Core Points - The Shanghai Composite Index closed at 3960.19 points, with a decline of 0.41% and a total trading volume of 1,938.395 billion yuan [1] - A total of 107 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] Group 1: Stocks with Significant Death Cross - Hongyuan Electronics (603267) had a 5-day moving average of 52.69 yuan, down 1.97% from the 10-day moving average of 53.74 yuan, with a current price of 48.86 yuan, representing a deviation of -9.09% [1] - Zhongjian Technology (002779) reported a 5-day moving average of 123.82 yuan, down 1.88% from the 10-day moving average of 126.19 yuan, with a current price of 117.70 yuan, showing a deviation of -6.73% [1] - ST Huizhou (002122) showed a 5-day moving average of 3.56 yuan, down 1.41% from the 10-day moving average of 3.62 yuan, with a current price of 3.23 yuan, indicating a deviation of -10.65% [1] Group 2: Additional Stocks with Death Cross - Chao Hongji (002345) had a 5-day moving average of 13.02 yuan, down 1.33% from the 10-day moving average of 13.20 yuan, with a current price of 11.69 yuan, reflecting a deviation of -11.43% [1] - Kema Technology (301611) reported a 5-day moving average of 54.35 yuan, down 1.30% from the 10-day moving average of 55.06 yuan, with a current price of 52.30 yuan, showing a deviation of -5.02% [1] - Chuangyi Tong (300991) had a 5-day moving average of 40.78 yuan, down 1.26% from the 10-day moving average of 41.30 yuan, with a current price of 39.27 yuan, indicating a deviation of -4.91% [1]

Summary of Nanya Technology Conference Call Company Overview - **Company**: Nanya Technology - **Industry**: High-end materials for electronics, particularly in AI computing and high-speed applications Key Points and Arguments Production Capacity and Demand - Nanya Technology has been operating at near full capacity since March, with production capacity expected to increase from 2.8 million units last year to 3.2-3.4 million units this year due to line expansions [2][3] - The company has completed two rounds of price increases, with the first round in April-May and the second expected to be completed by the end of the month, with a price increase of approximately 10% [3][20] Product Segmentation and Revenue Sources - High-end products (level 6 and above) account for over 60% of total production, peaking at nearly 80% in May and June [2][4] - Revenue distribution: - Communications: ~20% - Consumer: ~20% - Automotive: 15%-20% - Energy: ~15% [6] Strategic Focus - The company is focusing on expanding its presence in communication products, automotive safety-related products, and energy markets, while also moving consumer products towards high-end segments [8] - The goal is to reduce the scale of basic products and expand strategic product lines [8] Market Outlook - The demand for high-speed materials is expected to grow, with a target of 20%-25% of revenue from high-speed materials by 2025 and 25%-30% by 2026, aiming for total revenue to exceed 6 billion yuan [4][11] - The automotive market is anticipated to grow due to increased usage of copper-clad laminates in new energy vehicles [7] International Expansion and Partnerships - Nanya Technology is actively expanding its overseas market presence, collaborating with major companies like AMD, Intel, and NVIDIA [2][10] - The company has made significant progress in certification with AMD and is accelerating material testing with NVIDIA [10][17] Future Production Plans - By the end of this year, the design capacity is expected to reach 3.9 million units, with plans for further expansion in 2026 [21][22] - A new factory in Jiangsu Haimen is expected to be completed by Q4 2026, with a monthly capacity of 250,000 to 300,000 units [22] Supply Chain and Material Sourcing - Nanya Technology relies on domestic suppliers for high-end materials and has established long-term partnerships to ensure supply security and cost reduction [26] - The company prioritizes quality and supply security when selecting upstream resin suppliers [27] Revenue Projections - For 2026, the company anticipates significant revenue growth, with expectations of reaching 6 billion yuan, of which 25% may come from non-AH area clients [15] Challenges and Considerations - The company faces uncertainties regarding the final outcomes of current bidding processes and potential shifts in market demand [5][13] Additional Important Information - The company is also focusing on high-end IC packaging materials and has made advancements in developing high-end products [25] - The establishment of a fourth production base in Thailand is planned, but construction timing will depend on market conditions [23]

