兴森科技：IC封装基板2025年上半年毛利率为负主要系FCBGA封装基板项目尚未实现大批量生产

Core Insights - The company expects a negative gross margin for its IC packaging substrate in the first half of 2025 due to the FCBGA packaging substrate project not achieving mass production yet, leading to high costs in labor, depreciation, energy, and materials [2] Group 1: Company Performance - The IC packaging substrate business is a crucial part of the company's semiconductor operations [2] - The company is currently focused on building its brand and enhancing customer confidence through internal improvements and continuous innovation in process capabilities [2] Group 2: Industry Outlook - Domestic packaging substrate manufacturers are anticipated to replicate the development path of the traditional PCB industry over the past decade after overcoming major customer acquisition and achieving mass production [2] - The company aims to lay a solid foundation for successful mass production through ongoing product and technology upgrades [2]