Chinese semiconductor industry

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paiemon

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european_guy said:
Welcome to the forum!

After reading your well explained post I am even more convinced that Americans think of themselves they can ban / limit practically anything they want in US and outside US, they just have to "tweak" some parameter in some US regulation, and they honestly think to fully control the world. And actually the history of the last decades proved them right. So here is my question to you.

Considering that China is quickly developing their localized semiconductor supply chain, and considering that at the moment US still controls directly or indirectly the world semiconductor chain outside of China (or at least they think they do, it does not matter if is real or not), why they wait so much to fully ban semi equipment companies to sell in China? This is something that is probably going to happen anyhow (Chinese fully expect this already and are preparing themselves for this), but the more the time passes, the more ineffective it will be.

So what is the main reason why it didn't happen so far?

My guess is because of lobbying, that in US is very powerful and can steer policy in one direction or in another. But I am an outsider and I would love to hear your opinion on this.
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Rightly or wrongly, the US believes their central role/contribution in those industries and supply chains allow them to regulate to a degree where they allow their content to end up in. To use an analogy, as an artist you create work that others may license freely, pay a royalty to integrate into their own works unpertubed. However, if you the artist believes others are using your work a way that is costing them $$ or damaging to them (e.g., making something offensive) you use the legal system to stop them from using your content. That is essentially what the US is doing with export controls. Because US content is so prevalent in almost every supply chain due to how the industry developed over the decades the tentacles spread all over the world. Due to a combination of inertia, industry consolidation, ease of adoption using US content was the fastest, cheapest and most cost effective approach.

One may wonder why this is only an issue now, after all export controls have been around for decades without much disruption. The goal of export controls has always been to balance commercial interests with broader security concerns. There is expected to be leakage, but the purpose was to provide industry with a predictable system for growing foreign sales while weeding out obvious no-no's (i.e., North Korea, Cuba, selling weapons to Russia, etc). US Commerce Department & DoD understood (and still does) that industry thrives on predictability, and the rules were established to promote 99% of dual-use commerce while blocking the obvious problem areas (e.g. the surgical scalpel approach). This allowed companies to grow, invest and sustain the industrial base/technological lead through their worldwide commercial success which in turn has spillover effects into national security (this sounds very similar to what China is doing). This was also understood by the political leaders at the time too, whatever their faults. System worked, everyone was more or less happy.

You are right there is alot of lobbying by companies to protect their business, that's just self-preservation since no company will take government restrictions willingly, especially if it costs them big $$$. But it was a generally accepted principle that punching your most successful industries in the face was not smart business nor smart national security. That was the simple successful lobbying argument which is quiet logical and ironically was Trumps own push-back against export control tightening in 2019 due to the fear it would lead to offshoring. The problem now is that the political class and their appointees have lost their sh!t, pardon my language and decided that in order to achieve their political goals, they are willing to throw leading successful companies under the bus. Basically they believe that companies have no choice but to take it to the face because they have to stay in the US to remain innovative and leading edge. Thus, the US DoD/Commerce Department have to scramble to come up with adjustments to appease the politician moods. That is why you see convoluted rules like the "uniquely capable of xyz" which are designed to appease politicians with the illusion of blocking exports while allowing industry enough loopholes to drive trucks through. Of course mirages fade over time hence the new rules.

Now that the system of predictability has been thrown out the window, to maintain their success going forward companies are going to have to make adjustments to minimize the impact of the ever unpredictable rules of commerce. You can't rip up decades of success overnight, but companies have gotten the message that for certain sensitive technologies if you want to be a global leader being heavily US centered isn't a good thing. There definitely will be strong local ecosystems and supply chains in key markets like China but I fully expect the American multinationals to continue to be strong industry players, they will just have de-Americanized and dispersed their assets as far as possible. After all, if American companies think relying on US content is a liability, why would any OUS country think differently if they had a choice?
 
