Honsu Group (弘塑集團) 2025Q2 Business Update

Company Overview

• Founded: 1993/5/7
• Capital: NTD$ 292,216,000
• Chairman: Robin Chang
• Service Offices: HsinChu (HQ), Taichung, Tainan, Kaohsiung, Shanghai

Group Members and Main Products

• GPTC (弘塑科技股份有限公司 - Grand Process Technology Corporation)

  • Founded: 1993
  • IPO: 2011 (3131)
  • Employee Count: 230
  • Main Product: Wet Process Equipment (Etch / PR Strip / Cleaner), Chemical Delivery System

• CLC (添鴻科技股份有限公司 - Chemleader Corporation)

  • Merged: 2013
  • Founded: 2002
  • Employee Count: 100
  • Main Product: Wet Process Chemistry (Etchant, PR Stripper, Plating Additive)

• CIC (佳霖科技股份有限公司 - Challentech International Corporation)

  • Merged: 2019
  • Founded: 1987
  • Employee Count: 120
  • Main Product: Agent Metrology (X-Ray, CSAM, EPD), Inspection, Wafer Transfer, Robot, Pump Overhaul

• TYNE (太引資訊系統股份有限公司 - TYNE Systems Corporation)

  • Merged: 2018
  • Founded: 2002
  • Employee Count: 30
  • Main Product: Software System Design (EDA, SPC, FDC, Big Data) Service

Main Business Items

• Wet Process Equipment (Single Wafer/Wet bench/Combo System)
• Wet Process Chemistry
• Equipment Agent, Pump/Robot Overhaul
• Big Data System Design

Main Customers

• Taiwan (TW): TSMC, ASE, SPIL, Micron, PTI, Amkor, Winstek, WINSemi, EPISIL, Mosel, TSC, TXC, Innolux, Corning, GlobalWafer, etc.
• China (CN): TFME, QLE, Forehope, Corning, etc.

Awards & Achievements

• Accumulated Installation: > 1,000 sets
• Accumulated IP: 149
• Average Annual R&D Investment: 7% - 10%
• Supplier Awards:
  • ASE 2023 Best Supplier
  • TSMC 2022 Best Supplier
  • TSMC 2020 Best Supplier
  • SPIL 2018 Excellent Vendor
  • ASE 2018 Best Supplier
  • ASE 2016 Best Supplier

Financial Highlights and Key Metrics

Income Statement (MNTD - Annual)

Income Statement (MNTD - Quarterly)

Revenue Contribution Ratio of Each Subsidiary

EPS History (歷年EPS趨勢 - Historical EPS Trend)

Dividend History (歷年股利配發率趨勢 - Historical Dividend Payout Ratio Trend)

Recent Performance and Results

2025'1H Performance

• Revenue: NTD 2,871 M (54.4% YoY increase compared to 2024'1H)
• Gross Profit: NTD 1,168 M (45.0% YoY increase)
• OP Net Profit: NTD 684 M (82.4% YoY increase)
• Net Profit: NTD 460 M (21.9% YoY increase)
• EPS: NTD 15.79 (21.2% YoY increase)

2Q25 Quarterly Performance

• Revenue: NTD 1,630 M (31.4% QoQ increase, 69.5% YoY increase)
• Gross Profit: NTD 662 M (30.7% QoQ increase, 58.5% YoY increase)
• OP Net Profit: NTD 407 M (47.0% QoQ increase, 102.4% YoY increase)
• Net Profit: NTD 205 M (-19.6% QoQ decrease, -0.1% YoY decrease)
• EPS: NTD 7.05 (-19.3% QoQ decrease, 0.1% YoY increase)
• Non-OP Revenue: NTD (114) M (-377.2% QoQ, -355.2% YoY) - significant negative non-operating revenue in 2Q25.

Future Outlook and Guidance

• GPTC Phase2 Factory: Planned for production readiness in 2025/Q3. Manufacturing footprint is comparable to Phase1.
• CLC T-site Factory: A total of 4 phases, with total capacity expected to be double that of H-site. Phase 1 to release production in August 2024.

