[Related Companies Involved in This Article]: JCET (Jiangsu Changjiang Electronics Technology), TFME (Tongfu Microelectronics), HT-Tech (Hua Tian Technology), SJ Semiconductor, and Forehope Electronic
I. Which of the Five OSAT Leaders Ran Fastest in Q3 2026?
From the perspective of the global OSAT competitive landscape, the combined revenue of the top ten global packaging and testing companies in H1 2026 reached USD 22.50 billion. Mainland China occupied four seats: JCET maintained its position as the world's third-largest with USD 2.83 billion, TFME ranked fourth with USD 2.33 billion, HT-Tech ranked fifth with USD 1.52 billion, and SJ Semiconductor entered the global top ten with USD 0.49 billion. Together, they contributed 37.7% of the top ten's share. Additionally, Forehope Electronic, ranked 13th globally with USD 0.35 billion (+20.0% YoY), solidified the tiered structure of China's five major domestic OSAT players: "three giants firmly holding the global top five positions, and two emerging leaders capturing market share with high growth rates." As late October 2026 approached, with JCET, SJ Semiconductor, Forehope Electronic, TFME, and HT-Tech successively completing their Q3 2026 report disclosures, the true operational foundation of mainland China's semiconductor packaging and testing industry—amidst the expansion of AI computing infrastructure, memory cycle recovery, and the shift of orders to domestic high-end chips—came fully into view. If the mid-year reports of 2026 showed initial recovery from the industry bottom and consolidation of global market share, the standalone Q3 2026 reports starkly revealed structural gaps among the five companies in non-recurring profit elasticity of core business, yield ramp-up of advanced packaging, material availability rate for upstream core components, and capacity to bear depreciation on converted fixed assets.
(Figure 1: Global OSAT Revenue Ranking in H1 2026 (USD 100 million, by headquarters). Source: Company H1/Q3 2026 reports (ASE uses ATM metric); *Wise Road Capital is unlisted, estimated at approx. CNY 17.8 billion based on ChipInsight's 2025 data, taking half without growth adjustment; converted using average H1 exchange rates; calculated by Shenxinmeng.)
In terms of overall revenue scale, the hierarchy remains stable for the first three quarters: "JCET (CNY 30.952 billion) > TFME (CNY 24.885 billion) > HT-Tech (CNY 16.772 billion) > SJ Semiconductor (CNY 5.120 billion) > Forehope Electronic (CNY 3.782 billion)." The four OSAT manufacturers—JCET, TFME, HT-Tech, and Forehope Electronic—all achieved record-high single-quarter revenues in Q3 2026. However, once looking beyond apparent net profit attributable to parent company shareholders and focusing on net profit attributable to parent company shareholders after deducting non-recurring gains and losses and quarter-over-quarter gross margin trends, the misalignment of operating cycles among the five companies becomes clear: The three comprehensive packaging giants, JCET, TFME, and HT-Tech, have entered a harvest period for core business driven by "full utilization rates + product mix upgrades boosting gross margins." Meanwhile, SJ Semiconductor, focused on 3D chiplet integration, and Forehope Electronic, which is ramping up its second-phase CNY 10 billion base, faced phased pains in Q3 due to shortages of upstream core materials and heavy asset depreciation combined with share-based payment expenses.
1. JCET: Single-Quarter Revenue Breaks CNY 11.4 Billion Mark; Doubled Non-Recurring Net Profit Validates High-End Alpha
JCET's Q3 2026 report delivered a high-quality core business performance sheet: For the first three quarters, the company achieved operating revenue of CNY 30.952 billion (+7.96% YoY), net profit attributable to parent company shareholders of CNY 1.617 billion (+69.58% YoY, surpassing the full-year 2025 figure of CNY 1.565 billion), and net profit attributable to parent company shareholders after deducting non-recurring items of CNY 1.561 billion (+99.17% YoY). Crucially, in Q3 alone, the company achieved revenue of CNY 11.425 billion (approx. CNY 11.43 billion, +13.53% YoY, +10.32% QoQ), setting a new historical record for single-quarter revenue. Q3 net profit attributable to parent was CNY 0.773 billion (+59.99% YoY, +39.38% QoQ), while Q3 net profit after deducting non-recurring items reached CNY 0.753 billion (+117.43% YoY, +38.40% QoQ).
