Tongfu Microelectronics

Business

Tongfu Microelectronics (通富微电子股份有限公司) is an outsourced semiconductor assembly and test (OSAT) firm. The company says its customers cover most of the world top 20 semiconductor firms and most well-known domestic chip design companies, and that its joint venture and cooperation model with AMD makes it AMD main OSAT supplier, covering more than 80% of AMD relevant products (2026 interim report, p. 14).

It has three production bases in Nantong and further bases in Suzhou, Penang in Malaysia, Hefei and Xiamen (p. 15). Its products span artificial intelligence, high-performance computing, data storage, display drivers, 5G communications, consumer terminals, the internet of things, automotive electronics and industrial control (p. 14).

Scale and mix

• Revenue rose 23.03% to ¥16.04bn in the first half of 2026 (p. 7). Reported net profit of ¥1.72bn, up 316.77%, flatters the half: it includes more than ¥1.1bn of fair value gains, and profit excluding non-recurring items was ¥747m, up 77.78% (p. 7).
• Packaging and testing was ¥15.69bn, 97.81% of revenue, at a 15.12% gross margin, up 0.73 points (p. 18). Domestic revenue rose 45.19% to 36.60% of the total, while overseas revenue was 63.40% (pp. 17, 18).
• The company credits four growth lines, AI plus storage plus automotive plus domestic customers, and says automotive packaging and test revenue kept high double-digit growth as its products moved from car MCUs and power devices into smart cockpit controllers, chassis domain controllers and automotive sensors (pp. 11, 12).

Advanced packaging

Tongfu says its VISionS platform anchors its 2D+ multi-dimensional stacking technology, combining silicon interposers, vertical stacking and embedded multi-bridge designs to integrate multiple chiplets at higher interconnect density and better energy efficiency, with through-silicon-via pitch still shrinking and warpage control at an industry-leading level (p. 12). Several products on the platform are in volume supply for high-performance computing and inference chips, and its advanced packaging revenue share kept rising (p. 12).

It is also working on co-packaged optics for 1.6T and faster data centre interconnect (p. 12), has developed LPDDR 16-die and NAND 64-die high-stack memory packaging (p. 13), and is developing hybrid bonding to break past conventional micro-bump density limits (p. 13). By the end of June 2026 it had filed more than 1,800 patents, with more than 800 granted (p. 13).

Caveats

The company says some fundraising projects missed their planned returns in the half, because raw material costs were severely high and customers lacked enough chip inventory for high-performance computing and power-device packaging projects, leaving utilisation below plan (pp. 25, 26). Finance costs rose 32.13%, mainly on foreign exchange losses (pp. 15, 16). The AMD relationship cuts both ways: it is the firm largest single-customer exposure, and the filing does not disclose what share of revenue AMD itself represents.