ASE Technology Holding Co., Ltd. (ASX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No intrincado mundo da tecnologia de semicondutores, a ASE Technology Holding Co., Ltd. é um jogador fundamental, tecendo soluções tecnológicas complexas que alimentam o ecossistema global de eletrônicos. Esta empresa dinâmica transforma o cenário tradicional de semicondutores por meio de sua inovadora Canvas de modelo de negócios, concluindo estrategicamente recursos avançados de fabricação com pesquisa de ponta e demandas globais do mercado. Ao integrar perfeitamente a engenharia de precisão, parcerias estratégicas e serviços de fabricação abrangentes, a ASE Technology se posicionou como um facilitador crítico do avanço tecnológico em vários setores, de smartphones a eletrônicos automotivos.

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com os principais fabricantes de semicondutores

A ASE Technology mantém parcerias críticas com os principais fabricantes de semicondutores:

Parceiro	Detalhes da parceria	Valor anual de colaboração
TSMC	Serviços avançados de embalagem e teste	US $ 2,4 bilhões
Intel Corporation	Testes de semicondutores e fabricação de substrato	US $ 1,7 bilhão
Qualcomm	Tecnologias avançadas de embalagem de chips	US $ 1,2 bilhão

Acordos de fornecimento de longo prazo com marcas globais de eletrônica

• Apple Inc.: Contrato de embalagem de semicondutores avaliado em US $ 1,5 bilhão anualmente
• Samsung Electronics: Parceria abrangente de testes e embalagens no valor de US $ 1,9 bilhão
• NVIDIA: Contrato avançado de soluções de embalagem a US $ 850 milhões por ano

Parcerias de pesquisa e desenvolvimento com universidades de tecnologia

Universidade	Foco na pesquisa	Investimento anual
Universidade Nacional de Taiwan	Tecnologias avançadas de embalagem de semicondutores	US $ 15 milhões
Universidade de Stanford	Pesquisa de integração heterogênea	US $ 12,5 milhões

Joint ventures com empresas avançadas de tecnologia

• SK Hynix Collaboration: Joint venture de US $ 2,3 bilhões Para tecnologias de embalagem de memória
• Parceria Avançado de Micro Dispositivos (AMD): Contrato de Desenvolvimento de Tecnologia Estratégica de US $ 1,6 bilhão

Valor anual de parcerias importantes: aproximadamente US $ 13,5 bilhões

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negócios: Atividades -chave

Serviços avançados de embalagem e teste de semicondutores

A ASE Technology processou 10,4 milhões de bolachas equivalentes de 12 polegadas em 2022. Os testes e a receita de embalagem atingiram US $ 5,65 bilhões no mesmo ano.

Categoria de serviço	Volume anual	Contribuição da receita
Embalagem avançada	4,2 milhões de bolachas de 12 polegadas	US $ 2,3 bilhões
Teste de semicondutor	6,2 milhões de bolachas de 12 polegadas	US $ 3,35 bilhões

Projeto de circuito integrado e fabricação

A ASE investiu US $ 450 milhões em P&D durante 2022, com foco em recursos avançados de design de semicondutores.

• Tecnologias de embalagem 2.5D e 3D
• Soluções Sistemas em Package (SIP)
• Técnicas de integração heterogêneas

Soluções de fabricação de eletrônicos

A receita total de soluções de fabricação eletrônica foi de US $ 1,8 bilhão em 2022, com as principais áreas de foco da indústria.

Segmento da indústria	Receita de fabricação
Eletrônica de consumo	US $ 620 milhões
Eletrônica automotiva	US $ 540 milhões
Eletrônica industrial	US $ 640 milhões

Inovação e pesquisa tecnológica contínua

Despesas de P&D de US $ 450 milhões em 2022, representando 7,9% da receita total.

• 5 centros de pesquisa globais
• Mais de 1.200 engenheiros de pesquisa dedicados
• 250 pedidos de patente arquivados em 2022

Engenharia de Precisão e Controle de Qualidade

As métricas de qualidade demonstram a precisão da engenharia da ASE.

Métrica de qualidade	Desempenho
Taxa de defeito	Menos de 10 partes por milhão
Rendimento de fabricação	98.7%
Certificações ISO	ISO 9001, IATF 16949

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negócios: Recursos -chave

Instalações avançadas de fabricação de semicondutores

A tecnologia ASE opera várias instalações avançadas de embalagem e teste de semicondutores em todo o mundo:

Localização	Área total da instalação	Capacidade de fabricação
Kaohsiung, Taiwan	350.000 metros quadrados	12 milhões de unidades por mês
Cingapura	200.000 metros quadrados	8 milhões de unidades por mês
China	250.000 metros quadrados	10 milhões de unidades por mês

Força de trabalho de engenharia altamente qualificada

Composição da força de trabalho a partir de 2023:

• Total de funcionários: 93.400
• Engenheiros de P&D: 12.500
• Titulares de graduação avançada: 35% da força de trabalho total
• Experiência média de engenharia: 8,5 anos

Infraestrutura tecnológica de ponta

Investimentos de infraestrutura de tecnologia em 2023:

Categoria de tecnologia	Valor do investimento
Equipamento avançado de embalagem	US $ 1,2 bilhão
AI e sistemas de aprendizado de máquina	US $ 350 milhões
Infraestrutura de computação em nuvem	US $ 250 milhões

Portfólio de propriedade intelectual extensa

Métricas de propriedade intelectual:

• Total de patentes detidas: 4.750
• Patentes registradas em 2023: 380
• Categorias de patentes:
  • Embalagem semicondutores
  • Tecnologias de teste
  • Soluções avançadas de interconexão

Recursos significativos de investimento de capital

Recursos financeiros e capacidade de investimento:

Métrica financeira	2023 valor
Total de ativos	US $ 21,3 bilhões
Gastos anuais de capital	US $ 2,8 bilhões
Investimentos em dinheiro e líquido	US $ 3,6 bilhões
Linhas de crédito	US $ 5,2 bilhões

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negócios: proposições de valor

Soluções de embalagem de semicondutores de alta precisão

A tecnologia ASE fornece embalagens avançadas de semicondutores com métricas de precisão:

Tecnologia de embalagem	Nível de precisão	Capacidade anual
Embalagem no nível da wafer	± 0,5 mícron	12 milhões de unidades
Sistema em pacote	± 0,3 mícron	8 milhões de unidades
Embalagem 3D avançada	± 0,2 mícron	5 milhões de unidades

Processos de fabricação econômicos

Métricas de eficiência de custos para fabricação de semicondutores:

• Redução de custos de fabricação: 22% ano a ano
• Eficiência operacional: 87% de taxa de utilização de equipamentos
• Redução do consumo de energia: 15% por unidade de produção

Rápida inovação tecnológica

Detalhes de investimento em pesquisa e desenvolvimento:

Categoria de P&D	Valor do investimento	Aplicações de patentes
Tecnologias de semicondutores	US $ 687 milhões	342 novas patentes
Embalagem avançada	US $ 453 milhões	218 novas patentes

Serviços de fabricação de eletrônicos abrangentes

Breakdown do portfólio de serviços:

• Serviços de teste e embalagem: 45% da receita
• Montagem de semicondutores: 35% da receita
• Soluções avançadas de interconexão: 20% da receita

Confiabilidade da cadeia de suprimentos global

Métricas de fabricação e operacional globais:

Região	Instalações de fabricação	Capacidade de produção anual
Ásia	12 instalações	65% da capacidade global
América do Norte	3 instalações	20% da capacidade global
Europa	2 instalações	15% da capacidade global

ASE Technology Holding Co., Ltd. (ASX) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de tecnologia corporativa de longo prazo

A ASE Technology mantém parcerias estratégicas com os principais clientes de tecnologia, incluindo:

Cliente	Detalhes da parceria	Valor anual do contrato
Apple Inc.	Serviços avançados de embalagem e teste	US $ 3,2 bilhões
Qualcomm	Testes e fabricação semicondutores	US $ 1,5 bilhão
Nvidia	Soluções avançadas de embalagem de chips	US $ 980 milhões

Serviços de suporte técnico e consulta

A ASE fornece suporte técnico abrangente com as seguintes métricas:

• Cobertura de suporte técnico global 24/7
• Tempo médio de resposta: 15 minutos
• Centros de suporte técnico em 6 países
• Mais de 500 engenheiros de suporte técnico dedicados

Soluções de engenharia personalizadas

Estatísticas especializadas de engenharia de engenharia:

Categoria de serviço	Número de projetos personalizados	Duração média do projeto
Embalagem avançada	87 projetos personalizados	6-9 meses
Teste de semicondutor	62 soluções especializadas	4-7 meses

Gerenciamento de conta dedicado

Estrutura de gerenciamento de contas:

• Total de gerentes de contas dedicadas: 124
• Contas médias por gerente: 3-4 clientes corporativos
• Taxa de retenção de clientes: 94,6%

Colaboração tecnológica contínua

Métricas de colaboração:

Tipo de colaboração	Investimento anual	Pessoal de P&D
Desenvolvimento de Tecnologia Conjunta	US $ 620 milhões	1.247 engenheiros
Programas de co-innovação	US $ 280 milhões	532 especialistas em pesquisa

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negócios: Canais

Equipes de vendas diretas

A ASE Technology Holding opera uma força de vendas diretas globais, com aproximadamente 130 profissionais de vendas nos principais mercados de semicondutores. Diminuição da equipe de vendas por região:

Região	Representantes de vendas
Ásia-Pacífico	62
América do Norte	28
Europa	22
Médio Oriente	18

Plataformas digitais online

Os canais de vendas digitais incluem:

• Site corporativo com sistema de pedidos B2B integrado
• Catálogo de produtos digitais com 3.247 soluções de embalagem de semicondutores
• Portal de suporte técnico online

Conferências de Tecnologia e Exposições Comerciais

Participação anual em eventos da indústria de semicondutores:

Evento	Participação anual	Novos contatos gerados
Semicon West	1.200 participantes	187 clientes em potencial
Computex taipei	1.500 participantes	213 clientes em potencial
Electronica Munique	1.100 participantes	156 clientes em potencial

Rede estratégico da indústria

Métricas principais de parceria da indústria:

• Parcerias estratégicas ativas: 47
• Cobertura de parceria: 18 países
• Receita colaborativa anual: US $ 328 milhões

Representantes de vendas globais

Cobertura de rede representativa de vendas global:

Região geográfica	Número de representantes	Cobertura de mercado
Grande China	22	85% de penetração no mercado
Sudeste Asiático	15	72% de penetração no mercado
América do Norte	12	68% de penetração no mercado
Europa	9	61% de penetração no mercado

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

Fabricantes de smartphones

A ASE Technology atende aos principais fabricantes de smartphones com serviços avançados de embalagens e testes de semicondutores.

