Analysis of the Competitiveness of Domestic Advanced Packaging and Chip Testing Manufacturers in H1 2025 and Potential Unlisted Companies

【Content Directory】

1.Current Status and Trends of Domestic Advanced Packaging and Testing in the International Context

2.Analysis of the Competitiveness of Domestic Advanced Packaging and Chip Testing Industry in H1 2025 (Based on Quantitative Models)

3.Overview and Analysis of Potential Unlisted Advanced Packaging and Testing Companies

4.Conclusion: Industry Assessment Under System-Level Competition

【Recommended Companies at Bayxin Exhibition】

Changdian Technology, Tongfu Microelectronics, Shenghe Microelectronics, Jingfang Technology, Huatian Technology, Huicheng Co.,Xinzhi Technology, Yongxi Electronics, Runxin Technology, Blue Arrow Electronics, Shentech, Qipai Technology, Shengke Nano, Huace Testing, Sushitest, Guangdian Measurement, Weice Technology, Hualing Co., Li Yang Chip, Xinde Semiconductor, Huajin Semiconductor, Wuyuan Semiconductor, Peidun Technology, Hongmao Micro, Baiwei Storage, Memory Technology, Ruijie Micro, Yuemo Advanced, Anmuquan, Qili Semiconductor, Fozhi Chip, Yicheng Technology, Yuntian Semiconductor, Zhongke Sihuo, Tianxin Interconnect, Hualing Shencai, Langxun Technology, Weifu Semiconductor, Huayu Electronics, Xince Semiconductor, Jifeng Electronics, Shanghai Jicai Institute, Puni Testing, Shenzhen Measurement Institute, Beice Testing, etc.

1. Current Status and Trends of Domestic Advanced Packaging and Testing in the International Context

In the context of the international semiconductor industry entering the “post-Moore era”, the path to improving chip performance is undergoing fundamental changes. As transistor miniaturization approaches physical limits, the industry’s focus has shifted from front-end manufacturing to back-end system-level integration, with “packaging as computing power” becoming a global consensus.

1. Current Status and Background: A Technological Leap from 2D to 3D Currently, semiconductor packaging is undergoing a technological revolution from traditional planar (2D) to three-dimensional (2.5D/3D). Traditional wire bonding and flip-chip technologies can no longer meet the explosive demand for high bandwidth and low latency in AI and HPC (High-Performance Computing).

·Current Technology: The industry is fully embracing Chiplet heterogeneous integration technology, which solves yield and cost issues under advanced processes by breaking down large chips into smaller components and assembling them horizontally. At the same time, the vertical stacking of HBM (High Bandwidth Memory) and the application of glass substrates (TGV) are breaking through the “memory wall” and thermal bottlenecks.

·International Background: The global landscape is showing a trend of “giant cross-border” competition. Major foundries like TSMC (CoWoS) and Intel (Foveros) are aggressively entering the high-end packaging market, monopolizing AI chip orders from leading clients like NVIDIA, forcing traditional OSAT (Outsourced Semiconductor Assembly and Test) manufacturers to face immense transformation pressure.

2. Domestic Industry Trends and Pathways In the face of the severe situation of international supply chain restructuring and limitations on front-end equipment,advanced packaging has become a strategic breakthrough for the Chinese semiconductor industry to break the blockade and enhance system performance.

·Domestic Trends: The industry has formed a pattern of “one strong and many strong”, with leading enterprises accelerating their catch-up to international advanced levels. The trend is shifting from pure foundry to providing integrated solutions of “design-manufacturing-packaging testing”.

·Pathways for Development: The pathway for domestic industry lies in “overtaking on a curve” and “strengthening the supply chain”. On one hand, utilizing Chiplet architecture to circumvent the limitations of advanced process lithography machines; on the other hand, vigorously cultivating an independent supply chain including hybrid bonding equipment and temporary bonding materials (TBDB), to build a controllable advanced packaging ecosystem.

2. Analysis of the Competitiveness of Domestic Advanced Packaging and Chip Testing Industry in H1 2025

Based on the 2025H1 multi-dimensional index quantitative assessment model, we conducted an in-depth analysis of mainstream domestic manufacturers. The analysis covers five dimensions: “technological innovation, financial health, profitability, market position, and capacity potential”, focusing not only on overall rankings but also on the “champions” in specific segments.