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Pkp88

Junior Member
Registered Member
paiemon said:
Rightly or wrongly, the US believes their central role/contribution in those industries and supply chains allow them to regulate to a degree where they allow their content to end up in. To use an analogy, as an artist you create work that others may license freely, pay a royalty to integrate into their own works unpertubed. However, if you the artist believes others are using your work a way that is costing them $$ or damaging to them (e.g., making something offensive) you use the legal system to stop them from using your content. That is essentially what the US is doing with export controls. Because US content is so prevalent in almost every supply chain due to how the industry developed over the decades the tentacles spread all over the world. Due to a combination of inertia, industry consolidation, ease of adoption using US content was the fastest, cheapest and most cost effective approach.

One may wonder why this is only an issue now, after all export controls have been around for decades without much disruption. The goal of export controls has always been to balance commercial interests with broader security concerns. There is expected to be leakage, but the purpose was to provide industry with a predictable system for growing foreign sales while weeding out obvious no-no's (i.e., North Korea, Cuba, selling weapons to Russia, etc). US Commerce Department & DoD understood (and still does) that industry thrives on predictability, and the rules were established to promote 99% of dual-use commerce while blocking the obvious problem areas (e.g. the surgical scalpel approach). This allowed companies to grow, invest and sustain the industrial base/technological lead through their worldwide commercial success which in turn has spillover effects into national security (this sounds very similar to what China is doing). This was also understood by the political leaders at the time too, whatever their faults. System worked, everyone was more or less happy.

You are right there is alot of lobbying by companies to protect their business, that's just self-preservation since no company will take government restrictions willingly, especially if it costs them big $$$. But it was a generally accepted principle that punching your most successful industries in the face was not smart business nor smart national security. That was the simple successful lobbying argument which is quiet logical and ironically was Trumps own push-back against export control tightening in 2019 due to the fear it would lead to offshoring. The problem now is that the political class and their appointees have lost their sh!t, pardon my language and decided that in order to achieve their political goals, they are willing to throw leading successful companies under the bus. Basically they believe that companies have no choice but to take it to the face because they have to stay in the US to remain innovative and leading edge. Thus, the US DoD/Commerce Department have to scramble to come up with adjustments to appease the politician moods. That is why you see convoluted rules like the "uniquely capable of xyz" which are designed to appease politicians with the illusion of blocking exports while allowing industry enough loopholes to drive trucks through. Of course mirages fade over time hence the new rules.

Now that the system of predictability has been thrown out the window, to maintain their success going forward companies are going to have to make adjustments to minimize the impact of the ever unpredictable rules of commerce. You can't rip up decades of success overnight, but companies have gotten the message that for certain sensitive technologies if you want to be a global leader being heavily US centered isn't a good thing. There definitely will be strong local ecosystems and supply chains in key markets like China but I fully expect the American multinationals to continue to be strong industry players, they will just have de-Americanized and dispersed their assets as far as possible. After all, if American companies think relying on US content is a liability, why would any OUS country think differently if they had a choice?
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With the massive amount of capex in the US / Taiwan / Korea / Japan etc... not sure these equipment makers are really losing business with the China sanctions. The recent subsidies (CHIP act etc...) has offset potential future losses from losing access to the China market. China really has to subsidize itself internally to supports its industry and part of the EV boost ensure there's consumer demand for these lower node IC products.
 
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Pkp88

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Pkp88 said:
At this point with the announcements we've seen what's left for being dependent on US inputs theoretically?
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The one space where China has a lot of domestic chip demand is in EV / autos. That's one area where a domestic IC line could work from a commerical standpoint. I suppose a lot work needed still to get even close to a non-US line whether from a software/equipment standpoint.
 
tphuang

tphuang

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Pkp88 said:
With the massive amount of capex in the US / Taiwan / Korea / Japan etc... not sure these equipment makers are really losing business with the China sanctions. The recent subsidies (CHIP act etc...) has offset potential future losses from losing access to the China market. China really has to subsidize itself internally to supports its industry and part of the EV boost ensure there's consumer demand for these lower node IC products.
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Well, China is a very large portion of revenue of Lam Research and Applied Materials. if they loose 25% of their revenue overnight due to this, they are going to have to make some very painful cuts to satisfy Wall Street.

