ENVALITH
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Wintest Corp.

6721・Standard Market・Electric Appliances

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ウインテスト株式会社 logo
Wintest Corp.6721

Business

Wintest Corporation was founded in 1993 and listed on the Tokyo Stock Exchange Mothers market (now the Standard Market) in 2003, operating as a specialist manufacturer of semiconductor test equipment. The company focuses primarily on testing display driver ICs, image sensors, and advanced logic ICs, offering a lineup of equipment (WTS-577 Series (WTS-577SX / WTS-577SR), WTS-9000 Series, WTS-311NX Series, etc.) that covers a wide range of test processes from silicon wafer front-end processes to package back-end processes. Development and manufacturing are conducted at the Yokohama head office and Osaka business office, while its wholly owned subsidiary in Wuhan, China (Wintest Technology (Wuhan) Co., Ltd.) handles mass production and local support. Major customers are semiconductor manufacturers in China and Taiwan, and the regional sales composition for FY2025 (ending December 2025) is China 56.5%, Japan 39.1%, and Taiwan 3.8%.

Business Model

The company adopts a vertical division of labor in which the Osaka business site handles development and prototyping of next-generation equipment, while the Wuhan subsidiary is responsible for mass production and assembly of existing equipment. It builds long-term relationships with customers by providing thorough technical support from the customer's prototyping stage through to mass production launch. Revenue is primarily generated from equipment sales; net sales for FY2025 (ending December 2025) were ¥429 million, with an order backlog of ¥494 million. The company has set target management indicators of an ordinary income to net sales ratio of 20% or more and a dividend payout ratio of 30%, but these targets have not yet been achieved.

Company Strengths

The WTS-311NX is capable of batch testing up to 380 million pixels and features a large-format sensor design dedicated to SLR cameras, unique in the industry. It also supports TOF testing in combination with an in-house developed dedicated light source, and is equipped with a color unevenness inspection function. The company has already obtained two patents related to OLED display measurement methods, holding intellectual property that underpins its technological superiority.

The company employs a general-purpose architecture that can handle electrical testing of any semiconductor simply by swapping the test package and probe card. It is capable of providing consistent support from wafer front-end processes through to back-end finished-product processes, and in January 2025, it newly launched the WTS-511 wafer acceptance test equipment for front-end processes, expanding its coverage area.

WinWay Technology (Wuhan) Co., Ltd., which commenced operations in January 2020, handles mass production, repair, and local support for existing equipment, enabling a division of labor that allows the Osaka business site to concentrate on next-generation development. Through the establishment of a wholly owned Chinese subsidiary, the company has built a framework that provides direct access to the Chinese market while avoiding U.S. sanctions against China.

ENVALITH's Perspective

In the first quarter of FY2026 (ending December 2026) (January to March 2026), the company recorded an operating loss of ¥179 million, an ordinary loss of ¥181 million, and a quarterly net loss of ¥182 million, continuing the pattern of ongoing operating losses. The operating loss for the previous period (FY2025, ended December 2025) reached ¥1,219 million, and the accumulated deficit in retained earnings has expanded to ¥4,553 million. While fundraising is progressing through the exercise of the 13th series of stock acquisition rights (7 million shares) allocated to abc Corporation, the fundraising is not guaranteed, and material uncertainty regarding the going concern assumption is recognized.

Net sales for the first quarter of FY2026 (ending December 2026) were ¥127 million, an improvement of 75.5% year-on-year compared to the same period of the previous year (¥72 million), but the progress rate against the full-year earnings forecast of ¥1,662 million (up 287.4% year-on-year) remained at only 7.6%. Achieving the full-year forecast would require recording ¥1,535 million in sales over the remaining three quarters, and given indications that a full-scale resumption of semiconductor capital investment for consumer and industrial applications may be pushed back to after July 2026, the probability of achieving the forecast is judged to be low at this point in time.

Cost of sales for the first quarter of FY2026 (ending December 2026) was ¥138 million (versus ¥44 million in the same period of the previous year), exceeding net sales of ¥127 million and resulting in a gross loss of ¥11 million. This stands in stark contrast to the same period of the previous year, when the company secured a gross profit of ¥28 million, clearly illustrating a structure in which fixed manufacturing costs weigh heavily against a small sales scale. In terms of the external environment, the main cause of the sales slump is the prolonged suppression of capital investment in non-AI segments, as investment in the consumer and industrial semiconductor markets continues to be skewed toward AI-related applications.

Growth Strategy

Aiming for a return to profitability through capturing the DDIC test equipment market recovery, entry into front-end processes, and monetization of five new business fields

Strengthening cooperation with Shanghai PMI and the Wuhan subsidiary to capture DDIC test equipment demand accompanying the full-scale ramp-up of OLED investment for G8.6 substrates. Full-scale resumption of capital investment for consumer and industrial applications is expected from July 2026 onward, with orders anticipated to concentrate in the second half.

Planning construction of a clean room for assembling front-end test equipment. Proceeds from the exercise of the 13th series of stock acquisition rights for abc Corporation will be allocated to construction costs, with the aim of beginning shipment of front-end test equipment by the end of FY2026 (ending March 2026). Entry into the power device inspection field is also being pursued in parallel.

Orders and deliveries have been accumulating from multiple national universities and mass production plants, with expansion into mass production plants for line monitoring camera applications underway. Being cultivated as a revenue source to diversify the risk of dependence on the capital investment cycle of the Semiconductor Test Equipment Business.

In cooperation with Redox Technology Co., Ltd., development has been completed of an industry-first pH13.2 strong alkaline water generator. In addition to existing products (pH12.5 and pH2.7), sales of the new product are scheduled to begin in the third quarter, aiming to expand the alkaline ionized cleaning water business.

Under the guidance of Professor Morita of Keio University, developing a tail lifter for local delivery trucks utilizing the Self-Weight Compensation Mechanism Technology. Promoting increased recognition in the logistics industry and building sales channels through exhibiting at the "Japan Truck Show 2026."

Exercise of the stock acquisition rights with exercise price adjustment provisions, issued pursuant to the resolution of the Board of Directors dated December 26, 2025, is progressing. Capital stock and capital surplus each increased by ¥86 million between January and March 2026. A further 744,600 shares were exercised between April 1 and May 15, 2026, bringing the total number of issued shares as of May 15 to 56,013,200. Proceeds are to be allocated to clean room construction, development of new businesses, and working capital.

Last updated: July 17, 2026