JCET's ratio of non-recurring net profit to total net profit attributable to parent was 96.51% and 97.39% for the first three quarters and Q3 respectively, representing the highest purity of operating profit among the five companies. The core driver behind this "moderate revenue acceleration vs. doubled non-recurring net profit" scissors gap lies in the Q3 gross margin jumping to 17.48% (+3.23 percentage points YoY, +1.80 percentage points QoQ), driving the cumulative gross margin for the first three quarters up by 2.3 percentage points YoY to 16.01%. In terms of application structure, benefiting from the volume release of AI computing center infrastructure and edge-side AI hardware, the Computing Electronics business saw revenue surge by 54% YoY in the first three quarters, increasing its share of total revenue from 30.1% in the mid-year report to 30.9%, maintaining its status as the largest revenue pillar. The Automotive Electronics business saw revenue grow by 30% YoY, with its share rising to 11.3%. The rapid expansion of high-value-added computing and automotive-grade categories has completely reversed the price pressure from traditional packaging.
2. TFME: Book Net Profit Exceeds CNY 3 Billion Leading the Pack; Q3 Non-Recurring Net Profit of CNY 630 Million Hits New Historical High
TFME's Q3 2026 report continued the dual-wheel amplification effect of "high prosperity in core business + high returns from investments." The company achieved operating revenue of CNY 24.885 billion in the first three quarters (+23.71% YoY) and net profit attributable to parent of CNY 3.061 billion (+255.68% YoY), leading the five giants by a wide margin in book profit scale. Specifically, Q3 revenue was CNY 8.844 billion (+24.95% YoY, +3.33% QoQ), and Q3 net profit attributable to parent was CNY 1.343 billion (+199.54% YoY).
Continuing the analytical framework established in the mid-year report that uses "non-recurring profit as the core observation anchor," TFME's non-recurring gains and losses (after tax) for the first three quarters amounted to CNY 1.683 billion (of which CNY 0.713 billion was in Q3), primarily derived from pre-tax fair value change gains of CNY 1.977 billion from equity investments along the semiconductor industry chain (CNY 0.832 billion in Q3). After excluding these financial asset valuation fluctuations, TFME's core profitability also hit milestones: Net profit attributable to parent after deducting non-recurring items for the first three quarters was CNY 1.378 billion (+77.10% YoY), of which Q3 net profit after deducting non-recurring items was CNY 0.630 billion (+76.30% YoY, +9.47% QoQ). Both single-quarter revenue and single-quarter non-recurring profit refreshed historical extremes. The Q3 non-recurring net profit margin rose to 7.12%, and gross margin reached 16.68%. Moreover, the net cash flow from operating activities for the first three quarters topped the list among the five giants at CNY 5.547 billion.
3. HT-Tech: Q3 Non-Recurring Net Profit Reverses to Surpass Total Net Profit; Core Business Surges 231% Completing the Turnaround
In our analysis of the mid-year report, we noted that HT-Tech's H1 net profit attributable to parent of CNY 0.813 billion included CNY 0.563 billion in non-recurring gains and losses (only CNY 0.250 billion after deductions), and the market was waiting to see if its core non-recurring profit could independently carry the load in the second half. HT-Tech's Q3 2026 report staged a dramatic "reversal between core business and non-recurring gains/losses": The company achieved operating revenue of CNY 16.772 billion in the first three quarters (+35.48% YoY, leading the five giants in growth rate), net profit attributable to parent of CNY 1.100 billion (+102.80% YoY), and net profit attributable to parent after deducting non-recurring items of CNY 0.643 billion (+481.32% YoY).
Breaking down the Q3 2026 data, HT-Tech's single-quarter revenue reached CNY 6.261 billion (+36.13% YoY, continuing to set new highs), and single-quarter net profit attributable to parent was CNY 0.287 billion (-9.19% YoY). However, Q3 single-quarter net profit after deducting non-recurring items surged to CNY 0.393 billion (+230.82% YoY, exceeding the sum of the first half). The rare divergence where "Q3 non-recurring net profit exceeded total net profit by CNY 0.106 billion" occurred because the fair value changes of securities investments held by the company in Q3 resulted in a reversal of -CNY 0.202 billion, causing single-quarter non-recurring gains and losses to be recorded at -CNY 0.106 billion. After removing stock market volatility interference, HT-Tech's gross margin for the first three quarters had risen to 15.88% (up 3.54 percentage points significantly from the same period last year; estimated Q3 single-quarter gross margin was as high as 18.43%), indicating that rising utilization rates in Memory, Automotive Electronics, and 2.5D production lines have pushed its core profitability into a strong release channel.
