In this paper, we use iterations of skinning maps on Teichmüller spaces to study circle packings. This allows us to develop a renormalization theory for circle packings whose nerves satisfy certain subdivision rules. We characterize when the skinning map has bounded image. Under the corresponding condition, we prove that the renormalization operator is uniformly contracting. This allows us to give complete answers for the existence and moduli problems for such circle packings. The exponential contraction has many consequences. In particular, we prove that homeomorphisms between any two such circle packings are asymptotically conformal.