Company at a glance
Scale
Revenue up 114% since FY2023
Growth prospects
Expanding customer base and product roadmap
via static.cninfo.com.cn ↗Revenue of RMB 1.08 billion in 2024, up 46.21% YoY; net profit attributable of RMB 128 million, up 8.67% YoY; the Wuxi phase-three main building topp…via file.finance.sina.com.cn ↗Revenue of RMB 1.58 billion in 2025, up 46.22% YoY, of which test services contributed RMB 1.49 billion (94.91% of revenue); net profit attributable …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.
King Yuan Electronics (KYEC, 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 (CNINFO PDF) ↗ · FY2025 annual report (Sina PDF) ↗
All sourced facts (7)
- Listing status: Shanghai Stock Exchange STAR Market (科创板) · 688372 · A-shares
- Founding and HQ: Founded in 2016, headquartered at 38 Dongsheng Road, Pudong New Area, Shanghai; full name Shanghai V-Test Semiconductor Tech Co., Ltd. (上海伟测半导体科技股份有限公司). via v-test.com.cn ↗
- Listing: Listed on the Shanghai Stock Exchange STAR Market on October 26, 2022 (688372.SH). via v-test.com.cn ↗
- Network build-out: Test centers were added in Wuxi (2020), Nanjing (2021), Shenzhen (2023) and Tianjin (2024), with a Weisi Semiconductor subsidiary opened in 2025 and R&D centers in Shanghai and Tianjin; the company held more than 190 patents. via v-test.com.cn ↗
- FY2024 results: Revenue of RMB 1.08 billion in 2024, up 46.21% YoY; net profit attributable of RMB 128 million, up 8.67% YoY; the Wuxi phase-three main building topped out in December 2024. via static.cninfo.com.cn ↗
- FY2025 results: Revenue of RMB 1.58 billion in 2025, up 46.22% YoY, of which test services contributed RMB 1.49 billion (94.91% of revenue); net profit attributable of RMB 303 million, up 136.45% YoY; 2,673 employees at year-end. via file.finance.sina.com.cn ↗
- Service scope: Services span test-program development, CP wafer test, FT final test, system-level test (SLT), burn-in, In Tray Mark, Lead Scan and AOI inspection, covering high-compute chips (CPU, GPU, AI, FPGA), advanced-architecture and advanced-packaging chips (SoC, Chiplet, SiP) and high-reliability automotive and industrial devices. via v-test.com.cn ↗
About
Sells test capacity and test-program development to fabless and IDM customers, spanning high-compute chips (CPU, GPU, AI accelerators, FPGA), SoC/Chiplet/SiP devices and automotive- and industrial-grade high-reliability parts.
Ticker 688372
Why it matters
Independent test is a bottleneck segment of China's chip supply chain; V-Test's 46% revenue growth in 2025 and its Wuxi phase-three buildout measure how fast domestic compute-chip test demand is scaling.
Where it sits in the stack
Key semiconductor products
- Wafer test (CP) and final test (FT) for logic and mixed-signal devices
- System-level test (SLT), burn-in and ancillary services·marking, lead scan, AOI
- Test programs for high-compute chipsCPU, GPU, AI accelerators, FPGA, SoC, Chiplet and SiP packages
- Semiconductor testing services
Financials
688372.SS · Shanghai STAR Market 688372.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
- King Yuan Electronics (KYEC, Taiwan)
- Sigurd Microelectronics (Taiwan)
Competitive position
- Described in its FY2025 annual report as a head-tier independent third-party test provider in mainland China, expanding capacity alongside integrated OSAT test arms
- Benchmarked internationally against Taiwan's KYEC and Sigurd, and domestically against Liyang Chip (利扬芯片) and Hualing (华岭股份)
- Dependence on external ATE equipment and probe/interface hardware; capability ceiling set by available test platforms and customer qualifications.
- Global comparables: King Yuan Electronics (KYEC, Taiwan)
- Global comparables: Sigurd Microelectronics (Taiwan)
Milestones and signals
- 2025—Headcount: CNY 2,673 employees (548 parent, 2,125 subsidiaries)
- 2026-10-04—Market cap: RMB 16.9B
- FY2025—Revenue: RMB 1.6B
- FY2025—Net Profit: RMB 303M
- Listing—Shanghai Stock Exchange STAR Market (科创板) · 688372 · A-shares
What to watch
- Ramp of Wuxi phase-three capacity against AI and GPU test demand
- Margin trajectory after net profit rose 136.45% in 2025
- Test pricing as additional third-party capacity comes online across the industry
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Described in its FY2025 annual report as a head-tier independent third-party test provider in mainland China, expanding capacity alongside integrated OSAT test arms.
Open questions
- Which products are qualified beyond pilots in OSAT?
- Which customers, fabs, or end markets show real adoption rather than policy interest?