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High-tech materials and equipment supplier Wah Lee Industrial Corp. (3010) announced its financial results for the third quarter of 2025, reporting both quarterly revenue and gross profit reaching the second-highest levels for the same period in company history. Thanks to optimized product mix and effective expense control, gross margin and operating margin both improved year over year.
As of the third quarter, Wah Lee’s cumulative revenue reached NT$58.16 billion, while gross profit totaled NT$4.56 billion, showing growth from the same period last year as product optimization took effect. Looking ahead to the fourth quarter and 2026, with the easing of tariff impacts and stabilization of the NT dollar, coupled with stronger-than-expected demand for AI and high-performance computing (HPC), institutional investors remain optimistic about Wah Lee’s future performance.
AI applications continue to grow rapidly, driving robust demand for advanced semiconductor processes and keeping wafer foundry utilization rates high. HPC has become a major growth driver, contributing over half of customer revenue, with advanced process revenue exceeding 70%. Benefiting from this trend, Wah Lee saw strong double-digit growth in shipments of key materials such as photoresists, slurry, and advanced packaging materials. As new leading-edge nodes move toward mass production and customer yield ramp-up exceeds expectations, order visibility has improved significantly, providing strong momentum for Wah Lee’s semiconductor materials business and expected to boost performance in Q4 and 2026.
Wah Lee continues to expand its global footprint in semiconductor materials. Beyond Taiwan, China, and Singapore, its supply coverage has successfully extended to the U.S. and Japan. In specialty gases and parts, Wah Lee has achieved substantial progress, showcasing its strong international supply capability. The company plans to broaden its product portfolio and strengthen its global service network, continuously injecting new growth momentum as customers enter mass production phases for new products.
Historically, specialty gases relied heavily on imports. To enhance supply chain resilience and ensure stable local supply, localized production has become the preferred choice among clients. Wah Lee is actively investing in gas manufacturing; its first neon gas purification plant has entered trial production and is expected to commence mass production in Q1 2026 with a cylinder capacity of 8,000 cubic meters per month. The company also plans to expand into mixed gases, further enriching its gas product lineup.
Wah Lee’s high-resolution dry film products, introduced and distributed by the company, have secured major orders from leading IC substrate customers, supported by strong demand for high-speed computing, AI GPUs, and ASIC chips. In the PCB market, Wah Lee is focusing on high-growth applications such as LEO (Low Earth Orbit) satellite systems, optical transceiver modules, and AI server HDI mainboards. As global networking infrastructure accelerates, LEO satellites—offering high coverage and bandwidth—are driving strong international demand, resulting in robust double-digit growth for Wah Lee’s related materials revenue.
Copper-clad laminates (CCL)—composed of copper foil, fiberglass fabric, and resin—are critical for high-speed signal transmission. To meet the rising demand from AI servers and high-frequency applications, Wah Lee has been developing low-loss next-generation resin materials, widely used in GPU substrates and ASIC accelerator boards. With major cloud service providers (CSPs) accelerating the development of in-house AI ASIC chips, Taiwan’s CCL makers are running at full capacity, and Wah Lee’s related product sales have surged accordingly.
Recognizing the automation trend in PCB manufacturing, Wah Lee is actively expanding into intelligent logistics systems, including automated material handling, unmanned vehicles, smart warehousing, and in-line storage systems. These solutions help global PCB leaders build fully digitalized smart factories, and Wah Lee now holds the leading market share in China’s PCB smart factory sector.
At the recently concluded TPCA Show, Wah Lee showcased its strong equipment integration capabilities, featuring automated drilling and inspection systems essential for AI server board production. Drilling machines—one of the most capital-intensive investments in PCB manufacturing—have seen order volumes multiply over the past two years, driving significant business growth. Wah Lee also unveiled new 3D AI inspection systems for large-size IC substrates, enhancing substrate quality for AI computing, and expanded into custom wet-process equipment design, backed by deep expertise in fine-line manufacturing processes.
Today, Wah Lee offers end-to-end PCB process services, covering both dry and wet process equipment, providing customers with integrated one-stop solutions. As the AI boom accelerates industry upgrades, equipment suppliers are playing an increasingly critical role, positioning Wah Lee as a key enabler and major beneficiary in this new wave of technological advancement.