Hangzhou Changchuan Technology Co., Ltd. (Changchuan Technology, 300604) (300604)

Equity Research Report　|　Industry: Semiconductor Equipment Manufacturing　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; technical indicators and capital-flow data are based on the relevant dates and calculation methodologies disclosed in the research notes

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Core Summary

Changchuan Technology generated revenue of RMB 3.461 billion in the first half of 2026, up 59.72% year on year; net profit attributable to the parent was RMB 964 million, up 125.67%, while non-recurring-adjusted net profit attributable to the parent was RMB 922 million, up 158.11%. Results were broadly in line with the earnings forecast, with both revenue and profit maintaining rapid growth. For full-year 2025, revenue was RMB 5.292 billion and net profit attributable to the parent was RMB 1.331 billion, representing year-on-year growth of 45.31% and 190.42%, respectively. The company demonstrated notable earnings expansion and profit elasticity.

The company is centered on testers, supported by handlers, and is extending into probe stations and AOI equipment. In 2025, tester revenue was RMB 3.203 billion, accounting for 60.53% of total revenue, up 55.29% year on year, with a gross margin of 62.25%; handler revenue was RMB 1.568 billion, accounting for 29.64%, up 31.76%, with a gross margin of 41.34%. Platform-based product development, customer-certification barriers, domestic substitution and economies of scale form the key current growth drivers.

The company maintains high R&D intensity. In 2025, R&D spending was RMB 1.268 billion, accounting for 23.97% of revenue, while R&D personnel represented 52.28% of total employees. The company held more than 1,400 domestic and overseas patents. In 2026, it raised net proceeds of approximately RMB 3.092 billion through a private placement, mainly for semiconductor-equipment R&D and working-capital replenishment. It also completed the acquisition of a minority stake in Changchuan Manufacturing and pursued overseas PYXIS-related initiatives. These moves should expand R&D, capacity and product synergies, but also create challenges related to equity dilution, capital utilization and delayed realization of project returns.

As of September 11, 2026, the share price was RMB 257.70, with a trailing P/E ratio of approximately 89x, indicating a relatively high valuation. Technically, the share price was below the MA5, MA10 and MA20, while MACD was weak. Net institutional capital outflow was approximately RMB 220 million that day, indicating a highly volatile and weakly range-bound short-term trend. The RMB 250–255 area represents important near-term support, while RMB 265–270 and RMB 275–286 constitute observation resistance zones for a short-term recovery and a further rebound, respectively.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Portfolio

• Testers: Digital testers, mixed-signal testers, and analog and power testers serving applications including SoCs, logic chips and power-management chips; 2025 revenue was RMB 3.203 billion, accounting for 60.53% of revenue, up 55.29% year on year, with a gross margin of 62.25%.
• Handlers: Gravity, pick-and-place and turret handlers, as well as integrated testing, handling and taping equipment and testing-and-handling equipment for normal-, high-, low- and tri-temperature conditions; 2025 revenue was RMB 1.568 billion, accounting for 29.64% of revenue, up 31.76%, with a gross margin of 41.34%.
• Probe stations and related equipment: Used for wafer testing and representing one of the company’s key areas for future expansion.
• AOI optical inspection equipment and other products: Covering integrated equipment for wafer appearance inspection, package appearance inspection, optical measurement, inspection and taping. Other products also include automation equipment, probe stations and accessories. Revenue from other products in 2025 was RMB 520 million, accounting for 9.83% of revenue, up 33.86%, with a gross margin of 52.09%.
• Product mix: The company has gradually shifted from an early product mix dominated by handlers to a platform-based structure centered on testers, supported by handlers and supplemented by AOI, probe stations and other equipment. Tester revenue increased from 56.64% of total revenue in 2024 to 60.53% in 2025.
• M&A and product expansion: The company acquired Singapore-based STI in 2019, entering the AOI optical-inspection equipment market; in 2023, it completed the acquisition of Malaysia-based EXIS, adding turret-handler products.

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Changchuan Technology operates in the middle-to-late portion of the semiconductor-equipment value chain. Upstream, it sources electronic components, precision machinery, optical-inspection and control components; downstream, it serves wafer manufacturers, packaging and testing companies, and chip-design enterprises. The company is centered on testers, supported by handlers, and is expanding into probe stations and AOI equipment. Its profits are derived mainly from R&D and technology, customer certification, product synergies and economies of scale, rather than low-cost assembly.

