Kuang Yuan Sees Second-Half Growth as Jinyun and Shengxin Target October Emerging Board Listings

What is driving Kuang Yuan's growth outlook for the second half of 2026?

Chairman Hsieh Ming-kai (謝明凱) says automation and semiconductor performance will drive Kuang Yuan Technology's (廣運) growth in the second half of 2026CITE:E1. Within the automation segment, semiconductor-related orders have grown several-fold or more compared with a year earlierCITE:E5. Separately, Kuang Yuan's semiconductor business grew 3 to 4 times in 2025 versus the prior year, with several project sites currently under negotiation, positioning semiconductor equipment as another major engine for revenue and order intake this yearCITE:E14. The company identifies smart manufacturing, smart logistics, semiconductor equipment, and public infrastructure as its main growth driversCITE:E8.

What is the scale of Kuang Yuan's order backlog and revenue visibility?

Kuang Yuan's order backlog stands at roughly NT$60 billion, with 2026 revenue expected to grow at a double-digit rateCITE:E7. Reports diverge on how far that backlog extends: Money UDN reported visibility reaching as far as 2028, with smart manufacturing, smart logistics, semiconductor equipment, and public infrastructure cited as the growth drivers behind itCITE:E8, while TechNews reported the same roughly NT$60 billion backlog but described visibility as spanning two to three yearsCITE:E13.

What new businesses are starting to contribute to Kuang Yuan's growth?

Kuang Yuan's service robots and the Taoyuan Airport Terminal 3 (桃園機場第三航廈) gateway project are emerging as new contributors alongside its core automation and semiconductor equipment business. The company expects service robots to ship in the first half of 2026, starting to contribute to resultsCITE:E9. Its AI agent business has already secured a service robot order with a semiconductor major as the end customer, also slated to ship in the first half of 2026CITE:E16. On the Terminal 3 (T3) "gateway" project, equipment installation began in 2025, with the project expected to enter its trial-run phase from March to June this year, followed by back-end testing, and full completion targeted for 2027CITE:E15.

Jinyun Technology plans an October Emerging Board listing — what is its 2026 growth outlook?

Jinyun Technology (金運科技) is targeting NT$1.3 billion in 2026 revenue as it prepares to list on the Taipei Exchange Emerging Board in October. Jinyun is one of two Kuang Yuan portfolio companies slated to register on the Emerging Board in OctoberCITE:E2. Its 2025 revenue was about NT$500 million, its order backlog already stands at NT$600 million, and it is targeting NT$1.3 billion in 2026 revenue, with public offering procedures expected to complete in the third quarter ahead of the October listingCITE:E12. Jinyun plans to complete its public offering in the third quarter and list in October, alongside plans to unveil a self-developed 2.5MW liquid-cooling CDUCITE:E17. With 2025 revenue of NT$500 million and a NT$600 million backlog, the company expects to turn profitable this yearCITE:E18.

What are Jinyun's core business and international expansion strategy?

Jinyun makes AI data center liquid-cooling systems and has built a network of more than 25 partners as it expands overseas. Beyond orders in Taiwan, the company has received overseas orders from Thailand and the United States, and is in discussions for orders in Japan and other countriesCITE:E3. A Jinyun deputy general manager said the company has partnered with more than 25 equipment, software, and key-component partnersCITE:E19.

Shengxin Materials also plans an October listing — what is fueling its growth?

Shengxin Materials (盛新材料) is preparing an October Emerging Board listing after its first-half 2026 revenue already exceeded its full 2025 revenue. Shengxin is the second of the two portfolio companies set to register on the Emerging Board in OctoberCITE:E2. Its compound semiconductor wafer business has passed a major customer's certification, with revenue expected to grow steadily starting in the second half of 2026CITE:E4. Shengxin's first-half 2026 revenue has already exceeded its entire 2025 revenueCITE:E6. For full-year context, Shengxin's 2025 revenue was NT$33.88 million, and 2026 revenue is expected to doubleCITE:E11.

What progress has Shengxin made on silicon carbide substrates and capacity?

Shengxin completed development of an 8-inch semi-insulating silicon carbide substrate and is now scaling toward 12-inch substrates with 65 crystal-growth furnaces. In 2025 the company completed a government-backed development program for 8-inch semi-insulating silicon carbide substrates, and in 2026 it is launching a 12-inch silicon carbide substrate development program, currently operating 65 crystal-growth furnacesCITE:E10. In 2025 Shengxin also completed factory validation with four customers, split evenly between Taiwan and Japan, and will this year launch a two-year 12-inch crystal-growth development program; with its existing 65 furnaces, capacity utilization is expected to reach full load in the second half of 2026CITE:E20.

Key figures at a glance

What this means

The three companies' growth stories are tied together but run on different tracks. Kuang Yuan's own second-half outlook rests on its established automation and semiconductor equipment backlog, with service robots and the Terminal 3 airport project layered on as newer contributorsCITE:E1CITE:E9CITE:E15. Jinyun and Shengxin, both scheduled for October Emerging Board listings, are earlier-stage businesses building separate growth cases — Jinyun on liquid-cooling systems for AI data centers with overseas order tractionCITE:E3, and Shengxin on silicon carbide substrates where first-half revenue has already surpassed all of the prior yearCITE:E6. The two reports on Kuang Yuan's own backlog visibility diverge — one citing 2028, the other citing two to three years — despite both describing the same roughly NT$60 billion figure, a discrepancy worth noting when assessing how far out the company's order coverage actually extendsCITE:E8CITE:E13.