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Changchuan Technology (长川科技)长川科技

300604Founded 2008Hangzhouhzcctech.comReviewed 2026-08-30

Hangzhou back-end test-equipment leader founded April 2008, listed on ChiNext in April 2017 (300604.SZ), making IC testers, handlers and probe stations; it acquired Singapore-based STI (AOI-related test business) to broaden its overseas footprint. FY2025 revenue was RMB 5.29B (+45.31% YoY) with net profit up about 190%, led by testers at RMB 3.20B (+55.29%, 60.53% of revenue, 62.25% gross margin).

Scale

~$736.2Mrevenue FY2025 · CNY 5.3B
~$21.5Bmarket cap · 2026-10-04
4,457 (1,941 parent + 2,516 subsidiaries)employees · 2025

Gap vs frontier

—gap not quantified

Changchuan Technology (长川科技).

Company at a glance

Scale

Revenue up 198% since FY2023

Growth prospects

Expanding customer base and product roadmap

via pdf.dfcfw.com ↗Revenue RMB 5.29B (+45.31% YoY); net profit up about 190% YoY; testers RMB 3.20B (+55.29%), handlers RMB 1.57B; machine products were 90.17% of total…via hzcctech.com ↗IC packaging/test companies, wafer fabs and chip designers; JCET (长电科技) among named customers; STI (Singapore) acquired for AOI test capabilities

Official filings: FY2025 annual report (SZSE disclosure) ↗

All sourced facts (7)
  • Listing status: Shenzhen Stock Exchange · 300604 · A-share (ChiNext)
  • Founded / HQ: 2008-04, Hangzhou; branches in Neijiang, Changsha, Hefei and others via hzcctech.com ↗
  • Listing: Shenzhen ChiNext, 300604.SZ, 2017-04-17 via hzcctech.com ↗
  • FY2025 results: Revenue RMB 5.29B (+45.31% YoY); net profit up about 190% YoY; testers RMB 3.20B (+55.29%), handlers RMB 1.57B; machine products were 90.17% of total revenue via pdf.dfcfw.com ↗
  • Customers: IC packaging/test companies, wafer fabs and chip designers; JCET (长电科技) among named customers; STI (Singapore) acquired for AOI test capabilities via hzcctech.com ↗
  • Export-control status: Not identified among the A-share companies named in media tallies of the December 2024 US Entity List additions (test peer Accotest/华峰测控 was added instead) via wabei.cn ↗
  • 2026 momentum: Q1 2026 net profit rose 217% YoY; management indicated 2026 revenue should keep growing at a high rate on order momentum via stcn.com ↗

About

Sells testers as the anchor product with handlers and probe stations attached as a full back-end line into OSATs, wafer fabs and fabless test floors; heavy R&D (23.97% of FY2025 revenue) targets digital/SoC test, tri-temperature probe stations and tri-temperature handlers.

Hangzhou · Founded 2008 · Ticker 300604

Why it matters

Changchuan is the scale domestic challenger to Teradyne and Advantest in China's back-end test market, with FY2025 revenue growth of 45% and 2026 Q1 net profit up another 217%, making it the largest pure-play Chinese IC test equipment vendor by revenue.

Where it sits in the stack

equipment

Key semiconductor products

  • IC test systems·SoC/digital testers; core product at 60.53% of FY2025 revenue
  • Tri-temperature test handlers
  • Tri-temperature probe stations
  • AOI and related test automation·via STI, Singapore
  • Semiconductor test equipment

Financials

300604.SZ · Shenzhen Stock Exchange ChiNext 300604.SZ · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 1.78BRMB 0.05B
2023
RMB 3.64BRMB 0.46B
2024
RMB 5.29BRMB 1.33B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Ecosystem

Global peer set

  • Teradyne (IC test)
  • Advantest (IC test)
  • Cohu (handlers/test cell integration)

Competitive position

  • Largest domestic pure-play back-end test equipment vendor; FY2025 revenue RMB 5.29B with testers at 62.25% gross margin
  • Testers act as the anchor sale with handlers and probe stations attached, per management commentary on Chinese test-floor purchasing patterns
  • R&D intensity of 23.97% of FY2025 revenue supports push into high-end digital test and tri-temperature stations
  • Import substitution in semiconductor test equipment; adoption bottleneck is fab/OSAT qualification for production-grade use.
  • Global comparables: Teradyne (IC test)
  • Global comparables: Advantest (IC test)
  • Global comparables: Cohu (handlers/test cell integration)

Milestones and signals

  • 2008—Changchuan Technology (长川科技) was founded.
  • 2025—Employees At End-2025: CNY 4,457 (1,941 parent + 2,516 subsidiaries)
  • 2026-10-04—Market cap: RMB 155B
  • FY2025—Revenue: RMB 5.3B
  • FY2025—Net Profit: RMB 1.3B
  • Listing—Shenzhen Stock Exchange · 300604 · A-share (ChiNext)

What to watch

  • Sustained order flow into 2026 after Q1 net profit +217% YoY
  • High-end digital tester qualification at leading OSATs versus imported fleets
  • Capacity ramp of the Hangzhou high-end intelligent manufacturing base referenced in its 2025 refinancing review

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Largest domestic pure-play back-end test equipment vendor; FY2025 revenue RMB 5.29B with testers at 62.25% gross margin.

Open questions

  • Which products are qualified beyond pilots in equipment?
  • Which customers, fabs, or end markets show real adoption rather than policy interest?