Tungray is a small Singapore-based industrial manufacturer that designs and builds customized equipment for OEM customers in the semiconductor, printer, electronics, and home appliance sectors. Tungray operates as an engineer-to-order provider, meaning it designs and manufactures solutions to each customer's unique specifications rather than selling off-the-shelf products. The company has three product lines: customized industrial manufacturing solutions (roughly two-thirds of FY25 revenue), induction welding equipment (roughly one-fifth), and direct drive and linear DC motors (roughly 15%). The ETO solutions business involves designing, building, and assembling custom equipment used for quality control, product manufacturing, and testing — with applications in printer assembly and semiconductor packaging inspection. The induction welding business, run through subsidiary Tongri Electric in Qingdao, makes high-frequency welding machines for appliance manufacturers, ranging from manually operated units to fully automatic systems with robotic arms. The motors business, through Qingdao Tungray Intelligent, makes industrial-grade direct drive and linear DC motors used in solar panel assembly lines and high-precision motion platforms. Tungray's primary R&D and engineering hub is in Singapore, with manufacturing operations in Shenzhen and Qingdao, China. China accounts for 68% of revenue. Tungray sells directly through its own salesforce and employs 240 people total. Growth priorities include expanding into Vietnam and Thailand, deepening existing OEM relationships, and potential acquisitions.