XINTEC Orders and Production Capacity Double Surge, Annual Earnings Hit 290 Million; Overseas Market Revenue Surges 45%, Advancing Hong Kong Listing Plans

Yangtze Business Daily News ● Yangtze Business Reporter Xu Jia

The prosperity of the PCB industry chain remains high, laying a solid foundation for the growth of CoreG Microelectronics (688630.SH).

According to the annual report, by 2025, CoreG Microelectronics achieved operating revenue of 1.408 billion yuan, a year-on-year increase of 47.61%; net profit attributable to shareholders of the listed company (hereinafter referred to as “net profit attributable to the parent”) was 290 million yuan, up 80.42%; net profit excluding non-recurring gains and losses (hereinafter referred to as “non-recurring net profit”) was 276 million yuan, up 86%. During the reporting period, the company’s operating performance and new signed order amount with tax hit record highs.

As a provider of high-end equipment solutions focused on PCB and the broader semiconductor field, CoreG Microelectronics continues to deepen the application of direct-write lithography technology, promote iterative upgrades of high-end PCB LDI equipment, and enrich the semiconductor product matrix. By 2025, revenue from the PCB series and the broader semiconductor series reached 1.08 billion yuan and 233 million yuan, respectively, representing year-on-year growth of 38.13% and 112.5%.

Moreover, Yangtze Business Daily notes that under the push of globalization strategies, in 2025, CoreG Microelectronics made significant progress in expanding overseas markets, with overseas revenue share continuously increasing, becoming an important driver of the company’s revenue growth. In 2025, overseas market revenue was 274 million yuan, a year-on-year increase of 45.46%, with a gross profit margin of 45.79%, higher than the domestic market gross margin level.

Currently, CoreG Microelectronics is advancing its secondary listing in Hong Kong to accelerate its overseas business layout. In February 2026, the company’s H-share issuance received filing approval from the China Securities Regulatory Commission.

Core Business Orders and Capacity Explosive Growth

According to CoreG Microelectronics, the company is one of the domestic suppliers with key core technologies in lithography, providing domestically produced PCB direct imaging equipment and broader semiconductor direct-write lithography equipment. It is one of the earliest domestic companies engaged in the development of direct-write lithography equipment and the first domestic listed company in lithography equipment.

In 2025, the global surge in AI computing power demand continued to drive the accelerated upgrade and increased output of high-multilayer PCBs and high-end HDI industries, while the PCB industry chain continued to expand overseas, maintaining high industry prosperity.

Against this backdrop, CoreG Microelectronics relies on its deep accumulation in micro-nano direct-write lithography technology, continuously accelerating product iteration and technological innovation, launching high-end equipment suitable for core scenarios such as chip manufacturing, advanced packaging, and new energy vehicles, and steadily expanding its domestic and international markets.

Recently, the company released its annual report. In 2025, the company achieved revenue of 1.408 billion yuan, up 47.61%; net profit attributable to parent was 290 million yuan, up 80.42%; non-recurring net profit was 276 million yuan, up 86%, all reaching the highest levels since its listing in 2021.

Regarding performance growth, CoreG Microelectronics stated that in 2025, the company continued to deepen the application of direct-write lithography technology, promoted the iterative upgrade of high-end PCB LDI equipment, enriched the semiconductor product matrix, and delivered WLP series equipment in bulk for the semiconductor field, supporting mass production by leading manufacturers.

Yangtze Business Daily observes that in 2025, the production volume of CoreG Microelectronics’ PCB series and semiconductor series products was 507 units and 74 units, respectively, representing increases of 13.17% and 335.29%; sales volume was 475 units and 61 units, up 25.66% and 125.93%. Both major businesses achieved revenue of 1.08 billion yuan and 233 million yuan, respectively, with growth rates of 38.13% and 112.5%; gross profit margins were 35.59% and 54.57%, with changes of +2.65 and -2.3 percentage points year-on-year.

