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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

Current assets

  Currency funds

9,257

7,325

  Trading financial assets

2,003

2,306

  Derivative financial assets

3

4

  Accounts receivable

5,916

4,185

  Receivables financing

35

38

  Prepayments

133

104

  Other receivables

117

87

  Inventories

4,740

3,195

  Other current assets

514

375

Total current assets

22,718

17,619

Non-current assets

  Long-term receivables

33

33

  Long-term equity investments

826

695

  Other equity investments

434

447

  Investment properties

83

86

  Fixed assets

21,431

18,744

  Construction in progress

2,728

1,053

  Right-of-use assets

515

563

  Intangible assets

745

662

  Goodwill

3,546

2,248

  Long-term prepaid expenses

10

17

  Deferred tax assets

493

364

  Other non-current assets

57

48

Total non-current assets

30,901

24,960

Total assets

53,619

42,579

LIABILITIES AND EQUITY  

Sep 30, 2024

Dec 31, 2023

Current liabilities

  Short-term borrowings

1,187

1,696

  Notes payable

338

223

  Accounts payable

8,143

4,782

  Contract liabilities

316

185

  Employee benefits payable

751

781

  Taxes and surcharges payable

275

167

  Other payables

385

354

  Current portion of long-term liabilities

4,215

1,491

  Other current liabilities

1

3

Total current liabilities

15,611

9,682

Non-current liabilities

  Long-term borrowings

7,331

5,777

  Lease liabilities

504

530

  Long-term payables

833

0

  Long-term employee benefits payable

15

14

  Deferred income

424

384

  Deferred tax liabilities

393

0

  Other non-current liabilities

28

41

Total non-current liabilities

9,528

6,746

Total liabilities

25,139

16,428

Equity

  Paid-in capital

1,789

1,789

  Capital reserves

15,230

15,237

  Accumulated other comprehensive income

410

543

  Specialized reserves

1

0

  Surplus reserves

257

257

  Unappropriated profit

9,137

8,239

Total equity attributable to owners of the parent

26,824

26,065

Minority shareholders

1,656

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

Nine months ended

Sep 30, 2024

Sep 30, 2023

Sep 30, 2024

Sep 30, 2023

Revenue

9,491

8,257

24,978

20,430

Less: Cost of sales

8,331

7,071

21,748

17,596

          Taxes and surcharges

21

36

56

82

          Selling expenses

69

55

187

155

          Administrative expenses

100

190

533

536

          Research and development expenses

413

413

1,232

1,082

          Finance expenses

119

26

108

77

            Including: Interest expenses

105

84

297

215

                     Interest income

69

35

210

70

Add: Other income

39

103

125

176

         Investment income / (loss)

0

(12)

(14)

(34)

            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

         Credit impairment (loss is expressed by “-“)

6

(2)

(1)

(3)

         Asset impairment (loss is expressed by “-“)

(13)

(26)

(51)

(26)

         Gain / (loss) on disposal of assets 

(2)

5

3

21

Operating profit / (loss)

471

551

1,174

1,098

Add: Non-operating income

0

0

1

3

Less: Non-operating expenses

1

1

3

5

Profit / (loss) before income taxes

470

550

1,172

1,096

Less: Income tax expenses

16

72

101

122

Net profit / (loss) 

454

478

1,071

974

Classified by continuity of operations

  Profit / (loss) from continuing operations

454

478

1,071

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

(5)

0

Add: Unappropriated profit at beginning of period

8,680

7,293

8,239

7,154

Less: Cash dividends declared

0

0

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)

(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)

(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)

(13)

9

Comprehensive income to be reclassified to profit or loss

(181)

(63)

(120)

270

  Exchange differences of foreign currency financial statements

(181)

(63)

(120)

270

Total comprehensive income

273

867

938

1,254

  Including:

     Total comprehensive income attributable to owners of the parent

276

408

943

1,254

     Total comprehensive income attributable to minority shareholders

(3)

0

(5)

0

Earnings per share

  Basic earnings per share

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)                                                                                                                                                          

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

7,574

25,601

20,737

  Receipts of taxes and surcharges refunds

139

52

337

267

  Other cash receipts relating to operating activities

92

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

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

180

573

646

  Other cash payments relating to operating activities

111

221

364

349

Total cash outflows from operating activities

8,335

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

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

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

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

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

(3,123)

