Core Viewpoint - Advanced packaging is emerging as a new engine for computing power in the "post-Moore's Law" era, addressing the limitations of traditional chip performance improvements through innovative bonding technologies [4][5]. Group 1: Hybrid Bonding Overview - Hybrid bonding is an advanced packaging technology that combines dielectric bonding and metal interconnects, allowing for high-density, high-performance 3D integration [8][19]. - The development of hybrid bonding has evolved through various stages, from wire bonding to flip chip, and now to hybrid bonding, which enables ultra-fine pitch stacking and packaging [10][11]. - Hybrid bonding can be categorized into wafer-to-wafer (W2W) and chip-to-wafer (C2W) processes, with C2W offering higher flexibility and lower defect rates for smaller chips [14][16]. Group 2: Advantages and Challenges of Hybrid Bonding - The technology allows for extreme interconnect density and performance breakthroughs, achieving interconnect pitches below 1 μm, significantly enhancing data transfer bandwidth [23]. - Hybrid bonding is compatible with existing wafer-level manufacturing processes and can be integrated with TSV and micro-bump technologies, providing cost optimization potential [24]. - Challenges include yield issues, surface smoothness requirements, cleanliness standards, and complex testing processes that need to be addressed for successful mass production [26]. Group 3: Market Demand and Future Prospects - Major HBM manufacturers, including Samsung, Micron, and SK Hynix, have committed to adopting hybrid bonding technology for HBM5, which aims to meet the extreme demands of AI and high-performance computing [28]. - TSMC's SolC technology, which utilizes hybrid bonding, is expected to double its production by 2026, highlighting the growing adoption of this technology [29][30]. - The global market for hybrid bonding equipment is projected to exceed $600 million by 2030, with significant growth anticipated in the Asia-Pacific region [37]. Group 4: Competitive Landscape - The hybrid bonding equipment market is dominated by international players such as BESI, EV Group, and SUSS MicroTec, with BESI holding a market share of 67% in 2023 [44]. - The competitive landscape is evolving, with Chinese companies like Piotech entering the market, indicating advancements in domestic semiconductor equipment capabilities [42].

Group 1 - The company, Huayi Technology (688071.SH), has disclosed its performance forecast for 2025, expecting a net profit attributable to shareholders of the parent company to be between -53.5 million and -64 million yuan [1] - The projected net profit, excluding non-recurring gains and losses, is estimated to be between -56.31 million and -66.81 million yuan for 2025 [1] - The net profits for the years 2023, 2024, and the first half of 2025 are reported as -16 million, -47 million, and -5 million yuan respectively, with corresponding figures for net profit excluding non-recurring items being -22 million, -51 million, and -7 million yuan [1] Group 2 - Huayi Technology raised a total of 250.04 million yuan from its initial public offering, with a net amount of 193.90 million yuan after expenses [2] - The company planned to raise 391.69 million yuan for projects including smart testing equipment upgrades, testing center construction, R&D center construction, repayment of bank loans, and working capital [2] - The total issuance expenses for the initial public offering amounted to 5.61 million yuan, with underwriting and sponsorship fees being 35 million yuan [2]

证券代码：688071 证券简称：华依科技（维权） 公告编号：2026-004 上海华依科技集团股份有限公司 2025年年度业绩预告 本公司董事会及全体董事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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （二）业绩预告情况 四、风险提示 1、经财务部门初步测算，预计2025年度实现归属于母公司所有者的净利润为-5,350万元到-6,400万元。 2、预计2025年归属于母公司所有者的扣除非经常性损益后的净利润为-5,631.16万元到-6,681.16万元。 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 2024年度，公司实现营业收入42,343.52万元，利润总额-6,411.78万元，归属于母公司所有者的净利 润-4,673.70万元，归属于母公司所有者的扣除非经常性损益的净利润-5,054.20万元，每股收益-0.55元。 三、本期业绩变化的主要原因 本期测试服务实验室等相继投入使用，固定成本（如折旧）增加，且新产能释放需要过程，对当期收入 贡献有限，导致毛利同比下降。受汽车行业竞争加剧影响，本期部分 ...

Core Viewpoint - Huayi Technology forecasts a net loss attributable to shareholders of the parent company for 2025, expected to be between -53.5 million and -64 million yuan, indicating an increase in loss compared to the previous year's -46.737 million yuan [2] Group 1: Financial Performance - The projected net profit excluding non-recurring gains and losses for 2025 is expected to be between -56.3116 million and -66.8116 million yuan, also reflecting a loss [2] - The company experienced a year-on-year decline in gross profit due to increased fixed costs and limited new capacity release [2] Group 2: Reasons for Performance Changes - Fixed costs have risen due to the commissioning of facilities such as testing service laboratories, leading to increased depreciation and other fixed costs [2] - The automotive industry's intensified competition has negatively impacted the collection of receivables, affecting the company's operational performance [2]

