风险提示：股市有风险，投资需谨慎。 艾森股份是国内半导体封装领域的主力供应商，同时也是晶圆先进制程的重要参与者。公司在电镀液领 域具备Turnkey能力，产品覆盖5-14nm晶圆制造。在先进封装光刻胶领域，公司处于主力供应商地位， 是唯一打破日本JSR垄断的国内供应商。 8月25日公司发布公告称，8月22日接待了景顺长城基金等多家机构调研。调研中公司管理层介绍了2025 年半年度经营情况，重点介绍了在半导体封装和晶圆制造领域的技术优势和市场地位。近一年来，公司 已累计接待126家机构154次调研。 截至2025年8月25日收盘，艾森股份股价报50.15元，较前一交易日下跌2.33元，跌幅4.44%。当日成交 量为67323手，成交金额达3.44亿元。 ...

Core Viewpoint - Glass is transitioning from a background consumable to a core component in semiconductor packaging, providing essential substrates and dielectric layers for advanced applications [2][5]. Group 1: Glass in Semiconductor Manufacturing - Glass has been utilized in modern wafer fabs, supporting silicon wafers during thinning processes and forming sealed MEMS caps [2]. - The low thermal expansion coefficient (CTE) glass is becoming integral in wafer-level fan-out processes [2]. - The demand for higher bandwidth and power density in AI and high-performance computing (HPC) is driving the need for advanced packaging solutions, where glass serves as a viable alternative to organic laminates and silicon interposers [4][5]. Group 2: Technological Advancements and Market Trends - Leading manufacturers like Intel and Samsung are exploring glass-based platforms for packaging, indicating a shift towards commercial viability for glass substrates [5]. - The introduction of glass core substrates and intermediary layers reflects a broader trend in the semiconductor industry, particularly in advanced packaging and integrated circuit (IC) substrates [5]. - Glass's low dielectric loss and optical transparency are emerging as significant growth drivers beyond computing packaging, particularly in photonic technologies [6]. Group 3: Supply Chain and Competitive Landscape - The transition from pilot lines to mass production for glass substrates hinges on advancements in laser drilling, copper filling, and panel processing technologies [8]. - Understanding the competitive dynamics with silicon and improved organic materials is crucial, as foundries are pushing for mixed wafer-level redistribution, which may diminish glass's advantages [8].

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 随着半导体工艺逼近物理极限，集成电路产业正加速向"超越摩尔"时代跃迁，芯片功率密度与发热量剧 增。5G、AI、HPC、数据中心等新兴领域对高效热管理技术提出迫切需求。先进封装与热管理技术成为 突破算力瓶颈、应对高功率密度挑战的核心引擎。基于此，启明产链将于 9月25-26日在江苏苏州举 办"2025先进封装及热管理大会" 。 本次大会由国家第三代半导体技术创新中心（苏州） 梁剑波教授担任大会主席，甬江实验室作为支持单 位， 目前已有19家单位确认演讲： 中国科学院化学研究所/甬江实验室/ 浙江大学绍兴研究院/哈尔滨工 业大学/中山大学/芯和半导体/青禾晶元/ 齐力半导体/ 芯力半导体/中国科学院深圳先进技术研究院/中 国科学院宁波材料技术与工程研究所。 01 INTRODUCTION 大会概况 2025先进封装及热管理大会聚焦高算力热管理挑战，设置 先进封装与异质异构论坛、高算力热管理创新 论坛、液冷技术与市场应用论坛三大板块， 围绕chiplet、2.5D/3D等先进封装技术、以及热界面材料、 碳基（金 ...