• The company mainly purchases integrated circuits, relays, connectors, power supplies, computers and other electronic components; mechanical and motion-control components such as mechanical parts, guide rails, motors and temperature controllers; optical, inspection and control components such as vision systems, sensors and PCBs; and certain outsourced processing services such as PCB soldering and cable soldering.
• In 2025, direct-material costs were RMB 1.933 billion, accounting for 81.26% of main operating costs; direct labor costs were RMB 94 million, accounting for 3.94%; and manufacturing expenses were RMB 144 million, accounting for 6.04%. On an operating-cost basis, direct materials accounted for 89.86%.
• Purchases from the five largest suppliers in 2025 totaled RMB 762 million, accounting for 19.42% of annual total purchases; the largest single supplier accounted for 6.20% of total purchases. The annual report did not disclose the names of major suppliers, making it impossible to further assess substantive dependence on specific overseas chip, vision-system or precision-component suppliers.
• Procurement combines framework agreements, rolling annual/quarterly/monthly forecasts and order-based purchasing. The company sources a broad range of raw materials from a relatively diversified supplier base and has some ability to substitute ordinary components.
• The company does not have a bulk-commodity-type cost structure. Cost fluctuations mainly arise from the purchase prices of electronic components, precision mechanical parts, vision systems and control modules. Bargaining power over ordinary components is relatively limited, but supplier screening, bulk procurement and a multi-supplier system can reduce single-supplier risk. Key components such as high-performance chips, precision motion-control systems, vision-inspection systems and temperature-control systems may still involve supply-chain dependence.
• Downstream customers mainly include wafer manufacturers, integrated-circuit packaging and testing companies, chip-design enterprises, and chip manufacturers serving power devices, analog chips, SoCs, memory and automotive electronics.
• The company’s products have been used and recognized by customers including JCET, Huatian Technology, Tongfu Microelectronics, Silan Microelectronics, China Resources Microelectronics and ASE, with certain products replacing imported equipment.
• Sales to the five largest customers in 2025 totaled RMB 3.051 billion, accounting for 57.66% of annual sales; the largest customer accounted for 22.79% and the second-largest for 12.26%. The corresponding share of the five largest customers in 2024 was 62.07%. These data come from the 2025 annual report. Customers were disclosed anonymously as “Customer One” and similar designations, so specific customer names and business stability cannot be determined from the annual report.
• Large packaging and testing plants, wafer fabs and chip companies generally have strict supplier-certification, acceptance and payment processes. Equipment companies must undergo lengthy product validation, introduction and after-sales-service processes. Customer stickiness is generally established after product introduction, but customers may still exert considerable pressure on pricing, delivery, acceptance and after-sales service when introducing new products or during procurement by major customers.
• Customer concentration is relatively high, while downstream demand is affected by semiconductor capital expenditure, chip inventories and capacity-expansion cycles, giving revenue and profit a cyclical character.
• As of December 31, 2025, the five largest customers accounted for 64.09% of the company’s accounts receivable and contract-asset balances, compared with 62.00% in the same period of 2024. This was higher than the 57.66% share of 2025 revenue generated by the five largest customers, indicating relatively concentrated receivables and contract assets among major customers. The annual report did not directly disclose 2025 accounts-receivable days in the materials reviewed, nor did it provide sufficient data to accurately calculate accounts receivable as a percentage of revenue; therefore, no independent estimate is made. The data indicate that collection and acceptance by major customers affect working capital, but cannot by themselves prove that the company lacks bargaining power. Payment cycles, contract terms and aging structure must also be considered.
• Supplier side: purchases from the five largest suppliers accounted for 19.42% in 2025, with the largest supplier accounting for 6.20%; customer side: sales to the five largest customers accounted for 57.66%, with the largest customer accounting for 22.79% and the second-largest for 12.26%. Customer concentration was significantly higher than supplier concentration. Both customers and suppliers were disclosed anonymously. The relevant concentration data mainly come from the 2025 annual report, and specific names and business stability cannot be cross-checked.

The company operates in the middle-to-late portion of the semiconductor-equipment value chain and is an equipment manufacturer driven by R&D, customer certification and product integration. It is neither an upstream resource-based business with high margins nor a low-value-added assembler. Current profits are mainly driven by high-margin testers, customer-certification barriers, product synergies and economies of scale. Further margin improvement depends on growth in high-end tester shipments, improvement in the handler product mix, increased domestic-substitution share, overseas expansion and higher capacity utilization after the new base comes online.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

2Q 2026 standalone data were calculated by subtracting first-quarter data from first-half 2026 data; non-recurring-adjusted net profit attributable to the parent in 1H 2026 was RMB 922 million, up 158.11% year on year, while basic EPS was RMB 1.52, up 123.53%.

