Core Viewpoint - The company, Xingsen Technology, is actively engaging with chip design companies and packaging manufacturers as target customers for its packaging substrate business, while maintaining confidentiality regarding specific client collaborations [1] Group 1 - The company has confirmed that its FCBGA packaging substrate has received feedback from testing results indicating no abnormalities in the substrate [1]

Core Viewpoint - The stock of Xingsen Technology has shown significant growth this year, with a year-to-date increase of 85.47%, despite recent fluctuations in trading volume and net capital outflow [1][2]. Group 1: Stock Performance - As of December 24, Xingsen Technology's stock price reached 20.55 yuan per share, with a trading volume of 7.64 billion yuan and a market capitalization of 349.28 billion yuan [1]. - The stock has experienced a 4.74% increase over the last five trading days and a 3.06% increase over the last twenty days, while it has decreased by 11.65% over the last sixty days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on October 15, where it recorded a net purchase of 113 million yuan [1]. Group 2: Financial Performance - For the period from January to September 2025, Xingsen Technology reported a revenue of 5.373 billion yuan, representing a year-on-year growth of 23.48%, and a net profit attributable to shareholders of 131 million yuan, which is a remarkable increase of 516.08% [2]. - The company has distributed a total of 1.129 billion yuan in dividends since its A-share listing, with 270 million yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of December 19, the number of shareholders of Xingsen Technology reached 119,000, an increase of 7.21% from the previous period, while the average number of tradable shares per person decreased by 6.72% to 12,693 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 35.91 million shares, an increase of 2.2936 million shares from the previous period [3].

Market Performance - The component sector increased by 4.81% compared to the previous trading day, with Nanya Technology leading the gains [1] - The Shanghai Composite Index closed at 3917.36, up 0.69%, while the Shenzhen Component Index closed at 13332.73, up 1.47% [1] Top Gainers in the Component Sector - Nanya Technology (Code: 6158889) closed at 65.65, up 9.84% with a trading volume of 78,800 shares and a transaction value of 502 million [1] - Jingwang Electronics (Code: 603228) closed at 72.87, up 8.86% with a trading volume of 476,000 shares and a transaction value of 3.396 billion [1] - Mingyang Circuit (Code: 300739) closed at 18.11, up 8.70% with a trading volume of 420,100 shares and a transaction value of 751 million [1] - Shengyi Technology (Code: 600183) closed at 65.57, up 8.51% with a trading volume of 510,200 shares and a transaction value of 3.269 billion [1] - Dongshan Precision (Code: 002384) closed at 81.82, up 8.20% with a trading volume of 606,100 shares and a transaction value of 4.878 billion [1] Market Capital Flow - The component sector saw a net inflow of 2.45 billion from major funds, while retail investors experienced a net outflow of 1.027 billion [2] - Major funds showed a significant interest in stocks like Huadian Technology (Code: 002463) and Shengyi Technology (Code: 600183), with net inflows of 464.1 million and 425 million respectively [3] - Retail investors showed a net outflow in several stocks, indicating a cautious sentiment among smaller investors [3]

Group 1 - The core point of the news is that Xingsen Technology's stock price increased by 5.31% to 20.22 CNY per share, with a trading volume of 865 million CNY and a turnover rate of 2.89%, resulting in a total market capitalization of 34.367 billion CNY [1] - Xingsen Technology, established on March 18, 1999, and listed on June 18, 2010, is located in Shenzhen, Guangdong Province, and primarily engages in PCB and semiconductor businesses. The revenue composition is as follows: PCB printed circuit boards account for 71.45%, IC packaging substrates for 21.09%, other for 4.29%, and semiconductor test boards for 3.17% [1] Group 2 - From the perspective of major fund holdings, Xingsen Technology is a significant investment for Xinyin Fund, with the Xinyin CSI 500 Index Enhanced A Fund (010253) holding 23,000 shares, representing 0.67% of the fund's net value, making it the sixth-largest holding. The estimated floating profit today is approximately 23,500 CNY [2] - The Xinyin CSI 500 Index Enhanced A Fund (010253) was established on March 1, 2021, with a current scale of 31.1854 million CNY. Year-to-date returns are 29.93%, ranking 1496 out of 4197 in its category; one-year returns are 26.77%, ranking 1535 out of 4152; and since inception, the return is 16.55% [2] Group 3 - The fund manager of the Xinyin CSI 500 Index Enhanced A Fund (010253) is Weng Zichen, who has been in the position for 1 year and 150 days. The total asset size of the fund is 818 million CNY, with the best return during the tenure being 90.06% and the worst return being -3.43% [3]

