Core Insights - The HDI board market is experiencing significant growth driven by global digital transformation and the trend towards electric and intelligent vehicles. China, as a major manufacturing and consumption market, is seeing rapid development in the HDI board industry, with a projected market size of 45.568 billion yuan in 2024, reflecting a year-on-year increase of 16.5% [1][6]. - The market is expected to continue expanding, reaching 50.908 billion yuan by 2025, with an 11.7% year-on-year growth [1][6]. Industry Overview - HDI boards, or High-Density Interconnect boards, utilize micro-blind buried hole technology and lamination processes to enhance circuit density, catering to the miniaturization and high-speed signal transmission needs of electronic products. They are primarily used in mobile phone motherboards, digital devices, and automotive electronics [3][4]. - The HDI board industry can be categorized into three types based on lamination complexity: low-end HDI (single lamination), high-end HDI (two or more laminations), and any-layer HDI (most complex) [3]. Market Size and Growth - The global HDI board market is projected to reach 12.8 billion USD in 2024, with a year-on-year increase of 15.3%, and is expected to grow to approximately 14.3 billion USD by 2025 [5][6]. Competitive Landscape - The HDI board industry is dominated by overseas and Taiwanese manufacturers, while mainland Chinese companies are rapidly catching up. Key players in mainland China include companies like Fangzheng Technology, Bomin Electronics, and Shenghong Technology, which are increasing their R&D investments and expanding high-end production capacities [7][8]. Development Trends - The HDI board market is shifting towards higher-end products, driven by the demand for advanced mobile devices and the adoption of AnyLayer HDI motherboards in Android smartphones. The trend indicates a growing need for high-layer HDI boards as high-end smartphone sales increase [9]. - The application fields for HDI boards are expanding, particularly in the rising electric vehicle sector, which requires stable and reliable circuit connections for various systems [10]. Additionally, the medical device sector is also a growing market for HDI boards due to the demand for miniaturized and intelligent devices [11]. - Environmental considerations are leading to a trend towards green manufacturing practices in the HDI board industry, with a focus on reducing harmful substances and optimizing production processes [12].

Group 1 - The article emphasizes the critical role of ABF film (Ajinomoto Build-up Film) in the semiconductor industry, highlighting its importance as a key material for high-density interconnection and high-speed transmission in advanced chip packaging [2][4][5] - ABF film is predominantly produced by Ajinomoto, which holds over 95% of the global market share, creating a near monopoly in the industry [44][45] - The demand for ABF film is driven by the rapid advancements in AI, 5G communication, high-performance computing, and automotive electronics, with projections indicating significant market growth in the coming years [43][28] Group 2 - The global IC packaging substrate market is expected to reach approximately 96.1 billion yuan in 2024 and grow to 135.03 billion yuan by 2028, with a compound annual growth rate (CAGR) of 8.8% [31][32] - The market for storage chip packaging substrates is projected to grow from 13.26 billion yuan in 2023 to 18.95 billion yuan by 2028, while logic chip packaging substrates are expected to increase from 38.76 billion yuan to 55.40 billion yuan in the same period [31][33] - The article outlines the competitive landscape of the ABF film market, noting that domestic companies in China are beginning to emerge but still lag behind established players like Ajinomoto [44][45][48] Group 3 - ABF film's unique properties, such as low thermal expansion and excellent dielectric performance, make it suitable for high-density wiring and high-frequency applications, which are essential for modern electronic systems [7][25][29] - The article discusses the technological barriers to entry in the ABF film market, including patent protections, customer certification processes, and economies of scale that favor established manufacturers [48][49] - The future of ABF film is linked to advancements in chip technology, with expectations for even finer line widths and lower loss characteristics to meet the demands of next-generation applications [22][28][30]

