# JCET Group (600584.SHG)

Canonical: https://gigainvestors.com/s/600584.SHG

Analysis as of: 2026-10-16T07:35:07.482Z. Financial observations: FY2000–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 57.50 per share; close as of 2026-10-15.

Estimated value: low CNY 20.19 per share, central CNY 26.26 per share, high CNY 30.14 per share. Buy at or below the central value CNY 26.26 per share. Valuation as of 2026-10-16T07:35:07.482Z; scenarios are not confidence intervals.

Expected annual return: 6.0% at the stated quote. About 6.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 1.26×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.02×

- FY2017: -0.00×

- FY2018: -0.03×

- FY2019: 0.01×

- FY2020: 0.05×

- FY2021: 0.10×

- FY2022: 0.10×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.5%

- ROIC, second-lowest year: -2.5%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 13.1%

- Recent gross margin (lower of latest and 3-year median): 13.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.5%

- ROIC including acquisitions, ten-year median: 5.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -2.5%

- FY2017: -0.1%

- FY2018: -3.1%

- FY2019: 0.6%

- FY2020: 6.4%

- FY2021: 14.0%

- FY2022: 13.7%

- FY2023: 6.6%

- FY2024: 7.7%

- FY2025: 7.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 10B

- Net income, five-year total: CNY 11B

- Return on incremental invested capital: 25.0%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.6 pp

- Working capital / revenue, final three-year average: 6.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.97×

- FY2023: 1.14×

- FY2024: 0.94×

- FY2025: 0.80×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -2.5% vs 7.7%

- Per-share earnings: 0.11 to 0.87 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.2%

- Ordinary dilution, 5-year annual growth: 2.5%

- Market cap gain: CNY 49B

- Cumulative retained earnings: CNY 10B

- Diluted shares, 10-year annual growth: 6.2%

- Diluted shares, 5-year annual growth: 2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 29.7%

- Per-share value change: CNY 0.76

- Per-share value, starting three-year median: CNY 0.11

- Per-share value, ending three-year median: CNY 0.87

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 2.4B

- Cumulative net income, 10 years: CNY 12B

- ROIC, first three-year median: -2.5%

- ROIC, last three-year median: 7.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.11

- FY2017: CNY 0.23

- FY2018: CNY -0.68

- FY2019: CNY 0.06

- FY2020: CNY 0.82

- FY2021: CNY 1.65

- FY2022: CNY 1.81

- FY2023: CNY 0.82

- FY2024: CNY 0.90

- FY2025: CNY 0.87

### accounting: pass

- Sloan accruals: -5.6%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.6%

- FY2017: -11.3%

- FY2018: -10.0%

- FY2019: -9.2%

- FY2020: -12.8%

- FY2021: -12.0%

- FY2022: -7.1%

- FY2023: -7.0%

- FY2024: -7.8%

- FY2025: -5.6%

## Holders

## Price story

Down 44% since Jun 2026 · sales +8.1%

Story as of 2026-10-16T10:00:03.721Z; price observation 2026-10-15.

Price needs cash profits to grow 16.5% a year for ten years

### Sales · FY2024–2025

sales +8.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 19B 

- FY2017: CNY 24B 

- FY2018: CNY 24B 

- FY2019: CNY 24B 

- FY2020: CNY 26B 

- FY2021: CNY 31B 

- FY2022: CNY 34B 

- FY2023: CNY 30B 

- FY2024: CNY 36B 

- FY2025: CNY 39B 

### Gross margin · FY2025

gross margin 14.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 11.6% 

- FY2017: 11.5% 

- FY2018: 11.2% 

- FY2019: 11.0% 

- FY2020: 15.2% 

- FY2021: 18.1% 

- FY2022: 16.3% 

- FY2023: 13.4% 

- FY2024: 12.9% 

- FY2025: 14.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are CNY 38.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2025: revenue 38871348331.23; grossProfit 5499283806.64; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600584.SHG: JCET Group Co., Ltd., together with its subsidiaries, provides integrated-circuit back-end and technology services in China, South Korea, the United States, and internationally. The company offers turnkey solutions, including semiconductor package integration design, wafer probing, bumping, assembly, final testing, and global drop shipments; design solutions; and characterization services, such as mold flow, mechanical, and electrical analysis, as well as thermal analysis test. It also provides packaging solutions comprising wirebond, flip chip, wafer level, power device, and MEMS and sensors packaging, as well as wafer bumping, system-in-package, and advancement of mainstream package; and testing solutions, which include test platform, wafer sort, test development, and ITMS, as well as RF, mixed-signal, memory/3D, digital, strip, post, and final tests. In addition, the company is involved in sewage treatment; investment activities; and trading. Its products are used in automotive, computing, storage, edge AI, and power and energy applications. The company was formerly known as Jiangsu Changjiang Electronics Technology Co., Ltd. and changed its name to JCET Group Co., Ltd. in November 2019. JCET Group Co., Ltd. was founded in 1972 and is based in Jiangyin, China.

