Q1 2024 Financial Highlights: Revenue was RMB 6.84 billion, an increase of 16.8% year-on-year. Net profit was RMB 0.13 billion, an increase of 21.7% year-on-year. Generated RMB 1.37 billion cash from operations. With net capex investments of RMB 0.93 billion, free cash flow for the quarter was RMB 0.44 billion. Earnings per share was RMB 0.08, as compared to RMB 0.06 in Q1 2023 SHANGHAI, April 24, 2024 /PRNewswire/ -- JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, today announced its  financial results for the first quarter of 2024. According to the financial report, in Q1 2024 JCET achieved revenue of RMB 6.84 billion, an increase of 16.8% year-on-year, and net profit of RMB 0.13 billion, an increase of 21.7% year-on-year. The company's revenue has achieved year-on-year growth for two consecutive quarters. JCET demonstrates continued success in high-performance advanced packaging and its core applications. Since the second half of 2023, customer demand has gradually recovered and the company's business performance has continuously rebounded. In the first quarter of this year, JCET continued the trend of steady development, with a healthy inventory turnover. Multiple business fields including communication electronics, computing electronics, and consumer electronics achieved growth compared to the same period last year. The company has strategically increased R&D investment in advanced technology, resulting in stable high-volume manufacturing (HVM) of its multi-dimensional fan-out heterogeneous integration XDFOI technology across multiple JCET factories. This technology offers advanced chiplet packaging solutions for global customers, addressing market demands in high-performance computing (HPC) and high bandwidth memory (HBM). With a focus on future development, JCET has strengthened its core competitiveness by increasing the capital of its wholly-owned subsidiary, JCET Management Co., Ltd., by RMB 4.5 billion. Doing so further refines its business strategy in automotive electronics, memory and computing electronics. Mr. Li Zheng, CEO of JCET, said, "JCET has maintained steady business performance in the first quarter of 2024 with double-digit year-on-year growth. As the semiconductor market rebounds, JCET is accelerating production capacity release and fostering joint innovation with customers in high-performance memory, high-performance computing, and high-density power management. These efforts position JCET to play an even more prominent role in the global semiconductor industry." For more information, please refer to the JCET Q1 2024 Report. About JCET Group JCET Group is the world's leading integrated-circuit manufacturing and technology services provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world. Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive and industry etc., through advanced wafer level packaging, 2.5D/3D, System-in-Packaging, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, six manufacturing locations in China, Korea and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to customers in China and around the world. CONSOLIDATED BALANCE SHEET (Unaudited)                                                                 RMB in millions Mar 31, 2024 Dec 31, 2023 ASSETS Current assets   Currency funds 9,977 7,325   Trading financial assets 1,752 2,306   Derivative financial assets 0 4   Accounts receivable 3,577 4,185   Receivables financing 49 38   Prepayments 135 104   Other receivables 109 87   Inventories 3,222 3,195   Other current assets 353 375 Total current assets 19,174 17,619 Non-current assets   Long-term receivables 32 33   Long-term equity investments 677 695   Other equity investments 442 447   Investment properties 85 86   Fixed assets 18,563 18,744   Construction in progress 1,220 1,053   Right-of-use assets 543 563   Intangible assets 662 662   Goodwill 2,251 2,248   Long-term prepaid expenses 15 17   Deferred tax assets 362 364   Other non-current assets 84 48 Total non-current assets 24,936 24,960 Total assets 44,110 42,579 LIABILITIES AND EQUITY   Mar 31, 2024 Dec 31, 2023 Current liabilities   Short-term borrowings 463 1,696   Derivative financial liabilities 2 0   Notes payable 307 223   Accounts payable 4,508 4,782   Contract liabilities 129 185   Employee benefits payable 646 781   Taxes and surcharges payable 180 167   Other payables