(2,311)

(4,273)

(1,515)

CASH FLOWS FROM FINANCING ACTIVITIES

  Cash proceeds from investments by others

0

32

776

262

      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

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

  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

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

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

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

 

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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SOURCE JCET Group

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Strengthening the Foundation for Mass Production: Lead Intelligent’s Warm Isostatic Pressing Machine Accelerates Solid-State Battery Industrialization

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WUXI, China, Oct. 28, 2026 /PRNewswire/ — Solid-state batteries are at a critical stage of transition from pilot production to large-scale manufacturing. To address key challenges in densification and solid-solid interface contact, Lead Intelligent has developed a horizontal warm isostatic pressing machine that delivers uniform three-dimensional pressure of up to 600 MPa across a wide temperature range from room temperature (RT) to 150°C. The machine achieves temperature control accuracy of ±2°C and pressure control accuracy of ±2%. Integrating automatic loading and unloading with precise, coordinated temperature and pressure control, the machine can increase cell density to over 95%, accelerating the industrialization of solid-state batteries.

As solid-state batteries move toward mass production, two major challenges remain: high impedance caused by insufficient solid-solid interface contact, and the limitations of conventional unidirectional pressing, including uneven density and pronounced edge effects. Based on Pascal’s principle, isostatic pressing applies isotropic pressurization within a sealed chamber to achieve multidimensional material compaction and densification. It is a key processing route for addressing solid-solid interface contact challenges in solid-state batteries.

For the practical requirements of large-scale solid-state battery manufacturing, warm isostatic pressing offers an effective balance between densification performance, production efficiency, and manufacturing cost, making it a highly cost-effective option for mass production. As construction of solid-state battery capacity accelerates, warm isostatic pressing machines are becoming core incremental machines for battery manufacturers’ next-generation solid-state production lines.

Core Technology: Precise Temperature-Pressure Coordination for High-Precision Process Control

Building on its R&D system, Lead Intelligent’s horizontal warm isostatic pressing machine overcomes the “black box” limitations of traditional warm isostatic pressing process by enabling real-time monitoring of temperature and pressure inside the chamber. The machine upgrades from conventional unidirectional pressing to precise temperature-pressure coordination to promote closer contact between electrodes and electrolytes, making it well suited for solid-state battery mass production.

Pressure system: It delivers uniform three-dimensional pressure of up to 600 MPa, with pressure control accuracy ≤±2%. Automatic pressure compensation and emergency depressurization functions keep pressure fluctuations within ±2% during a 30-minute pressure holding period, ensuring process stability and repeatability.

Temperature system: The working temperatures can reach up to 150°C, and can be adjusted within a wide operating range from room temperature (RT) to 150°C, with temperature control accuracy of ±2°C. The initial heating time to 150°C takes no more than three hours, balancing process adaptability with mass production cycle-time requirements.

Chamber specifications: The working chamber inner diameter is ≥400 mm, the effective length is ≥4,000 mm, and the volume is around 500 L. It accommodates batch processing of workpieces in various sizes and meets the capacity requirements of GWh-scale production lines.

Designed for Mass Production: Comprehensive Optimization for Large-Scale Manufacturing

For GWh-scale manufacturing, warm isostatic pressing machines must do more than meet core process specifications. They shall also coordinate with whole line cycle time, logistics systems, and upstream and downstream processes. To meet these requirements, Lead Intelligent has optimized machine structure, automatic operation, and safety systems in parallel.

Horizontal Design for Continuous Production Lines

The horizontal working chamber and automatic loading and unloading design significantly reduce factory height requirements while seamlessly integrating with automatic logistics systems to meet the needs of continuous production and material transfer between upstream and downstream processes, adapting to takt-based operation on large-scale production lines. Electrodes and solid electrolytes can be stacked and assembled before being loaded into the chamber for pressing and densification, simplifying process flow.

Full-process Automation to Minimize Manual Intervention

The machine enables unmanned operation throughout cell pretreatment and material box circulation. It integrates four key functions: cell hot air preheating, cold air drying and cooling, automatic fixture loading and unloading, and material box automatic circulation. The machine covers the entire workflow including loading, pretreatment, isostatic pressing and unloading, minimizing manual intervention and improving production efficiency and process consistency within each batch.

