Chaozhou Three-Circle (Group) Co., Ltd.

Chaozhou Three-Circle (Group) Co., Ltd. (CCTC) is a China-based global leader in advanced ceramics headquartered in Chaozhou, Guangdong. Founded in 1970. Revenue ¥9.0 billion (~$1.25 billion), with ~13,514 employees across massive industrial parks in Chaozhou and Nanchong (Sichuan), plus expanding international operations.

Business Overview

CCTC is China's leading advanced ceramics manufacturer and the only Chinese company in the global top 10 industrial ceramic substrate rankings. The company has evolved from a contract manufacturing follower to a genuine technology challenger, achieving world #1 production volumes in ceramic ferrules for fiber optic connectors and ceramic packaging bases. In 2025, CCTC made a dramatic leap up the value chain by fully breaking through micro-miniature, high-capacitance, and high-reliability MLCC technology barriers. Leveraging China's massive domestic markets for EVs, 5G communications, and consumer electronics, CCTC is now positioned to directly challenge Japanese incumbents in the mid-to-high-end MLCC and electronic ceramic substrate segments. The company's 22%+ revenue growth in FY2025 was driven by surging AI data center optical infrastructure demand. CCTC is preparing for a Hong Kong Stock Exchange H-share listing to fuel international expansion and next-generation ceramic technology R&D including SOFC fuel cells and piezoelectric ceramics.

Key Strengths

• World's #1 producer of ceramic ferrules for fiber optic connectors
• 22%+ revenue growth in FY2025 driven by AI optical infrastructure demand
• Breakthrough MLCC technology challenging Japanese incumbents
• Unmatched massive-scale automated continuous manufacturing (hundreds of billions of units/year)
• Preparing Hong Kong H-share listing for international capital access

Challenges & Outlook

CCTC's revenue scale ($1.25B) remains significantly smaller than Japanese peers. Geopolitical supply chain risks from concentrated China manufacturing require careful navigation. Traditional low-end components face price competition, while the company invests heavily in next-gen SOFC fuel cells and piezoelectric ceramics. International brand building and the Hong Kong listing will be critical for long-term global competitiveness against Kyocera, Murata, and other established leaders.