The company maintained rapid revenue and profit growth in 1H 2026, with net profit attributable to the parent growing significantly faster than revenue. Gross margin was 55.48%, up 0.55 percentage points year on year; net margin was 27.82%, up approximately 8.15 percentage points; and weighted average ROE was 18.52%, compared with 11.96% in the prior-year period. Net cash flow from operating activities was RMB 333 million, compared with a net outflow of RMB 80 million in the prior-year period. As of June 30, 2026, net assets attributable to shareholders of the listed company were RMB 5.630 billion, up 18.92% from the end of 2025, while book value per share was approximately RMB 8.90.

3.2 Earnings Forecast

As of September 11, 2026, the Tonghuashun earnings-forecast page showed that nine institutions had issued forecasts during the preceding six months. The average institutional forecast range was net profit attributable to the parent of RMB 2.045–2.525 billion and EPS of RMB 3.17–3.98 for 2026; net profit attributable to the parent of RMB 2.838–3.684 billion and EPS of RMB 4.47–5.71 for 2027; and net profit attributable to the parent of RMB 3.933–5.473 billion and EPS of RMB 6.20–8.48 for 2028. Individual forecasts included the following: Guojin Securities projected revenue of RMB 7.814 billion, RMB 10.588 billion and RMB 14.163 billion for 2026–2028, respectively, with net profit attributable to the parent of RMB 2.063 billion, RMB 2.838 billion and RMB 4.036 billion, and EPS of RMB 3.25, RMB 4.48 and RMB 6.36; GF Securities projected revenue of RMB 7.871 billion, RMB 9.872 billion and RMB 12.111 billion, with net profit attributable to the parent of RMB 2.362 billion, RMB 3.129 billion and RMB 3.959 billion, respectively; Founder Securities projected revenue of RMB 8.284 billion, RMB 11.867 billion and RMB 15.982 billion, with net profit attributable to the parent of RMB 2.253 billion, RMB 3.684 billion and RMB 5.321 billion, and EPS of RMB 3.49, RMB 5.71 and RMB 8.24; and Soochow Securities projected net profit attributable to the parent of RMB 2.045 billion, RMB 3.490 billion and RMB 5.473 billion, and EPS of RMB 3.17, RMB 5.41 and RMB 8.48. All of the above are institutional forecasts, not company guidance.

3.3 Valuation and Institutional Ratings

At the September 11, 2026 close, the share price was RMB 257.70, down 4.02% that day, with a total market capitalization of approximately RMB 166.367 billion. The 52-week price range was approximately RMB 58.74 to RMB 395.00. The trailing P/E ratio was approximately 88.9x, while different market-data terminals showed P/E ratios of approximately 87x–90x. Based on the average EPS forecasts from nine institutions tracked by Tonghuashun, forward P/E ratios for 2026–2028 were approximately 74.5x, 50.7x and 37.5x, respectively. Based on book value per share of approximately RMB 8.90 as of June 30, 2026, the static P/B ratio was approximately 29x. Some market platforms showed a P/B ratio of approximately 19x–20x, reflecting differences in net-asset definitions, share-count treatment and data-update timing; P/B data are therefore uncertain. Public target prices ranged from RMB 325.40 to RMB 328.25, averaging approximately RMB 326.83, implying theoretical upside of approximately 26.8% from RMB 257.70. However, the target-price sample is small and mainly based on information available in or before mid-2026, and should not be regarded as a certain return. Current valuation is high, and the share price is sensitive to tester shipment growth, memory-equipment demand, AI-chip testing demand and the pace of earnings delivery. If orders, demand or profit realization fall short of expectations, valuation-compression risk may arise.

4. Recent News and Announcements

4.1 Strong 1H 2026 Growth; Interim Results Broadly Fulfilled the Earnings Guidance

On June 23, 2026, Changchuan Technology disclosed its preliminary earnings forecast for 1H 2026, expecting net profit attributable to shareholders of the listed company of RMB 900 million–RMB 1.000 billion, up 110.76%–134.18% year on year, and non-recurring-adjusted net profit of RMB 855 million–RMB 955 million, up 139.38%–167.38%. The interim report disclosed on August 28, 2026, showed that first-half revenue was RMB 3.46079 billion, up 59.72%, while net profit attributable to shareholders of the listed company was RMB 963.67 million, up 125.67%. Results were around the middle of the guidance range, indicating that the guidance was broadly fulfilled. First-half R&D expenses were RMB 268.56 million, up approximately 6.07%; net cash flow from operating activities was negative RMB 209.37 million, mainly due to rapid growth in procurement expenditures. Accounts receivable, inventories and operating cash flow require continued monitoring.

