WINGTECH(SH:600745) Zheng Quan Shi Bao Wang·2025-11-02 12:03Core Viewpoint - The ongoing dispute between Anshi Semiconductor China and its Dutch counterpart regarding supply issues has significant implications for the semiconductor supply chain and the operations of the companies involved [1][3]. Group 1: Supply Chain Issues - Anshi Semiconductor China announced that the Dutch parent company decided to stop supplying wafers to its Dongguan packaging and testing factory (ATGD) starting October 26, 2025, citing non-compliance with contract payment terms by local management [1]. - Anshi China strongly refuted the claims of breach, stating that the Dutch company owes ATGD approximately 1 billion RMB in unpaid invoices [1]. - Anshi China has sufficient finished and in-process inventory to meet customer demand until the end of the year and has initiated multiple contingency plans to ensure long-term supply resilience [1]. Group 2: Business Operations and Financials - The ATGD factory is critical for Anshi Semiconductor, accounting for 70% of the company's global packaging and testing capacity [1]. - In addition to ATGD, the domestic wafer manufacturing is handled by the Shanghai Lingang Dingtai Jiangxin Wafer Factory, which is part of a project with a total contract value of 6.8 billion RMB over four years [2]. - The new generation of MOS products from the Lingang factory has successfully entered the supply chain of leading domestic electric vehicle manufacturers, with plans for mass production of the next generation of IGBT products by the end of 2025 [2]. Group 3: Regulatory and Geopolitical Context - Anshi Semiconductor was placed on the U.S. Entity List, leading to export controls that affected its operations, including a global operational freeze imposed by the Dutch government [3]. - The Chinese Ministry of Commerce criticized the Dutch government's interference in corporate affairs, which has contributed to global supply chain disruptions [3]. - Recent negotiations between U.S. and Chinese trade teams resulted in a temporary suspension of certain export control measures, which may impact the operational landscape for companies like Anshi Semiconductor [4].