December 10, 2025
TOPPAN Holdings Inc.
Overview of Electronics Business
Overview and Strategy of Semiconductor Packaging Business
Trends in Focus Areas of Semiconductor Packaging Business
Technology Roadmap for Semiconductor Packaging Business
Overview of Electronics Business
Overview and Strategy of Semiconductor Packaging Business
Trends in Focus Areas of Semiconductor Packaging Business
Technology Roadmap for Semiconductor Packaging Business
Business Overview
Electronics
FY2024 results
TOPPAN Holdings
Consolidated net sales
Living & Industry
FY2024 results
16%of total sales
Net sales: JPY 283.3 billion Non-GAAP operating profit: 53.4 billion (Operating margin: 18.9%)
Semiconductors
Semiconductor packaging
Etched products
LSI design services
Sales
JPY 194.8 bn
Non-GAAP
operating
margin
Approx. 27%
Anti-reflective films
Light control films
TFT-LCDs
Color filters
Displays
Sales
JPY 88.5 bn
Non-GAAP
operating margin
Approx. 2%
Information & Communication
FC-BGAs are expected to further recover in H2 due to an increase in the proportion of products for AI and the
contribution of the new line at the Niigata Plant
35.8
40.0
150
35.5
30.0
100
20.0
50
10.0
0
0.0
FY22 FY23 FY24 FY25 FY25
(Revised) (Original)
Displays
Operating Profit
Semiconductors
Non-GAAP OP
200
50.0
49.6
48.2
50.0
53.0
250
50.3
49.8
53.4
(¥bn)
60.0
283.3 190.0 259.0
Net sales
255.3 266.5
(¥bn)
300
Electronics
- Net sales by sub-segment & Operating profit(RHS) -
Category | Full Year Sales Composition | H2 Forecast | |
Full Year Operating Profit Margin (YoY change) | |||
GAAP | Non-GAAP | ||
Approx. 77% (-48.9 billion yen) |
| ||
Semiconductors |
for server CPUs and network switches is expected to increase. We expect profit levels to rise significantly in Q4 due to tapping into strong demand with the full-scale operation of the new line. Qualifications for high-end AI server switches and AI ASICs are progressing in line with expectations in preparation for mass production in the next fiscal year. | ||
Approx. 24% (-16.8 billion yen) | Approx. 24% (-16.8 billion yen) | ||
Displays | Approx. 23% (-44.4 billion yen) |
| |
Approx. 3% (-0.2 billion yen) | Approx 3% (-0.3 billion yen) | ||
Special factors | ー |
| |
Electronics: FY2025 Forecast
Focus area: Semiconductor packaging business
・Focus on high-end FC-BGA market centered on AI applications
・Launch advanced semiconductor packaging business
・Anti-reflective films: Launch new ultra-wide line in 2026
・Quantum dots: Launch nanomaterial
business centered on materials
・Light control films: Expand business of new products for automotive applications
Execute business-specific strategies and portfolio transformation
Semiconductor Business
Display Business
・Drive structural reform of low-profit businesses
・LSI design: Generate synergies with the semiconductor packaging business
・Etching: Expand into new fields such as
application to heat exchangers
The Electronics business will accelerate expansion by concentrating management resources on the high-value-added business of semiconductor packaging and driving portfolio transformation
Firmly maintain high profitability by supplying cutting-edge key devices leveraging technical superiority centered on semiconductor-related technologies
Sales
CAGR
Sales Approx. JPY 350 bn
Guidance
Excl.
Tekscend Photomask
22%
Sales
CAGR
Semiconductor-related portion
Percentage of semiconductor
-related sales: Approx. 80%
Sales
JPY 190 bn
Semiconductor-related portion
Sales
JPY 129 bn
Sales
JPY 146 bn
Non-GAAP
operating margin
24%
Semiconductor-related portion
Growth Drivers
Semiconductor packaging business
26% Sales
Approx.
