证券代码：002185 证券简称：华天科技 公告编号：2025-047 天水华天科技股份有限公司 关于下属企业出资参与设立产业基金 的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 天水华天科技股份有限公司董事会 2025 年 9 月 17 日，天水华天科技股份有限公司下属企业西安天利投资合伙 企业（有限合伙）（以下简称"西安天利"）与上海盛宇股权投资基金管理有限公 司等共三名出资人签署了《江苏华天盛宇产业投资基金（有限合伙）合伙协议》， 全体合伙人拟以现金出资方式共同投资设立江苏华天盛宇产业投资基金（有限合 伙）（以下简称"产业基金"）。全体合伙人认缴出资总额 20,000 万元，其中西安 天利作为有限合伙人，认缴出资 8,000 万元，认缴比例 40%。具体内容详见 2025 年 9 月 18 日巨潮资讯网（www.cninfo.com.cn）及刊登于《证券时报》的 2025-043 号公司公告。 近日，上述产业基金已在中国证券投资基金业协会完成备案手续，备案信息 如下： 基金名称：江苏华天盛宇产业投资基金（有限合伙） 管理人名称：上 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][38]. Core Insights - The "Bay Chip Exhibition" will be held in Shenzhen from October 15-17, 2025, featuring leading companies such as New Kai Lai, North Huachuang, and others [3]. - New Kai Lai showcased 31 self-developed high-end equipment at SEMICON China 2025, indicating its strong position in the semiconductor industry [3]. - The semiconductor components sector is crucial for supporting the exponential growth of downstream industries, with an annual output value reaching over $10 billion [3]. - The demand for semiconductor components is expected to increase due to advanced equipment and process expansions, entering a new growth cycle [3]. - Investment recommendations include focusing on outstanding manufacturers in various segments of semiconductor components, such as New Lai Materials, Jiangfeng Electronics, and others [3]. Industry News and Commentary - Global semiconductor sales in August 2025 reached $64.9 billion, a year-on-year increase of 21.7%, with China growing by 12.4% [5][6]. - The Asia-Pacific region saw a significant sales increase of 43.1% year-on-year in August 2025 [6]. - DRAM and NAND flash memory prices continue to rise, reflecting market confidence in future price increases [12]. - TSMC's 2nm wafer pricing is approximately $30,000, representing a 10-20% increase compared to the 3nm process [21]. - The Philadelphia Semiconductor Index and Taiwan Semiconductor Index both experienced gains, with increases of 3.23% and 5.59% respectively [26].

Core Viewpoint - Advanced packaging has become a critical battleground for foundries and packaging companies amid the slowdown of Moore's Law and the explosive demand for AI/HPC solutions. Major players globally, including TSMC, Samsung, ASE, and domestic firms like JCET, Tongfu Microelectronics, and Huatian Technology, are accelerating capacity expansion to seize this key industry opportunity in the coming years [1]. Group 1: Market Trends and Projections - The global advanced chip packaging market is expected to grow from $50.38 billion in 2025 to $79.85 billion by 2032, with a compound annual growth rate (CAGR) of 6.8% [1]. - The demand for high-performance, low-power packaging solutions is driven by AI large models, autonomous driving, cloud computing, and edge computing [1]. Group 2: TSMC's Strategy and Expansion - TSMC's advanced packaging revenue is projected to exceed 10% in 2024, surpassing ASE to become the largest packaging supplier globally, driven by the surge in CoWoS demand [3]. - TSMC plans to invest an additional $100 billion in the U.S., including two advanced packaging plants in Arizona, expected to start construction in the second half of next year and enter mass production by 2028 [5]. - TSMC is set to launch CoWoS-L in 2026 and SoW-X in 2027, enhancing its capabilities significantly in the AI/HPC era [6]. Group 3: Samsung's Cautious Approach - Samsung has adopted a more cautious stance compared to TSMC, previously shelving a $7 billion advanced packaging facility due to uncertain customer demand [7]. - Recent contracts with Tesla and Apple highlight the necessity for Samsung to reconsider its advanced packaging investments [7][8]. - Samsung's integrated model of "memory + foundry + packaging" positions it well for future demand once customer needs become clearer [8]. Group 4: ASE's Expansion and Technological Advancements - ASE is enhancing its advanced packaging capabilities in Kaohsiung, focusing on CoWoS, SoIC, and FOPLP technologies [9]. - ASE's new K18B factory in Kaohsiung will serve AI and HPC demands, while the K28 factory will expand CoWoS testing capacity [9][10]. - ASE's technology evolution includes advancements in 3D Advanced RDL technology, which is crucial for various applications [10][11]. Group 5: Amkor's U.S. Investment - Amkor is expanding its advanced packaging facility in Peoria, Arizona, with a total investment of $2 billion, expected to create over 2,000 jobs [13]. - The new facility will primarily support TSMC's CoWoS and InFO technologies, establishing a local closed-loop for wafer manufacturing and packaging [14]. - Amkor's expansion aligns with U.S. semiconductor policies, emphasizing the need for a complete backend capability to maintain competitiveness in AI and HPC [14]. Group 6: Domestic Players' Development - JCET, Tongfu Microelectronics, and Huatian Technology are rapidly advancing in the advanced packaging sector, each developing unique strategies [15]. - JCET is focusing on various advanced packaging technologies and plans to invest 8.5 billion yuan in 2025, targeting high-performance applications [16][17]. - Tongfu Microelectronics has deepened its partnership with AMD, becoming its largest packaging supplier, and is making significant progress in large-size FCBGA technology [18][19]. - Huatian Technology is exploring CPO technology and has achieved significant growth in revenue, indicating a shift towards system integration in advanced packaging [20][21].

