Financial Performance - In Q2 2025, the company achieved a revenue of 184,625.97 million CNY, a quarter-on-quarter increase of 16.88% [2] - Net profit attributable to shareholders was 1,946.05 million CNY, up 107.64% quarter-on-quarter [2] - For the first half of 2025, total revenue reached 342,586.34 million CNY, a year-on-year growth of 18.91% [2] - Net profit attributable to shareholders for H1 2025 was 2,883.29 million CNY, reflecting a year-on-year increase of 47.85% [2] - Total assets amounted to 1,498,980.85 million CNY, a 9.67% increase from the end of the previous year [2] Industry Analysis - The global PCB industry is expected to reach a market value of 79.128 billion USD in 2025, with a year-on-year growth of 7.6% [5] - High-layer PCBs (18 layers and above) and HDI boards are projected to grow by 41.7% and 12.9% respectively in 2025 [5] - The demand for packaging substrates is also expected to recover, with a growth rate of 7.6% [5] - The Chinese and Southeast Asian markets are anticipated to outperform other global regions due to technological advantages and industry shifts [5] Project Updates - The FCBGA packaging substrate project has exceeded an investment scale of 3.8 billion CNY, with preparations for mass production well underway [7] - Sample orders for the FCBGA project in H1 2025 surpassed the total for 2024, indicating strong demand [7] CSP Packaging Substrate Business - The CSP packaging substrate business focuses on storage and RF markets, expanding into the automotive sector [8] - Capacity utilization has improved, leading to significant revenue growth, with existing capacities fully utilized and new expansions coming online [8] Traditional PCB Business - The PCB business generated revenue of 244,785.93 million CNY, a year-on-year increase of 12.80% [9] - The gross margin for PCB business was 26.32%, slightly down by 0.77 percentage points [9] Beijing Xinfai Electronics Co., Ltd. Performance - Beijing Xinfai reported revenue of 49,953.28 million CNY, a year-on-year growth of 25.50%, with net profit increasing by 46.86% [10] R&D Directions - The company is focusing on developing complex, multifunctional products, including embedded substrates and large-size ABF substrates [10] - Future innovations will center on advancements in circuit board technology to enhance market competitiveness [10]

Market Overview - On August 27, the component sector declined by 0.46% compared to the previous trading day, with Jin'an Guoji leading the decline [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers included: - Fangzheng Technology (600601) with a closing price of 8.70, up 9.99% and a trading volume of 6.44 million shares, totaling 5.467 billion yuan [1] - Shennan Circuit (002916) closed at 169.50, up 4.19% with a trading volume of 135,900 shares, totaling 2.342 billion yuan [1] - Major decliners included: - Jin'an Guoji (002636) closed at 13.27, down 6.42% with a trading volume of 565,400 shares, totaling 776 million yuan [2] - Nanya New Materials (688519) closed at 68.68, down 6.34% with a trading volume of 130,600 shares, totaling 916 million yuan [2] Capital Flow - The component sector experienced a net outflow of 1.111 billion yuan from institutional investors, while retail investors saw a net inflow of 1.493 billion yuan [2] - The capital flow for specific stocks showed: - Fangzheng Technology had a net inflow of 1.099 billion yuan from institutional investors, while retail investors had a net outflow of 487 million yuan [3] - Xingsen Technology (002436) had a net inflow of 190 million yuan from institutional investors, but a net outflow of 75.252 million yuan from retail investors [3]

Group 1 - The top 20 stocks with significant capital inflow as of August 27 include: Yanshan Technology (1.618 billion), Huayin Electric Power (948 million), and Yingweik (730 million) [1] - Yanshan Technology experienced a price increase of 10.08%, while Huayin Electric Power rose by 9.63% [2] - Other notable stocks with substantial capital inflow include Jishi Media (567 million), Tianfeng Securities (485 million), and Maigemeite (437 million) [1][2] Group 2 - The sectors represented among the top inflow stocks include internet services, electric power, specialized equipment, cultural media, and securities [2][3] - Yanshan Technology and Huayin Electric Power are both in the electric power sector, indicating strong interest in this industry [2][3] - The stock with the highest price increase is Keda Intelligent, which rose by 17.75% with a capital inflow of 413 million [2]

Group 1 - The storage chip sector continues to strengthen, with ShenNan Circuit reaching a new high during trading [1] - Xingsen Technology has hit the daily limit increase [1] - Other companies such as Bai'ao Chemical, Defu Technology, Lierda, Shangluo Electronics, and Jucheng Co. also experienced gains [1]

| 序号 | 股东名称 | 持股 | | --- | --- | --- | | ﻟ | 印度亚 | 14.4 | | 2 | 晋宁 | 3.96 | | 3 | 叶汉斌 | 3.74 | | 4 | 张丽冰 | 2.37 | | 5 | 香港中央结算有限公司 | 1.99 | | 6 | 中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金 | 1.48 | | 7 | 美含蓄 | 1.15 | | 8 | 瑞众人寿保险有限责任公司-自有资金 | 0.81 | | g | 中国民生银行股份有限公司-光大保德信信用添益债券型证券投资基金 | 0.67 | | 10 | 全国社保基金――五组合 | 0.53 | 公司最新资产负债率为62.82%。 公司摊薄每股收益为0.02元，较去年同报告期摊薄每股收益增加0.01元，同比较去年同期上涨100.00%。 公司最新总资产周转率为0.24次，较去年同期总资产周转率增加0.04次，同比较去年同期上涨22.74%。最新存货周转率为3.51次，在已披露的同业公司中排 名第8。 公司股东户数为11.17万户，前十大股东持股数量为5.26亿股，占总股本比例为31. ...

