Core Viewpoint - The announcement details the share reduction by the chairman of the supervisory board, Tang Xinqiang, of Zhejiang Huazheng New Materials Co., Ltd., indicating a completed share reduction plan and its implications for the company's ownership structure [1][2]. Group 1: Shareholder Information - As of the announcement date, the supervisory board chairman, Tang Xinqiang, held 458,697 shares, representing 0.32% of the company's total share capital [1][2]. - Tang Xinqiang is identified as a director, supervisor, and senior management personnel, but not as a controlling shareholder or a shareholder with more than 5% direct holdings [2]. Group 2: Reduction Plan Implementation - The share reduction plan was first disclosed on July 21, 2025, and involved a total reduction of 114,600 shares, which is 0.0807% of the current total share capital [1][2]. - The reduction was executed through centralized bidding from August 26, 2025, to August 28, 2025, with a price range of 42.05 to 42.86 yuan per share, resulting in a total amount of 4,857,805 yuan [2]. - Following the reduction, Tang Xinqiang's remaining shareholding is 344,097 shares, which is 0.24% of the total share capital [2].

| 证券代码：603186 | 证券简称：华正新材 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：113639 | 转债简称：华正转债 | | 浙江华正新材料股份有限公司 监事减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 监事持股的基本情况 截至本公告披露日，浙江华正新材料股份有限公司（以下简称"公司"） 监事会主席汤新强先生在本次减持计划实施前持有公司股份 458,697 股， 占公司总股本的 0.32%。 减持计划的实施结果情况 公司于 2025 年 7 月 21 日在上海证券交易所网站（www.sse.com.cn） 及指定信息披露媒体上披露了《浙江华正新材料股份有限公司监事、高级 管理人员减持股份计划公告》（公告编号：2025-039）。 | 股东名称 | 汤新强 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 ...

Core Insights - The PCB industry is experiencing significant growth driven by demand from AI computing and automotive sectors, with most listed PCB companies reporting profit increases in the first half of the year [1][3] - The industry is facing rising costs due to increased prices of key raw materials, particularly copper, which may intensify competition and cost management challenges for PCB manufacturers in the second half of the year [1][8][10] Industry Performance - Nearly 70% of PCB companies that have disclosed mid-year results reported growth in net profit attributable to shareholders, with notable increases from companies like Shenghong Technology and Junya Technology, which saw profits rise by 367% and 333% respectively [3] - The demand for high-end PCBs is surging, particularly in emerging fields such as AI, new energy vehicles, and data centers, leading to a significant increase in high-frequency and high-speed copper-clad laminate sales [5] Market Trends - The PCB market is projected to grow from $73.57 billion in 2024 to $94.66 billion by 2029, with a compound annual growth rate (CAGR) of 5.2%. High-layer and HDI boards are expected to be key growth drivers during this period [6] - The shift in growth dynamics is anticipated as the PCB industry expands from Nvidia's customer base to non-Nvidia overseas computing clients, presenting new opportunities for domestic manufacturers [6] Cost Pressures - The overall increase in copper prices has led to a rise in operating costs for PCB manufacturers, with over half of the companies experiencing cost growth that outpaces revenue growth [8][10] - Companies are implementing cost control measures to manage the impact of rising raw material prices, with some firms actively monitoring market trends and adjusting supply strategies accordingly [9] Capacity Expansion - PCB manufacturers are announcing expansion plans focused on high-end multi-layer PCB products, with significant investments being made in Southeast Asia to enhance production capabilities [12] - Companies like Shenghong Technology and Sihui Electronics are investing heavily in new facilities and technology upgrades to increase their market share in high-end PCB segments [12][13] - Southeast Asia is becoming a focal point for PCB production, with countries like Thailand and Vietnam attracting investments due to their growing manufacturing capabilities, despite potential higher production costs compared to domestic operations [12][13]

