大基金三期，有新动作

Core Viewpoint - The recent changes in the shareholder structure of Anjieli Mewei Electronics Co., Ltd. have attracted attention, with the exit of the original shareholder and the entry of new investors, indicating a strategic shift towards enhancing its technological capabilities in the semiconductor packaging sector [5][6]. Group 1: Company Overview - Anjieli Mewei was established in December 2019 with a registered capital of 4.5 billion RMB, focusing on manufacturing optoelectronic devices, printed circuit boards, electronic components, and integrated circuits [5]. - The company offers advanced HDI one-stop solutions, including products like FCBGA packaging substrates, high-level HDI, and battery module assemblies [5]. Group 2: Financial Performance - For 2024, Anjieli Mewei is projected to achieve a revenue of 7.917 billion RMB with a net profit of 414 million RMB, resulting in a net profit margin of 5.2% [5]. - In the first three quarters of 2025, the company reported a revenue of 6.316 billion RMB and a net profit of 106 million RMB, with a reduced net profit margin of 1.7% [5]. - The total assets of the company increased from 15.974 billion RMB in 2024 to 16.607 billion RMB in 2025 [5]. Group 3: Investment and Strategic Implications - The entry of the National Big Fund Phase III and local state-owned enterprises as new shareholders reflects a recognition of Anjieli Mewei's technological strength in the packaging substrate sector, which is characterized by high technical barriers and low domestic production rates [6]. - The National Big Fund Phase III aims to strengthen the semiconductor industry by focusing on advanced manufacturing and high-end chip design, emphasizing the importance of "strong chain and supplementary chain" and "industrial chain collaboration" [6]. - The investment is expected to accelerate Anjieli Mewei's capacity building and technological iteration in high-end substrates, potentially filling domestic gaps and promoting the development of the upstream and downstream supply chains in the semiconductor packaging sector [6].