Core Viewpoint - The article discusses the recent approval of a significant asset swap and capital raising transaction by Zhizheng Co., which marks the first cross-border share swap case under the new regulations for foreign investment in listed companies in China, effective from December 2024 [2][3]. Group 1: Regulatory Changes - The new regulations, revised by multiple Chinese regulatory bodies, facilitate foreign investors' strategic investments in listed companies by allowing the use of shares from non-listed foreign companies as payment [3][4]. - Prior to this revision, there were no provisions for cross-border share swaps in the previous regulations, which limited the methods available for foreign strategic investments [3]. Group 2: Transaction Details - Zhizheng Co. plans to acquire approximately 99.97% of Advanced Assembly Materials International Limited (AAMI), a leading global semiconductor lead frame supplier, through a combination of asset swaps, share issuance, and cash payments [6][7]. - The total valuation of the target asset AAMI is set at 3.526 billion yuan, with the total consideration for the transaction being 3.069 billion yuan [7]. - AAMI's projected revenues for 2023 and 2024 are 2.205 billion yuan and 2.486 billion yuan, respectively, with net profits of 20.18 million yuan and 55.19 million yuan [7]. Group 3: Shareholding Structure - After the transaction, the actual controller of Zhizheng Co. will remain Wang Qiang, holding 23.23% of the total shares, while ASMPT Holding will become the second-largest shareholder with an 18.12% stake [7]. - ASMPT, a leading semiconductor packaging equipment company, will play a significant role in the governance and strategic decision-making of Zhizheng Co., aiding in its business transformation and long-term development [7].

Core Viewpoint - The article discusses the approval of a significant asset swap and share issuance by Zhizheng Co., which will acquire 87.47% of AAMI, a leading semiconductor lead frame supplier, marking a notable cross-border share swap case under new regulations [2][11]. Group 1: Transaction Structure - The transaction involves a combination of asset swaps, share issuance, and cash payments to acquire AAMI's equity, with the company aiming to hold approximately 99.97% of AAMI post-transaction [5][6]. - The asset swap includes the exchange of Zhizheng's 100% stake in Zhizheng New Materials and cash payments to various stakeholders, including Advanced Semiconductor and others [5][10]. - The total consideration for the transaction is approximately 306,870.99 million yuan, with a significant portion allocated to cash payments and share issuance [12][10]. Group 2: Financial Performance - Zhizheng Co. has been transitioning towards the semiconductor industry, with its semiconductor equipment business expected to account for over 30% of revenue in 2024 [16]. - The company has reported continuous losses over the past three years, with a net loss of 1,785.03 million yuan in 2024, although revenue has increased significantly [17][18]. - Post-transaction, the total assets of Zhizheng Co. are projected to increase by 649.41%, with a substantial rise in equity and a shift from negative to positive net profit [18][19]. Group 3: AAMI Overview - AAMI, previously a division of ASMPT, is among the top five suppliers of lead frames globally, with operations in China and Malaysia [19]. - AAMI's revenue for 2023 and 2024 is reported at 220,530.39 million yuan and 248,621.11 million yuan, respectively, with net profits showing significant growth [19][20]. - The company has experienced a slight decline in gross margin, attributed to various market factors affecting the semiconductor industry [19]. Group 4: Control and Governance - The actual controller of Zhizheng Co. remains Wang Qiang, with his shareholding decreasing to 23.23% post-transaction, while ASMPT Holding becomes a significant shareholder [11][22]. - The transaction does not alter the control of the company, as ASMPT has committed not to seek control over Zhizheng Co. [11][22]. - The governance structure post-transaction will include key personnel from both Zhizheng and AAMI to ensure effective management and integration [25].

