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What is the subsequent testing going through
Position of testing in the semiconductor industry chain
Semiconductor testing is divided into front-end wafer testing (CP) and back-end finished product testing (FT), which run through the entire packaging and testing process. The core function of post testing is to eliminate non-conforming chips and ensure shipment yield. In the total investment of the packaging and testing production line, the proportion of testing equipment is expected to reach 63.6% by 2025, making it the single link with the highest proportion of packaging and testing equipment investment. Testing machines, sorting machines, and probe stations are the three core equipment for post testing.
What advanced process competition is heating up in the industry from 2025 to 2026: Perspective on opportunities for domestic substitution in semiconductor testing and quantity testing
In the first quarter of 2026, the performance growth rate of several domestic aftermarket testing equipment companies significantly exceeded market expectations. Changchuan Technology's revenue increased by 69% year-on-year, and its net profit attributable to the parent company increased by 218% year-on-year; Huafeng Measurement and Control's net profit attributable to the parent company increased by 52% year-on-year; Jinhaitong's net profit attributable to the parent company increased by 221% year-on-year. These data point to the same judgment: the downstream testing industry is currently in a high prosperity cycle, and the prosperity is still on the rise.
From an overseas perspective, global testing machine leader Advantest expects the demand for SoC testing machines to reach $8.7 billion to $9.5 billion by 2026, with storage testing machine demand reaching $2.2 billion to $2.7 billion, and expanding its own production capacity to 10000 units; Teradyne surged 20% after daily trading due to strong performance guidance. Taiwan's leading sorting machine company, Hongjin, saw its stock price increase by over 5 times in one year, while probe card companies such as FormFactor continued to hit new highs in stock prices. The market performance of overseas companies has validated in advance the strength and sustainability of the demand for testing equipment in this round.
Core driving force: The testing cost of AI chips is rapidly expanding
The core driving force of the current business cycle is the significant increase in testing complexity from AI chips. The AI chip has a larger die area, more functional modules, and higher signal speed, which greatly increases the requirements for the number of channels, accuracy, and concurrent processing capabilities of the testing system. Taking NVIDIA GPU as an example, from Hopper to Blackwell, the testing cost of a single chip has increased from $53 to $95; From Hopper to the next generation Rubin, the amount of test data is expected to expand by more than three times. The delivery time of the Edwan 93K series testing machine has been extended to 8 to 12 months, causing production capacity bottlenecks for some packaging and testing factories. As a result, they have started to raise prices for AI chip testing business by 10% to 15%.
The changes in testing requirements are not only reflected in quantity, but also in value density. The single machine value of high-end SoC testing machines continues to increase, with high channel models (16 channels or more) becoming the mainstream configuration, and the price of a single machine has significantly increased compared to traditional models. At the same time, advanced packaging technologies such as Chiplet, CoWoS, HBM, etc. have further increased the complexity of the testing process, and system level testing (SLT) has gradually become a standard configuration, driving testing nodes to extend to wafer level and system level.
Domestic substitution: The window period has opened
The continuous implementation of export control measures such as the MATCH Act in the United States has restricted Edwan's supply to China, and there is also a risk of supply interruption for some Japanese equipment, providing clear market entry opportunities for domestic testing equipment manufacturers. The localization rate of domestic SoC testing machines is currently less than 5%, while the localization rate of storage testing machines is around 20%, indicating great potential for domestic substitution. Domestic computing chips such as Huawei Ascend and Pingtouge have entered a phase of mass production, while Changjiang Storage and Changxin Storage have expanded their production on a large scale, causing resonance in demand at both ends. The persistence and intensity of orders from domestic testing equipment manufacturers are exceeding early expectations.
Changchuan Technology: The most complete platform layout, with multiple increments synchronously implemented
Product: The only domestic full process testing equipment covered
Changchuan Technology is the most complete testing equipment company in China, with main products including SoC testing machines, storage testing machines (CP/FT), GPU testing machines, simulation testing machines, sorting machines (translation and turret), and AOI optical inspection equipment. The company has deployed advanced packaging equipment through its Singapore subsidiary, extending its products to TCB (thermal bonding), electroplating, plastic packaging and other process links. Among domestic testing equipment companies, Changchuan is the only platform based enterprise that achieves complete coverage from testing to packaging.
Recent situation: High performance growth, full orders, continuous upgrading of customer structure
In 2025, Changchuan Technology achieved a revenue of 5.292 billion yuan, a year-on-year increase of 45.31%, and a net profit attributable to the parent company of 1.331 billion yuan, a year-on-year increase of 190.42%. The profit growth rate was significantly faster than the revenue, and the profitability improved significantly. In the first quarter of 2026, the revenue was 1.378 billion yuan, a year-on-year increase of 69%, and the net profit attributable to the parent company was 353 million yuan, a year-on-year increase of 218%. The growth rate of non recurring profits was even higher, indicating a continuous improvement in the quality of the main business.