Market Overview - The component sector experienced a decline of 2.57% on October 30, with Nanya Technology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Notable gainers included: - Shangluo Electronics (300975) with a closing price of 14.38, up 3.75% and a trading volume of 894,000 shares, totaling 1.287 billion yuan [1] - Shenzhen South Circuit (002916) closed at 233.44, up 2.48% with a trading volume of 135,500 shares, totaling 3.2 billion yuan [1] - Significant decliners included: - Nanya Technology (61588899) closed at 72.36, down 9.66% with a trading volume of 77,000 shares, totaling 571 million yuan [2] - Jingwang Electronics (603228) closed at 74.01, down 9.23% with a trading volume of 586,100 shares, totaling 4.461 billion yuan [2] Capital Flow Analysis - The component sector saw a net outflow of 5.244 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.921 billion yuan [2][3] - Specific stock capital flows indicated: - Shangluo Electronics had a net inflow of 11.6 million yuan from institutional investors, while retail investors had a net outflow of 12.8 million yuan [3] - Shenzhen South Circuit experienced a net inflow of 88.621 million yuan from institutional investors, with a net outflow of 30.829 million yuan from retail investors [3]

Core Viewpoint - Nanya New Materials (688519.SH) reported significant growth in its Q3 2025 financial results, indicating strong operational performance and profitability [1] Financial Performance - The company achieved total operating revenue of 3.663 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 49.87% [1] - Net profit attributable to shareholders reached 158 million yuan, marking a substantial year-on-year growth of 180.79% [1] - Basic earnings per share were reported at 0.7 yuan [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥1,358,278,459.21, representing a year-on-year increase of 63.04%[3] - The total profit for the quarter was ¥78,395,797.23, with a year-to-date profit of ¥172,018,742.54, reflecting a significant increase of 201.22% compared to the previous year[3] - The net profit attributable to shareholders for the quarter was ¥70,908,456.71, showing a dramatic increase of 6,900.38% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the quarter was ¥62,790,889.02, with a year-to-date figure of ¥143,993,181.56, up 282.10% year-on-year[3] - Total revenue for the first three quarters of 2025 reached ¥3,663,333,868.72, a significant increase of 50.0% compared to ¥2,444,406,526.05 in the same period of 2024[20] - Operating profit for the first three quarters of 2025 was ¥173,454,814.01, up from ¥56,704,042.84 in 2024, representing an increase of 205.5%[21] - Net profit for the first three quarters of 2025 was ¥158,098,607.52, compared to ¥56,304,225.68 in 2024, marking an increase of 180.7%[21] - Basic earnings per share for the first three quarters of 2025 were ¥0.70, compared to ¥0.25 in 2024, representing a growth of 180.0%[22] Cash Flow and Assets - The cash flow from operating activities for the quarter was ¥42,615,617.41, down 59.78% compared to the same period last year[3] - The company's cash and cash equivalents as of September 30, 2025, amount to ¥341,075,446.97, down from ¥422,037,715.99 at the end of 2024[14] - The net cash flow from operating activities was -$27.63 million, a significant decrease compared to $222.75 million in the previous period[25] - Cash received from sales of goods and services in the first three quarters of 2025 was ¥1,348,054,217.77, compared to ¥929,178,029.44 in 2024, an increase of 45.2%[24] - The total cash outflow from investing activities was $161.85 million, resulting in a net cash flow of -$161.83 million, compared to -$36.98 million previously[25] - Cash and cash equivalents at the end of the period were $341.08 million, down from $521.04 million at the end of the