Core Viewpoint - ChipMOS Technologies is a leading direct-write lithography equipment company that has broken the monopoly of international giants within ten years of its establishment, capitalizing on the rapid development of the semiconductor industry and facing the challenge of overcoming capacity bottlenecks to achieve further growth [1] Group 1 - ChipMOS Technologies is recognized as an industry leader in direct-write lithography equipment [1] - The company has successfully disrupted the market dominated by international giants [1] - The semiconductor industry is experiencing significant growth, providing opportunities for ChipMOS Technologies [1] Group 2 - The company is currently facing challenges related to capacity bottlenecks [1] - There is potential for the company to achieve further advancements and growth in the industry [1]

Core Viewpoint - The company has developed a high-precision CO laser drilling equipment that is currently undergoing mass production validation with several leading clients, indicating a strong position in the high-end PCB equipment market [2]. Group 1: Product Development - The CO laser drilling equipment is based on a laser direct writing technology platform, featuring real-time position calibration, hole shape detection, and energy monitoring capabilities [2]. - The equipment's alignment and compensation algorithms work in conjunction with the LDI system, significantly enhancing the positioning accuracy of micro-holes and circuits [2]. Group 2: Market Position and Demand - The equipment has entered the mass production validation phase with multiple top-tier clients, suggesting a growing demand for the technology [2]. - The order scale is expected to increase as downstream expansion needs continue to be released, further strengthening the company's leading position in the high-end PCB equipment sector [2].

Core Viewpoint - The company has addressed concerns regarding the heat-affected zone in PCB laser drilling, ensuring high-quality processing and reducing risks associated with thermal accumulation [1] Group 1: Technology and Equipment - The company's laser drilling machine optimizes laser paths and coordinates motion control to minimize unnecessary movement and processing time, thereby reducing the risk of local thermal accumulation [1] - The equipment adjusts pulse repetition frequency based on scanning speed to maintain consistent high processing quality across all corners of the cut profile, effectively reducing thermal impact [1] - The CO₂ laser drilling equipment is suitable for micro-blind hole processing on HDI and IC substrates, characterized by high precision, quality, and efficiency [1]

Core Viewpoint - The company has addressed concerns regarding the thermal impact zone in PCB laser drilling, which can lead to issues such as carbonization, cracks, and material performance degradation. The laser drilling equipment is also suitable for application on memory hard disk PCBs [2]. Group 1: Technology and Equipment - The company's laser drilling machine optimizes the laser path and coordinates the motion system to reduce unnecessary movement and processing time, thereby minimizing the risk of local heat accumulation [2]. - The equipment features the ability to adjust pulse repetition frequency based on scanning speed, ensuring consistent high processing quality across all corners of the cutting profile and reducing thermal impact [2]. - The quality of the drilled holes and the thermal impact zone has been recognized by major clients' process departments [2]. Group 2: Application and Features - The company's CO laser drilling equipment is suitable for micro-blind hole processing on HDI and IC substrates, characterized by high precision, high quality, and high efficiency [2].

Group 1 - The company reported a revenue of 934 million yuan for the first three quarters of 2025, representing a year-on-year increase of 30.03% [1] - The net profit attributable to shareholders reached 199 million yuan, up 28.20% year-on-year, while the net profit excluding non-recurring items was 193 million yuan, reflecting a 30.45% increase [1] - In Q3 2025, the company achieved a revenue of 279 million yuan, a year-on-year growth of 3.98% but a quarter-on-quarter decline of 32.25% [1] Group 2 - The company's gross margin in Q3 2025 was 42.15%, an increase of 2.64 percentage points year-on-year, while the net profit margin was 20.34%, up 0.08 percentage points year-on-year [1] - The company has focused on production assurance, product development, and expanding overseas markets, contributing to the growth in profitability [1] - The company’s expenses in Q3 2025 showed varied changes, with sales, management, R&D, and financial expense ratios at 7.64%, 3.65%, 9.82%, and -1.84% respectively, indicating a mix of increases and decreases in expense ratios [1] Group 3 - The AI industry is driving a recovery in the PCB sector, with a projected 46% year-on-year increase in global AI server shipments in 2024 [3] - The company has been operating at full capacity since March 2025, with a record monthly shipment exceeding 100 units [3] - The company is expanding its global strategy, particularly in Southeast Asia, with significant revenue contributions from its operations in Thailand and strong order growth in emerging markets like Vietnam and Malaysia [3] Group 4 - The company maintains a "buy" rating, anticipating continued growth in the PCB market driven by AI technology and electric vehicle demand [4] - Future net profits are projected to be 278 million yuan, 455 million yuan, and 601 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS estimates of 2.11, 3.45, and 4.56 yuan per share [4] - The company is expected to benefit from the demand for HPC and advanced packaging in its semiconductor business [4]

Group 1 - The company has received feedback from the Securities Regulatory Commission regarding its overseas listing, specifically requiring information about shareholders holding more than 5% of shares, particularly regarding Yage Venture Capital [1] - The company must clarify whether its business operations involve areas restricted or prohibited for foreign investment according to the 2024 version of the Negative List for Foreign Investment Access [2] - The company, founded on June 30, 2015, and listed on the Shanghai Stock Exchange on April 1, 2021, is a leading domestic manufacturer of micro-nano direct writing lithography equipment, focusing on high-precision direct imaging equipment [3] Group 2 - As of Q3 2025, the company's operating revenue was 934 million yuan, ranking 30th out of 89 in its industry, with the top competitor, Keda Manufacturing, generating 12.605 billion yuan, and the second competitor, Haomai Technology, generating 8.076 billion yuan [3] - The average revenue in the industry is 1.21 billion yuan, with a median of 596 million yuan [3]

