IVT Technologies Overview
IV Technologies was the first Taiwanese company to break the near-monopoly of the US majors in CMP polishing pads using its own technology. It is now the only domestic CMP pad supplier qualified at Taiwan's leading foundries, memory makers and packaging houses. The company grew out of a polyurethane (PU) chemicals business founded in 1986 and controls its whole value chain, from in-house PU synthesis and pore-forming chemistry through groove design and machining. It says it is the only company that makes CMP pads by reaction injection molding (RIM). It holds 142 patents in Taiwan, the US and China and has shipped more than 1.1 million pads. Its global CMP pad share is about 3 to 4%, against roughly 80% for the DuPont business now operating as Qnity Electronics. Management aims to reach 10% through advanced-packaging pads for CoWoS and SoIC, a new soft-pad line for CoWoS-L, silicone membranes, and dual production bases in Taiwan and mainland China that serve customers in both markets as supply chains are localized. Customers include TSMC, Micron and Nexchip. The financial profile is that of a high-margin specialty-materials company: consolidated gross margin was 53.9% in the first half of 2026, and the semiconductor line earns above the group average.
What the company does. IV Technologies designs, formulates, manufactures and services polymer polishing pads for the CMP step in semiconductor manufacturing. CMP flattens the wafer surface between lithography, deposition and etch layers. It is repeated many times per wafer, and the number of steps rises as logic nodes shrink, as 3D NAND gains layers and as advanced packaging adds hybrid-bonding and redistribution layers. The pad works alongside the slurry, the diamond disc conditioner and the wafer. Its hardness, compressibility, pore structure and groove pattern determine removal rate, uniformity and defect levels. Management estimates that the pad accounts for about one third of the cost of CMP consumables. The group also makes polishing-head silicone membranes, soft polishing pads, sub-pads and pads with endpoint-detection windows. Its customers span reclaimed wafers and wafer substrates, logic and memory front-end fabs, and back-end advanced packaging.
The parent's own description. PVI describes itself as a group built on PU materials technology with three product lines: "semiconductor polishing pads and consumables," "medical and sports products," and "green, environmentally friendly adhesives," with the semiconductor polishing pad business as its strategic focus. Its description of IV Technologies is the subsidiary that first broke the international majors' monopoly in CMP polishing pads with proprietary technology, with products adopted across the upstream, midstream and downstream semiconductor supply chain. The group's chemicals and medical businesses sit mainly in a second subsidiary, PVI Chemical Co. (久陞昌企業). That subsidiary is the exclusive contract manufacturer of medical insoles for Dr. Scholl's, North America's largest insole brand, and holds about 18% of the North American professional medical insole market.
Business and revenue model.
Product sales, no licensing or subscriptions: Pads are high-value consumables used up on every wafer. Revenue therefore tracks wafer starts and the number of CMP steps per wafer rather than tool purchases, which makes this a replacement business and not a capital-equipment one.
Specification-driven qualification: Each pad is qualified for a specific customer, tool, slurry, disc and process step. Management says a new pad must deliver at least 30% better value to the customer before it is adopted. As of June 2026 the company had 212 products in mass production and 403 development projects. Once qualified, a pad is rarely displaced, so revenue is sticky.
Consignment and vendor-managed inventory: In mid-2026 the largest customer switched from invoice-on-shipment to consignment, with revenue recognized when the pad is used. That pushed recognition back by about six weeks in June and July 2026.
Value-chain position: IV Technologies sits in Tier-1 materials: it supplies fabs directly and works with tool makers. It synthesizes key PU prepolymers within the group and keeps about six months of raw-material inventory. That gives it more control over costs and supply than competitors that buy PU systems from outside.
Customer types and end-markets.