Strategic Initiatives and Plans

New Factory Plans

• GPTC Phase2 Factory: Scheduled for production readiness in 2025/Q3, similar manufacturing footprint as Phase 1.
• CLC T-site Factory: Four-phase project, with a total capacity about double that of H-site. Phase 1 scheduled for production release in August 2024.

R&D Expense Investment

• Historical R&D Expense (KNTD) and R&D Revenue Share (%) are tracked, showing consistent investment.
• 2024 R&D Expense: 323,851 KNTD, representing 7.95% of revenue.

Product Development Focus on AI/HPC Advanced Package

• GPTC: Focus on Metal Etch, PR Strip, Cleaner.
• CLC: Focus on Cu/Ti Etchant, Environmentally PR Strip.
• CIC: Focus on X-Ray Inspection, CSAM Inspection, End Point Detector for Wet Etch, Concentration Monitor.
• TYNE: Focus on Smart Monitor System for manufacturing safety, Engineering Data Analysis.
• Transition from As-is to To-be in Advanced Packaging:
  • As-is: HBM (8-12hi), SoC, CoWoS
  • To-be: HBM (16hi), SoIC, CPO, CoWoS/CoPoS (PLP)

Key Charts, Graphs, and Data Points

• R&D Expense Investment Chart: Displays R&D expenses in KNTD and R&D revenue share percentage from 2013 to 2024.
• EPS History Chart: Shows the trend of EPS (NTD) from 2011 to 2024.
• Dividend History Chart: Illustrates the trend of dividend payout ratio (%) from 2011 to 2024.
• Factory Layout Diagrams: Visual representation of GPTC Phase 1 and Phase 2 expansion, and images of the CLC T-site Factory.

All the Important Product Names, Terms, and Concepts

• Company/Group Names: Honsu Group (弘塑集團), GPTC (弘塑科技股份有限公司), CLC (添鴻科技股份有限公司), CIC (佳霖科技股份有限公司), TYNE (太引資訊系統股份有限公司)

• Financial Terms:

  • MNTD (Million New Taiwan Dollars)
  • OP Expense (Operating Expense)
  • OP Net Profit (Operating Net Profit)
  • Non-OP Revenue (Non-Operating Revenue)
  • Income before Tax
  • Net Profit
  • EPS (Earnings Per Share)
  • Gross Margin
  • OP Margin (Operating Margin)
  • Margin before Tax
  • QoQ (Quarter-on-Quarter)
  • YoY (Year-on-Year)

• Product/Service Categories:

  • Wet Process Equipment
  • Chemical Delivery System
  • Wet Process Chemistry
  • Equipment Agent
  • Pump/Robot overhaul
  • Big Data System Design
  • Software System Design
  • Metrology
  • Inspection
  • Wafer Transfer
  • Smart Monitor System
  • Engineering Data Analysis

• Chemicals:

  • Etchant
  • PR Stripper
  • Plating Additive
  • ECD Chemicals - nt-Cu
  • Cu/Ti Etchant
  • Environmentally PR Strip

• Equipment Types:

  • Single Wafer System
  • Wet bench
  • Combo System
  • Wet Bench
  • Single Wafer Spin

• Metrology/Inspection Tools:

  • X-Ray
  • CSAM (C-Mode Scanning Acoustic Microscopy)
  • EPD (End Point Detector)
  • Concentration Monitor

• Software/System Design:

  • EDA (Electronic Design Automation)
  • SPC (Statistical Process Control)
  • FDC (Fault Detection and Classification)
  • Big Data Service

• Advanced Packaging Terms:

  • Cu Pillar Plating
  • PR Stripping
  • UBM Etching
  • Wafer Clean
  • PR Strip
  • UBM Etch
  • Surface Clean
  • Via Clean
  • Gap Clean
  • Debond Clean
  • Carrier Clean
  • Flux Clean
  • Mask Clean
  • BrewerBUILD™ layer coating
  • UBM fabrication
  • passivation opening
  • RDL (Redistribution Layer)
  • Micro bumping formation
  • Solder printing
  • Chip on wafer bonding with NCF (Non-Conductive Film)
  • Wafer molding process
  • Laser debond and cleaning

• Packaging Structures/Technologies:

  • 2D to 3D Structure
  • Fan-In
  • WL-CSP (Wafer Level Chip Scale Package)
  • Fan-Out
  • WLP (Wafer Level Package)
  • PLP (Panel Level Package)
  • Package on package
  • 2.5D
  • CoWoS (Chip-on-Wafer-on-Substrate)
  • SoIC (System-on-Integrated-Chips)
  • Hybrid Bond
  • CPO (Co-Packaged Optics)
  • CoPoS (Chip-on-Package-on-Substrate)

• Wafer/Panel Sizes:

  • 75mm, 100mm, 125mm, 150mm, 200mm, 300mm, 300300 mm, 510515 mm, 600*600 mm

• Materials/Components:

  • SnAg, Cu, Ti, Al pad, Si, PI/PBO (Polyimide/Polybenzoxazole), HBM (High Bandwidth Memory), SoC (System on Chip)

• Applications/Materials (Multi-Application):

  • Advanced Package: Flip Chip Bumping, Fan Out Packaging, 2.5D CoWoS, 3D SoIC, CPO.
  • Compounded: SiC (Silicon Carbide), GaAs/GaN (Gallium Arsenide/Gallium Nitride), InP (Indium Phosphide).
  • Automotive: Diode, CIS (CMOS Image Sensor), Micro LED.
  • Others: Bio Chip, Crystal element, IC Substrate.

Products, Services & Technology

Wet Process Equipment & Solutions

• Wet Process Equipment: Single Wafer, Wet bench, Combo System.
• Advanced Packaging Wet Solutions Processes:
  • Wafer Clean
  • PR Strip
  • UBM Etch
  • Surface Clean
  • Via Clean
  • Gap Clean
  • Debond Clean
  • Carrier Clean
  • Flux Clean
  • Mask Clean

Chemical Delivery System

Wet Process Chemistry

• ECD Chemicals - nt-Cu: Used for Cu Pillar Plating, focusing on plating performance and reliability.
• Stripper: Used for PR Stripping, considering stripper vs. PR and plating recipe, and stripper vs. PI.
• Etchant: Used for UBM Etching, focusing on etching selectivity, galvanic effect, and PR residue.
• Cu/Ti Etchant
• Environmentally PR Strip
• Plating Additive

Metrology, Inspection & Automation

• Agent Metrology: X-Ray, CSAM, EPD.
• Inspection: Wafer Inspection.
• Automation: Wafer Transfer, Robot, Pump Overhaul.
• End Point Detector for Wet Etch
• Concentration Monitor

Software Systems & Data Analysis

• Software System Design: EDA, SPC, FDC, Big Data Service.
• Smart Monitor System for manufacturing Safety
• Engineering Data Analysis

Process Application Opportunities

• 2D to 3D Structure: Fan-In / WL-CSP, Fan-Out / WLP/PLP, Package on package, 2.5D (Fan-In/Out, CoWoS), SoIC/ Hybrid Bond.
• Wide Range Wafer Size Capability: Supports 75mm, 100mm, 125mm, 150mm, 200mm, 300mm wafers, and 300x300 mm, 510x515 mm, 600x600 mm panels.
• Multi-Application Support:
  • Advanced Package: Flip Chip Bumping, Fan Out Packaging, 2.5D CoWoS, 3D SoIC, CPO.
  • Compounded Semiconductors: SiC, GaAs/GaN, InP.
  • Automotive Applications: Diode, CIS, Micro LED.
  • Other Applications: Bio Chip, Crystal element, IC Substrate.