Group 1 - Evert plans to acquire equity in Shengpu Co., with stock suspension starting January 27, 2026, expected to last no more than 10 trading days [5] - Haike New Source signed a long-term cooperation agreement with BYD Lithium Battery to supply at least 100,000 tons of electrolyte solvent annually for three years [5] - Sanxiang Bio has developed a CE-certified Nipah virus nucleic acid testing kit and a domestic research version, responding to the Nipah virus outbreak in India [9][10] Group 2 - Sangfor Health expects a Q4 net profit of approximately 2.5 billion yuan, a 1097% increase from the previous quarter, driven by a significant payment from Pfizer for the 707 project [2] - Puran Co. anticipates a Q4 net profit of about 1.46 billion yuan, a 696% increase from Q3, despite an annual decrease of approximately 29.89% [3][4] - Chip Source Micro expects a net profit of 52 million to 76 million yuan for 2025, a decrease of 62.53% to 74.36% year-on-year due to increased costs and reduced other income [6] Group 3 - Maide Medical forecasts a net profit of approximately 66.5 million yuan for 2025, marking a turnaround from losses in the previous year [7] - Ruixin Micro expects a net profit of 1.023 billion to 1.103 billion yuan for 2025, representing a growth of 71.97% to 85.42% year-on-year [8] - Qingda Environmental anticipates a net profit of 165 million to 190 million yuan for 2025, an increase of 77.47% to 104.36% year-on-year [10] Group 4 - Jiangxun Technology expects a net profit increase of approximately 86.44% for 2025, reaching around 156 million yuan [11] - Micron Bio anticipates a net profit of approximately 53.5 million yuan for 2025, achieving profitability after previous losses [11] - Blue Special Optics forecasts a net profit of 375 million to 400 million yuan for 2025, a growth of 70.04% to 81.38% year-on-year [13]

Investment Rating - The report suggests a positive investment outlook for the hybrid bonding technology, highlighting its critical role in the AI era and advanced packaging market [7]. Core Insights - Hybrid bonding is identified as a key enabling technology for overcoming performance bottlenecks in the post-Moore era, driven by explosive demand in AI and high-performance computing (HPC) [7]. - The market for hybrid bonding equipment is expected to experience significant growth, with demand projected to increase several times by 2030, particularly in high-performance computing and memory applications [5][44]. - The report emphasizes the competitive landscape, noting that while overseas companies like BESI dominate the market, domestic players in China are making significant strides [5][57]. Summary by Sections Hybrid Bonding Overview - Hybrid bonding is an advanced packaging technology that combines dielectric bonding and metal interconnects, allowing for high-density, high-performance 3D integration [14][28]. - The technology enables interconnect distances below 10μm, significantly enhancing data transmission bandwidth compared to traditional methods [29]. Market Demand and Growth - The demand for hybrid bonding technology is transitioning from an advanced option to a core infrastructure in the AI era, with major manufacturers like TSMC and Samsung adopting it for next-generation products [5][33]. - The global hybrid bonding equipment market is projected to exceed $600 million by 2030, with the Chinese market expected to surpass $400 million [48]. Key Players and Competitive Landscape - BESI holds a dominant position in the hybrid bonding equipment market, with a market share of approximately 67% in 2023, and is expected to maintain around 70% in 2024 [57]. - Domestic companies such as Tuojing Technology and Baiao Chemical are rapidly advancing, with Tuojing Technology launching its first mass-production hybrid bonding equipment [5][57]. Applications and Future Trends - Hybrid bonding is primarily applied in 3D NAND and is expanding into high-performance computing scenarios, including HBM4 and HBM5 technologies [25][44]. - The report indicates that the technology is becoming essential for various applications, including AI chips and advanced memory solutions, with significant investments being made in new packaging facilities globally [43][44].

Core Viewpoint - Huayi Technology (688071.SH) expects a net loss attributable to shareholders of the parent company in 2025, estimated between 53.5 million and 64 million yuan [1] Group 1: Financial Performance - The company anticipates a net profit loss for 2025, ranging from 53.5 million to 64 million yuan [1] - The increase in fixed costs, such as depreciation, is attributed to the recent commissioning of testing service laboratories [1] - The contribution of new production capacity to current revenue is limited, leading to a year-on-year decline in gross profit [1] Group 2: Industry Impact - The automotive industry is experiencing intensified competition, which has negatively affected the recovery of certain receivables [1]

智通财经APP讯，华依科技(688071.SH)发布公告，公司预计2025年度实现归属于母公司所有者的净利 润为亏损5350万元到6400万元。 本期测试服务实验室等相继投入使用，固定成本(如折旧)增加，且新产能释放需要过程，对当期收入贡 献有限，导致毛利同比下降。受汽车行业竞争加剧影响，本期部分款项回收不及预期。 ...

每经AI快讯，华依科技1月26日晚间发布业绩预告，预计2025年度实现归属于母公司所有者的净利润 为-5350万元到-6400万元。业绩变动主要原因是，本期测试服务实验室等相继投入使用，固定成本（如 折旧）增加，且新产能释放需要过程，对当期收入贡献有限，导致毛利同比下降。受汽车行业竞争加剧 影响，本期部分款项回收不及预期。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 王晓波） ...

Core Viewpoint - Huayi Technology (688071.SH) is expected to report a net profit attributable to shareholders of the parent company ranging from -53.5 million to -64 million yuan for the fiscal year 2025, indicating a challenging financial outlook due to increased fixed costs and limited revenue contribution from new capacities [1] Financial Performance - The projected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is estimated to be between -56.31 million and -66.81 million yuan [1] - The decline in gross profit year-on-year is attributed to the increased fixed costs, such as depreciation, following the commissioning of testing service laboratories [1] Industry Context - The automotive industry is experiencing intensified competition, which has negatively impacted the company's ability to recover certain receivables as expected [1]