Yongxi Electronics (688362) Strongly Hits 20% Limit-Up: Dual Drivers from Packaging & Testing Concept Surge and Earnings Growth Forecast

On January 16, 2026, Yongxi Electronics (688362) strongly hit the 20% limit-up, closing at RMB 52.21 with a 20.00% increase, a turnover of RMB 1.812 billion, and a turnover rate of 9.25%, with its share price hitting a record high [1]. The stock triggered the conditions for being listed on the Dragon and Tiger List today due to a 15% increase, becoming one of the leading stocks in the packaging & testing concept sector [2].

The core catalysts for this strong performance show characteristics of multi-dimensional resonance. First, a collective limit-up surge occurred in packaging & testing-related concept sectors today. The packaging & testing concept soared 8.01% to top the sector gain rankings, with the HBM concept rising 5.71%, the Chiplet concept rising 5.24%, and the advanced packaging concept rising 4.63%. As a core stock in the above-mentioned concepts, Yongxi Electronics directly benefited from the overall rally of the sectors [3][4]. Second, the company’s 2025 annual earnings forecast shows a year-over-year net profit growth of 13.08% to 50.77%, coupled with the “Overweight” rating given by Huajin Securities on January 12, forming dual positive catalysts from earnings exceeding expectations and institutional recognition [5][6]. In addition, the company’s 2.5D packaging production line was successfully commissioned in the fourth quarter of 2024, and product verification is currently underway. This technological breakthrough lays the foundation for long-term growth [5].

The strong performance of the semiconductor packaging and testing sector on January 16, 2026 is not an accidental event, but a concentrated reflection of industrial revaluation driven by the AI technology revolution. From the industry perspective, advanced packaging has transformed from an “optional process” to a “must-have” for AI chips. TSMC’s CoWoS advanced packaging capacity continues to be in short supply, confirming the high prosperity of the industry [7].

The benefit logic for Yongxi Electronics in the packaging & testing track is clear: First, the surging demand for high-performance computing chips driven by AI large model training and inference is promoting the iteration of chips to more advanced packaging solutions; Second, the popularization of HBM (High Bandwidth Memory) technology has driven the rapid growth of demand for 2.5D/3D packaging; Third, the domestic substitution process is accelerating, and the gap in technical capabilities between domestic packaging & testing manufacturers and international giants is continuously narrowing. According to industry forecasts, the global chiplet multi-chip integrated packaging market is expected to reach RMB 185.9 billion in 2026, with broad market space [7].

Today’s limit-up surge in the packaging & testing sector shows obvious linkage characteristics, with semiconductor concept stocks such as Tianyue Advanced and BIWIN Storage also strengthening simultaneously. As one of the leading packaging & testing stocks on the Sci-Tech Innovation Board, Yongxi Electronics’ limit-up not only benefited from the overall capital inflow into the sector, but also formed a positive feedback on sector sentiment. It is worth noting that the stock was listed on the Dragon and Tiger List on the same day because it was among the “top five securities with a daily closing price increase of 15% under price limit”, indicating that its strong performance has attracted the attention of mainstream market funds [2].

The company’s 2025 annual earnings forecast shows that it expects to achieve operating revenue of RMB 4.2 billion to RMB 4.6 billion, a year-over-year increase of 16.37% to 27.45%; and net profit of RMB 75 million to RMB 100 million, a year-over-year growth of 13.08% to 50.77% [5]. The earnings growth mainly benefits from three factors: the global semiconductor industry continues to grow driven by artificial intelligence and high-performance computing; overseas major customers continue to expand volume and contribute incremental revenue; the growth of domestic core edge-side SoC customer groups drives demand growth.

However, it should be noted that the company’s expected non-recurring profit and loss-adjusted net profit is between -RMB 50 million and -RMB 30 million, reflecting that the profitability of its main business still needs to be improved. Huajin Securities’ research report pointed out that as the depreciation of the advanced packaging production line is gradually completed, profits are expected to be released gradually [6]. The verification of this judgment will depend on the actual performance of the 2025 annual report and subsequent quarterly financial reports.

The company’s technological breakthroughs in the advanced packaging field are the core variables supporting long-term growth. The FH-BSAP platform has achieved precise adaptation to customers’ diversified advanced packaging needs. The 2.5D packaging production line was successfully commissioned in the fourth quarter of 2024, and product verification with customers is currently underway [5]. From the perspective of the industrial cycle, 2.5D packaging technology is mainly used in fields such as high-performance computing and AI training chips. After product verification is passed, it is expected to positively improve the company’s overall gross profit margin.

In terms of capacity, the advanced packaging production line focused on in the second phase continues to ramp up, the proportion of advanced packaging products continues to increase, and the product structure is continuously optimized. In terms of overseas layout, the Singapore subsidiary and Malaysia subsidiary have been established, and the construction of overseas factories is steadily advancing. The company is actively expanding to leading overseas design enterprises in Europe and the United States, and customer concentration is expected to be further optimized while expanding overseas revenue [5].

