Latest News

JCET Q1 2024 Revenue and Net Profit Achieve Double-digit Year-on-Year Growth

Published

7 months ago

April 24, 2024

Q1 2024 Financial Highlights:

Revenue was RMB 6.84 billion, an increase of 16.8% year-on-year.
Net profit was RMB 0.13 billion, an increase of 21.7% year-on-year.
Generated RMB 1.37 billion cash from operations. With net capex investments of RMB 0.93 billion, free cash flow for the quarter was RMB 0.44 billion.
Earnings per share was RMB 0.08, as compared to RMB 0.06 in Q1 2023

SHANGHAI, April 24, 2024 /PRNewswire/ — JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, today announced its financial results for the first quarter of 2024. According to the financial report, in Q1 2024 JCET achieved revenue of RMB 6.84 billion, an increase of 16.8% year-on-year, and net profit of RMB 0.13 billion, an increase of 21.7% year-on-year. The company’s revenue has achieved year-on-year growth for two consecutive quarters.

JCET demonstrates continued success in high-performance advanced packaging and its core applications. Since the second half of 2023, customer demand has gradually recovered and the company’s business performance has continuously rebounded. In the first quarter of this year, JCET continued the trend of steady development, with a healthy inventory turnover. Multiple business fields including communication electronics, computing electronics, and consumer electronics achieved growth compared to the same period last year. The company has strategically increased R&D investment in advanced technology, resulting in stable high-volume manufacturing (HVM) of its multi-dimensional fan-out heterogeneous integration XDFOI technology across multiple JCET factories. This technology offers advanced chiplet packaging solutions for global customers, addressing market demands in high-performance computing (HPC) and high bandwidth memory (HBM).

With a focus on future development, JCET has strengthened its core competitiveness by increasing the capital of its wholly-owned subsidiary, JCET Management Co., Ltd., by RMB 4.5 billion. Doing so further refines its business strategy in automotive electronics, memory and computing electronics.

Mr. Li Zheng, CEO of JCET, said, “JCET has maintained steady business performance in the first quarter of 2024 with double-digit year-on-year growth. As the semiconductor market rebounds, JCET is accelerating production capacity release and fostering joint innovation with customers in high-performance memory, high-performance computing, and high-density power management. These efforts position JCET to play an even more prominent role in the global semiconductor industry.”

For more information, please refer to the JCET Q1 2024 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 industry etc., through advanced wafer level packaging, 2.5D/3D, System-in-Packaging, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, six manufacturing locations in China, Korea and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to customers in China and around the world.

CONSOLIDATED BALANCE SHEET (Unaudited)		RMB in millions Advertisement

	Mar 31, 2024	Dec 31, 2023
ASSETS
Current assets
Currency funds	9,977	7,325
Trading financial assets	1,752	2,306 Advertisement
Derivative financial assets	0	4
Accounts receivable	3,577	4,185
Receivables financing	49	38
Prepayments Advertisement	135	104
Other receivables	109	87
Inventories	3,222	3,195
Other current assets	353 Advertisement	375
Total current assets	19,174	17,619
Non-current assets
Long-term receivables	32	33
Long-term equity investments	677 Advertisement	695
Other equity investments	442	447
Investment properties	85	86
Fixed assets	18,563	18,744 Advertisement
Construction in progress	1,220	1,053
Right-of-use assets	543	563
Intangible assets	662	662
Goodwill Advertisement	2,251	2,248
Long-term prepaid expenses	15	17
Deferred tax assets	362	364
Other non-current assets	84 Advertisement	48
Total non-current assets	24,936	24,960
Total assets	44,110	42,579

LIABILITIES AND EQUITY	Mar 31, 2024	Dec 31, 2023 Advertisement
Current liabilities
Short-term borrowings	463	1,696
Derivative financial liabilities	2	0
Notes payable	307	223 Advertisement
Accounts payable	4,508	4,782
Contract liabilities	129	185
Employee benefits payable	646	781
Taxes and surcharges payable Advertisement	180	167
Other payables	377	354
Current portion of long-term liabilities	1,538	1,491
Other current liabilities	2 Advertisement	3
Total current liabilities	8,152	9,682
Non-current liabilities
Long-term borrowings	7,940	5,777
Lease liabilities	504 Advertisement	530
Long-term payables	4	0
Long-term employee benefits payable	15	14
Deferred income	390	384 Advertisement
Other non-current liabilities	36	41
Total non-current liabilities	8,889	6,746
Total liabilities	17,041	16,428
Equity Advertisement
Paid-in capital	1,789	1,789
Capital reserves	15,244	15,237
Accumulated other comprehensive income	555	543
Specialized reserves Advertisement	1	0
Surplus reserves	257	257
Unappropriated profit	8,374	8,239
Total equity attributable to owners of the parent	26,220 Advertisement	26,065
Minority shareholders	849	86
Total equity	27,069	26,151
Total liabilities and equity	44,110	42,579 Advertisement


