ASE Technology Holding Co., Ltd. (ASX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe de la technologie des semi-conducteurs, ASE Technology Holding Co., Ltd. est un acteur pivot, tissant des solutions technologiques complexes qui alimentent l'écosystème électronique mondial. Cette entreprise dynamique transforme le paysage traditionnel des semi-conducteurs grâce à sa toile innovante du modèle commercial, en portant stratégiquement les capacités de fabrication avancées avec des recherches de pointe et des demandes de marché mondial. En intégrant de manière transparente l'ingénierie de précision, les partenariats stratégiques et les services de fabrication complets, la technologie ASE s'est positionnée comme un catalyseur critique de progrès technologique dans plusieurs industries, des smartphones à l'électronique automobile.

ASE Technology Holding Co., Ltd. (ASX) - Modèle commercial: partenariats clés

Collaboration stratégique avec les principaux fabricants de semi-conducteurs

La technologie ASE maintient des partenariats critiques avec les principaux fabricants de semi-conducteurs:

Partenaire	Détails du partenariat	Valeur de collaboration annuelle
Tsmc	Services avancés d'emballage et de test	2,4 milliards de dollars
Intel Corporation	Tests de semi-conducteurs et fabrication de substrats	1,7 milliard de dollars
Qualcomm	Technologies avancées d'emballage de puces	1,2 milliard de dollars

Accords d'approvisionnement à long terme avec des marques électroniques mondiales

• Apple Inc.: Contrat d'emballage semi-conducteur d'une valeur de 1,5 milliard de dollars par an
• Samsung Electronics: partenariat complet de tests et d'emballages d'une valeur de 1,9 milliard de dollars
• Nvidia: Advanced Packaging Solutions Contracment à 850 millions de dollars par an

Partenariats de recherche et développement avec les universités technologiques

Université	Focus de recherche	Investissement annuel
Université nationale de Taïwan	Technologies avancées d'emballage semi-conducteur	15 millions de dollars
Université de Stanford	Recherche d'intégration hétérogène	12,5 millions de dollars

Coentreprises avec des entreprises de technologie d'emballage avancées

• Sk Hynix Collaboration: 2,3 milliards de dollars de coentreprise Pour les technologies d'emballage de mémoire
• Partenariat Advanced Micro Devices (AMD): Contrat de développement de technologie stratégique de 1,6 milliard de dollars

Valeur annuelle des partenariats clés totaux: environ 13,5 milliards de dollars

ASE Technology Holding Co., Ltd. (ASX) - Modèle commercial: activités clés

Services avancés d'emballage et d'essai semi-conducteurs

La technologie ASE a traité 10,4 millions de tranches équivalentes de 12 pouces en 2022. Les revenus des tests et des emballages ont atteint 5,65 milliards de dollars la même année.

Catégorie de service	Volume annuel	Contribution des revenus
Emballage avancé	4,2 millions de tranches de 12 pouces	2,3 milliards de dollars
Tests de semi-conducteurs	6,2 millions de tranches de 12 pouces	3,35 milliards de dollars

Conception et fabrication de circuits intégrés

L'ASE a investi 450 millions de dollars en R&D en 2022, en se concentrant sur les capacités avancées de conception de semi-conducteurs.

• Technologies d'emballage 2.5 et 3D
• Solutions de système dans le package (SIP)
• Techniques d'intégration hétérogènes

Solutions de fabrication d'électronique

Total Electronics Manufacturing Solutions Revenue était de 1,8 milliard de dollars en 2022, avec des domaines de mise au point clés de l'industrie.

Segment de l'industrie	Revenus de fabrication
Électronique grand public	620 millions de dollars
Électronique automobile	540 millions de dollars
Électronique industrielle	640 millions de dollars

Innovation et recherche technologiques continue

Dépenses de R&D de 450 millions de dollars en 2022, ce qui représente 7,9% des revenus totaux.