4.2 1H 2026 Profit-Distribution Plan Pending Shareholder Approval

On August 28, 2026, the company disclosed its proposed 1H 2026 profit distribution plan. Based on total share capital of 634,418,614 shares as of June 30, 2026, it proposed a cash dividend of RMB 1 per 10 shares, including tax, with no bonus shares and no conversion of capital reserves into share capital. Based on the total share count at that time, the cash dividend would amount to approximately RMB 63.4419 million. The plan remains subject to approval at the company’s third extraordinary general meeting of shareholders in 2026, scheduled for September 14, 2026. As of September 13, 2026, final shareholder approval had not been completed.

4.3 Private Placement Shares Listed; Net Proceeds of Approximately RMB 3.092 Billion

The company’s 2025 private placement was implemented in August 2026. It issued 11,163,580 ordinary RMB-denominated shares at RMB 280.11 per share, raising gross proceeds of approximately RMB 3.12703 billion and net proceeds of approximately RMB 3.09207 billion after issuance expenses. The new shares were listed on the ChiNext board on August 7, 2026, with a lock-up period of six months from the listing date. The proceeds are mainly being used for semiconductor-equipment R&D projects and working-capital replenishment. This supports R&D and capacity construction but creates short-term risks related to equity dilution and delayed realization of returns from the funded projects.

4.4 Controlling Shareholder’s Ownership Ratio Passively Diluted by the Private Placement

Following the listing of the 11,163,580 private-placement shares, the ownership ratio of controlling shareholder Zhao Yi was passively diluted from approximately 22.31% to approximately 21.93%, triggering a whole-percentage-point threshold. The change resulted from the issuance of new shares and was not an active disposal by the controlling shareholder. It did not involve a tender offer and did not change the company’s controlling shareholder or actual controller.

4.5 Previous Disposal Plan by Persons Acting in Concert Completed

On April 28, 2026, the company disclosed that Hangzhou Changchuan Investment Management Partnership (Limited Partnership), a person acting in concert with the controlling shareholder and actual controller, had cumulatively disposed of 7,009,600 shares through block trades between April 1 and April 28, representing approximately 1.00% of the company’s then-total share capital. The disposal plan had been completed. The original plan allowed for the disposal of no more than 7,059,600 shares, so the actual disposal was slightly below the upper limit. This was not a newly occurring event in September 2026. As of September 13, 2026, no new shareholder disposal plan announcement had been identified.

4.6 Registration Completed for Acquisition of 33.33% Minority Stake in Changchuan Manufacturing

Through a public listing process on the Shanghai United Assets and Equity Exchange, the company acquired a 33.33% stake in Hangzhou Changchuan Intelligent Manufacturing Co., Ltd. held by China Integrated Circuit Industry Investment Fund Phase II Co., Ltd. for RMB 462.8667 million. The company signed the equity-transfer contract on April 13, 2026, and paid the consideration in full on April 16, 2026. According to the 1H 2026 report, as of July 23, 2026, registration of the relevant equity-change procedures had been completed. The transaction should increase the company’s ownership and control of Changchuan Manufacturing, but it also involved a substantial cash outlay. Its subsequent earnings contribution and capital-utilization efficiency require monitoring.

4.7 Overseas Acquisition and Capital Injection into PYXIS

The 1H 2026 report disclosed that Changchao Hong Kong, a controlled great-grandchild subsidiary, acquired an aggregate 62.36% stake in PYXIS CFPTE. LTD from its original shareholders for a total consideration of SGD 49.898024 million. Part of the consideration was used to acquire a 6% stake in PYXIS held by subsidiary STI, and SGD 6 million was injected into PYXIS as additional capital. Following completion of the transaction and capital injection, the company indirectly held approximately 16.95% of PYXIS. The relevant equity transfer and capital injection were registered with the authorities on April 23, 2026. The transaction relates to overseas operations and optical-inspection product development. Its structure is relatively complex and should be interpreted based on the consolidated basis disclosed in the interim report.