Core Viewpoint - Zhuhai is a significant hub for China's semiconductor industry, ranking among the top ten cities in the country for integrated circuit design sales. The city hosts a comprehensive enterprise matrix covering the entire semiconductor industry chain, including notable companies like Yueya Semiconductor, which recently submitted an IPO application to the Shenzhen Stock Exchange for listing on the ChiNext board, with CITIC Securities as the sponsor [1][2]. Company Overview - Yueya Semiconductor was established in April 2006 and completed its share reform in July 2012, headquartered in Doumen District, Zhuhai. The largest shareholder is AMITEC, holding 39.95%, followed by New Xinchuan with 37.23%. The company has no controlling shareholder or actual controller [2][3]. - The major products of Yueya Semiconductor include advanced packaging key materials and products, specifically IC packaging substrates and embedded packaging modules. These products are crucial for connecting wafers and PCBs, directly impacting the performance of related chips and end products [3][4]. Financial Performance - Yueya Semiconductor's revenue for the years 2022, 2023, 2024, and the first half of 2025 was 1.667 billion, 1.705 billion, 1.796 billion, and 811 million yuan respectively. The net profit attributable to the parent company was 415 million, 188 million, 215 million, and 91.47 million yuan, indicating a significant decline in net profit in 2023 [5][6]. - The company's gross profit margin has been declining, with margins of 38.97%, 26.65%, 25.49%, and 24.42% over the same periods. The decline in gross profit margin is attributed to decreased margins in various product lines, particularly the FC-BGA packaging substrates [9][10]. Product Segmentation - The revenue contribution from IC packaging substrates was 85.41%, 90.42%, 88.37%, and 67.54% over the reporting periods, making it the primary revenue source. The embedded packaging module's revenue share increased from 14.59% in 2022 to 32.46% in the first half of 2025, driven by increased demand from major clients like Infineon [7][8]. Market Dynamics - The global packaging substrate market is recovering from a cyclical low of $16 billion in 2023, with expectations to reach $21.4 billion by 2026, fueled by demand from emerging markets such as 5G, AI, IoT, and automotive electronics [20]. - Despite the growth potential, the Chinese mainland's contribution to the global packaging substrate market remains low, with local enterprises accounting for only about 5% of the actual contribution, while Taiwan, Korea, and Japan dominate the market [21][23]. Future Prospects - Yueya Semiconductor plans to raise 1.28 billion yuan through its IPO, primarily for expanding production capacity for high-performance embedded packaging modules aimed at the AI sector, as well as for a research and development center and working capital [24].

Core Viewpoint - Zhuhai is a significant hub for China's semiconductor industry, ranking among the top ten cities in the country for integrated circuit design sales, with a comprehensive enterprise matrix covering the entire semiconductor supply chain [1] Company Overview - Yueya Semiconductor, established in April 2006, is headquartered in Doumen District, Zhuhai, and is seeking to list on the ChiNext board with CITIC Securities as the sponsor [2] - The largest shareholder, AMITEC, is an Israeli company controlled by Rafi Amit and Yotam Stern, while the second largest shareholder, New Trust Industry, is ultimately controlled by China Ping An [3][4] Business Operations - Yueya Semiconductor focuses on the research, production, and sales of advanced packaging key materials and products, primarily IC packaging substrates and embedded packaging modules [5] - The company's products are crucial for connecting wafers and PCBs, directly impacting the performance of related chips and end products [6] Financial Performance - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was 1.667 billion, 1.705 billion, 1.796 billion, and 811 million yuan respectively, with net profits of 415 million, 188 million, 215 million, and 91.47 million yuan [8] - The gross profit margin has been declining, with figures of 38.97%, 26.65%, 25.49%, and 24.42% over the reporting periods [12] Product Segmentation - IC packaging substrates accounted for 85.41%, 90.42%, 88.37%, and 67.54% of the company's revenue during the reporting periods, making it the primary revenue source [10] - The proportion of embedded packaging modules in the main business revenue increased from 14.59% in 2022 to 32.46% in the first half of 2025, driven by demand from major clients like Infineon [10] Market Context - The global packaging substrate market is recovering from a low of $16 billion in 2023, with expectations to reach $21.4 billion by 2026, driven by demand in emerging markets such as 5G and AI [22] - Taiwan, South Korea, and Japan dominate the global IC packaging substrate capacity, with mainland China's contribution at approximately 15% but only 5% in actual output [24][26] Future Prospects - Yueya Semiconductor plans to raise 1.28 billion yuan for projects focused on high-performance embedded packaging modules for AI, a research center, and to supplement working capital [26][27] - The company faces challenges from global competition and price declines in some products, emphasizing the need for continuous R&D investment to maintain market share [16][18]

