兴森科技H1营收34.26亿元，净利润同比增长47.85%

Core Insights - The company reported a revenue of 3.43 billion yuan for the first half of 2025, representing an 18.91% increase compared to the same period last year [1] - Net profit attributable to shareholders reached 28.83 million yuan, a 47.85% increase year-on-year [1] - The company’s semiconductor business, including IC packaging substrate and semiconductor testing board, achieved a revenue of 830 million yuan, marking a 38.39% increase [2][3] Financial Performance - Revenue for the PCB business was 2.448 billion yuan, a year-on-year growth of 12.8%, with a gross margin of 26.32%, slightly down by 0.77 percentage points [2] - The net profit for the Fineline subsidiary was 75.96 million yuan, a decrease of 13.5%, primarily due to foreign exchange losses [2] - The company’s total assets at the end of the reporting period were 14.99 billion yuan, a 9.67% increase from the previous year [1] Business Segments - The IC packaging substrate business generated 722 million yuan in revenue, a 36.04% increase, driven by CSP packaging substrate contributions [2][3] - The company is focusing on high-value products in the CSP packaging substrate business, particularly in storage and RF sectors, and is expanding into the automotive market [3] - The FCBGA packaging substrate project has not yet achieved mass production, leading to a negative gross margin of -25.17% [3]