Introduction to the Quantitative Model (scroll up and down to view):

The index is a refined assessment tool for Chinese semiconductor listed companies, aiming to comprehensively and objectively segment the annual competitiveness of each product line through key business dimensions from five publicly available reports and financial statements: technological innovation, financial health, profitability, market position, and capacity potential:

In the technological innovation dimension, the index uses R&D investment intensity (10% weight) to directly reflect the degree of resource allocation for technological innovation; and uses the proportion of R&D personnel (10% weight) to focus on the quality of human resource allocation;In the financial health dimension, the index considers both short-term liquidity and long-term solvency, using the quick ratio (5% weight) and “1-asset-liability ratio” (5% weight) to comprehensively assess the company’s risk resistance capability. (Note: Since the asset-liability ratio is a negative indicator, this method is used for conversion);In the profitability dimension, the index allocates estimated net profit attributable to the parent company based on product line revenue share (20% weight), and uses product gross margin (10% weight) to explain pricing power and cost control efficiency in specific markets;In the market position dimension, the index uses revenue scale by product (30% weight) to highlight market share and business scale, serving as a key anchor for industry influence;In the capacity and potential dimension, the index uses the year-on-year growth rate of intangible assets on the balance sheet (10% weight) to measure long-term development momentum, reflecting the efficiency of production and research transformation.Finally, we calculated the final index using the Z-Score standardized data of each dimension and directly presented the absolute value of the index. Additionally, please note that due to the different number of companies in each sector, the data standardization base is also different, so the data of the three-level industries is not comparable across sectors.

1. Domestic Advanced Packaging Manufacturers: Tier Differentiation and Individual Breakthroughs

1) Market Performance Index: Significant Leader Effect From the market performance index,Changdian Technology (321.87) remains at the top, demonstrating its absolute dominance as the largest and most comprehensive technology leader in China.Tongfu Microelectronics (265.2) follows closely, benefiting from its deep ties with AMD in the HPC field.Shenghe Microelectronics (264.13) As a company focused on mid-range bumps and advanced packaging, although its scale is not as large as traditional packaging and testing factories, it has a very high market rating, ranking in the first tier.

2) Analysis of the Five-Dimensional Competitive “Champions”

·Technology Innovation & Financial Health Champion——Jingfang Technology (7.62 / 7.62): Jingfang Technology has secured dual championships in innovation and finance with its core technologies in CIS sensor WLCSP and TSV, demonstrating its high technological barriers and healthy cash flow management.

·Profitability Champion——Shenghe Microelectronics (11.06): This score far exceeds its peers, confirming its high value-added attributes in 2.5D/3D and Chiplet high-end processes.

·Market Position Champion——Changdian Technology (4.10): Relying on comprehensive technology layouts such as XDFOI®, its market share and industry influence are unshakable.

·Capacity Potential Champion——Yongxi Electronics (4.36): As a “new force”, Yongxi’s aggressive expansion strategy in FC-SiP and other fields gives it the strongest growth potential.

2. Third-Party Laboratory Testing Manufacturers: Winning Through Specialization

1) Market Performance Index Shengke Nano (269.03) leads significantly, far exceeding the second place Huace Testing (216.06). This indicates that in the high-tech fields of semiconductor failure analysis (FA) and material analysis (MA), specialization is more marketable than scale.

2) Analysis of the Five-Dimensional Competitive “Champions”

·Profitability (8.94), Market Position (3.33), Capacity Potential (2.83) Triple Champion——Shengke Nano: Data shows that Shengke Nano has a dominant advantage in the laboratory testing field, and its high-margin R&D-oriented business model is extremely successful.

·Technology Innovation Champion——Sushitest (4.48): Relying on the layout of Sushitest, it performs outstandingly in reliability verification technology.

·Financial Health Champion——Huace Testing (6.43): As a comprehensive testing giant, its diversified business has brought the most robust financial structure.

3. Third-Party Backend Testing Manufacturers: A Duel of Giants

1) Market Performance Index Weice Technology (226.44) andHualing Co. (223.16) have very close scores, forming a clear duopoly competition pattern, far exceeding Li Yang Chip.

