Core Viewpoint - The company, Xingsen Technology, is experiencing a recovery in the downstream storage chip sector, leading to a full order book for its CSP packaging substrates, indicating a positive market outlook [1] Group 1: Company Operations - The application fields of the company's chip products are determined by customer needs, with specific customer information kept confidential due to non-disclosure agreements [1] - The FCBGA packaging substrate project is currently in small-batch production, with market expansion and customer certification progressing as planned [1] - The timeline for mass production largely depends on the recovery of industry demand, the production progress of customers, and their supplier management strategies [1]

Core Viewpoint - The company indicates that the application fields of its chip products are determined by customer needs, with specific customer information being confidential due to non-disclosure agreements [1] Group 1: Company Performance - The company reports a full order book for CSP packaging substrates due to the recovery in the downstream storage chip sector, suggesting that overall market conditions are expected to remain favorable [1] - The FCBGA packaging substrate project is currently in the small-batch production stage, with market expansion and customer certification progressing as planned [1] Group 2: Market Dynamics - The timeline for mass production of the FCBGA project primarily depends on the recovery of industry demand, the production progress of customers, and their supplier management strategies [1]

Core Viewpoint - The company, Xingsen Technology, has confirmed that one of the main application areas for its CSP packaging substrates is storage chips, indicating that its technology and production capacity can meet downstream customer demands [1]. Group 1 - The company specializes in CSP packaging substrates [1] - The primary application area for the company's products is in storage chips [1] - The company's technology and production capacity are aligned with the needs of downstream customers [1]

Core Viewpoint - Recent rumors suggested that Nvidia (NVDA.US) has partnered with Xingsen Technology (002436.SZ) to take over 20% of high-end high-density interconnect (HDI) board orders previously supplied exclusively by Shenghong Technology (300476.SZ). However, both Shenghong Technology and Xingsen Technology have denied these rumors, stating that no such agreements have been made and that their order situations remain stable and optimistic [1][3]. Company Insights - Shenghong Technology has confirmed that it has not received any official communication from Bloomberg regarding the rumored partnership and has not found any related information on Bloomberg's website. The company maintains that its overall business performance is good, and core customer orders have not significantly changed [1][3]. - Xingsen Technology has stated that all information should be based on official announcements and will not disclose specific customer cooperation details. As of the report's publication, no announcements related to Nvidia orders have been found on the Shenzhen Stock Exchange information disclosure platform [3]. Industry Context - HDI (High-Density Interconnect) boards are advanced PCB technologies developed to meet the demands of miniaturization, high integration, and high performance in electronic devices. This segment is characterized by high added value and significant technical barriers compared to traditional PCBs [3]. - Shenghong Technology is one of the first companies globally to achieve large-scale production of 6-layer 24-layer HDI boards and possesses capabilities for 8-layer 28-layer HDI and 16-layer arbitrary interconnection HDI technology. High-layer and high-end HDI PCBs are essential for high-density wiring and high-speed signal transmission in AI servers and other high-performance computing devices [3]. - Xingsen Technology's main business includes the research, production, and sales of circuit boards, with applications in consumer electronics, communication devices, and automotive electronics. The company has disclosed its capabilities in high-end HDI and high-frequency high-speed PCBs, with technology for multilayer boards exceeding 18 layers [3].

Core Viewpoint - Recent rumors suggested that Nvidia (NVDA.US) has partnered with Xingsen Technology (002436.SZ) to take over 20% of high-end HDI board orders previously supplied exclusively by Shenghong Technology (300476.SZ). However, both Shenghong and Xingsen have denied these claims, stating that no such announcements have been made [1][2]. Group 1: Company Responses - Shenghong Technology confirmed that they have not received any official communication regarding the rumored partnership and stated that their overall business situation remains positive with no significant changes in core customer orders [1]. - Xingsen Technology emphasized that all information should be based on official announcements and has not disclosed any specific details about customer collaborations [2]. Group 2: Industry Context - HDI (High-Density Interconnect) boards are advanced PCB technologies developed to meet the demands for miniaturization, high integration, and high performance in electronic devices, representing a high-value segment within the industry [2]. - Shenghong Technology is one of the first companies globally to achieve large-scale production of 6-layer 24-layer HDI boards and possesses advanced capabilities in 8-layer 28-layer HDI and 16-layer arbitrary interconnect HDI technologies, which are essential for high-density wiring and high-speed signal transmission in AI servers and other high-performance devices [2][3]. - Xingsen Technology's main business includes the R&D, production, and sales of circuit boards, with applications in consumer electronics, communication devices, and automotive electronics. They have disclosed capabilities for multilayer boards with over 18 layers in AI servers and optical modules [3].