JPY 270 bn
Non-GAAP
operating margin
30%
Sales Growth Potential
Profitability
Semiconductors
CAGR
26% Non-GAAP
Operating
Margin 30%
FY2025
FY2025
・ Enhanced profitability accompanying expansion of AI-related applications for FC-BGAs
Sales JPY 85 bn
Non-GAAP
operating margin
26%
・ Launch and scaling of advanced semiconductor packaging
FY2030
INDEXOverview of Electronics Business
Overview and Strategy of Semiconductor Packaging Business
Trends in Focus Areas of Semiconductor Packaging Business
Technology Roadmap for Semiconductor Packaging Business
Specific Activities in Semiconductor Packaging Business
© TOPPAN Holdings Inc. 8
About FC-BGAs
FC-BGA (Flip Chip-Ball Grid Array) substrates are high-density semiconductor packaging substrates that enable high-speed, multifunctional LSI chips
Product Cross-section
IC chip
FC-BGA
Business Opportunities
Network devices, server CPUs ● Generative AI ● Consumer, automotive devices
By developing substrates with ultra-high-density interconnect structures through our evolution of microfabrication and build-up wiring board technologies, we provide products that support semiconductor
Breakdown of FC-BGA market and TOPPAN's business by application
2024 FC-BGA Market (value basis)
TOPPAN's FC-BGA Business in 2024 (value basis)
Consumer, etc.
25%
High-end switches,
servers, AI applications
83%
Consumer, etc.
Source: TOPPAN estimates based on data from Fuji Chimera Research Institute
We are advancing a business centered on high-end switches and servers
TOPPAN's FC-BGA Business Domains
FC-BGA Substrates for High-end Switches: Fiscal 2024 Sales by Manufacturer
A Co.
B Co.
C Co.
D Co.
E Co.
F Co.
G Co.
H Co.
FC-BGAs for high-end switches
Share: No. 3
Source: TOPPAN estimates based on data from Fuji Chimera Research Institute
TOPPAN has secured the no. 3 market share in the high-end switch domain
TOPPAN's Position in the High-end Switch Domain
Focus areas targeted by TOPPAN
〇: Supported ◎: Focus area -:Not supported
High-end switches | Servers | ||||
General-purpose | For AI | AI accelerators | Server CPUs | ||
GPUs | AI ASICs | X86 (Intel) | ARM | ||
〇 | ◎ | - | ◎ | - | ◎ |
Focus areas:
High-end switches
AI ASICs
Server CPUs
AI
accelerators
High-end switches Server CPUs
PC CPUs
Gaming
Automotive, etc.
AI ASICs
GPUs
Focus areas
With technical superiority as the source of our competitive edge, we are targeting high-end areas where we can leverage our advantage
Request
Response
General-purpose switches
・・ ・
・・ ・
・・ ・
Network centered on
general-purpose servers
Switch for AI
Server CPUs
AI ASICs
Network centered on AI servers
AI switch
AI server
AI server
AI server
AI server
General-purpose server
AI server
General-purpose server
Switch
Switch
Switch
Switch
Switch
Specific composition of focus areas
High-end switches | Servers | ||||
General-purpose | For AI | AI accelerators | Server CPUs | ||
GPUs | AI ASICs | X86 (Intel) | ARM | ||
〇 | ◎ | - | ◎ | - | ◎ |
Focus areas are ARM server CPUs, AI ASICs, and switches for AI, which are expected
to be used in AI data centers
Market forecast for focus areas
(Billion JPY) FC-BGA Substrate Market
High-end switches
AI accelerators Server CPUs
TOPPAN's focus areas
18,000
1,800
15,000
1,500
12,218
1,221.8
17,343
1,606.7
14,199
16,067
1,419.9
18,256
1,734.3
1,825.6
Server CPUs
High-end switches General-purpose/AI
AI accelerators ASICs GPUs
12,000
1,200
9,687
10,304
968.7 1,030.4
x86
Server CPUs
ARM
9,000
900
6,000
600
3,000
300
Level of difficulty
Automotive, consumer, etc.
PC CPUs
PC GPUs
Networks (NIC, etc.)