CONSOLIDATED INCOME STATEMENT (Unaudited)	RMB in millions, except share data

	Three months ended
	Mar 31, 2024	Mar 31, 2023
Revenue	6,842	5,860
Less: Cost of sales	6,007 Advertisement	5,166
Taxes and surcharges	13	20
Selling expenses	54	49
Administrative expenses	224	171 Advertisement
Research and development expenses	381	309
Finance expenses	8	57
Including: Interest expenses	93	64
Interest income Advertisement	61	9
Add: Other income	39	32
Investment income / (loss)	(10)	2
Including: Income / (loss) from investments in associates and joint ventures	(17) Advertisement	(12)
Gain / (loss) on changes in fair value of financial assets/liabilities	(5)	8
Credit impairment (loss is expressed by “-“)	7	5
Asset impairment (loss is expressed by “-“)	(18)	6 Advertisement
Gain / (loss) on disposal of assets	3	3
Operating profit / (loss)	171	144
Add: Non-operating income	1	0
Less: Non-operating expenses Advertisement	0	3
Profit / (loss) before income taxes	172	141
Less: Income tax expenses	38	31
Net profit / (loss)	134 Advertisement	110
Classified by continuity of operations
Profit / (loss) from continuing operations	134	110
Classified by ownership
Net profit / (loss) attributable to owners of the parent	135	110
Net profit / (loss) attributable to minority shareholders Advertisement	(1)	0
Add: Unappropriated profit at beginning of period	8,239	7,154
Unappropriated profit at end of period (attributable to owners of the parent）	8,374	7,264
Other comprehensive income, net of tax	12 Advertisement	(131)
Comprehensive income attributable to owners of the parent	12	(131)
Comprehensive income not be reclassified to profit or loss	(4)	11
Remeasurement gains or losses of a defined benefit plan	0	1 Advertisement
Change in the fair value of other equity investments	(5)	10
Comprehensive income to be reclassified to profit or loss	17	(142)
Exchange differences of foreign currency financial statements	17	(142)
Total comprehensive income Advertisement	146	(21)
Including:
Total comprehensive income attributable to owners of the parent	147	(21)
Total comprehensive income attributable to minority shareholders	(1)	0
Earnings per share Advertisement
Basic earnings per share	0.08	0.06
Diluted earnings per share	0.08	0.06


CONSOLIDATED CASH FLOW STATEMENT (Unaudited)		RMB in millions

	Three months ended
	Mar 31, 2024 Advertisement	Mar 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from the sale of goods and the rendering of services	7,806	6,984
Receipts of taxes and surcharges refunds	117	94
Other cash receipts relating to operating activities	102 Advertisement	53
Total cash inflows from operating activities	8,025	7,131
Cash payments for goods and services	5,176	4,385
Cash payments to and on behalf of employees	1,192	1,194 Advertisement
Payments of all types of taxes and surcharges	92	212
Other cash payments relating to operating activities	192	106
Total cash outflows from operating activities	6,652	5,897
Net cash flows from operating activities Advertisement	1,373	1,234
CASH FLOWS FROM INVESTING ACTIVITIES
Cash receipts from returns of investments	4,250	3,930
Cash receipts from investment income	13	14
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets Advertisement	3	26
Total cash inflows from investing activities	4,266	3,970
Cash payments to acquire fixed assets, intangible assets and other long-term assets	933	839
Cash payments for investments	3,700 Advertisement	2,780
Total cash outflows from investing activities	4,633	3,619
Net cash flows from investing activities	(367)	351
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from investments by others	770 Advertisement	0
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries	765	0
Cash receipts from borrowings	2,279	347
Total cash inflows from financing activities	3,049	347 Advertisement
Cash repayments for debts	1,306	985
Cash payments for distribution of dividends or profit and interest expenses	80	53
Other cash payments relating to financing activities	19	33
Total cash outflows from financing activities Advertisement	1,405	1,071
Net cash flows from financing activities	1,644	(724)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	2	(8)
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,652 Advertisement	853
Add: Cash and cash equivalents at beginning of period	7,325	2,453
CASH AND CASH EQUIVALENTS AT END OF PERIOD	9,977	3,306

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Latest News

COCA Celebrates Q2 2024 with Record-Breaking Milestones and New Launches

Published

3 months ago

August 7, 2024

CISION (PR Newswire)

HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.

Launch of Physical Cards

COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.

Wallet Growth Milestone

The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.

Transaction Volume Surge

In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.

Integration with Revolut

COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.

Award Recognition

COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.

New Strategic Partnerships

COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.

Welcoming Pavel Matveev

COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.

Season 2 Point System Launch

Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.

NFT Giveaway

In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.

For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.

Website: coca.xyz

COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.

About COCA

COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.

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Latest News

Stake and Earn with KuCoin’s Innovative GemPool Platform

Published

3 months ago

August 7, 2024

CISION (PR Newswire)

VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.

GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.

Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.

For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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Latest News

Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning

Published

3 months ago

August 7, 2024

CISION (PR Newswire)

DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.

Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.

In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.

On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”

Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”

Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests

About Trust Wallet

Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.