• 5 centres de recherche mondiaux
• Plus de 1 200 ingénieurs de recherche dévoués
• 250 demandes de brevet déposées en 2022

Ingénierie de précision et contrôle de la qualité

Les mesures de qualité démontrent la précision d'ingénierie de l'ASE.

Métrique de qualité	Performance
Taux de défaut	Moins de 10 parties par million
Rendement de fabrication	98.7%
Certifications ISO	ISO 9001, IATF 16949

ASE Technology Holding Co., Ltd. (ASX) - Modèle commercial: Ressources clés

Installations de fabrication de semi-conducteurs avancés

ASE Technology exploite plusieurs installations d'emballage et d'essai semi-conducteurs avancés à l'échelle mondiale:

Emplacement	Zone totale des installations	Capacité de fabrication
Kaohsiung, Taiwan	350 000 mètres carrés	12 millions d'unités par mois
Singapour	200 000 mètres carrés	8 millions d'unités par mois
Chine	250 000 mètres carrés	10 millions d'unités par mois

Travail d'ingénierie hautement qualifiée

Composition de la main-d'œuvre en 2023:

• Total des employés: 93 400
• Ingénieurs de R&D: 12 500
• Détenteurs de diplômes avancés: 35% de la main-d'œuvre totale
• Expérience d'ingénierie moyenne: 8,5 ans

Infrastructure technologique de pointe

Investissements infrastructures technologiques en 2023:

Catégorie de technologie	Montant d'investissement
Équipement d'emballage avancé	1,2 milliard de dollars
IA et systèmes d'apprentissage automatique	350 millions de dollars
Infrastructure de cloud computing	250 millions de dollars

Portfolio de propriété intellectuelle étendue

Métriques de la propriété intellectuelle:

• Total des brevets détenus: 4,750
• Brevets enregistrés en 2023: 380
• Catégories de brevets:
  • Emballage de semi-conducteurs
  • Test des technologies
  • Solutions d'interconnexion avancées

Capacités d'investissement en capital importantes

Ressources financières et capacité d'investissement:

Métrique financière	Valeur 2023
Actif total	21,3 milliards de dollars
Dépenses en capital annuelles	2,8 milliards de dollars
Investissements en espèces et liquide	3,6 milliards de dollars
Facilités de crédit	5,2 milliards de dollars

ASE Technology Holding Co., Ltd. (ASX) - Modèle d'entreprise: propositions de valeur

Solutions d'emballage semi-conducteur de haute précision

La technologie ASE fournit un emballage avancé semi-conducteur avec des mesures de précision:

Technologie d'emballage	Niveau de précision	Capacité annuelle
Emballage de niveau de la tranche	± 0,5 micron	12 millions d'unités
Système en pack	± 0,3 micron	8 millions d'unités
Emballage 3D avancé	± 0,2 micron	5 millions d'unités

Processus de fabrication rentables

Mesures de rentabilité pour la fabrication de semi-conducteurs:

• Réduction des coûts de fabrication: 22% d'une année à l'autre
• Efficacité opérationnelle: taux d'utilisation de l'équipement de 87%
• Réduction de la consommation d'énergie: 15% par unité de production

Innovation technologique rapide

Détails de l'investissement de la recherche et du développement:

Catégorie de R&D	Montant d'investissement	Demandes de brevet
Technologies de semi-conducteurs	687 millions de dollars	342 nouveaux brevets
Emballage avancé	453 millions de dollars	218 nouveaux brevets

Services de fabrication d'électronique complète

Répartition du portefeuille de services:

• Services de test et d'emballage: 45% des revenus
• Assemblée de semi-conducteurs: 35% des revenus
• Solutions d'interconnexion avancées: 20% des revenus

Fiabilité mondiale de la chaîne d'approvisionnement

Manufacturation mondiale et métriques opérationnelles:

Région	Installations de fabrication	Capacité de production annuelle
Asie	12 installations	65% de la capacité mondiale
Amérique du Nord	3 installations	20% de la capacité mondiale
Europe	2 installations	15% de la capacité mondiale