4.8 Partial Cancellation of Restricted Shares; Not a Share Buyback by the Listed Company

On August 28, 2026, the company disclosed an announcement regarding the cancellation of certain granted but not yet vested restricted shares under its 2024 restricted-share incentive plan. The relevant proposal was approved at the 19th meeting of the fourth Board of Directors on August 27, 2026, due to circumstances including certain incentive recipients no longer meeting vesting conditions. The exact number of cancelled shares should be based on the company’s announcement and relevant legal opinion. This was an adjustment to the equity-incentive plan, not an active share repurchase by the listed company. As of September 13, 2026, no new share-repurchase plan, repurchase-progress announcement or repurchase-cancellation announcement disclosed by the company between June 2026 and September 13, 2026 had been identified.

4.9 Certain Funded Projects Delayed and Implementation Entities Adjusted

On August 28, 2026, the company disclosed a delay to certain projects funded by its August 2023 private placement. It also disclosed plans to add implementation entities for certain funded projects and to use internal funds or bank acceptance drafts to pay certain project expenses, with equivalent replacement by raised funds. The company proposed adding its Beijing and Chengdu branches as joint implementation entities for the “Semiconductor Equipment R&D Project.” The adjustment did not change the use of proceeds and did not involve a change in the use of proceeds. However, certain projects have been delayed, and their revised completion dates, investment progress and return realization require monitoring.

4.10 No New Major Regulatory Penalties or Related Announcements Identified as of September 13, 2026

As of September 13, 2026, the current search identified no new regulatory penalties, investigations, exchange disciplinary actions or regulatory inquiries concerning major matters involving Changchuan Technology. Nor did it identify any new repurchase announcement or new shareholder disposal plan disclosed between September 1 and September 13, 2026. From June to September 2026, regulators continued to issue policy signals supporting M&A and restructuring, encouraging listed companies to improve and strengthen their operations, and supporting hard-tech companies. However, there is currently no evidence that Changchuan Technology has received direct approval or special support under any specific regulatory policy.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Changchuan Technology closed at RMB 257.70, down 4.02%, with turnover of RMB 4.267 billion. This was higher than the approximately RMB 2.725–3.632 billion recorded from September 8 to September 10, but below the periodic volume spikes of approximately RMB 8.015 billion on September 1 and RMB 5.265 billion on September 4. The share price was below the MA5, MA10 and MA20, while MACD and RSI both indicated weak short-term momentum. At the same time, the closing price was close to the lower Bollinger Band of approximately RMB 251.22, and the intraday low reached RMB 250, making the effectiveness of support near RMB 250 a key short-term focus. From a capital-flow perspective, institutional funds recorded a net outflow of approximately RMB 220 million on September 11 and approximately RMB 277 million over the latest three trading days, suggesting a market characterized more by high-volume disagreement. If a subsequent rebound fails to reclaim RMB 265–270, the short-term trend is likely to remain weak and range-bound. If the stock returns to around RMB 275 on strong volume, the corrective structure may begin to show some repair.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following content is a subjective scenario analysis based on closing data as of September 11, 2026, historical prices and technical indicators. It does not constitute investment advice or a guarantee of future performance.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher subjective weight, approximately 60%; based on current technical and capital-flow conditions and not a statistical probability): The share price trades within RMB 250–275. Trigger conditions include effective support at RMB 250–255, turnover returning to the recent normal range of approximately RMB 2.5–4.0 billion, the stock reclaiming RMB 265 without effectively breaking RMB 275, and no sustained sharp decline in the semiconductor-equipment sector.
• Weak downside (medium subjective weight; based on current technical and capital-flow conditions and not a statistical probability): The share price trades within RMB 239–255. Trigger conditions include consecutive closes below RMB 250, rising turnover accompanied by further declines in the closing price, continued net outflows of institutional funds and simultaneous weakness in the semiconductor-equipment sector. After losing RMB 250, the stock may seek support around RMB 239–247.
• Stronger rebound (low to medium subjective weight; based on current technical and capital-flow conditions and not a statistical probability): The share price rebounds to RMB 275–286 and, in a strong scenario, tests around RMB 298. Trigger conditions include reclaiming RMB 265–270 and maintaining closes above this zone, a volume-backed break above RMB 275 and the MA20 resistance area, daily turnover materially exceeding recent averages while institutional funds turn to net inflows, and sector-wide resonance among semiconductor equipment, chips or the ChiNext growth style. Before a volume-backed breakout above RMB 275–286, any rebound is better viewed as a technical repair.

