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JCET Q2 2024 Net Profit Attributable to the Parent Increased by 258% Quarter-on-Quarter, Hitting a Record High for Revenue

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Q2 2024 Financial Highlights:

  • Revenue was RMB 8.64 billion, an increase of 36.9% year-on-year and 26.3% quarter-on-quarter. A record high Q2 in the company’s history.
  • Generated RMB 1.65 billion cash from operations. With net capex investments of RMB 0.93 billion, free cash flow for the quarter was RMB 0.72 billion.
  • Net profit attributable to owners of the parent was RMB 0.48 billion, an increase of 25.5% year-on-year and 258.0% quarter-on-quarter.
  • Earnings per share was RMB 0.27, as compared to RMB 0.22 in Q2 2023.

1H 2024 Financial Highlights:

  • Revenue was RMB 15.49 billion, an increase of 27.2% year-on-year.
  • Generated RMB 3.03 billion cash from operations. With net capex investments of RMB 1.87 billion, free cash flow for the first half of 2024 was RMB 1.16 billion.
  • Net profit attributable to owners of the parent was RMB 0.62 billion, an increase of 25.0% year-on-year.
  • Earnings per share was RMB 0.35, as compared to RMB 0.28 in 1H 2023.

SHANGHAI, Aug. 23, 2024 /PRNewswire/ — Today, JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, announced its financial results for the first half year of 2024. The financial report shows that in the first half of 2024, JCET achieved revenue of RMB 15.49 billion, and net profit attributable to owners of the parent of RMB 0.62 billion, both increased over 25%. In Q2 2024 JCET achieved revenue of RMB 8.64 billion, an increase of 36.9% year-on-year, a record high Q2 in the company’s history, and net profit attributable to owners of the parent of RMB 0.48 billion, an increase of 25.5% year-on-year and 258.0% quarter-on-quarter, generating RMB 1.65 billion cash from operations.

During the reporting period, the company’s capacity utilization has significantly increased, with enlarged investment to expand production capacity of core production lines. In the first half of the year, the revenue of communications, computing, and consumer electronics businesses increased respectively by 48%, 23%, and 33% year-on-year. The company is consistently strengthening the research and development in advanced packaging technologies, with R&D investment of RMB 0.82 billion in 1H 2024, a year-on-year increase of 22.4%.

JCET is also actively promoting strategic projects to enhance its smart manufacturing. After two years construction, the new advanced packaging factory “JCET Microelectronics Wafer-level Microsystems Integration High-end Manufacturing Base” with an area of over 130,000 square meters is progressing with equipment mobilization. The new automotive chip back-end manufacturing base has completed building the factory structure. The acquisition of a high-density memory chip packaging factory has obtained necessary approvals, and the project is progressing towards completion.

Mr. Li Zheng, CEO of JCET, said, “JCET actively promotes innovative applications of advanced packaging technologies and continues to expand its production capacity in China, Singapore and South Korea, with steady growth in performance in the first half of 2024. The company will continue to increase investment in R&D and strategic projects, strengthen innovation cooperation in the industrial chain and sustainable development, and create higher value for shareholders, customers, employees and society.”

For more information, please refer to the JCET 1H FY2024 Report.

About JCET Group

JCET Group is the world’s leading integrated-circuit manufacturing and technology services provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.

Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive, and industrial, through advanced wafer-level packaging, 2.5D/3D, System-in-Package, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, eight manufacturing locations in China, Korea, and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to our global customers.

CONSOLIDATED BALANCE SHEET (Unaudited)

RMB in millions

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Jun 30, 2024

Dec 31, 2023

ASSETS

Current assets

  Currency funds

10,621

7,325

  Trading financial assets

1,605

2,306

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  Derivative financial assets

