Core Points - Tiancheng Technology (688603.SH) announced that its shareholder, Qingxun Electronics, has completed its share reduction plan as of November 7, 2025, having reduced a total of 11,900 shares through centralized trading bidding [1] Summary by Category - **Company Actions** - Qingxun Electronics has reduced its holdings in Tiancheng Technology by 11,900 shares [1] - The share reduction plan has been fully implemented and is now concluded [1] - **Shareholder Information** - The notification regarding the share reduction was sent by Qingxun Electronics to Tiancheng Technology [1] - The reduction was executed through a centralized trading bidding method [1]

Market Overview - The electronic chemicals sector experienced a slight decline of 0.13% on November 10, with Tiancheng Technology leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Xingfu Electronics (688545) with a closing price of 37.86, up 5.70% [1] - Ruilian New Materials (688550) at 48.80, up 4.14% [1] - Jinhong Gas (688106) at 21.91, up 3.74% [1] - Conversely, significant decliners included: - Datang Zhi (688603) at 81.62, down 6.22% [2] - Siquan New Materials (301489) at 175.20, down 5.19% [2] - Sanping New Science (6568889) at 71.70, down 4.74% [2] Capital Flow - The electronic chemicals sector saw a net outflow of 476 million yuan from institutional investors, while retail investors contributed a net inflow of 310 million yuan [2][3] - The capital flow for specific stocks indicated: - Zhongjuxin (688549) had a net outflow of 34.82 million yuan from institutional investors [3] - Ruilian New Materials (688550) saw a net inflow of 18.05 million yuan from retail investors [3] - Huate Gas (688268) had a net inflow of 16.85 million yuan from retail investors [3]

Group 1 - Tiancheng Technology's stock increased by 5.25%, reaching 86.88 CNY per share, with a trading volume of 93.66 million CNY and a turnover rate of 2.35%, resulting in a total market capitalization of 10.836 billion CNY [1] - The company, established on November 19, 2010, specializes in the research, production, and sales of electronic chemicals required for PCB, with 99.98% of its main business revenue coming from specialized chemical products for copper plating [1] Group 2 - Huaxia Fund holds a significant position in Tiancheng Technology through its fund, Huaxia New Materials Leading Mixed Initiation A (017697), which held 9,836 shares, accounting for 4.28% of the fund's net value, ranking as the tenth largest holding [2] - The fund was established on February 14, 2023, with a latest scale of 13.666 million CNY, achieving a year-to-date return of 15.31% and a one-year return of 9.58% [2] - The fund manager, Peng Ruizhe, has been in position for 2 years and 268 days, with the fund's total asset scale at 17.4859 million CNY [2]