Core Viewpoint - The stock of Xingsen Technology has shown significant volatility, with a year-to-date increase of 104.87%, but a recent decline of 5.34% over the last five trading days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Financial Performance - For the first half of 2025, Xingsen Technology reported a revenue of 3.426 billion yuan, representing a year-on-year growth of 18.91%, and a net profit attributable to shareholders of 28.83 million yuan, which is a 47.85% increase compared to the previous year [2]. Stock Market Activity - As of September 29, Xingsen Technology's stock price was 22.70 yuan per share, with a market capitalization of 38.583 billion yuan. The stock experienced a trading volume of 5.85 billion yuan and a turnover rate of 1.72% [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on August 29, where it recorded a net purchase of 43.61 million yuan [1]. Shareholder Information - As of September 19, the number of shareholders for Xingsen Technology increased to 133,000, a rise of 13.68%, while the average number of circulating shares per person decreased by 12.03% to 11,357 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 33.6164 million shares, an increase of 8.3105 million shares from the previous period [3].

Core Insights - The article highlights the significant growth and opportunities within the semiconductor industry, particularly focusing on companies that are integral to the Huawei HiSilicon ecosystem, which is experiencing a surge in demand for advanced chips and related technologies. Group 1: Key Companies and Their Roles - Longi Technology (600584) is a global leader in packaging and testing, uniquely handling the 4nm Chiplet packaging for Huawei's Kirin X90 chip, which enhances chip performance by three times. The new automotive-grade chip factory is expected to contribute 5 billion yuan in annual revenue, solidifying its dominance in advanced packaging [1]. - Tuo Wei Information (002261) is a major player in the AI server market with over 30% market share, deeply involved in Huawei's AI innovation centers across key sectors. The company has server orders booked until Q1 2026, indicating strong revenue visibility [2]. - Shenzhen Huaqiang (000062) serves as a key distributor for Huawei's entire product line, with a 120% year-on-year increase in sales of the Ascend 910B chip. The company is positioned to benefit from the explosive growth in Huawei's chip shipments [3]. - Chipone Technology (688521) provides essential IP cores for Huawei's Kirin and Ascend AI chips, contributing an estimated 1.5 billion yuan to revenue in 2025, which is over 30% of its total revenue [4]. - Tongfu Microelectronics (002156) is a primary packaging and testing provider for Ascend chips, with a projected 50% growth in AI packaging orders by 2025, benefiting from the mass production of Huawei's Chiplet architecture [5]. Group 2: Emerging Technologies and Market Trends - Runhe Software (300339) is a dual ecosystem partner for HarmonyOS and HiSilicon, with over 40% market share in smart terminal OS adaptation. The company is leveraging its collaboration with Huawei to enhance its product offerings in smart home and vehicle networking [6]. - Zhongke Chuangda (300496) is a core player in automotive-grade solutions, providing algorithm optimization for Huawei's AI chips, with a 61.54% market share in global in-car infotainment systems [7]. - North Huachuang (002371) is a leading equipment supplier for semiconductor manufacturing, providing critical etching and ALD equipment, with 35% of its products compatible with 5nm technology [8]. - Huazheng New Materials (603186) has developed a breakthrough material that replaces traditional substrates, achieving a 45% annual growth in semiconductor materials revenue [9]. - Liyuan Information (300184) has been a long-time agent for Huawei's chips, with a projected net profit increase of 43%-65% in Q1 2025, benefiting from the growing demand in IoT and industrial control sectors [10]. Group 3: Strategic Collaborations and Future Prospects - Skyworth Digital (000810) is a pioneer in implementing Huawei's StarFlash technology, significantly reducing latency in smart home devices, with a projected 200% growth in related orders by 2025 [11]. - Megmeet (002881) is a benchmark partner for Huawei's 5G modules, with a 217% increase in revenue from the new energy vehicle sector, indicating strong growth potential in the 5G and vehicle networking markets [12]. - Guangdian Yuntong (002152) is a leader in financial technology solutions based on Huawei's Ascend chips, with a revenue visibility of 1 billion yuan for 2025, focusing on digital transformation in finance [13]. - Jing Sai Technology is a core supplier of crystal oscillators for Huawei's 5G base station chips, with a 15% revenue contribution from the new energy vehicle sector [14]. - Feirongda (300602) specializes in thermal management solutions for Huawei's chips, with a projected 120% growth in automotive business revenue in 2024 [15].