From the perspective of customer structure, the company deeply binds with top computing chip customers such as Huawei (H-series computing chips) and Alibaba Pingtouge (exclusive supplier of GPU testing machines), and prioritizes order protection in the process of increasing domestic computing chip volume. Storage testing machines are entering the first year of high volume, and the revenue of storage testing machines is expected to exceed 1 billion yuan by 2026. The advanced packaging business (Terafab, CoPoS projects) has obtained mass production orders in the field of silicon photonics, becoming a new source of revenue for the company. The current market value of the company has exceeded 100 billion yuan.
Regarding overseas business: According to information, the company's Singapore subsidiary TCB has participated in the supply of SpaceX's self built semiconductor industry chain. Last year, it had an order size of about $100 million, and some institutions estimate that the potential annual revenue contribution of related businesses exceeds RMB 1 billion. This information has not been fully disclosed at the official level of the company, and if it continues to be verified, it will constitute a significant increase in the company's overseas revenue.
Development trend: The combination of triple industry drivers and continuous migration towards the high-end market
Changchuan's growth logic is built on three relatively independent industrial cycles: computing chip testing (driven by AI), storage chip testing (driven by domestic expansion of two storage devices), and advanced packaging equipment (driven by Chiplets and CoWoS, etc.). The three will enter a high volume rhythm synchronously around 2026, forming a cumulative effect on the company. High end SoC testing machines and storage testing machines are the core sources of revenue growth, and the increasing proportion of high channel models drives the continuous upgrading of product structure. The value and gross profit margin of single machines are both on the rise.
The company's Neijiang production base continues to expand, with research and development of additional codes, capacity expansion and technological iteration advancing synchronously. If the advanced packaging business continues to increase in volume during the mass production stage, it will open up incremental space in the packaging equipment market for the company, no longer limited to testing equipment. AOI optical inspection equipment, as another category, is gradually expanding its revenue sources.
Expectation difference: several dimensions that the market may underestimate
From the market consensus, Changchuan's high growth has been fully priced, and its stock price has reflected its domestic computing power and storage testing business. But the following dimensions may be underestimated:
Firstly, if SpaceX's overseas orders continue to increase in volume, it will bring unexpected overseas revenue growth. Secondly, the advanced packaging business (packaging equipment+testing machine packaging solution) is expected to change the company's customer value positioning, shifting from a single equipment supplier to an integrated testing+packaging solution supplier. Thirdly, the company exclusively supplies GPU testing machines to Pingtou Brother Alibaba. The domestic GPU testing equipment market has a high concentration, and the stability of this binding relationship constitutes a medium to long term certainty. Multiple institutions have set revenue targets of 7.5 billion to 10 billion yuan, profit targets of 7 billion yuan, and target market value of 200 billion yuan for the company in the next 3 to 5 years.
Huafeng Measurement and Control: Simulation testing shows that the basic market is stable, and the breakthrough in 8600 is the key to valuation reconstruction
Product: Simulation testing leads, SoC testing machine is a new growth point
The core products of Huafeng Measurement and Control are the STS8200 and STS8300 series analog and mixed signal testing machines, which are used for testing power management chips, signal chain chips, SiC/GaN/IGBT and other power devices. They are the market leader in domestic analog testing machines and have a leading installed share among the three major packaging and testing factories. Since 2025, the company has focused on promoting the STS8600 series SoC testing platform, positioning itself as a high-end computing chip testing platform, and directly benchmarking the target market against Teradyne and Edwan.
Current situation: Traditional business continues to be fulfilled, key progress of 8600 is clear
In 2025, Huafeng Measurement and Control's revenue will be 1.346 billion yuan, a year-on-year increase of about 49%, with a net profit attributable to the parent company of about 537 million yuan, a year-on-year increase of about 60%, and a high gross profit margin. In the first quarter of 2026, the growth trend continued, with a year-on-year increase of 52.12% in net profit attributable to the parent company.
At the order level, the company's management has clearly stated that the demand for AI data centers will replace new energy vehicles as the primary driving force for orders by 2026. The monthly average order has been adjusted to a target of over 200 million yuan, and the annual order target is moving towards 2 billion yuan.
The 8600 series SoC testing platform is currently the most core focus. This series of high current power supply boards can output 1000 amperes, and the VI source board density is leading globally, supporting high channel parallel testing. At present, 8600 has undergone DEMO verification at multiple domestic and international clients, and has recently received bulk order confirmation from a major client in Beijing, marking the entry of 8600 from engineering verification into the substantive commercialization stage.
In addition, the company has established a production base in Penang, Malaysia to promote global layout and provide compliant conditions for supplying to overseas customers.
Development trend: Leaping from simulation testing leader to SoC testing platform
The current core growth logic of Huafeng Measurement and Control is to enter the SoC/computing power/RF integrated testing market (approximately 3.08 billion US dollars globally) from the analog/digital analog hybrid testing market (approximately 930 million US dollars globally), which can expand the service market space by more than four times.
