来源：翠鸟资本 9月30，成立于2006年、深耕半导体封装领域近20年的珠海越亚半导体股份有限公司（下称"越亚半导 体"），其创业板IPO申请正式获深交所受理。这是该公司在2014年主动撤回上交所IPO申请后，时隔11 年再度向资本市场发起冲击。 然而， 10月10日，中国证券业协会公布2025年第三批首发企业现场检查抽签结果，越亚半导体与中电 建新能源集团股份有限公司一同被纳入检查范围。 值得关注的是，此前已有14家A股拟IPO企业先后被抽中现场检查，与往年"一查就撤"的行业常态不 同，2025年被抽中现场检查的企业暂未出现撤回材料的情况，但截至目前也尚未有企业实现过会。 在此背景下，越亚半导体面临的不仅是二次闯关的行业竞争压力，更需通过监管对其财务真实性、内控 规范性与募投合理性的穿透式核查。这一次，越亚半导体能成功吗？ 营收增长疲软 登录新浪财经APP 搜索【信披】查看更多考评等级 招股书显示，2025年上半年公司主营业务收入7.8亿元，较2024年同期的8.49亿元下降8.06%。其中核心 产品射频模组封装载板的收入连续下滑，2024年销售收入同比下降5.4%，2025年上半年颓势仍在延 续，公司不得 ...

从事精密连接器的鸿日达（301285）12月5日晚间公告，公司将变更部分募投项目，改为投资光通信与 半导体引线框项目。 公告显示，2022年，公司IPO实际募资6.76亿元，用于投资昆山汉江精密连接器生产项目，随后IPO项目 多次经历变更和延期。 2024年4月，公司同意将原募投项目"昆山汉江精密连接器生产项目"中部分内容变更为"半导体金属散热 片材料项目"和"汽车高频信号线缆及连接器项目"，去年9月将预定可使用状态日期延长至2026年3月31 日。 2025年4月22日，公司又将"半导体金属散热片材料项目"和"汽车高频信号线缆及连接器项目"达到预定 可使用状态日期延长至2026年11月30日。 本次拟变更用途的募集资金金额约1.69亿元,占募集资金净额约25%；截至2025年9月30日，公司募集资 金余额约3.01亿元。 对于变更原因，公司表示，原募投项目中"昆山汉江精密连接器生产项目"、"汽车高频信号线缆及连接 器项目"是基于当时消费电子产品更新迭代速度加快、顺应汽车新能源化和电动化、相关产品市场需求 旺盛等行业趋势以及公司发展战略而制定，但在项目实际执行过程中，由于宏观经济环境、行业周期 性、市场竞争格 ...