These US firms would only be not losing business if the fabs in China suddenly move to America or Korea or Taiwan. With the current economic downturn we are experiencing, there is no reason to believe that future outlook will somehow get better. China is still a large net importer of semiconductor product. Unless its hard industries like EVs and solar/wind power suddenly move out of China, there is continued demand for local Chinese chip production. Similarly, Chinese made smart phone makers will also increasingly want to rely on domestically produced chips to not get cut off in a US led sanction. Therefore, by being the world's factory, China has a disproportional demand for chips and chip makers. TSMC and Samsung are only this large due to the demand from China. If their Chinese partners suddenly switch to SMIC to supply chips, then they will not have need for additional semiconductor equipment.

So when you think about semiconductor demand, you shouldn't just think about the present semiconductor machinery demand, but rather the overall semiconductor demand. From that point of view, losing the Chinese market would be a huge loss for Lam and AMAT and lead to significant reduction in R&D.
 
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tokenanalyst

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Pkp88 said:
With the massive amount of capex in the US / Taiwan / Korea / Japan etc... not sure these equipment makers are really losing business with the China sanctions. The recent subsidies (CHIP act etc...) has offset potential future losses from losing access to the China market. China really has to subsidize itself internally to supports its industry and part of the EV boost ensure there's consumer demand for these lower node IC products.
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I don't think the CHIP Act will be enough to offset SME companies future losses and more taking into account that probably a lot of that money is going to be spend in buybacks, bonuses and recouping the investment of current fab builds. But not even money can offset the biggest risk for companies abandoning the Chinese market and that risk is losing their monopolistic position, some of this companies need their monopoly to keep their high margins and high profits. By example Imagine that China manage to commercialize EUV lithography, that could be catastrophic for ASML, they need to keep a monopoly on EUV in other to make a profit, absolutely any competition will cheapen the technology and eat their profits. The same goes for other technologies.
Again, If it was just money I don't think KLA, AM or LAM will care a lot if they know that nobody else will occupy their position in China. That market is big enough that any company that gets big there would get big worldwide and the last thing a company like Applied Materials wants is not only to have to compete on quality but on price.
 
siegecrossbow

siegecrossbow

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tokenanalyst said:

Wanye Enterprise disclosed the 22-year semi-annual report: the order of integrated circuit equipment is nearly 1.1 billion yuan, and the layout of the multi-category front-end equipment track​


On the evening of August 25, Wanye Enterprise (600641.SH) disclosed its 2022 semi-annual report. During the reporting period, the company's integrated circuit business continued to increase volume, and the revenue of integrated circuit equipment manufacturing business increased by 150.86% year-on-year. Since 2022, it has obtained nearly 1.1 billion yuan in orders for integrated circuit equipment, and has laid out a multi-category front-end equipment track.

In recent years, Wanye has continued to support the innovation and research and development of domestic equipment, and actively strategically laid out equipment and material tracks through independent research and development and epitaxial mergers and acquisitions. The company's Kaishitong is a leading domestic ion implanter R&D and manufacturing enterprise in all fields. Its business covers ion implanter equipment in integrated circuits, photovoltaics, AMOLED and other fields; its Jiaxin semiconductor business covers etching, thin film deposition, rapid heat treatment, etc. It is a core front-end equipment category; in addition, Zhejiang Compart Systems, a subsidiary of Wanye Enterprise as the largest shareholder, is the world's leading supplier of semiconductor equipment components, focusing on precision components in the field of integrated circuit flow control.

