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]

Core Viewpoint - The company aims to enhance market expansion and achieve breakthroughs in core business and key customers, leading to revenue growth and profit improvement while rewarding shareholder support and trust [1] Group 1 - The company will strengthen market development efforts [1] - The focus is on achieving breakthroughs in core business and key customers [1] - The company is committed to revenue growth and profit enhancement [1]

证券日报网讯12月16日，兴森科技（002436）在互动平台回答投资者提问时表示，公司持续关注原材料 市场变化，加强供应链管理，与客户保持密切沟通，根据市场情况和具体订单要求等与客户协商产品价 格。 ...

Group 1 - The core viewpoint of the article is that despite the sanctions imposed on ZTE Corporation, the business of Xingsen Technology is not expected to be significantly affected due to its diversified customer base and low customer concentration [1]. Group 2 - Xingsen Technology stated that its customer base includes leading enterprises across multiple industries, which reduces reliance on any single industry or customer [1]. - The company emphasized that it is less impacted by the economic cycles or downturns of major clients or specific industries [1].

Core Viewpoint - The company is making steady progress in the market expansion and customer certification of its FCBGA packaging substrate business, with no abnormalities found in the substrate based on feedback from testing [2]. Group 1: Market and Customer Progress - The company has confirmed that the market expansion and customer certification for its FCBGA packaging substrate business are proceeding as planned [2]. - Feedback from testing has indicated that no abnormalities were found in the substrates, which is a positive sign for product quality [2]. Group 2: Certification and Production Timeline - Product certification typically requires around six months to complete [2]. - The timeline for mass production largely depends on the recovery of industry demand, the customer's own production progress, and their supplier management strategies [2].

Core Viewpoint - The company, Xingsen Technology, confirmed that its PCB, semiconductor test boards, and IC packaging substrate businesses are operating normally, with readiness for mass production in the FCBGA packaging substrate segment depending on industry demand recovery and client progress [2] Group 1 - The company is actively engaged in the production of PCB, semiconductor test boards, and IC packaging substrates [2] - The FCBGA packaging substrate business has achieved sufficient production capacity and product yield for mass production [2] - The timeline for large-scale mass production is primarily influenced by the recovery of industry demand, the production progress of clients, and their supplier management strategies [2]