Core Viewpoint - The article discusses the fundamental changes in the construction and assembly of intermediary layers and bridge technologies in advanced packaging, highlighting the increasing complexity and thickness of intermediary layers and the cost-reduction efforts associated with bridge technology [1]. Intermediary Layers - Intermediary layers are evolving to become thicker and more complex, primarily made of silicon, which is costly even at older process nodes [1]. - The typical intermediary layer currently has up to four layers, with some reaching ten layers due to the emergence of new HBM memory generations [7]. - The balance between intermediary layer thickness and mechanical strength is crucial, as increased thickness can lead to warping issues [7]. - Active intermediary layers are gaining traction, particularly in AI and HPC applications, but face challenges in cost, yield, and thermal management [8][9]. Bridge Technology - Silicon bridge technology is designed to achieve high-density interconnections at a lower cost compared to silicon intermediary layers [1][17]. - The integration of bridge structures into organic materials can provide high-density interconnections and shorter delays, but alignment issues pose significant challenges [17][18]. - Current bridge technology has not fully realized its cost-reduction potential due to low yield rates, which need to be addressed for broader adoption [24]. Material Considerations - Organic intermediary layers are emerging as a cost-effective alternative to silicon, as they can be manufactured on panels rather than wafers, reducing production costs [15]. - Glass is also being considered for intermediary layers due to its lower signal loss, especially for photonic applications, but is still years away from mass production [16]. - The industry is likely to see a coexistence of silicon and organic intermediary layers, with organic materials gradually gaining market share [23]. Testing and Quality Control - Active intermediary layers require more extensive testing beyond simple open/short tests, including functional testing and electrical isolation, complicating the production process [11]. - Yield rates are critical for the success of active intermediary layers, as they introduce new challenges related to electrical performance and testing requirements [9][10].

投资者提问： 董秘您好：请问贵公司有关注英特尔EMIB先进封装解决方案吗？如关注或参与其中了可以简要描述一 下竟争优势有那些？谢谢！ 董秘回答(盛美上海SH688082)： 尊敬的投资者您好，盛美上海密切关注全球先进封装技术的发展趋势，对包括英特尔EMIB在内的多种 先进封装解决方案保持着持续跟踪，公司全线封测设备（包括湿法设备、涂胶、显影设备及电镀铜设 备）亦可应用于大算力芯片2.5D封装工艺。公司将结合高端芯片封装的发展需求，积极加强与产业链上 下游客户的协同合作，不断提升设备在先进封装领域的适用性与市场竞争力，携手合作伙伴共同促进全 球半导体产业的蓬勃发展。感谢您的关注！ 查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 来源：问董秘 ...

Summary of Conference Call Company Overview - The conference call was held for Yongxi's Q3 2025 earnings report, attended by key executives including the CTO and CFO [1][2]. Key Financial Highlights - **Revenue**: For the first three quarters of 2025, Yongxi achieved revenue of 3.17 billion CNY, a year-on-year increase of 24%. Q3 revenue alone was 1.16 billion CNY, up 26% year-on-year, marking a record high for the company [2][3]. - **Net Profit**: The net profit attributable to shareholders for the first three quarters was 63 million CNY, a 49% increase compared to the same period last year. Q3 net profit after deducting non-recurring items also turned positive [2][3]. - **Gross Margin**: The overall gross margin for the first three quarters was 16.4%, with a steady increase observed each quarter [3]. - **Operating Expenses**: Management expense ratio decreased from 7.76% to 6.24%, and financial expense ratio dropped from 6.02% to approximately 5.15% [3]. Product and Market Insights - **Product Revenue Breakdown**: System-level packaging products accounted for about 40% of revenue, while QF classified products made up approximately 38%. Wafer-level packaging and flip-chip products combined accounted for 20% [3][4]. - **Growth Areas**: The AIoT sector remains the largest revenue contributor, accounting for nearly 70% of total revenue, with a growth rate exceeding 30% [4][25]. - **Client Base**: The company has seen significant growth from overseas clients, particularly in the top three customer segments [4][16]. Future Outlook - **Q4 Expectations**: The company anticipates continued revenue growth in Q4, driven by strong demand from overseas clients and a recovery in the PA sector [7][29]. - **Capital Expenditure**: The capital expenditure for the current year is set at 2.5 billion CNY, with expectations for next year to remain at least at the same level. Production capacity is projected to increase by nearly 20% [10][29]. - **Advanced Packaging Development**: The company is focusing on 2.5D packaging technology and has made significant R&D investments, with a 42% increase in R&D spending compared to last year [3][13]. Industry Trends - **AI Impact**: The demand for advanced packaging technologies is expected to grow significantly due to the increasing application of AI across various industries. The company views this as a substantial growth opportunity [24][33]. - **Market Dynamics**: There is a noted increase in material costs and potential price adjustments for customers due to tight capacity in the industry [8][9]. Additional Insights - **Customer Demand**: The company is experiencing high utilization rates, with production capacity operating above 90% for certain product lines [7]. - **Future Revenue Composition**: The company aims for overseas revenue to exceed 30% in the future, driven by successful engagements with international clients [16]. This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, market positioning, and future growth strategies.

为什么要采用先进封装？ 自半导体工业诞生以来，集成电路就一直被封装在封装件中。最初的想法主要是保护内部脆 弱的硅片不受外部环境的影响，但在过去的十年中，封装的性质和作用发生了巨大的变化。 虽然芯片保护仍然重要，但它已成为封装中最不引人关注的作用。 本文探讨了封装领域最大的变化，即通常所说的先进封装。先进的含义并没有明确的定义。相反， 该术语广泛涵盖了多种可能的封装方案，所有这些方案都比传统的单芯片封装复杂得多。先进封装 通常封装了多个元件，但组装方式却千差万别。 在这种讨论中，经常会提到 2.5D 或 3D 封装，这些描述指的是内部元件的排列方式。 本文首先讨论了从外部观察到的封装类型，然后向内讨论了高级封装所集成的基本组件。之后，将 更详细地探讨每个组件。大部分讨论将涉及高级软件包的各种组装过程。文章最后探讨了任何技术 讨论都必须涉及的四个主题--工程师如何设计先进封装、如何对其进行测试、先进封装的总体可靠 性影响以及任何安全影响。 文章还简要讨论了两个相关的广泛话题。首先是键合。虽然这是封装的一个必要组成部分，但它本 身也是一个很大的话题，在此不作详细讨论。其次是不属于集成电路但可能包含在封装中的各类元 ...