Core Insights - The article highlights the rapid growth and strategic positioning of Tiancheng Technology as a leading domestic enterprise in high-end copper plating and electroplating technology, leveraging AI capabilities and domestic substitution trends [3][4][5]. Company Development - Tiancheng Technology has transitioned from a foundational phase to a competitive position against foreign giants like DuPont and Amtech, aiming to establish itself as a comprehensive national brand in the electronic chemical products sector [4][5]. - The company has achieved significant milestones during the 14th Five-Year Plan, including brand recognition, technological advancements, and market penetration, with over 80% of domestic PCB listed companies as long-term partners [5][6]. Future Goals - The company aims to achieve a sales target of at least 3 billion yuan by 2030, marking its fourth five-year plan [3][10]. - Tiancheng Technology plans to expand its production capacity significantly, targeting a total annual capacity of approximately 90,000 tons by 2026, which will support its ambitious sales goals [10]. Strategic Moves - The company is relocating its headquarters from Zhuhai to Shanghai in July 2025, becoming the first company to do so after listing on the Sci-Tech Innovation Board, reflecting confidence in future growth and strategic positioning [6][7]. - Tiancheng Technology is also engaging in investment opportunities, participating in a private equity fund to deepen its integration into the semiconductor and electronic materials industry chain [7]. Market Opportunities - The company has recently received certification from NVIDIA, positioning itself to benefit from the anticipated geometric growth in the PCB electronic chemical market driven by AI server applications [8][9]. - With the breakthrough in domestic wet process equipment technology, Tiancheng Technology is poised to capture market share in high-reliability PCBs, particularly for AI servers, challenging the previous monopoly held by foreign brands [9][10].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 12-month target price of 108.38 CNY [4][7]. Core Insights - The company is leveraging the global AI wave to upgrade its industry chain and expand its market presence, focusing on acquiring leading clients in the AI sector. Its products have been integrated into mainstream PCB clients, and it is actively pursuing opportunities in AI server-related businesses [2]. - The establishment of a semiconductor division is aimed at enhancing the research and sales of semiconductor materials, with plans to increase production capacity significantly across various facilities [3]. - Revenue projections for 2025 to 2027 are estimated at 487 million CNY, 672 million CNY, and 888 million CNY, respectively, with net profits expected to reach 96 million CNY, 155 million CNY, and 212 million CNY [4][12]. Financial Performance - For the third quarter of 2025, the company reported revenues of 334 million CNY, a year-on-year increase of 22.29%, and a net profit of 60 million CNY, reflecting a growth of 4.97% [1]. - The company anticipates a revenue growth rate of 28% in 2025, 38% in 2026, and 32% in 2027, with gross margins projected to improve to 42%, 45.9%, and 46.8% over the same period [12][15]. Production Capacity and Market Strategy - The company plans to increase the production capacity of its Jinshan factory from 30,000 tons to 40,000 tons and is set to commence construction of a new factory in Zhuhai with a capacity of 30,000 tons to serve the South China market [3]. - The company is also expanding its footprint in Southeast Asia with a fully-owned subsidiary in Thailand, which is expected to be operational by 2026 with a capacity of 30,000 tons [3]. Comparative Valuation - The company is positioned as a leading player in the domestic PCB chemical industry, with a valuation multiple of 20 times PS for 2026, indicating a strong market position relative to comparable companies [12][14].

证券代码：688603 证券简称：天承科技 公告编号：2025-069 上海天承科技股份有限公司 关于参加 2025 年上海辖区上市公司三季报 集体业绩说明会的公告 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、准确性和完整性承担法律责任。 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 重要内容提示： 投资者可于 2025 年 11 月 06 日（星期四）至 11 月 12 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 public@skychemcn.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 上海天承科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 13 日（星期四） 15:00-16:30 举行 2025 年上海辖区上市公司三季报集体业绩说明会，就投资者关 心的问题进行交流。 一 ...

Summary of Tianyin Technology Conference Call Company Overview - **Company**: Tianyin Technology - **Industry**: PCB (Printed Circuit Board) and Semiconductor Key Financial Metrics - **Gross Margin**: 40.29%, up 3% year-on-year [2][3] - **Quarterly Revenue**: 120 million yuan for Q3 2025, a historical high [3] - **Net Profit**: 23.28 million yuan for Q3 2025, with a non-recurring net profit exceeding 20 million yuan [3] - **R&D Investment**: Nearly 10 million yuan in Q3 2025, totaling approximately 26 million yuan, a 44% increase year-on-year [2][3] Strategic Developments - **Market Expansion**: Actively expanding into Southeast Asia and the semiconductor sector, with a sales company established in Thailand and a production base planned to start operations by the end of 2026 [2][7] - **AI Server Demand**: Increased demand for AI servers is driving PCB industry growth, with expectations for significant sales and profit margin increases by 2026 [2][5] - **Key Clients**: Important clients in the AI server sector include Chao Ying, Shen Lan, Fang Zheng, and Jing Wang, all of which are expanding their AI server businesses [6] Future Outlook - **Production Capacity**: Plans to increase total production capacity to 90,000 tons, supporting approximately 3 billion yuan in sales [12] - **Market Share Goals**: Aiming for a 20%-30% market share in the domestic market for plating additives within two years [4][17] - **Long-term Strategy**: Focus on R&D investment, collaboration with the Shanghai Zhangjiang integrated circuit industry, and expansion into Japan, South Korea, and Taiwan markets [8][20] Industry Trends - **AI-Related Product Design**: Increased performance requirements for upstream chemicals due to the complexity of AI-related product designs, leading to higher chemical usage and positive sales contributions [10] - **Domestic Substitution**: Accelerated domestic substitution of plating additives, with significant growth expected in 2026 due to rising AI computing demands [13] Challenges and Responses - **Short-term Growth**: Current growth is moderate due to extensive testing and capacity constraints, but significant growth is anticipated starting in 2026 [5] - **Client Engagement**: Over 80% of clients are in discussions for future cooperation, indicating strong future demand [5] Conclusion - **Investment Potential**: The company is well-positioned for growth in the PCB and semiconductor sectors, with a strong focus on R&D and market expansion, particularly in AI and Southeast Asia, which could yield substantial returns for investors in the coming years [18][20]