③ Capital and Liquidity Background

As of September 11, 2026, turnover rates for the latest five trading days were 3.40%, 2.12%, 2.09%, 2.76% and 3.52%, averaging approximately 2.78%. Turnover value over the latest five trading days was approximately RMB 2.725–4.598 billion, averaging approximately RMB 3.598 billion. Turnover on September 11 was RMB 4.267 billion, above the five-day average but below the extreme volume level of approximately RMB 8 billion on September 1. Changchuan Technology is a large-market-cap ChiNext stock with relatively high turnover value and good normal-day liquidity. However, given its high share price and recent volatility, rapid declines or rallies may still produce noticeable slippage. Shareholder-structure data as of June 30, 2026, showed that the ten largest tradable shareholders collectively held approximately 107 million shares, or approximately 21.81% of tradable A shares. The total number of shareholders was 120,196, up 72.36% from March 31, 2026. According to Tonghuashun, institutional holdings totaled approximately 195 million shares, or 39.91% of tradable A shares, including fund holdings of approximately 30.92% and QFII holdings of approximately 0.77%. The ten largest tradable shareholders included Hong Kong Securities Clearing Company Limited, UBS AG and several semiconductor-related ETFs, indicating holdings by public funds, QFIIs and ETF-type institutions. However, these data were more than two months old as of September 11, 2026, and the share price had fluctuated substantially since then. The current ownership structure may have changed and cannot directly represent real-time institutional positions. The relatively limited proportion held by the ten largest tradable shareholders and the increase in shareholder numbers suggest that tradable shares are not highly concentrated, making short-term prices more susceptible to market sentiment, ETF flows and high-frequency trading capital.

Volume-confirmation signals to monitor: If turnover reaches or exceeds RMB 4.5 billion on two consecutive trading days during the coming week, while the share price closes above RMB 275 and institutional funds turn from net outflows to net inflows, this could be viewed as a signal that the short-term rebound has received capital confirmation. If turnover rises above RMB 4.5 billion but the share price still closes below RMB 250, the move would more closely resemble a high-volume decline or profit-taking signal.

④ Key Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the RMB 250–255 area can establish effective support, with particular attention to whether the closing price breaks below RMB 250 on a sustained basis.
• Observe whether RMB 265–270 can be reclaimed and held, as this is the first confirmation level for short-term repair.
• Observe whether the RMB 275–286 resistance zone is broken on rising volume; until a breakout occurs, any rebound remains primarily technical.
• Observe whether turnover consistently reaches RMB 4.5 billion or more and improves in tandem with institutional net capital flows. All of the above are observation points, not trading instructions.

The above scenario analysis is based on closing data as of September 11, 2026, together with historical prices and technical-indicator calculations. Short-term share-price performance will also be affected by news, capital flows, the broader market environment, semiconductor-sector performance and risk appetite. Technical indicators themselves have lagging characteristics and limitations. This analysis does not guarantee future actual performance or constitute a buy or sell recommendation. Investors should independently assess the situation based on the latest market information and bear investment risks themselves.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

Changchuan Technology operates in the middle-to-late portion of the semiconductor manufacturing value chain. The semiconductor test-equipment industry connects upstream electronic components, precision machinery and industrial software with downstream wafer manufacturers, packaging and testing companies and chip-design enterprises. The industry has high technical and customer-certification barriers and is significantly affected by semiconductor capital expenditure, chip inventories and downstream capacity-expansion cycles, resulting in clear cyclicality.

6.2 Competitive Landscape

• The global semiconductor test-equipment market has long been relatively concentrated. The tester segment is dominated by international companies such as Teradyne of the United States and Advantest of Japan, while Cohu also covers testing, handling and packaging-and-testing equipment.
• Changchuan Technology’s 2020 response to an examination inquiry cited SEMI data indicating that, in 2017, Teradyne and Advantest together accounted for 87% of the global tester market. This data is relatively old and cannot directly represent the latest market shares in 2025–2026; it only illustrates the historically high degree of technology and customer concentration in the industry.
• Key trends in China include expansion of domestic wafer-fabrication and packaging-and-testing capacity, progress in domestic substitution, and the advantages of domestic equipment in pricing, delivery, service and localized response.
• International companies retain strong advantages in high-end products, branding and long-term customer certification. Domestic companies have made progress in specialized segments including testers, handlers, probe stations and AOI.
• Industry barriers are mainly reflected in equipment stability, testing precision, yield control, customer-certification cycles, after-sales-service capabilities and co-development with chip processes, rather than simply the number of production lines or machines.

