Summary of Key Points from the Conference Call Industry Overview - The discussion centers around the semiconductor packaging industry, specifically focusing on NVIDIA Corporation (NVDA) and its proposed technology shift from CoWoS (Chip-on-Wafer-on-Substrate) to CoWoP (Chip-on-Wafer-on-PCB) packaging technology [1][2]. Core Insights and Arguments 1. **CoWoP Technology Proposal**: NVDA is considering replacing CoWoS with CoWoP, which utilizes advanced PCB technologies like mSAP and SLP to enhance performance by eliminating the ABF substrate layer [1]. 2. **Potential Benefits of CoWoP**: - Simplified system structure leading to reduced transmission losses and improved NVLink interconnect range [1]. - Enhanced thermal management and lower power consumption [1]. - Decreased substrate costs, which have been increasing with each generation [1]. - Possible reduction in backend testing steps [1]. 3. **Commercialization Challenges**: The likelihood of CoWoP being commercialized in the medium term is assessed as low due to significant technological hurdles, including the need for finer line/space dimensions and the current limitations of PCB technology [2]. 4. **Current Roadmap Conflicts**: NVDA's established roadmap, which includes CoWoS-L and CoPoS, appears contradictory to the new direction of CoWoP, indicating a potential preference for more mature technologies [2]. 5. **Supply Chain Implications**: If CoWoP is adopted, it could negatively impact ABF substrate players as the value add from substrates may diminish, while PCB makers with advanced capabilities could benefit [7][8]. 6. **Testing and Foundry Impact**: CoWoP may alter the testing landscape by reducing the number of testing steps but could increase demand for board-level testing, which may lead to a shift in testing equipment spending [11][12]. Additional Important Insights 1. **Market Participation**: There is limited participation from high-value packaging players like TSMC in the CoWoP development, which may hinder its commercialization prospects [5]. 2. **Material Considerations**: The high current and voltage requirements of PCBs may exclude certain materials, suggesting that improved versions of mSAP will likely be used for platform PCBs [9][10]. 3. **Investment Requirements**: Significant investments in clean rooms, automation, and lithography tools will be necessary for the successful implementation of CoWoP, indicating a high barrier to entry for new players [8]. 4. **NVIDIA's Leadership**: Regardless of the success of CoWoP, NVDA is positioned as a leader in datacenter AI infrastructure, continuing to innovate in packaging technologies and system-level approaches [13]. Companies Discussed - **NVIDIA Corporation (NVDA)**: Focused on advanced packaging technologies and AI infrastructure [20]. - **TSMC**: Noted for its limited engagement in the CoWoP technology development [12]. - **ABF Material Vendors**: Companies like Ajinomoto and Ibiden may face negative impacts from the shift to PCB-based technologies [7]. - **PCB Manufacturers**: Unimicron is highlighted as a strong player due to its involvement in advanced PCB technologies [8][10]. This summary encapsulates the key points discussed in the conference call, providing insights into the potential shifts in the semiconductor packaging landscape and the implications for various stakeholders.

Core Viewpoint - Jiangsu Xinde Semiconductor Technology Co., Ltd. has successfully completed a strategic financing round of nearly 400 million RMB, showcasing rapid growth and attracting significant investment in the semiconductor industry [3][4]. Company Overview - Founded in 2020, Xinde Semiconductor has quickly established itself as a key player in the semiconductor sector, achieving milestones such as being listed among Forbes' new unicorns in China within three years of its inception [4][6]. - The company has completed over 2 billion RMB in financing within five years, demonstrating a robust growth trajectory [4][13]. Financing and Investment - The recent financing round was led by government-guided funds from Nanjing and Pukou District, with participation from top institutions like Yuanhe Puhua and Jiangsu Provincial Strategic Emerging Industry Development Fund [4]. - Xinde Semiconductor has attracted investments from major industry players, including Xiaomi and OPPO, indicating strong market confidence [4][12]. Technological Advancements - Xinde Semiconductor focuses on high-end packaging technology, maintaining a competitive edge in advanced packaging fields such as Bumping and FC [9]. - The company has successfully developed key technologies in the packaging industry, including Bumping, WLP, LGA, BGA, SiP, and 2.5D, positioning itself among the few domestic firms with such capabilities [10]. Industry Context - The semiconductor industry in Nanjing is experiencing significant growth, with Xinde Semiconductor representing a model of success within a vibrant semiconductor ecosystem [5][6]. - Nanjing's strategic initiatives, including the establishment of a complete industrial chain and partnerships with local universities, have fostered a conducive environment for semiconductor innovation and development [16][17]. Future Prospects - The ongoing development of the "Chip City" project in Jiangbei New District, with a total investment of 19.4 billion RMB, aims to create a comprehensive ecosystem for research, industry, and talent, further solidifying Nanjing's position in the semiconductor landscape [20].

