Core Insights - The stock price of Xingsen Technology increased by 2.05% on October 20, reaching 19.93 CNY per share, with a total market capitalization of 33.874 billion CNY [1] - Year-to-date, the stock has risen by 79.87%, but has seen a decline of 1.43% in the last five trading days and 11.30% over the past 20 days [1] - The company has been active in the stock market, appearing on the "Dragon and Tiger List" three times this year, with the latest appearance on October 15, where it recorded a net buy of 113 million CNY [1] Company Overview - Xingsen Technology, established on March 18, 1999, and listed on June 18, 2010, is located in Shenzhen, Guangdong Province [2] - The company's main business includes PCB (Printed Circuit Board) and semiconductor-related activities, with revenue composition as follows: PCB business 71.45%, IC packaging substrate 21.09%, other 4.29%, and semiconductor testing board 3.17% [2] - The company operates within the electronics sector, specifically in the printed circuit board industry, and is associated with concepts such as 5G, optical communication, Huawei, and robotics [2] Financial Performance - For the first half of 2025, Xingsen Technology reported a revenue of 3.426 billion CNY, reflecting a year-on-year growth of 18.91%, and a net profit attributable to shareholders of 28.8329 million CNY, up 47.85% year-on-year [2] - The company has distributed a total of 1.129 billion CNY in dividends since its A-share listing, with 270 million CNY distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 0.87% to 114,000, with an average of 13,249 shares held per shareholder, an increase of 0.88% [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.3105 million shares, and Southern CSI 500 ETF, which added 3.5190 million shares [3]

证券代码：002436 证券简称：兴森科技 公告编号：2025-10-057 本公司及董事会全体成员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。 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）董事会于近日收到 独立董事丁亭亭先生及副总经理、财务负责人王凯先生递交的辞职报告。具体如下： 深圳市兴森快捷电路科技股份有限公司 关于独立董事、高级管理人员辞职的公告 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》《公司章程》等相关规定，王凯先生的书面辞职报告自送达公司董事会 时生效，王凯先生所负责的工作已全部完成交接，其辞职不会对公司生产经营产生影 响。公司将在最近一次董事会完成财务负责人的选聘工作，在聘任新的财务负责人之 前，暂由公司董事、董事会秘书、副总经理蒋威先生代行财务负责人职责。 三、其他相关 截至本公告披露日，丁亭亭先生、王凯先生均未持有公司股份，也均不存在按照 相关监管规定应履行而未履行的任何承诺。 丁亭亭先生在担任公司独立董事期间，王凯先生在担任公司副总经理、财务负责 人期间均勤勉尽责、恪尽职守，为公司规范运作及经营发展发挥 ...

Core Viewpoint - The company announced the resignation of independent director Ding Tingting and vice general manager and financial officer Wang Kai due to personal reasons, with plans to expedite the election of a new independent director and appoint a new financial officer [1] Group 1 - Ding Tingting's resignation will take effect after the election of a new independent director [1] - Wang Kai's resignation will be effective immediately upon delivery to the board [1] - The company will review the proposal for the election of a new independent director at the next board meeting and aims to complete the process promptly [1] Group 2 - In the interim, the responsibilities of the financial officer will be assumed by Jiang Wei, who is a director, board secretary, and vice general manager [1]

Core Viewpoint - The company, Xingsen Technology (002436.SZ), clarified on an interactive platform that it does not engage in packaging business, but its FCBGA packaging substrate can be used for HBM3E packaging [1] Group 1 - The company does not involve itself in the packaging business [1] - FCBGA packaging substrate is applicable for HBM3E packaging [1]

Group 1 - The optical communication module sector is leading the market with a rise of 2.5% [2] - Among the companies, Zhongji Xuchuang increased by 6.96%, Xinyi Sheng by 4.07%, and Changxin Bochuang by 3.89% [2] - Other companies such as Dongtianwei, Zhishang Technology, and Xingsen Technology also saw gains exceeding 3% [2]

Core Insights - The stock price of Xingsen Technology increased by 2.08% on October 16, reaching 21.07 CNY per share, with a total market capitalization of 35.812 billion CNY [1] - Year-to-date, the stock has risen by 90.16%, but has seen a decline of 6.36% over the last five trading days [1] - The company has reported a revenue of 3.426 billion CNY for the first half of 2025, reflecting a year-on-year growth of 18.91% [2] Company Overview - Xingsen Technology, established on March 18, 1999, and listed on June 18, 2010, is located in Shenzhen, Guangdong Province [2] - The company's main business includes PCB (Printed Circuit Board) and semiconductor-related activities, with PCB accounting for 71.45% of revenue [2] - As of October 10, 2023, the number of shareholders is 114,000, a decrease of 0.87% from the previous period [2] Financial Performance - The net profit attributable to the parent company for the first half of 2025 was 28.8329 million CNY, a year-on-year increase of 47.85% [2] - Cumulatively, the company has distributed 1.129 billion CNY in dividends since its A-share listing, with 270 million CNY distributed over the last three years [3] Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with respective holdings of 33.6164 million shares and 25.0468 million shares [3] - The shareholding of Hong Kong Central Clearing Limited increased by 8.3105 million shares compared to the previous period [3]

