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JCET Revenues of Q3 2024 and Q3 YTD 2024 Hit New Record High, Q3 Net Profit after Deducting Non-Recurring Items Increased by 19.5% Year-on-Year

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Q3 2024 Financial Highlights:

  • Revenue was RMB 9.49 billion, an increase of 14.9% year-on-year and 9.8% quarter-on-quarter, a record quarter in the company’s history.
  • Net profit attributable to owners of the parent was RMB 0.46 billion. Net profit attributable to owners of the parent after deducting non-recurring gains and losses was RMB 0.44 billion, an increase of 19.5% year-on-year.

Q3 YTD 2024 Financial Highlights:

  • Revenue was RMB 24.98 billion, an increase of 22.3% year-on-year, a record high in the company’s history.
  • Net profit attributable to owners of the parent was RMB 1.08 billion, an increase of 10.6% year-on-year.
  • Earnings per share was RMB 0.60, as compared to RMB 0.54 in Q3 YTD 2023.

SHANGHAI, Oct. 25, 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 third quarter of 2024. The financial report shows that in the third quarter of 2024, JCET achieved revenue of RMB 9.49 billion, an increase of 14.9% year-on-year, a record quarter in the company’s history, and net profit attributable to owners of the parent of RMB 0.46 billion. Net profit attributable to owners of the parent after deducting non-recurring gains and losses was RMB 0.44 billion in Q3 2024, an increase of 19.5% year-on-year. In Q3 YTD 2024, JCET achieved revenue of RMB 24.98 billion, an increase of 22.3% year-on-year, a record high in the company’s history, and net profit attributable to owners of the parent of RMB 1.08 billion, an increase of 10.6% year-on-year.

The operations of JCET factories have rebounded since 2024, and the company’s capacity utilization rate is continuously increasing. In the first three quarters of this year, all business sector recovery has stabilized, and the company’s earlier strategic layout began to contribute incremental growth. In the first three quarters, the revenues of the four major applications, including communications, consumer, computing, and automotive electronics all achieved double-digit year-on-year growth, with communication electronics achieving a significant growth of nearly 40% year-on-year. The company strengthened inventory control and supply chain management to ensure efficient circulation of capital, generating RMB 3.93 billion cash from operations in Q3 YTD 2024, a year-on-year increase of 29.7%.

JCET’s acquisition of 80% equity of SanDisk (Shanghai), a global leading factory for memory chip packaging, has completed. This will further enhance the company’s intelligent manufacturing and expand its market share in the memory and computing electronics. JCET microelectronics microsystem integration high-end manufacturing base has been put into use, providing one-stop IC back-end manufacturing services and addressing global customers’ demand for high-performance chips.

Mr. Li Zheng, CEO of JCET, said, “JCET has actively promoted innovation in advanced packaging technology and capacity layout in recent years. Since the beginning of this year, the company business has continued to rebound, and its revenue in the first three quarters hits a new high in the company’s history. JCET will continue to focus on advanced technology and high value-added markets to support sustainable development.”

For more information, please refer to the JCET Q3 2024 Report. 

CONSOLIDATED BALANCE SHEET (Unaudited)                                                                

RMB in millions

Sep 30, 2024

Dec 31, 2023

ASSETS

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Current assets

  Currency funds

9,257

7,325

  Trading financial assets

2,003

2,306

  Derivative financial assets

3

4

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  Accounts receivable

5,916

4,185

  Receivables financing

35

38

  Prepayments

133

104

  Other receivables

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117

87

  Inventories

4,740

3,195

  Other current assets

514

375

Total current assets

22,718

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17,619

Non-current assets

  Long-term receivables

33

33

  Long-term equity investments

826

695

  Other equity investments

434

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447

  Investment properties

83

86

  Fixed assets

21,431

18,744

  Construction in progress

2,728

1,053

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  Right-of-use assets

515

563

  Intangible assets

745

662

  Goodwill

3,546

2,248

  Long-term prepaid expenses

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10

17

  Deferred tax assets

493

364

  Other non-current assets

57

48

Total non-current assets

30,901

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24,960

Total assets

53,619

42,579

LIABILITIES AND EQUITY  

Sep 30, 2024

Dec 31, 2023

Current liabilities

  Short-term borrowings

1,187

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1,696

  Notes payable

338

223

  Accounts payable

8,143

4,782

  Contract liabilities

316

185

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  Employee benefits payable

751

781

  Taxes and surcharges payable

275

167

  Other payables

385

354

  Current portion of long-term liabilities

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4,215

1,491

  Other current liabilities

1

3

Total current liabilities

15,611

9,682

Non-current liabilities

  Long-term borrowings

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7,331

5,777

  Lease liabilities

504

530

  Long-term payables

833

0

  Long-term employee benefits payable

15

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14

  Deferred income

424

384

  Deferred tax liabilities

393

0

  Other non-current liabilities

28

41

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Total non-current liabilities

9,528

6,746

Total liabilities

25,139

16,428

Equity

  Paid-in capital

1,789

1,789

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  Capital reserves

15,230

15,237

  Accumulated other comprehensive income

410

543

  Specialized reserves

1

0

  Surplus reserves

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257

257

  Unappropriated profit

9,137

8,239

Total equity attributable to owners of the parent

26,824

26,065

Minority shareholders

1,656

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86

Total equity

28,480

26,151

Total liabilities and equity

53,619

42,579

CONSOLIDATED INCOME STATEMENT (Unaudited)                                                                                                     