Wafer substrate / reclaim: Examples (disclosed in public reporting): GlobalWafers (supply-chain reports); reclaim-wafer houses; Pad applications: Stock removal and final polishing of silicon substrates and reclaimed wafers
Foundry: advanced and mature logic: Examples (disclosed in public reporting): TSMC, UMC, Powerchip (PSMC), Nexchip; Pad applications: Oxide, STI, tungsten and copper CMP steps; advanced-node FEOL and BEOL
Memory: Examples (disclosed in public reporting): Micron, Macronix, Winbond; Powerchip's DRAM legacy (first adopter, 2003); Pad applications: DRAM and NAND dielectric and metal CMP
Advanced packaging / OSAT: Examples (disclosed in public reporting): ASE; foundry-run CoWoS and SoIC lines; Pad applications: Redistribution-layer, interposer and hybrid-bonding planarization; CoWoS-L soft-pad steps
Independent characterization. IV Technologies is a niche challenger with real qualification depth in a market controlled by one US supplier. Its competitive edge does not come from scale. It comes from three things. First, a cost and design advantage from RIM and single-piece free-foaming. Second, chemistry it controls, including water-blown carbon dioxide pores that avoid some solvent-based blowing agents. Third, its position as the domestic second source to the world's most important foundry, at a time when fabs want supply diversity and the US-China split is pushing Chinese fabs away from US vendors. Revenue is split almost equally between Taiwan and mainland China, so IV Technologies benefits from localization pressure on both sides of the Strait. The consolidated group still carries a lower-margin non-semiconductor business, about one third of revenue, which dilutes reported growth and margins but provides cash flow.
Strategy
Stated strategy. Management's framework combines two engines with three growth drivers. The two engines are the high-margin, high-growth semiconductor pad business as the core and the medical and sports business as a source of steady cash. Management also describes a "Taiwan R&D plus dual-site production" model, with Taiwan and mainland China as twin bases. The three growth drivers are:
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The Taiwan science-park plant and R&D center, a global R&D and service hub co-located with the main foundry customer. It will add capacity of 25–30% a year and lay groundwork for next-generation nodes.
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The CMP soft-pad line, an expansion into soft polishing pads aimed at a Japanese-dominated niche, with a dedicated CoWoS-L line. Customers want a second source.
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The Hefei investment, which adds local production for mainland China and deepens market penetration.
Initiatives in the past 24 months
Emerging-board and TWSE listings: Date: Mar 2025 / May 2026; Details: Raised about NT$2.67 billion of primary capital and raised the group's profile
Science-park plant: Date: Aug 2025 onward; Details: NT$600 million building, NT$340 million construction completion, machinery investment and add-on works (Aug 2026)
Soft-pad line: Date: Q4 2024 onward; Details: Trial production Q3 2026, volume production Q4 2026; passed qualification at a key benchmark customer
Hefei plant: Date: Opened Jun 2026; Details: Volume production Q4 2026, full ramp Q1 2027
Tainan Madou expansion: Date: 2026; Details: Additional capacity
Xitun land and plant purchase: Date: May 2026; Details: Up to NT$600 million
24/7 operation of bottleneck processes: Date: Aug 2026; Details: Response to severe shortages of membrane and advanced-packaging pad capacity
"德鑫 / 德鑫貳" semiconductor holding alliance: Date: 2025; Details: Joined a group of 18 Taiwanese supply-chain companies to pursue overseas markets
Japan, Europe and US market entry: Date: 2025 onward; Details: Expansion of semiconductor sales beyond Taiwan and mainland China
New-material R&D: Date: Ongoing; Details: Pads for SiC and GaN, silicon photonics and advanced packaging
ESG integration: Date: Ongoing; Details: Water-blown carbon dioxide foaming, non-toxic foaming, green adhesives
Medium-term targets and guidance
Global CMP pad market share: Value: From about 3–4% now to 10%
Annual capacity growth: Value: 25–30% a year once the new plants are running
2026 group revenue growth: Value: Double digits (guided April 2026)
2026 semiconductor revenue growth: Value: Above 2024's 36% (guided April 2026); H2 2026 shipment growth well above H1's 25% (guided August 2026)
H2 2026 gross margin: Value: Above H1 2026's 53.91%
CMP pad use per wafer: Value: About double moving from 7 nm to 2 nm (management estimate)
