The fastest growth rates differ by nearly 16 percentage points, and net profit performance varies dramatically, reflecting a new phase of strategic differentiation in the connector industry.
With the Q3 2025 financial reports now disclosed, the three leading connector companies — Luxshare Precision, JONHON, and Aerospace Electrical Equipment — exhibit markedly different development trajectories.
This divergence highlights how the connector industry is making varied strategic choices under multiple driving forces, including AI computing infrastructure, the transition to new energy, and upgrades in communication technology. The three companies are pursuing differentiated competition along three distinct paths: high-end breakthroughs, scale expansion, and ecosystem integration.
01 Q3 Key Financials Comparison: Three Distinct Business Paths Emerge
In the third quarter of 2025, the three leading companies in the connector industry delivered markedly different results. A multi-dimensional comparison of their financial data clearly reveals the distinct strategic orientations and development paths of each company.
| FY2025 Q1–Q3 Operating Performance Comparison | ||||
| Category of Indicators | Key Metrics | Luxshare Precision | JONHON | Aerospace Electrical Equipment |
| Revenue Scale | Revenue Amount (Unit: Billion USD) | 310.6 | 22.3 | 6.1 |
| Year-on-Year (YoY) | 24.69% | 12.36% | 8.87% | |
| Profit Performance | Net Profit Amount (Unit: Billion USD) | 115.18 | 17.01 | 0.21 |
| Year-on-Year (YoY) | 26.92% | -30.89% | -64.53% | |
| Cash Flow Situation | Operating Cash Flow Amount (Unit: Billion USD) | 4.89 | -0.85 | -1.12 |
| Year-on-Year (YoY) | -47.89% | -183.86% | -67.77% | |
Luxshare Precision leads far ahead in revenue, achieving approximately $310.6 billion, equivalent to 14 times that of JONHON and 51 times that of Aerospace Electrical Equipment. The consumer-electronics leader maintains strong growth momentum, with Q3 quarterly revenue growth further accelerating to 31.03%.
JONHON recorded revenue of approximately $22.3 billion over the first three quarters, a year-on-year increase of 12.36% — a solid growth rate in the defense-electronics connector industry. However, the company’s net profit came under significant pressure, declining 30.89% year-on-year, reflecting the short-term earnings strain from increased R&D investment in high-end connectors.
Aerospace Electrical Equipment generated revenue of approximately $6.1 billion, up 8.87% year-on-year, while its Q3 quarterly growth accelerated sharply to 31.73%. The company also faced declining profitability, with net profit at approximately $0.21 billion, down 64.53% year-on-year.
Cash flow trends further underscore the distinct development stages of the three companies. Luxshare Precision generated $4.89 billion in operating cash flow — down 47.89% year-on-year but still healthy. In contrast, JONHON and Aerospace Electrical Equipment recorded operating cash flows of approximately -$0.85 billion and -$1.12 billion, respectively, highlighting the financial pressures associated with their expansion phases.
02 JONHON: A Leader in High-End Technological Breakthroughs
JONHON exhibits a typical “revenue growth without profit growth” pattern, reflecting the company’s deliberate strategic choices.
Between 2024 and 2025, JONHON has been actively expanding its overseas operations to build a comprehensive global footprint. Its Penang, Malaysia production facility began operations in June 2024, focusing on industrial automation and automotive electronic connectors; the Munich, Germany R&D center specializes in high-end aerospace interconnect technologies; and the Monterrey, Mexico facility targets the North American new-energy vehicle market.
R&D investment continues to increase as the company deepens its focus on high-end areas, including next-generation high-speed backplane connectors, complex electromagnetic interconnect systems, and high-speed optoelectronic hybrid interconnect solutions for satellite internet. These products are designed to meet advanced multi-dimensional requirements such as high-speed transmission, strong anti-interference capability, lightweight design, and high integration.
