JCET

Business

JCET (江苏长电科技股份有限公司) is a global integrated circuit manufacturing and technology services provider. It sells a one-stop finished-chip service: microsystem integration, design simulation, wafer probing, chip and device packaging, final testing, product certification and direct shipping to customers worldwide (2026 interim report, p. 7). It has eight production bases in China, South Korea and Singapore and more than 20 business offices around the world.

Its technologies span wafer-level packaging, 2.5D/3D packaging, system-in-package, flip-chip and wire bonding, serving automotive electronics, artificial intelligence, high-performance computing, high-density storage, network communications, smart terminals, industrial and medical devices, and power and energy (p. 7). By application in the first half of 2026, computing was 30.1% of revenue, communications 27.4%, consumer electronics 23.2%, automotive 11.1% and industrial and medical 8.2% (p. 8).

The company says it ranks third in the world among outsourced assembly and test firms and first in mainland China, citing ChipInsights data that puts 2025 global OSAT revenue at a record ¥333.2bn with the top three firms above 52% (p. 9).

Scale and mix

• Revenue rose 5.0% to ¥19.53bn in the first half of 2026, while net profit attributable to shareholders rose 79.4% to ¥845m and profit excluding non-recurring items rose 84.7% to ¥808m (p. 6). The company credits AI infrastructure and edge demand, domestic substitution and high utilisation (p. 6).
• Growth came from the higher-value end: computing revenue rose 40.4% and automotive revenue 25.0%, against 5.0% overall (p. 8). Operating cash flow rose 26.7% to ¥2.96bn (p. 10).
• Revenue of ¥19.53bn against cost of sales of ¥16.57bn implies a gross margin of about 15.2% (our calculation from pp. 6, 13). The company says margins and operating cash flow kept improving as high-value products grew (p. 10).

Advanced packaging push

JCET says its XDFOI chiplet high-density heterogeneous integration platform is in volume production, using process-design co-optimisation to combine chiplets for AI, high-performance computing, 5G and automotive uses (p. 12). It is also developing hybrid bonding, panel-level advanced packaging and co-packaged optics (p. 11), and filed 444 new patent applications in the half, up 30.6% (p. 11).

On capacity, its Lingang automotive electronics plant began volume production in the second quarter of 2026 (p. 11), and its board approved a ¥7.8bn high-end advanced packaging plant in Shanghai Lingang (p. 16). Its high-end advanced packaging plant Changdian Microelectronics is ramping volume, with revenue up sharply and losses narrowing (p. 21).

Caveats

The company's own risk section warns that competition is intensifying: domestic OSAT firms are expanding, and wafer foundries and integrated device makers are accelerating their own advanced packaging work, while price competition in traditional packaging is already sharp (p. 22). It also flags policy risk for its plants in Singapore and South Korea and for its large export share (p. 22). Its South Korean subsidiary revenue fell in the half on tight upstream material supply and shrinking customer orders, though tax credits lifted it back to profit (p. 21).