The annual report shows that in 2025, order demand remained strong throughout the year. Since March 2025, the company’s capacity entered overload status, and capacity utilization remained high throughout the year.

In terms of orders, CoreG Microelectronics set a new record for signed order amount with tax in 2025. In March, monthly shipments exceeded 100 units, hitting a record high, and in April, deliveries increased by nearly 30% month-on-month.

Quarterly data also supports this trend. In 2025, the four quarters achieved revenues of 242 million yuan, 412 million yuan, 279 million yuan, and 475 million yuan, respectively, with year-on-year increases of 22.31%, 63.93%, 3.98%, and 101.08%; net profits attributable to parent were 51.87 million yuan, 90.16 million yuan, 56.78 million yuan, and 91.12 million yuan, up 30.45%, 47.97%, 4.41%, and 1521.53%; non-recurring net profits were 51.59 million yuan, 84.35 million yuan, 56.76 million yuan, and 83.63 million yuan, respectively, with increases of 40.23%, 36.62%, 15.38%, and 982.81%. The second and fourth quarters showed particularly strong performance.

Additionally, due to increased sales collections, CoreG Microelectronics’ net cash flow from operating activities in 2025 was 91.86 million yuan, up 228.39% year-on-year.

As of the end of 2025, the company’s total assets were 3.117 billion yuan, and net assets attributable to shareholders of the listed company were 2.308 billion yuan, representing increases of 11.75% and 11.92% from the previous year.

Overseas Business Progress and Global Strategy

Driven by its globalization strategy, in 2025, CoreG Microelectronics made significant progress in expanding overseas markets, with overseas revenue share continuously rising, becoming a key support for overall revenue growth.

Yangtze Business Daily notes that in 2025, overseas revenue was 274 million yuan, up 45.46% year-on-year, with a gross profit margin of 45.79%, an increase of 0.2 percentage points, higher than the 38.59% gross margin in the domestic market. Meanwhile, domestic revenue reached 1.128 billion yuan, up 48.38%.

CoreG Microelectronics states that its Thailand subsidiary serves as the Southeast Asia regional operations and service hub, efficiently handling local PCB industry transfer demands, optimizing localized service systems, and improving market response efficiency. It has successfully covered many high-end PCB manufacturers in the region, becoming a core foothold for Southeast Asia expansion. Based on this, the company is further expanding into emerging markets like Vietnam and Malaysia, leveraging technological adaptability and localized services to secure new orders. It is also actively developing markets in Japan, South Korea, and Australia, with equipment exports continuing to grow, further improving its global layout.

Notably, CoreG Microelectronics is also pushing forward its secondary listing in Hong Kong to strengthen its global presence. In August 2025, the company submitted an application for H-share issuance and listing on the Hong Kong Main Board. On February 6, the H-share issuance received filing approval from the China Securities Regulatory Commission.

The purpose of this H-share listing is to leverage Hong Kong’s international financial center advantages, broaden international financing channels, and raise funds mainly for R&D upgrades, capacity expansion, overseas sales network development, and strategic M&A. Additionally, it aims to enhance brand recognition through Hong Kong’s governance standards, accelerate overseas deployment in Southeast Asia, and strengthen the company’s international competitiveness in micro-nano direct-write lithography.

Furthermore, CoreG Microelectronics continues to increase R&D investment, promote core technological breakthroughs and patent layout, and build a strong technological moat to support business breakthroughs.

In 2025, R&D expenses were 131 million yuan, up 34.33%, accounting for 9.32% of operating revenue.

By the end of 2025, the company had accumulated 285 patents, including 86 invention patents, 132 utility models, 13 design patents, and 54 software copyrights.

The annual report also details the company’s profit distribution plan for 2025. It proposes a cash dividend of 7 yuan per 10 shares (tax included), totaling 92.2185 million yuan, representing 31.81% of the net profit attributable to the parent for the year.

According to Wind, including this dividend, CoreG Microelectronics has distributed a total of 270 million yuan in dividends since its listing on the A-share market.

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Editor: ZB