Group 1 - The core viewpoint of the news is that Tiancheng Technology has seen a significant stock price increase of 5.23%, reaching 83.12 CNY per share, with a total market capitalization of 10.367 billion CNY [1] - Tiancheng Technology, established on November 19, 2010, specializes in the research, production, and sales of electronic chemicals required for PCB, with 99.98% of its revenue coming from copper plating chemicals [1] - The trading volume for Tiancheng Technology was 1.24 million CNY, with a turnover rate of 3.27% [1] Group 2 - According to data, Huaxia Fund holds a significant position in Tiancheng Technology through its fund Huaxia New Materials Leading Mixed Initiation A (017697), which held 9,836 shares, accounting for 4.28% of the fund's net value [2] - The fund was established on February 14, 2023, with a latest scale of 13.666 million CNY, and has achieved a year-to-date return of 14.24% [2] - The fund manager, Peng Ruizhe, has been in position for 2 years and 264 days, with the fund's total asset scale at 17.4859 million CNY [2]

Market Overview - The electronic chemicals sector experienced a decline of 1.57% on October 31, with Siquan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Guanggang Gas with a closing price of 13.45, up 3.14% [1] - Guanghua Technology at 21.65, up 2.07% [1] - Qiangli New Materials at 13.56, up 1.42% [1] - Siquan New Materials saw a significant decline, closing at 183.53, down 8.46% [2] - Other notable decliners included: - Zhongshi Technology at 46.16, down 6.48% [2] - Anji Technology at 196.82, down 5.67% [2] Capital Flow - The electronic chemicals sector experienced a net outflow of 874 million yuan from institutional investors, while retail investors saw a net inflow of 631 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing interest despite the institutional outflow [2][3] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Rui Lian New Materials with a net inflow of 18.73 million yuan from institutional investors [3] - Wanrun Shares with a net inflow of 16.53 million yuan from institutional investors [3] - Guoci Materials with a net inflow of 13.02 million yuan from institutional investors [3]

Core Viewpoint - Tiancheng Technology experienced a decline of 2.64% on October 30, with a trading volume of 252 million yuan, indicating market volatility and investor sentiment [1] Financing Summary - On October 30, Tiancheng Technology had a financing buy-in amount of 30.76 million yuan and a financing repayment of 60.08 million yuan, resulting in a net financing outflow of 29.31 million yuan [1] - As of October 30, the total financing and securities lending balance for Tiancheng Technology was 425 million yuan, with the financing balance accounting for 10.72% of the circulating market value, indicating a high level compared to the past year [1] - The securities lending aspect showed no shares were repaid or sold on October 30, with a remaining securities lending volume of 14,700 shares and a balance of 1.22 million yuan, also at a high level compared to the past year [1] Company Performance Summary - As of September 30, Tiancheng Technology had 5,237 shareholders, an increase of 60.01% from the previous period, while the average circulating shares per person decreased by 35.36% to 9,055 shares [2] - For the period from January to September 2025, Tiancheng Technology achieved an operating income of 334 million yuan, representing a year-on-year growth of 22.29%, and a net profit attributable to shareholders of 60.09 million yuan, up 4.97% year-on-year [2] - Since its A-share listing, Tiancheng Technology has distributed a total of 44.47 million yuan in dividends [2] Shareholder Composition - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder of Tiancheng Technology, holding 1.0982 million shares as a new shareholder [2]