深科技发布投资者关系活动记录表公告称，存储芯片封装在行业中存在较高的技术壁垒。作为国内高端 存储芯片封测的龙头企业，公司拥有行业经验丰富的研发和工程团队，具备精湛的多层堆叠封装工艺能 力和测试软件开发能力。公司目前深圳、合肥封测处于满产状态，并根据客户近期需求在扩产。 ...

投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑ 其他（2025 年度深圳辖区上市公司投资者网上集体接待日活动） 参与单位名称 及人员姓名 投资者网上提问 时间 2025 年 11 月 20 日 (周四) 下午 15:40~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网 络远程的方式召开"2025 年度深圳辖区上市公司投资者网上集体接待日 活动" 上市公司 接待人员姓名 董事，副总裁周庚申 副总裁,财务负责人莫尚云 董事会秘书钟彦 投资者关系活 动主要内容介 绍 1、公司与广东省国家数字经济创新发展试验区建设方案关联度大不 大？ 答：尊敬的投资者，您好！公司将密切关注宏观经济与政策动向，力 求为公司和股东创造长期、稳定的价值。感谢您的关注！ 2、截止11月20日股东数量是多少？ 答：尊敬的投资者，您好！截至2025年11月10日，公司股东户数为 230,106户。感谢您的关注！ 3、合肥二期工厂的HBM3封测产线，是否已经正式商用？ 答：尊敬的投资者，您好！作为国内高端存储芯片封测的龙头 ...

格隆汇11月19日丨颀中科技(688352.SH)在投资者互动平台表示，公司主营业务以显示驱动芯片及非显 示驱动芯片封测业务为主，尚不涉及存储类芯片相关的业务。 （原标题：颀中科技(688352.SH)：尚不涉及存储类芯片相关的业务） ...

格隆汇11月19日丨颀中科技(688352.SH)在投资者互动平台表示，公司主营业务以显示驱动芯片及非显 示驱动芯片封测业务为主，尚不涉及存储类芯片相关的业务。 ...

Group 1 - The core viewpoint of the news is that Xin Heng Hui's stock price increased by 5.25% to 73.35 CNY per share, with a trading volume of 248 million CNY and a turnover rate of 7.65%, resulting in a total market capitalization of 17.571 billion CNY [1] - Xin Heng Hui Electronic Co., Ltd. is located in Zibo City, Shandong Province, established on December 7, 2017, and listed on June 20, 2025. The company's main business includes smart card business, etched lead frame business, and IoT eSIM chip testing services [1] - The revenue composition of Xin Heng Hui's main business is as follows: smart card business accounts for 59.74%, etched lead frame business 28.34%, IoT eSIM chip testing 6.16%, and others 5.76% [1] Group 2 - From the perspective of the top ten heavy stocks in funds, data shows that one fund under China Merchants Fund holds Xin Heng Hui as a significant investment. The fund, China Merchants CSI 300 Real Estate Equal Weight Index A (161721), held 382 shares in the third quarter, unchanged from the previous period, accounting for 0.0007% of the circulating shares, ranking as the seventh largest heavy stock [2] - The China Merchants CSI 300 Real Estate Equal Weight Index A (161721) was established on January 1, 2021, with a latest scale of 434 million CNY. Year-to-date returns are 0.84%, ranking 4164 out of 4216 in its category; over the past year, it has lost 14.99%, ranking 3919 out of 3922; and since inception, it has lost 41.71% [2] - The fund manager of China Merchants CSI 300 Real Estate Equal Weight Index A (161721) is Wang Ningyuan, who has been in the position for 260 days. The total asset scale during his tenure is 2.116 billion CNY, with the best fund return of 18.24% and the worst fund return of 4.59% [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][6]. Core Insights - The company achieved a revenue growth of 18% and a net profit growth of 95% in Q3 2025, with a non-GAAP net profit growth of 59%, leading the industry in performance [4][6]. - As a core packaging and testing manufacturer for AMD, the company is expected to benefit significantly from the growth of its major client, with projected net profits of 1.28 billion RMB, 1.88 billion RMB, and 2.71 billion RMB for 2025-2027, representing year-on-year growth rates of 89%, 47%, and 44% respectively [4][6]. - The stock is currently trading at a price-to-earnings (P/E) ratio of 48, 32, and 23 for the years 2025-2027, which supports the "Buy" rating [4][6]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenues of 20.12 billion RMB, a year-on-year increase of 17.8%, and a net profit of 860 million RMB, a year-on-year increase of 55.7% [6]. - In Q3 2025 alone, the company achieved revenues of 7.08 billion RMB, a year-on-year increase of 17.9%, and a net profit of 450 million RMB, a year-on-year increase of 95.1% [6]. - The comprehensive gross margin for the first three quarters of 2025 was 15.3%, an increase of 0.9 percentage points compared to the same period last year [6]. Earnings Forecast - The company is expected to achieve net profits of 1.28 billion RMB, 1.88 billion RMB, and 2.71 billion RMB for the years 2025, 2026, and 2027, with corresponding EPS of 0.84 RMB, 1.24 RMB, and 1.79 RMB [5][6]. - The projected P/E ratios for the years 2025, 2026, and 2027 are 47.7, 32.4, and 22.5 respectively [5].

