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One of China's largest chip packaging-and-testing (OSAT) providers, packaging chips for memory, logic and power customers.
One of China's largest chip packaging-and-testing (OSAT) providers, packaging chips for memory, logic and power customers.
Is paid a service fee for each chip it packages and tests for customers, so earnings follow customers' volumes and how full its lines are. A state-owned Tianshui group in Gansu province is the controlling shareholder, and it widened its range with purchases such as Flip Chip International in 2015.
In one line: A smaller Chinese ASE/Amkor (outsourced chip packaging & test).
Moat: narrow (scale, customer qualification, installed base). Large OSAT scale and long-standing customer qualifications, but packaging is a competitive, capital-intensive business.
Headquarters: Tianshui, Gansu, China · Founded: 1990 · Employees: 33,887
Size Tianshui Huatian Technology (002185.SZ) is a China Information Technology company (Semiconductors) with a market value of $7.74B, the 320th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.40 on 6 Nov 2026.
Performance Over six months the shares gained 9.8%, against -22.1% for the median peer and -16.4% for the China market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 32.6% over the last twelve months (peer median +19.5%); the operating margin is 4.1% (peer median 8.5%).
Valuation It trades at 45.0× forward earnings against a peer median of 19.9× (7th most expensive of 18).
Capital Return on invested capital runs 2.1 points below its cost of capital (8.5% WACC).
Next results Next results expected around 6 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥21.6B | CN¥17.2B | CN¥14.4B | CN¥11.2B | CN¥11.8B |
| Revenue growth | — | +20% | +28% | -5% | — |
| Gross profit | CN¥5.65B | CN¥1.99B | CN¥1.46B | CN¥752M | CN¥1.79B |
| EBITDA | n/a | CN¥3.36B | CN¥2.53B | CN¥1.92B | CN¥2.83B |
| Net income | CN¥1.27B | CN¥711M | CN¥616M | CN¥226M | CN¥754M |
| Free cash flow | -CN¥5.46B | -CN¥2.56B | -CN¥1.73B | -CN¥1.26B | -CN¥2.50B |
| Capital expenditure | CN¥8.64B | CN¥6.15B | CN¥5.00B | CN¥3.71B | CN¥5.38B |
| Total debt | CN¥15.8B | CN¥15.1B | CN¥12.5B | CN¥10.00B | CN¥7.41B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tianshui Huatian Technology 002185.SZ | $7.74B | +10% | +33% | 4% | 45.0× | n/a |
| JCET 600584.SS | $14.1B | +15% | +4% | 6% | 40.2× | n/a |
| TongFu Microelectronics 002156.SZ | $10.5B | -15% | +21% | 7% | 28.7× | n/a |
| Ase Technology 3711.TW | $70.4B | +2% | +25% | 11% | 17.3× | n/a |
| Amkor Technology AMKR | $8.13B | -57% | +16% | 10% | 12.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002185.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.2% | -19.3% | 9th highest of 21 |
| 6-month return | +9.8% | -22.1% | 2nd highest of 20 |
| Distance from 52-week high | -46.3% | -51.6% | 8th highest of 21 |
| Revenue growth (TTM) | +32.6% | +19.5% | 8th highest of 21 |
| Operating margin | 4.1% | 8.5% | 8th lowest of 21 |
| Forward P/E | 45.0× | 19.9× | 7th most expensive of 18 |
| ROIC minus cost of capital | -2.1 pp | -3.7 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianshui Huatian Technology 002185.SZ | China | $7.74B | +10% | +33% | 4% | 45.0× | n/a | n/a |
| Ingenic Semiconductor 3223.HK | Hong Kong | $7.76B | n/a | +100% | 35% | 10.9× | -3.9% | +16.1% |
| Powerchip Semiconductor Manufacturing 6770.TW | Taiwan | $7.54B | -5% | +22% | -5% | 7.6× | 11.3% | +0.5% |
| RMBS RMBS | United States | $7.98B | -42% | +17% | 37% | 19.9× | 24.5% | +23.5% |
| Konfoong Materials International 300666.SZ | China | $8.09B | +9% | +35% | 10% | 53.5× | n/a | n/a |
| WAAREE Energies WAAREEENER.NS | India | $7.41B | -24% | +75% | 16% | 17.3× | n/a | n/a |
| Silicon Laboratories SLAB | United States | $7.39B | +2% | +22% | -3% | 60.3× | n/a | n/a |
| Shenzhen Techwinsemi Technology 001309.SZ | China | $8.12B | -64% | +317% | 35% | 6.7× | n/a | n/a |
| Amkor Technology AMKR | United States | $8.13B | -57% | +16% | 10% | 12.1× | n/a | n/a |
| Alchip Technologies Limitd 3661.TW | Taiwan | $7.35B | -32% | -51% | 23% | 14.4× | n/a | n/a |
| VeriSilicon Microelectronics (Shanghai) 688521.SS | China | $8.31B | -63% | +39% | -23% | n/a | 40.5% | +15.9% |
| SG Micro 300661.SZ | China | $8.33B | -12% | +46% | 17% | 55.7× | 35.9% | +26.7% |
| Smartsens Technology (Shanghai) 688213.SS | China | $7.01B | +21% | +27% | 13% | 30.9× | 23.1% | +42.7% |
| Minebea Mitsumi 6479.T | Japan | $6.97B | -13% | +12% | 7% | 11.9× | 10.8% | +11.0% |
| Sanan Optoelectronics 600703.SS | China | $6.87B | -33% | -22% | -7% | n/a | n/a | n/a |
| Vanguard International Semiconductor 5347.TWO | Taiwan | $6.82B | -22% | +10% | 17% | 17.7× | n/a | n/a |
| Nexchip Semiconductor 688249.SS | China | $8.80B | -17% | +14% | 7% | 66.4× | n/a | n/a |
| Rohm 6963.T | Japan | $6.76B | -19% | +12% | 4% | 24.3× | n/a | n/a |
| Jinko Solar 688223.SS | China | $6.73B | -34% | -18% | -11% | n/a | n/a | n/a |
| United Nova Technology 688469.SS | China | $8.92B | +4% | +42% | -10% | 102.1× | n/a | n/a |
| Suzhou Maxwell Technologies 300751.SZ | China | $6.72B | -33% | -26% | 6% | 72.0× | 47.7% | +29.0% |