ASE Technology Holding Co., Ltd. (ASX) - Modèle d'entreprise: relations clients

Partenariats technologiques d'entreprise à long terme

La technologie ASE maintient des partenariats stratégiques avec les principaux clients de la technologie, notamment:

Client	Détails du partenariat	Valeur du contrat annuel
Apple Inc.	Services avancés d'emballage et de test	3,2 milliards de dollars
Qualcomm	Test et fabrication de semi-conducteurs	1,5 milliard de dollars
Nvidia	Solutions avancées d'emballage de puces	980 millions de dollars

Services de support technique et de consultation

L'ASE fournit un support technique complet avec les mesures suivantes:

• Couverture de support technique mondial 24/7 24/7
• Temps de réponse moyen: 15 minutes
• Centres de soutien technique dans 6 pays
• Plus de 500 ingénieurs de support technique dédiés

Solutions d'ingénierie personnalisées

Statistiques spécialisées d'engagement d'ingénierie:

Catégorie de service	Nombre de projets personnalisés	Durée moyenne du projet
Emballage avancé	87 projets personnalisés	6-9 mois
Tests de semi-conducteurs	62 solutions spécialisées	4-7 mois

Gestion de compte dédiée

Structure de gestion du compte:

• Total des gestionnaires de compte dédiés: 124
• Comptes moyens par gestionnaire: 3-4 clients d'entreprise
• Taux de rétention des clients: 94,6%

Collaboration technologique continue

Métriques de collaboration:

Type de collaboration	Investissement annuel	Personnel de R&D
Développement de technologies conjointes	620 millions de dollars	1 247 ingénieurs
Programmes de co-innovation	280 millions de dollars	532 spécialistes de la recherche

ASE Technology Holding Co., Ltd. (ASX) - Modèle d'entreprise: canaux

Équipes de vente directes

ASE Technology Holding exploite une force de vente directe mondiale avec environ 130 professionnels des ventes sur les principaux marchés de semi-conducteurs. Répartition de l'équipe de vente par région:

Région	Représentants des ventes
Asie-Pacifique	62
Amérique du Nord	28
Europe	22
Moyen-Orient	18

Plateformes numériques en ligne

Les canaux de vente numériques comprennent:

• Site Web d'entreprise avec système de commande B2B intégré
• Catalogue de produits numériques avec 3 247 solutions d'emballage semi-conducteur
• Portail de support technique en ligne

Conférences technologiques et expositions commerciales

Participation annuelle aux événements de l'industrie des semi-conducteurs:

Événement	Fréquentation annuelle	Nouveaux contacts générés
Semicon ouest	1 200 participants	187 clients potentiels
Calculx taipei	1 500 participants	213 clients potentiels
Electronica Munich	1 100 participants	156 clients potentiels

Réseautage de l'industrie stratégique

Métriques de partenariat clés de l'industrie:

• Partenariats stratégiques actifs: 47
• Couverture de partenariat: 18 pays
• Revenus collaboratifs annuels: 328 millions de dollars

Représentants des ventes mondiales

Représentant des ventes mondiales Couverture du réseau:

Région géographique	Nombre de représentants	Couverture du marché
Grande Chine	22	85% de pénétration du marché
Asie du Sud-Est	15	72% de pénétration du marché
Amérique du Nord	12	68% de pénétration du marché
Europe	9	61% de pénétration du marché

ASE Technology Holding Co., Ltd. (ASX) - Modèle d'entreprise: segments de clientèle

Fabricants de smartphones

La technologie ASE dessert les principaux fabricants de smartphones avec des services avancés d'emballage et de test de semi-conducteurs.

Client	Part de marché	Contribution annuelle des revenus
Pomme	35%	2,1 milliards de dollars
Samsung	25%	1,5 milliard de dollars
Huawei	15%	900 millions de dollars

Fabricants d'ordinateurs et de serveurs

L'ASE fournit des solutions avancées d'emballage semi-conducteur pour l'informatique infrastructure.

• Dell Technologies
• Hewlett Packard Enterprise
• Lenovo
• Super micro ordinateur

Sociétés électroniques automobiles

L'emballage semi-conducteur pour les systèmes électroniques automobiles représente un segment croissant pour l'ASE.

