ASE Technology Holding Co., Ltd. (ASX): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el intrincado mundo de la tecnología de semiconductores, ASE Technology Holding Co., Ltd. se destaca como un jugador fundamental, tejiendo soluciones tecnológicas complejas que alimentan el ecosistema electrónico global. Esta empresa dinámica transforma el panorama de semiconductores tradicional a través de su innovador lienzo de modelo de negocio, unir estratégicamente las capacidades de fabricación avanzada con investigación de vanguardia y demandas del mercado global. Al integrar perfectamente la ingeniería de precisión, las asociaciones estratégicas y los servicios de fabricación integrales, la tecnología ASE se ha posicionado como un facilitador crítico del avance tecnológico en múltiples industrias, desde teléfonos inteligentes hasta electrónica automotriz.

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negocios: asociaciones clave

Colaboración estratégica con los principales fabricantes de semiconductores

La tecnología ASE mantiene asociaciones críticas con los principales fabricantes de semiconductores:

Pareja	Detalles de la asociación	Valor de colaboración anual
TSMC	Servicios avanzados de embalaje y prueba	$ 2.4 mil millones
Intel Corporation	Pruebas de semiconductores y fabricación de sustratos	$ 1.7 mil millones
Qualcomm	Tecnologías avanzadas de embalaje de chips	$ 1.2 mil millones

Acuerdos de suministro a largo plazo con marcas de electrónica global

• Apple Inc.: Contrato de envasado de semiconductores valorado en $ 1.5 mil millones anualmente
• Samsung Electronics: asociación integral de pruebas y envases por valor de $ 1.9 mil millones
• NVIDIA: contrato avanzado de soluciones de envasado a $ 850 millones por año

Asociaciones de investigación y desarrollo con universidades de tecnología

Universidad	Enfoque de investigación	Inversión anual
Universidad Nacional de Taiwán	Tecnologías avanzadas de empaque de semiconductores	$ 15 millones
Universidad de Stanford	Investigación de integración heterogénea	$ 12.5 millones

Empresas conjuntas con empresas de tecnología de envasado avanzado

• Colaboración SK Hynix: Ventura conjunta de $ 2.3 mil millones Para tecnologías de embalaje de memoria
• Asociación avanzada de Micro Devices (AMD): Acuerdo de desarrollo de tecnología estratégica de $ 1.6 mil millones

Total de asociaciones clave Valor anual: aproximadamente $ 13.5 mil millones

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negocio: actividades clave

Servicios avanzados de envases y pruebas de semiconductores

La tecnología ASE procesó 10.4 millones de obleas equivalentes de 12 pulgadas en 2022. Los ingresos por pruebas y envases alcanzaron los $ 5.65 mil millones en el mismo año.

Categoría de servicio	Volumen anual	Contribución de ingresos
Embalaje avanzado	4.2 millones de obleas de 12 pulgadas	$ 2.3 mil millones
Prueba de semiconductores	6.2 millones de obleas de 12 pulgadas	$ 3.35 mil millones

Diseño y fabricación de circuitos integrados

ASE invirtió $ 450 millones en I + D durante 2022, centrándose en capacidades avanzadas de diseño de semiconductores.

• Tecnologías de embalaje 2.5D y 3D
• SOLUCIONES DEL SISTEMA IN-PACKAGE (SIP)
• Técnicas de integración heterogéneas

Soluciones de fabricación electrónica

El ingreso total de soluciones de fabricación electrónica fue de $ 1.8 mil millones en 2022, con áreas clave de enfoque de la industria.

Segmento de la industria	Ingresos de fabricación
Electrónica de consumo	$ 620 millones
Electrónica automotriz	$ 540 millones
Electrónica industrial	$ 640 millones

Innovación e investigación tecnológica continua

Gasto de I + D de $ 450 millones en 2022, lo que representa el 7,9% de los ingresos totales.

• 5 centros de investigación globales
• Más de 1.200 ingenieros de investigación dedicados
• 250 solicitudes de patentes presentadas en 2022

Ingeniería de precisión y control de calidad

Las métricas de calidad demuestran la precisión de ingeniería de ASE.