The integrated circuit business continues to increase volume, and the company's equipment purchase orders grow rapidly

From 2022 to now, Keystone and Jiaxin Semiconductor, a subsidiary of Wanye Enterprise, have received a total of nearly 1.1 billion yuan in equipment purchase orders. The company's equipment categories cover all fields of ion implanters, etching machines, rapid heat treatment, thin film deposition and other core front-end equipment.

According to estimates from the Semiconductor Industry Association International (SEMI) report, global semiconductor manufacturing equipment sales will increase by 44% year-on-year to a record high of $102.6 billion in 2021 and are expected to expand to $114 billion by 2022. At the same time, according to Jiwei Consulting, 25 12-inch wafer fabs will be added in mainland China in the next five years, with a total planned monthly production capacity of more than 1.6 million wafers, and the demand for semiconductor equipment is expected to grow rapidly in the long term.

Under this opportunity, Wanye Enterprise actively expands the market and develops customers, promotes the application of equipment in various processes and process nodes, and the synergy effect shown by the integration of the company's business system and product line is continuously expanding.

Keystone is a supplier of ion implanters in all fields and has entered a stage of rapid growth from 1 to N

Keshitong, a subsidiary of Wanye Enterprise, has profound technical advantages accumulated over the years in the field of ion implanters. High-energy ion implanters have successively passed the verification and acceptance of mainstream 12-inch integrated circuit chip manufacturers, creating a moat for core equipment products.

1428704957929.5168485681225014.7238.png


Figure: Keystone Low Energy Large Beam Ion Implanter iStellar-500

In the first half of 2022, the comprehensive performance of Keystone's equipment products continued to improve, and 3 integrated circuit manufacturing customers' ion implanter purchase orders were obtained, of which many ion implanter equipment products were repeated purchases and batch orders from customers. The cumulative new equipment orders exceeded 750 million yuan.

Among them, in the first quarter of 2022, Keystone won a batch order from an important customer, including a 12-inch low-energy large-beam ion implanter and a low-energy large-beam ultra-low temperature ion implanter, and signed a low-energy large-beam ion implanter with another integrated circuit manufacturer. Ion Implanter Order. In the second quarter of 2022, Keystone won an order for 3 low-energy large-beam ion implanters from the third integrated circuit manufacturing plant.

In terms of delivery capacity, Keystone has become a strategic bulk procurement supplier recognized by mainstream domestic customers. In April 2022, Keystone successfully delivered the first batch of multiple sets of low-energy large-beam ion implanters in batch orders to important customers, and subsequently achieved stable shipment and delivery on schedule. At the same time, Keystone has introduced a number of senior ion implantation process experts and R&D teams who have worked in chip manufacturing plants for many years to further improve the timely response to customer needs and service quality.

At present, Keshitong, a subsidiary of Wanye Enterprise, has established a stable supplier cooperation system by establishing good cooperative relations with core component suppliers, and has taken a leading position in the domestic ion implantation industry. It has entered the stage of 0-1. 1-N high-speed growth stage.

The multi-category breakthrough of Jiaxin semiconductor equipment, the "1+N" equipment platform effect is gradually highlighted

At present, integrated circuit fabs are ushering in a new wave of expansion. Integrated circuit equipment has become a continuous growth point in the market, and equipment manufacturers have ushered in an opportunity for accelerated growth. Wanye Enterprise is gradually expanding the market scale with the development strategy of "1+N" equipment diversification.

After the official operation in the fourth quarter of 2021, Jiaxin Semiconductor, a subsidiary of Wanye Enterprise, has obtained orders for various types of equipment such as film deposition, heat treatment, and etching. The cumulative amount of new orders exceeds 340 million yuan, including rapid thermal processing (RTP), nitriding Silicon plasma etching machine, metal plasma etching machine, sidewall plasma etching machine, high-density plasma film deposition and silicon dioxide plasma film deposition and other equipment. According to Gartner statistics, in 2021, global etching equipment, thin film deposition and heat treatment equipment will account for about 21.59%, 19.19% and 3% of the value of wafer manufacturing equipment, respectively.