### Why customers stay

Margins ranged from 12.9% to 14.1% during 2023–25; it earns 6.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2023: grossProfit / revenue = 13.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2024: grossProfit / revenue = 12.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2025: grossProfit / revenue = 14.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); 10-year return on capital observations [[2016,-0.024664322397587504],[2017,-0.0012175475481756592],[2018,-0.0308427907412004],[2019,0.0061403044655950175],[2020,0.06441483309239379],[2021,0.14026962660302789],[2022,0.137275824759977],[2023,0.06615668393250239],[2024,0.07650482070445323],[2025,0.07750305603292419]]; median 0.06528575851244808. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 25% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2016: growth capex 2071424302; upkeep 2696779016; owner earnings 106334429. Growth capex / owner earnings = 19.48027860289728.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2017: growth capex 1118691947; upkeep 3165388405; owner earnings 343346786. Growth capex / owner earnings = 3.258198394785615.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2019: growth capex 0; upkeep 2803587529; owner earnings 382049198. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2020: growth capex 0; upkeep 3330370923; owner earnings 1329711077. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2021: growth capex 808515000; upkeep 3549671000; owner earnings 2845071978.856. Growth capex / owner earnings = 0.284180859397836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2022: growth capex 259793429; upkeep 3664376000; owner earnings 3118528720.88. Growth capex / owner earnings = 0.08330640896797331.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2023: growth capex 0; upkeep 3128301238; owner earnings 1681314094.424. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2024: growth capex 1083923912; upkeep 3506872088; owner earnings 1518178686.42. Growth capex / owner earnings = 0.7139633309936584.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); FY2025: growth capex 1959989073.5571804; upkeep 4338310153.7728195; owner earnings 1246304065.8371804. Growth capex / owner earnings = 1.5726411614011675.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); Incremental return on capital 0.25048244601786845, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); Dividend observations: [[2016,806578168],[2017,782528304],[2018,972609533],[2019,726372320],[2020,611786508],[2021,389013000],[2022,524780154],[2023,627465739],[2024,579799000],[2025,595540350.88]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 22.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600584.SHG SharesStats.PercentInsiders = 22.926 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 16.5% yearly over ten years; actual growth was 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:07.482Z); Ten-year compound average after fade. Initial solved rate 0.22647472550745784. Price 57.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.05277647702202673 → FY2025 0.6927282061414907. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 19.63 per share