Core Viewpoint - New Kai Lai, known as the "DeepSeek of the semiconductor field," is set to showcase unexpected surprises at the 2025 Bay Area Semiconductor Industry Ecological Expo (Bay Chip Expo) [1][2] Group 1: Event Details - The Bay Chip Expo will take place from October 15 to October 17 at the Shenzhen Convention Center, featuring major domestic and international companies including New Kai Lai, North Huachuang, and Applied Materials [2][10] - New Kai Lai previously gained attention at the SEMICON China 2025, where it showcased 31 new semiconductor equipment models, categorized into process equipment and measurement equipment [2][3] Group 2: Company Overview - New Kai Lai is fully owned by Shenzhen Deep Chip Heng Technology Investment Co., Ltd., which is a subsidiary of Shenzhen Major Industry Investment Group [3][5] - The company has seven subsidiaries, each focusing on different product areas, including Beijing New Kai Lai Technology Co., Ltd. and Shanghai New Kai Lai Technology Co., Ltd. [5][6] Group 3: Product Innovations - New Kai Lai's subsidiary, Wanliyan, will launch a high-speed real-time oscilloscope at the expo, showcasing its products and solutions across various fields such as ICT and advanced manufacturing [6][7] - Another subsidiary, Qiyunfang, is expected to present leading new products at the Bay Chip Expo [7] Group 4: Industry Growth - Shenzhen's semiconductor and integrated circuit industry is projected to reach a scale of 256.4 billion yuan in 2024, with a year-on-year growth of 26.8% [8][9] - The industry is experiencing balanced growth across design, manufacturing, testing, and equipment sectors, with significant policy support driving this development [8][9] Group 5: Government Support - The Shenzhen government has implemented measures to enhance the semiconductor industry, including a 5 billion yuan investment fund aimed at supporting key areas such as high-end chips and core equipment [9][11] - The Bay Chip Expo aims to establish itself as a leading brand in China's semiconductor exhibition landscape, facilitating connections between industry players and promoting innovation [10][11]

Core Viewpoint - The article highlights the upcoming "Bay Area Semiconductor Industry Ecological Expo" (referred to as "Bay Chip Expo") in 2025, where Xinkailai Technology Co., Ltd. is expected to showcase significant innovations in semiconductor equipment, continuing its momentum from a previous successful exhibition in Shanghai [1][2][3]. Company Overview - Xinkailai is recognized as a rising star in the semiconductor field, often referred to as the "DeepSeek of the semiconductor industry" [1]. - The company has multiple subsidiaries, each expected to present surprising products at the Bay Chip Expo [2][5]. - Xinkailai's product offerings include semiconductor equipment and components, focusing on innovative technology and solutions for the semiconductor industry [4]. Exhibition Details - The Bay Chip Expo will take place from October 15 to October 17 at the Shenzhen Convention Center, featuring major domestic and international companies such as North Huachuang, Shanghai Microelectronics, and Applied Materials [4][12]. - Xinkailai previously showcased 31 new semiconductor devices at the SEMICON China 2025, categorized into process equipment and measurement equipment [4][10]. Industry Growth - Shenzhen's semiconductor and integrated circuit industry is projected to reach a scale of 256.4 billion yuan in 2024, with a year-on-year growth of 26.8% [10]. - The industry is experiencing balanced growth across various segments, including design, manufacturing, packaging, and equipment, with all segments reportedly doubling in scale compared to 2020 [10][11]. Government Support - The Shenzhen government has implemented policies to enhance the semiconductor industry, including financial support for R&D in high-end chips and core equipment [11]. - A 5 billion yuan investment fund has been established to support key areas of the semiconductor supply chain [11]. Expo Objectives - The Bay Chip Expo aims to become a leading brand in China's semiconductor exhibitions, showcasing the achievements of Shenzhen's semiconductor industry [12][14]. - The expo will feature over 600 participating companies and is expected to attract more than 60,000 pre-registered attendees, with significant increases in participation from leading domestic and international firms [13][14].