Core Viewpoint - The departure of Dr. Gang Duan from Intel to Samsung signifies a shift in the semiconductor industry's glass substrate technology landscape, particularly in the context of rising AI chip demands [2][29]. Group 1: Intel's Historical Context and Innovations - Intel has historically led the transition from ceramic to organic packaging in the 1990s, developing the ABF substrate technology, which became a mainstream choice for high-end chip packaging [3]. - The limitations of ABF substrates have become apparent as AI chips demand higher performance, prompting a shift towards glass substrates, which offer superior electrical performance and manufacturing maturity [3][4]. - Intel's glass substrate research has been ongoing for over a decade, with significant breakthroughs achieved between 2021 and 2023, leading to the establishment of a scalable production line [7]. Group 2: Glass Substrate Advantages and Market Dynamics - Glass substrates provide design flexibility, improved power transmission, and enhanced signal integrity, making them suitable for AI and data center applications [8]. - Intel's announcement of the first glass substrates for advanced packaging in September 2023 has intensified competition in the industry [4]. - Despite the technological advancements, Intel's strategic focus has shifted towards core product lines, indicating a potential move towards outsourcing glass substrate production rather than in-house development [12][13]. Group 3: Samsung's Strategic Moves - Samsung has accelerated its plans for glass substrate production, aiming to establish a trial production line by late 2024 and achieve mass production by 2026 [15][16]. - The recruitment of Dr. Gang Duan enhances Samsung's capabilities in glass substrate technology, positioning the company to meet the growing demand for advanced packaging solutions [15][20]. - Samsung's strategy includes collaboration with its subsidiaries to leverage combined expertise in glass substrate development, contrasting with Intel's shift towards external procurement [21][29]. Group 4: Competitive Landscape and Future Outlook - Other players, including TSMC and various Taiwanese semiconductor equipment manufacturers, are also entering the glass substrate arena, indicating a competitive and rapidly evolving market [23][25]. - Companies like SKC and LG Innotek are actively developing glass substrates, with plans for mass production and partnerships with major tech firms [25][26]. - The overall trend suggests that the glass substrate technology will play a crucial role in the future of AI chips, potentially leading to a new wave of innovation and industry restructuring [29].

Core Viewpoint - The transaction involving Zhizheng Co., Ltd. and AAMI marks the first cross-border share swap case under the new "Strategic Investment Management Measures" and is expected to significantly improve the company's financial performance by acquiring a profitable asset while divesting a loss-making one [1][3][4]. Group 1: Transaction Details - Zhizheng Co., Ltd. plans to acquire 99.97% of AAMI's shares through a major asset swap, issuance of shares, and cash payment, while divesting its wholly-owned subsidiary, Zhizheng New Materials [1][2]. - The Shanghai Stock Exchange's M&A Review Committee is set to review the transaction on August 11 [1]. - The deal is expected to turn Zhizheng Co., Ltd. from a loss-making position to profitability [1]. Group 2: AAMI's Market Position - AAMI has over 40 years of experience in the lead frame sector and is ranked among the top five global companies in this field from 2021 to 2023, with an increasing market share [2]. - AAMI's products are widely used in high-end applications across various sectors, including automotive, computing, industrial, communication, and consumer electronics, and are recognized by leading clients [2]. Group 3: Financial Impact - Post-transaction, Zhizheng Co., Ltd.'s asset scale is projected to increase from 636.02 million to 4.766 billion, a growth rate of 649.41% [5]. - The company's equity attributable to shareholders is expected to rise from 225.81 million to 3.342 billion, reflecting a growth rate of 1,379.93% [5]. - Revenue is anticipated to grow from 364.56 million to 2.608 billion, a growth rate of 615.40%, with net profit shifting from a loss of 30.53 million to a profit of 17.49 million [5]. Group 4: Strategic Implications - The acquisition of AAMI is expected to enhance the domestic high-reliability chip supply chain and reduce dependence on foreign technology, thereby strengthening the industry’s competitive position [6]. - The introduction of ASMPT as a significant shareholder will support Zhizheng Co., Ltd.'s transition into the semiconductor industry [6]. - There are expected synergies between AAMI and Zhizheng Co., Ltd.'s existing semiconductor business, which will facilitate resource sharing and accelerate the company's transformation [6].