Products & Services
Semiconductor (IV Technologies and mainland Chinese affiliates)
| Product | Description and key capabilities | Target customers / applications | Status / timing |
|---|---|---|---|
| CMP hard polishing pads (polyurethane) | Thermoset PU pads made by single-piece free foaming and reaction injection molding (RIM). Each pad is foamed as one piece rather than sliced from a block. Pores are formed by water-blown carbon dioxide and non-toxic air foaming, which gives tight pad-to-pad pore uniformity. Includes groove designs drawn from a formulation and groove database. | Foundry and memory front-end: oxide, STI, W and Cu steps; mature and advanced logic; DRAM and NAND | Core product since 2002–03; more than 1.1 million pads shipped cumulatively |
| Advanced-packaging pads | Pads tuned for interposer, redistribution-layer and hybrid-bonding planarization in CoWoS and SoIC flows | Foundry-run advanced packaging and OSATs | In volume production at the leading customer; demand rose sharply in 2026 |
| CMP soft polishing pads ("Soft Pad") | Poromeric and soft composite pads for buff and final-polish steps, with a dedicated line aimed at CoWoS-L | Advanced packaging (CoWoS-L), wafer final polish | Line installed Q4 2024. Trial production Q3 2026, volume production from Q4 2026. Passed qualification at a key benchmark customer. Targets a market dominated by Japanese suppliers. |
| Polishing-head silicone membranes | Elastomeric membranes for multi-zone CMP carrier heads, replacing OEM spares | Fabs running CMP tools | Supplied from Taiwan and Suzhou. Demand exceeded capacity in mid-2026; bottleneck processes moved to continuous 24/7 operation. |
| Pads with endpoint-detection windows | Transparent windows molded into the pad for in-situ optical endpoint detection. Patented designs include toothed or serrated window edges to reduce leakage and windows whose modulus tracks the polishing layer between 30 °C and 50 °C. | Tools with optical endpoint systems | Patented designs; commercially integrated |
| Sub-pads, base layers and composite stacks | Compressible base layers and laminated multilayer and composite pads; buried compressibility-aiding stripes to tune rigidity | All CMP applications; multilayer and composite pads named as a strategic growth area | Ongoing |
| Substrate and reclaim-wafer pads | Stock-removal and polishing pads for silicon wafers and reclaimed wafers | Wafer makers and reclaim houses | Ongoing |
| Elastomer replacement consumables | Custom elastomer components for process tools, offered by the Suzhou unit | Mainland Chinese fabs | Ongoing |
| CMP α-site application lab | A fab-grade CMP test lab used to co-develop pads with customers on matched tools; a new R&D center at the science-park site will add Ebara tools | All customers | Existing lab; expanded center planned from about Q2 2027 |
| Next-generation development | Pads for third-generation compound semiconductors (SiC and GaN), silicon photonics and further advanced-packaging steps | New markets | Under development |
Pricing model. Pads are sold per piece under customer-specific supply agreements, increasingly on consignment for the largest customer. Unit prices are not publicly disclosed. Management says its PU raw material is a smaller share of cost than at US and Japanese competitors. When those competitors announced price increases in 2026 after petrochemical costs rose, fabs sped up qualification of IV Technologies as an alternative.
Non-semiconductor (parent and PVI Chemical)
| Product line | Description | Key customers | Notes |
|---|---|---|---|
| Medical insoles | PU and gel orthotic and comfort insoles | Dr. Scholl's (exclusive contract manufacturer) | About 18% share of North American professional medical insoles. US tariff uncertainty weighed on FY2025 shipments. |
| Sports products | PU components for skateboards, inline skates and other sporting goods | ODM and OEM brands | Grew out of the racket-grip origins |
| Green adhesives | Low-VOC and solvent-free PU adhesives | Industrial and footwear customers | Part of the roughly 8% green-materials line |
| PU elastomers and raw materials | Prepolymers and elastomer systems, including captive supply to IV Technologies | Internal and external customers | Strategic for semiconductor cost control |
Financial Narrative
All figures are PVI consolidated, prepared under Taiwan-IFRS (TIFRS), in NT$ million unless stated. FY2021 figures are not publicly disclosed. The group was a public-reporting but unlisted company until March 2025, and its prospectus summaries begin in FY2022.
