Company at a glance
Scale
Revenue up 44% since FY2023
Growth prospects
Expanding customer base and product roadmap
via money.finance.sina.com.cn ↗Customers are global display-driver IC design firms including Novatek (联咏), Fitipower (天钰), Raydium (瑞鼎), Himax (奇景光电), Ilitek (奕力) and Chipone (集创北方…via time-weekly.com ↗Revenue surpassed RMB 1.50 billion in 2024, up 21.22% YoY — a sixth consecutive year of double-digit growth — while net profit attributable declined …China competition
Competes with JCET, Tongfu Microelectronics, Huatian, SJ Semiconductor in Assembly & test — peers listed at sector level.
Close behindGlobal comparables
Global reference set: ASE, Amkor, JCET.
Chipbond Technology (Taiwan)Technical gap
Sector rated close behind vs the frontier.
Obstacles
Sector bottleneck applies
High-end package complexity, global customer mix, test equipment access, and advanced substrate supply.Official filings: FY2024 annual report (Sina disclosure) ↗ · FY2025 annual report summary (CNINFO PDF) ↗ · 2024 convertible bond prospectus (CNINFO PDF) ↗
All sourced facts (7)
- Founding and HQ: Company history traces to August 2011; listed entity Hefei Xinhuicheng Microelectronics Co., Ltd. (合肥新汇成微电子股份有限公司), headquartered in Hefei, Anhui, with subsidiary Jiangsu Huicheng in Yangzhou. via cs.com.cn ↗
- Listing: Listed on the Shanghai Stock Exchange STAR Market in August 2022 (688403.SH). via dataclouds.cninfo.com.cn ↗
- Customers and end markets: Customers are global display-driver IC design firms including Novatek (联咏), Fitipower (天钰), Raydium (瑞鼎), Himax (奇景光电), Ilitek (奕力) and Chipone (集创北方); packaged chips are used in panels from BOE (京东方) and AU Optronics (友达光电). via money.finance.sina.com.cn ↗
- FY2024 results: Revenue surpassed RMB 1.50 billion in 2024, up 21.22% YoY — a sixth consecutive year of double-digit growth — while net profit attributable declined about 18% to roughly RMB 160 million on higher depreciation. via time-weekly.com ↗
- FY2025 results: Revenue of RMB 1.78 billion in 2025, up 18.79% YoY; net profit of RMB 154.7 million, down 3.15% YoY on cost growth. via money.finance.sina.com.cn ↗
- Employees: 1,559 employees at end-2024 (926 at the Hefei parent, 633 at the Yangzhou subsidiary), rising to 1,588 at end-2025. via money.finance.sina.com.cn ↗
- Capacity expansion: A May 2024 convertible bond funds a 12-inch display-driver packaging expansion adding gold-bumping and CP test capacity at the existing Hefei campus. via dataclouds.cninfo.com.cn ↗
About
Sells full-process display-driver packaging and test to leading driver-IC designers — Novatek, Fitipower, Raydium, Himax, Ilitek and Chipone — whose chips go into panels from makers such as BOE and AU Optronics; overseas clients contributed 54.15% of 2024 revenue.
Why it matters
As AMOLED driver fabrication localizes in mainland China, Huicheng's bumping-to-packaging span and its 12-inch Hefei capacity make it a core beneficiary of that shift, and it is now extending into CuNiAu/PdAu bumps and memory-chip packaging.
Where it sits in the stack
Key semiconductor products
- Gold bumping (金凸块) front-end manufacturing, extending into CuNiAu and palladium-gold bump processes
- Wafer test (CP) for display-driver chips
- COG glass flip-chip and COF film flip-chip packaging
- Memory-chip packaging·expansion area
Financials
688403.SS · Shanghai STAR Market 688403.SS · via Yahoo Finance ↗
Financial trajectory via annual filings via Yahoo Finance
RMB billionsMarket data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.
Ecosystem
Global peer set
- Chipbond Technology (Taiwan)
- ChipMOS Technologies (Taiwan)
Competitive position
- One of the few mainland OSATs operating both 8-inch (Yangzhou) and 12-inch (Hefei) display-driver full-process lines, competing directly with Chipmore (颀中科技) and Taiwan's Chipbond and ChipMOS
- Direct customers are predominantly fabless driver-IC designers, with more than half of revenue from overseas clients in 2024
- Not assessable from current signals.
- Global comparables: Chipbond Technology (Taiwan)
- Global comparables: ChipMOS Technologies (Taiwan)
Milestones and signals
- 2022—Listed on the Shanghai Stock Exchange STAR Market in August 2022 (688403.SH).
- 2024—FY2024 Overseas Revenue Share: CNY 54.15% of revenue
- 2025—Headcount: CNY 1,588 employees
- 2026-10-04—Market cap: RMB 21.0B
- FY2025—Revenue: RMB 1.8B
What to watch
- FY2026 first-half net profit fell 94.78% YoY to RMB 5.0 million even as revenue grew 10.67%, flagging cost absorption on new capacity
- Reported preparation of a Hong Kong H-share listing
- Ramp of 12-inch capacity funded by the 2024 convertible bond and rising AMOLED driver mix
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
One of the few mainland OSATs operating both 8-inch (Yangzhou) and 12-inch (Hefei) display-driver full-process lines, competing directly with Chipmore (颀中科技) and Taiwan's Chipbond and ChipMOS.
Open questions
- Which products are qualified beyond pilots in OSAT?
- Which customers, fabs, or end markets show real adoption rather than policy interest?