Summary of Conference Call Records Industry and Company Involved - The conference call primarily discusses advancements in the PCB (Printed Circuit Board) industry, particularly focusing on NV and its competitors in the optical module and IC substrate markets. Key Points and Arguments NV's Developments - NV is attempting to combine narrow boards with PCBs to address high-speed communication issues and has tested advanced HDR processes to reduce costs. The new solution is expected to be finalized for mass production by March 2026, with a price of approximately 6,700 RMB per square meter. Major clients like Amazon and Google are in the certification process [1][5][6]. - The company has delivered over 23,000 square meters of orthogonal backplane to NVIDIA and has an additional order of 18,000 square meters, including 16 samples, expected to be completed by mid-2026 [1][7]. Material Comparisons - The new material, referred to as "Ma Jiu," outperforms PTFE in functionality, environmental standards, and high-temperature resistance, although it has not yet reached mass production. It is more suitable for high-performance applications [1][4]. - The current small-batch production backplane has more than 70 layers, primarily using a combination of Ma Jiu and PTFE materials, supplied by companies like Taiguang, Doosan, and Panasonic [1][9]. Market Trends and Competitors - The optical module market is relatively less competitive, with leading companies including NV, New Rise, and Fudian. Huadian is also transitioning to optical modules, targeting the high-end market with a monthly capacity of about 8,000 to 10,000 square meters [1][11]. - The global IC substrate expansion is focused on high-end products, with domestic companies like Xingxing Technology and Jinwei Electronics investing at least 1.3 billion RMB per factory, with drilling equipment accounting for about 30% of the investment [2][18]. Financial Projections - NV anticipates significant revenue growth in 2026, projecting earnings between 2 to 3 billion RMB, driven by a shift from trial production to mass production and an increase in average prices from over 4,000 RMB to 7,000 RMB per square meter [2][12]. Future Outlook - The COOP substrate PCB integration plan is expected to advance in March 2026, with product data confirmation anticipated by mid to late November [2][13]. - The mainstream chip size is currently 100mm by 20mm, with layer counts typically between 12 and 18 [2][14]. Technology and Production Insights - Ultra-fast lasers are widely used in chip manufacturing, allowing for smaller apertures, which is crucial for high-precision requirements in AI applications [2][15]. - The transition from HDI to MSAP processes for optical module PCBs is noted, with average prices ranging from 6,800 to 9,000 RMB per square meter [1][10]. Client-Specific Developments - Google plans to launch a large number of samples starting November 2025, with expectations for mass production in the following year, focusing on upgrading various sectors, including urban HBI and high-layer fields [2][26]. - Compared to NVIDIA, Google's products are positioned as higher-end, while NVIDIA focuses on volume sales, highlighting the differing strategies of the two companies [2][27]. Additional Important Information - The integration of new materials and technologies in IC substrate production is changing traditional processes, with a focus on enhancing precision and performance [2][19][20]. - The competitive landscape in the optical module market is characterized by a demand for high-end products, with fewer players compared to traditional HDI high-layer products [1][11].