6.3 Major Competitors

Compared with ACM Research Shanghai, Changchuan Technology places greater emphasis on an integrated portfolio spanning testers, handlers, probe stations and AOI. Compared with Kingsemi, its business is not limited to handlers. Compared with Lianovation Technology and Wuhan Jingce Electronic Group, it has broader product coverage and a higher degree of platformization in semiconductor test equipment. Compared with international companies such as Teradyne, Advantest and Cohu, the company still lags in high-end technology, global customer certification, branding and long-term process collaboration. Its key opportunities lie in domestic substitution in mainland China, rapid service, localized delivery and portfolio completeness.

7. Risk Factors

• High concentration of downstream customers and revenue. Sales to the five largest customers accounted for 57.66% of annual sales in 2025, with the largest customer accounting for 22.79%; the five largest customers accounted for 64.09% of accounts receivable and contract assets. If major customers slow their capacity expansion or delay acceptance or payment, revenue recognition, cash collection and working capital may come under pressure.
• Semiconductor-equipment demand is highly cyclical. The company’s downstream customers include wafer manufacturers, packaging and testing companies and chip-design enterprises. Revenue and profit depend on semiconductor capital expenditure, chip inventories and capacity-expansion cycles. If industry conditions weaken, orders for core products such as testers and handlers may fluctuate.
• Risk of product-mix and gross-margin fluctuations in the tester business. Tester gross margin was 62.25% in 2025, down 4.36 percentage points year on year. The materials indicated that this was mainly related to product-mix changes and a higher proportion of certain analog products. If shipments of high-margin high-end testers fall short of expectations, overall gross margin and profit growth may come under pressure.
• The company has some supply-chain dependence on key electronic components, precision mechanical parts, vision systems, motion-control systems and temperature-control systems. Direct materials accounted for 81.26% of main operating costs in 2025, or 89.86% on an operating-cost basis. If prices of key components rise, deliveries are delayed or replacement validation is unsuccessful, production costs and delivery schedules may be affected.
• Capacity utilization shows signs of decline. Capacity utilization disclosed on an aggregate basis for specialized electronic equipment for the integrated-circuit industry was 82.79% in 2025, below 96.35% in 2024. The annual report did not separately disclose capacity for testers, handlers or AOI. If orders fail to grow sufficiently after the new base and funded projects come online, the company may face insufficient capacity utilization and pressure from fixed-cost absorption.
• Execution risk related to acquisitions, capital injections and funded projects. The company completed the acquisition of a 33.33% minority stake in Changchuan Manufacturing and pursued the PYXIS initiative. It also delayed certain funded projects and adjusted their implementation entities. If project progress, integration results or earnings contributions fall short of expectations, capital-utilization efficiency may decline and goodwill or investment returns may fail to meet expectations.
• Equity dilution and lock-up expiration risk from the private placement. The company issued 11,163,580 additional shares in August 2026, raising net proceeds of approximately RMB 3.092 billion. The new shares are subject to a six-month lock-up from the listing date. If returns from the funded projects are delayed, short-term EPS dilution and potential increases in share supply may arise.
• High valuation and share-price volatility. As of September 11, 2026, the share price was RMB 257.70 and the trailing P/E ratio was approximately 89x. The share price was below short- and medium-term moving averages, while institutional funds recorded a net outflow of approximately RMB 220 million on September 11. If orders, profit or market risk appetite fall short of expectations, valuation compression and substantial price volatility may occur.

8. Conclusion and Outlook

The company’s fundamentals remain in a strong growth phase. In 1H 2026, profit growth significantly exceeded revenue growth. Rising tester shipments, improving handler mix, progress in domestic substitution and R&D and capacity investment constitute the main supports for continued medium-term performance. Institutional average forecasts call for net profit attributable to the parent of approximately RMB 2.208 billion in 2026, RMB 3.242 billion in 2027 and RMB 4.396 billion in 2028. However, these are institutional forecasts rather than company commitments, and their eventual fulfillment depends on downstream capital expenditure, order delivery, customer certification and product-mix changes.

Going forward, the company needs to demonstrate continued growth in high-end tester shipments, further handler gross-margin improvement, contributions from new businesses such as probe stations and AOI, and improved capacity utilization and return realization from the advanced intelligent manufacturing base and funded R&D projects. Customer concentration remains high: the five largest customers accounted for 57.66% of 2025 sales, while the largest customer accounted for 22.79%. Valuation is also high, and the market has already priced in relatively strong expectations for earnings growth and delivery. If growth falls short of expectations, valuation may be highly sensitive to compression.

