Group 1 - The company, Siwei Fushi (300852.SZ), primarily focuses on high multilayer PCB production at its factory in Thailand and has not yet ventured into flexible circuit boards [1]

Core Viewpoint - The Shanghai Stock Exchange will hold its 48th listing review meeting on October 31, 2025, to examine the initial public offering (IPO) of Jiangxi Hongban Technology Co., Ltd. (referred to as "Hongban Technology") [1] Group 1: IPO Details - Hongban Technology plans to issue no more than 217,917,862 shares, which will account for at least 10% of the total share capital after the issuance [1] - The company aims to raise 2.057 billion yuan for a project to produce 1.2 million square meters of high-precision circuit boards annually [1] - The underwriting institution for this IPO is Guolian Minsheng Securities Co., Ltd., with representatives Zeng Wenqiang and Tie Xiaodong [1] Group 2: Shareholding Structure - As of the end of the reporting period, the controlling shareholder of Hongban Technology is Hong Kong Hongban, which holds 95.12% of the company's shares [1] - The actual controller of the company is Ye Senran, who indirectly controls 95.12% of the shares through Same Time BVI, which is wholly owned by Hong Kong Hongban [1] - Ye Senran is a Hong Kong resident without any other permanent residency rights abroad [1]

Core Insights - The report by Zhiyan Consulting highlights the trends in China's flexible printed circuit industry from 2025 to 2031, indicating significant changes in import and export dynamics [1] Import and Export Data - In April 2025, China imported 2.4 billion printed circuits, a year-on-year decrease of 27.3%, with an import value of $630 million, reflecting a year-on-year increase of 6.8% [1] - In the same month, China exported 5.1 billion printed circuits, marking a year-on-year increase of 40.5%, with an export value of $2.12 billion, which is a year-on-year increase of 30.7% [1] Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market intelligence [1]

Core Viewpoint - The company, Xingsen Technology (002436.SZ), clarified on an interactive platform that it does not engage in packaging business, but its FCBGA packaging substrate can be used for HBM3E packaging [1] Group 1 - The company does not involve itself in the packaging business [1] - FCBGA packaging substrate is applicable for HBM3E packaging [1]

Financial Performance - In the first half of 2025, the company achieved total revenue of 10.453 billion CNY, a year-on-year increase of 25.63% [1] - The net profit attributable to shareholders was 1.360 billion CNY, reflecting a growth of 37.75% compared to the previous year [1] - PCB business revenue reached 6.274 billion CNY, up 29.21%, with a gross margin of 34.42%, an increase of 3.05 percentage points [1] - The packaging substrate business generated 1.740 billion CNY in revenue, a 9.03% increase, but with a gross margin of 15.15%, down 10.31 percentage points [1] - The electronic assembly business reported revenue of 1.478 billion CNY, a growth of 22.06%, with a gross margin of 14.98%, up 0.34 percentage points [1] PCB Business Applications - The PCB business focuses on mid-to-high-end products, primarily serving communication devices, data centers, and automotive electronics [2] - Significant revenue growth in the first half of 2025 was driven by demand in communication, data center, and automotive sectors, particularly for 400G and above high-speed switches and optical modules [2] - The increase in PCB business gross margin was attributed to higher revenue scale and improved factory capacity utilization [2] Production Capacity Utilization - The overall capacity utilization for PCB business remained high due to sustained demand in computing and automotive electronics [3] - The packaging substrate business saw a notable improvement in capacity utilization year-on-year, driven by increased domestic storage market demand [3] Technology and Project Development - The company has achieved mass production capability for FC-BGA packaging substrates with up to 20 layers, while R&D for 22-26 layer products is progressing on schedule [4] - The Guangzhou packaging substrate project is advancing steadily, with the first phase connected in Q4 2023 and ongoing improvements in production capacity [4] Electronic Assembly Business Strategy - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication, data centers, medical, and automotive electronics [5] - Revenue from electronic assembly was 2.823 billion CNY in 2024 and 1.478 billion CNY in the first half of 2025, accounting for 15.76% and 14.14% of total revenue, respectively [5] Raw Material Price Trends - Key raw materials include copper-clad laminates, semi-cured sheets, copper foil, gold salt, and inks, with some prices continuing to rise due to commodity market fluctuations [6] - The company is actively monitoring international commodity price changes and maintaining communication with suppliers and customers [6]

Group 1: Business Performance - The core business of copper-clad laminates has shown improvement in gross profit margin, customer resources, cost control, and product qualification rate compared to the first half of the year, achieving a profit of over 200,000 in the first half of 2025 [2][3] - The company has implemented customer structure optimization and product structure upgrades, resulting in a certain degree of gross margin improvement in the first half of the year [3] - The company’s copper-clad laminate business generated an output value of approximately 350 million in the first half of 2025 [3] Group 2: Operational Strategies - The company is actively exploring the market and will further enhance cost control and quality improvement to boost operational efficiency [3][4] - The company is currently engaged in a joint venture with Jiangxi Hangyu to produce high-performance copper-clad laminates, leveraging complementary resources [3] - The company plans to maintain focus on its core business of copper-clad laminates and will not abandon its animal vaccine business, which is operating normally [2][3] Group 3: Investor Relations - The company assures that it will fulfill its information disclosure obligations regarding any changes in the shareholding of its controlling shareholder [3] - The company has not engaged in PCB business and is focused on its core operations [4] - The company is committed to improving its operational status through various measures, despite reporting a loss in its interim results [4]

