufacturing and sales services of PCBs ranging from rigid to flex, HDI, and other products used in communications, Consumer electronics and high-performance computers.