Income statement
Long-run earnings (FY2022–FY2025)
Detailed P&L (FY2024–FY2025)
The FY2025 dividend was first set at NT$3.939 per share: NT$2.763 from earnings plus NT$1.176 from capital surplus. The total payout was NT$245.26 million. Because the share count rose after the listing, the per-share amount was reset to NT$3.50: NT$2.4554 from earnings plus NT$1.0451 from capital surplus. FY2024 audited revenue was NT$1,921 million, and the cumulative monthly revenue filings for 2024 add up to NT$1,931 million.
Revenue history and CAGR
Group revenue grew at a compound annual rate of about 9.9% from FY2023 to FY2025. Semiconductor revenue grew at about 25% a year over the same period, which management cites as the core growth rate. The FY2023 growth cell shows 0 only because no FY2022 revenue base is disclosed.
Quarterly trajectory
Quarterly revenue is the sum of monthly filed revenue. Q3 2025 and Q4 2025 net income is derived from the reported net margins. Q2 2026 net margin is attributable net income divided by revenue.
Half-year comparison
Commentary. The earnings record has three phases. FY2022–FY2023 was a downturn. Pre-tax income fell 65% to NT$109 million in FY2023 as semiconductor customers cut inventory and the consumer-linked insole business weakened. FY2024 brought a sharp recovery. Revenue rose 17%, semiconductor revenue rose 36%, and pre-tax income tripled to NT$325 million. FY2025 was a year of better quality but weaker headline earnings. Revenue grew only 3.1% because US tariff uncertainty hurt medical-insole exports, yet the richer product mix lifted gross margin by 4.7 points to 50.92% and operating income by 23% to a record NT$314 million. Net income fell 16.7% to NT$191 million because of a NT$42 million foreign-exchange loss after the New Taiwan dollar's sharp appreciation in Q2 2025, and EPS fell further because of dilution.
In H1 2026, operating income rose 10% and attributable net income nearly tripled to NT$214 million. EPS of NT$3.32 already exceeded the full-year FY2025 figure, helped by a reversal from foreign-exchange losses to record non-operating gains. Q1 2026 set records for revenue, gross margin (55.77%), operating margin (20.69%) and EPS. Q2 2026 operating income fell 18.6% from Q1 because of a less favorable mix and costs of the capacity ramp. Gross margin settled at 52.08%. Management has guided that H2 2026 revenue and gross margin will exceed H1.
Monthly revenue
Revenue for the first nine months of 2026 was NT$1,685.1 million, up 11.55%. Q3 2026 revenue was NT$555.5 million, up 13.0% from a year earlier but down 2.7% from Q2 because of the consignment changeover at the largest customer. September 2026 revenue rose 34.4% from a year earlier, the strongest growth of the year, as the changeover's timing effect passed.
Balance sheet
Liabilities and equity are derived from the reported total assets and debt ratio. The IPO raised about NT$2.67 billion gross: 5.616 million shares were auctioned at a weighted average of NT$375.74, and about 2.18 million shares were sold at the NT$258 public-offering price. That cash explains most of the jump in total assets and equity. A split of cash, debt, goodwill and working capital as of mid-2026 is not publicly disclosed in summary form. Goodwill is expected to be negligible because the group has grown organically.
Cash flow and capital deployment
Operating cash flow, total capital expenditure and free cash flow for each year are not publicly disclosed in summary form. The group has not run any share buyback program. Payout policy has been generous: at least 78% of earnings has been paid in cash in each of the past three years, and the FY2024 payout ratio was 78.05%.
Ratios
ROIC, net debt to EBITDA, interest coverage and the cash conversion cycle are not publicly disclosed in the summary financial data. The current ratio of more than three times and the IPO proceeds point to a net-cash balance sheet.