Group 1 - The core transaction on November 7 involved 16,600 shares of Chipbond Technology Co., Ltd., with a transaction value of 2.0098 million yuan and a transaction price of 121.07 yuan per share [2][3] - The closing price of Chipbond on the same day was 121.07 yuan, reflecting a slight decrease of 0.13%, with a turnover rate of 3.61% and a total trading volume of 577 million yuan [2] - Over the past five days, the stock has experienced a cumulative decline of 3.14%, with a total net outflow of 116 million yuan [2] Group 2 - The latest margin financing balance for Chipbond is 1.201 billion yuan, which has decreased by 154 million yuan over the past five days, representing a decline of 11.38% [3] - Chipbond Technology Co., Ltd. was established on June 30, 2015, with a registered capital of 1.3174 billion yuan [3]

Group 1 - The core transaction involved 16,600 shares of Chipbond Technology Corporation, with a total transaction value of 2.0098 million yuan, representing 0.35% of the total trading volume for the day [1][2] - The transaction price was 121.07 yuan, which was consistent with the market closing price on that day [1][2]

Core Viewpoint - Chip Quasar Microelectronics Equipment Co., Ltd. (芯碁微装) has experienced significant stock price fluctuations, with a year-to-date increase of 106.67% but a recent decline of 12.28% over the past five trading days [1] Company Overview - Chip Quasar Microelectronics Equipment Co., Ltd. was established on June 30, 2015, and went public on April 1, 2021. The company specializes in the research, manufacturing, and sales of direct imaging equipment and related maintenance services, focusing on micro-nano direct writing lithography technology [2] - The company's main revenue source comes from laser direct imaging equipment, accounting for 99.58% of total revenue, with other services contributing 0.42% [2] - As of September 30, 2025, the company had 20,600 shareholders, an increase of 105.75% from the previous period, with an average of 6,406 circulating shares per person, a decrease of 51.40% [2] Financial Performance - For the period from January to September 2025, Chip Quasar achieved a revenue of 934 million yuan, representing a year-on-year growth of 30.03%. The net profit attributable to shareholders was 199 million yuan, reflecting a year-on-year increase of 28.20% [2] - Since its A-share listing, the company has distributed a total of 177 million yuan in dividends, with 153 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders included the XINGQUAN Commercial Model Mixed Fund (兴全商业模式混合(LOF)A), which held 1.0389 million shares, a decrease of 2.1722 million shares from the previous period. Other funds, including XINGQUAN He Run Mixed Fund and XINGQUAN New Vision Regular Open Mixed Fund, have exited the top ten shareholders list [3]

Summary of New Qiwei's Conference Call Company Overview - New Qiwei has achieved a leading position in the global PCB exposure equipment market, with a market share exceeding 15% in 2024, expected to rise to 20%-25% in 2025 and further increase in 2026, indicating strong growth potential and market leadership [2][5][7]. Financial Performance - For the first three quarters of 2025, New Qiwei reported revenue of 934 million RMB, a year-on-year increase of over 30%. The net profit reached 200 million RMB, significantly surpassing the previous year's target of 160 million RMB [3][5]. Market Dynamics - The decline in Q3 2025 was attributed to a surge in orders in Q2, leading to delays in testing and acceptance after a peak in shipments. However, the overall order intake and production scheduling remain positive, with a healthy inventory structure of over 800 million RMB, one-third of which consists of shipped goods awaiting acceptance [6][7]. Customer Base and Market Share - New Qiwei's exposure equipment has a high market share among major clients, with approximately 80-90% market penetration in leading companies like Shenghong and Jingwangda, and over 50% in others like ShenNan and Pengding [2][8]. Technological Advancements - The company has developed significant advantages in high-precision wafer-level processes, supported by a strategy focused on major clients and technological upgrades. The introduction of advanced laser direct writing technology is expected to drive growth in the advanced packaging sector starting in 2026 [4][11]. Industry Trends - The demand for high-resolution exposure equipment is increasing due to the trend of multilayer boards moving towards higher density and larger sizes, with an estimated 15%-20% increase in equipment demand as the number of layers rises from 24 to 30 [16][17]. Competitive Landscape - New Qiwei has established a significant competitive edge over domestic rivals through its focus on high-precision, stable wafer-level processes, and a strong customer strategy. The gap between New Qiwei and its competitors is expected to widen [10][19]. Future Outlook - The company anticipates continued growth in Q4 2025, supported by a robust order book and effective management of accounts receivable and prepayments. The expansion of production capacity and market penetration in Southeast Asia is also expected to bolster its market position [7][8]. Maintenance Revenue - Maintenance revenue is projected to reach approximately 80-100 million RMB in 2025, with a gross margin of around 60%. The maintenance fees are typically about 10% of the equipment sale price, starting after a one-year warranty period [4][26]. Equipment Pricing - The average price of New Qiwei's semiconductor equipment ranges from 15 million to 20 million RMB, with an average of 17-18 million RMB, indicating a significant price difference compared to PBB exposure equipment [12]. Conclusion - New Qiwei is well-positioned for future growth in the PCB and semiconductor equipment markets, driven by technological advancements, a strong customer base, and strategic market expansion efforts. The company is expected to maintain its leadership position and capitalize on emerging industry trends.