What CWB Group does

CWB Group (合兴集团) is a privately held Chinese manufacturer of low voltage electrical terminals and electronic components, headquartered in Yueqing, Zhejiang. Founded in February 1988 by Chen Wenbao as Hongqiao People's Radio Factory and reorganized into the present group structure in 2004, the company produces miniature circuit breakers and low voltage terminal components (metal stamping parts and plastic components) sold primarily to enterprise customers. Its principal end markets are power infrastructure (State Grid Corporation of China), electrical equipment OEMs (Delixi, CHINT, Legrand, Schneider Electric, Liangxin Electric), and construction/real estate. The group has also built an automotive electronics business through CWB Automotive Electronics Co., Ltd., which listed on the Shanghai Stock Exchange main board in January 2021.

The company's technical platform is built around five in-house capabilities: tool/mold manufacturing (30 years of experience, 300+ mold sets R&D annually, multi-cavity injection and high-speed lead-frame stamping molds), an ISO/IEC17025-accredited laboratory (physical, chemical, reliability, dimensional measurement, and calibration), automated production line development, injection molding (200+ machines, 30–300t, engineering plastics including PA, PBT, PC, PPS, PPA, PEI), and stamping (15+ presses, 25–160t, handling brass, copper, steel, stainless steel). Operations span four production bases in China (Yueqing, Wuhu, Nanyang, Taicang) plus wholly-owned international subsidiaries in the USA (1997), South Korea (2017), Germany (2017), and Japan (2020), with additional subsidiaries in surface treatment/plating and intelligent automation technology. Quality systems are anchored by ISO 9001, ISO 14001, ISO 45001, and ISO/IEC 17025 certifications, and the company holds National High-Tech Enterprise status.

CWB's business model is a B2B hardware sales motion: it sells engineered components directly to enterprise OEMs and utilities, with no publicly disclosed pricing and no channel or distributor model. Revenue is concentrated in long-tenured supply relationships with a small set of large industrial customers, evidenced by repeated multi-year supplier and quality awards from Delixi, CHINT, and others. The group is founder-led (Chairman Chen Wenbao), with a mix of family and professional management (Deputy Chairman Chen Wenyi, Executive Vice President Zhou Ruzhong, Group Vice President Cai Qing). Industrial sales first crossed RMB 1 billion in February 2014; the current revenue level is not publicly disclosed. There is no indication of external venture or private equity investment at the parent level, and the group has pursued growth primarily through organic capacity expansion, greenfield international subsidiaries, and corporate restructuring to position subsidiaries for public listing.

Name

CWB Group

Legal name

合兴集团有限公司

Website

https://cwbgroup.cn

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

501–1,000 employees

Short description

CWB Group (合兴集团) is a privately held Chinese manufacturer of low voltage electrical terminals, electronic components, and miniature circuit breakers, supplying power utilities such as State Grid and major electrical OEMs including Delixi, CHINT, Legrand, and Schneider Electric across four Chinese production bases and overseas subsidiaries.

Ownership category

akta.pro rank

Product category

Low Voltage Electrical Components Manufacturing

NAICS

Electrical Equipment Manufacturing (3353), Wiring Device Manufacturing (33593)

SIC

Electrical Industrial Apparatus (3620)

akta.pro primary industry

Circuit Protection Devices (MCBs, MCCBs, ACBs, fuses, RCD/GFCI, surge protection) (IMAGAEAB)

akta.pro secondary industries

Wiring Devices & Receptacles (switches, sockets, plugs, industrial outlets, pin & sleeve) (IMAGAEAF), Low-Voltage Switchboards & Panelboards (LV distribution panels, MCCs, switchboards) (IMAGAEAA)

Keywords

• Low voltage terminals
• Electronic components manufacturing
• Miniature circuit breakers
• Precision mold manufacturing
• Metal stamping parts

Headquarters

HQ city

Yueqing

HQ country

China

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Low Voltage Terminal Products: CWB Group focuses mainly on production of low voltage terminals and electronic components. Products are sold to major enterprises including State Grid Corporation of China, construction companies, and real estate developers.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

CWB Group (合兴集团) manufactures low voltage electrical terminals and electronic components, including miniature circuit breakers and metal stamping/plastic components for low voltage systems. The company operates integrated precision mold development, stamping, injection molding, automation, and laboratory testing capabilities, supplying major electrical equipment manufacturers and power utilities.

