Recently, Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ) announced that its board of directors approved a proposal to issue H shares and list on the Main Board of the Hong Kong Stock Exchange.

The announcement stated that the move aims to advance its global strategic layout, accelerate overseas business development, enhance capital strength and comprehensive competitiveness, and build an international capital operation platform.

Previously disclosed 2026 semi-annual report shows that the company's profit growth rate in the first half of this year far exceeded its revenue growth rate. Industry insiders noted that driven by the dual forces of AI computing power spurring explosive demand for storage and advanced packaging testing, along with accelerating domestic substitution, the company is entering a critical window for significant performance growth.

Pursuing "A+H" Listing with Frequent Capital Actions

From the semi-annual report data, Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ) is currently in a stage of high growth and high investment, with an urgent need for capital. Financial data shows that a large amount of funds remains tied up in the company's inventory.

As of June 30, 2026, the company's inventory book value was 4.785 billion yuan, up from 3.557 billion yuan at the end of 2025, with its proportion of total assets rising from 32.58% at the end of 2025 to 35.90%. The company stated this was mainly due to increased inventory reserves in the current period.

As the company's inventory procurement increased, Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ)'s accounts payable also rose accordingly. As of June 30, the company's accounts payable was 2.033 billion yuan, with its proportion of total assets rising from 12.13% at the end of 2025 to 15.26%.

To meet expansion needs, Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ) has also been active in capital operations recently. In terms of external acquisitions, the company acquired a 33.33% stake in Hangzhou Changchuan Intelligent Manufacturing Co., Ltd. from the National Integrated Circuit Industry Investment Fund Phase II Co., Ltd., paying 463 million yuan. Business registration changes have been completed.

At the same time, Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ) acquired PYXIS CF PTE.LTD through a controlled great-grandchild company and increased capital, paying a total of 273 million yuan. After the equity transfer and capital increase, the company indirectly holds 16.95% of its shares. Both Changchuan Manufacturing and PYXIS CF PTE.LTD are engaged in the manufacturing of specialized equipment for semiconductor devices.

Industry insiders generally believe these actions are preliminary moves by the company to prepare for subsequent capital operations and capacity expansion. Against this backdrop, the 2026 semi-annual report shows that Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ)'s net cash flow from investing activities dropped from -281 million yuan in the same period last year to -524 million yuan; net cash flow from financing activities fell from 571 million yuan in the same period last year to 165 million yuan; investment amount reached 819 million yuan, a year-on-year increase of 345.76% from 184 million yuan in the same period last year.

From the perspective of overseas business expansion, in the first half of this year, Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ)'s domestic revenue was 3.115 billion yuan, still the main revenue source. Among overseas revenue, Semiconductor Technologies & Instruments Pte Ltd contributed 367 million yuan with a net profit of 44.94 million yuan; Exis Tech Sdn. Bhd. contributed 36.34 million yuan but recorded a loss of 3.34 million yuan for the period.

Although the proportion of overseas revenue remains relatively low, Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ) believes that subsidiary STI has established long-term stable cooperative relationships with multiple international IDM and packaging testing companies such as Texas Instruments, Amkor, Samsung, ASE, Micron, and Powertech, providing strong support for the company to enter the supply systems of internationally renowned semiconductor companies; the acquisition of EXIS helps the listed company enrich its product types and achieve full coverage of gravity sorters, translation sorters, and turret sorters.

Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ) stated in its semi-annual report that it will continuously improve its R&D level in the future, expanding from the mid-to-low-end market to the mid-to-high-end market and from the domestic market to overseas markets, building the company into a renowned brand in the international integrated circuit equipment industry. Industry insiders pointed out that this planned H-share issuance and Hong Kong listing is an important step for Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ) to broaden overseas financing channels and expand global markets. However, the announcement noted that the proposal still requires filing or approval from domestic and overseas regulatory authorities including the China Securities Regulatory Commission, the Hong Kong Stock Exchange, and the Hong Kong Securities and Futures Commission before implementation, and there is significant uncertainty as to whether it will pass review procedures and ultimately be implemented.

Computing Power Drives Performance with Both Revenue and Profit Rising

Public information shows that Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ) mainly provides testing equipment for integrated circuit packaging and testing companies, wafer manufacturing companies, and chip design companies. Its main products currently include testers, sorters, automation equipment, and AOI optical inspection equipment.

According to the 2026 semi-annual report of Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ), the company's profit growth rate significantly exceeded its revenue growth rate. In the first half of this year, the company achieved operating revenue of 3.461 billion yuan, a year-on-year increase of 59.72%; net profit attributable to shareholders of the parent company was 964 million yuan, a year-on-year increase of 125.67%; net profit attributable to shareholders of the parent company after deducting non-recurring items was 922 million yuan, a year-on-year increase of 158.11%.

The company stated in its semi-annual report that the significant increase in sales revenue this period was mainly due to sustained growth in sales demand. Strong downstream demand is evident in Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ)'s capacity utilization rate. The semi-annual report shows that the company's capacity utilization rate for integrated circuit electronic industry specialized equipment reached 87.30% in the first half of 2026, up 15.97 percentage points from 71.33% in the same period last year.

From the revenue structure perspective, Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ)'s product mix is shifting toward higher gross margins. The semi-annual report shows that in the first half of this year, among the three major product lines, testers achieved revenue of 1.871 billion yuan, a year-on-year increase of 49.74%, with gross margin up 1.46 percentage points to 64.94% from the same period last year, making it the main source of the company's profit.

Notably, Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ)'s subsidiary Changmai Semiconductor (Chengdu) Co., Ltd. has seen rapid performance growth. The semi-annual report shows that Changmai Semiconductor achieved revenue of 502 million yuan in the first half of this year, a year-on-year increase of 511.41%; net profit of 131 million yuan, turning profitable year-on-year.

Combining intellectual property disclosures and recruitment information, UBS Securities speculated in a research report that Changmai Semiconductor mainly focuses on storage-related testers, including burn-in and high-speed interface testing. UBS Securities also believes that Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ) has achieved mass shipments of NAND packaging burn-in testers and is expected to make breakthroughs in the wafer tester field.

While tester revenue grows rapidly, Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ)'s sorters and AOI equipment are also rapidly scaling up. In the first half of this year, sorters achieved revenue of 1.158 billion yuan, a year-on-year increase of 63.30%, with a gross margin of 41.44%; other business revenue including AOI optical inspection equipment was 431 million yuan, a year-on-year increase of 107.46%, with gross margin up 1.43 percentage points to 52.15%.

Industry data shows that the integrated circuit testing equipment track that Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ) operates in is one of the segments with relatively low domestic substitution rates in the current semiconductor equipment field. Soochow Securities pointed out that with the continuous capacity expansion of ChangXin Technology and Yangtze Memory, combined with the significant increase in value of high-end DRAM and HBM testing equipment, the domestic storage tester market space is expected to grow from 4.8 billion yuan in 2026 to 15.5 billion yuan in 2027, a year-on-year increase of approximately 223%.

Industry insiders analyzed that sustained growth in downstream demand is opening new growth space for domestic testing equipment, and Hangzhou Changchuan Technology Co.,Ltd. (300604.SZ), as one of the few platform-based enterprises in China covering the full product line of testers, sorters, and AOI, will directly benefit from the downstream capacity expansion cycle.