Core Viewpoint - The PCB industry is experiencing significant growth driven by demand from AI computing, automotive electronics, and data centers, with many companies reporting substantial profit increases in the first half of the year [1][2][4]. Group 1: Industry Performance - Nearly 70% of PCB listed companies reported growth in net profit, with notable increases from companies like Shenghong Technology (up 367%), Junya Technology (up 333%), and Huazheng New Materials (up 328%) [2]. - The PCB market is projected to grow from $73.57 billion in 2024 to $94.66 billion by 2029, with a compound annual growth rate (CAGR) of 5.2% [4]. Group 2: Product Upgrades - The industry is shifting towards high-end products, particularly in AI servers and automotive electronics, with high-frequency and high-speed copper-clad laminates seeing increased demand [2][3]. - Companies like Shenghong Technology are focusing on high-density interconnect (HDI) boards, which require advanced manufacturing processes and have seen supply tightness due to increased demand [3]. Group 3: Cost Pressures - Rising copper prices have led to increased operating costs for PCB manufacturers, with over half of the companies experiencing cost growth outpacing revenue growth [5][6]. - The copper price is expected to remain high, with analysts predicting further increases in the second half of the year, adding pressure on PCB companies to manage costs effectively [6]. Group 4: Capacity Expansion - Companies are actively expanding production capacities, particularly in Southeast Asia, to meet the growing demand for high-end multi-layer PCBs [7][9]. - Significant investments are being made by companies like Jingwang Electronics and Shenghong Technology in new facilities and technology upgrades to enhance their market share in high-end PCB products [7][9]. Group 5: Regional Developments - Southeast Asia is becoming a key region for PCB production, with countries like Thailand and Vietnam attracting investments from major PCB manufacturers [7][8]. - The region is expected to have the highest CAGR of 7.8% from 2024 to 2029, driven by the shift of production from China [7].

Company Overview - Huazheng New Materials Co., Ltd. is located in Yuhang District, Hangzhou, Zhejiang Province, established on March 6, 2003, and listed on January 3, 2017. The company specializes in the design, research and development, production, and sales of composite materials and products, including copper-clad laminates, insulating materials, and thermoplastic honeycomb panels [1][2]. Financial Performance - For the first half of 2025, Huazheng New Materials achieved operating revenue of 2.095 billion yuan, representing a year-on-year growth of 7.88%. The net profit attributable to the parent company was 42.669 million yuan, showing a significant year-on-year increase of 327.86% [2]. - Since its A-share listing, the company has distributed a total of 203 million yuan in dividends, with 11.361 million yuan distributed over the past three years [3]. Stock Performance - As of August 28, the stock price of Huazheng New Materials increased by 2.02%, reaching 41.34 yuan per share, with a total market capitalization of 5.871 billion yuan. The stock has risen by 71.61% year-to-date, with a 5.06% increase over the last five trading days, 23.59% over the last 20 days, and 57.07% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on August 19 [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Huazheng New Materials was 23,700, an increase of 16.84% from the previous period. The average number of circulating shares per shareholder was 5,981, a decrease of 14.41% [2]. - Notable new institutional shareholders include招商量化精选股票发起式A (001917) as the fourth largest shareholder with 933,200 shares, and大成中证360互联网+指数A (002236) as the ninth largest shareholder with 565,100 shares [3].

