I'm LongbridgeAI, I can summarize articles.Star Market Daily, October 26 (Reporter Chen Junqing) Probe card leader MaxOne disclosed its third-quarter 2026 financial report today (October 26).
The financial report showed that MaxOne's operating revenue for the first three quarters was RMB 1.055 billion, a year-on-year increase of 63.07%; net profit attributable to shareholders was RMB 372 million, a year-on-year increase of 49.12%.
On a quarterly basis, the company's operating revenue in the third quarter was RMB 431 million, a year-on-year increase of 58.08%; net profit attributable to shareholders was RMB 150 million, a year-on-year increase of 34.10%. The company's net profit in the second quarter was RMB 110 million. Based on this calculation, its net profit in the third quarter increased by 36% quarter-on-quarter.
Regarding the change in performance, MaxOne stated in its financial report that, benefiting from the sustained strong demand for global AI computing chip testing and the overall upturn in the semiconductor industry, the company's orders for 2D MEMS probe card products continued to surge, driving a significant year-on-year increase in operating revenue. The company's product structure continues to be optimized, with its 2.5D MEMS probe cards for memory chip testing moving from verification to initial mass production, with customer adoption and small-batch deliveries progressing steadily, leading to a gradual increase in revenue contribution. The profit growth was mainly due to the incremental profit brought by the increase in operating revenue, as well as an increase in income from wealth management products and other sources.
MaxOne focuses on probe cards, the core hardware for wafer testing, and is the only mainland Chinese enterprise to have entered the top ten globally in the probe card industry in recent years. The company has established capabilities in MEMS probe manufacturing and testing, PCB and spatial interposer substrate design, probe card structural design, and precision assembly, possessing a product portfolio covering 2D MEMS, 2.5D MEMS, thin-film, vertical, and cantilever probe cards.
2D MEMS is the company's core growth engine. Currently, MaxOne has built three 8-inch MEMS production lines and one 12-inch MEMS production line. An announcement released by the company on July 25 indicated that the Hefei and Nantong projects are expected to reach their intended usable status in May and December 2027, respectively, providing support for subsequent capacity expansion.
Recently, MaxOne announced the latest progress of the Nantong project. The company stated that due to the upgrade of the fundraising investment project to a fully automated production line, the total investment in the Nantong probe card R&D and production project increased from RMB 1.2 billion to RMB 2.468 billion. Simultaneously, the registered capital of its wholly-owned subsidiary, MaxOne Semiconductor (Nantong) Co., Ltd., was increased from RMB 500 million to RMB 600 million, and the industrial and commercial registration changes were completed.
Regarding future growth points, MaxOne stated in the recently disclosed record of investor relations activities that probe cards have strong customization attributes, with a high proportion of repeat orders, and economies of scale are expected to drive improvements in gross margin. Testing demand related to mobile phones is the basic foundation of the company's revenue, while testing demand for computing chips and memory chips represents the main direction of growth. Wafer fab capacity expansion, the reshoring of high-end testing orders against the backdrop of supply chain security, and the front-loading of advanced process chip testing are expected to drive an increase in demand for probe cards.
According to QYResearch data, the global semiconductor probe card market size was approximately USD 3.64 billion in 2025 and is expected to reach USD 7.313 billion by 2032. The industry has long been dominated by foreign companies, with the three giants FormFactor (USA), Technoprobe (Italy), and MJC (Japan) collectively accounting for approximately 50% of the global market share. In 2025, the size of China's semiconductor probe card market was approximately USD 615 million, but the localization rate was only 27%, indicating broad space for substitution.
In a recent research report, AVIC Securities stated that probe cards are important consumables connecting testing machines and wafers under test during the wafer testing phase, directly affecting chip yield, testing efficiency, and manufacturing costs. Unlike one-time equipment investments, probes have a service life; meanwhile, with the development of advanced logic and high-end memory, requirements for denser pitch, high parallelism in multi-testing, and stricter mechanical precision are emerging, highlighting the consumable nature of probe cards.
In terms of stock performance, as of the close today (October 26), the company's stock price fell by 5.61%, closing at RMB 256.5 per share, with a market capitalization of RMB 46.52 billion.