0

4

  Accounts receivable

4,066

4,185

  Receivables financing

71

38

  Prepayments

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132

104

  Other receivables

115

87

  Inventories

3,408

3,195

  Other current assets

393

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375

Total current assets

20,411

17,619

Non-current assets

  Long-term receivables

31

33

  Long-term equity investments

666

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695

  Other equity investments

434

447

  Investment properties

84

86

  Fixed assets

18,408

18,744

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  Construction in progress

2,039

1,053

  Right-of-use assets

519

563

  Intangible assets

659

662

  Goodwill

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2,262

2,248

  Long-term prepaid expenses

13

17

  Deferred tax assets

377

364

  Other non-current assets

66

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48

Total non-current assets

25,558

24,960

Total assets

45,969

42,579

LIABILITIES AND EQUITY  

Jun 30, 2024

Dec 31, 2023

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Current liabilities

  Short-term borrowings

467

1,696

  Derivative financial liabilities

2

0

  Notes payable

300

223

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  Accounts payable

5,773

4,782

  Contract liabilities

260

185

  Employee benefits payable

732

781

  Taxes and surcharges payable

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116

167

  Other payables

368

354

  Current portion of long-term liabilities

1,806

1,491

  Other current liabilities

2

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3

Total current liabilities

9,826

9,682

Non-current liabilities

  Long-term borrowings

7,749

5,777

  Lease liabilities

480

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530

  Long-term payables

3

0

  Long-term employee benefits payable

14

14

  Deferred income

438

384

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  Other non-current liabilities

38

41

Total non-current liabilities

8,722

6,746

Total liabilities

18,548

16,428

Equity

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  Paid-in capital

1,789

1,789

  Capital reserves

15,228

15,237

  Accumulated other comprehensive income

591

543

  Specialized reserves

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1

0

  Surplus reserves

257

257

  Unappropriated profit

8,680

8,239

Total equity attributable to owners of the parent

26,546

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26,065

Minority shareholders

875

86

Total equity

27,421

26,151

Total liabilities and equity

45,969

42,579

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CONSOLIDATED INCOME STATEMENT (Unaudited)

RMB in millions, except share data

Three months ended

Six months ended

Jun 30, 2024

Jun 30, 2023

Jun 30, 2024

Jun 30, 2023

Revenue

8,645

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6,313

15,487

12,173

Less: Cost of sales

7,410

5,359

13,417

10,525

          Taxes and surcharges

22

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27

35

47

          Selling expenses

64

51

118

100

          Administrative expenses

209

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175

433

347

          Research and development expenses

438

360

819

669

          Finance expenses

(19)

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(7)

(11)

51

            Including: Interest expenses

99

68

192

131

                     Interest income

80

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27

141

35

Add: Other income

47

40

86

73

         Investment income / (loss)

(4)

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(24)

(14)

(21)

            Including: Income / (loss) from investments in associates and joint ventures

(12)

(10)

(29)

(21)

         Gain / (loss) on changes in fair value of financial assets/liabilities 

0

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37

(5)

46

         Credit impairment (loss is expressed by “-“)

(14)

(6)

(7)

(1)

         Asset impairment (loss is expressed by “-“)

(20)

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(5)

(38)

0

         Gain / (loss) on disposal of assets 

2

13

5

16

Operating profit / (loss)

532

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403

703

547

Add: Non-operating income

0

2

1

3

Less: Non-operating expenses

2

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0

2

4

Profit / (loss) before income taxes

530

405

702

546

Less: Income tax expenses

47

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19

85

50

Net profit / (loss) 

483

386

617

496

Classified by continuity of operations

  Profit / (loss) from continuing operations

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483

386

617

496

Classified by ownership

  Net profit / (loss) attributable to owners of the parent

484

386

619

496

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  Net profit / (loss) attributable to minority shareholders

(1)

0

(2)

0

Add: Unappropriated profit at beginning of period

8,374

7,264

8,239

7,154

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Less: Cash dividends declared

178

358

178

358

Unappropriated profit at end of period (attributable to owners of the parent)

8,680

7,292

8,680

7,292

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Other comprehensive income, net of tax

36

481

48

350

Comprehensive income attributable to owners of the parent

36

481

48

350

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Comprehensive income not be reclassified to profit or loss

(8)

6

(13)

17

  Remeasurement gains or losses of a defined benefit plan

0

0

0

1

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  Change in the fair value of other equity investments

(8)

6

(13)

16

Comprehensive income to be reclassified to profit or loss

44

475

61

333

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  Exchange differences of foreign currency financial statements

44

475

61

333

Total comprehensive income

519

867

665

846

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  Including:

     Total comprehensive income attributable to owners of the parent

520

867

667

846

     Total comprehensive income attributable to minority shareholders

(1)