The company has formed a stable customer base covering leading domestic AI chip design companies and top Taiwanese design companies, with 2 top Taiwanese design companies entering the top five customers. The accumulation of high-quality customer resources not only reflects the market’s recognition of the company’s technical capabilities, but also provides a guarantee for the stability of subsequent orders. With the continuous growth of demand for AI chips, the company’s market position as a core domestic advanced packaging & testing supplier is expected to be further consolidated.

Indicator	Data	Market Implication
Closing Price	RMB 52.21	Hits a record high, touches the limit-up
Highest Price	RMB 52.21	Closes strongly at limit-up
Opening Price	RMB 45.30	Opens high by about 6.5%, showing strength
Lowest Price	RMB 43.80	Amplitude of 19.33%, with large fluctuations
Trading Volume	379,800 lots	Volume ratio of 1.80, active capital inflow
Turnover	RMB 1.812 billion	Significantly expanded
Turnover Rate	9.25%	Sufficient chip turnover

From the perspective of volume-price relationship, today’s trend shows typical characteristics of main capital operation: it continued to rise after opening high, and the trading volume was significantly higher than recent levels (volume ratio of 1.80). The good match between volume and price indicates active inflow of off-market capital. The 9.25% turnover rate is a relatively high level among Sci-Tech Innovation Board stocks, showing sufficient chip turnover, and the strong pattern is confirmed by capital side.

The technical levels that need attention in the short term include: strong support level of RMB 47-48 (near the 5-day moving average), important support level of RMB 43-45 (today’s opening price and integer level), and the next theoretical resistance level of RMB 62.65 (+20% limit-up). The sustainability of the subsequent market needs to focus on whether the trading volume can remain at a high level (over RMB 1 billion) and the sector rotation situation [1].

The company’s debt pressure deserves attention. As of December 2025, the company’s principal loan balance reached RMB 7.18 billion, an increase of RMB 1.771 billion compared to the end of 2024, and the loan balance accounted for 70.54% of net assets [5]. A high debt level can be resolved through revenue growth during an industry upswing, but may bring financial pressure during industry fluctuations. In addition, the company’s current dynamic PE is about 255 times, and static PE is about 323 times, with a high valuation level. If earnings fall short of expectations, it may face the risk of valuation correction.

The loss in non-recurring profit and loss-adjusted net profit reflects that the profitability of the main business still needs to be improved. The company’s top five customers account for a relatively high proportion of revenue, and the risk of customer concentration objectively exists. Although overseas layout helps to diversify the customer structure, the increase in the proportion of major customers and overseas revenue may further intensify concentration. In addition, industry common risks such as lower-than-expected downstream terminal demand, risks of international trade frictions, and failure to industrialize new technologies and processes as scheduled also need to be paid attention to [5].

Factor	Strength	Sustainability Judgment
Sector Effect (Packaging & Testing, Chiplet Concept)	Strong	Sustainable in the medium term
Earnings Growth Expectation	Strong	Being verified in the medium term
Institutional Buy Rating	Medium	Effective in the medium term
Technological Breakthrough (2.5D Packaging)	Strong	To be realized in the long term
AI Industry Prosperity	Strong	Upward in the long term

: The sector effect continues, with good trading volume support and high market attention. The strong short-term pattern is expected to continue. However, attention should be paid to the pressure of profit-taking after expectations are realized.

: The core test lies in whether earnings growth can be realized, the mass production progress of 2.5D packaging, and the progress of overseas market expansion. If product verification is successfully passed and bulk orders are obtained, coupled with the introduction of overseas leading customers, the medium-term growth logic will be strengthened.

: The AI technology revolution drives the continuous growth of demand for advanced packaging, with huge domestic substitution space. The company’s technology platform competitiveness continues to improve, and the long-term growth logic is clear. It is necessary to continuously track the progress of technological iteration and changes in the industry competition pattern.

Yongxi Electronics’ limit-up today is the result of multiple factors resonating: the collective surge in the packaging & testing concept sector provides external catalysts, the 50.77% year-over-year net profit growth forecast for 2025 provides earnings support, the “Overweight” rating from Huajin Securities provides institutional endorsement, and the line commissioning of the 2.5D packaging production line provides long-term growth momentum. The strong short-term pattern is expected to continue, but investors need to pay attention to the sustainability of trading volume, sector rotation, and the degree of subsequent earnings realization. In terms of risks, high debt level, customer concentration, non-recurring profit and loss-adjusted loss, and high valuation are risk factors that need continuous tracking. The progress of 2.5D packaging product verification and overseas market expansion will be the key variables determining the company’s medium-term trend.