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Qipai Technology (气派科技)气派科技

688216Reviewed 2026-08-30

Qipai Technology (气派科技, 688216.SH), founded in Shenzhen in 2006 with main operations in Dongguan, is a small-to-mid packaging and test house centered on traditional and mid-range formats such as SOP, SOT, DFN/QFN and DIP/QFP, plus its self-defined CPC package family. It has recorded net losses each year from 2022 through 2025 as pricing in mature packaging stayed weak.

Scale

~$107Mrevenue FY2025 · CNY 0.8B
~$602.9Mmarket cap · 2026-10-04

Gap vs frontier

Close behindsector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

Qipai Technology (气派科技): close behind tier in Assembly & test (OSAT), ~$107M FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
Assembly & test · Close behind
4 · EquipmentMachines inside the plants
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Revenue up 39% since FY2023

Growth prospects

Expanding customer base and product roadmap

via static.cninfo.com.cn ↗Revenue of RMB 666.6 million in 2024, up 20.25% YoY; net loss attributable of RMB 102.1 million; about 10.57 billion packages sold during the year.via static.cninfo.com.cn ↗Revenue of RMB 769 million in 2025, up 15.34% YoY; net loss attributable narrowed to RMB 75.4 million.

China competition

Competes with JCET, Tongfu Microelectronics, Huatian, SJ Semiconductor in Assembly & test — peers listed at sector level.

Close behind

Global comparables

Global reference set: ASE, Amkor, JCET.

UTAC (Singapore)

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 (CNINFO PDF) ↗ · FY2025 annual report (CNINFO PDF) ↗

All sourced facts (7)
  • Listing status: Shanghai Stock Exchange · 688216 · A-share (STAR Market)
  • Founding and HQ: Founded in 2006 in Shenzhen (registered in Longgang District; main operations in Shipai, Dongguan); chairman Liang Dazhong (梁大钟). via chippacking.com ↗
  • Listing: Listed on the Shanghai Stock Exchange STAR Market on June 23, 2021 (688216.SH), issuing 26.57 million new shares for a post-ITO total of 106.27 million shares. via sse.com.cn ↗
  • FY2024 results: Revenue of RMB 666.6 million in 2024, up 20.25% YoY; net loss attributable of RMB 102.1 million; about 10.57 billion packages sold during the year. via static.cninfo.com.cn ↗
  • FY2025 results: Revenue of RMB 769 million in 2025, up 15.34% YoY; net loss attributable narrowed to RMB 75.4 million. via static.cninfo.com.cn ↗
  • Loss history: Net losses attributable of RMB 58.6 million (2022), RMB 131.0 million (2023), RMB 102.1 million (2024) and RMB 75.4 million (2025), attributed in exchange filings to market pricing plus phase-two fixed-asset depreciation and loan interest. via money.finance.sina.com.cn ↗
  • Package portfolio: Product mix is anchored in SOP, SOT, DFN/QFN and other traditional formats, alongside the self-defined CPC series of small-outline packages reflow- and wave-solderable. via static.cninfo.com.cn ↗

About

Sells IC packaging and test services for consumer, industrial and communication chips, competing on cost in high-volume traditional formats and on its proprietary CPC small-outline packages that blend SOP and QFN characteristics.

Ticker 688216

Why it matters

It illustrates the economics of China's long tail of mature-node OSATs: revenue is recovering — up 15.34% in 2025 — but phase-two depreciation and interest costs keep the bottom line negative.

Where it sits in the stack

Manufacturing

Assembly & test (OSAT)

Close behind

High-end package complexity, global customer mix, test equipment access, and advanced substrate supply.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • Traditional through-hole and surface-mount packagesDIP, SOP, SOT and QFP
  • DFN/QFN leadless mid-density packages
  • Proprietary CPC series small-outline packages combining SOP and QFN advantages

Financials

688216.SS · Shanghai STAR Market 688216.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 0.55BRMB -0.13B
2023
RMB 0.67BRMB -0.1B
2024
RMB 0.77BRMB -0.08B
2025

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

Ecosystem

Global peer set

  • UTAC (Singapore)
  • ASE (Taiwan)

Competitive position

  • A volume player in mature package formats, far smaller than JCET (长电科技), TFME (通富微电) and Huatian (华天科技), competing with regional mid-tier OSATs mainly on price
  • Limited advanced-packaging exposure, which constrains upside in the AI-driven advanced packaging cycle
  • OSAT layer is relevant to domestic chip supply chain; specific bottleneck (equipment, substrates, test capacity) not documented.
  • Global comparables: UTAC (Singapore)
  • Global comparables: ASE (Taiwan)

Milestones and signals

  • 2024—FY2024 Package Sales Volume: CNY About 10.57 billion units
  • 2026-10-04—Market cap: RMB 4.3B
  • FY2025—Revenue: RMB 769M
  • FY2025—Net Profit: RMB -75.4M
  • Listing—Shanghai Stock Exchange · 688216 · A-share (STAR Market)

What to watch

  • Progress toward breakeven as consumer and driver-IC packaging orders recover
  • Fixed-cost drag from phase-two plant depreciation and loan interest
  • Any migration up the value chain toward automotive- and industrial-grade DFN/QFN sockets

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

A volume player in mature package formats, far smaller than JCET (长电科技), TFME (通富微电) and Huatian (华天科技), competing with regional mid-tier OSATs mainly on price.

Open questions

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