Group 1 - The core point of the news is that Xingsen Technology's stock price increased by 5.31% to 20.22 CNY per share, with a trading volume of 864 million CNY and a turnover rate of 2.89%, resulting in a total market capitalization of 34.367 billion CNY [1] - Xingsen Technology, established on March 18, 1999, and listed on June 18, 2010, is located in Shenzhen, Guangdong Province, and primarily engages in PCB and semiconductor businesses. The revenue composition is as follows: PCB printed circuit boards 71.45%, IC packaging substrates 21.09%, others 4.29%, and semiconductor test boards 3.17% [1] Group 2 - From the perspective of major fund holdings, Penghua Fund has one fund heavily invested in Xingsen Technology. The Penghua Hongyu One-Year Holding Period Mixed A Fund (011052) held 27,800 shares in the third quarter, accounting for 1.22% of the fund's net value, ranking as the fourth-largest holding. The estimated floating profit today is approximately 28,400 CNY [2] - The Penghua Hongyu One-Year Holding Period Mixed A Fund (011052) was established on February 4, 2021, with a current scale of 45.6097 million CNY. Year-to-date returns are 9.8%, ranking 5778 out of 8170 in its category; the one-year return is 9.34%, ranking 5721 out of 8139; and since inception, the return is 22.68% [2]

Core Viewpoint - The stock of Xingsen Technology has shown significant performance with a year-to-date increase of 76.81%, despite a recent decline over the past 60 days, indicating volatility in the market [1][2]. Group 1: Stock Performance - As of December 22, Xingsen Technology's stock price reached 19.59 yuan per share, with a market capitalization of 33.297 billion yuan [1]. - The stock has experienced a net inflow of 14.4947 million yuan from main funds, with large orders contributing significantly to the buying activity [1]. - Year-to-date, the stock has been on the leaderboard three times, with the most recent net purchase of 113 million yuan on October 15 [1]. Group 2: Company Overview - Xingsen Technology, established on March 18, 1999, and listed on June 18, 2010, is located in Shenzhen, Guangdong Province, focusing on PCB and semiconductor businesses [2]. - The revenue composition includes 71.45% from PCB, 21.09% from IC packaging substrates, 4.29% from other sources, and 3.17% from semiconductor testing boards [2]. - The company operates within the electronic components sector, specifically in printed circuit boards, and is associated with various concepts including Huawei and robotics [2]. Group 3: Financial Performance - For the period from January to September 2025, Xingsen Technology reported a revenue of 5.373 billion yuan, reflecting a year-on-year growth of 23.48%, while the net profit attributable to shareholders surged by 516.08% to 131 million yuan [2]. - The company has distributed a total of 1.129 billion yuan in dividends since its A-share listing, with 270 million yuan distributed over the last three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders stood at 111,000, with an average of 13,608 shares held per shareholder [2][3]. - Notable changes in major shareholders include an increase in holdings by Hong Kong Central Clearing Limited and the entry of new shareholders such as Yungyin Technology Smart Selection Mixed Fund [3].

Core Viewpoint - The company emphasizes the rigorous certification process for its FCBGA packaging substrate business, which varies by customer and requires significant time for technical and product certifications [1]. Group 1: Business Overview - The FCBGA packaging substrate business requires technical rating, system certification, and product certification, with larger clients having stricter standards [1]. - The technical rating and system certification typically take about 6 months to complete, while product certification also requires approximately 6 months [1]. Group 2: Business Segmentation - As of the first half of 2025, the company's PCB business is expected to account for 71.45% of total revenue, with applications depending on end customer products [1]. - The IC packaging substrate business is projected to represent 21.09% of total revenue, with storage business making up about two-thirds of the IC packaging substrate segment [1].

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 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) | | | | 2025-12-19 | 002436 | 兴森科技 | 17.37 | 12.00 | 208.44 中国中金财富证券 | | 国信证券股份有限 | | | | | | | | 有限公司杭州教工 | 公司杭州体育场路 | | | | | | | | 路班弟昌亦啟 | 证券营业部 | 12月19日，兴森科技大宗交易成交12万股，成交额208.44万元，占当日总成交额的0.21%，成交价17.37 元，较市场收盘价19.2元折价9.53%。 ...

Core Viewpoint - The company provided insights into its customer onboarding process and the business composition of its operations, highlighting the timelines for certification and the distribution of its business segments [1] Group 1: Customer Onboarding Process - The company indicated that the onboarding process for FCBGA packaging substrate customers involves technical rating, system certification, and product certification, with varying requirements based on customer specifications [1] - For major clients, the technical rating and system certification typically take about 6 months to complete, while the product certification also requires approximately 6 months [1] Group 2: Business Composition - As of the first half of 2025, the company's PCB business is expected to account for 71.45% of total operations, with applications depending on the end customers' product uses [1] - The IC packaging substrate business is projected to represent 21.09% of the total, with the storage segment making up about two-thirds of the IC packaging substrate business [1]

Core Viewpoint - The company has provided updates on its IC packaging business, specifically regarding capacity utilization rates and expansion plans for its FCBGA production line [1] Group 1: Capacity Utilization - The overall capacity scale for CSP packaging substrates is 50,000 square meters per month, with the original capacity of 35,000 square meters per month now fully utilized [1] - The newly expanded capacity of 15,000 square meters per month is ramping up quickly [1] Group 2: Market Development - The market expansion and customer certification for the FCBGA packaging substrate project are progressing steadily as planned [1] - The company advises stakeholders to monitor its future regular reports for more detailed operational updates [1]