1171175724227.43921327999605364.8223.png


Figure: Jiaxin Semiconductor Equipment Technology Co., Ltd.

Since its establishment in 2021, Jiaxin Semiconductor has rented workshops for R&D and manufacturing of equipment. The products will cover 8-inch and 12-inch equipment in the fields of etching machines, rapid heat treatment/defiring, and thin film deposition. In the same year, it won the bid for Jiashan County, Zhejiang Province. 109 acres of state-owned construction land use rights. At present, the R&D and manufacturing base of Jiaxin Semiconductor is under construction. After the production capacity is released, it will continue to promote the high-quality development of the company's "1+N" integrated circuit equipment platform.

"Extended M&A + Industrial Integration", the platform layout of equipment and materials has reached a new level

Compart Systems, a subsidiary of Zhejiang Praseodymium, a subsidiary of Wanye Enterprise, is one of the few companies in the world that can complete all aspects of precision machining of components in the field of integrated circuits. It provides one-stop processing services from component raw materials to component assembly, with strong technical strength. Long-term service for many world-renowned integrated circuit equipment customers and stable supply relationship. In semiconductor equipment manufacturing, the key components can be roughly divided into 5 categories, including vacuum pump, RF power supply, silicon wafer transfer, gas and liquid control, etc. Compart is one of the most core gas flow control system suppliers. Compart Systems is committed to continuing to develop the domestic market. During the reporting period, its related products entered the supply chain of another top global semiconductor equipment company, and it is expected to release more orders in the second half of the year. In the first half of 2022, Zhejiang Praseodymium Core's operating income was 504 million yuan, a year-on-year increase of 13.83%.

766708892307.85081334279568195.5557.png


Photo: Compart Systems Malaysia Alpha Factory

At present, Wanye has expanded from the leading all-field ion implanter to the front-end equipment track of more categories. The "1+N" strategy of the semiconductor equipment platform has gradually emerged. In line with the strategic layout of the upstream equipment parts field, it will continue to Give full play to the potential of ecological synergy and contribute to enhancing the stability and competitiveness of the domestic semiconductor equipment industry chain.

With the deepening of localization, local equipment manufacturers will usher in a broad space for growth. Wanye Enterprise is committed to becoming a new engine to promote the high-quality development of the integrated circuit industry. By increasing investment in research and development, we will continue to expand equipment categories, promote strategic cooperation with customers, accelerate product delivery, gradually release business performance, and welcome the rapid growth period. The golden wave of localization of integrated circuits has helped the industry to leap forward.​
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I always misread it as Wayne Enterprise.
 
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tokenanalyst

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Semiconductor equipment orders continue to grow, Jingsheng Electromechanical's net profit in the first half of the year increased by 101% year-on-year​


In the first half of the year, Jingsheng Electromechanical continued to promote customer verification and market promotion of 12-inch large silicon wafer equipment, strengthened process accumulation, improved product performance, and promoted the localization process of semiconductor large silicon wafer equipment, and will gradually realize 12-inch silicon wafers. The equipment is autonomous and controllable. The company has successfully developed the fourth-generation semiconductor material MPCVD method for diamond crystal growth equipment, which further enriches the product system of semiconductor crystal growth equipment.

At the same time, the company has basically completed the research and development of the next generation of new single crystal furnace products. The new products have changed the traditional closed control system model, and are equipped with a user-programmable software-defined process platform based on an open architecture. , The independent innovation conditions for the core algorithm of crystal growth, hand over the software development rights to customers, provide customers with equipment solutions based on differentiated competition, and help customers continue to innovate in technology and continuously improve their competitiveness.