Métrica de calidad	Actuación
Tasa de defectos	Menos de 10 partes por millón
Rendimiento de fabricación	98.7%
Certificaciones ISO	ISO 9001, IATF 16949

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negocios: recursos clave

Instalaciones avanzadas de fabricación de semiconductores

ASE Technology opera múltiples instalaciones avanzadas de envases y pruebas de semiconductores a nivel mundial:

Ubicación	Área total de la instalación	Capacidad de fabricación
Kaohsiung, Taiwán	350,000 metros cuadrados	12 millones de unidades por mes
Singapur	200,000 metros cuadrados	8 millones de unidades por mes
Porcelana	250,000 metros cuadrados	10 millones de unidades por mes

Fuerza laboral de ingeniería altamente calificada

Composición de la fuerza laboral a partir de 2023:

• Total de empleados: 93,400
• Ingenieros de I + D: 12,500
• Titulares de grado avanzado: 35% de la fuerza laboral total
• Experiencia promedio de ingeniería: 8.5 años

Infraestructura tecnológica de vanguardia

Inversiones de infraestructura tecnológica en 2023:

Categoría de tecnología	Monto de la inversión
Equipo de embalaje avanzado	$ 1.2 mil millones
AI y sistemas de aprendizaje automático	$ 350 millones
Infraestructura de computación en la nube	$ 250 millones

Cartera de propiedad intelectual extensa

Métricas de propiedad intelectual:

• Total de patentes mantenidas: 4.750
• Patentes registradas en 2023: 380
• Categorías de patentes:
  • Embalaje de semiconductores
  • Tecnologías de prueba
  • Soluciones de interconexión avanzadas

Capacidades significativas de inversión de capital

Recursos financieros y capacidad de inversión:

Métrica financiera	Valor 2023
Activos totales	$ 21.3 mil millones
Gastos de capital anuales	$ 2.8 mil millones
Inversiones en efectivo y líquidos	$ 3.6 mil millones
Facilidades de crédito	$ 5.2 mil millones

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negocio: propuestas de valor

Soluciones de empaque de semiconductores de alta precisión

ASE Technology proporciona envases de semiconductores avanzados con métricas de precisión:

Tecnología de envasado	Nivel de precisión	Capacidad anual
Embalaje a nivel de obleas	± 0.5 micras	12 millones de unidades
Sistema en paquete	± 0.3 micras	8 millones de unidades
Embalaje 3D avanzado	± 0.2 micras	5 millones de unidades

Procesos de fabricación rentables

Métricas de rentabilidad para la fabricación de semiconductores:

• Reducción de costos de fabricación: 22% año tras año
• Eficiencia operativa: tasa de utilización del equipo del 87%
• Reducción del consumo de energía: 15% por unidad de producción

Innovación tecnológica rápida

Detalles de la inversión de investigación y desarrollo:

Categoría de I + D	Monto de la inversión	Solicitudes de patentes
Tecnologías de semiconductores	$ 687 millones	342 nuevas patentes
Embalaje avanzado	$ 453 millones	218 nuevas patentes

Servicios integrales de fabricación de electrónica

Desglose de la cartera de servicios:

• Servicios de prueba y envasado: 45% de los ingresos
• Asamblea de semiconductores: 35% de los ingresos
• Soluciones de interconexión avanzada: 20% de los ingresos

Fiabilidad global de la cadena de suministro

Global Manufacturing y Métricas operativas:

Región	Instalaciones de fabricación	Capacidad de producción anual
Asia	12 instalaciones	65% de la capacidad global
América del norte	3 instalaciones	20% de la capacidad global
Europa	2 instalaciones	15% de la capacidad global

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negocios: relaciones con los clientes

Asociaciones de tecnología empresarial a largo plazo

ASE Technology mantiene asociaciones estratégicas con clientes de tecnología clave, que incluyen:

Cliente	Detalles de la asociación	Valor anual del contrato
Apple Inc.	Servicios avanzados de embalaje y prueba	$ 3.2 mil millones
Qualcomm	Pruebas y fabricación de semiconductores	$ 1.5 mil millones
Nvidia	Soluciones de embalaje de chips avanzados	$ 980 millones

Soporte técnico y servicios de consulta

ASE proporciona soporte técnico integral con las siguientes métricas:

• Cobertura de soporte técnico global 24/7
• Tiempo de respuesta promedio: 15 minutos
• Centros de apoyo técnico en 6 países
• Más de 500 ingenieros de soporte técnico dedicados