Overview - The company, Forehope Electronic (Ningbo) Co., Ltd., is issuing convertible bonds totaling RMB 116.5 million, with a total of 1,165,000 bonds to be listed on the Shanghai Stock Exchange [4][5][30]. - The bonds will have a maturity period from June 26, 2025, to June 25, 2031, with a conversion period from January 2, 2026, to June 25, 2031 [4][5]. Company Profile - Forehope Electronic was established on November 13, 2017, and focuses on integrated circuit packaging and testing, primarily serving integrated circuit design companies [9][18]. - The company specializes in advanced packaging technologies, including QFN/DFN, BGA, and WLP, and has developed a strong reputation in the market for its high-density packaging solutions [18][24]. Financial Information - The company has a registered capital of RMB 409,625,930 as of May 26, 2025, and has undergone several capital changes since its establishment [9][15]. - The total amount raised from the bond issuance will be used for projects including advanced packaging technology research and development [30]. Market Position - The integrated circuit packaging and testing industry is capital and technology-intensive, with high barriers to entry. Forehope competes primarily with leading domestic companies such as Changjiang Electronics Technology, Huatian Technology, and Tongfu Microelectronics [20][22]. - The company has established strategic partnerships with numerous well-known design firms, enhancing its market presence and customer base [25][26]. Competitive Advantages - Forehope has a strong focus on R&D, with 1,025 technical staff, representing 17.89% of its total workforce, and holds numerous patents in advanced packaging technologies [26][27]. - The company has been recognized as a high-tech enterprise and has received accolades from clients for its service quality and product reliability [25][26].

Investment Rating - The industry view for Semiconductor Production Equipment is rated as Attractive [6]. Core Insights - The report highlights a significant shift towards CoPoS (Chip-on-Panel-on-Substrate) technology, with TSMC investing in a pilot line for 310mm² substrates, indicating a growing trend in the industry [4][9]. - ASE Technology has introduced a 2.3D package technology using 300mm² substrates, suggesting a contraction in substrate sizes from the previously defined standards [5]. - The anticipated timeline for equipment deliveries to pilot lines for 310mm² PLP is set for mid-2026, with large-scale investment decisions expected by mid-2027 [10]. Summary by Sections Industry Overview - The WFE market (excluding lithography) is projected to grow by 5% YoY in 2025, driven by investments from Chinese manufacturers and improved yields for logic makers [22]. - The report indicates a potential contraction of the WFE market by 4% YoY in 2025 due to a slowdown in the Chinese market, although investments in flash memory are expected to resume in the latter half of the year [23]. Company Performance - SCREEN Holdings has raised its price target from ¥13,600 to ¥13,800, reflecting an optimistic outlook on earnings growth driven by the adoption of 310mm² substrates [6][11]. - The earnings forecast for SCREEN Holdings has been adjusted, with projected PLP-related sales increasing to ¥5 billion for F3/27 and ¥7 billion for F3/28 [11]. Financial Projections - Operating profit for SCREEN Holdings is expected to reach ¥135.7 billion in 2025, with a gross margin of 37.6% [29]. - EPS is forecasted to be ¥1,155.5 for the base year F3/28, which is anticipated to be the next earnings peak [18][22]. Market Dynamics - The report identifies key beneficiaries of the shift to smaller substrates, including Disco, Screen HD, and Ulvac, which are expected to see increased orders for CoPoS technology [9][11]. - The demand for cleaning systems remains strong, contributing positively to the overall market outlook for SCREEN Holdings [18].