Gaming
Automotive
0
2023 2024 2025 2026 2027 2028 2029
(Source: TOPPAN estimates based on data from Fuji Chimera Research Institute)
Networks
Middle/low-end
Projected panel unit price
(Source: TOPPAN estimates based on data from Fuji Chimera Research Institute)
High-profit/high-end focus areas are expected to expand against a background of growth in AI
Proposing solutions geared towards social issues
Creating products and solutions encompassing all facets of semiconductor packaging
Interposer | ||
Advanced FC-BGA | Photonics-electronics convergence support | |
Resin / Glass core | ||
Identifying new needs and advancing development by bringing together our technologies and collaborating with customers, partner companies, and universities
Collaboration with research institutions/universities
Identification of technology needs: US-JOINT, alliance with Taiwanese companies
North American fabless customers
Our technologies:
FC-BGA micro interconnect/layering technology,
glass transfer, LSI design, process clean-up, CMP slurry (TOPPAN Infomedia)
Development bases:
Semiconductor Packaging Development Center (Sugito), Ishikawa Plant
Existing Niigata FC-BGA line: Online
New Niigata FC-BGA-line: Full-scale startup in January 2026
AST Phase 1 line: Mass production launch scheduled for fiscal 2027
Advanced semiconductor packaging at Ishikawa: Startup scheduled for July 2026
Mass production scheduled for fiscal 2028 or later
New Ishikawa FC-BGA line:
Mass production scheduled for fiscal 2030 or later
AST Phase 2 line: Timing TBD
*Plan is current projection
Expanding business scale*
INDEXOverview of Electronics Business
Overview and Strategy of Semiconductor Packaging Business
Trends in Focus Areas of Semiconductor Packaging Business
Technology Roadmap for Semiconductor Packaging Business
Specific Activities in Semiconductor Packaging Business
© TOPPAN Holdings Inc. 16
AI Semiconductor Market Expansion and Focus Areas
(Billion USD)
Proportion of Global Semiconductor Demand Accounted for by AI Semiconductors
The AI semiconductor market is projected to grow
1,200
1,005
CAGR
28%
1,000
844
920
800
600
564 526
618 673
717
776
AI Applications Driving the Market
400
200
AI smartphones
Driving
Cloud
automation
Humanoids
Edge
0
2022 2023 2024 2025 2026 2027 2028 2029 2030
(Source: IBS)
Servers
© TOPPAN Holdings Inc.
AI is driving semiconductor market growth, and cloud demand
centered on servers is also increasing 17
The emergence of AI has kickstarted an era in which all kinds of things generate data (data-centric), and data traffic is projected to increase 100x in the 20 years from 2020 to 2040
Change in Data Traffic Towards 2024
(Zettabyte)
35
30
25
20
15
Data traffic projected to increase 100x in the 20 years to 2040
Data-
CAGR
26%
10
5
0
1990
Computer-centric
2000
Mobile-
centric
2010
centric
2020
2030
2040
(Source: OMDIA)
Accelerated Increase in Data Traffic Against Backdrop of AI
AI processing involves constant synchronization while processing across multiple GPUs, meaning the volume of communication within and between servers via switches is greater than on networks centered on conventional general-purpose servers
This is driving a transition to network architectures that enable scaling-up, to enhance the performance of individual AI servers, and scaling-out, to facilitate distributed processing with multiple servers connected in parallel
Network centered on general-purpose servers
Method for enhancing processing performance by raising server performance and expanding hardware functions, such as CPUs and memory
Switch
Switch
Scale-up
Switch
Switch
Method for enhancing processing performance by increasing the server count and stabilizing operation via distributed processing
AI server
AI server
Network centered
on AI servers
Scale-out
・・ ・
・・ ・
・・ ・
AI switch
AI server
AI server
AI server
Switch
AI server
Request Response
Spine Leaf
General- purpose server | |
General- purpose server | |
General- purpose server | |
General- purpose server | |
General- purpose server | |
General- purpose server | |
Network switch count and performance requirements increase to process vast
data volumes
Changes in Network Architecture
Data center switch market size forecast
汎用向 け
平均単 価
250,000
200,000
150,000
AIサーバ 向け
出荷金 額
AI-related applications are driving market expansion due to increased demand stemming from server parallelization and unit price increases prompted by performance enhancements
(Source: Fuji Chimera Research Institute's 2025 market survey on data centers, AI, and key devices)
2030 (Year)
2029
2028
Projection
2027
2026
2024 2025
Forecast
2030 shipment volume for AI is
6,000 projected to be 3.2x the 2024 level
5,000
4,000
3,000
2,000
1,000
0
For general-purpose
For AI servers
7,000
(1,000 units)
Data Center Switch Shipment Volume