Core Insights - Advanced packaging technology is crucial for overcoming performance bottlenecks in the semiconductor industry, driven by emerging applications like AI, high-performance computing, and 5G communication [3] - The global advanced packaging market is projected to grow from approximately $45 billion in 2024 to $80 billion by 2030, with a compound annual growth rate (CAGR) of 9.4% [3][75] Technical Evolution Dimension - TSMC's CoWoS technology has evolved from supporting 1.5x to 3.3x mask sizes, with plans for a 5.5x version by 2025-2026 and a 9x version by 2027, significantly increasing integration density and reducing signal transmission latency [6][7] - Hybrid bonding technology is emerging as a core technology for next-generation advanced packaging, enabling direct wafer bonding without bumps, thus enhancing interconnect density and reducing power consumption [10][11] - AMD's MI300X AI accelerator utilizes a 3.5D packaging architecture, combining TSMC's SoIC and CoWoS technologies, achieving unprecedented integration levels with 1,530 billion transistors [14][15] - Intel employs a multi-technology strategy in advanced packaging, focusing on EMIB and Foveros technologies, with plans for further enhancements to improve performance and integration [18][19] - Glass substrate technology is gaining traction as a disruptive innovation, offering advantages in electrical performance, thermal stability, and cost-effectiveness, with a projected market penetration exceeding 50% within five years [22][23] Material System Analysis - BT resin substrates are the most widely used packaging material, accounting for over 70% of IC substrates, known for their excellent thermal and electrical properties [26][27] - ABF substrates, developed by Ajinomoto, are preferred for high-end chip packaging due to their superior processing capabilities and electrical performance, despite higher costs [28][30] - Ceramic substrates, particularly AlN and Si3N4, are ideal for high-performance applications due to their high thermal conductivity and mechanical strength [32][34] Equipment and Process Dimension - TCB equipment is critical for HBM packaging, with ASMPT holding over 80% market share, driven by the demand for AI chips and high-performance computing [45][47] - The global die bonder market is dominated by four major players, with ASMPT leading at 31% market share, followed by BESI, Ficontec, and Neways [49][51] - The back-end packaging equipment market is characterized by a diverse competitive landscape, with Disco leading in wafer thinning and cutting technologies [54] Industry Layout Analysis - TSMC is experiencing exponential growth in CoWoS capacity, projected to reach 65,000-75,000 units per month by 2025, driven by AI chip demand [63][65] - The HBM market is dominated by three players: SK Hynix, Samsung, and Micron, collectively holding over 95% market share, with SK Hynix leading at 60-70% [67][68] - China's packaging industry is rapidly advancing, with Jiangsu Changjiang Electronics Technology, Tongfu Microelectronics, and Huada Semiconductor becoming significant players globally [70][71] - The global advanced packaging market is shifting towards IDM manufacturers, who leverage integrated design and manufacturing advantages, with Taiwan companies holding a dominant position in the AI packaging market [73][74]

Group 1 - The world's largest 3D printing factory will be established in Shenzhen, with Huina Technology planning to deploy 15,000 TuoZhu 3D printers by Q1 2026, making it the largest globally [2] - Nvidia's CEO Jensen Huang emphasized that Nvidia's GPUs are irreplaceable and that the AI market is vast and rapidly growing, requiring continuous innovation to maintain a competitive edge [2] - The first civil drone test flight operation base in Zhejiang has received the 001 license, covering 102 acres and providing comprehensive services for R&D, flight verification, and training [2] Group 2 - TSMC's advanced packaging plant in Chiayi is set to begin mass production next year, with plans to expand by adding approximately six 3D packaging plants in the future [2]

此外，在半导体模块、功率器件、传感器封装中，会用到大量散热片、金属垫片、微孔结构件等。这些零件强调导热性、尺寸一致性和表面质量，而深圳成 熟的蚀刻工艺能够实现高光洁度、高平整度和严格的尺寸控制。尤其在大批量生产时，自动化蚀刻线结合在线监控系统，可以确保每批次产品的一致性达到 严格标准。 深圳在半导体辅助制造中的另一个优势在于材料覆盖范围广，包括铜、铝、铁镍合金（如42合金）、镍基材料等。这些材料是 IC 封装最常见的金属材料， 而深圳蚀刻企业在这些材料的腐蚀均匀性、侧蚀控制等方面已经形成稳定技术体系。 值得注意的是，深圳蚀刻加工正在加速智能化。大量工厂已经引入数控曝光、显影自动化、蚀刻药水在线监控、AI视觉检测等系统，使封装零件的加工精 度与一致性大幅提升。在半导体封装中，任何微米级尺寸偏差都可能影响产品良率，因此深圳的智能化升级成为行业的重要竞争力。 随着半导体向更小尺寸、更高功率、更高密度方向发展，对精密金属件的要求会进一步提高，如更小引线间距、更薄金属载体、更高散热能力等。深圳蚀刻 加工具有灵活性强、适配性高、批量效率佳等特点，将成为未来半导体封装产业不可缺少的制造环节。 半导体产业是现代制造业中技术门 ...

