Research Brief | Wuhan Jingce Electronics Receives Over 40 Institutions Including Harvest Fund; Non-GAAP Net Profit Expected to Increase Over 113%; Advanced Semiconductor Process Products Become Growth Core

Basic Research Overview

Wuhan Jingce Electronic Group Co., Ltd. (hereinafter referred to as “the Company”) hosted institutional investor research on March 18 and 19, 2026, at the company conference room located at No. 2 Fozuling Fourth Road, East Lake High-tech Development Zone, Wuhan. This research activity was categorized as a targeted investor survey, with participation from over 40 institutions including Bosera Fund, Southern Fund, Huaxia Fund, E Fund, Ping An Asset Management, and others, including well-known fund managers and analysts such as Yu Shanhui, Zeng Peng, Cai Bin from Bosera Fund; Zhang Lei, Long Xiangdong from Southern Fund; Xie Xiaolong from Huaxia Fund; Cai Rongcheng from E Fund; Sun Fang, Hu Yuzhou from Ping An Asset Management, among others. The company’s Deputy General Manager and Board Secretary Liu Binghua and Securities Affairs Representative Cheng Min were responsible for hosting and communicating with investors.

Core Business and Progress Analysis

2025 Performance Significantly Increased, Semiconductor Business as Core Driver

During the research, the company disclosed that in 2025, it seized the critical window for domestic substitution of semiconductor equipment, continuously consolidating its leading position in domestic semiconductor metrology, and increased R&D investment in 14nm and below advanced processes. As R&D investments from earlier periods entered revenue realization, major products in the semiconductor field achieved large-scale mass production, with delivery capacity and revenue recognition scale increasing significantly year-over-year.

Financial data shows that the company’s net profit after deducting non-recurring gains and losses in 2025 is expected to be between 21.657 million and 31.657 million yuan, representing a year-over-year increase of 113.66% to 119.97%. The company stated that optimization of business structure and improved operational efficiency have significantly enhanced the profitability of the semiconductor segment, with new orders, operating income, and net profit all experiencing substantial growth. The company will disclose its 2025 Annual Report on April 28, 2026, with specific financial data subject to audit results.

Leading Technology in Semiconductor Metrology Products, Deepening Layout of Advanced Processes

In the front-end semiconductor metrology field, the company’s core products include film thickness measurement equipment, OCD equipment, electron beam equipment, stress measurement equipment for semiconductor wafers, and bright-field optical defect inspection equipment, all of which are at the forefront of the domestic industry. Among these, products such as film thickness series, OCD equipment, and electron beam equipment have completed delivery and acceptance for 7nm process nodes, with more advanced process products under validation.

Regarding bright-field optical defect inspection equipment, orders for 14nm process node devices were signed in August 2023, delivered to customers in October 2024, and are currently progressing smoothly with good operation; 28nm process node devices have completed client acceptance. The proportion of advanced process products in revenue and orders continues to rise, becoming a core growth driver for performance.

Probe Card Business Achieves Mass Delivery, Customization Capabilities Stand Out

The company’s subsidiary, Wuhan Jingyi Tong Electronics, has made significant progress in the semiconductor probe card field. Its products feature high compatibility, with key processes automated for mass production and delivery, capable of meeting various chip testing needs and personalized customization. Among these, 2D MEMS vertical probe cards are in mass production and have been delivered to customers; high-frequency cantilever probe cards have been validated and are in mass use by leading domestic design companies.

Localization of Core Components Improves, Supply Chain Security Enhanced

The company indicated that most core components and required domestic software have been independently developed and produced. The company continues to focus on the localization of key semiconductor components, strengthening cooperation with domestic suppliers, and further increasing the share of domestic brands in the supply chain to ensure supply chain security and stability.

Shanghai Jingce’s 350 Million Yuan Expansion Project Launched, Capacity and R&D Capabilities Upgraded

To accelerate the iteration and upgrade of advanced processes, the company’s holding subsidiary Shanghai Jingce plans to invest approximately 350 million yuan to build a second-phase laboratory expansion project. The project is located in the Qingpu District of Shanghai, on the F2-05 plot in the Western Software and Information Park. The land use rights have been obtained through auction, and a general construction contract has been signed. Upon completion, it will alleviate current production line resource constraints, accelerate order delivery, and lay a foundation for business scale growth and new product introduction, further strengthening core competitiveness.

Summary

Wuhan Jingce Electronic demonstrates strong growth momentum in the domestic substitution of semiconductor metrology equipment, with breakthroughs in advanced process products and performance realization as key highlights. The institutional research focused on the company’s technological R&D progress, capacity expansion, and supply chain security, including breakthroughs in 7nm/14nm process equipment and probe card business, as well as the Shanghai expansion project. These developments support long-term growth. The market will continue to pay attention to the specific performance data disclosed in the 2025 annual report and the progress of advanced process product validation.

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