Overview
Electric Appliances

Wintest Corp.

Wintest develops, manufactures, and sells semiconductor inspection equipment for advanced logic ICs, image sensor ICs, display array panels, and display driver ICs, covering both front-end wafer inspection and back-end package testing processes. The company's key products include the WTS-311NX series (image sensor inspection with industry-leading 380 million pixel capability), WTS-577 series (low-power, high-speed display driver IC and logic IC testers), and WTS-9000 series, along with CT X-ray inspection and ROM writing services. Wintest differentiates through proprietary high-speed signal transfer technology, versatile multi-device test compatibility, and localized technical support via its Chinese manufacturing subsidiary in Wuhan.

Market Cap
¥9.25B
US$59.0M
EV
¥9.24B
US$58.9M
Stock¥160▼-20.79%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
25.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+24.2%pt
10012345
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 17, 26Q2 FY2026/12 earnings announced
2Oct 8, 26Announced industrial adoption and business expansion of 'RYUGU' liquid lens
3Oct 15, 26Announced completion of development and sales launch of wafer inspection device for silicon capacitors
4Oct 19, 26Announcement of large-scale exercise of 13th series stock acquisition rights (exercise price revision warrants)
5Oct 20, 26Large-scale exercise & completion of 13th-series dilutive warrants (allottee: abc K.K.) triggering share supply/dilution pressure
MC → EV Bridge
9.25BUS$59.0MMarket Cap0.10BUS$0.64M+ Debt0.11BUS$0.71M− Cash0.00BUS$0.02M− Inv. Sec.9.24BUS$58.9MEV
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Performance & Balance
Revenue 5Y (¥B)
0.31US$1.96M'21/120.21US$1.34M'22/120.41US$2.60M'23/120.42US$2.66M'24/120.43US$2.74M'25/12
EBITDA 5Y (¥B)
-0.73-US$4.65M'21/12-0.69-US$4.38M'22/12-0.52-US$3.29M'23/12-1.08-US$6.90M'24/12-1.21-US$7.71M'25/12
Net Income 5Y (¥B)
-0.63-US$4.01M'21/12-0.69-US$4.38M'22/12-0.55-US$3.53M'23/12-1.11-US$7.05M'24/12-1.24-US$7.92M'25/12
Capital Structure
78%
22%
EquityD/E 0.28xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
0.22US$1.40M0.11US$0.70M'21/120.28US$1.78M0.36US$2.29M'22/120.36US$2.31M0.17US$1.08M'23/120.09US$0.58M0.24US$1.56M'24/120.08US$0.53M0.21US$1.35M'25/12
Shareholders
Top 10 hold 51.3%
1
Wuhan Jingce Electronic Group Co., Ltd. (Standing Proxy: Mita Securities Co., Ltd.)
34.57%
2
RAKUGEN OVERSEAS INTERNATIONAL (HK) LIMITED (Standing Proxy: Mita Securities Co., Ltd.)
6.34%
3
Masatoshi OHATA
2.16%
4
Rakuten Securities, Inc. (Joint Account)
1.54%
5
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
1.35%
6
PHILLIP SECURITIES (HONG KONG)LIMITED (Standing Proxy: Phillip Securities Japan, Ltd.)
1.35%
7
UBS AG HONG KONG (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.29%
8
abc Co., Ltd. (Representative Director Hajime MATSUDA)
1.15%
9
Yujiro OGUMA
0.91%
10
BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD (MUFG Bank, Ltd.)
0.65%
Management
7 officers
Hui JIANG
Representative Director, in charge of Development Department
Jul 1992 Joined Shanghai Chuwa Software Co., Ltd. Nov 1997 Joined the Company Aug 2005 Deputy General Manager, Development Department Aug 2007 General Manager, Development Department Nov 2009 Director, in charge of Development Department Aug 2012 Director and Vice President, in charge of Development Department Oct 2018 Representative Director, in charge of Development Department (current) Jan 2020 Chairman, Wuhan Weien Testing Technology Co., Ltd. (current)
1968-05-28
Masayasu HIGUCHI
Senior Managing Director, in charge of Management Planning Office, CSR Office, Sales Department, and General Affairs and Accounting Department
Mar 1979 Joined Ricoh Co., Ltd. May 1980 Joined Teradyne K.K. May 2002 Representative Director, PEI Japan Co., Ltd. Jul 2003 Joined the Company; General Manager, Marketing Department Aug 2005 Director, in charge of Development Oct 2005 Managing Director, in charge of Development and Sales Oct 2010 Senior Managing Director Oct 2016 Senior Managing Director, in charge of Management Planning Office and CSR Office (current) Oct 2019 Senior Managing Director, in charge of Sales Department (current) Jan 2020 Director, Wuhan Weien Testing Technology Co., Ltd. (current) Mar 2021 Senior Managing Director, in charge of General Affairs and Accounting Department (current)
1957-06-11
Qian PENG
Director
Jun 1997 Deputy General Manager, Sales Department, Guangzhou Aspec Environmental Instruments Co., Ltd. Nov 2005 Executive Director, Wuhan Yingtaisi Electronic Technology Co., Ltd. (current) Apr 2006 Supervisor, Executive Director and General Manager, Wuhan Jingce Electronic Group Co., Ltd.; later Chairman (current) Jun 2006 Executive Director, Finance, Guangzhou Huace Electronic Technology Co., Ltd. (current) Oct 2019 Director of the Company (current)