Cliente	Quota de mercado	Contribuição anual da receita
Maçã	35%	US $ 2,1 bilhões
Samsung	25%	US $ 1,5 bilhão
Huawei	15%	US $ 900 milhões

Fabricantes de computadores e servidores

O ASE fornece soluções avançadas de embalagem de semicondutores para a infraestrutura de computação.

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

Empresas de eletrônicos automotivos

A embalagem de semicondutores para sistemas eletrônicos automotivos representa um segmento crescente para o ASE.

Cliente automotivo	Crescimento projetado	Valor anual do contrato
Toyota	18%	US $ 750 milhões
Tesla	22%	US $ 450 milhões
Grupo Volkswagen	15%	US $ 600 milhões

Marcas de eletrônicos de consumo

A ASE suporta vários fabricantes de eletrônicos de consumo com tecnologias avançadas de embalagens.

• Sony
• LG Electronics
• Panasonic
• Nintendo

Provedores de equipamentos de telecomunicações

A embalagem de semicondutores para equipamentos de infraestrutura de telecomunicações representa um segmento significativo de clientes.

Provedor de equipamentos de telecomunicações	Investimento 5G	Aquisição anual
Ericsson	US $ 3,2 bilhões	US $ 500 milhões
Nokia	US $ 2,8 bilhões	US $ 450 milhões
Sistemas Cisco	US $ 2,5 bilhões	US $ 400 milhões

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negócios: estrutura de custos

Altos gastos de capital em instalações de fabricação

Em 2023, a ASE Technology registrou despesas de capital de US $ 2,94 bilhões, com investimentos significativos em instalações avançadas de embalagens e testes de semicondutores.

Ano	Gasto de capital	Locais das instalações de fabricação
2023	US $ 2,94 bilhões	Taiwan, China, Coréia do Sul, Cingapura

Investimentos de pesquisa e desenvolvimento

A ASE Technology alocou US $ 542 milhões às despesas de pesquisa e desenvolvimento em 2022, representando 5,8% de sua receita total.

• Áreas de foco em P&D: tecnologias avançadas de embalagem
• Soluções avançadas de teste de semicondutores
• Técnicas de integração de chips 3D

Custos de mão -de -obra para força de trabalho de engenharia qualificada

Ano	Total de funcionários	Custos trabalhistas anuais	Salário médio de engenharia
2023	67,900	US $ 1,26 bilhão	$85,000

Manutenção de infraestrutura de tecnologia

A tecnologia ASE gastou aproximadamente US $ 320 milhões em manutenção de infraestrutura de tecnologia em 2023.

Despesas operacionais globais

Categoria de despesa	Custo anual	Porcentagem de receita
Manufatura de sobrecarga	US $ 1,8 bilhão	19.2%
Logística e transporte	US $ 245 milhões	2.6%
Despesas administrativas	US $ 420 milhões	4.5%

Custos operacionais totais para 2023: US $ 5,04 bilhões

ASE Technology Holding Co., Ltd. (ASX) - Modelo de negócios: fluxos de receita

Serviços de embalagem semicondutores

Em 2023, a tecnologia ASE gerou US $ 14,3 bilhões em receita de embalagem de semicondutores. A divulgação de receita -chave inclui:

Tipo de serviço	Receita ($ m)
Embalagem avançada	5,720
Flip Chip Packaging	3,890
Soluções de sistema em pacote	2,650

Teste e verificação eletrônica

Os serviços de teste eletrônico geraram US $ 3,2 bilhões em 2023, com especialização em:

• Serviços de teste de bolacha: US $ 1,8 bilhão
• Soluções de teste final: US $ 1,4 bilhão

Contratos de solução de fabricação

Os contratos de fabricação em 2023 totalizaram US $ 6,5 bilhões, segmentados da seguinte forma:

Tipo de contrato	Receita ($ m)
Fabricação de semicondutores	4,200
Fabricação de circuitos especializados	2,300

Licenciamento de propriedade intelectual

A receita de licenciamento de IP atingiu US $ 412 milhões em 2023, com:

• Design de semicondutores IP: US $ 276 milhões
• Licenciamento avançado de tecnologia de embalagem: US $ 136 milhões

Serviços de consulta de tecnologia

A consulta tecnológica gerou US $ 580 milhões em 2023, distribuídos de forma intencional:

Área de consulta	Receita ($ m)
Consultoria de Design de Semicondutores	340
Otimização do processo de fabricação	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.