(Source: Fuji Chimera Research Institute's 2025 market survey on data centers, AI, and key devices)
0
2030 (Year)
2029
2027 2028
Projection
2026
2025
Forecast
2024
50
0
5,000
100
10,000
150
15,000
250
200
20,000
300
Shipment value Average unit price
25,000
Shipment value
(Billion JPY)
Shipment Value
Data Center Switch Unit Selling Price/
Average unit
price (10k JPY)
350
100,000
50,000
Switches for AI servers will drive market expansion
Network Switch Demand Trend
AI(推論用) (1,000台)
AI(学習用) (1,000台)
Change of phase in terms of what is required of AI processing
Computing
power important
Large
number of chips connected
Memory
speed
important
A few chips
are sufficient
Use of pre-trained foundation models
Foundation model development
Inference
Learning
(Source: Fuji Chimera Research Institute's 2025 market survey on data centers, AI, and key devices)
2030 (Year)
2029
2028
Projection
Forecast
2027
2026
2025
2024
0
1,000
2,000
3,000
4,000
AI (learning (1,000 servers)
AI (inference) (1,000 servers)
AI Server Count Projection
Computation required for AI is classified into two types: Training and Inference
The accumulation of pre-trained foundation models will drive progress in the shift to inference-based applications
AI-related needs will shift from learning to inference
ALU
Semiconductor trend accompanying expansion of AI inference
Arithmetic
operations
Memory
Software-controlled staged computation
CPU/GPU
Input
Output
Power savings achieved by optimizing
and shortening interconnects
Acceleration with reduced software control
Custom Circuit (ASIC)
Output
Input
ASICs are circuits designed for specific applications-they are expected to deliver processing that
is faster and more energy efficient than GPUs for general-purpose applications
From the perspective of speed and efficiency, there are increasing needs to select chips based on application-with GPUs being used for model learning and AI ASICs used for inference applications that use pre-trained foundation models
Power consumption efficiency is required for inference processing
Market trend for in-house AI ASIC production volume
(Source: Fuji Chimera Research Institute's 2025 market survey on data centers, AI, and key devices)
2030 (Year)
2029
2028
Projection
2027
2026
2025
Forecast
2024
0
2,000
4,000
6,000
8,000
CAGR
16%
Projected In-house AI ASIC Production Volume
(1,000 units)
10,000
© TOPPAN Holdings Inc.
With the growth of AI inference, demand will increase for AI ASICs
2031
with superior power consumption efficiency 23
0
(Source: Fuji Chimera Research Institute's 2025 market survey on data centers, AI, and key devices)
0%
2031 (Year)
2030
2029
2028
Projection
2027
2026
2025
Forecast
2024
(1,000 units)
50,000
10,000
10%
20,000
30,000
20%
40,000
ARM x86 Percentage of ARM
30%
Projected Server CPU Shipment Volume by Type
ARM系
x86系
ARM系比 率
There are x86 CPUs, used by companies such as Intel, AMD, and IBM, and ARM CPUs, used by companies such as NVIDIA and cloud vendors like GAFAM
x86 CPUs previously had an overwhelming share of the market, but in recent years the share of ARM CPUs produced in-house by cloud vendors has been increasing, particular for AI servers with high power consumption
© TOPPAN Holdings Inc. 24
INDEXOverview of Electronics Business
Overview and Strategy of Semiconductor Packaging Business
Trends in Focus Areas of Semiconductor Packaging Business
Technology Roadmap for Semiconductor Packaging Business
Specific Activities in Semiconductor Packaging Business
25
© TOPPAN Holdings Inc.
Advanced semiconductor packaging
Chiplet
(Silicon interposer + FC-BGA)
Glass core FC-BGA
Organic RDL interposer + FC-BGA
Glass interposer + FC-BGA
Ishikawa Plant, CapEx
Start of full-fledged mass production Ishikawa Plant
Establishment of Development Center
Development Center
FC-BGAs continue to evolve along with chiplets, driving structural diversification
FC-BGA substrate
Support for IOWN2.0
IOWN2.0
Board-level optical
interconnection
FC-BGA (board-level optical interconnection)
FC-BGA (chip-to-chip optical interconnection)
Niigata Plant, new line
FC-BGA
FC-BGA
(large-body, high-count layer)
IOWN
concept
Niigata Plant, new line
Singapore, plant construction and CapEx
Larger chips
The IOWN concept promoted by NTT, Inc. aims to utilize optical technologies to achieve
a low-power, high-quality, high-capacity and low-latency network.
IOWN3.0
Chip-to-chip optical
interconnection
IOWN4.0
On-chip optical interconnection
Start of mass production
Singapore
Start of mass production
Niigata Plant
Mass production begins on extended line
Niigata Plant, existing line
From 2030 onwards
2029
2028
2027
2026
2025
2024
2023
2022
2020
CY
Sustainable Growth Phase
Result Delivery Phase
Foundation Building Phase
Management Phase
"IOWN®" is a trademark or registered trademark of NTT, Inc.