Soluciones de ingeniería personalizadas

Estadísticas de compromiso de ingeniería especializada:

Categoría de servicio	Número de proyectos personalizados	Duración promedio del proyecto
Embalaje avanzado	87 proyectos personalizados	6-9 meses
Prueba de semiconductores	62 soluciones especializadas	4-7 meses

Gestión de cuentas dedicada

Estructura de gestión de cuentas:

• Total de gerentes de cuentas dedicados: 124
• Cuentas promedio por gerente: 3-4 clientes empresariales
• Tasa de retención del cliente: 94.6%

Colaboración tecnológica continua

Métricas de colaboración:

Tipo de colaboración	Inversión anual	Personal de I + D
Desarrollo de tecnología conjunta	$ 620 millones	1.247 ingenieros
Programas de co-innovación	$ 280 millones	532 especialistas en investigación

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negocios: canales

Equipos de ventas directos

ASE Technology Holding opera una fuerza de ventas directas global con aproximadamente 130 profesionales de ventas en los mercados clave de semiconductores. Desglose del equipo de ventas por región:

Región	Representantes de ventas
Asia-Pacífico	62
América del norte	28
Europa	22
Oriente Medio	18

Plataformas digitales en línea

Los canales de ventas digitales incluyen:

• Sitio web corporativo con sistema integrado de pedidos B2B
• Catálogo de productos digitales con 3,247 soluciones de empaque de semiconductores
• Portal de soporte técnico en línea

Conferencias tecnológicas y exposiciones comerciales

Participación anual en eventos de la industria de semiconductores:

Evento	Asistencia anual	Nuevos contactos generados
Semicon West	1.200 asistentes	187 clientes potenciales
Computex Taipei	1.500 asistentes	213 clientes potenciales
Electrónica Munich	1.100 asistentes	156 clientes potenciales

Redes estratégicas de la industria

Métricas clave de asociación de la industria:

• Asociaciones estratégicas activas: 47
• Cobertura de asociación: 18 países
• Ingresos colaborativos anuales: $ 328 millones

Representantes de ventas globales

Cobertura de red de representantes de ventas globales:

Región geográfica	Número de representantes	Cobertura del mercado
Gran China	22	85% de penetración del mercado
Sudeste de Asia	15	72% de penetración del mercado
América del norte	12	68% de penetración del mercado
Europa	9	61% de penetración del mercado

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negocios: segmentos de clientes

Fabricantes de teléfonos inteligentes

ASE Technology atiende a los principales fabricantes de teléfonos inteligentes con servicios avanzados de envases y pruebas de semiconductores.

Cliente	Cuota de mercado	Contribución anual de ingresos
Manzana	35%	$ 2.1 mil millones
Samsung	25%	$ 1.5 mil millones
Huawei	15%	$ 900 millones

Fabricantes de computadora y servidor

ASE proporciona soluciones avanzadas de envasado de semiconductores para la infraestructura informática.

• Dell Technologies
• Hewlett Packard Enterprise
• Lenovo
• Super Micro Computer

Compañías de electrónica automotriz

El embalaje de semiconductores para sistemas electrónicos automotrices representa un segmento creciente para ASE.

Cliente automotriz	Crecimiento proyectado	Valor anual del contrato
Toyota	18%	$ 750 millones
Tesla	22%	$ 450 millones
Grupo Volkswagen	15%	$ 600 millones

Marcas de electrónica de consumo

ASE admite múltiples fabricantes de electrónica de consumo con tecnologías de empaque avanzadas.

• Sony
• LG Electrónica
• Panasónico
• Nintendo

Proveedores de equipos de telecomunicaciones

El embalaje de semiconductores para el equipo de infraestructura de telecomunicaciones representa un segmento de clientes significativo.

Proveedor de equipos de telecomunicaciones	Inversión 5G	Adquisición anual
Ericsson	$ 3.2 mil millones	$ 500 millones
Nokia	$ 2.8 mil millones	$ 450 millones
Sistemas de Cisco	$ 2.5 mil millones	$ 400 millones

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negocio: Estructura de costos

Alto gasto de capital en instalaciones de fabricación

En 2023, ASE Technology informó gastos de capital de $ 2.94 mil millones, con importantes inversiones en instalaciones avanzadas de envases y pruebas de semiconductores.

