JCET Group (600584) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached RMB 18.61 billion, up 20.14% year-over-year, driven by strong demand in communications, computing, and automotive electronics.

• Net profit attributable to shareholders was RMB 471 million, down 23.98% year-over-year, mainly due to higher financial expenses, raw material costs, and new plant ramp-up costs.

• Automotive electronics revenue grew 34.2% year-over-year, and industrial/medical electronics rose 38.6%.

• The company maintained its position as the third-largest global OSAT provider and the top in mainland China.

Financial highlights

• Operating income: RMB 18.61 billion (+20.14% YoY); net profit: RMB 471 million (-23.98% YoY).

• Gross margin remained stable year-over-year.

• Operating cash flow: RMB 2.34 billion (-22.74% YoY); cash conversion ratio: 110.2%.

• Basic and diluted EPS: RMB 0.26 (-25.71% YoY); ROE: 1.69% (-0.66pp YoY).

• Non-recurring gains: RMB 33.2 million, mainly from government subsidies and fair value changes.

Outlook and guidance

• H2 2025 expected to see continued industry recovery, with focus on high-margin, high-value products and cost optimization.

• Company to accelerate capacity expansion in automotive and advanced packaging, and further internationalize operations.