Core Insights - On October 15, the Shanghai Composite Index rose by 1.22%, with institutional investors appearing on the trading lists of 29 stocks, net buying 15 and net selling 14 [1][2]. Institutional Trading Summary - The stock with the highest net buying by institutional investors was Jinpan Technology, which closed at its daily limit with a trading volume of 2.47 billion yuan and a turnover rate of 8.41%. The net buying amounted to 192.97 million yuan, with three institutional seats among the top five trading departments [2][5]. - Another notable stock, Sunflower, also closed at its daily limit, with a trading volume of 2.38 billion yuan and a turnover rate of 24.11%. The net buying by institutions reached 130.67 million yuan, with all top five trading departments being institutional seats [2][5]. - Xingsen Technology closed at its daily limit with a trading volume of 2.11 billion yuan and a turnover rate of 7.15%. The net buying by institutions was 80.51 million yuan, with six institutional seats among the top five trading departments [3][5]. Performance of Net Bought Stocks - The average increase of stocks with net institutional buying was 6.32%, outperforming the Shanghai Composite Index. Stocks like Heshun Electric and Jinpan Technology showed strong performance, closing at their daily limits [3]. - Historical data indicates that stocks with net institutional buying have a 50.24% probability of rising the next day and a 50.72% chance of outperforming the Shanghai Composite Index [3]. Institutional Selling Summary - The stock with the highest net selling by institutions was Wentai Technology, with a net selling amount of 2.08 billion yuan. The stock experienced a volatility of 18.75% [4][6]. - Another stock, Zhichun Technology, had a net selling of 1.27 billion yuan, with a turnover rate of 31.49% and a daily decline of 9.70% [4][6]. - Sanhua Intelligent Control had a net selling of 1.22 billion yuan, with a daily increase of 10.01% [4][6]. Stocks with Deep and Hong Kong Stock Connect - On October 15, 24 stocks on the trading list had appearances from the Shanghai and Shenzhen Stock Connect, with net buying seen in stocks like Sanhua Intelligent Control and Zhongheng Electric [7][8]. - The net buying amounts for these stocks were 40.55 million yuan for Sanhua Intelligent Control and 33.43 million yuan for Zhongheng Electric, both showing a daily increase of 10% [8][9].

Market Overview - The main board led the gains with notable stocks such as Jiuqi Software (+10.03%), Xingsen Technology (+10.02%), and New Clean Energy (+10.01%) [1] - The ChiNext board saw significant increases with Changying Precision (+14.19%) and Weier High (+13.16%) [1] - The Sci-Tech Innovation board was led by Pinming Technology (+18.00%) and Hengshuo Co., Ltd. (+11.21%) [1] - Active sub-industries included SW Passive Components (+4.77%) and SW Printed Circuit Boards (+4.76%) [1] Domestic News - New Kai's subsidiary Qiyunfang launched two EDA design software with fully independent intellectual property, achieving a 30% performance improvement over industry benchmarks [1] - Advanced packaging factory K18B by Dayu Light in Kaohsiung commenced construction with a total investment of 17.6 billion NTD, expected to be completed by Q1 2028 [1] - China's Ministry of Commerce issued an export control announcement prohibiting Anshi Semiconductor and its subcontractors from exporting specific finished parts and subcomponents produced in China [1] - JD.com announced a collaboration with CATL and GAC Group to launch a new car on November 9, focusing on consumer insights and exclusive sales [1] Company Announcements - Haiguang Information reported a total operating income of 9.49 billion yuan for the first three quarters of 2025, a year-on-year increase of 54.65%, with a net profit of 1.961 billion yuan, up 28.56% [3] - Zhongke Shuguang's net profit for the first three quarters of 2025 was 955 million yuan, a 24.05% increase, attributed to optimized product structure and improved operational efficiency [3] - Tailin Micro announced an estimated operating income of approximately 766 million yuan for the first three quarters of 2025, a year-on-year increase of about 30%, with a net profit of around 140 million yuan, up 118% [3] - Yilian Network projected an operating income of 4.192 billion to 4.356 billion yuan for the first three quarters of 2025, a growth of 2%-6%, while net profit is expected to decline by 3%-8% [3] Overseas News - The semiconductor materials and equipment market is projected to reach approximately $70 billion by 2030, up from over $50 billion in 2025, with front-end materials expected to reach $56 billion [2] - Broadcom launched the industry's first Wi-Fi 8 chip solution aimed at the broadband wireless edge ecosystem, designed to meet the demands of AI-era edge networks [2] - IDC reported that global smartphone shipments reached 322.7 million units in Q3 2025, a year-on-year increase of 2.6%, driven by high-end market recovery [2] - Samsung Electronics reported an operating profit of 12.1 trillion KRW (approximately $8.5 billion) for Q3, a 31.8% year-on-year increase, with revenue growing by 8.7% [2]