Core Viewpoint - Major South Korean electronics companies, including Samsung, SK, and LG, are competing to commercialize next-generation semiconductor glass substrates, facing significant challenges such as technical difficulties and market uncertainty [2][4]. Group 1: Market Dynamics - The glass substrate technology aims to replace traditional PCB materials to enhance power efficiency and thermal resistance, with a notable advantage in reducing warping [2][3]. - The demand for glass substrates is expected to rise due to the increasing size of AI semiconductors, which are more sensitive to warping [2][3]. - Samsung Electro-Mechanics has established a trial production line for glass substrates and plans to deliver initial samples to a global tech giant [3]. - SKC's Absolix is constructing a glass substrate factory in Georgia, with an initial capacity of 12,000 square meters and a future expansion to 72,000 square meters [3][4]. - LG Innotek is also building a trial production line, aiming to produce prototypes by the end of the year and start mass production by 2027 or 2028 [4]. Group 2: Technical Challenges - The processing of glass substrates is more complex than traditional materials, with risks of micro-cracks during cutting and drilling that can lead to overall substrate failure [4][5]. - Issues with reliability and compatibility of glass substrates remain unresolved, leading to skepticism in the packaging industry regarding their exclusive use [4][5]. - The lack of clear demand sources for glass substrates is a concern, as major tech companies are still in the sample testing phase without formal commercialization announcements [4][5]. Group 3: Market Potential and Predictions - Opinions on the market potential for glass substrates vary, with some predicting explosive growth driven by AI semiconductors, while others believe demand will be limited to ultra-high-performance applications [6][7]. - The semiconductor packaging market is estimated to be worth between 10 trillion to 20 trillion KRW, with glass substrates potentially capturing 10% of this market, equating to a value of 1 trillion KRW [6]. - Yole Group forecasts that the high-performance IC substrate market will reach approximately 40 trillion KRW by 2028, with glass substrates accounting for only 58 billion KRW, or 0.14% [6][7]. - A representative from a glass substrate equipment company acknowledges skepticism but suggests that rapid adoption could occur with technological advancements and market changes, estimating a 50% chance of success for glass substrates [7].

Event Overview - The 2025 Guangdong Province Live Job Recruitment event will conduct 40 online job fairs from July to December 2025, guided by the China Small and Medium Enterprises Development Promotion Center and co-hosted by various provincial departments [2]. Live Event Details - The 34th session of the event is a special session for universities, scheduled for November 14, 2025, from 10:00 to 12:00 at Guangdong Science and Technology Vocational College (Zhuhai Campus) [4]. Company Profiles - **Dongguan Xingteng Technology Co., Ltd.**: Established in December 2019, the company aims to become China's largest new retail company in the "people, car, home" ecosystem, with over 130 offline stores and a cumulative investment of 160 million yuan. The company plans to achieve over 3 billion yuan in revenue within three years [5]. - **Zhuhai Guanyu Power Co., Ltd.**: A subsidiary of Guanyu Group, specializing in lithium battery R&D, production, and sales, with a focus on polymer lithium-ion batteries and expanding into power battery fields [6]. - **Zhongshan Duomei Chemical Co., Ltd.**: Founded in 1989, the company has evolved into a significant player in the daily chemical industry, focusing on oral care and personal care products [7]. - **Shenzhen No. 79 Fishing Boat Holdings Co., Ltd.**: Established in 2015, the company operates 18 branches in Shenzhen and 2 in Guangzhou, focusing on fresh seafood dining with a total operating area of approximately 54,179 square meters [8]. - **Haoji (Zhuhai) Semiconductor Co., Ltd.**: Founded in 2024, it is the first domestic company to integrate R&D, production, sales, and technical services in semiconductor packaging and precision probe manufacturing [9]. - **Guangdong Guangsheng Warehousing Management Co., Ltd.**: Established in 1984, the company has a registered capital of 100 million yuan and is expanding its warehousing network across multiple provinces, with plans for international market expansion [10]. Job Opportunities - **Dongguan Xingteng Technology Co., Ltd.**: Hiring for positions including Xiaomi Home Sales (30 positions), After-sales Service Specialist (8 positions), and Management Trainees (10 positions) with salaries ranging from 5,000 to 10,000 yuan [6]. - **Zhuhai Guanyu Power Co., Ltd.**: Seeking 100 skilled workers in smart manufacturing with salaries ranging from 2,440 to 7,500 yuan [6]. - **Zhongshan Duomei Chemical Co., Ltd.**: Open positions include Equipment Maintenance Workers, Quality Inspectors, R&D Staff, and Production Management Trainees, with salaries from 4,000 to 6,200 yuan [7]. - **Shenzhen No. 79 Fishing Boat Holdings Co., Ltd.**: Hiring Front Hall Reserve Cadres across various service roles, with salaries between 4,500 and 6,200 yuan [8]. - **Haoji (Zhuhai) Semiconductor Co., Ltd.**: Looking for Production Management Trainees with salaries from 5,000 to 6,000 yuan [10]. - **Guangdong Guangsheng Warehousing Management Co., Ltd.**: Recruiting Warehouse Managers with salaries ranging from 4,100 to 7,500 yuan [10].

