ASE 2025 Revenue Hits NT$645.4B, Second-Highest Ever

As demand for TSMC's CoWoS advanced packaging continues to outstrip supply, expanded outsourcing across the packaging ecosystem is creating clear momentum for backend service providers. This trend is translating directly into stronger operating performance for leading OSAT players.

ASE Technology Holding (ASE), the world's largest semiconductor packaging and testing group, announced its December 2025 self-combined revenue on January 9, reaching NT$58.87 billion. The figure was roughly flat month over month but marked an 11.3% year-on-year increase. Fourth-quarter revenue totaled NT$177.92 billion, up 5.5% sequentially and 9.7% from a year earlier, making it the second-highest quarterly result in the company's history, trailing only Q3 2022. The performance exceeded earlier guidance that projected just 1% to 2% quarter-on-quarter growth.

For full-year 2025, ASE reported consolidated revenue of NT$645.39 billion, up 8.4% year on year and representing the second-highest annual revenue level ever recorded by the group.

Growth was particularly strong in the packaging, testing, and materials segment. December revenue for this business reached NT$37.59 billion, up 4.2% from November and surging 25.9% year on year. In the fourth quarter, segment revenue totaled NT$109.71 billion, rising 9.4% quarter on quarter and 24.2% year on year, well above the previously expected growth range of 3% to 5%.

On a full-year basis, ASE's packaging, testing, and materials revenue reached NT$389.23 billion in 2025, up 19.4% from the previous year. Measured in U.S. dollars, packaging revenue climbed to US$12.54 billion, compared with US$10.18 billion in 2024, representing 23.2% growth and outperforming the company's original expectation of "over 20%" annual expansion.

To support accelerating demand from AI, automotive electronics, and high-performance computing (HPC), ASE is actively scaling its advanced packaging and silicon photonics capabilities. In 2025, the company launched construction of the K18B facility at the Nanzih Technology Industrial Park. The new plant will focus on CoWoS advanced packaging and a broad range of system-in-package technologies, including copper pillar bumping, fan-out chip-on-substrate (FoCoS), and flip-chip BGA solutions for CoWoS and chiplet-based designs.

ASE subsidiary Universal Scientific Industrial (USI) is also expanding its global footprint. In December 2025, USI announced an investment in its Haiphong, Vietnam facility to build capacity for up to 100,000 units per month of 800G and 1.6T silicon photonics optical modules. The site will feature a fully integrated production line covering optical engines, module assembly, and final testing.

USI plans to continue expanding in Haiphong and has recently signed a land purchase memorandum of understanding with Saigon–Haiphong Industrial Park (SHP) to support development of a second manufacturing campus in Vietnam. The new site will focus on server boards, including AI accelerator cards and server motherboards, optical communication products such as optical engines and modules, and AI server power solutions like PDUs, further accelerating product rollout and shipment capacity.