格隆汇10月30日丨兴森科技(002436.SZ)公布三季度报告，前三季营业收入53.73亿元，同比增长 23.48%，归属于上市公司股东的净利润1.31亿元，同比增长516.08%，归属于上市公司股东的扣除非经 常性损益的净利润1.49亿元，同比增长1195.59%。 ...

Core Viewpoint - The company reported significant growth in both revenue and net profit for the third quarter and the first three quarters of 2025, driven by various factors including investment income from subsidiary disposal, increased main business revenue, and government subsidies [1] Financial Performance - In Q3 2025, the company achieved revenue of 1.947 billion, representing a year-on-year increase of 32.42% [1] - The net profit attributable to shareholders for Q3 was 103 million, showing a remarkable year-on-year growth of 300.88% [1] - For the first three quarters of 2025, total revenue reached 5.373 billion, up 23.48% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 131 million, reflecting a substantial year-on-year increase of 516.08% [1] Growth Drivers - The significant performance improvement is attributed to the disposal of subsidiaries and the sale of convertible bonds, which generated investment income [1] - Growth in main business revenue and an increase in government subsidies and export tax rebates also contributed to the overall financial performance [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥1,947,164,444.92, representing a year-on-year increase of 32.42%[5] - Net profit attributable to shareholders was ¥102,658,486.21, a significant increase of 300.88% compared to the same period last year[5] - The basic earnings per share rose to ¥0.06, reflecting a 300% increase year-on-year[5] - The total operating revenue for the current period reached ¥5,373,027,880.87, an increase of 23.5% compared to ¥4,351,489,626.62 in the previous period[25] - The total operating profit (loss) for the current period was -69,532,843.86, an improvement from -356,570,163.63 in the previous period[26] - Net profit (loss) attributable to shareholders of the parent company was 131,491,435.36, compared to a loss of -31,602,075.54 in the previous period[26] - The total comprehensive income for the current period was 117,837,250.72, compared to -302,356,758.34 in the previous period[27] - Basic and diluted earnings per share for the current period were 0.08, compared to -0.02 in the previous period[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥14,982,193,640.33, up 9.61% from the end of the previous year[5] - The total liabilities amounted to ¥9,135,808,130.62, up from ¥8,091,938,591.17, reflecting a growth of 12.9%[23] - The company’s total equity attributable to shareholders increased by 9.26% to ¥5,392,352,222.81 compared to the end of the previous year[5] - Accounts receivable increased to ¥2,340,933,823.47 from ¥1,912,936,504.44, marking a rise of 22.4%[21] - Inventory levels rose to ¥938,577,964.65, up from ¥770,964,625.43, reflecting an increase of 21.8%[21] Cash Flow - The company reported a cash flow from operating activities of -¥121,800,538.45, indicating a decline of 194.22% year-to-date[5] - Cash flow from operating activities generated a net outflow of -121,800,538.45, a decrease from a net inflow of 129,278,209.68 in the previous period[29] - Cash flow from investing activities resulted in a net outflow of -555,216,047.77, compared to -1,133,569,522.52 in the previous period[30] - Cash flow from financing activities generated a net inflow of 904,576,740.05, an increase from 123,333,323.60 in the previous period[30] - The ending cash and cash equivalents balance was 676,900,236.78, down from 1,003,157,597.90 in the previous period[30] Borrowings and Liabilities - The company's short-term borrowings increased by 187.81% to ¥438,252,396.05 due to additional bank loans[9] - Short-term borrowings increased significantly to ¥438,252,396.05 from ¥152,273,894.78, a rise of 187.5%[22] - Cash repaid for debts decreased by 35.32% to approximately ¥980.67 million, indicating a reduction in loan repayments during the reporting period[13] Investments - The company recorded an investment income of ¥30,659,542.23, a substantial increase of 248.44% year-on-year[11] - Cash recovered from investments surged by 135.82% to approximately ¥1.65 billion, attributed to the redemption of financial products[13] - Cash received from investment income skyrocketed by 538.63% to approximately ¥131.38 million, mainly from the sale of Ruvi Optoelectronics shares[13] - Cash paid for investments increased by 65.63% to approximately ¥1.64 billion, primarily due to increased purchases of financial products[13] Other Financial Metrics - The company's contract liabilities rose by 101.20% to ¥91,542,846.91, attributed to increased customer prepayments[9] - The company’s deferred tax assets increased by 32.08% to ¥455,508,326.29, primarily due to losses from subsidiaries that were not expected to be recoverable[9] - Tax refunds received increased by 138.68% to approximately ¥41.76 million due to export tax rebates received during the reporting period[13] - Cash received from other operating activities rose by 38.99% to approximately ¥97.87 million, primarily due to an increase in government subsidies related to assets[13] - The impact of exchange rate fluctuations on cash and cash equivalents increased by 211.17% to approximately ¥16.67 million, attributed to exchange rate volatility[13] Shareholder Information - The top shareholder, Qiu Xingya, holds 13.79% of shares, with 234,462,652 shares, of which 55,450,000 are pledged[16] - The company issued a total of 26.89 million convertible bonds, with a total amount of ¥268.90 million, which were fully redeemed upon maturity[17] Operating Costs - The total operating costs amounted to ¥5,401,258,454.53, up from ¥4,672,630,219.53, reflecting a rise of 15.6%[25] - The operating cost specifically increased to ¥4,305,503,839.67, compared to ¥3,656,451,554.70, indicating a growth of 17.7%[25] - Research and development expenses were ¥356,365,016.10, which is an increase from ¥320,908,889.18, showing a growth of 11.0%[25] Cash and Equivalents - The cash and cash equivalents stood at ¥822,171,822.08, compared to ¥617,907,207.55, representing a growth of 33.0%[21]