With our new technologies, we contribute to meeting increasingly sophisticated demand for
TOPPAN's Technology Roadmap
Projected Transmission Speed Required of AI Switches (TOPPAN estimate)
(Tbps)
Use Cases Requiring High Speed and Low Latency
900
800
700
600
500
400
300
200
100
0
409.6
819.2
204.8 | |||||||
102.4 25.6 51.2 | |||||||
AI ASICs
Server CPUs
Request Response
Driving automation Telehealth
AI server | |
AI server | |
AI server | |
2020 2022 2024 2026 2028 2030 (year)
Network centered on AI servers
Switch
Switch
Switch
Switch
Switch
AI server
AI server
AI switch
Switch for AI
・・ ・
・・ ・
・・ ・
General-purpose
high-end
switches
AI-centric next-generation use cases, such as driving automation and telehealth, require high-speed, low-latency transmission-the transmission speed of data centers and the like is forecast to reach 800 Tbps in 2030, 32x the 2020 level
Next-generation AI Network Transmission Performance Projection
Miniaturization of interconnects is vital to achieve chiplet structures that integrate heterogeneous chips
To address the narrowing pitch of I/Os, Moore's Law is complemented by maximizing interconnect
density and ensuring high bandwidth
Power efficiency is increased by minimizing parasitic capacitance and reducing die-to-die RC characteristics (resistance, capacitance)
Reducing the system's physical size allows for miniaturization and a smaller form factor.
Unit: Micron
Features | Application | 2018 | 2019 | 2020 | 2021 | 2022 | 2025 | 2028 | 2031 | 2034 |
Min. line width/space (um) | FC-BGA | 9/12 | 9/12 | 9/12 | 8/8 | 8/8 | 5/5 | 5/5 | 5/5 | 5/5 |
Fan-out, Organic interposer | 2/2 | 2/2 | 2/2 | 1.5/1.5 | 1.5/1.5 | 1/1 | 1/1 | 0.5/0.5 | 0.5/0.5 |
Source: Heterogeneous Integration Roadmap (2021 Edition), Chapter 8 Section 8 Table 1. Substrate interconnect scale roadmap
Interconnect miniaturization is expected to enhance value in terms of Performance, Power, and Area, with interconnect dimensions below L/S=1µm/1µm required in 2030
Pursuit of Miniaturization
Conventional
Single chip semiconductor
Single SoC
80 mm
Semiconductor chiplet for AI applications
>200 mm
I/O chips Chiplet SoC
HBM (high bandwidth memory) Optical element
Large interposer
Large-body FC-BGA
Package substrates are becoming larger to enable the large-scale integration of heterogeneous chips.
With conventional AI/switch semiconductors, performance enhancements have been achieved through single-chip miniaturizing and scaling up, but the industry is now facing challenges related to fabrication complexity and cost increases
As a breakthrough to meet demand for further performance enhancement, chiplet technology-which involves dividing
and reconfiguring semiconductor chips into individual "chiplets"-will become the mainstream technology going forward
Co-packaging of large-scale integration and components such as optical elements-
impossible with single chips-is supported by the scaling of packaging components
Semiconductor Packaging Structure Trend
Future (2030)
Conventional | Future | |
Silicon interposer | Next-generation interposer |
活用
ケー ス
従来
シリコンインター ポーザー
Use cases
HBM and SoC high-density connection
HBMとSoCの高密度接続
⇒伝送帯域確保のためにイ ンターポーザを活用
~ Use interposer to ensure transmission bandwidth
SoC + HBM + IO+ SerDes chip + optical element, etc.
SoC+HBM+IO+SerDesチップ+光素子 等
⇒大規模な異種チップ混載 実現のためにインターポーザを活用
将来
次世代インター ポーザー
~ Use interposer to achieve large-scale integration of
heterogeneous chips
大型 化
Scaling-up
微細 化
Miniaturization
Wafer processing adopted due to use of silicon materials
シリコン材料のためウエ ハプロセス採用
⇒将来の大型対応は事実上 不可
~ Support for future scaling is effectively impossible
ウエハプロセス採用のため微細化に優れる。
L/S=0.5µm
Suited to miniaturization due to wafer processing L/S = 0.5 μm
Base material with high die count such as large square panel required ⇒ Organic materials are compatible with the concept of manufacturing in square form
大型角パネルような高取り 数の基材が求め
られる。⇒有機材料は角型生 産の思想に合致
シリコンインターポーザ ーに肉薄する
微細化性能を持つ必要が ある
Needs to have miniaturization performance close
to that of silicon interposers
For the massive scaling of chiplet packages, the industry is looking to next-generation interposer technologies that support larger sizes as an alternative to silicon interposers
Interposer Trend
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Toppan Holdings Inc. published this content on December 10, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on December 10, 2025 at 06:16 UTC.


