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View Subscription PlansFinancial Detail
Group Entities
| Entity | Relationship | Location | Function |
|---|---|---|---|
Praise Victor Industrial Co., Ltd. (頌勝科技材料) | Listed parent (TWSE: 7768) | Taichung, Taiwan | Holding company; PU raw-material synthesis; group finance and R&D direction |
IV Technologies Co., Ltd. (智勝科技) | Principal semiconductor subsidiary | Taichung, Taiwan | CMP hard pads, soft pads, membranes, advanced-packaging pads; R&D; customer service |
Suzhou IV Technologies Co., Ltd. (蘇州觀勝) | Mainland China subsidiary | Zhangjiagang, Suzhou, Jiangsu | CMP pads and polishing-head membranes for mainland Chinese fabs |
IV Technologies Hefei (觀勝合肥) | Mainland China production base | Hefei, Anhui | New CMP pad plant; opened June 2026 |
PVI Chemical Co. (久陞昌企業) | Significant subsidiary | Taiwan | Medical insoles (Dr. Scholl's), sports products, eco PU adhesives |
Product Lines
| Product line (TWD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Semiconductor polishing pads and consumables | 787 | 1,062 | 1,223 |
Medical, sports, green adhesives and PU elastomers | 853 | 859 | 758 |
Total consolidated revenue | 1,640 | 1,921 | 1,981 |
Product Lines (2)
| Product line (% of revenue) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Semiconductor polishing pads and consumables | 48.0 | 55.3 | 61.7 |
Medical and sports products | 52.0 | 35.8 | 30.5 |
Green adhesives and PU elastomers | 0.0 | 8.9 | 7.8 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Semiconductor revenue growth, YoY (%) | 36 | 15 | 25 |
Semiconductor share of group revenue (%) | 55.3 | 61.7 | 66.0 |
Product Lines (Half-Yearly)
| Product line | H1 2026 revenue | Share (%) |
|---|---|---|
Semiconductor polishing pads and consumables | 746 | 66 |
Medical and sports products | 294 | 26 |
Green adhesives and PU elastomers | 90 | 8 |
Total | 1,130 | 100 |
Financial Analysis
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Pre-tax income (TWD Mn) | 314 | 109 | 325 | 286 |
Basic EPS (TWD) | 2.83 | 0.90 | 4.42 | 3.24 |
Margin Analysis (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Revenue (TWD Mn) | 1,921 | 1,981 |
Gross profit (TWD Mn) | 888 | 1,009 |
Operating income (TWD Mn) | 255 | 314 |
Pre-tax income (TWD Mn) | 325 | 286 |
Net income, total (TWD Mn) | 238 | 199 |
Net income attributable to parent (TWD Mn) | 229 | 191 |
Basic EPS (TWD) | 4.42 | 3.24 |
Gross margin (%) | 46.22 | 50.92 |
Operating margin (%) | 13.3 | 15.87 |
Net margin, attributable (%) | 11.9 | 9.6 |
Cash dividend per share (TWD) | 3.45 | 3.50 |
Margin Analysis (%) (FY2023–FY2025)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Revenue (TWD Mn) | 1,640 | 1,921 | 1,981 |
Revenue growth (%) | 0 | 17.1 | 3.1 |
Semiconductor revenue (TWD Mn) | 787 | 1,062 | 1,223 |
Margin Analysis (%) (Quarterly)
| Metric | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
Revenue (TWD Mn) | 492 | 470 | 559 | 571 |
Gross margin (%) | 51.38 | 51.46 | 55.77 | 52.08 |
Operating margin (%) | 14.26 | 11.41 | 20.69 | 16.49 |
Net margin (%) | 13.53 | 10.67 | 18.38 | 20.0 |
Net income attributable (TWD Mn) | 67 | 50 | 100 | 114 |
EPS (TWD) | 1.07 | 0.81 | 1.62 | 1.70 |
Margin Analysis (%) (Half-Yearly)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Revenue (TWD Mn) | 1,019 | 1,130 |
Gross margin (%) | 50.45 | 53.91 |
Operating income (TWD Mn) | 190 | 209 |
Net income attributable (TWD Mn) | 78 | 214 |
EPS (TWD) | 1.35 | 3.32 |
Margin Analysis (%) (Jan 2026–Sep 2026)
| Metric | Jan 2026 | Feb 2026 | Mar 2026 | Apr 2026 | May 2026 | Jun 2026 | Jul 2026 | Aug 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|
Monthly revenue (TWD Mn) | 201.2 | 167.5 | 190.1 | 174.7 | 202.6 | 193.4 | 181.8 | 187.5 | 186.3 |
YoY growth (%) | 7.9 | 25.4 | 19.4 | -11.0 | 18.9 | 11.9 | 2.7 | 6.4 | 34.4 |
Margin Analysis (%) and Financial Ratios (x)
| Metric | 30 Jun 2026 |
|---|---|
Total assets (TWD Mn) | 6,896 |