Driven by downstream demand and the influence of trade policies, the domestic semiconductor industry has shown a rapid development momentum, and the semiconductor equipment business of Jingsheng Electromechanical has also achieved rapid development. The market promotion of polishing equipment, thinning equipment, silicon epitaxy equipment and silicon carbide epitaxy equipment for domestic mainstream semiconductor material manufacturers has accelerated, and the shipment and verification of related semiconductor equipment has accelerated. In the first half of 2022, the company's semiconductor equipment orders continued to grow.

In addition, benefiting from the continuous expansion of downstream applications of sapphire materials, especially the development of new display technologies represented by Mini LED, the demand for downstream applications of sapphire materials continues to grow. Jingsheng Electromechanical actively promotes the production capacity increase of the holding subsidiary Ningxia Xin Jingsheng project, strengthens the technological innovation of sapphire material crystal growth and processing technology, improves the technology and technology level, strengthens the production management of large-scale mass production of 300Kg and above sapphire crystals, and further strengthens the The large-scale production capacity and cost advantage of the company's sapphire materials.

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weig2000

Captain
tokenanalyst said:
I don't think the CHIP Act will be enough to offset SME companies future losses and more taking into account that probably a lot of that money is going to be spend in buybacks, bonuses and recouping the investment of current fab builds. But not even money can offset the biggest risk for companies abandoning the Chinese market and that risk is losing their monopolistic position, some of this companies need their monopoly to keep their high margins and high profits. By example Imagine that China manage to commercialize EUV lithography, that could be catastrophic for ASML, they need to keep a monopoly on EUV in other to make a profit, absolutely any competition will cheapen the technology and eat their profits. The same goes for other technologies.
Again, If it was just money I don't think KLA, AM or LAM will care a lot if they know that nobody else will occupy their position in China. That market is big enough that any company that gets big there would get big worldwide and the last thing a company like Applied Materials wants is not only to have to compete on quality but on price.
Click to expand...

Indeed, export controls on China are unlike those imposed on North Korea, Iran or Russia even. Not only you forsake a very large chunk of revenue, but you also foster potential strong competitors.

And that is really what is unique about China. Japan had strong industrial base and capabilities in semiconductor industry, but they would still need the US market.
 
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tokenanalyst

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Jingce Electronics H1 revenue and net profit double down, plan to increase capital by 340 million yuan, Changzhou Jingce​


Jiwei.com reported that on August 26, Jingce Electronics issued an announcement saying that in order to meet the capital needs of the company's holding subsidiary Changzhou Jingce for follow-up development,

To expand the scale of production and enhance the overall competitiveness, the company, the company's holding subsidiary Shanghai Jingce and Changzhou Jingce signed the "Agreement on Capital Increase in Changzhou Jingce New Energy Technology Co., Ltd." on August 25, 2022.

942713260731.723372872656430.5874.jpg


Jingce Electronics plans to increase the capital of Changzhou Jingce with its own funds of RMB 342.3225 million, and Shanghai Jingce plans to increase the capital of Changzhou Jingce with its own funds of RMB 26.3325 million. Included in the registered capital, RMB 18.655 million is included in the capital reserve).

After the completion of this capital increase, the proportion of equity directly held by Jingce Electronics in Changzhou Jingce changed from 50% to 87.5%. Companies within the scope of the company's consolidated statements.

Jingce Electronics stated that the capital increase in Changzhou Jingce, its holding subsidiary, is an important measure for the company to develop the new energy industry, which is conducive to enhancing the company's strength in technology, capital and resource integration in the new energy field, and further consolidating the company's strength. The market position has a positive impact on boosting the company's industrial development and future development in the new energy field.

At the same time, Shanghai Jingjiwei, a subsidiary of Jingce Electronics, has made great progress in the field of brightfield wafer pattern defect detection equipment. In order to increase the company's shareholding in Shanghai Jingjiwei and accelerate the development of the company's semiconductor business, After negotiating with the controlling shareholder and actual controller, Mr. Peng Qian, the company was assigned the capital contribution of Shanghai Jingjiwei held by Mr. Peng Qian. On August 25, 2022, Shanghai Jingji, a shareholder of Shanghai Jingji Micro, signed an Equity Transfer Agreement with its shareholder Mr. Peng Qian.