Group 1 - The company, Xingsen Technology, stated on November 18 that its products have a wide range of applications [2]

（文章来源：证券日报） 证券日报网讯兴森科技11月18日在互动平台回答投资者提问时表示，公司有配合客户进行国产化材料和 设备的验证工作，材料供应商主要由客户指定，后续将根据客户的计划以及供应商的技术能力确定导入 计划。 ...

记者同时以投资者身份致电传闻涉及的另一方兴森科技，接线工作人员表示，所有信息应以官方公告为 准，不会透露具体客户合作细节，公司会在必要时进行澄清。截至发稿，记者未在深交所信息披露平台 查询到，兴森科技有发布与英伟达订单相关的公告。查看原文：丢了英伟达的订单？胜宏科技回应：客 户订单暂无大变动刚刚 南方财经11月18日电，21财经《辟谣财知道》注意到，市场传出一篇彭博的文章称：英伟达 （NVDA.US）已与兴森科技（002436.SZ）达成合作，将此前由胜宏科技（300476.SZ）独家供应的 20%高阶高密度互连板(HDI)订单交由其承接。对此，21财经《辟谣财知道》以投资者身份致电胜宏科 技，接线工作人员表示，公司留意到相关谣言后，与彭博取得联系，其反馈称未发过相关新闻。公司在 彭博相关网站上亦未查询到有上述传闻信息，因此判定上述传闻不实。 对于市场最为关心的订单情况，上述接线工作人员表示，尽管出于商业保密原则无法披露具体客户信 息，但公司当前整体经营态势良好，订单情况保持乐观，核心客户订单未发生较大变动。 ...

Core Viewpoint - The company, as the leading domestic FCBGA packaging substrate provider, is actively working to break the Japanese monopoly on raw material supply by collaborating with various companies beyond Huazheng New Materials [2]. Group 1 - The company is engaged in verification work for domestic materials and equipment in collaboration with clients [2]. - Material suppliers are primarily designated by clients, indicating a client-driven approach to sourcing [2]. - Future plans for material introduction will depend on client schedules and the technical capabilities of suppliers [2].

Core Insights - On November 17, 2023, Xingsen Technology's stock rose by 4.01%, with a trading volume of 1.731 billion yuan [1] - The company reported a financing buy-in of 140 million yuan and a net financing outflow of approximately 90.56 million yuan on the same day [1] - As of November 17, the total margin balance for Xingsen Technology was 2.391 billion yuan, indicating a high level of financing activity [1] Financing Summary - On November 17, Xingsen Technology had a financing buy-in of 140 million yuan, with a current financing balance of 2.370 billion yuan, representing 6.64% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] - In terms of securities lending, 195,700 shares were repaid, while 17,800 shares were sold short, with a total short balance of 20.968 million yuan, also above the 90th percentile of the past year [1] Shareholder and Financial Performance - As of November 10, 2023, Xingsen Technology had 124,000 shareholders, an increase of 4.20%, with an average of 12,181 shares per shareholder, a decrease of 4.03% [2] - For the period from January to September 2025, the company achieved a revenue of 5.373 billion yuan, a year-on-year increase of 23.48%, and a net profit attributable to shareholders of 131 million yuan, a significant increase of 516.08% [2] Dividend and Institutional Holdings - Since its A-share listing, Xingsen Technology has distributed a total of 1.129 billion yuan in dividends, with 270 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]