Total liabilities (TWD Mn) | 2,374 |
Total equity (TWD Mn) | 4,522 |
Debt-to-assets ratio (%) | 34.42 |
Current ratio (x) | 3.30 |
Financial Analysis (2)
| Item | Amount (TWD Mn) | Date / period |
|---|---|---|
Central Taiwan Science Park plant building (purchase, including VAT) | 600 | Approved 25 Aug 2025 |
Science-park land right-of-use asset | 43 | Approved 25 Aug 2025 |
Science-park construction-completion contract (excluding VAT) | 340 | Approved 25 Aug 2025 |
Taichung Xitun Industrial 16th Road land and plant (authorized ceiling) | 600 | Approved 12 May 2026 |
CMP equipment matched to customer tool models (plan) | 100 | Announced 2025 |
FY2025 dividends (cash plus capital surplus) | 245 | Paid after 30 Jul 2026 record date |
Financial Analysis — Quarterly ROE
| Ratio | Value | Basis |
|---|---|---|
Quarterly ROE (%) | 5.41 | Q1 2026, not annualized |
Quarterly ROA (%) | 2.65 | Q1 2026, not annualized |
Quarterly ROE (%) | 3.90 | Q3 2025, not annualized |
Quarterly ROE (%) | 2.81 | Q4 2025, not annualized |
Current ratio (x) | 3.30 | 30 Jun 2026 |
Debt-to-assets (%) | 34.42 | 30 Jun 2026 |
Dividend payout, FY2024 (%) | 78.05 | FY2024 |
Trailing EPS through Q2 2026 (TWD) | 5.20 | Q3 2025 to Q2 2026 |
Region Overview
| Region | Share of revenue (%) | Implied revenue (TWD Mn) |
|---|---|---|
Mainland China | 34.45 | 682 |
Taiwan | 29.47 | 584 |
United States | 28.54 | 565 |
Rest of world | 7.54 | 149 |
Total | 100.00 | 1,981 |
Revenue by Region (%)
| Metric | FY2024 |
|---|---|
Domestic (Taiwan) share (%) | 29.31 |
Export share (%) | 70.69 |
Busine Overview
| Business | Taiwan | Mainland China | United States | Comment |
|---|---|---|---|---|
Semiconductor (IV Technologies), FY2025 | about 50% | about 50% | negligible | Management stated an equal split between Taiwan and mainland China, and expected mainland China to grow slightly faster in 2026 |
Medical and sports, FY2025 | small | small | dominant | Dr. Scholl's volumes drive nearly all US revenue |
Margin Analysis (%) (May 2026–Oct 2026)
| Metric | May 2026 | Jun 2026 | Jul 2026 | Aug 2026 | Sep 2026 | Oct 2026 |
|---|---|---|---|---|---|---|
Month-end close (TWD) | 378.5 | 342.5 | 252.0 | 291.5 | 299.5 | 250.0 |
Monthly change (%) | 46.7 | -9.5 | -26.4 | 15.7 | 2.7 | -16.5 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalization | about NT$14.4 bn | 70.07 M shares |
P/E, trailing | about 39x | Trailing EPS NT$5.20 (Q3 2025 to Q2 2026) |
P/E on H1 2026 annualized EPS | about 31x | NT$6.64 annualized |
Price to sales, trailing | about 6.9x | Trailing revenue NT$2.09 bn (Q3 2025 to Q2 2026) |
Price to book | about 3.2x | Book value per share about NT$64.5 (30 Jun 2026, including non-controlling interests) |
Dividend yield | about 1.7% | FY2025 distribution of NT$3.50 |
Returns & Leverage Ratios (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Cash dividend per share (TWD) | 3.45 | 3.50 |
Payout ratio (%) | 78.05 | 108.0 |
Analyst Conclusions
Management guidance (2026)
Group revenue growth, 2026: Guidance: Double digits (9M 2026: +11.55%)
Semiconductor revenue growth, 2026: Guidance: Above 36% (April); H2 shipment growth well above H1's 25% (August)
H2 2026 revenue and gross margin: Guidance: Both above H1 (H1: NT$1,130 M; 53.91%)
Capacity: Guidance: +25–30% a year as new plants come online
Soft pad: Guidance: Volume production from Q4 2026
Hefei: Guidance: Volume production from Q4 2026; full ramp Q1 2027; meaningful revenue in 2027
Science-park R&D center: Guidance: From about Q2 2027
Market share: Guidance: Toward 10%, from about 3–4%
Bull case
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Share gains with operating leverage. Each percentage point of global share is worth roughly US$10–17 million at current market size. Moving toward 10% on gross margins above 50% would lift earnings much faster than revenue, as H1 2026 showed: operating income rose 10% and attributable net income nearly tripled.
