Company at a glance
Scale
Revenue up 47% since FY2023
Growth prospects
Expanding customer base and product roadmap
via time-weekly.com ↗Semiconductor ultrasonic-equipment revenue reached CNY 46.93 million in 2024, up 196% year over yearvia vzkoo.com ↗Revenue grew 32.4% in 2025 with gross margin rising to 63.43%, aided by high-margin accessories and semiconductor/harness businessesOfficial filings: 2025 annual report (CNINFO) ↗
All sourced facts (8)
- Listing status: Shanghai Stock Exchange STAR Market (科创板) · 688392 · A-share
- Founded: February 2007, Shanghai (Minhang district); core technology team from Shanghai Jiao Tong University; MIIT 'specialized little giant' enterprise via sbt-sh.com ↗
- Listing: Shanghai STAR Market, 688392.SS, September 2022 via futunn.com ↗
- CATL relationship: Ultrasonic rolling-weld machines supplied to CATL for lithium-battery tab welding, where ultrasonic welding offers energy-saving advantages and is difficult to replace via cloud.tencent.com ↗
- Semiconductor equipment breakout: Semiconductor ultrasonic-equipment revenue reached CNY 46.93 million in 2024, up 196% year over year via time-weekly.com ↗
- Semiconductor product line: Aluminum-wire and copper-wire ultrasonic bonders, ultrasonic terminal welders, pin welders and ultrasonic scanning microscopes; global wire-bonding is led by K&S and ASMPT with Germany's Hesse leading ultrasonic precision bonding via static.cninfo.com.cn ↗
- FY2025 performance: Revenue grew 32.4% in 2025 with gross margin rising to 63.43%, aided by high-margin accessories and semiconductor/harness businesses via vzkoo.com ↗
- Q1 2026: Revenue of about CNY 200 million, up 34%, with net profit of CNY 50.3 million, up about 113% via wap.hibor.com.cn ↗
About
Designs and sells ultrasonic equipment, tooling and spare parts plus integrated solutions, with recurring accessories revenue; serves battery makers, automotive and appliance harness suppliers, and power-semiconductor/IGBT module manufacturers.
Shanghai · Founded 2007 · Ticker 688392
Why it matters
Jiaocheng demonstrates how a domestic battery-equipment specialist is leveraging ultrasonic process know-how into semiconductor die- and wire-bonding tools, a segment dominated by K&S, ASMPT and Germany's Hesse. Its 63% gross margin and fast semiconductor growth make it a credible domestic challenger in back-end power-module assembly equipment.
Where it sits in the stack
Key semiconductor products
- Automotive wire-harness, terminal and pin ultrasonic welders
- Ultrasonic scanning microscopes·acoustic inspection
- Welding accessories, tooling and monitoring systems
- Ultrasonic equipment and systems·specific categories pending confirmation
Financials
688392.SS · Shanghai STAR Market 688392.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
- Kulicke & Soffa (K&S)
- ASMPT
- Hesse Mechatronik
- Schunk
- Telsonic
- Branson (Emerson)
Competitive position
- Leading domestic supplier of ultrasonic welding equipment to Chinese battery makers including CATL
- Domestic challenger in ultrasonic wire bonding for IGBT/power modules, a niche led globally by Hesse with the broader wire-bond market led by K&S and ASMPT
- Power-semiconductor customers include Zhenhua Technology and CRRC Times Electric
- Unclear; depends on whether ultrasonic tools target production-critical semiconductor manufacturing or packaging steps.
- Global comparables: Kulicke & Soffa (K&S)
- Global comparables: ASMPT
- Global comparables: Hesse Mechatronik
- Global comparables: Schunk
Milestones and signals
- 2007—Jiaocheng Ultrasonic (骄成超声) was founded.
- 2026-10-04—Market cap: RMB 18.1B
- FY2025—Revenue: RMB 774M
- FY2025—Net Profit: RMB 118M
- Listing—Shanghai Stock Exchange STAR Market (科创板) · 688392 · A-share
What to watch
- Conversion of semiconductor bonder orders into volume shipments at automotive-grade IGBT/SiC module makers
- Battery-equipment demand cyclicality as CATL and peers adjust capacity
- Gross-margin durability as the mix shifts toward equipment over accessories
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Leading domestic supplier of ultrasonic welding equipment to Chinese battery makers including CATL.
Open questions
- Which products are qualified beyond pilots in equipment?
- Which customers, fabs, or end markets show real adoption rather than policy interest?