Core Viewpoint - The company, ShenNan Circuit (002916.SZ), reported strong performance in the first half of the year, driven by demand in the computing power upgrade and automotive electronics market, leading to high capacity utilization in its PCB business [1] Group 1: Business Performance - The overall capacity utilization rate of the PCB business remains relatively high due to increased demand [1] - The packaging substrate business has seen a significant increase in capacity utilization month-on-month due to the recovery in storage market demand [1] - The company's comprehensive capacity utilization is still at a relatively high level [1] Group 2: Project Developments - The first phase of the Guangzhou packaging substrate project is set to connect in the fourth quarter of 2023, with continuous improvement in product line capabilities [1] - The company is steadily ramping up production capacity and has secured bulk orders for BT and some FC-BGA products, although it is still in the capacity ramp-up phase [1] - The focus remains on capacity building and market development, with a reduction in losses for Guangzhou Guangxin expected in the first half of 2025 [1] Group 3: Investment and Production - The total investment in the Thailand factory amounts to 1.274 billion RMB (approximately 127.4 million USD), and it has commenced trial production [1]

Core Insights - The report from China Merchants Securities indicates that Shenzhen South Circuit's revenue growth accelerated in the second quarter, with improved profit margins, particularly in the core PCB business [1] - The second quarter revenue reached 5.7 billion RMB, marking a historical high, with year-on-year and quarter-on-quarter growth of 30% and 19% respectively, exceeding Bloomberg consensus estimates by 6% [1] - Net profit amounted to 869 million RMB, reflecting year-on-year and quarter-on-quarter increases of 43% and 77%, surpassing Bloomberg consensus estimates by 41% [1] Company Performance - The company's production capacity continues to expand due to the Thai production line, Nantong Phase IV project, and ongoing factory upgrades [1] - Research and development investment remains stable at 6%-7% of sales, which will help consolidate the company's competitive advantage and support long-term growth [1] Investment Outlook - The target price has been raised to 235 RMB [1] - Given the company's strategic positioning in high-growth areas such as AI servers, data centers, and automotive electronics, a "buy" rating is maintained [1]

Core Viewpoint - Jiantao Laminates (01888) has shown a strong performance in the first half of the year, with significant increases in revenue and profit, driven by rising prices in the copper-clad laminate market and robust PCB demand [1] Financial Performance - Jiantao Laminates achieved a revenue of HKD 9.588 billion in the first half of the year, representing an 11% year-on-year increase [1] - The company reported a net profit of HKD 933 million, which is a 28% increase compared to the previous year [1] Market Trends - There has been a recent price surge in copper-clad laminates, with Jiantao, Wellybond, and Hongruixing all increasing prices by HKD 5-10 per sheet as of August 15 [1] - According to Kaiyuan Securities, Jiantao has already raised prices for copper-clad laminates in the second half of 2025, indicating strong PCB demand that may support price rigidity [1] Future Outlook - The company is expected to benefit from its accelerated capacity layout for high-end CCL and materials in 2026, with AI options likely entering a realization phase [1] - The actual contribution to financial statements is anticipated to be concentrated in 2027, leading to an upward shift in valuation [1] - Kaiyuan Securities maintains a "buy" rating on the stock [1]

Group 1 - The core point of the news is that Founder Technology Group Co., Ltd. is planning to issue A-shares to specific investors in 2025, with Guojin Securities and Huajin Securities acting as joint sponsors for the issuance [1][2][18] - The issuance is in compliance with the relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [18][19] - The company has undergone a thorough internal review process by the sponsoring institutions to ensure the legitimacy and compliance of the issuance [18][19] Group 2 - Founder Technology Group Co., Ltd. was established on December 10, 1984, with a registered capital of 4,170,293,287 CNY [4][5] - The company operates in the electronic circuit manufacturing industry and is listed on the Shanghai Stock Exchange under the stock code 600601 [4][5] - As of March 31, 2025, the total number of shares is 4,170,293,287, with 100% being unrestricted shares [5][6] Group 3 - The financial performance of the company shows a net profit of 7,847.72 million CNY for the first quarter of 2025, compared to 25,738.99 million CNY for the entire year of 2024 [7][8] - The company reported a total revenue of 95,167.54 million CNY for the first quarter of 2025, with a gross profit margin of 22.17% [7][8] - The company's total assets as of December 31, 2024, were 746,705.04 million CNY, with total liabilities of 327,586.42 million CNY [7][8]