previous period[26] - The cash outflow for dividends and interest payments was $30.15 million, slightly up from $27.01 million[26] Research and Development - Research and development expenses totaled ¥66,939,669.96 for the quarter, accounting for 4.93% of operating revenue, an increase of 0.71 percentage points year-on-year[4] - Research and development expenses increased to ¥183,703,011.94 in 2025 from ¥116,654,403.96 in 2024, reflecting a growth of 57.4%[21] Assets and Liabilities - Total assets at the end of the quarter were ¥5,765,181,727.05, a 26.11% increase from the end of the previous year[4] - Total assets as of the latest reporting period amounted to ¥5,765,181,727.05, up from ¥4,571,590,456.20, indicating a growth of 26.1%[17] - Total liabilities increased to ¥2,982,067,105.22 from ¥2,142,372,384.34, representing a rise of 39.2%[17] - The company's equity attributable to shareholders rose to ¥2,783,114,621.83, compared to ¥2,429,218,071.86, an increase of 14.5%[17] Shareholder Information - The total number of common stock shareholders at the end of the reporting period is 8,024[11] - Shanghai Nanya Technology Group Co., Ltd. holds 126,048,600 shares, accounting for 53.69% of the total shares[12] - The top 10 shareholders include several investment funds, with the largest being Shanghai Nanya Technology Group Co., Ltd.[12] - The company has a repurchase account holding 5,811,149 shares, which is not included in the top 10 shareholders[13] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending[14] Operational Costs - The company reported a total operating cost of ¥3,539,057,850.67 for the first three quarters of 2025, up from ¥2,438,192,765.84 in 2024, reflecting an increase of 45.2%[20] Financing Activities - Total cash inflow from financing activities amounted to $988.35 million, with a net cash flow of $108.98 million, up from $46.18 million previously[26] - The company received $570 million in borrowings, contributing to the overall financing cash inflow[26] - Cash inflow from investment activities totaled $20,000, with cash outflow for fixed assets amounting to $157.85 million[25] Other Financial Metrics - The basic earnings per share for the quarter were ¥0.31, an increase of 6,788.89% year-on-year[4] - Accounts receivable increased to ¥2,163,038,530.20 from ¥1,462,905,403.33 year-over-year[15] - Inventory as of September 30, 2025, is ¥534,221,566.93, compared to ¥350,377,531.89 in the previous year[15] - Non-current assets total ¥1,779,696,432.62, slightly up from ¥1,775,330,982.44 at the end of 2024[15] - Total current assets amount to ¥3,985,485,294.43, an increase from ¥2,796,259,473.76 year-over-year[15]

Group 1 - The core viewpoint of the news is that Nanya New Materials has experienced a significant stock price increase, rising 5.31% to 78.38 CNY per share, with a total market capitalization of 18.401 billion CNY and a cumulative increase of 9.91% over three days [1] - Nanya New Materials specializes in the design, research and development, production, and sales of composite materials and products, primarily focusing on copper-clad laminates (77.25% of revenue) and bonding sheets (20.95% of revenue) [1] - The trading volume for Nanya New Materials reached 527 million CNY, with a turnover rate of 2.93% [1] Group 2 - Yongying Fund holds a significant position in Nanya New Materials, with its fund, Yongying Digital Economy Select Mixed Fund A, owning 2.2827 million shares, representing 4.24% of the fund's net value [2] - The fund has realized a floating profit of approximately 9.0166 million CNY today and a total of 15.3167 million CNY during the three-day price increase [2] - The Yongying Digital Economy Select Mixed Fund A has achieved a year-to-date return of 95.18% and a one-year return of 99.84%, ranking 118 out of 8155 and 98 out of 8031 respectively [2]