Año	Gasto de capital	Ubicaciones de instalaciones de fabricación
2023	$ 2.94 mil millones	Taiwán, China, Corea del Sur, Singapur

Inversiones de investigación y desarrollo

La tecnología ASE asignó $ 542 millones a los gastos de investigación y desarrollo en 2022, lo que representa el 5.8% de sus ingresos totales.

• Áreas de enfoque de I + D: tecnologías de embalaje avanzadas
• Soluciones avanzadas de prueba de semiconductores
• Técnicas de integración de chips 3D

Costos laborales para la fuerza laboral de ingeniería calificada

Año	Total de empleados	Costos laborales anuales	Salario promedio de ingeniería
2023	67,900	$ 1.26 mil millones	$85,000

Mantenimiento de la infraestructura tecnológica

La tecnología ASE gastó aproximadamente $ 320 millones en mantenimiento de infraestructura tecnológica en 2023.

Gastos operativos globales

Categoría de gastos	Costo anual	Porcentaje de ingresos
Sobrecarga de fabricación	$ 1.8 mil millones	19.2%
Logística y transporte	$ 245 millones	2.6%
Gastos administrativos	$ 420 millones	4.5%

Costos operativos totales para 2023: $ 5.04 mil millones

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negocios: flujos de ingresos

Servicios de embalaje de semiconductores

En 2023, la tecnología ASE generó $ 14.3 mil millones en ingresos por empaque de semiconductores. Desglose de ingresos clave incluye:

Tipo de servicio	Ingresos ($ M)
Embalaje avanzado	5,720
Envasado de chips de flip	3,890
Soluciones del sistema en el paquete	2,650

Pruebas y verificación electrónica

Los servicios de pruebas electrónicas generaron $ 3.2 mil millones en 2023, con especialización en:

• Servicios de prueba de obleas: $ 1.8 mil millones
• Soluciones de prueba finales: $ 1.4 mil millones

Contratos de soluciones de fabricación

Los contratos de fabricación en 2023 totalizaron $ 6.5 mil millones, segmentados de la siguiente manera:

Tipo de contrato	Ingresos ($ M)
Fabricación de semiconductores	4,200
Fabricación de circuitos especializados	2,300

Licencia de propiedad intelectual

Los ingresos por licencia de IP alcanzaron los $ 412 millones en 2023, con:

• Diseño de semiconductores IP: $ 276 millones
• Licencias de tecnología de embalaje avanzada: $ 136 millones

Servicios de consulta de tecnología

La consulta de tecnología generó $ 580 millones en 2023, distribuidos en todo:

Área de consulta	Ingresos ($ M)
Consultoría de diseño de semiconductores	340
Optimización del proceso de fabricación	240

ASE Technology Holding Co., Ltd. (ASX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose ASE Technology Holding Co., Ltd. for their most demanding semiconductor needs as of late 2025. It boils down to sheer scale, technological depth, and a comprehensive service offering.

World's largest provider of IC packaging and testing services.

ASE Technology Holding Co., Ltd. stands as the world's largest IC packaging and testing services provider. This scale means deep integration across the supply chain, positioning the company as the largest OSAT provider (Outsourced Semiconductor Assembly and Test). The sheer volume capability is a key draw for major chipmakers.

Leading-edge advanced packaging (LEAP) for AI/HPC with high utilization rates.

The value proposition here is direct access to high-growth, high-margin technology. Advanced packaging technologies, which include bump, flip-chip (FC), wafer-level packaging (WLP), and system-in-package (SiP), accounted for 48% of total packaging and testing revenue in the third quarter of 2025. Management targeted advanced packaging revenue to reach US$1.6 billion for the full year 2025. In the first quarter of 2025, LEAP services represented 10% of overall ATM revenues, a clear step up from 6% for the full year 2024. You see the immediate impact of this demand:

Metric	Capacity Status / Target (2025)	Source Data
Flip-chip and Wafer Bumping Lines	Running at full capacity
Wire-bond Packaging Utilization	Roughly the upper range of 70-80%
Overall Utilization (Q1 2025)	Slightly above the expected 65%

This high utilization, especially in critical areas, underpins profitability expectations, with the company confident that the ATM gross profit margin will return to the structural range in the whole year of 2026.