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Advanced packaging and soft pads open new markets. CoWoS and SoIC pads are in volume production, and the CoWoS-L soft pad has passed a key benchmark qualification. Both serve the fastest-growing CMP applications, where customers actively want a second source.
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Localization on both sides of the Strait. With Taiwan and mainland China each contributing about half of semiconductor revenue, and Hefei ramping in 2027, IV Technologies is set to gain share in both its main markets.
Bear case
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The incumbent's scale and pace of innovation. Qnity's Semiconductor Technologies revenue is about 70 times IV Technologies' pad revenue, and it is localizing capacity in Taiwan. If the incumbent cuts prices, the challenger's margins could narrow.
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Mainland Chinese competition. Dinglong's CMP pad revenue rose 52% to RMB 1.09 billion in FY2025, and its capacity is about 600,000 pads a year. That threatens the mainland Chinese half of IV Technologies' business just as Hefei comes online.
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Execution and concentration. Three plants are being built at once, the largest customer's terms have changed, and non-semiconductor lines bring tariff and foreign-exchange risk. Any delay or customer reallocation would hit a stock still valued at about 39 times trailing earnings.
Key catalysts and items to watch (next 12 months)
Mid-Nov 2026: Catalyst / item to watch: Q3 2026 results: whether gross margin stays above 52% and operating income recovers from Q2
Monthly (10th of each month): Catalyst / item to watch: October to December 2026 revenue: whether year-on-year growth holds after the consignment changeover
Q4 2026: Catalyst / item to watch: Volume production of the soft pad and first Hefei shipments
Q1 2027: Catalyst / item to watch: FY2026 results and dividend proposal; Hefei at full ramp
Q2 2027: Catalyst / item to watch: Science-park R&D center starts; Ebara tool lines qualified
2027: Catalyst / item to watch: Evidence of share gains (semiconductor revenue growth above 30%); first sales to Japanese, European or US customers
Ongoing: Catalyst / item to watch: Qnity's and Dinglong's pricing and capacity moves; US-China export-control changes; US tariffs on insoles
Analyst verdict. IV Technologies is one of the few credible challengers in a semiconductor-materials category that one US supplier has dominated for decades. It earned its position through more than twenty years of formulation work, a patent fight that ended in its favor in 2009, and patient qualification at the world's most demanding fabs. The financial results now show the strategy working. The semiconductor line has grown at about 25% a year since FY2023, consolidated gross margin has moved from the low 40s to 53.9%, and H1 2026 EPS of NT$3.32 already exceeds the full-year FY2025 figure. Demand is not the constraint. Membrane and advanced-packaging capacity is "severely insufficient," and management is building three plants at once.
The investment debate is therefore about execution and valuation, not relevance. Bringing the science-park plant, Madou expansion and Hefei plant online on time, and moving the CoWoS-L soft pad from qualification into volume, would put the company on a path toward its 10% share target. That would be roughly a threefold increase in pad revenue at margins above the group average. The risks are real. The dominant competitor is localizing in Taiwan and has refreshed its product range. Dinglong is scaling quickly in mainland China. The largest customer's terms can shift quarterly revenue. The non-semiconductor half of the group's history still introduces foreign-exchange and tariff noise.