RMB in millions, except share data

Three months ended

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Nine months ended

Sep 30, 2024

Sep 30, 2023

Sep 30, 2024

Sep 30, 2023

Revenue

9,491

8,257

24,978

20,430

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Less: Cost of sales

8,331

7,071

21,748

17,596

          Taxes and surcharges

21

36

56

82

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          Selling expenses

69

55

187

155

          Administrative expenses

100

190

533

536

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          Research and development expenses

413

413

1,232

1,082

          Finance expenses

119

26

108

77

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            Including: Interest expenses

105

84

297

215

                     Interest income

69

35

210

70

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Add: Other income

39

103

125

176

         Investment income / (loss)

0

(12)

(14)

(34)

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

(14)

(12)

(43)

(34)

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

3

17

(2)

62

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         Credit impairment (loss is expressed by “-“)

6

(2)

(1)

(3)

         Asset impairment (loss is expressed by “-“)

(13)

(26)

(51)

(26)

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         Gain / (loss) on disposal of assets 

(2)

5

3

21

Operating profit / (loss)

471

551

1,174

1,098

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Add: Non-operating income

0

0

1

3

Less: Non-operating expenses

1

1

3

5

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Profit / (loss) before income taxes

470

550

1,172

1,096

Less: Income tax expenses

16

72

101

122

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Net profit / (loss) 

454

478

1,071

974

Classified by continuity of operations

  Profit / (loss) from continuing operations

454

478

1,071

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974

Classified by ownership

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

457

478

1,076

974

  Net profit / (loss) attributable to minority shareholders

(3)

0

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(5)

0

Add: Unappropriated profit at beginning of period

8,680

7,293

8,239

7,154

Less: Cash dividends declared

0

0

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178

357

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

9,137

7,771

9,137

7,771

Other comprehensive income, net of tax

(181)

(70)

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(133)

280

Comprehensive income attributable to owners of the parent

(181)

(70)

(133)

280

Comprehensive income not be reclassified to profit or loss

0

(7)

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(13)

10

  Remeasurement gains or losses of a defined benefit plan

0

0

0

1

  Change in the fair value of other equity investments

0

(7)

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(13)

9

Comprehensive income to be reclassified to profit or loss

(181)

(63)

(120)

270

  Exchange differences of foreign currency financial statements

(181)

(63)

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(120)

270

Total comprehensive income

273

867

938

1,254

  Including:

     Total comprehensive income attributable to owners of the parent

276

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408

943

1,254

     Total comprehensive income attributable to minority shareholders

(3)

0

(5)

0

Earnings per share

  Basic earnings per share

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0.25

0.26

0.60

0.54

  Diluted earnings per share

0.25

0.26

0.60

0.54

CONSOLIDATED CASH FLOW STATEMENT (Unaudited)                                                                                                                                                          

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RMB in millions

Three months ended

Nine months ended

Sep 30, 2024

Sep 30, 2023

Sep 30, 2024

Sep 30, 2023

CASH FLOWS FROM OPERATING ACTIVITIES

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

9,011

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7,574

25,601

20,737

  Receipts of taxes and surcharges refunds

139

52

337

267

  Other cash receipts relating to operating activities

92

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126

375

289

Total cash inflows from operating activities

9,242

7,752

26,313

21,293

  Cash payments for goods and services

6,742

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5,840

17,996

14,293

  Cash payments to and on behalf of employees

1,198

899

3,446

2,972

  Payments of all types of taxes and surcharges

284

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180

573

646

  Other cash payments relating to operating activities

111

221

364

349

Total cash outflows from operating activities

8,335

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7,140

22,379

18,260

Net cash flows from operating activities

907

612

3,934

3,033

CASH FLOWS FROM INVESTING ACTIVITIES

  Cash receipts from returns of investments

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3,600

3,601

12,650

11,881

  Cash receipts from investment income

15

15

30

68

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

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1

99

6

131

Total cash inflows from investing activities

3,616

3,715

12,686

12,080

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

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1,219

845

3,089

2,434

  Cash payments for investments

4,000

5,181

12,350

11,161

  Net cash payments for acquisition of subsidiaries and other business units

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1,520

0

1,520

0

Total cash outflows from investing activities

6,739

6,026

16,959

13,595

Net cash flows from investing activities

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(3,123)

(2,311)

(4,273)

(1,515)

CASH FLOWS FROM FINANCING ACTIVITIES

  Cash proceeds from investments by others

0

32

776

262

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

0

0

765

86

  Cash receipts from borrowings

2,050

4,823

5,057

6,487

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Total cash inflows from financing activities

2,050

4,855

5,833

6,749

  Cash repayments for debts

1,048

3,723

3,011

5,464

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  Cash payments for distribution of dividends or profit and interest expenses

83

78

435

545

  Other cash payments relating to financing activities

21

22

74

69

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Total cash outflows from financing activities

1,152

3,823

3,520

6,078

Net cash flows from financing activities

898

1,032

2,313

671

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EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

(46)

(7)

(42)

30

NET INCREASE IN CASH AND CASH EQUIVALENTS

(1,364)

(674)

1,932

2,219

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Add: Cash and cash equivalents at beginning of period

10,621

5,346

7,325

2,453

CASH AND CASH EQUIVALENTS AT END OF PERIOD

9,257

4,672

9,257

4,672

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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.

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China’s AIMA brand electric motorbike is now in Bangladesh

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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now. 

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

 

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China Telecom Gulf Officially Launches in Saudi Arabia for Business

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HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

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SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving IndiaSingapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of IndiaSingapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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