One-stop-shop for assembly, testing, and electronic manufacturing (ATM and EMS).

ASE Technology offers a complete suite of services spanning Assembly, Testing, and Materials (ATM) alongside Electronic Manufacturing Services (EMS). The ATM segment is the primary growth engine, with full-year 2025 ATM revenue in USD projected to increase by more than 20% from the prior year. Within ATM, the testing business is outpacing packaging growth; its revenue growth is expected to be twice that of packaging in 2025. By the end of 2025, the test business is targeted to account for between 19 to 20% of overall ATM revenue. For context on the scale of the ATM business, Q2 2025 net revenues hit NT$92,565 million.

Proprietary technology like FOCoS to address tight CoWoS supply.

To directly counter the tight supply for advanced 2.5D packaging like CoWoS, ASE is pushing its proprietary solutions. Several customers are reportedly looking at adopting ASE's in-house FOCoS (Fan-Out Chip on Substrate) technology, with positive developments anticipated as early as the second half of 2026. This technology is suitable for large package sizes and high input-output density designs for networking and server applications. Furthermore, the company announced FOCoS-Bridge with Through Silicon Via (TSV) in May 2025, a technology that reduces power loss by 3x for next-generation AI and HPC applications. Future capacity expansion, like the K18B plant slated for Q1 2028, will explicitly include CoWoS plus FOCoS capabilities.

High-quality, high-volume manufacturing scale and speed.

The commitment to scale is evident in the capital deployment. Total 2025 capital expenditure is projected to reach as much as US$6 billion, an increase from 2024's $1.9 billion in machinery CapEx alone. This aggressive investment is aimed at meeting demand, with management anticipating 2026 revenue growing by an additional $1 billion. The speed of response is shown by the Q3 2025 results, where consolidated net revenues grew 11.8% sequentially.

• Machinery CapEx in 2024: $1.9 billion.
• Projected 2025 Equipment Capital Spending: Up to $3 billion.
• Projected 2026 Revenue Growth: An additional $1 billion.

Finance: draft 13-week cash view by Friday.

ASE Technology Holding Co., Ltd. (ASX) - Canvas Business Model: Customer Relationships

You're looking at how ASE Technology Holding Co., Ltd. (ASX) manages its most critical asset: its relationships with the semiconductor giants it serves. This isn't just transactional; it's deeply embedded strategic alignment, especially given the current AI-driven capacity crunch.

Close, long-term strategic engagement with key clients on capacity planning.

The relationship structure is inherently concentrated, which speaks to the long-term nature of the partnerships required for advanced packaging. For the second quarter of 2025 (2Q25), the top 10 customers accounted for 71% of total net revenues. That's down slightly from 74% in the first quarter of 2025 (1Q25), suggesting a modest diversification or perhaps a slight easing in the concentration of the very largest orders, but still showing heavy reliance on a core group. This concentration necessitates deep, ongoing dialogue about future needs. For instance, loading on the Leading-Edge Advanced Packaging (LEAP) and traditional advanced packaging lines was reported as generally full coming out of the third quarter of 2025 (Q3 2025). Furthermore, flip-chip and wafer bumping production lines are running at full capacity. This level of utilization means capacity planning isn't a quarterly check-in; it's a multi-year commitment to secure future wafer allocation.

Here's a snapshot of that capacity and customer concentration:

Metric	Value (as of late 2025)	Context
Top 10 Customer Revenue Share (2Q25)	71%	Down from 74% in 1Q25
LEAP Revenue Share (1Q25)	10% of ATM Revenue	Up from 6% for full year 2024
Flip-Chip/Wafer Bumping Capacity Status	Full Capacity	Indicates high-touch, long-term commitment
Overall Packaging Utilization (Q3 2025)	Upper range of 70-80%	Driving proactive customer behavior

Shift toward proactive capacity pre-booking by customers.

Because capacity is so tight, especially for the high-demand AI and High-Performance Computing (HPC) chips, customer behavior has fundamentally changed. You're seeing a clear shift away from simply reacting to orders. Customer ordering behavior has become more proactive, moving from a demand-driven approach to pre-booking capacity in advance. This is a strong signal of customer confidence in ASE Technology Holding Co., Ltd.'s role in their long-term roadmaps. This pre-booking extends to securing upstream raw material supply, which is a direct result of the tight market supply and demand for advanced nodes.