At about NT$205, the shares have given back more than half of their post-listing peak and trade at about 31 times annualized H1 2026 earnings. That is a high multiple, but it applies to a net-cash company whose growth is limited by capacity, and the multiple would fall quickly if the guided acceleration in H2 2026 and the 2027 plant ramps arrive. The near-term proof points are the Q3 and Q4 2026 margins and the first soft-pad and Hefei revenue. On balance, IV Technologies is a structurally advantaged niche winner whose earnings potential depends on getting new capacity into production. Risk-tolerant investors in semiconductor materials can justify a position. Others would do better to wait for evidence that the plants are ramping on schedule.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Background |
|---|---|---|
Chu Ming-kuei (朱明癸) | Founder and Chairman, PVI | Chemical-engineering background. Developed tennis-racket composites at a chemicals plant before founding the company in 1986 to make Taiwanese-developed PU raw materials. Led the moves into finished goods in 1997 and into semiconductors in 2000, and steered the company through the 2005–2009 patent fight. Colleagues call him "Bold Chu" (朱大膽). |
Shih Wen-chang (施文昌) | General Manager, PVI | Holds a doctorate. Part of the long-serving management core. |
Wayne Yang (楊偉文) | President, IV Technologies | Holds a doctorate and is a materials-science alumnus of National Cheng Kung University. Leads qualification work with customers, the CoWoS and SoIC program, the soft-pad line and the science-park plant. |
Tom Lin (林順陽) | Vice President, CFO and spokesperson, PVI | Led investor relations through the listing |
Wei Lung-cheng (魏隆誠) | Major long-term shareholder of PVI | Also a major shareholder of Chiu Hsin (巧新); appears with the board and management team in listing communications |
Competitive Landscape
Key Competitors
| Competitor | Home | CMP pad position | Relevant FY2025 data |
|---|---|---|---|
Qnity Electronics (formerly DuPont Electronics & Industrial) | US | Global leader, about 80% share. IC1000 heritage; Ikonic, Visionpad and Optivision families; Emblem platform launched Oct 2025 for N3/N2 and HBM3/HBM4; Optivision Max soft pad launched Jun 2026; Asia CMP center in Jhunan, Taiwan. | Semiconductor Technologies segment net sales US$2,642 M (+8%); group net sales US$4,754 M (+10%) |
Entegris (CMC Materials) | US | Second-largest pad supplier, also strong in slurries and conditioners | Not broken out |
Fujibo Holdings | Japan | Leader in soft and suede-type finishing pads | Not broken out |
Hubei Dinglong (Dinghui Microelectronics) | Mainland China | Leading domestic pad supplier in mainland China; 50,000 pads a month of hard-pad capacity by the end of Q1 2026 (about 600,000 a year) | CMP pad revenue RMB 1,091 M (+52.3%); group revenue RMB 3,660 M (+9.66%) |
SK enpulse (formerly SKC Solmics) | South Korea | Korean domestic pad supplier; plants in Anseong and Cheonan | Not broken out |
KPX Chemical | South Korea | PU-based pads | Not broken out |
3M | US | Trizact microreplicated pads | Not broken out |
FNS Tech | South Korea | Pads and consumables | Not broken out |
TWI Incorporated | Taiwan / US | Pads and sub-pads | Not broken out |
Smaller mainland Chinese pad makers | Mainland China | Emerging local suppliers | Not broken out |
Peer Comparison FY2025
| Metric | PVI / IV Technologies | Qnity Electronics | Hubei Dinglong |
|---|---|---|---|
FY2025 revenue | NT$1,981 M group (pads and consumables NT$1,223 M) | US$4,754 M group (Semiconductor Technologies US$2,642 M) | RMB 3,660 M group (CMP pads RMB 1,091 M) |
FY2025 revenue growth (%) | 3.1 group / 15 semiconductor | 10 group / 8 Semiconductor Technologies | 9.7 group / 52.3 CMP pads |
FY2025 gross margin (%) | 50.9 | 46.2 | 50.9 |
Pad capacity disclosed | Growing 25–30% a year | — | About 600,000 pads a year (Q1 2026) |
Global pad share (%) | 3–4 | about 80 | Domestic leader in mainland China |
“—” = not publicly disclosed.