4. SJ Semiconductor: Gross Margin of 28.75% Still Leads; Short-Term Pressure in Q3 Due to Core Material Bottlenecks and Impairments
As an advanced packaging benchmark listed on the SSE STAR Market in April 2026, SJ Semiconductor's Q3 2026 report showed operating revenue of CNY 5.120 billion in the first three quarters (+1.45% YoY), net profit attributable to parent of CNY 0.636 billion (-18.48% YoY), and net profit attributable to parent after deducting non-recurring items of CNY 0.602 billion (-18.26% YoY). Specifically, Q3 revenue was CNY 1.713 billion (-8.33% YoY, +0.29% QoQ; Q1-Q3 single-quarter revenues were CNY 1.698 billion, CNY 1.708 billion, and CNY 1.713 billion, showing slight sequential increases), Q3 net profit attributable to parent was CNY 0.186 billion (-45.96% YoY), and Q3 net profit after deducting non-recurring items was CNY 0.166 billion (-47.24% YoY).
SJ Semiconductor's cumulative gross margin for the first three quarters reached 28.75% (25.98% in Q3), still topping the five companies and far exceeding traditional OSAT vendors (in the 15%-16% range). Its phased pressure in Q3 was not due to cooling downstream AI computing demand but rather hit by three objective factors: First, as explicitly stated in the financial report, **supply tightness of upstream core materials for Chiplet multi-chip integration packaging (such as accompanying HBM, Through-Silicon Via (TSV) interposers, etc.)** constrained the production scheduling conversion rhythm of specific large customers' 2.5D/3DIC orders. Second, affected by material mismatch and stocking, inventory rose to CNY 1.723 billion by the end of September, with cumulative asset impairment losses booked at CNY 0.266 billion for the first three quarters. Third, rigid depreciation from the concentrated transfer of new equipment to fixed assets (fixed assets increased by a net CNY 2.047 billion from the beginning of the year to CNY 12.172 billion at period-end) and amortization of option incentive share-based payments (impact of approx. CNY 0.101 billion in H1).
5. Forehope Electronic: Revenue Grows 19% but Turns Loss-Making in Single Quarter; Depreciation of CNY 10 Billion Phase II and Share-Based Payments Mask Operational Improvement
The newly included SSE STAR Market emerging player, Forehope Electronic (688362.SH), focuses entirely on mid-to-high-end advanced packaging (QFN/DFN, SiP, FC, Bumping/WLP). In the first three quarters of 2026, the company achieved operating revenue of CNY 3.782 billion (+19.32% YoY), including Q3 revenue of CNY 1.371 billion (+18.23% YoY, +10.63% QoQ), maintaining steady expansion of nearly 20% on the revenue side. However, on the profit side, net profit attributable to parent for the first three quarters was CNY 30.3953 million (-51.85% YoY), Q3 net profit attributable to parent was -CNY 8.9655 million (turning from profit to loss), and net profit after deducting non-recurring items for the first three quarters and Q3 were -CNY 45.9198 million and -CNY 35.5412 million, respectively.
A deep dive into Forehope Electronic' "increasing revenue but not profit" financial statements reveals that the direct trigger for the Q3 book loss was the company's approval of an employee stock ownership plan in July 2026 and the concentrated commencement of amortization in Q3, resulting in **Q3 share-based payment expenses recognized at CNY 34.2458 million**. If the impact of share-based payment expenses is excluded, Forehope Electronic' 2026 Q3 net profit attributable to parent was actually +CNY 25.2803 million, a significant increase of 48.38% QoQ; excluding share-based payments, net profit attributable to parent for the first three quarters reached CNY 74.7521 million (Zhongcai Net). At the same time, the transfer of Ningbo Phase II project to fixed assets caused the company's period-end fixed assets to break the CNY 10 billion mark, reaching CNY 10.149 billion (single-quarter depreciation exceeded CNY 0.3 billion; taxes and surcharges such as property tax for the first three quarters surged 178.39% YoY to CNY 31.4570 million). Combined with Q3 R&D expenses increasing 39.40% YoY to CNY 1.07 billion (R&D expense ratio rising to 7.84%) and CNY 1.62 billion in financial expenses for the first three quarters, these constituted the phased cost peak during the capacity ramp-up period. However, net cash flow from operating activities for the first three quarters was as high as CNY 1.277 billion (+11.37% YoY), reaching 42 times the book net profit, confirming the strong real造血 (cash-generating) capability of its mature production lines and newly introduced lines.
II. Technology Roadmaps and Global Layout: Five Packaging Capability Models
Competition in packaging and testing in the post-Moore era has long transcended simple wire bonding or Flip Chip outsourcing, evolving into a system-level architecture contest covering 2.5D integration with Silicon Interposers/Organic RDL Interposers/Embedded Silicon Bridges, 3D stacking with TSV and Copper-Copper Hybrid Bonding, Co-packaging of High Bandwidth Memory (HBM/LPDDR6), Co-Packaged Optics (CPO), and Glass Substrates/Fan-Out Panel Level Packaging (FOPLP). The Q3 2026 reports and latest industry research indicate that the five companies, based on their respective technological genes and customer structures, have evolved into five distinct advanced packaging capability models and ecosystem positioning paths.