Core Insights - The semiconductor and integrated circuit industry is a strategic high ground for global technological competition and a core engine for industrial upgrading [1] - Shenzhen is making significant progress in optimizing its semiconductor ecosystem, aiming to become a globally influential innovation hub [1] Industry Growth - The semiconductor and integrated circuit industry in Shenzhen is projected to reach a scale of 256.4 billion yuan in 2024, representing a year-on-year growth of 26.8% [1] - In the first half of 2025, the industry is expected to maintain rapid growth, reaching 142.4 billion yuan, with a year-on-year increase of 16.9% [1] - The industry structure has become more balanced, with all sub-sectors, including manufacturing, testing, and equipment, doubling in scale from 2020 to 2024 [1] Policy Support - Shenzhen has introduced several action plans and measures to foster the development of the semiconductor and integrated circuit industry from 2023 to 2025 [2] - The recently released measures focus on increasing financial support for R&D, particularly in high-end chips, core equipment, and advanced packaging [2] - Subsidies for chip design and manufacturing are provided, covering 30% of the costs for wafer fabrication, with maximum support reaching 3 million yuan for certain projects [2][3] Industry Events - The "2025 Bay Area Semiconductor Industry Ecosystem Expo" will take place from October 15 to October 17, featuring over 600 exhibitors and more than 60,000 pre-registered attendees [3] - The expo aims to facilitate direct connections between major projects and participating companies, inviting over 5,000 professional buyers from leading firms [3][4] - A 5 billion yuan investment fund will be launched at the event to support the semiconductor industry, promoting a healthy interaction between technology, industry, and finance [4]

Core Viewpoint - The "2025 Bay Area Semiconductor Industry Ecosystem Expo" will be held in Shenzhen from October 15 to 17, showcasing the latest achievements in the global semiconductor industry with over 600 participating companies and an exhibition area exceeding 60,000 square meters [1][5]. Group 1: Event Overview - The expo aims to achieve "higher specifications, broader radiation, deeper integration, and better services" [1][5]. - Last year's inaugural event featured 400 companies and an exhibition area of 40,000 square meters, indicating significant growth for this year's event [5]. Group 2: Industry Growth - Shenzhen's semiconductor industry is projected to reach a scale of 256.4 billion yuan in 2024, reflecting a year-on-year growth of 26.8% [1][8]. - In the first half of this year, the industry size reached 142.4 billion yuan, maintaining a rapid growth rate of 16.9% [1][8]. Group 3: Policy and Support - Shenzhen has implemented a series of policies to support the semiconductor and integrated circuit industry, including ten specific measures aimed at high-end chip product breakthroughs and enhancing design and manufacturing capabilities [7][8]. - The city has established a 5 billion yuan industry investment fund to focus on key areas and weaknesses within the industry chain [7]. Group 4: International and Brand Development - The expo will feature three special exhibition areas focusing on AI chips, RISC-V ecosystems, and Chiplet technologies, promoting new technologies and products [6]. - Major domestic companies such as Northern Huachuang and Shanghai Microelectronics will participate, aiming to establish a globally influential "China Semiconductor Independent Brand First Exhibition" [6].

公司所有信息均以在指定信息披露媒体披露的内容为准。因本次交易的有关 事项尚存在不确定性，敬请广大投资者关注公司后续公告并注意投资风险。 特此公告。 天水华天科技股份有限公司（以下简称"公司"）正在筹划发行股份及支付 现金购买资产并募集配套资金暨关联交易事项（以下简称"本次交易"）。因有关 事项尚存不确定性，为了维护投资者利益，避免对公司证券交易造成重大影响， 根据深圳证券交易所的相关规定，经公司申请，公司证券（证券简称：华天科技， 证券代码：002185）自 2025 年 9 月 25 日开市时起开始停牌，预计停牌不超过 10 个交易日。具体内容详见公司于 2025 年 9 月 25 日公告的《关于筹划发行股 份及支付现金购买资产并募集配套资金暨关联交易事项的停牌公告》（公告编号： 2025-045）。 公司以及有关各方正在积极推进本次交易的相关工作。为维护投资者利益， 避免对公司证券交易造成重大影响，根据深圳证券交易所的相关规定，公司股票 将继续停牌。 目前，公司正根据《上市公司重大资产重组管理办法》《公开发行证券的公 司信息披露内容与格式准则第 26 号——上市公司重大资产重组》等规定编制本 次交易预案， ...