Multi-Layered Safety Controls for Reliable Operation

The machine incorporates a comprehensive multi-layered safety assurance system. At the foundational level, the machine is equipped with dual pressure and temperature monitoring for the chamber, together with pipeline pressure-relief ports to safeguard machine operation. In addition, an innovative triple deformation monitoring system provides real-time monitoring to enhance operational safety and maintain process precision.

As a world-leading provider of intelligent manufacturing solutions for the new energy industry, Lead Intelligent has completed the full-process layout for solid-state battery manufacturing, covering key stages including dry electrode processing, high-precision stacking, warm isostatic pressing, and formation and grading. The company has the capacity for batch delivery of GWh-level solid-state battery whole line solutions.

Looking ahead, Lead Intelligent will continue to strengthen its intelligent manufacturing equipment capabilities, accelerating the industrialization of solid-state batteries and other advanced battery technologies and contributing LEAD power to the global new energy industry.

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SOURCE LEAD Intelligent

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Ascendion Expands AI Advisory Community with Four Global Business and Technology Leaders

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Former Global CTO of Banco Santander, former Group CIO of Currys, former CEO of IBPAP, and former Microsoft CVP and CTO of AI join the advisory community

Advisors will provide guidance on AAVA platform innovation, AI strategy, C-suite alignment, and enterprise adoption across Asia-Pacific, Europe, North America, and the UK

The growing community of advisors will bring practitioner perspective closer to Ascendion as enterprises move AI from experimentation to governed, production-scale outcomes

BASKING RIDGE, N.J., Oct. 28, 2026 /PRNewswire/ — Ascendion, an AI-native software engineering company, today announced the appointment of four global business and technology leaders to its AI Advisory Community: Andy Gamble, Jack Madrid, Julieta Ross, Ph.D., and Joseph Sirosh, Ph.D. 

The advisors bring perspectives rarely found in one group: executives who answered to Boards, regulators, and C-suites for what technology actually delivered; a builder of AI and data platforms at global scale; and a leader who shaped one of the world’s largest technology-services and talent ecosystems. Their experience spans banking, high-tech, media, and retail. Each will work directly with Ascendion’s regional and engineering leaders, so their counsel reaches the decisions it is meant to shape. 

“We are changing how software gets built. Enterprise leaders have moved past experiments. They want AI that delivers outcomes boards can measure and risk they can manage. Andy, Jack, Julieta, and Joseph have the experience and know where transformation succeeds. They will challenge our thinking, raise our ambition, and help us navigate a period of intense — and exciting — change,” said Karthik Krishnamurthy, CEO, Ascendion.  

Each advisor will map to a different part of the business, strengthening Ascendion’s alignment with leadership communities across the globe. 

Julieta Ross, Ph.D., former Global CTO of Banco Santander, brings two decades of leading technology inside global banks, along with public-company board experience. She will work with Ascendion’s leadership on executive relationships, go-to-market strategy, and growth, and will help the company meet the governance, regulatory, and risk expectations that banking and financial services leaders place on AI. 

Andy Gamble, former Group CIO of Currys plc, has spent nearly three decades as a technology buyer and transformation leader across consumer electronics, industrial, and retail businesses. He will advise Ascendion’s work across Europe and the UK, with a focus on consumer goods, manufacturing, and retail, and will share what executive teams and Boards expect from a technology partner. 

Joseph Sirosh, Ph.D., former Microsoft CVP and CTO of AI, has spent his career building and scaling machine learning platforms in the high-tech industry. He will advise Ascendion’s engineering leadership on the evolution of AAVA and its broader platform strategy as AAVA becomes an orchestration and harness layer for enterprise AI. 

Jack Madrid, former President and CEO of IBPAP, spent five years leading the industry association behind one of the world’s largest technology and business-services ecosystems, centered in the Philippines. He brings robust experience working across industries, including banking, high-tech, and media, and will advise Ascendion on Asia-Pacific markets and on how AI is reshaping global delivery, skills, and workforce models. 

Together, the advisors give Ascendion an outside perspective on the full spectrum of enterprise AI, from agentic platform strategy and product engineering to industry alignment and delivery. They will add capacity to Ascendion’s ongoing work on AI governance, helping ensure trusted impact from AI-native software engineering, and their practice-based insight will inform how Ascendion applies its Engineering to the Power of AI™ approach to commercial models, platform design, service execution, and workforce development. 