1. JCET: XDFOI® Full Spectrum Coverage, Pioneering Pilot Lines for Glass Substrates and Panel-Level Packaging
JCET's core moat lies in deeply coupling the scale of the world's top three OSATs with top-tier wafer-level/system-level processes. Its self-developed XDFOI® platform has not only achieved stable mass production across the three paths of 2.5D Silicon Interposer, Silicon Bridge, and Organic RDL, but also made multiple hardcore underlying breakthroughs in Q3 2026: First, completion of sample prototyping for high-aspect-ratio TSVs with 1.5μm aperture, 17μm depth, and an aspect ratio of 11.3:1 in August 2026; Second, delivery and verification of Silicon Photonic Engine (CPO) products developed on the XDFOI® platform; Third, according to the official press release of the Q3 2026 report, JCET and multiple customers jointly developed Glass Substrates (TGV) and Panel-Level Packaging (PLP) have officially advanced from early R&D to pilot line construction stage. Simultaneously,2.5D vertical VCORE power modules targeting AI data center 800V HVDC power supply architectures have entered full mass production and shipment.
2. TFME: 3nm Production Online + 2nm Development, VISionS™ and PIC+EIC Heterogeneous CPO Deeply Linked with Global Computing Giants
TFME's technological evolution exhibits distinct characteristics of "collaboration with international top-tier computing large customers." Relying on Suzhou Tongfu Super AMD and Penang Tongfu Super AMD bases (85% owned), the company undertakes over 80% of AMD's packaging and testing orders (covering EPYC server CPUs, Instinct MI300/MI325/MI350 series AI accelerator cards, and Ryzen AI PC processors). Verified by Huachuang Securities' Q3 2026 review report, the company has achieved formal production launch of 3nm multi-chip product packaging and Bumping/CP production lines at the Penang base, and is vigorously pushing forward2nm technology node R&D. Its proprietary VISionS™ platform integrates Silicon Interposers, vertical stacking, and embedded multi-bridge technologies, with multiple products already batch-imported into HPC and AI inference chip fields. More critically, the company's Co-Packaged Optics (CPO) technology has formally passed reliability validation, building Heterogeneous Integration capabilities of Photonic Integrated Circuits (PIC) and Electronic Integrated Circuits (EIC), directly supporting low-power optical interconnect needs for next-generation data centers at 1.6T and above speeds (TFME 2026 Mid-Year Report Summary).
3. HT-Tech: Only Officially Confirmed LPDDR6 Packaging Orders, Building Anti-Fall Barriers with 3D Matrix + Pangu FOPLP + Automotive Memory
HT-Tech's biggest industrial highlight in Q3 2026 was taking the lead in the next-generation mobile and edge-side AI memory LPDDR6 packaging track. Following CXMT's official announcement on August 29, 2026, of the mass production of its first flagship LPDDR6 memory (16GB capacity, 12800Mbps speed, 1295-Ball package) and its debut in the Xiaomi 18 Fold, HT-Tech officially responded on the Shenzhen Stock Exchange Interactive Easy platform on September 29, 2026, confirming "the company has LPDDR6 packaging capacity and orders" (Shanghai Securities News), becoming currently the only A-share packaging vendor publicly confirmed to have secured LPDDR6 orders. Meanwhile, relying on the 3D Matrix platform, the company achieved scaled mass production of2.5D packaging and breakthroughs in 2.5D SiCS and Memory vertical wire bonding processes. The subsidiary Jiangsu Pangu Semiconductor's Fan-Out Panel Level Packaging (FOPLP) project, with a total investment of CNY 3 billion, has entered the production phase (Sina Finance). Benefiting from a high domestic customer revenue share of 63.78% and independent mainlines of "Domestic Memory + Automotive Electronics + Power Devices," HT-Tech possesses significant structural risk resistance advantages against fluctuations in overseas single cloud vendor AI capital expenditures.