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a potential upside of over 15% relative to the benchmark index [4][5]. Core Insights - The report highlights a significant shortage of upstream materials affecting high-end substrates, with expectations that the supply issues will persist for about a year [1]. - The demand for high-end substrates is projected to grow alongside the increasing need for computing power driven by AI developments, creating a favorable investment landscape [3]. - Companies like Xingsen Technology are focusing on enhancing their IC packaging substrate business, achieving a revenue increase of 36.04% year-on-year in the first half of 2025 [2]. Summary by Sections Upstream Material Shortage - The shortage of materials such as T-Glass and quartz fabric is expected to impact high-end substrate shipments, with a peak shortage anticipated in the next six months [1]. - The chairman of Xinxing noted that the supply gap for high-end copper-clad laminates (CCL) is challenging, but improvements are expected starting from Q3 2026 [1]. Company Performance - Xingsen Technology's IC packaging substrate business generated revenue of 722 million yuan in the first half of 2025, with a focus on high-value products and expansion into the automotive market [2]. - The company is also seeing a significant increase in sample orders for FCBGA substrates, indicating potential for mass production opportunities [2]. Investment Opportunities - The report suggests continued attention to investment opportunities in companies such as Xingsen Technology, Shennan Circuit, Shengyi Technology, and Nanya New Materials due to the expected growth in high-end substrate demand and domestic substitution potential [3].

南亚新材料科技股份有限公司（以下简称"公司"）根据《中华人民共和国公司 法》（以下简称"《公司法》"）、修订后的《南亚新材料科技股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，于2025年10月27日召开职工代表大会选 举职工董事，经出席会议的全体职工代表讨论、表决，同意选举耿洪斌为公司职工董 事，个人简历详见附件。 据《公司法》和《公司章程》的有关规定，公司董事会成员中应包含一名职工董 事。会议一致同意选举耿洪斌为公司职工董事，任期自本次职工代表大会审议通过之 日起至公司第三届董事会任期届满之日止。 证券代码：688519 证券简称：南亚新材 公告编号：2025-080 南亚新材料科技股份有限公司 关于选举职工董事的公告 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。 附件：职工董事简历 耿洪斌，男，1971年9月出生，中国国籍，无境外永久居留权，大专学历。1989 年2月至1992年12月任上海吴淞电器设备厂销售员；1993年1月至1997年12月从事绝 缘材料贸易；1998年1月至1999年12月任浙江银 ...

国浩律师（上海）事务所 法律意 见书 国浩律师(上海) 事务所 本所律师已经按照有关法律、法规的规定对本次股东大会召集、召开程序是 否合法及是否符合《公司章程》、股东大会召集人资格的合法有效性、出席会议 人员资格的合法有效性和股东大会表决程序、表决结果等发表法律意见。法律意 见书中不存在虚假、严重误导性陈述及重大遗漏,否则愿意承担相应的法律责任。 本所律师是根据对事实的了解和对法律的理解发表法律意见。 本法律意见书依据国家有关法律、法规的规定而出具。 本所律师同意将本法律意见书作为公司本次股东大会的必备文件公告,并依 法对本所出具的法律意见承担责任。 关于南亚新材料科技股份有限公司 2025 年第四次临时股东大会的法律意见书 致:南亚新材料科技股份有限公司 南亚新材料科技股份有限公司（以下简称"公司"）2025 年第四次临时股东 大会（以下简称"本次股东大会"）现场会议定于 2025 年 10 月 27 日下午 14:30 在上海市嘉定区南翔镇昌翔路 158 号会议室召开，国浩律师（上海）事务所（以 下简称"本所"）接受公司的委托，指派本所律师出席会议，并依据《中华人民共 和国证券法》、《中华人民共和国公司法 ...

证券代码：688519 证券简称：南亚新材 公告编号：2025-079 南亚新材料科技股份有限公司 2025年第四次临时股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 77 | | --- | --- | | 普通股股东人数 | 77 | | 2、出席会议的股东所持有的表决权数量 | 149,003,246 | | 普通股股东所持有表决权数量 | 149,003,246 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 65.0783 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 65.0783 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由董事会召集，董事长包秀银先生主持，会议采用现场投票和 网络 ...