0

(2)

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0

Earnings per share

  Basic earnings per share

0.27

0.22

0.35

0.28

  Diluted earnings per share

0.27

0.22

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0.35

0.28

CONSOLIDATED CASH FLOW STATEMENT (Unaudited) 

RMB in millions

Three months ended

Six months ended

Jun 30, 2024

Jun 30, 2023

Jun 30, 2024

Jun 30, 2023

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CASH FLOWS FROM OPERATING ACTIVITIES

  Cash receipts from the sale of goods and the rendering of services

8,784

6,178

16,590

13,162

  Receipts of taxes and surcharges refunds

81

122

198

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216

  Other cash receipts relating to operating activities

181

110

283

163

Total cash inflows from operating activities

9,046

6,410

17,071

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13,541

  Cash payments for goods and services

6,078

4,069

11,254

8,454

  Cash payments to and on behalf of employees

1,056

878

2,248

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2,072

  Payments of all types of taxes and surcharges

197

254

289

466

  Other cash payments relating to operating activities

61

22

253

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128

Total cash outflows from operating activities

7,392

5,223

14,044

11,120

Net cash flows from operating activities

1,654

1,187

3,027

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2,421

CASH FLOWS FROM INVESTING ACTIVITIES

  Cash receipts from returns of investments

4,800

4,350

9,050

8,280

  Cash receipts from investment income

2

38

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15

52

  Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets

2

7

5

32

Total cash inflows from investing activities

4,804

4,395

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9,070

8,364

  Cash payments to acquire fixed assets, intangible assets and other long-term assets

937

749

1,870

1,588

  Cash payments for investments

4,650

3,200

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8,350

5,980

Total cash outflows from investing activities

5,587

3,949

10,220

7,568

Net cash flows from investing activities

(783)

446

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(1,150)

796

CASH FLOWS FROM FINANCING ACTIVITIES

  Cash proceeds from investments by others

6

230

776

230

      Including: Cash receipts from capital contributions from minority shareholders of subsidiaries

0

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86

765

86

  Cash receipts from borrowings

728

1,317

3,007

1,664

Total cash inflows from financing activities

734

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1,547

3,783

1,894

  Cash repayments for debts

657

755

1,963

1,740

  Cash payments for distribution of dividends or profit and interest expenses

272

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414

352

467

  Other cash payments relating to financing activities

34

16

53

48

Total cash outflows from financing activities

963

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1,185

2,368

2,255

Net cash flows from financing activities

(229)

362

1,415

(361)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

2

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45

4

37

NET INCREASE IN CASH AND CASH EQUIVALENTS

644

2,040

3,296

2,893

Add: Cash and cash equivalents at beginning of period

9,977

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3,306

7,325

2,453

CASH AND CASH EQUIVALENTS AT END OF PERIOD

10,621

5,346

10,621

5,346

 

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Fintech PR

NYSE Content Advisory: Pre-Market Update and Lynn Martin announced as a jury president for Money20/20’s global fintech awards

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NEW YORK, April 2, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins.

 

Kristen Scholer delivers the pre-market update on April 2nd

  • SmartStop Self Storage (NYSE:SMA), the operator of self-storage facilities in the United States and Canada, is debuting today on the New York Stock Exchange.
  • While IPOs and President Donald Trump’s tariffs remain in the spotlight, economic data this week is also ramping up with the ADP private payrolls figure showing economists anticipated 120,000 jobs were added last month up from 77,000 jobs in February.
  • This morning, Money20/20 named NYSE President Lynn Martin as the diamond category jury president for The Money Awards, its inaugural global awards to recognize the companies shaping the future of financial services.

Watch NYSE TV Live every weekday 9:00-10:00am ET 

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Fintech PR

Alternative Payment Methods Set to Increase by 170% Driven by a Surge in Domestic Digital Wallets, Instant and QR Payments

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Domestic APMs are outpacing international APMs to become the primary way for emerging markets to interact in the digital payment world

NEW YORK, April 2, 2025 /PRNewswire/ — According to global intelligence firm ABI Research, the total combined worldwide value of transactions for the APM market (digital wallets, instant payments, and QR payments) will reach US$ 142 trillion by the end of 2030. This exponential growth is driven by an increasing number of countries looking for financial sovereignty rather than relying on international players.