In the short term, the share price is in a technical correction phase, and performance may continue to reflect a tug-of-war between fundamental growth and high valuation, as well as disagreement among capital providers. Assessing operating quality also requires continued monitoring of the concentration of accounts receivable and contract assets, inventories and operating cash flow. Existing materials disclose different figures for net operating cash flow in 1H 2026, showing RMB 333 million and a net outflow of RMB 209 million, respectively. These data should therefore be verified against the formal interim report and subsequent announcements.

Data Sources

• Hangzhou Changchuan Technology Co., Ltd. Profile_Changchuan Technology (300604) Company Profile_Securities Star
• https://static.cninfo.com.cn/finalpage/2025-10-28/1224752168.PDF
• https://static.cninfo.com.cn/finalpage/2026-04-25/1225193261.PDF
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-25/ea20ff71-0300-4078-8b58-93c0385ea2ac.PDF
• Changchuan Technology (300604)_Company Announcements_Changchuan Technology: 2024 Annual Report_Sina Finance
• Stock abbreviation: Changchuan Technology Stock code: 300604
• Tianjin Kingsemi Semiconductor Equipment Co., Ltd. Prospectus for the Public Issuance of Convertible Corporate Bonds
• Company Announcements_Prospectus for the Initial Public Offering and ChiNext Listing_Sina Finance
• Changchuan Technology (300604)_Company Announcements_Changchuan Technology: Summary of 2026 Interim Report_Sina Finance
• Changchuan Technology: 2026 Interim Report_Stock Channel_Securities Star
• Changchuan Technology (300604): 2025 Results Beat Expectations, Supporting Domestic Computing Power_Sina Finance
• Changchuan Technology (300604)_Financial Analysis_Securities Star
• Changchuan Technology (300604) Earnings Forecast_F10_Tonghuashun Financial Services
• Guojin Securities: Initiates Buy Rating on Changchuan Technology, Target Price RMB 325.4
• Changchuan Technology (300604) 2026 Interim Results Review: Rapid Growth; Tester Leader to Benefit from SoC and Memory Resonance_Sina Finance
• Institutional Ratings | Tianfeng Securities Gives Changchuan Technology a “Hold” Rating
• Hangzhou Chang Chuan Tech Stock Price History (300604) - Investing.com Canada
• Changchuan Technology (300604.SZ) Chart - Yahoo Finance
• Changchuan Technology (300604)_Financial Indicators_Sina Finance
• ChiNext-Listed Companies on the Shenzhen Stock Exchange
• Stock code: 300604　　Stock abbreviation: Changchuan Technology　　Announcement No.: 2026-032
• Changchuan Technology (300604)_Company Announcements_Changchuan Technology: 2026 Interim Report_Sina Finance
• Stock code: 300604  Stock abbreviation: Changchuan Technology  Announcement No.: 2026-054
• Company Announcements_Changchuan Technology: 2025 Private Placement Shares Listing Announcement_Sina Finance
• Changchuan Technology: Announcement on Passive Dilution of the Controlling Shareholder’s Ownership Ratio by the Company’s Private Placement, Triggering a Whole-Percentage-Point Threshold_Stock Channel_Securities Star
• Stock code: 300604  Stock abbreviation: Changchuan Technology  Announcement No.: 2026-027
• Stock code: 300604  Stock abbreviation: Changchuan Technology  Announcement No.: 2026-046
• Hangzhou Changchuan Technology Co., Ltd. Full 2026 Interim Report
• Company Announcements_Changchuan Technology: 2026 Interim Report_Sina Finance
• Stock code: 300604  Stock abbreviation: Changchuan Technology  Announcement No.: 2026-053
• SAMR Deploys Special Action to Improve the Effectiveness of Anti-Monopoly Regulation of Concentrations of Undertakings
• Changchuan Technology (300604)_Stock Quote, Market Overview_China Securities Finance
• Changchuan Technology (300604) - Historical Trading Data | Dabanke
• Hangzhou Chang Chuan Tech (300604) Stock Forecast & Price Target - Investing.com
• Hangzhou Chang Chuan Technology Co Ltd Technical Analysis (300604)
• Changchuan Technology (300604)_Capital Flows_Securities Star
• Changchuan Technology (300604)_Company Announcements_Changchuan Technology: Summary of 2026 Interim Report_Sina Finance

This report was automatically researched, compiled and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close; technical indicators and capital-flow data are based on the relevant dates and calculation methodologies disclosed in the research notes and may differ in timeliness. Specific data should be verified against the company’s official announcements and authoritative market-data terminals. This report is for information and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.