Core Viewpoint - The article emphasizes the importance of "five-dimensional positive growth" for companies, which includes continuous growth in total assets, operating income, net profit attributable to shareholders, R&D investment, and employee compensation from 2022 to 2024, as a measure of a company's internal motivation and sustainable development capability [2][3]. Summary by Sections Five-Dimensional Positive Growth - Companies with long-term competitiveness maintain steady growth not only in asset scale and revenue but also in innovation investment and human capital [3]. - A total of 156 companies in the A-share market meet the criteria of achieving three consecutive years of growth in the five key indicators, indicating a focus on solid asset foundations and strategic investments in R&D and employee compensation [3][4]. Industry Distribution - The 156 companies are concentrated in sectors such as machinery, electronics, power equipment, pharmaceuticals, and automobiles, highlighting the transformation and upgrading of China's manufacturing industry through technological accumulation and talent investment [4][6]. - The automotive sector leads with 30 companies, followed by power equipment (22), machinery (20), electronics (14), and pharmaceuticals (13), collectively accounting for over 63% of the group [6]. Key Industry Analysis - **Automotive**: The sector shows strong market vitality, particularly in new energy vehicles, with companies like BYD demonstrating significant growth through vertical supply chain integration and R&D investment [9]. - **Power Equipment**: Companies like Sungrow Power Supply benefit from global green energy demand, with continuous R&D ensuring technological leadership [12]. - **Machinery**: Companies such as Times Electric leverage their technological advantages to achieve growth in both domestic and international markets [13]. - **Electronics**: Firms like North Huachuang are capitalizing on domestic semiconductor expansion, with R&D driving rapid growth [15]. - **Pharmaceuticals**: Companies like Mindray Medical are expanding through continuous innovation in medical technology, supported by robust R&D investment [16]. Internal Logic of Growth - Achieving simultaneous growth in the five dimensions is challenging, with only 156 out of 5,383 A-share companies meeting the criteria by the end of 2024 [18]. - The interplay between R&D investment and human capital is crucial for maintaining competitive advantage in a rapidly evolving market [19][20]. Long-Termism and Employee Compensation - Employee compensation and R&D investment are identified as dual anchors of long-termism, with average employee compensation increasing by approximately 35% and R&D investment by about 42% from 2021 to 2024 among the 156 companies [25]. - This focus on human and innovation capital, despite potential short-term impacts on profit margins, enhances organizational stability and competitive barriers [25]. Conclusion - The article concludes that the concept of being a "respected" company should not solely rely on scale or profit but should also encompass the creation of economic value while promoting technological advancement, employee growth, and social welfare [26].

Summary of Key Points Core Viewpoint - The stock of Xingsen Technology experienced a significant increase, reaching the daily limit with a turnover rate of 7.15% and a transaction volume of 2.114 billion yuan, indicating strong market interest and trading activity [2]. Trading Activity - The stock was listed on the Shenzhen Stock Exchange due to a price deviation of 8.43%, with institutional investors net buying 80.51 million yuan while the Shenzhen Stock Connect saw a net sell of 76.68 million yuan [2]. - The top five trading departments accounted for a total transaction volume of 846 million yuan, with net buying amounting to 81.56 million yuan [2]. - Specific trading details show that five institutional special seats participated, with a total buying amount of 182 million yuan and selling amount of 102 million yuan, resulting in a net buy of 80.51 million yuan [2]. Capital Flow - The stock saw a net inflow of 179 million yuan from major funds, with large orders contributing 166 million yuan to this inflow [2]. - Over the past five days, there has been a net outflow of 514 million yuan from major funds, indicating a potential shift in investor sentiment [2]. Margin Trading Data - As of October 14, the margin trading balance for the stock was 2.242 billion yuan, with a financing balance of 2.229 billion yuan and a securities lending balance of 1.251 million yuan [3]. - In the last five days, the financing balance decreased by 390 million yuan, representing a decline of 14.88%, while the securities lending balance decreased by 1.8528 million yuan, a drop of 12.90% [3].