2) Analysis of the Five-Dimensional Competitive “Champions”

·Profitability (8.31) & Market Position (2.92) Champion——Weice Technology: With significant investments in high-end SoC and AI chip testing, Weice Technology slightly outperforms in profitability and market share.

·Technology Innovation (5.78) & Financial Health (5.64) Champion——Hualing Co.: Backed by Fudan University, Hualing Co. excels in both technological research depth and financial stability, reflecting its “technology-driven” characteristics.

·Capacity Potential Champion——Hualing Co. (2.87): This also indicates its strong momentum for future expansion.

3. Overview and Analysis of Potential Unlisted Advanced Packaging and Testing Companies

Beyond listed companies, a number of unlisted “hidden champions” are becoming key pieces of the industry chain through deep cultivation in specific niche markets.

1. The “New Forces” in the Advanced Packaging Field

Unlisted companies are mainly concentrated in high-end fields such as Chiplet, 2.5D/3D stacking, and memory packaging:

·Core Strengths in 2.5D/Chiplet:

Xinde Semiconductor: With the CAPiC platform, it possesses full-stack capabilities in Bumping, 2.5D/3D, and TGV (glass substrates), making it one of the few domestic manufacturers with independent Chiplet service capabilities.

Huajin Semiconductor (National R&D Center): Located in Wuxi, it focuses on 2.5D/3D TSV leading technology and serves as an “incubator” for advanced packaging technology in China.

·3D/Hybird Bonding Pioneer:

Wuyuan Semiconductor: Specializing in Hybrid Bonding technology, which is essential for HBM4 and ultra-high-density interconnects.

·Specialty and Memory Packaging:

Peidun Technology & Baiwei Storage: Deeply engaged in high-end memory (DRAM/NAND) packaging, forming a strong memory packaging cluster in South China.

·Fozhi Chip & Yicheng Technology: They have laid out early in FOPLP (Fan-Out Panel Level Packaging) and glass substrate fields, betting on the future of large-size packaging.

2. The “Guardians” in the Chip Testing Field

·Laboratory Testing (FA/MA/RA):

·Sushitest: After acquiring the Shanghai branch of Yite Technology, Sushitest has a deep accumulation in reliability verification.

·Saibao Laboratory (Ministry of Industry and Information Technology): Representing the national team, it has absolute authority in military and high-reliability fields.

·Jifeng Electronics: Known for its “platform-type” model, integrating testing services, equipment leasing, and program development, creating a unique ecosystem.

·Backend Mass Production Testing (CP/FT):

·Langxun Technology & Weifu Semiconductor: Forming important mass production testing capacity supplements in the Yangtze River Delta region, serving numerous Fabless manufacturers.

4. Conclusion: Industry Assessment Under System-Level Competition

1. Summary: Clear Tiers, Innovation-Driven Based on the data and current status of 2025H1, the Chinese advanced packaging and testing industry has moved out of the “barbaric growth” stage. Among listed companies,Changdian Technology, Tongfu Microelectronics, Weice Technology, Shengke Nano and other leaders, relying on both scale and technology barriers, continue to strengthen; while those that stand out in the five-dimensional analysis, such asShenghe Microelectronics, Jingfang Technology, prove that achieving excellence at specific technological nodes (such as 2.5D, TSV) can also yield excess returns.

2. Trend Forecast: Heterogeneous Integration is the Endgame In the next decade, the continuation of Moore’s Law will mainly rely on Chiplet, 3D stacking, hybrid bonding, and glass substrates. This means:

·Technical Side: Hybrid Bonding will become a battleground for enterprises, promoting deep integration of front-end processes and back-end packaging.

·Market Side: Foundries will continue to expand their influence in high-end packaging, and OSAT manufacturers must transform into “super integrators”.

·Ecological Side: Going solo is no longer a viable path. The future belongs to those who can integrate design, manufacturing, materials, equipment, and testing, building a complete “system-level chip” ecosystem.

For the domestic industry, relying on the vast AI and new energy domestic market, continuously “supplementing the chain” in key materials, equipment, and high-end testing, and boldly “overtaking” on new architectures like Chiplet, is key to achieving self-controllability in the semiconductor industry.

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