Mr. Peng Qian intends to transfer a total of 14.29% of the equity of Shanghai Jingji Micro with a capital contribution of RMB 50 million (not yet actual investment) to Shanghai Jingce at a price of RMB 0. After the completion of this equity transfer, the shareholding of Shanghai Jingji Microelectronics held by Shanghai Jingce was changed from 21.43% to 35.72%. Mr. Peng Qian no longer directly holds the equity of Shanghai Jingjiwei. The original equity held by Mr. Peng Qian corresponds to The obligation of paid-in capital contribution shall be undertaken by Shanghai Jingshi, and Shanghai Jingjiwei is still a company within the scope of the company's consolidated statements.

It is understood that Jingce Electronics is mainly engaged in the research and development, production and sales of display, semiconductor and new energy detection systems. The company's current main products in the display field cover LCD, OLED, Mini/Micro-LED, Micro-OLED and other display device testing equipment, including signal detection system, OLED commissioning system, AOI optical detection system and flat panel display automation equipment, etc.; the main products in the semiconductor field are divided into front-end and back-end test equipment, including film thickness measurement system, optical critical dimension measurement system, electron beam defect detection system and automatic testing equipment (ATE), etc.; The main products in the energy field are lithium battery production and testing equipment, which are mainly used in the assembly and testing of lithium battery cells, including lithium battery formation and capacity systems, cutting and stacking machines, lithium battery visual inspection systems, and BMS inspection systems.

In the first half of this year, Jingce Electronics achieved revenue of 1.105 billion yuan, down 14.42% year-on-year; net profit attributable to the parent was 29.1843 million yuan, down 80.08% year-on-year; deducted non-net profit of 7.3526 million yuan, down 94.50% year-on-year.

In terms of business segments, in the field of flat panel display inspection, the company's AOI optical inspection system achieved sales revenue of 377.494 million yuan, a year-on-year decrease of 27.35%, accounting for 34.15% of the operating income during the reporting period; OLED commissioning system achieved sales revenue of 174.9591 million yuan, a year-on-year decrease of 51.04% %, accounting for 15.83% of the operating income during the reporting period; flat panel display automation equipment achieved sales income of 41.6833 million yuan, a year-on-year decrease of 71.49%, accounting for 3.77% of the operating income during the reporting period; signal detection system achieved sales income of 270.0393 million yuan, a year-on-year increase of 69.93%, accounting for 3.77% During the reporting period, the operating income was 24.43%.

The semiconductor segment achieved sales revenue of 68.421 million yuan, a year-on-year increase of 4.98%; the new energy field saw a rapid increase in orders on hand, achieving sales revenue of 110.5703 million yuan, a year-on-year increase of 494.41%.

Jingce Electronics said that in the first half of the year, combined with the impact of factors such as the new crown epidemic and the unstable global political environment, the global economic recovery trend has slowed down, and downstream consumer terminal demand has been weak, showing that the industry has not yet come out of the bottom of the cycle. Faced with the above pressures and challenges, the company will continue to increase investment in strategic research and development, continuously optimize the composition of products and customers, strengthen products and strengthen research and development innovation. In the field of display testing, we continue to make breakthroughs and innovations, actively adjust the product structure, and increase the research and development of panel mid- and front-end process equipment, key core devices, and new display products such as Mini-LED, Micro-OLED, and Micro-LED. Expansion of overseas core customers.

In the field of semiconductor testing, major breakthroughs have been made in terms of technology, products, and markets. It has obtained bulk orders from major domestic integrated circuit manufacturers and broke the monopoly of foreign manufacturers. The acceleration of the localization process will further help the company to continue and rapidly develop. develop.

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