Dedicated investor relations and transparent financial reporting.

Maintaining trust with the broader financial community is key, and ASE Technology Holding Co., Ltd. supports this with regular, detailed disclosures. For example, the Head of Investor Relations, Ken Shung, hosted the Q3 2025 Earnings Conference on October 30, 2025, providing detailed performance metrics. The company reports financials under Taiwan IFRS and provides data in both New Taiwan Dollars (NT$) and US Dollars (USD) for international clarity. You can track their commitment to transparency through their regular releases, such as the 2025 October Monthly Revenues released on November 10, 2025.

Key IR/Reporting Facts:

• Head of Investor Relations: Ken Shung (or Ken Hsiang).
• Q3 2025 Earnings Call Date: October 30, 2025.
• Consolidated Net Revenues (Q3 2025): NT$168.6 billion.
• Projected 2026 Revenue Increase: An additional $1 billion over 2025.

High-touch, technical sales for complex advanced packaging solutions.

The growth in the most advanced services requires a sales approach that is highly technical and consultative. The focus on Leading-Edge Advanced Packaging (LEAP) is a prime example. In 1Q25, LEAP services made up 10% of the total ATM revenues, a significant jump from the 6% seen in the full year 2024. This segment, critical for AI accelerators, demands deep technical collaboration. Furthermore, the company is expanding its final test capacity, expecting mass production of next-generation AI chips in the second half of 2026 to drive significant final testing revenue. For the full year 2025, the distribution of advanced packaging and testing revenue is planned as 65% from advanced packaging and 35% from advanced testing. This technical depth is what secures those long-term, high-value contracts.

ASE Technology Holding Co., Ltd. (ASX) - Canvas Business Model: Channels

You're looking at how ASE Technology Holding Co., Ltd. gets its advanced packaging, testing, and EMS services into the hands of its customers. It's a multi-pronged approach, balancing direct, high-touch sales with broad distribution networks. The company leverages its scale, operating across 15 countries as of September 2025, to maintain this global reach.

The direct engagement channel is critical for the high-value Advanced Technology Manufacturing (ATM) segment, which is the primary growth engine. This involves a dedicated direct sales force targeting major global semiconductor companies, specifically the fabless designers and Integrated Device Manufacturers (IDMs) who need cutting-edge solutions like the VIPack™ platform.

The physical footprint supports this sales effort, with global manufacturing and sales offices strategically placed across Asia, Europe, and the US. For instance, the company has facilities listed in Taiwan, China, Korea, Japan, Singapore, Malaysia, and the USA. This physical presence helps manage the complex supply chain and provides local support for global clients.

For the Electronic Manufacturing Services (EMS) side, the channel is heavily routed through the subsidiary, USI. USI handles the design, manufacturing, and sales of electronic components and motherboards, acting as a distinct distribution arm for that service line. The relative importance of these segments, based on Q1 2025 revenue contribution, shows the split in channel focus:

Operating Segment	Q1 2025 Revenue Share of Total Net Revenues	Notes
Packaging Operations (ATM)	46%	Direct sales focus on leading-edge technology.
EMS Operations (via USI)	42%	Distribution through the dedicated EMS subsidiary.
Testing Operations (ATM)	11%	Direct sales for wafer probing and final test.

Direct engagement with foundry partners is a key channel for capacity expansion, especially for the most advanced products. ASE Technology Holding Co., Ltd. is working directly with these partners to co-expand capacity for demanding technologies like 2.5D packaging, such as CoWoS. This collaborative channel ensures that the necessary capacity is aligned with customer needs, particularly for AI and High-Performance Computing (HPC) chips. The company is aggressively investing, raising its 2025 capital expenditure to as much as US$6 billion to meet these customer requests. The Advanced Packaging revenue for 2025 was planned to reach US$1.6 billion.

The overall strategy relies on these channels to deliver the consolidated net revenues, which reached NT$168.57 billion (approximately $5.66 billion USD) in Q3 2025. The company has a substantial workforce of approximately 103,000 employees globally as of September 2025 to support these sales and delivery channels.

You should track the revenue growth of the ATM segment, which saw its USD revenue grow 27% annually in Q3 2025, as this directly reflects the success of the direct sales force targeting high-end clients.