This leap relies on the establishment of the 8600 series technology and customer validation. From the known technical parameters, the 8600 has no clear competitors in the domestic market, and its main competitors are similar products from Terada and Edwan. With the increasing production of domestic computing chips, domestic packaging and testing factories and chip design companies have a strong motivation to introduce domestic testing equipment. The market space faced by 8600 after verification is clear.
In terms of traditional simulation testing business, the construction of AI infrastructure continues to drive the demand for power management chips and signal chain chips, and the basic simulation testing industry is expected to extend with downstream prosperity. The layout of optical communication testing equipment has also added options for the company under the CPO technology roadmap.
Expectation difference: The volume rhythm of 8600 is underestimated, and AI driven attributes are not fully priced
Huafeng Measurement and Control has long been positioned by the market as a "simulation testing company", resulting in a significant gap in its growth compared to platform based companies such as Changchuan. But several cognitive changes are happening:
Firstly, AI/data centers have replaced new energy vehicles as the primary driver, and the company's attributes are changing. Secondly, after 8600 receives bulk orders, its positioning as a "core supplier of computing chip testing" will be confirmed by the market, leading to valuation restructuring. Thirdly, the market is relatively conservative in verifying the progress of its 8600 customers. If the substantial collection scale exceeds expectations in 2026, it will trigger a dual upward revision of performance and valuation. There is a significant gap between the current market value of Huafeng Measurement and Control and Changchuan Technology. If 8600 is confirmed with high volume, the gap will have a logical basis for narrowing.
Jingzhida: The fastest localization progress in storage testing, with order volume exceeding expectations
Product: Full coverage of storage testing, extending to SoC/GPU
Jingzhida's product focus is on the field of storage chip testing, covering wafer CP testing for DRAM and NAND Flash, finished FT testing, aging repair testing, high-speed storage testing machines (RDBI series), and MEMS probe cards. The company has independently developed ASIC chips, which have solved the key performance bottleneck in high-speed storage testing and occupy over 90% of the market share in Changxin Storage RDBI testing. Since 2025, the company has begun to layout towards SoC/GPU testing of computing power chips, completed engineering prototypes, and cooperated with top domestic computing power chip customers.
Recent situation: Orders have exploded, major customers have broken through, and we are expanding production with additional codes
In 2025, Jingzhida's revenue will be 1.128 billion yuan, with storage testing business becoming the largest source of revenue, reaching 625 million yuan, a year-on-year increase of over 150%. The company has signed multiple large contracts, including semiconductor testing equipment contracts worth over 1.3 billion yuan, with a single contract scale that is outstanding among similar companies in China.
In 2026, the company's order guidance has attracted widespread market attention. The conservative range given by the management is 3.5 billion to 4 billion yuan, with a median of about 3.75 billion yuan, far exceeding the market's previous expectation of 3 billion yuan. This number is more than twice the signing scale of approximately 1.6 billion yuan in 2025.
In terms of customer structure, the company has consolidated its core position in Changxin Storage and achieved key validation milestones in Changjiang Storage. It is expected to complete all validation processes in the first half of the year. In addition, the company is also promoting the introduction of Fujian Jinhua and Huawei related customers.
The company plans to increase its investment by 2.959 billion yuan, which will be dedicated to the research and industrialization of high-speed storage testing machines, HBM testing machines, and computing chip testing equipment. Capacity expansion and technological iteration will be promoted in parallel.
The main frequency of the GPU testing machine engineering prototype has reached 1.6GHz, which is at a leading level among similar products in China. It is expected to receive demo orders from top domestic customers in mid-2026.
Development trend: Expanding from storage testing leader to computing power testing
The current core growth of Jingzhida comes from the combination of domestic substitution for storage testing and expansion of domestic storage factories. Changxin and Changsheng's capital expenditures continue to increase, and the demand for testing equipment will continue to be released between 2026 and 2028. As a leading supplier of storage testing machines in China, the company will directly benefit.
HBM (High Bandwidth Memory) is the fastest growing sub direction in storage testing. HBM has significantly higher requirements for testing accuracy, speed, and parallelism than standard DRAM. The Jingzhida high-speed FT testing machine and HBM CP testing machine correspond to this demand, and the market is at the beginning of rapid volume growth.
SoC/GPU testing is the second curve of Jingzhida. If GPU testing machines are validated and shipped in bulk to top computing chip customers, the company will transform from a "storage testing expert" to a comprehensive testing equipment company driven by both storage and computing power, which can greatly expand the market space.
Expectation difference: The market underestimated the speed of order explosion and the option value of GPU testing machines
The current market positioning of Jingzhida is mostly at the level of "Changxin Supply Chain", but the following two points may constitute a cognitive gap:
