Jiuzhou Yigui Intensifies Semiconductor Precision Processing: Laser Stealth Dicing Ushers in a New Era of Wafer Dicing
Introduction
In the semiconductor industry chain, wafer dicing, as a critical step in chip manufacturing and packaging testing, directly determines production costs and product quality. In recent years, laser stealth dicing technology, with its advantages of low loss and high efficiency, has been gradually replacing traditional mechanical dicing processes, becoming a focus of industry attention. On July 29, 2026, a representative from the board secretary office of Jiuzhou Yigui (stock code: 688XXX) detailed to a reporter from the STAR Market Daily the core motivations for downstream customers to switch to laser stealth dicing and the company's strategic layout in the semiconductor precision processing track.
Market Advantages of Laser Stealth Dicing Technology
Reduced Cutting Loss Highlights Cost Advantage
“Laser stealth dicing and traditional mechanical dicing are two different processes, and the application scenarios and customer groups they suit are not exactly the same,” the Jiuzhou Yigui board secretary office representative noted in an interview. Wafer dicing is a relatively critical step in semiconductor manufacturing and packaging testing, and the yield of the dicing process directly affects wafer manufacturing costs.
Compared with traditional mechanical dicing, laser stealth dicing has lower cutting loss, significantly reducing wafer raw material waste. This not only helps downstream customers lower overall production costs but also effectively improves wafer processing efficiency. Against the backdrop of increasingly fierce competition and rising cost pressures in the semiconductor industry, the market penetration of laser stealth dicing is expected to further increase.
Yield Barrier Builds a Technical Moat
Jiuzhou Yigui's subsidiary, Jingxi Semiconductor, with a yield rate of 99.8% and a domestically rare mass production capability for silicon photonic wafer laser stealth dicing, has established dual barriers in technology and customers. This technology aligns with the 3D packaging trend, avoiding edge damage caused by mechanical dicing and significantly improving chip yield and reliability.
Acquisition of Jingxi Semiconductor: A Key Step in Core Track Deployment
Strategic Transformation from Vibration and Noise Reduction to Semiconductor Precision Processing
This large-scale expansion is another important deployment by Jiuzhou Yigui in the semiconductor precision processing track after completing the acquisition and capital increase of Jingxi Semiconductor. According to public information, as early as the evening of March 27 this year, Jiuzhou Yigui announced that it plans to use its own or self-raised funds to invest no more than 415 million yuan to acquire 100% equity of Jingxi Semiconductor held by Tao Weiyin. After the acquisition, the company will also inject an additional 35 million yuan into Jingxi Semiconductor.
Founded in July 2022, Jingxi Semiconductor is primarily engaged in the processing and manufacturing of semiconductor wafers and devices, with a core focus on advanced laser stealth dicing processing services. It offers professional services such as high-precision stealth dicing (splitting), grooving, and sorting for semiconductor wafers. Financial data shows that the target company achieved operating revenues of 5.9609 million yuan and 21.7808 million yuan in 2024 and 2025, respectively, with net profits attributable to the parent of -2.96 million yuan and 6.622 million yuan, demonstrating rapidly growing profit potential.
Grand Ambitions and Hidden Concerns of Large-Scale Expansion
Suzhou Site Selection: Industrial Clustering and Customer Synergy
The project is located in Xiangcheng District, Suzhou City, Jiangsu Province, with a total investment not exceeding 630 million yuan, of which the equipment purchase amount is expected to be no more than 600 million yuan. A Jiuzhou Yigui board secretary office representative stated that the project was located in Suzhou because Jingxi Semiconductor's registered and business addresses are indeed in Suzhou. As a major semiconductor industry hub in the Yangtze River Delta, Suzhou has a complete industrial chain supporting facilities and talent pool. This site selection strategy is conducive to Jingxi Semiconductor quickly releasing production capacity and deepening synergy with downstream customers.
Equipment Dependency Risks and Mitigation Strategies
Jiuzhou Yigui openly stated in the announcement that the target company has a risk of dependence on upstream core equipment. Jingxi Semiconductor is highly dependent on certain specialized core equipment in its production operations and technology implementation, with relatively concentrated upstream supply channels. If the upstream equipment industry experiences supply contraction, price increases, or core technology restrictions, it may lead to equipment delivery delays and rising procurement costs, thereby affecting capacity release and business expansion progress.
The proposed investment project will adopt a factory leasing approach, adapting the leased plant with clean rooms and production support facilities to meet production needs. The company stated that the investment funds will come from its own funds, bank loans, or other methods compliant with laws and regulations. Currently, the project is in the preliminary preparation stage and still requires filing or approval from government authorities.
Downstream Demand Explosion: Order Delivery Pressure Highlights
In the project feasibility analysis, Jiuzhou Yigui pointed out that the AI computing power and high-speed optical communication industries are currently in a period of rapid development. As a key upstream link, silicon photonic wafer precision processing faces steadily expanding market demand. Faced with a sudden surge in downstream demand, Jingxi Semiconductor's existing capacity is insufficient to support order delivery, making expansion imperative.
Company Main Business Transformation and Future Outlook
Traditional Business Under Pressure, Semiconductor Business Becomes New Growth Pole
Jiuzhou Yigui is primarily engaged in R&D of vibration and noise reduction technologies, with core products including steel spring floating slab track vibration reduction systems, prefabricated steel spring floating slabs, sound barriers, isolated high-elasticity vibration damping pads, and heavy-duty frequency-tuned rail energy dissipation devices. However, China's urban rail transit industry has shifted from a high-speed construction phase to a stock operation and maintenance phase, with slower growth in new line planning, limiting the growth space for traditional vibration reduction business.
After the successful implementation of this project, it will help optimize Jiuzhou Yigui's revenue structure and reduce dependence on a single business. In the first quarter of 2026, Jiuzhou Yigui narrowed its losses, with operating revenue of 32.0127 million yuan, a year-on-year increase of 22.85%; net profit attributable to the parent was -4.3528 million yuan, improving from -6.0249 million yuan in the same period last year.
Strong Secondary Market Performance
In the secondary market, as of intraday trading on July 29, Jiuzhou Yigui was quoted at 49.91 yuan per share, with a total market capitalization of approximately 7.515 billion yuan. Since the beginning of this year, the company's stock price has accumulated an increase of approximately 175.73%. This increase reflects the market's high recognition of the company's transformation into the semiconductor precision processing track.
Conclusion
From traditional mechanical dicing to laser stealth dicing, from vibration and noise reduction to semiconductor precision processing, Jiuzhou Yigui is charting a diversified industrial development blueprint with a clear strategic path. Although challenges such as upstream equipment dependency risks and capacity ramp-up pressures coexist, driven by strong downstream demand from AI computing power and high-speed optical communications, the company, leveraging Jingxi Semiconductor's technological advantages and capacity investment, is expected to achieve key breakthroughs in semiconductor wafer dicing. For investors, paying attention to its expansion pace, customer development, and technology iteration progress will be key variables that cannot be ignored.
