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Yongsi Electronics (甬矽电子)甬矽电子

688362.SSReviewed 2026-08-30

Yongsi Electronics (甬矽电子, 688362.SH), based in Ningbo's Yuyao district, is a packaging and test house founded in 2017 that works exclusively in mid- and high-end advanced packaging such as SiP, flip-chip and wafer-level products. Revenue grew from RMB 3.61 billion in FY2024 to RMB 4.40 billion in FY2025.

Scale

~$611.9Mrevenue FY2025 · CNY 4.4B
~$3.4Bmarket cap · 2026-10-04
About 5,700 employees (derived from disclosed 1,025 R&D staff at 17.89% of workforce)employees · 2024

Gap vs frontier

Close behindsector position

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

Yongsi Electronics (甬矽电子): close behind tier in Assembly & test (OSAT), ~$611.9M 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 84% since FY2023

Growth prospects

Expanding customer base and product roadmap

via forehope-elec.com ↗Founded in November 2017 in Ningbo (registered in the Sino-Italian Ningbo Ecological Park, Yuyao, Zhejiang); reached mass production in June 2018; ac…via cls.cn ↗Listed on the Shanghai Stock Exchange STAR Market on November 16, 2022 (688362.SH) at a debut market value of about RMB 12.2 billion; the IPO planned…

China competition

Competes with JCET, Huatian, SJ Semiconductor, China Wafer Level CSP in Assembly & test — peers listed at sector level.

Close behind

Global comparables

Global reference set: ASE, Amkor, JCET.

ASE (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 disclosure) ↗

All sourced facts (7)
  • Founding and HQ: Founded in November 2017 in Ningbo (registered in the Sino-Italian Ningbo Ecological Park, Yuyao, Zhejiang); reached mass production in June 2018; actual controller Wang Shunbo (王顺波). via forehope-elec.com ↗
  • Listing: Listed on the Shanghai Stock Exchange STAR Market on November 16, 2022 (688362.SH) at a debut market value of about RMB 12.2 billion; the IPO planned to raise RMB 1.5 billion, mostly for a high-density SiP RF module packaging project. via cls.cn ↗
  • FY2024 results: Revenue of RMB 3.61 billion in 2024, up 50.96% YoY, with a return to annual profit of about RMB 67 million; packaging output reached 5.19 billion units, up about 45%; gross margin recovered to 17.33%. via static.cninfo.com.cn ↗
  • FY2025 results: Revenue of RMB 4.40 billion in 2025, up 21.87% YoY; net profit attributable of RMB 81.7 million (+23.22%), while the non-recurring-adjusted result remained a loss of RMB 46.9 million. via money.finance.sina.com.cn ↗
  • End markets and customers: AIoT applications are close to 70% of revenue; RF front-end customers have included Vanchip (唯捷创芯) and Shenzhen Feixin (飞骧); automotive electronics (vehicle CIS, smart cockpit) is a growing segment; wafer-level packaging revenue rose 603.85% in 2024 to RMB 106 million. via static.cninfo.com.cn ↗
  • Phase-three project: On June 26, 2026 the company announced a microelectronics high-end IC packaging and test phase-three project in Yuyao with total investment of RMB 10.3 billion, a 96-month phased build covering bumping, 2.5D/3D, flip-chip and wire-bond lines including FC-BGA. via cls.cn ↗
  • Employees: About 5,700 employees at end-2024, including 1,025 R&D staff (17.89% of the workforce). via static.cninfo.com.cn ↗

About

Provides IC packaging and test services — SiP modules, flip-chip, QFN/BGA, bumping and CP/FT test — to fabless designers in RF front-end, AIoT, smartphone and automotive electronics, with overseas clients contributing about 17% of 2024 revenue.

Why it matters

It is the most aggressive capacity builder among China's post-2015 OSAT entrants, and its June 2026 announcement of an RMB 10.3 billion phase-three project targeting 2.5D/3D, bumping and FC-BGA lines places it at the center of domestic advanced packaging for AI chips.

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

  • System-in-package (SiP) for RF front-end and connectivity modules
  • Flip-chip (FC), QFN/BGA and wafer-level packaging, with bumping, CP and FT test
  • New lines in build-out2.5D/3D stacking, FC-BGA and automotive-electronics packaging

Financials

688362.SS · Shanghai STAR Market 688362.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 2.39BRMB -0.09B
2023
RMB 3.61BRMB 0.07B
2024
RMB 4.4BRMB 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

  • ASE (Taiwan)
  • Amkor Technology (US)

Competitive position

  • The largest of mainland China's post-2015 OSAT entrants by revenue, though still far smaller than JCET (长电科技), TFME (通富微电) and Huatian (华天科技)
  • Advanced packaging defined the company from inception — SiP and flip-chip products were about 65% of revenue at end-2021
  • Not assessable from available signals.
  • Global comparables: ASE (Taiwan)
  • Global comparables: Amkor Technology (US)

Milestones and signals

  • 2022—Listed on the Shanghai Stock Exchange STAR Market on November 16, 2022 (688362.SH) at a debut mar…
  • 2024—FY2024 Packaging Output: CNY 5.19 billion units (+45% YoY)
  • 2026—Phase-Three Project Investment: RMB 10.3 billion announced June 2026
  • 2026-10-04—Market cap: RMB 24.6B
  • FY2025—Revenue: RMB 4.4B

What to watch

  • Execution of the RMB 10.3 billion phase-three advanced packaging campus announced in June 2026
  • Conversion of reported overseas major-customer wins into sustained adjusted profitability
  • Margin trajectory as heavy new-capacity depreciation lands

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

The largest of mainland China's post-2015 OSAT entrants by revenue, though still far smaller than JCET (长电科技), TFME (通富微电) and Huatian (华天科技).

Open questions

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