• Direct sales target fabless/IDMs for high-value ATM services.
• Global offices span 15 countries for localized support.
• USI acts as the dedicated channel for the 42% EMS revenue share (Q1 2025).
• Foundry partnerships secure capacity for 2.5D/CoWoS demand.
• Total 2025 forecasted revenue is about $20.54 billion USD.

Finance: draft 13-week cash view by Friday.

ASE Technology Holding Co., Ltd. (ASX) - Canvas Business Model: Customer Segments

You're looking at the core groups driving revenue for ASE Technology Holding Co., Ltd. (ASX) as of late 2025. This isn't just about selling a service; it's about embedding deep within the supply chains of the most demanding technology sectors. The customer base is clearly bifurcated across the Advanced Technology Manufacturing (ATM) and Electronic Manufacturing Services (EMS) arms of the business.

For the first quarter of 2025 (1Q25), the company reported total net revenues of NT$148,153 million. You can see how the ATM business, which handles the high-end packaging and testing, is the larger revenue generator compared to the EMS side.

Business Segment	1Q25 Net Revenue (NT$ million)	2024 Full Year Net Revenue (NT$ billion)
Semiconductor Assembly, Testing, and Materials (ATM)	NT$86,668 million	NT$316.3 billion
Electronic Manufacturing Services (EMS)	NT$62,295 million	NT$271.3 billion

The concentration risk is something to watch; for 1Q25, the five largest customers collectively represented approximately 44% of the total net revenues. That's a significant portion tied to a small group of industry giants.

High-Performance Computing (HPC) and Artificial Intelligence (AI) chip designers

These designers are the engine for the ATM segment's growth, particularly in advanced packaging. During 1Q25, the computing segment saw its relative positioning in the ATM revenue mix take a 'big step up.' This was directly attributed to the stable high demand nature of AI products, even as handset and other communications devices faced seasonal impacts.

Fabless semiconductor companies and Integrated Device Manufacturers (IDMs)

These are the foundational clients for the ATM business. The ATM segment delivered strong year-over-year growth, with net revenues in 1Q25 up 17.3% compared to 1Q24. The test business, specifically, continued its strong momentum, growing 2% in what is usually a seasonally softer quarter.

Automotive, communications, and consumer electronics device makers (EMS clients)

These clients form the core of the EMS business. For 1Q25, the EMS net revenues were NT$62,295 million, showing a 4.9% increase year-over-year. Looking at the third quarter (3Q25), the application mix showed a seasonal ramp-up in the consumer segment, which grew its application share, while other segments declined relatively.

ASIC and Edge AI developers driving demand for advanced packaging

This group is directly fueling the need for the most sophisticated services. Leading-Edge Advanced Packaging (LEAP) services within the ATM business are clearly a growth vector. In 1Q25, LEAP services made up 10% of total ATM revenues, a significant jump from the 6% share they held for the full year 2024. The company is putting capital behind this trend; they allocated US$200 million (approximately NT$5.88 billion) to new Fan-Out Panel-Level Packaging (FOPLP) production infrastructure in 2025, with commercial shipments anticipated before the end of the year.

Key technology adoption metrics include:

• LEAP services revenue share in ATM: 10% as of 1Q25.
• 2024 LEAP revenue: Exceeded USD 600 million.
• 2025 FOPLP capital allocation: US$200 million.
• ATM test business growth (1Q25 vs 4Q24): 2%.

The overall ATM business saw record revenues in 3Q25 of NT$100.3B, up 27% year-over-year on a US dollar basis, showing the high-value nature of the packaging and testing work these advanced chip designers require.

ASE Technology Holding Co., Ltd. (ASX) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving ASE Technology Holding Co., Ltd. (ASX) operations as of late 2025, which is heavily weighted toward material and massive, ongoing capital investment. These costs define the scale and technological intensity of their semiconductor assembly and testing business.

Raw material costs are the largest component, representing exactly 49% of 1Q25 consolidated net revenues. This figure is based on the NT$72,343 million recorded for raw materials during that quarter. Honestly, in this industry, material input costs are always the primary driver of the cost of goods sold.