Summary of the Conference Call for XingSen Technology Company Overview - XingSen Technology specializes in the PCB (Printed Circuit Board) sector, known for its multi-variety and rapid delivery capabilities, leading in prototype and small-batch production. The company is gradually expanding into mass production through its Yixing Silicon Valley factory and the acquisition of the Yibin factory [2][3] - The company also provides semiconductor-related services, including packaging substrates and semiconductor test boards, covering various processes from military testing to pre- and post-packaging solutions [2][3] Financial Performance - Over the past five years, the company's revenue has consistently grown from approximately 4 billion yuan in 2020 to 5.8 billion yuan in 2024, despite a downturn in market demand in 2022 and 2023 [6] - In the first half of 2025, revenue reached about 3.4 billion yuan, representing an 18.9% year-on-year increase. However, profits have declined due to investments in the FCBGA substrate project and overall industry downturn, with a projected loss in 2024 [6] - The company expects to return to profitability in the first half of 2025, but full-year results will still be impacted by costs associated with the FCBGA project [6] Key Business Segments - **IC Substrate**: This is a crucial and promising segment for the company, characterized by high density, precision, performance, miniaturization, and thinness. It serves as an essential component for chip support and thermal management [7][8] - **IT Substrate Market**: The IT substrate market is projected to reach $13.5 billion by 2025, with a compound annual growth rate (CAGR) of 7.4% from 2024 to 2029. The demand for ABF substrates is expected to surge due to rapid growth in AI applications [4][11] Market Dynamics - The IT substrate industry is highly concentrated, with the top ten companies holding about 80% of the market share. The high-end market is primarily dominated by Japanese, Korean, and Taiwanese firms, with low domestic production rates [10] - The industry faces significant barriers, including technological, financial, and customer-related challenges, making it difficult for new entrants [9][10] Future Trends - The PCB industry is expected to grow significantly, driven by AI, with global PCB output projected to increase from $73.5 billion in 2024 to approximately $95 billion by 2029, reflecting a CAGR of 5.2% [14] - The demand for high-performance chips, particularly in AI, 5G, cloud services, and IoT, is anticipated to drive the growth of ABF substrates [12][13] Strategic Developments - XingSen Technology has invested over 3.8 billion yuan in the ABF substrate sector and is prepared for mass production of the FCBGA packaging substrate, having received certification from Samsung for storage IC substrates [4][19][20] - The acquisition of Beijing XingFei has enhanced the company's PCB capabilities, focusing on high-density PCBs and positioning the company to capitalize on opportunities in the AI server and high-end optical module markets [21] Profitability Forecast - Revenue projections for XingSen Technology from 2025 to 2027 are estimated at 7.17 billion, 8.72 billion, and 11.008 billion yuan, with net profits of 113 million, 300 million, and 700 million yuan respectively. The company maintains a buy rating due to its leading position in the FCBGA market and strategic AI investments [22]

Group 1: Investment and Fundraising - Hanyu Pharmaceutical plans to raise no more than 968 million yuan for the development of semaglutide and other projects [1] - Ganfeng Lithium intends to introduce investors for a capital increase of up to 2.5 billion yuan [9] Group 2: Strategic Restructuring - Pingmei Shenma Holdings is undergoing a strategic restructuring as directed by the Henan provincial government, which will not affect the company's operations significantly [2][8] - Shennong Holdings is also involved in a strategic restructuring with no change in control or significant impact on operations [7][8] Group 3: Clinical Trials and Approvals - XinNuoWei's subsidiary received approval for clinical trials of a drug for treating mild Alzheimer's disease, marking a significant milestone in the development of biosimilar drugs [3] - Tainkang's subsidiary has received approval for clinical trials of CKBA cream for rosacea, a first-class innovative drug in China [4] - Baili Tianheng's drug, iza-bren, has been included in the list of breakthrough therapies, indicating its potential in treating advanced urinary tract cancer [5] Group 4: Contracts and Projects - Zhongyou Engineering signed an EPC contract worth 2.524 billion USD for a seawater pipeline project in Iraq, expected to positively impact future revenues [6]