4. SJ Semiconductor: Launching 3.3x Reticle Silicon 2.5D and 6x Reticle Silicon Bridge, Holding 85% Dominant Share in Domestic 2.5D Market
Different from the path of traditional OSATs extending from lead frames to advanced packaging, SJ Semiconductor started with 12-inch mid-end wafer processing (Bumping and CP testing) and directly cut into 2.5D/3DIC Chiplet multi-chip integration. Currently, it holds an absolute leading share of approximately 85% in the mainland China 2.5D packaging market, ~31% market share in 12-inch WLCSP, and over 25% market share in 12-inch Bumping. Although short-term growth slowed in Q3 due to tight supply of upstream core materials, the company continuously achieved leaps in ultra-large computing packaging technology: Formally launching the 3.3x Reticle size Silicon-based 2.5D technology platform (SmartPoser®-Si) in August 2026, capable of accommodating more logic Dies and 12-layer HBM stacks; simultaneously completing process development and phased validation of the 6x Reticle ultra-large size Silicon Bridge (SmartPoser®-BD) 2.5D solution, and winning the Innovation Achievement Award at the "National Chip Exhibition" of the Industrial Expo in October 2026. In the next-generation 3D stacking field, its 20μm micro-bump platform (SmartPoser®-3DIC-BP) is in scaled mass production, while the Hybrid Bonding platform (SmartPoser®-3DIC-HB) supporting copper-copper interconnect pitches of 10μm and below and micro-TSVs (μTSV) of 5μm and below has completed full-process validation (cumulative investment of CNY 276 million in the ongoing first-generation project with a total budget of CNY 572 million) (Securities Times).
5. Forehope Electronic: FH-BSAP® "Building Block" Platform Takes Shape, RWLP Fan-Out Mass Production, HCoS 2.5D Sampling to Computing Customers
As an industry dark horse founded in 2017 with a 100% starting point positioned in mid-to-high-end packaging, Forehope Electronic built a complete "Bumping + CP + FC + FT" one-stop delivery closed loop through the Ningbo Phase II project, relying on its autonomous FH-BSAP® (Building Block Advanced Packaging) platform to flexibly combine RDL, TSV, TIV (Through Insulator Via), and Embedded Silicon Bridge like Lego blocks (AiJiWei/Sina Finance). Regarding specific progress, the company's High-Density Fan-Out Wafer-Level Redistribution Layer Packaging (HD-FO RWLP) officially achieved mass production in H1 2026; in the highly watched 2.5D heterogeneous integration direction, the company has opened up three sub-platforms: Silicon Interposer (HCoS-SI), Organic RDL Interposer (HCoS-OR), and Organic RDL+TIV+Silicon Bridge (HCoS-OT). Currently, **both HCoS-SI and HCoS-OT have achieved customer sampling, advancing product validation with multiple AI/HPC computing customers (not yet entering scaled mass production)**. Simultaneously, the company has strong niche positioning in 5G RF front-end PAMiD high-density modules, edge-side AIoT SoCs (serving Bestechnic, Amlogic, MediaTek, etc.), and fully utilized Automotive CIS/LiDAR BGA packaging (Investor Relations Activity Record Sheet).
III. Growth Engines, Investment Projects, and Mass Production Timelines
If the2026 Q3 income statement reflects the current harvest of capital expenditures from the past two years, then the Construction in Progress, Net Increase in Fixed Assets, Private Placement Funds Raised, and Major Asset Acquisitions on the balance sheet directly lock in the capacity rankings for the five-year horizon of 2027–2029. Statistics show that in the first three quarters of 2026 alone, the actual paid capital expenditures of the five companies—JCET (CNY 8.891 billion), TFME (CNY 7.771 billion), SJ Semiconductor (CNY 4.135 billion), HT-Tech (including prepaid equipment/engineering costs surging to CNY 3.341 billion), and Forehope Electronic (CNY 2.564 billion)—exceeded CNY 26 billion. Furthermore, the total investment scale of under-construction and newly initiated CNY 10-billion-class capacity expansion projects broke the CNY 80 billion mark.
1. JCET: Annual Investment Plan Significantly Raised to CNY 18.2 Billion; Dual Arrows of CNY 6.5 Billion Private Placement and CNY 7.8 Billion Lingang Base
On the same day the Q3 report was disclosed (October 22, 2026), JCET's board approved the "Mid-Term Adjustment Proposal for the 2026 Investment Plan," announcing **an increase of the 2026 annual investment plan by CNY 7.19 billion (+65.3%) from CNY 11.01 billion to CNY 18.20 billion, with fixed asset investments raised by CNY 7.33 billion (+73.45%) from CNY 9.98 billion to CNY 17.31 billion**. By the end of Q3 2026, the company's Construction in Progress had soared 78.33% from the beginning of the year to CNY 6.945 billion, and cash paid for constructing long-term assets in the first three quarters doubled YoY (+104.05%) to CNY 8.891 billion.
