Core Viewpoint - Jiangsu Xinde Semiconductor Technology Co., Ltd. (hereinafter referred to as Xinde Semiconductor) has submitted its IPO application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. The company aims to use the funds raised for building production bases, enhancing R&D capabilities, and expanding its customer ecosystem, despite facing continuous losses exceeding 1.3 billion yuan from 2022 to mid-2025 [1][4]. Group 1: Company Overview - Xinde Semiconductor is a semiconductor packaging and testing technology solution provider, focusing on developing packaging designs and providing customized packaging products and testing services [2]. - Since its establishment in September 2020, the company has accumulated significant experience in advanced packaging technology and has production capabilities for various packaging types, including QFN, BGA, LGA, WLP, and 2.5D/3D [2][3]. - The company's revenue primarily comes from packaging and testing services, with domestic sales accounting for over 93% of total revenue during the reporting period [2]. Group 2: Financial Performance - Xinde Semiconductor reported revenues of 269 million yuan, 509 million yuan, 827 million yuan, and 475 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, while incurring losses of approximately 360 million yuan, 359 million yuan, 377 million yuan, and 219 million yuan during the same periods [4]. - The company has been in a state of "net negative assets" throughout the reporting period, with total assets of 2.167 billion yuan, 2.836 billion yuan, 3.222 billion yuan, and 3.579 billion yuan, against total liabilities of 2.51 billion yuan, 3.586 billion yuan, 4.137 billion yuan, and 4.530 billion yuan [5][6]. - The net asset deficit has been increasing, with figures of -343 million yuan, -750 million yuan, -916 million yuan, and -950 million yuan reported [6]. Group 3: Shareholder Activity - Prior to the IPO application, several shareholders of Xinde Semiconductor engaged in share transfers, collectively cashing out over 77 million yuan in the months leading up to the filing [7].

Core Viewpoint - Tongfu Microelectronics (通富微电) has demonstrated strong growth in revenue and net profit in the first half of 2025, capitalizing on the structural growth of the global semiconductor market, particularly in AI, automotive electronics, and high-performance computing sectors [1][2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 13.038 billion yuan, representing a year-on-year increase of 17.67% [2] - The net profit attributable to shareholders reached 412 million yuan, up 27.72% year-on-year, with a non-recurring net profit of 420 million yuan, reflecting a 32.85% increase [2] - The basic earnings per share were 0.2715 yuan, marking a 27.46% growth [2] - The net cash flow from operating activities surged by 34.47% year-on-year to 2.48 billion yuan, indicating improved efficiency in working capital management [2] Market Demand and Strategic Positioning - The company's growth is driven by strong demand in the global semiconductor market, which reached a scale of 346 billion dollars, growing by 18.9% year-on-year in the first half of 2025 [3] - Tongfu Microelectronics has increased its market share in various application fields, including mobile chips, automotive electronics, and home appliances, becoming a strategic partner for several leading clients [3] - The company has formed a strong partnership with AMD, being its largest packaging and testing supplier, accounting for over 80% of AMD's total orders [3] Technological Advancements - The company has made significant breakthroughs in advanced packaging technology, with large-size FCBGA products entering mass production and progress in optical-electrical co-packaging (CPO) technology [4] - As of June 30, 2025, the company has filed over 1,700 patent applications, with nearly 70% being invention patents, and has over 800 authorized patents [4] Capacity Expansion and Future Prospects - Major projects such as the Nantong Tongfu 2D+ advanced packaging technology upgrade and the integrated circuit testing center renovation are progressing steadily, laying a solid foundation for future capacity release and technological upgrades [5] - The acquisition of a 26% stake in Jinglong Technology enhances the company's competitive advantage in high-end integrated circuit testing [5] Governance and Sustainable Development - The company emphasizes organizational and talent development, optimizing its structure and enhancing leadership training to build a future-oriented talent pool [6] - The digital transformation efforts have significantly improved manufacturing and management levels, with a comprehensive score exceeding 99.28% of enterprises nationwide [6] - The company is committed to environmental protection and corporate governance, achieving multiple environmental standards without major safety or environmental incidents [6] Industry Outlook - The semiconductor packaging and testing market is expected to benefit from the ongoing demand growth in emerging fields such as AI and new energy vehicles [7] - The industry is poised for a historical leap from "catching up" to "keeping pace" and potentially "leading" due to policy support, market demand, and technological advancements [7]