Core Viewpoint - The article discusses the recent funding and strategic developments of "Zhizhi Boyao," a semiconductor packaging materials company focused on domestic high-end electronic materials for display panels and semiconductor packaging, highlighting its competitive advantages and market challenges [5][8]. Company Overview - "Zhizhi Boyao" was established in 2022 in Shaanxi and specializes in the localization of high-end electronic materials for display panels, semiconductor packaging, and military applications [5]. - The company has a strong technical foundation, having previously worked on military-grade materials, and is one of the few in China to achieve a full supply chain in high-end packaging materials [5][8]. Recent Developments - The company recently completed a multi-million yuan Pre-A round of financing, with investments from five institutions, aimed at building production bases in South China, the Yangtze River Delta, and Sichuan, as well as expanding its R&D team [5]. - The first product, an LCD packaging adhesive, has passed rigorous stability tests at BOE's 8.5 generation line, demonstrating its reliability under extreme conditions [5][7]. Market Challenges - The article highlights that 85% of high-end packaging adhesives in China are imported, with a lengthy validation process that can take up to two years, creating significant barriers for domestic companies [7]. - "Zhizhi Boyao" aims to address these challenges by targeting leading customers and adopting a light-asset operational model, which allows for reduced fixed asset investment and quicker market entry [7][8]. Future Plans - The company plans to establish a subsidiary in Beijing by 2025 to enter the electric vehicle packaging materials market and is also developing an AI simulation system to optimize testing processes [8]. - "Zhizhi Boyao" is focused on reducing the product development and validation cycle to one year, emphasizing the need for rapid response to customer demands as a competitive advantage [8]. Team Composition - The management team includes experienced professionals with backgrounds in defense research and material science, with a significant portion holding advanced degrees [8].

Core Insights - The article discusses the advancements and trends in the semiconductor packaging industry, particularly focusing on 2.5D and 3D packaging technologies, which are being led by major players like Intel, Samsung, and TSMC [10][11]. Advanced Packaging Trends - Advanced packaging is projected to grow significantly, with revenue expected to increase from $37.5 billion in 2021 to $65.1 billion by 2027, capturing approximately 53% of the total packaging market [16]. - The shipment volume for advanced packaging is anticipated to reach 90 billion units by 2027, with a compound annual growth rate (CAGR) of 13% for 2.5D/3D packaging [18][20]. Capital Expenditure - In 2022, the estimated capital expenditure (CapEx) for top packaging companies was $14.5 billion, up from $11.9 billion in 2021, indicating a growing investment in advanced packaging technologies [9]. Market Share and Competition - OSATs (Outsourced Semiconductor Assembly and Test) accounted for 65% of the advanced packaging wafer market in 2021, while foundries are increasingly taking market share from OSATs [23]. - Major players in the high-end packaging market include Intel, Samsung, and TSMC, which are competing vigorously in the development of advanced packaging technologies [10][12]. Technology Adoption - The adoption of chip-level packaging and heterogeneous integration is driving higher yields and optimized costs, with finer bump or pad spacing leading to increased density and faster time-to-market for products [6][10]. Global Market Overview - The global advanced packaging market is characterized by a diverse range of players, including major technology companies and specialized packaging suppliers, indicating a competitive landscape [13][14].

Core Viewpoint - The article discusses the advancements and market potential of Fan-Out Panel Level Packaging (FOPLP) technology, highlighting its significance in the semiconductor industry and the competitive landscape among companies involved in this technology [2][3][4]. Summary by Sections FOPLP Technology Overview - FOPLP technology is being adopted by companies like Innolux, which has begun shipping its Chip-First products, with an initial monthly output of several million units, aiming to increase to tens of millions by the end of the year [2]. - The technology is crucial for AI applications and leverages the large-area production capabilities of panel manufacturers to enhance efficiency and reduce costs [3]. Advantages of FOPLP - FOPLP uses square panels as substrates, allowing for a higher chip placement density compared to traditional wafer-level packaging, achieving a substrate utilization rate greater than 95% [3]. - The packaging cost of FOPLP is projected to be at least 50% lower than that of wafer-level packaging, providing a significant cost advantage [3]. Market Demand and Challenges - The demand for FOPLP is driven by the shortage of CoWoS capacity, making it a preferred solution for alleviating packaging capacity constraints [4]. - However, challenges such as the lack of standardization in panel sizes, warping issues during packaging, and precision limitations remain significant hurdles [4]. Company Developments - Companies like ASE and Powertech have been investing in FOPLP solutions, with ASE expanding its rectangular panel sizes and Powertech entering small-scale production [5]. - BOE has transitioned from display panels to advanced packaging, planning to achieve mass production of glass substrate packaging by 2026 [5]. - Other companies, including Huazhong University of Science and Technology and Suzhou Yimai Semiconductor, are also making strides in FOPLP technology, focusing on high-density packaging solutions [5].