1974-12-21
Shufeng YUAN
Director
Jul 2000 Hardware Engineer, ZTE Shanghai Research Institute Jul 2003 Senior Systems Engineer, Motorola Computer Group Nov 2008 Systems Engineering Manager, Emerson Network Power Oct 2019 Director and General Manager, Wuhan Jingce Electronic Group Co., Ltd. (current) Oct 2019 Member, IEEE 2839 Committee Mar 2024 General Manager, ATE Business Division, Shanghai Jingji Micro Semiconductor Technology Co., Ltd. (current) Director of the Company (current)
1973-11-26
Shoichi KINASE
Director, Audit and Supervisory Committee Member
Apr 1974 Joined Hitachi, Ltd., International Department, Television Business Division, Home Appliance Business Group Apr 2002 Center Director, Global Business Promotion Center, Consumer Business Division Headquarters, Hitachi, Ltd. Jul 2009 Center Director, Global Business Promotion Center, Hitachi Consumer Electronics Co., Ltd.; concurrently Center Director, Global Business Promotion Center, Consumer Business Group, Hitachi, Ltd. Jan 2012 Established practice as management consultant Mar 2012 Senior Advisor, Overseas Business Strategy, Organization for Small & Medium Enterprises and Regional Innovation, Japan (SME Support Japan) Apr 2016 Expert, Overseas Expansion Strategy Support, Japan External Trade Organization (JETRO) Apr 2017 Management Advisor, the Company Oct 2019 Director, Audit and Supervisory Committee Member, the Company (current)
1952-01-27
Yusuke DATE
Director, Audit and Supervisory Committee Member
Apr 2000 Registered as attorney-at-law (Daiichi Tokyo Bar Association); joined Miyama Yuzo Law Office (now Miyama Sogo Law Office) Oct 2005 Joined Shin-Chiyoda Sogo Law Office; Partner Attorney (current) Jun 2017 Outside Director, Rikei Corporation (current) Mar 2025 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1974-10-11
Hiroshi OHORI
Director, Audit and Supervisory Committee Member
Apr 1980 Joined Fujitsu Ltd., General Affairs Department, Aizu Plant, Semiconductor Business Division Jun 2004 General Manager, General Affairs and Purchasing Department, Fujitsu Group Management Division Apr 2006 General Manager, General Affairs Department, Nagano Branch, Metropolitan Sales Division; concurrently General Manager, Sales Support Department Dec 2009 General Manager, General Affairs Department, Shikoku Branch; concurrently General Manager, Shikoku Business Promotion Department Nov 2011 General Manager, General Affairs Department, Oyama Plant, Product Business Promotion Division Apr 2017 Center Head, Business Support Center; concurrently General Manager, General Affairs Department, and Senior Director, Information Technology Promotion Department, General Affairs and Risk Management Division Aug 2018 Independent Management Consultant; Representative Director, Fukuhachi Management Design Co., Ltd. (current) Apr 2022 Executive Officer, Kanagawa Small and Medium Enterprise Management Consultants Association (current) Mar 2025 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1961-09-15
Large Shareholding Reports
abc Co., Ltd.
2026-07-14
5.98%→4.96%
abc Co., Ltd.
2026-07-03
6.98%→5.98%
abc Co., Ltd.
2026-06-24
9.13%→6.98%
abc Co., Ltd.
2026-05-28
10.19%→9.13%
abc Co., Ltd.
2026-05-27
10.19%→8.79%
abc Co., Ltd.
2026-02-27
11.24%→10.19%
abc Co., Ltd.
2026-02-20
11.54%→11.24%
Correction filing (name/detail fix only) — ratio carried over from the original filing
abc Co., Ltd.
2026-02-20
11.54%→11.24%
abc Co., Ltd.
2026-01-19
11.54%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-14
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-07-14
Large Shareholding Report
EDINET
2026-07-03
Large Shareholding Report
EDINET
2026-06-24
Large Shareholding Report
EDINETAmended
2026-05-28
Change Report
EDINET
2026-05-27
Large Shareholding Report
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINETAmended
2026-04-22
Amended Securities Registration Statement
EDINET
2026-04-15
Securities Registration Statement
EDINET
2026-03-31
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-02-27
Large Shareholding Report
EDINETAmended
2026-02-20
Change Report
EDINET
2026-02-20
Large Shareholding Report
EDINET
2026-01-19
Large Shareholding Report
EDINETAmended
2026-01-06
Amended Securities Registration Statement
EDINET
2025-12-26
Securities Registration Statement
TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-31
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINETAmended
2024-11-20
Amended Securities Registration Statement
EDINETAmended
2024-11-14
Amended Securities Registration Statement
EDINET
2024-10-31
Securities Registration Statement
EDINET
2024-08-14
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-29
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-09-15
Securities Registration Statement
EDINETAmended
2023-09-15
Amended Quarterly Securities Report
Period: Jan 2023 – Mar 2023
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