Core Viewpoint - On September 25, no A-share listed companies disclosed any increase in shareholding, while 16 companies announced share reductions, indicating a trend of shareholder divestment in the market [1]. Summary by Category Share Reduction Details - Hanghua Co. plans to reduce up to 4.24 million shares of repurchased stock to supplement working capital [2] - Weili Sealing's shareholders plan to reduce up to 1% of the company's shares [2] - Milkewei's actual controller and shareholders intend to collectively reduce up to 4.02% of the company's shares [2] - Zhichun Technology's controlling shareholder reduced 4.2678 million shares on September 25 [2] - Xinao Micro's senior management plans to reduce up to 0.0134% of the company's shares [2] - Quanfeng Technology's Hesheng Health Insurance reduced 57.1419 million shares from September 22 to September 24 [2] - Morning Light Biological's senior management Li Fengfei plans to reduce up to 140,000 shares [2] - Everbright Jiabao's Jiading Jianye and Jiading Keti plan to reduce up to 1% of their shares [2] - Shengshi Technology's employee stock ownership platform plans to reduce up to 3% of the company's shares [2] - Xingsen Technology's actual controller Qiu Xingya reduced a total of 9.9639 million shares from August 5 to September 22 [2] - Haizheng Materials' Sinopec Capital plans to reduce up to 2.0267 million shares, accounting for 1% of the total share capital [2] - Zhengzhong Design's controlling shareholder plans to reduce up to 3% of the company's shares [2] - Baiya Co.'s three shareholders plan to collectively reduce up to 2% of the company's shares [2] - Jialiqi's shareholders plan to collectively reduce up to 3% of the company's shares [2] - Defu Technology's shareholders plan to collectively reduce up to 0.13% of the company's shares [2] - Jinyinhe's shareholders plan to reduce up to 0.35% of the company's total share capital [2] Market Signal - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [1]

兴森科技公告，控股股东、实际控制人、董事长兼总经理邱醒亚于2025年8月5日至9月22日通过集中竞 价累计减持996.39万股，占剔除回购专户股份后总股本0.5871%，减持均价17.15元/股至23.95元/股，减 持计划已实施完成；其当前持股2.34亿股，占13.8111%。 ...

每经AI快讯，9月25日，兴森科技（002436）(002436.SZ)公告称，公司控股股东、实际控制人、董事 长、总经理邱醒亚已完成减持计划，8月5日-9月22日，其通过集中竞价方式共计减持9,963,900股，占剔 除公司回购专用账户中的股份数量后的总股本的0.5871%。减持后，邱醒亚合计持有公司股份 234,412,652股，占总股本的13.8111%。 ...

证券代码：002436 证券简称： 兴森科技 公告编号：2025-09-055 深圳市兴森快捷电路科技股份有限公司 关于控股股东、实际控制人减持计划实施完成的公告 控股股东及其一致行动人保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 邱醒亚先生本次减持股份来源为 IPO 首发股及其转增股、二级市场增持股份。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）于 2025 年 7 月 11 日披露了《关于控股股东、实际控制人减持股份的预披露公告》（2025-07-040）。 公司控股股东、实际控制人、董事长、总经理邱醒亚先生拟在该公告披露之日起 15 个交易日后的 3 个月内，以集中竞价交易方式、大宗交易方式合计减持公司股份不超 过 25,343,989 股，即不超过剔除回购专户股份数后公司总股本的 1.5021%，其中集中 竞价方式合计减持不超过剔除回购专户股份数后公司总股本的 1%。 公司近日收到邱醒亚先生出具的《关于股份减持计划实施完成的告知函》，截至 函件出具日，邱醒亚先生本次减持计划已实施完成。现将有关 ...