Group 1: Economic Development - Nanyang has made significant progress in high-quality economic development during the "14th Five-Year Plan" period, with stable economic operation and deepening reform and opening-up [1] - The city aims to become a modern provincial sub-center, focusing on manufacturing innovation, ecological economy, and social governance modernization [1][4] - By 2024, the scale of green food, equipment manufacturing, and new materials industries is expected to exceed 170 billion, 90 billion, and 85 billion respectively [2] Group 2: Ecological and Green Development - Nanyang emphasizes ecological development, leveraging its rich ecological resources to promote carbon trading and the transformation of ecological products into economic benefits [3][4] - The city is implementing a "beautiful" tourism strategy to enhance its reputation as a high-quality ecological cultural tourism destination [3] Group 3: Transportation and Logistics - Nanyang is transforming from a traditional transportation route to a national logistics hub, with freight volume projected to reach 450 million tons and freight turnover at 145.95 billion ton-kilometers by 2024 [4] - The logistics hub parks in Nanyang achieved a cargo throughput of 28.89 million tons [4] Group 4: Traditional Medicine and Culture - Nanyang is recognized as a significant center for traditional Chinese medicine, focusing on the integration of culture, technology, and healthcare to enhance its influence [5] - The city is advancing the "prevention and treatment health care" model and has been recognized as a leading city in grassroots traditional medicine work [5] Group 5: Social Governance - Nanyang is implementing modern social governance practices, achieving a public safety perception rate of over 96% and being recognized as an excellent provincial city for legal construction for three consecutive years [6] - The city is committed to building a harmonious and prosperous community through effective governance and community engagement [6]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [3][8]. Core Insights - The company is expected to benefit significantly from a partnership between OpenAI and AMD, which plans to deploy a total of 6GW of AMD chips, starting with 1GW in the second half of next year. This collaboration is projected to generate nearly $100 billion in revenue for AMD over the coming years, with the company being a key packaging and testing supplier for AMD [3][6]. - The company's net profit forecasts for 2025, 2026, and 2027 are adjusted to 1.09 billion, 1.85 billion, and 2.71 billion RMB, respectively, reflecting year-on-year growth rates of 61%, 69%, and 47% [3][5][6]. - The current stock price corresponds to price-to-earnings (PE) ratios of 56, 33, and 23 for the years 2025, 2026, and 2027, respectively [3][6]. Financial Summary - The company achieved a revenue of 13.04 billion RMB in the first half of 2025, marking a year-on-year increase of 17.7%. The net profit for the same period was 410 million RMB, up 27.7% year-on-year [6]. - For the fiscal years 2023 to 2027, the projected net profits are as follows: 169 million USD in 2023, 678 million USD in 2024, 1.094 billion USD in 2025, 1.85 billion USD in 2026, and 2.71 billion USD in 2027, with corresponding year-on-year growth rates [5][10]. - The company's earnings per share (EPS) are forecasted to be 0.11 USD in 2023, 0.45 USD in 2024, 0.72 USD in 2025, 1.22 USD in 2026, and 1.79 USD in 2027, reflecting significant growth [5][10].

Core Viewpoint - The company anticipates significant growth in its display chip packaging and testing business, driven by industry shifts and government subsidies, with a particularly strong demand expected in the second half of 2025 [1] Group 1: Display Chip Packaging and Testing - The transfer effect in the display industry is expected to continue, especially for large-size COF and TDDI COG products [1] - Rapid demand increase is anticipated in the third quarter, with further growth expected in the fourth quarter [1] - The penetration rate of AMOLED technology continues to rise [1] Group 2: Non-Display Chip Packaging and Testing - Cu bump packaging is projected to see incremental growth quarter by quarter in the second half of 2025 [1] - Although the DPS segment is expected to have low utilization rates in the first half of 2025, a recovery is anticipated in the second half [1] - The overall outlook remains cautiously optimistic [1]

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee has approved Hefei Qizhong Technology Co., Ltd.'s refinancing plan, confirming it meets the issuance, listing, and information disclosure requirements [1] Group 1: Meeting Outcomes - The 35th review meeting of the Shanghai Stock Exchange's Listing Review Committee took place on September 11, 2025 [1] - Hefei Qizhong Technology's refinancing plan was found to comply with necessary conditions [1] Group 2: Key Questions Raised - The committee inquired about the technical differences, market share, and future demand for gold bump and copper-nickel bump products, questioning their substitutability and market potential [2] - Questions were raised regarding the reasonableness of the new capacity from the advanced power and flip-chip packaging technology renovation project, including market demand and existing capacity utilization [2] Group 3: Fundraising Details - Hefei Qizhong Technology plans to issue convertible bonds with a total fundraising amount not exceeding 850 million yuan, with net proceeds allocated to specific projects [3] - The projects include a high-footprint micro-sized bump packaging and testing project, and a technology renovation project for advanced power and flip-chip packaging [3][4] Group 4: Convertible Bond Specifications - The convertible bonds will be issued at a face value of 100 yuan each, with a maturity of six years from the issuance date [4] - The total number of bonds to be issued will not exceed 8.5 million [4] - The bonds will have an annual interest payment structure, with the option for holders to convert to shares after a six-month period [5] Group 5: Priority Subscription and Ratings - Existing shareholders will have priority in the subscription of the convertible bonds, with the specific ratio to be determined based on market conditions [6] - The bonds have been rated "AA+" by Dongfang Jincheng, with a stable outlook [6]