Group 1 - The core viewpoint of the news is the disclosure of institutional and fund holdings in Xingsen Technology (002436.SZ) as of August 26, 2025, indicating a slight decline in institutional ownership compared to the previous quarter [1] - A total of 10 institutional investors hold shares in Xingsen Technology, with a combined holding of 93.43 million shares, representing 5.53% of the total share capital [1] - The top ten institutional investors include notable entities such as Hong Kong Central Clearing Limited and China Agricultural Bank, with their combined holding percentage decreasing by 1.15 percentage points from the previous quarter [1] Group 2 - In the public fund sector, there was an increase in holdings from one fund, Southern CSI 500 ETF, with a holding increase percentage of 0.21% [2] - One public fund, Everbright Prudential Credit Enhancement Bond A, reported a decrease in holdings by 0.63% compared to the previous quarter [2] - Two new public funds disclosed their holdings, namely Su Xin CSI A500 Index Enhanced A and Su Xin CSI 500 Index Enhanced A, while ten public funds were not disclosed in the current period [2] Group 3 - One new social security fund, the National Social Security Fund 115 Combination, disclosed its holdings in Xingsen Technology [3] - In the insurance sector, one insurance fund, Ruizhong Life Insurance Co., Ltd. - Own Funds, reported a slight increase in holdings [3] - Foreign investment sentiment showed an increase in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a holding increase percentage of 0.49% [3]

智通财经APP讯，兴森科技(002436.SZ)发布2025年半年度报告，报告期内，公司实现营业收入34.26亿 元，同比增长18.91%。实现归属于上市公司股东的净利润2883.29万元，同比增长47.85%。实现归属于 上市公司股东的扣除非经常性损益的净利润4673.94万元，同比增长62.50%。基本每股收益0.02元。 ...

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of the year, driven by industry recovery, despite facing losses from specific projects [1] Financial Performance - The company achieved operating revenue of 3,425.86 million yuan, representing a year-on-year growth of 18.91% [1] - The net profit attributable to shareholders was 28.83 million yuan, with a year-on-year increase of 47.85% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 46.74 million yuan, reflecting a year-on-year growth of 62.50% [1] - Total assets reached 14,989.81 million yuan, an increase of 9.67% compared to the end of the previous year [1] - The net assets attributable to shareholders were 5,050.19 million yuan, up 2.32% from the end of the previous year [1] Profitability Metrics - The overall gross margin of the company was 18.45%, an increase of 1.89 percentage points year-on-year [1] - The expense ratio increased by 0.15 percentage points year-on-year, with the sales expense ratio decreasing by 0.29 percentage points, management expense ratio decreasing by 1.29 percentage points, R&D expense ratio increasing by 0.52 percentage points, and financial expense ratio increasing by 1.21 percentage points [1] Challenges - Despite the growth in revenue and net profit, the company faced challenges due to losses from the FCBGA packaging substrate project and the Yixing Silicon Valley high-layer PCB business [1]

深圳市兴森快捷电路科技股份有限公司 2025 年半年度财务报告 | 内容 | 页码 | | --- | --- | | 合并资产负债表 | 1-2 | | 公司资产负债表 | 3-4 | | 合并利润表 | 5 | | 公司利润表 | 6 | | 合并现金流量表 | 7 | | 公司现金流量表 | 8 | | 合并所有者权益变动表 | 9-10 | | 公司所有者权益变动表 | 11-12 | | 财务报表附注 | 13-122 | 深圳市兴森快捷电路科技股份有限公司 2025 年 6 月 30 日合并资产负债表 (金额单位为人民币元) | 项目 | 附注 | 年 月 日 2025 6 30 | 年 月 日 2025 1 1 | | --- | --- | --- | --- | | 流动资产： | | | | | 货币资金 | 5.1 | 1,135,540,936.47 | 617,907,207.55 | | 交易性金融资产 | 5.2 | 407,334,195.70 | 266,736,458.42 | | 衍生金融资产 | 5.3 | 691,267.20 | 2,005,330.05 | | 应 ...

| 非经营性资金占用 | 资金占用方 | 占用方与上市 | 上市公司核 | 2025 | 年期初 | 2025 年半年度占 | 2025 年半年度占 | 2025 | 年半年度 | 2025 年半年 | 占用形 | 占用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | 公司的关联关系 | 算的会计科 | | 占用资金余额 | 用累计发生金额 | 用资金的利息（如 | | 偿还累计发生 | 度末占用资 | 成原因 | 性质 | | | | | 目 | | | （不含利息） | 有） | | 金额 | 金余额 | | | | 上市公司的子公司及 | 北京兴斐控股有 | 子公司 | 其他应收款 | | 9,612.67 | 4,073.00 | | 136.22 | 251 | 13,570.89 | 借款 | 非经营 | | 其附属企业 | 限公司 | | | | | | | | | | | 性往来 | | 其他关联人及其附属 | | | | | | | | | | | | | | ...