Product overview

CWB Group (合兴集团) is a manufacturer of low voltage electrical terminals and electronic components, operating as a high-tech enterprise. The product portfolio consists of two core product lines: (1) Miniature Circuit Breakers used for circuit protection in residential and industrial settings, and (2) Low Voltage Terminal Electric Components comprising metal stamping parts and plastic components. These products are supported by five internal technology capabilities: Tool Manufacturing (mold making), Laboratory (testing and calibration), Automation (production lines), Molding (injection molding), and Stamping (press working). The company serves major customers including Delixi, CHINT Group, Legrand, Schneider Electric, and the State Grid Corporation of China.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Annual mold R&D capacity of 300+ sets
• +2 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• CWB FoundationminorOthers · 1 January 2025CWB Foundation released 2025 State of Safety in Secondary School Welding Labs report. Note: CWB Foundation is a separate organization from CWB Group.
• Zhejiang Electromechanical Vocational and Technical College (浙江机电职业技术学院)minorStrategic or Co-development Partner · 1 August 2016School-enterprise cooperation partnership signed in August 2016 for talent development and technical collaboration.
• Delixi (德力西)coreStrategic or Co-development PartnerCWB Group has partnership with Delixi enabling innovation in low voltage terminals and electronic components. Delixi is one of the major electrical equipment manufacturers in China.
• Liangxin ElectriccoreStrategic or Co-development PartnerPartnership with Liangxin Electric for collaborative product development and innovation in electrical components.
• CHINT Group (正泰)coreStrategic or Co-development PartnerPartnership with CHINT Group enabling innovation in low voltage products.
• LegrandcoreStrategic or Co-development PartnerPartnership with global electrical equipment manufacturer Legrand for product innovation.
• Tianshi213minorStrategic or Co-development PartnerPartnership enabling collaborative innovation in low voltage components.
• Huanyu GroupminorStrategic or Co-development PartnerPartnership with Huanyu Group for product development and innovation.

Scale indicators8 records

Recent moves15 records

Expansion highlights6 records

Broad incumbents

• Schneider Electric: Global leader in energy management, LV distribution, and circuit protection. A named CWB customer, but also produces competing LV terminal and breaker offerings through its own supply chain.
• CHINT Group (正泰): Major Chinese manufacturer of low voltage electrical equipment including circuit breakers, terminals, and distribution equipment. Both partner and competitor to CWB; overlapping in LV distribution and MCB categories with a much broader end-product portfolio.
• TE Connectivity: Global incumbent in connectors, terminals, and sensor systems across industrial, automotive, and communications. Broader portfolio than CWB but overlapping in the low voltage terminal and electronic component product categories.
• Delixi Group (德力西): Top Chinese LV equipment maker of breakers, distribution panels, and terminals. Both a major CWB customer (named Benchmark Supplier 2026 awarder) and overlapping producer in LV components and MCBs.
• Amphenol: Global diversified interconnect, antenna, and sensor manufacturer serving automotive, industrial, and telecom. Overlaps with CWB's electronic component and terminal business as a much larger incumbent.
• Molex: Global manufacturer of electronic interconnect solutions including terminals, headers, and tooling. Adjacent overlap with CWB in low voltage and electronic terminals, broader scope including automotive and data communications.

Direct peers

• WAGO Kontakttechnik: German global leader in spring-pressure and push-in terminal blocks, interconnection, and automation products. Closely comparable to CWB in core product: low voltage terminal blocks and electrical interconnect components sold into industrial OEMs.
• Weidmüller: German specialist in electrical connectivity, terminal blocks, and PCB connectivity. Directly comparable product portfolio (terminal blocks, headers, sockets) overlapping with CWB's low voltage terminal/components line.
• Wenzhou/Cixi-based Chinese LV terminal makers (e.g., Ningbo Qixing, Sule Electric): Sule Electric and similar Wenzhou/Cixi-region Chinese manufacturers produce low voltage terminal blocks and wiring accessories competing head-on with CWB in commodity tiers of the same domestic market.
• Phoenix Contact: German manufacturer of terminal blocks, connectors, and industrial electronics. Direct competitor in low voltage terminals and PCB connection technology, serving similar industrial OEM customers globally.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CWB Group