The short-term decline in profits and pressure on cash flow reflect JONHON’s necessary investments for long-term high-end breakthroughs. With the ramp-up of its overseas facilities and the scaling of high-end products, the company is well-positioned to capture a more prominent role in the high-end connector market.
03 Aerospace Electrical Equipment: Maximizing the Power of Scale
Aerospace Electrical Equipment leverages its large-scale manufacturing advantages, building strong competitive strength in the mid-tier market through capacity expansion and cost control.
Financial data show that Aerospace Electrical Equipment’s revenue grew 8.87% over the first three quarters, while Q3 quarterly revenue growth accelerated sharply to 31.73%, indicating that the benefits of scale are being rapidly realized.
In terms of business expansion, the company continues to diversify from its traditional defense operations into emerging sectors such as new energy, energy storage, industrial automation, commercial aerospace, and AI supercomputing. Notably, it has entered the leading supply chains in areas including 800V high-voltage platform charging systems, high-density optical interconnects, and energy storage system interconnects.
Aerospace Electrical Equipment’s scale-competition strategy operates on multiple fronts. On one hand, the company reduces production costs through standardized and modular product designs; on the other, it leverages bulk procurement advantages to control raw material expenses. At the same time, automation in production lines enhances per-capita efficiency. By combining its high-reliability technology expertise from the defense sector with large-scale manufacturing capabilities, the company is rapidly capturing market share in new energy, energy storage, and industrial automation sectors, effectively transforming “military-grade quality” into “industrial-scale production.”
04 Luxshare Precision: Builder of System-Level Solutions
Luxshare Precision is committed to building system-level solution capabilities across multiple sectors. Through vertical integration and ecosystem development, the company has transformed from a component supplier into a system-level partner.
Over the first three quarters, Luxshare Precision achieved revenue of approximately $310.6 billion, up 24.69% year-on-year, with net profit of around $16.2 billion, a 26.92% increase. Total assets reached approximately $421.6 billion, a 34.15% rise from the end of the previous year, demonstrating the scale effects of its systematic layout. The company’s three major business segments — consumer electronics, communications & data centers, and automotive — develop in synergy, delivering system-level solutions that meet clients’ one-stop procurement needs.
Under its system integration strategy, Luxshare Precision has completed the acquisition of relevant assets from Leoni and the ODM/OEM assets of Wingtech, strengthening its system-level supply capabilities through vertical integration. The company not only provides connector products but also delivers comprehensive solutions encompassing audio, optical, electrical, thermal management, RF, and structural components.
In emerging sectors such as AI terminals, AR/VR, and smart vehicles, Luxshare Precision leverages its system-level integration capabilities to become one of the few suppliers able to offer end-to-end solutions, achieving a significant value leap from “components” to “complete systems.”
05 Reshaping the Landscape: Connectors Evolving from Basic Components to System Core
The three companies’ distinct development paths collectively drive the connector industry toward a higher level of evolution. Technological sophistication, manufacturing scale, and product systematization are emerging as the three main themes shaping industry development.
JONHON’s path of high-end breakthroughs reflects the Chinese connector industry’s determination to move up the value chain. In high-end areas such as high-speed backplanes, high-voltage systems, and RF technology, Chinese companies are transitioning from “technology catch-up” to a stage of “competing alongside or even leading in certain segments,” setting new technological benchmarks for the industry.
Aerospace Electrical Equipment’s scale-driven competition showcases the inherent strengths of Chinese manufacturing. By leveraging scale, automation, and standardization, the company achieves cost leadership and broad market coverage, providing a model for large-scale development in the industry.
Luxshare Precision’s system integration represents the future direction of the industry. Through the integrated innovation of solutions, the company continuously enhances product value-add and strengthens customer stickiness.
These three strategic paths signal that the Chinese connector industry has moved beyond homogeneous competition and entered a more mature phase of collaborative development. Together, they point to a clear conclusion: connectors are no longer mere components but have become core elements supporting critical innovations in AI, new energy, and communications. The future industry landscape will be defined by the forward-looking strategies being implemented today.