兴森科技：2025年上半年，公司PCB业务占比为71.45%

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].