About Ascendion

Ascendion is a global AI-native software engineering company delivering trusted business outcomes – capital unlock, innovation velocity, lower risk – to 250+ enterprise clients. The company delivers business outcomes at scale by combining expert engineers, AI agents, and AAVA, Ascendion’s agentic AI platform. Together, they design, engineer, and operate production-ready software that improves everyday work and life. Learn more at www.ascendion.com.

Engineering to the Power of AI™, Engineering to Elevate Life™, and AAVA™ are trademarks or service marks of Ascendion. AAVA™ is pending registration. Unauthorized use is strictly prohibited.

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Canara HSBC Life Insurance Earns ‘Leader’ ESG Rating from NSE Sustainability Ratings & Analytics

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Achieves ESG score of 71, with strong performance across environmental stewardship, governance and stakeholder well-being

NEW DELHI, Oct. 28, 2026 /PRNewswire/ — Canara HSBC Life Insurance Company Limited (“Canara HSBC Life Insurance”) has been recognised in the ‘Leader’ Rating Category in the FY2026 Environmental, Social and Governance (ESG) assessment conducted by NSE Sustainability Ratings & Analytics Limited. The Company achieved an overall ESG score of 71, including an Environment score of 79, Governance score of 75 and Social score of 63, reflecting its continued focus on sustainable business practices, stakeholder welfare and strong corporate governance.

The assessment highlighted the Company’s environmental performance, including greenhouse gas emissions from direct operations and energy consumption that are below industry averages, significantly lower energy and waste intensity compared to peers, and strong waste recycling and recovery practices.

On the social front, the assessment recognised the Company’s focus on employee well-being and workplace safety, including a lost-time incident rate of zero, no employee fatalities during the year, and 100% employee coverage under health and safety training. The assessment also noted a balanced workforce, with women accounting for 36.69% of employees, and customer complaint frequency below relevant benchmarks.

The governance assessment recognised Canara HSBC Life Insurance’s robust oversight framework, including Board independence levels exceeding regulatory requirements, strong independent representation across key Board committees, and comprehensive anti-corruption and sustainability governance policies.

Anuj Mathur, MD & CEO, Canara HSBC Life Insurance, said, “Being recognised in the ‘Leader’ category is a strong affirmation of our belief that sustainable growth and responsible business practices go hand in hand. At Canara HSBC Life Insurance, ESG is not a standalone agenda but an integral part of how we create long-term value, manage risk, strengthen stakeholder trust and build organisational resilience. As we continue to grow, we remain committed to embedding these principles across our business and delivering meaningful outcomes for our customers, employees, shareholders and communities.”

The FY2026 ESG assessment was conducted by NSE Sustainability Ratings & Analytics Limited using a structured, sector-specific framework that evaluates companies across environmental, social and governance parameters. The assessment considers an organisation’s performance, policies, disclosures, governance practices and management of material ESG risks and opportunities. It is based on publicly available information, including annual reports, Business Responsibility and Sustainability Reports (BRSR), stock exchange filings, company disclosures and other public sources, and benchmarks companies against relevant industry peers.

About Canara HSBC Life Insurance

Incorporated in 2007, Canara HSBC Life Insurance Company Limited is a public listed company co-promoted by Canara Bank (36.5%) and HSBC Insurance (Asia-Pacific) Holdings Limited (25.5%), with the remaining shareholding held by public shareholders, including Punjab National Bank (13%). As a bancassurance-led insurance company with its corporate office at Gurugram, Haryana and 107 branch offices as of September 30, 2026, pan India, Canara HSBC Life brings together the trust and market knowledge of public and private banks.

For more than 18 years now, Canara HSBC Life Insurance has sold insurance products to customers through multiple channels and a well-diversified network of Canara Bank, HSBC Bank and its other bancassurance partners located in multiple Tier 1, 2 and 3 cities across the country. Canara HSBC Life Insurance has a vast portfolio of life insurance solutions and offers various products across individual and group spaces comprising of life, term plans, retirement solutions, credit life and employee benefit segments through partner banks and digital channels.

With an aim to provide simpler insurance and faster claim process, Canara HSBC Life Insurance intends to keep the promises of their customers alive with their ‘Promises Ka Partner’ philosophy.

For further press queries email us on prateek.sharma@canarahsbclife.in

 

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