兴森科技公告，第三季度营收为19.47亿元，同比增长32.42%；净利润为1.03亿元，同比增长300.88%。 前三季度营收为53.73亿元，同比增长23.48%；净利润为1.31亿元，同比增长516.08%。 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-10-29 | 002436 | 兴森科技 | 19.33 | 13.00 | | 251.29 财通证券股份有限 | 国信证券股份有限 | | | | | | | | 公司杭州文二西路 | 公司杭州体育场路 | | | | | | | | 证券营业部 | 证券营业部 | 10月29日，兴森科技大宗交易成交13万股，成交额251.29万元，占当日总成交额的0.14%，成交价19.33元，较市场收盘价 21.8元折价11.33%。 ...

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].

Core Viewpoint - The company, Xingsen Technology, has clarified that its downstream customers include Zhongji Xuchuang and Xinyi Sheng, highlighting the diverse applications of its products across various industries [1] Group 1: Company Information - Xingsen Technology's products are widely used in communication equipment, industrial control, medical electronics, consumer electronics, servers, rail transportation, computer applications, and semiconductors [1] - The company emphasizes that its products and those of its competitors have different focuses, indicating a competitive landscape in the technology sector [1]

Core Viewpoint - The company is experiencing a decline in net profit primarily due to high costs associated with its FCBGA packaging substrate business, which is currently in the small-scale production phase [1]. Group 1: Financial Performance - The company's net profit attributable to shareholders has been decreasing for consecutive years, leading to losses [1]. - The decline in profitability is significantly impacted by the expenses related to the FCBGA packaging substrate business [1]. Group 2: Strategic Initiatives - The company plans to optimize production processes and improve yield levels and delivery capabilities [1]. - There will be adjustments in customer and product structures to enhance operational efficiency and profitability [1]. - The company aims to increase efforts in expanding overseas markets to create value for shareholders [1].

Core Viewpoint - The company has confirmed its capability to manufacture large-size, high-layer count ultra-fine line FCBGA packaging substrates that meet automotive-grade product requirements [1] Company Summary - The company, Xingsen Technology (002436.SZ), responded to an investor inquiry on October 27, indicating its ability to produce packaging substrates suitable for automotive applications [1]

Group 1 - On October 24, Xingsen Technology executed a block trade of 300,000 shares, with a transaction amount of 5.505 million yuan, accounting for 0.31% of the total trading volume for the day [1][2] - The transaction price was 18.35 yuan, which represents a discount of 9.61% compared to the market closing price of 20.3 yuan [1][2]