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Chang Wah Electromaterials (par value NT$1 per share) Announces Preliminary Financial Results for the Fourth Quarter of 2025
Issued by: Chang Wah Electromaterials Inc.
Issued on: January 28, 2026
Chang Wah Electromaterials Inc. (Chang Wah*, TWSE:8070) today announced its preliminary operating results for the fourth quarter of 2025. Unaudited consolidated revenue for the quarter reached NT$5,111 million, exceeding the NT$5,000 million milestone and marking the highest single-quarter revenue over the past twelve quarters. This performance reflects a continued recovery in operating momentum, approaching levels recorded during the pandemic peak years of 2021 and 2022. However, quarterly earnings were adversely affected by non-operating factors. During the fourth quarter, Chang Wah recognized investment and goodwill impairment losses in response to asset impairment charges recorded by its investee, JMC Electronics Co., Ltd. (JMC). These impairment losses materially eroded quarterly profitability, resulting in a turnaround from profit to loss. As a result, net loss attributable to owners of the Corporation amounted to NT$334 million, with loss per share of NT$0.47.
For the full year 2025, Chang Wah reported consolidated revenue of NT$19,352 million, representing a 12% year-on-year (YoY) increase and ranking as the third-highest annual revenue in the Company’s history. Performance across the distribution product lines and equipment businesses remained stable, with gross margin and operating margin maintained at consistent levels. Nevertheless, amid heightened foreign exchange volatility and ongoing restructuring efforts at investees, full-year earnings exhibited relative volatility. Net income attributable to owners of the Corporation for 2025 was NT$716 million, with earnings per share (EPS) of NT$1.02, both declining by more than 55% year-on-year.
Looking ahead to 2026, Chang Wah expects its materials and equipment distribution businesses to remain stable, supported by continued growth in customer demand. Its subsidiary, Chang Wah Technology Co., Ltd. (CWTC), maintains a positive outlook for the lead frame market, underpinned by encouraging demand signals from customers. Following the recognition of asset impairment losses, JMC’s financial structure is expected to improve gradually, with operating performance anticipated to recover progressively. Overall, as uncertainties continue to subside and market visibility cautiously improves, the CWE Group remains cautiously optimistic about its operating outlook for 2026.
Unit: NT$ Million
| Item/Period | Q4 2025 | Q3 2025 | Q4 2024 |
QoQ |
YoY |
|---|---|---|---|---|---|
| Consolidated revenue |
5,111 | 4,990 | 4,492 | 2% | 14% |
| Gross profit | 929 | 964 | 890 | -4% | 4% |
| Profit from operations |
563 | 573 | 471 | -2% | 20% |
| Profit before income tax |
45 | 1033 | 728 | -96% | -94% |
|
Net profit |
(334) | 608 | 336 | -155% | -199% |
| After-tax EPS (NT$) |
(0.47) | 0.86 | 0.48 | -155% | -198% |
| Gross margin | 18.2% | 19.3% | 19.8% | -1.1 ppt | -1.6 ppt |
| Operating margin | 11.0% | 11.5% | 10.5% | -0.5 ppt | +0.5 ppt |
| Pre-tax profit margin |
0.9% | 20.7% | 16.2% | -19.8 ppt | -15.3 ppt |
| Net profit margin | -2.2% | 17.3% | 13.2% |
Turned Negative |
Turned Negative |
Note 1: After-tax EPS is calculated based on a par value of NT$1 per share.
Note 2: The financial figures for the fourth quarter of 2025 are preliminary and may be adjusted following the auditor's audit.
Unit: NT$ Million
| Item/Period | 2025 | 2024 | YoY |
|---|---|---|---|
| Consolidated revenue |
19,352 | 17,231 | 12% |
| Gross profit | 3,577 | 3,505 | 2% |
| Profit from operations |
2,158 | 1,925 | 12% |
| Profit before income tax |
1,884 | 3,027 | -38% |
|
Net profit |
716 | 1,592 | -55% |
| After-tax EPS (NT$) |
1.02 | 2.32 | -56% |
| Gross margin | 18.5% | 20.3% | -1.8 ppt |
| Operating margin | 11.2% | 11.2% | Flat |
| Pre-tax profit margin |
9.7% | 17.6% | -7.9 ppt |
| Net profit margin | 7.3% | 14.6% | -7.3 ppt |
Note 1: After-tax EPS is calculated based on a par value of NT$1 per share.
Note 2: The 2025 financial figures are preliminary and may be adjusted following the auditor's audit.
【About Chang Wah Electromaterials Inc.】
Chang Wah* (8070.TW) specializes in the sales and technical services of semiconductor packaging materials and advanced packaging equipment, including lead frames, EME, silver paste, and IC substrates. The Company is also dedicated to strengthening its presence in the packaging materials market for key components of electric vehicles and automotive electronics. Furthermore, it partners with manufacturers to advance the IC substrate market for Micro LED and Mini LED packaging. Looking ahead, CWE will drive operational growth through its three primary business focuses: 3Cs (computers, communications, and consumer electronics), automotive, and industrial applications. Additionally, through strategic investments, the Company has expanded into the semiconductor front-end process materials, enabling CWE Group to build a comprehensive semiconductor material ecosystem and strengthen its influence within the industry. For more information, please visit the CWE official website: https://www.cwei.com.tw/