Core Viewpoint - The company has achieved mass production capability for FC-BGA packaging substrates with 20 layers and below, while the technical research and sample production for 22-26 layer products are progressing as scheduled [1] Group 1 - The company's Guangzhou packaging substrate project phase one has been connected in the fourth quarter of 2023, with continuous improvement in production line capacity [1] - The company is steadily ramping up production capacity and has secured bulk orders for BT type and some FC-BGA products [1] - The losses of Guangzhou Guangxin narrowed on a quarter-on-quarter basis in the third quarter of 2025 [1]