Client automobile	Croissance projetée	Valeur du contrat annuel
Toyota	18%	750 millions de dollars
Tesla	22%	450 millions de dollars
Groupe Volkswagen	15%	600 millions de dollars

Marques d'électronique grand public

L'ASE prend en charge plusieurs fabricants d'électronique grand public avec des technologies d'emballage avancées.

• Sony
• LG Electronics
• Panasonique
• Nintendo

Fournisseurs d'équipements de télécommunications

L'emballage de semi-conducteurs pour l'équipement d'infrastructure de télécommunications représente un segment de clientèle important.

Fournisseur d'équipement de télécommunications	Investissement 5G	Approvisionnement annuel
Éricson	3,2 milliards de dollars	500 millions de dollars
Nokia	2,8 milliards de dollars	450 millions de dollars
Systèmes Cisco	2,5 milliards de dollars	400 millions de dollars

ASE Technology Holding Co., Ltd. (ASX) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés dans les installations de fabrication

En 2023, ASE Technology a déclaré des dépenses en capital de 2,94 milliards de dollars, avec des investissements importants dans des installations avancées d'emballage et de test de semi-conducteurs.

Année	Dépenses en capital	Emplacements des installations de fabrication
2023	2,94 milliards de dollars	Taïwan, Chine, Corée du Sud, Singapour

Investissements de recherche et développement

La technologie ASE a alloué 542 millions de dollars aux frais de recherche et de développement en 2022, ce qui représente 5,8% de ses revenus totaux.

• R&D Focus Daires: technologies d'emballage avancées
• Solutions de test de semi-conducteurs avancées
• Techniques d'intégration des puces 3D

Coûts de main-d'œuvre pour la main-d'œuvre d'ingénierie qualifiée

Année	Total des employés	Coûts de main-d'œuvre annuels	Salaire d'ingénierie moyen
2023	67,900	1,26 milliard de dollars	$85,000

Maintenance des infrastructures technologiques

La technologie ASE a dépensé environ 320 millions de dollars pour la maintenance des infrastructures technologiques en 2023.

Dépenses opérationnelles mondiales

Catégorie de dépenses	Coût annuel	Pourcentage de revenus
Fabrication des frais généraux	1,8 milliard de dollars	19.2%
Logistique et transport	245 millions de dollars	2.6%
Frais administratifs	420 millions de dollars	4.5%

Coûts opérationnels totaux pour 2023: 5,04 milliards de dollars

ASE Technology Holding Co., Ltd. (ASX) - Modèle d'entreprise: Strots de revenus

Services d'emballage semi-conducteur

En 2023, la technologie ASE a généré 14,3 milliards de dollars de revenus d'emballage semi-conducteurs. La rupture des revenus clés comprend:

Type de service	Revenus ($ m)
Emballage avancé	5,720
Emballage de la puce de retournement	3,890
Solutions de système en package	2,650

Tests et vérification électroniques

Les services de test électroniques ont généré 3,2 milliards de dollars en 2023, avec une spécialisation dans:

• Services de test de plaquette: 1,8 milliard de dollars
• Solutions de test finales: 1,4 milliard de dollars

Contrats de solution de fabrication

Les contrats de fabrication en 2023 ont totalisé 6,5 milliards de dollars, segmentés comme suit:

Type de contrat	Revenus ($ m)
Fabrication de semi-conducteurs	4,200
Fabrication de circuits spécialisés	2,300

Licence de propriété intellectuelle

Les revenus de licence IP ont atteint 412 millions de dollars en 2023, avec:

• Conception de semi-conducteurs IP: 276 millions de dollars
• Licence de technologie d'emballage avancée: 136 millions de dollars

Services de consultation technologique

La consultation technologique a généré 580 millions de dollars en 2023, distribué à travers:

Zone de consultation	Revenus ($ m)
Conseil de conception de semi-conducteurs	340
Optimisation du processus de fabrication	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.