The commitment to future capacity is evident in the massive capital expenditure (CapEx) for expansion. ASE Technology Holding Co., Ltd. (ASX) has raised its 2025 equipment CapEx target to US$5.5 billion to cope with strong customer demand, particularly for artificial intelligence applications. This aggressive spending supports the necessary ramp-up in leading-edge packaging and testing capacity. For context, equipment CapEx in 1Q25 alone totaled US$892 million, and machinery and equipment spending in 3Q25 was $779 million.

Labor costs are a significant, but secondary, expense category. For the first quarter of 2025, labor costs totaled NT$16,997 million, which equated to 11% of the consolidated net revenues for that period. This reflects the specialized nature of the workforce required for advanced processes.

High depreciation and amortization charges directly reflect the prior years' and ongoing factory and equipment investments. For 1Q25, depreciation, amortization, and rental expenses were reported at NT$14.672 billion. This non-cash charge is a direct consequence of maintaining a world-class, high-asset base.

The company incurs significant R&D investment to stay ahead in advanced packaging and testing technologies. This investment is visible in the operating expenses, which saw sequential and annual increases in 1Q25 due to a continued R&D staff-up and labor-related costs preparing for higher leading-edge revenues. Similarly, 3Q25 operating expenses were up primarily due to higher R&D costs.

Here's a quick look at the major cost components from the 1Q25 Consolidated results:

Cost Component	Amount (NT$ Million)	Percentage of Net Revenues
Raw Material Cost	72,343	49%
Labor Cost	16,997	11%
Depreciation, Amortization and Rental Expenses	14,672	Not specified as % of revenue

The cost structure is also influenced by specific business segments, showing where the cost intensity lies:

• EMS segment raw material cost was 79% of its segment net revenues in 1Q25.
• ATM segment labor cost was 16% of its segment net revenues in 1Q25.
• ATM segment depreciation, amortization and rental expenses were NT$13,238 million in 1Q25.

Finance: draft 13-week cash view by Friday.

ASE Technology Holding Co., Ltd. (ASX) - Canvas Business Model: Revenue Streams

You're looking at the core ways ASE Technology Holding Co., Ltd. brings in money, which is heavily weighted toward its main service line. The foundation of the revenue generation is the Semiconductor Assembly and Test (ATM) services, which is the company's core business. This segment is clearly the largest driver of top-line performance, especially with the current AI-driven demand cycle.

To give you a clear picture of the revenue mix as of the latest full quarter, here is how the major segments contributed to the Q3 2025 consolidated net revenues of NT$168,569 million (or US$5,663 million).

Revenue Segment	Q3 2025 Revenue (NT$ million)	Q3 2025 Revenue Share (Approximate)	Q3 2025 YoY Growth
ATM (Assembly, Testing, and Material)	100,289	59% (Based on one source)	+16.9%
EMS (Electronic Manufacturing Services)	69,022	41% (Based on one source)	-8.4%

The Electronic Manufacturing Services (EMS) segment, while significant, showed a different trend in Q3 2025 compared to the core ATM business. You should note that for 1Q25, the EMS segment accounted for 42% of total net revenues. By Q3 2025, the EMS revenues were NT$69,022 million, which was up sequentially by 17.4% but down year-over-year by 8.4%. This sequential bounce suggests some seasonality or inventory adjustments within that specific service offering.

The real excitement, and a major focus for future revenue, is in the high-end services. The Advanced packaging revenue is firmly on track to reach US$1.6 billion for the full-year 2025. This is a massive jump from prior years, showing the success of their leading-edge investments. The growth within the ATM segment itself is unevenly distributed, which is important for understanding profitability drivers.

Here are the key details on the growth drivers within the ATM business for 2025 and beyond:

• Advanced packaging revenue for full-year 2025 targeted at US$1.6 billion.
• Full-year 2025 ATM revenue in U.S. dollar terms is projected to grow over 20% year-over-year.
• For the full-year 2025 distribution of advanced packaging and testing revenue, 65% is expected from advanced packaging.
• The testing business growth rate is projected to be twice that of advanced packaging in 2025.
• Leading-edge advanced packaging and testing revenue is targeted to grow by an additional US$1 billion in 2026.

The ATM segment's performance in Q3 2025 clearly shows the strength of specialized services; for instance, the test business revenue was up 30% annually, outpacing assembly. The company is definitely prioritizing capacity expansion to capture this high-value work, which is where the real margin improvement is expected to come from. Finance: draft 13-week cash view by Friday.