JCET Releases 2024 Annual Report, Achieves Record-High Revenue

2025-04-20

Q4 2024 Financial Highlights:

Revenue was RMB 10.98 billion, an increase 19.0 % year-on-year, and an increase of 15.7% quarter-on-quarter, a record quarter in the company’s history.
Net profit attributable to owners of the parent was RMB 0.53 billion, an increase of 7.3% year-on-year and 16.7% quarter-on-quarter.
Generated RMB 1.90 billion cash from operations. With net capex investments of RMB 1.49 billion, free cash flow for the quarter was RMB 0.41 billion.
Earnings per share were RMB 0.3.

Full Year 2024 Financial Highlights:

Revenue was RMB 35.96 billion, an increase of 21.2% year-on-year, and a record high in the company’s history.
Net profit attributable to owners of the parent was RMB 1.61 billion, an increase of 9.4% year-on-year.
Generated RMB 5.83 billion cash from operations. With net capex investments of RMB 4.57 billion, free cash flow was RMB 1.26 billion.
Earnings per share were RMB 0.9

Shanghai, China, April 20, 2025 — JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, today announced its full year financial results for the year ended December 31, 2024. The report shows that JCET achieved record-high revenue of RMB 35.96 billion for the full year 2024, representing a year-on-year increase of 21.2%. Net profit attributable to owners of the parent reached RMB 1.61 billion, up 9.4% year-on-year. In Q4, the company’s revenue rose to RMB 10.98 billion, up 19.0 % year-on-year and 15.7% quarter-on-quarter – surpassing the RMB 10-billion threshold for the first time and setting a new quarterly record. Q4 net profit attributable to owners of the parent was RMB 0.53 billion, reflecting a quarter-on-quarter increase of 16.7%. The company continues to strengthen its cash flow position, having achieved positive free cash flow for six consecutive years, from 2019 to 2024.

Business Overview

In 2024, JCET leveraged its core applications to strengthen customer loyalty and advance the commercialization of innovative technologies, resulting in record-high annual revenue. To accelerate its transition toward advanced packaging, the company consistently increased investment in advanced packaging technologies. Despite short-term cost pressures, JCET remains confident that its technological innovation and the adoption of intelligent applications will drive long-term growth. Operations across its manufacturing facilities steadily recovered, with capacity utilization continuing to rise. As of Q4, wafer-level packaging, other advanced packaging, and high-end testing operations had reached full capacity, with revenue from advanced packaging accounting for over 72% of total annual revenue.

Additionally, JCET has developed comprehensive, customized packaging and testing solutions for high-performance computing systems (e.g., computing, storage, connectivity, and power management), with mass production capabilities already in place. Revenue from the computing electronics segment grew by 38.1% year-on-year. In the automotive electronics sector, breakthroughs in ADAS sensors and electrified drive systems spurred a year-on-year revenue increase of 20.5%, further reinforcing the company’s position in the core supply chain of several leading industry players. The strong performance of these business segments has not only sharpened JCET’s competitiveness, but also laid a solid foundation for future product iterations, technological advancements, and market expansion.

Technological Innovation

JCET is dedicated to pioneering advanced packaging technologies and fostering collaborative development across the industry chain. In 2024, R&D expenditures reached RMB 1.72 billion, an increase of 19.3% year-on-year, with the company filing 587 new patent applications—bringing its total patent portfolio to 3,030 patents as of the end of 2024.

In the field of heterogeneous microsystem integration, JCET’s multi-dimensional fan-out packaging integration platform, XDFOI^®, has achieved stable mass production. Similarly, plastic-encapsulated power modules for the new energy sector have entered mass production, successfully addressing challenges such as heat dissipation and warpage in high-power modules, thereby significantly enhancing product performance. With ongoing advancements in traditional packaging technologies, innovations like the HFBP dual-sided heat dissipation packaging have continued to strengthen JCET’s differentiated competitive edge, boosting customer loyalty and product margins among globally renowned clients. Additionally, by leveraging its pilot production line for automotive chip packaging, JCET has successfully developed and implemented several innovative process solutions. These initiatives have substantially improved both production efficiency and product quality.

Major Projects

In 2024, JCET continued to ramp up capital expenditures to further refine its industrial footprint in advanced technologies. The acquisition of an 80% stake in SanDisk (Shanghai) has been finalized and consolidated into the financial statements from Q4 onwards. The JCET Microelectronics Microsystem Integration High-End Manufacturing Base in Jiangyin has been put into operation, providing turnkey back-end manufacturing services for high-performance chips to global clients. Meanwhile, the Automotive Chip Back-End Manufacturing Base in Shanghai has completed structural topping-out and is expected to begin operations in the second half of 2025, further supporting the company’s expansion into the high-end automotive electronics market.

Mr. Li Zheng, CEO of JCET, said, “By focusing on core applications and key markets, we have accelerated the transformation of our business structure toward high value-added segments, achieving significant milestones in 2024. In light of ongoing structural shifts and emerging trends in the global semiconductor market, JCET will continue to strengthen technological innovation and actively promote open, collaborative engagement across the industry chain, opening a new chapter of high-quality growth.”

For more information, please refer to the JCET FY2024 Report