Wuhan Jingce Electronic Group Co., Ltd.

Wuhan Jingce Electronic Group Co., Ltd. is China's largest full-process display panel inspection equipment maker, headquartered in Wuhan, Hubei Province, founded in 2006. In 2025 the company generated ¥3.348 billion (~$460 million) in revenue, up 30.51%, with semiconductor metrology revenue surging 71.60% to ¥1.318 billion. Jingce serves BOE, TCL CSOT, and Apple's Micro-OLED supply chain with complete Array, Cell, and Module inspection systems, and holds a deep order backlog of ¥4.23 billion.

Business Overview

Jingce grew from module-stage signal generators into the only Chinese supplier covering the full display inspection lifecycle — optical defect detection, electrical testing, automated optical inspection (AOI), and color calibration. Its display inspection revenue reached ¥1.755 billion in 2025, and the company's tools are installed across dozens of high-generation lines at BOE, TCL CSOT, and other Chinese panel makers, playing a central role in the domestic substitution wave. The company also broke into Apple's Micro-OLED supply chain for AR/VR display testing.

The semiconductor division is the company's fastest-growing engine: wafer film thickness measurement, e-beam defect review, and advanced memory inspection tools generated ¥1.318 billion in 2025, up 71.60%. In 2025-2026, its subsidiary Shanghai Jingce signed cumulative contracts worth ¥516 million with a top-tier customer for EUV-grade and advanced-memory front-end inspection, proving its products have crossed the production qualification threshold. The company has achieved 100% domestic controllability of core inspection components after being added to the US Entity List.

Competitive Advantages

Jingce's core advantage is its position as the only Chinese supplier covering the full display inspection lifecycle, giving it a strategic role in the national equipment localization program. Its deep engineering capability spans optics, electronics, precision mechanics, and software, with large-scale in-house manufacturing supporting rapid customization for domestic fabs. The company's semiconductor metrology breakthrough, validated by repeat contracts with a top-tier customer, opens a large new addressable market beyond display inspection.

The order book provides exceptional visibility: ¥4.23 billion in total backlog as of April 2026, including ¥979 million in display equipment and over ¥2.53 billion in semiconductor metrology. The company forecast first-half 2026 net profit growth of 439-561% on AI-driven memory demand and OLED market recovery, and its full domestic supply chain insulates it from future export-control shocks.

Challenges & Outlook

Jingce's 2025 net profit of ¥82.02 million depends heavily on government subsidies — its non-GAAP net profit of only ¥23.54 million was less than 30% of reported earnings — revealing thin underlying profitability. Its early diversification into new-energy battery inspection recorded a ¥85.86 million net loss, and being placed on the US Entity List in December 2024 exposed the company to supply-chain disruption for some overseas components.

The outlook is strongly positive. China's semiconductor self-sufficiency drive, the Gen 8.6 OLED buildout, and AI-driven memory expansion are all direct tailwinds for Jingce's display and semiconductor inspection businesses. The company's validated front-end metrology products and deep order backlog position it for sustained high growth, while improving operating leverage should gradually lift underlying profitability. VerityRank Score of 79/100