· Over 90% Invested in Advanced Packaging and Testing: Management clarified at the October 27 earnings call that traditional packaging accounts for less than 10% of fixed asset investments, with over 50% concentrated in 2.5D/3D, XDFOI®, and large-size FC-BGA high-end advanced packaging, aiming to take on 2.5D computing packaging orders spilling over from AI computing centers and overseas wafer fabs (East Money).
· CNY 6.5 Billion Private Placement Approved by SASAC: On October 23, 2026, the company announced that the CNY 6.5 billion private placement scheme for specific A-share targets had received principle agreement from the State-owned Assets Supervision and Administration Commission (SASAC). Key investments include expansion of the high-performance computing high-end advanced packaging platform at Jiangyin Changjiang Micro (Total CNY 2.351 billion / Raised CNY 1.5 billion), expansion of high-end power modules (Total CNY 1.636 billion / Raised CNY 1.0 billion), wafer-level packaging capacity expansion (Total CNY 1.832 billion / Raised CNY 1.1 billion), and upgrade of high-density large-capacity memory packaging and testing at Starke Jinpeng Jiangyin (Total CNY 1.851 billion / Raised CNY 1.0 billion) (Feasibility Analysis Report). Among them, Jiangyin Changjiang Micro's H1 2026 revenue already exceeded the full-year 2025 figure, and losses narrowed significantly to -CNY 89.13 million.
· Staggered Advancement of Two Lingang Bases in Shanghai: The Lingang Automotive Grade Base (JSAC) went into production in March 2026 and entered mass production in Q2, with additional automotive-grade WLP capacity (expected to go into production in 2027); meanwhile, the Lingang Second High-End Advanced Packaging and Testing Base (Changrun Xinwei System) with a total investment of CNY 7.8 billion has completed business registration and is advancing civil construction, with Phase I planned to be completed in H2 2028, targeting next-generation computing packaging technologies after 2028 (NetEase Finance).
2. TFME: CNY 4.22 Billion Private Placement Successfully Closed and Listed; Construction in Progress Surged 98.08% from Beginning of Year
Compared to JCET which is advancing private placement approvals, TFME took the lead in completing the capital market refinancing closed loop in Q3 2026: The company's **CNY 4.22 billion private placement successfully completed issuance and new share listing between late August and mid-September 2026** (issue price CNY 55.38/share, net proceeds of CNY 4.212 billion received), driving monetary funds at the end of Q3 to leap to CNY 10.125 billion, and the asset-liability ratio dropping from 64.14% mid-year to 60.97%.
· Construction in Progress Nearly Doubled: By the end of Q3 2026, TFME's Construction in Progress reached **CNY 6.173 billion, surging 98.08% from the beginning of the year (CNY 3.117 billion)**, and cash paid for constructing long-term assets in the first three quarters reached CNY 7.771 billion (+75.14% YoY).
· Full Rollout of Four Physical Projects in Private Placement: The CNY 4.22 billion private placement funds are accelerating injection into vehicles like Nantong Tongfu Tongke, constructing Memory Chip Packaging and Testing Capacity Expansion (Total CNY 0.888 billion, adding 849,600 wafers/year), Automotive and Other Emerging Application Capacity Expansion (Total CNY 1.100 billion, adding 504 million units/year), Wafer-Level Packaging and Testing Capacity Expansion (Total CNY 0.743 billion, adding 312,000 WLP wafers/year), and HPC and Communication Packaging and Testing Capacity Expansion (Total CNY 0.724 billion, adding 480 million units/year) (Private Placement Draft Revision); simultaneously, Suzhou and Penang bases are synchronously advancing the construction of a new 110KV substation and expansion of large-size AI computing chips.
3. HT-Tech: Completion of Transfer of 100% Equity in Huayi Microelectronics for CNY 2.996 Billion (Consolidated in Q4); Topping Out of CNY 3 Billion Nanjing Phase II Project
HT-Tech's strategic core in Q3 2026 was "vertical M&A integration + existing production line transfer to fixed assets and volume ramp-up":
· Successful Transfer of CNY 2.996 Billion Acquisition of Huayi Microelectronics: The Huayi Microelectronics acquisition case, which was still in the pending registration stage at the time of the mid-year report, received CSRC registration approval on September 24 and **formally completed the 100% equity transfer registration on October 20, 2026**, with the first tranche of 254 million new shares scheduled to list on November 4 (China Fund News). Huayi Microelectronics will be formally included in consolidated statements starting Q4 2026 (its design business group commits to net profits of no less than CNY 139 million, CNY 166 million, and CNY 189 million for the next three years), enabling HT-Tech to connect the entire industrial chain of "Power Device R&D Design + Own Brand + Automotive/Computing Power Supply Packaging and Testing," deeply integrating with BYD and server power supply customers (East Money).
· Dense Transfer of Production Lines to Fixed Assets and New Base Topping Out: By the end of Q3 2026, HT-Tech's fixed assets increased from CNY 21.248 billion at the beginning of the year to CNY 24.296 billion (Construction in Progress slightly decreased to CNY 3.028 billion due to transfers, but other non-current assets reflecting prepaid equipment/engineering costs surged 226.51% YoY to CNY 3.341 billion). Simultaneously, the **Phase II Stage 2 Project of HT-Tech Nanjing Advanced Packaging and Testing Base, with a total investment of CNY 3 billion, officially topped out on September 21, 2026, and is expected to go into use in Q1 2027**.
4. SJ Semiconductor: Replacement of IPO Proceeds Completed for CNY 5.028 Billion; Synchronized Construction of Jiangyin CNY 9.8 Billion + Shanghai Lingang CNY 10 Billion Dual Bases
Facing short-term core material bottlenecks, SJ Semiconductor chose to lock in the high ground of 3DIC capacity for the next three years with counter-cyclical CNY 10-billion-class capacity expansions:
· IPO Proceeds Usage Progress Near 90%: The company's total IPO fundraising on the SSE STAR Market in April 2026 was CNY 5.028 billion (net CNY 4.779 billion), having completed the replacement of CNY 4.199 billion in prior self-raised funds in May. Overall investment progress is close to 90%, adding monthly capacity of 16,000 wafers for 3D multi-chip integration packaging, 80,000 wafers for Bumping, and 4,000 wafers for ultra-high density interconnection upon full operation.
· Full Commencement of CNY 19.8 Billion Dual Bases: The Phase I of the Jiangyin Multi-Layer Fine Line Width System Integration Packaging and Testing Project, with a total investment of CNY 9.8 billion, broke ground on May 12, 2026, aiming to consolidate the basic plate for scaled delivery of Bumping, WLP, and 2.5D; the Phase I of the Shanghai Lingang Dongsheng Hexin 3D Integrated Chip Manufacturing Project, with a total investment of CNY 10 billion, officially commenced construction on June 29, 2026, specializing in scaled mass production of micro-bumps and Hybrid Bonding 3DIC (All-Weather Tech).
5. Forehope Electronic: Ningbo Phase II CNY 10 Billion Fixed Asset Ramp-Up + CNY 10.3 Billion Phase III Relay + CNY 2.1 Billion Malaysia Penang Overseas Expansion
Forehope Electronic is in the peak investment period of leaping from a "mid-sized emerging player" to a "CNY 10-billion-class high-end packaging group":
· Ningbo Phase II (CNY 11.1 Billion) Capacity Accelerating Release: Period-end fixed assets reached CNY 10.149 billion, and Construction in Progress increased 47.45% from the beginning of the year to CNY 2.407 billion. Monthly Bumping capacity is sprinting towards the target of 45,000 wafers/month by the end of 2026 from 30,000 wafers/month (Investor Relations Activity Record Sheet).
· Dual Layout of Ningbo Phase III (CNY 10.3 Billion) and Malaysia Penang Base (CNY 2.1 Billion): In July 2026, the shareholder meeting approved the **CNY 10.3 billion Phase III Project for High-End IC Packaging and Testing** (constructed in stages over 8 years, adding BUMP, 2.5D, and FC); simultaneously, the company initiated an investment in January 2026 to **build a new SiP and advanced packaging and testing base in Penang, Malaysia, with an investment not exceeding CNY 2.1 billion**. By the end of June, overseas assets leaped to CNY 0.951 billion, directly serving overseas supply chain demands of large customers in Europe, the US, and Taiwan (Securities Star).
IV. Outlook: Market Cap, Scale, and Profit Quality Will Be Re-Priced
Looking back and forward from the node of the Q3 2026 reports, mainland China's semiconductor packaging and testing industry is undergoing a deep evolution from a "scale ranking race" to a three-dimensional resonance of "Technology Positioning + Supply Chain Availability + Depreciation Absorption Capacity." Synthesizing the latest financial data and industrial evolution脉络 (threads) of the five companies, the industry's trajectory over the next 1-2 years will revolve around the following four core mainlines:
· Distinguishing the "Real Anchor" Between Apparent Net Profit Attributable to Parent and Core Non-Recurring Profit: Q3 2026 again proved that fair value changes of financial assets can push TFME's book net profit attributable to parent for the first three quarters to CNY 3.061 billion (non-recurring gains/losses +CNY 1.683 billion), while also causing HT-Tech to appear to have a 9.19% YoY decline in single-quarter net profit attributable to parent (CNY 0.287 billion, single-quarter non-recurring gains/losses -CNY 0.106 billion) despite a 230.82% surge in non-recurring net profit (CNY 0.393 billion); furthermore, Forehope Electronic' single-quarter share-based payment expense of CNY 34.2458 million for the employee stock ownership plan directly caused an apparent turn from profit to loss (excluding this, single-quarter profit was CNY 25.2803 million, +48.38% QoQ). Therefore, QoQ growth rate of net profit attributable to parent after deducting non-recurring items, slope of single-quarter gross margin, and net cash flow from operating activities are the golden yardsticks for penetrating accounting noise and measuring the true operating cycle of packaging factories.