“Growth of APMs in domestic markets is being galvanized by economies transitioning from cash to digital payments, like those in East Asia and Latin America. This drive is due to these economies not having to integrate an existing card-dominated payment ecosystem into their digital platform. Instead, they can start fresh from the ground up, which has led to an innovation-driven ecosystem and the rise of a richer shopping experience through super apps, as well as creating an opportunity to foster interoperability between domestic networks in other markets,” explains Ash Robinson, Analyst at ABI Research.

An estimated 45% of people globally used a digital wallet in 2024. China had the highest digital wallet usage, with 95% of people using WeChat (a Chinese Super app) in 2024. At the end of 2025, instant payments will total US27.94 trillion in transaction value, with this growth being driven heavily by Pix (Brazil) and UPI (India) as both platforms transition from an Instant Payment-only platform to one encompassing QR payments and wider digital wallet usage. In 2024, two-thirds of all global online payments were conducted through domestic Alternative Payment Methods (APMs), highlighting their increasing preference for online transactions.

“While niche in Europe and North America, QR payments have seen a large boom in cash-dominated markets in Asia-Pacific, making up most of the US$5.4 trillion of processed transactions. Like digital wallets, they offer substantially more than just the ability to process payments. Platforms like WeChat offer chat services and social media tied into their payment functions, creating a more community-based payment ecosystem than what is traditionally found in QR payment systems in Europe and North America,” Robinson concludes.

These findings are from ABI Research’s The Rise of Domestic Alternate Payment Systems report. This report is part of the company’s Digital Payment Technologies research service, which includes research, data, and ABI Insights.

About ABI Research

ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.

ABI Research是一家全球性的技术情报公司,拥有得天独厚的优势,充当终端市场公司和技术解决方案提供商之间的桥梁,通过提供独家研究和专业性指导,推动成功的技术实施和提供经证明可吸引和留住客户的战略,无缝连接这两大主体。

For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.

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Deborah Petrara     
Tel: +1.516.624.2558                 
pr@abiresearch.com           

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BingX Launches StakeStone Launchpool to Unlock Staking and Cross-Chain Liquidity

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PANAMA CITY, April 2, 2025 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to introduce StakeStone (STO) to the BingX Launchpool, offering its users a zero-fee staking experience with real-time earnings visibility and flexible withdrawal options. Running from April 2 to April 7, this initiative provides a gateway to decentralized, cross-chain liquidity while maximizing rewards.

StakeStone is a decentralized omnichain liquidity infrastructure protocol designed to improve liquidity distribution across blockchain networks. Utilizing its omnichain architecture, StakeStone optimizes yield generation, streamlines liquidity provisioning, and enhances asset management. Backed by investors like BingX Labs, an innovation hub dedicated to identifying and empowering promising blockchain projects, StakeStone enhances liquidity distribution across multiple blockchain ecosystems through its proprietary Omnichain Liquidity Layer.

With StakeStone Launchpool on BingX, users can earn sustainable yields while maintaining full flexibility. Key benefits include instant earnings tracking, hassle-free redemption without lock-ups, and exclusive USDT rewards for both new participants and referral-based deposits. This integration simplifies asset management while offering superior yield optimization for DeFi users.

“At BingX, we are always looking for ways to break down barriers and unlock new opportunities for our users,” said Vivien Lin, Chief Product Officer of BingX. “By bringing StakeStone to our Launchpool, we are introducing a more seamless, cost-efficient staking model that empowers our users to maximize yields while benefiting from cross-chain liquidity solutions. This partnership aligns with our vision of making DeFi more accessible, efficient, and rewarding for our global community.”

BingX’s collaboration with StakeStone reflects its ongoing commitment to innovation in DeFi and cross-chain liquidity. As blockchain ecosystems become increasingly interconnected, BingX continues to expand its support for projects that solve critical liquidity fragmentation issues and enhance asset utility. The StakeStone Launchpool is part of BingX’s broader strategy to provide users with cutting-edge decentralized finance solutions, reinforcing its position as a leader in the next phase of DeFi evolution.

About BingX 

Founded in 2018, BingX is a leading crypto exchange, serving over 20 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

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