Core Viewpoint - Hongrida (301285) announced plans to jointly invest in Hongke Semiconductor (Dongtai) Co., Ltd. with Fujian Tedu Technology Co., Ltd. and Shanghai Hongke Tongchuang Enterprise Management Partnership (Limited Partnership) to engage in the research, design, manufacturing, and sales of semiconductor packaging lead frames [1] Company Summary - Hongrida will contribute 90 million yuan, holding a 60% stake in the new venture [1]

Core Viewpoint - Zhuhai Yueya Semiconductor Co., Ltd. is facing significant challenges as it prepares for its IPO, including a unique governance structure, fluctuating debt levels, declining profitability, and potential conflicts of interest with overseas shareholders [1][5][28]. Governance Structure - The company operates without a controlling shareholder or actual controller, leading to potential decision-making inefficiencies [6][8]. - The two major shareholders, AMITEC and Oriental Information Industry, hold 39.95% and 37.23% of shares respectively, creating a balance that may hinder timely strategic decisions [6][8]. Debt Structure - The company's debt structure has shown unusual fluctuations, with short-term debt increasing from 230 million yuan in 2022 to 466 million yuan in the first half of 2025, while long-term debt decreased significantly [10][11]. - This shift raises concerns about liquidity risks, especially as net profit has declined from 415 million yuan in 2022 to 215 million yuan in 2024 [12][10]. Profitability Concerns - Revenue growth has been minimal, with a compound annual growth rate of only 3.8% from 2022 to 2024, while net profit has nearly halved during the same period [13][14]. - The gross margin has dropped from 38.97% in 2022 to 24.42% in the first half of 2025, indicating severe profitability issues [14][16]. Capacity Utilization - The company’s capacity utilization rates are concerning, with FC-BGA substrate utilization at only 9.32% in the first half of 2025, despite plans for aggressive expansion [19][20]. - The planned IPO funding of 1.037 billion yuan for capacity expansion raises questions about the ability to absorb new capacity given current low utilization rates [21][19]. Fixed Asset Saturation - Fixed assets account for 58% of total assets, significantly higher than the industry average of 35%, leading to increased depreciation pressures [24][30]. - The company’s strategy of expanding fixed assets despite already high levels may lead to a cycle of overcapacity and declining margins [24][30]. Potential Conflicts of Interest - The relationship between overseas shareholders and the technical team poses risks, particularly regarding the management of core technologies and potential conflicts of interest [28][30]. - The company's reliance on tax incentives for a significant portion of its profits (up to 26.96% in 2024) could further complicate its financial stability if tax policies change [25][26]. Regulatory Scrutiny - The upcoming IPO is subject to stringent regulatory checks on revenue recognition, project feasibility, and governance effectiveness, with no option for withdrawal once submitted [31].

Group 1 - The core viewpoint of the article highlights that Unisoc is advancing the large-scale introduction of its packaging products through its high-reliability and high-quality packaging line in Wuxi [2] - The project involves a significant investment scale, indicating the company's commitment to enhancing its production capabilities [2] - The company aims to expedite the operational maturity and production capacity of the packaging line to take on more tasks in the future [2]