· Insight into the Supply Chain Game of AI Computing Packaging Moving from "Availability" to "Material Availability Rate": Despite holding an 85% domestic market share in 2.5D packaging, top-tier technology for 3.3x Reticle Silicon Interposers, and 6x Reticle Silicon Bridges, SJ Semiconductor still experienced fluctuations in Q3 with single-quarter revenue declining 8.33% YoY and non-recurring net profit declining 47.24% YoY due to tight supply of upstream core materials (HBM and accompanying core main materials). This signal profoundly reveals that in the field of high-end AI Chiplet co-packaging, a packaging factory's performance realization depends not only on its own production line yield but is highly constrained by the global supply chain availability rate of downstream computing large customers' HBM, CoWoS/2.5D Silicon Interposers, and high-end ABF substrates. In contrast, JCET with diversified customer structure and TFME deeply bound with AMD's mature supply chain demonstrate stronger resilience in order scheduling smoothness.
· Valuing the "Second Growth Pole" Built by Domestic Memory (LPDDR6/NAND) and Automotive Power: Beyond AI computing, the entry of domestic DRAM and NAND into new technology cycles is becoming an unexpected catalyst engine for the packaging sector. HT-Tech was the first to secure CXMT's LPDDR6 mass production orders and completed the CNY 2.996 billion acquisition and transfer of Huayi Microelectronics power devices. JCET and TFME invested heavily in expanding high-density memory packaging capacity with CNY 1.851 billion and CNY 0.888 billion respectively in their private placements. Combined with full production of automotive electronics smart driving and cockpit chip packaging, this provides a "safety cushion" independent of overseas cloud capital expenditure fluctuations for domestic-focused packaging leaders.
· Facing the "Depreciation Stress Test" After CNY 100 Billion Capacity Expansion Transfers to Fixed Assets in 2027-2028: With JCET raising its 2026 investment plan to CNY 18.2 billion, TFME doubling Construction in Progress to CNY 6.173 billion, SJ Semiconductor commencing CNY 19.8 billion dual bases, and Forehope Electronic breaking CNY 10 billion in fixed assets and planning a CNY 10.3 billion Phase III, the industry will face a massive test of new depreciation in 2027-2028. At that time, the valuation pricing of the five companies will thoroughly differentiate: JCET represents globalized full-spectrum scale and steady profit realization; TFME represents binding with top-tier computing large customers and high performance elasticity; HT-Tech represents breakthroughs in domestic memory (LPDDR6), vertical integration of automotive power, and cycle reversal; SJ Semiconductor represents the highest technical purity in 2.5D/3DIC and the option for performance repair after core material relief; while Forehope Electronic represents the growth sharpness of breaking through from the depreciation ramp-up of its CNY 10 billion Phase II to 2.5D computing packaging, supported by the base of edge-side AI + RF/Automotive. Only those companies that first convert high amounts of Construction in Progress into high-margin, high-utilization-rate, and high-cash-flow effective capacity will win the final valuation premium in the reshaping of the new packaging landscape.
References:
1. Jiangsu Changjiang Electronics Technology Co., Ltd.: "JCET: Q3 2026 Report", Shanghai Stock Exchange Announcement, 2026-10-23. 2. Tongfu Microelectronics Co., Ltd.: "TFME: Q3 2026 Report", Shenzhen Stock Exchange Announcement, 2026-10-30. 3. Tianshui Hua Tian Technology Co., Ltd.: "HT-Tech: Q3 2026 Report", Shenzhen Stock Exchange Announcement, 2026-10-31. 4. SJ Semiconductor Co., Ltd.: "SJ Semi: Q3 2026 Report", Shanghai Stock Exchange SSE STAR Market Announcement, 2026-10-28. 5. Forehope Electronic (Ningbo) Co., Ltd.: "Forehope Electronic: Q3 2026 Report", Shanghai Stock Exchange SSE STAR Market Announcement, 2026-10-28