Market Overview - In 2024, the overall packaging market is expected to grow by 16% year-on-year to reach $105.5 billion, with the advanced packaging market growing by 20.6% to $51.3 billion, accounting for nearly 50% of the total [2][14]. - By 2030, the overall packaging market is projected to reach $160.9 billion, with advanced packaging expected to grow to $91.1 billion, resulting in a compound annual growth rate (CAGR) of 10% from 2024 to 2039 [2][14]. - The high-end market share is anticipated to increase from 8% in 2023 to 33% by 2029, driven by the demand from generative AI, edge computing, and intelligent driving ADAS [2][16]. Need for Advanced Packaging - The end of Moore's Law for advanced processes marks the beginning of the packaging Moore's Law, focusing on achieving higher performance at lower costs through system-level packaging techniques [3][30]. - The increasing demand for diverse functionalities leads to more frequent interactions between functional devices, necessitating efficient high-speed interconnections between chips to enhance overall system performance [3][30]. Need for Panel-Level Packaging (PLP) - PLP technology offers higher cost-effectiveness, greater design flexibility, and superior thermal and electrical performance, with significant potential to replace traditional packaging methods [4][42]. - The traditional packaging market is projected to reach $54.2 billion in 2024 and $69.8 billion by 2030, indicating a broad space for PLP to replace existing solutions [4][42]. - The wafer-level packaging market is expected to be $2.1 billion in 2024, with the FO/2.5D organic interposer market at $1.8 billion, potentially reaching $8.4 billion by 2030 [4][42]. Importance of Substrates in High-End Markets - Packaging substrates play a crucial role in signal transmission, heat dissipation, protection, and functional integration, with low-loss transmission being a key property [5][36]. - The increasing I/O density requirements driven by trends in mobile devices, 5G, data centers, and high-performance computing necessitate advancements in substrate technology to meet higher resolution demands [5][36]. COWOP and Substrate-Less Concepts - The Chip on Wafer on PCB (COWOP) concept blurs the definitions between PCB and substrate, focusing on transferring substrate functions to PCB while maintaining compatibility with existing technologies [6][36]. - Current PCB wiring density and I/O density are insufficient to match interposer requirements, necessitating the development of materials that can achieve high-density I/O [6][36]. Related Companies - Key players in the packaging substrate and materials sector include companies like Unimicron, BOE, and Corning, which are diversifying their businesses to capture opportunities in PLP and glass substrate applications [45].

Group 1 - The company Huazheng New Materials (SH 603186) announced that as of the disclosure date, the Vice President and CFO Mr. Yu Gao has reduced his shareholding by 10,300 shares, accounting for 0.0073% of the company's total share capital, and this reduction plan has been completed [1] - For the fiscal year 2024, the revenue composition of Huazheng New Materials is as follows: composite materials account for 97.76%, while other businesses account for 2.24% [1] - As of the report, Huazheng New Materials has a market capitalization of 6 billion yuan [1]

Summary of Key Points Core Viewpoint - The announcement details the share reduction by the Vice President and Chief Financial Officer of Zhejiang Huazheng New Materials Co., Ltd., indicating a completed share reduction plan and its implications for the company's management structure and shareholder confidence [1]. Group 1: Shareholding Information - The Vice President and CFO, Mr. Yu Gao, held 41,200 shares prior to the reduction, representing 0.03% of the company's total share capital [1]. - The current shareholding after the reduction is 30,900 shares, which is 0.02% of the total share capital [1]. Group 2: Reduction Plan Implementation - The share reduction plan was first disclosed on July 21, 2025, with the actual reduction taking place on August 25, 2025 [1]. - A total of 10,300 shares were sold through centralized bidding at a price of 40.29 CNY per share, amounting to a total of 414,987 CNY [1]. - The reduction was completed as planned, with no discrepancies between the actual and planned reduction amounts [1].

浙江华正新材料股份有限公司（以下简称"公司"）副总经理兼财务总 监俞高先生在本次减持计划实施前持有公司股份 41,200 股，占公司总股本 的 0.03%。 减持计划的实施结果情况 公司于 2025 年 7 月 21 日在上海证券交易所网站（www.sse.com.cn） 及指定信息披露媒体上披露了《浙江华正新材料股份有限公司监事、高级 管理人员减持股份计划公告》（公告编号：2025-039）。 截至本公告披露日，公司副总经理兼财务总监俞高先生通过集中竞价 方式累计减持公司股份 10,300 股，占公司目前总股本的 0.0073%，其本次 减持计划已实施完毕。 | 证券代码：603186 | 证券简称：华正新材 | 公告编号：2025-044 | | --- | --- | --- | | 转债代码：113639 | 转债简称：华正转债 | | 浙江华正新材料股份有限公司 高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 高级管理人员持股的基本情况 | 股东名称 | 俞高 ...

Core Points - The company announced that its Vice President and Chief Financial Officer, Mr. Yu Gao, has completed a share reduction plan disclosed on July 21, 2025 [1] - Mr. Yu Gao reduced his holdings by a total of 10,300 shares, which represents 0.01% of the company's total share capital, with a total reduction amounting to 415,000 yuan [1] - After the completion of the reduction, Mr. Yu Gao holds 30,900 shares, accounting for 0.02% of the company's total share capital [1]