- 2016-11: CNY 18.29 per share

- 2016-12: CNY 17.65 per share

- 2017-01: CNY 17.10 per share

- 2017-02: CNY 17.39 per share

- 2017-03: CNY 18.88 per share

- 2017-04: CNY 17.44 per share

- 2017-05: CNY 15.00 per share

- 2017-06: CNY 16.05 per share

- 2017-07: CNY 15.53 per share

- 2017-08: CNY 16.54 per share

- 2017-09: CNY 17.30 per share

- 2017-10: CNY 21.72 per share

- 2017-11: CNY 21.10 per share

- 2017-12: CNY 21.33 per share

- 2018-01: CNY 18.90 per share

- 2018-02: CNY 19.78 per share

- 2018-03: CNY 21.74 per share

- 2018-04: CNY 22.39 per share

- 2018-05: CNY 18.94 per share

- 2018-06: CNY 16.94 per share

- 2018-07: CNY 16.77 per share

- 2018-08: CNY 14.86 per share

- 2018-09: CNY 13.00 per share

- 2018-10: CNY 10.22 per share

- 2018-11: CNY 10.00 per share

- 2018-12: CNY 8.24 per share

- 2019-01: CNY 8.89 per share

- 2019-02: CNY 13.64 per share

- 2019-03: CNY 14.11 per share

- 2019-04: CNY 13.70 per share

- 2019-05: CNY 14.83 per share

- 2019-06: CNY 12.85 per share

- 2019-07: CNY 14.11 per share

- 2019-08: CNY 14.88 per share

- 2019-09: CNY 17.21 per share

- 2019-10: CNY 18.66 per share

- 2019-11: CNY 20.72 per share

- 2019-12: CNY 21.98 per share

- 2020-01: CNY 26.24 per share

- 2020-02: CNY 26.61 per share

- 2020-03: CNY 19.67 per share

- 2020-04: CNY 25.19 per share

- 2020-05: CNY 29.03 per share

- 2020-06: CNY 31.27 per share

- 2020-07: CNY 44.53 per share

- 2020-08: CNY 41.83 per share

- 2020-09: CNY 35.79 per share

- 2020-10: CNY 37.02 per share

- 2020-11: CNY 44.06 per share

- 2020-12: CNY 42.57 per share

- 2021-01: CNY 40.76 per share

- 2021-02: CNY 39.56 per share

- 2021-03: CNY 34.19 per share

- 2021-04: CNY 36.80 per share

- 2021-05: CNY 34.65 per share

- 2021-06: CNY 37.68 per share

- 2021-07: CNY 39.18 per share

- 2021-08: CNY 34.15 per share

- 2021-09: CNY 32.07 per share

- 2021-10: CNY 30.91 per share

- 2021-11: CNY 33.20 per share

- 2021-12: CNY 31.02 per share

- 2022-01: CNY 26.85 per share

- 2022-02: CNY 27.99 per share

- 2022-03: CNY 24.58 per share

- 2022-04: CNY 21.62 per share

- 2022-05: CNY 24.20 per share

- 2022-06: CNY 27.00 per share

- 2022-07: CNY 25.22 per share

- 2022-08: CNY 24.79 per share

- 2022-09: CNY 21.43 per share

- 2022-10: CNY 24.08 per share

- 2022-11: CNY 25.00 per share

- 2022-12: CNY 23.05 per share

- 2023-01: CNY 26.68 per share

- 2023-02: CNY 28.14 per share

- 2023-03: CNY 32.45 per share

- 2023-04: CNY 27.55 per share

- 2023-05: CNY 31.20 per share

- 2023-06: CNY 31.17 per share

- 2023-07: CNY 32.99 per share

- 2023-08: CNY 32.60 per share

- 2023-09: CNY 30.50 per share

- 2023-10: CNY 30.80 per share

- 2023-11: CNY 30.54 per share

- 2023-12: CNY 29.86 per share

- 2024-01: CNY 22.48 per share

- 2024-02: CNY 26.16 per share

- 2024-03: CNY 28.13 per share

- 2024-04: CNY 25.77 per share

- 2024-05: CNY 25.97 per share

- 2024-06: CNY 31.71 per share

- 2024-07: CNY 33.39 per share

- 2024-08: CNY 32.65 per share

- 2024-09: CNY 35.33 per share

- 2024-10: CNY 39.92 per share

- 2024-11: CNY 38.98 per share

- 2024-12: CNY 40.86 per share

- 2025-01: CNY 38.83 per share

- 2025-02: CNY 37.29 per share

- 2025-03: CNY 35.01 per share

- 2025-04: CNY 33.43 per share

- 2025-05: CNY 32.16 per share

- 2025-06: CNY 33.69 per share

- 2025-07: CNY 35.07 per share

- 2025-08: CNY 39.90 per share

- 2025-09: CNY 44.09 per share

- 2025-10: CNY 40.02 per share

- 2025-11: CNY 35.91 per share

- 2025-12: CNY 36.78 per share

- 2026-01: CNY 49.48 per share

- 2026-02: CNY 48.16 per share

- 2026-03: CNY 38.75 per share

- 2026-04: CNY 45.56 per share

- 2026-05: CNY 82.05 per share

- 2026-06: CNY 103.55 per share

- 2026-07: CNY 65.71 per share

- 2026-08: CNY 75.75 per share

- 2026-09: CNY 64.28 per share

- 2026-10: CNY 60.16 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.93 per share, central CNY 3.07 per share, high CNY 3.26 per share

- FY2017: low CNY 2.05 per share, central CNY 2.18 per share, high CNY 2.35 per share

- FY2018: low CNY 4.42 per share, central CNY 4.98 per share, high CNY 5.31 per share

- FY2019: low CNY 2.52 per share, central CNY 3.01 per share, high CNY 3.30 per share

- FY2020: low CNY 4.33 per share, central CNY 5.72 per share, high CNY 6.53 per share

- FY2021: low CNY 6.44 per share, central CNY 8.05 per share, high CNY 8.98 per share

- FY2022: low CNY 16.34 per share, central CNY 21.87 per share, high CNY 25.10 per share

- FY2023: low CNY 17.78 per share, central CNY 23.24 per share, high CNY 26.42 per share

- FY2024: low CNY 21.63 per share, central CNY 28.27 per share, high CNY 32.14 per share

- FY2025: low CNY 20.42 per share, central CNY 26.32 per share, high CNY 30.09 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:48.929Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.