"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 异质异构集成产业 群 11月18-19日， 2025异质异构集成前沿论坛暨甬江实验室信息材料与微纳器件制备平台验证线通线仪式 在宁波泛太平洋大酒店举行。 论坛现场 吸引了国内外相关领域的龙头企业和科研机构参会，各方围绕前沿成果、技术趋势和关键挑战进行了深入交流，探讨合作路径。 论坛现场 ▼ P . 11 12 t fra 1 12 An Ar ( HHIC or View x 202 基成前沿论坛 1 9 18 左右滑动查看更多 11月18日下午，大会2号厅举行 光芯片与CPO技术创新论坛 —— 马卫东 ： 在部分高速光互连芯片领域，国内在设计、工艺和样品演示有好的基础，但在批量制造方面，存在工艺依赖外部、芯片可靠性不过关、 成品率波动大等产业问题。 蒲菠 ： 异质异构集成芯片Chiplet新的技术挑战主要在于信号完整性问题、电源完整性问题、多物理场问题、射频和电磁干扰问题等。 薛海韵： 光学互连从封装外进入封装体内是突破AI算力瓶频的必然路径，不是可选项目；而CPO/OIO技术优势的释放，需要依赖器件、先进 ...

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $153 million, representing a 7% increase year over year, and EPS was $0.33, up 22% year over year [4][11] - Cash from operations was $29 million, exceeding the midpoint of the guidance range [4][11] - Gross margins for the MedTech and specialty audio segment were 53%, flat compared to the previous year, while Precision Devices segment gross margins improved to 41.5%, up 150 basis points year over year [11][12] Business Line Data and Key Metrics Changes - MedTech and specialty audio revenue was $65 million, up 2% year over year, driven by increased demand in the specialty audio market [5][11] - Precision Devices segment revenue was $88 million, up 12% year over year, with growth across all end markets including MedTech, defense, industrial, and EV and energy [5][12] Market Data and Key Metrics Changes - The defense market showed particularly strong growth, with design wins outpacing other end markets [6][12] - Channel inventories are now at normalized levels, matching orders to end market demand [7] Company Strategy and Development Direction - The company is focused on leveraging unique technologies to design custom engineered solutions and deliver them at scale [4][10] - Future growth opportunities are anticipated in the specialty film production expansion and strong secular growth trends in end markets [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in organic growth rates at the high end of the stated range of 4% to 6% for the total company in 2026, supported by a healthy backlog of orders [8][9] - The company expects to finish 2025 strong with revenue and EPS growth accelerating in the second half of the year [8][9] Other Important Information - The company purchased $20 million in shares and reduced outstanding bank borrowings by $15 million during the quarter [9][13] - The net leverage ratio based on trailing 12 months adjusted EBITDA was 0.6 times, with liquidity exceeding $350 million [14] Q&A Session Summary Question: Update on specialty film capacity and demand outlook - Management indicated that the specialty film line is expected to generate $25 to $30 million this year, with additional orders anticipated, leading to a projected $55 to $60 million next year [20][21] Question: Design activity and growth expectations for segments - Management expects MedTech and specialty audio growth in 2026 to be in the 2% to 4% range, while Precision Devices may exceed the high end of the 6% to 8% growth range [23][24] Question: Update on M&A environment - The M&A environment has improved, with more assets available and lower interest rate expectations, but the company remains disciplined in its approach [33][34] Question: Impact of palladium prices on gross margins - The company has pre-buys in place for palladium, mitigating immediate impacts on gross margins, and is monitoring the situation closely [38][39] Question: Specialty film gross margin improvements - Management expects sequential improvement in specialty film gross margins from Q3 to Q4, with significant improvements anticipated by mid to late Q2 of next year [45][46]

Core Insights - The AI server market is expanding rapidly, driven by the need for high-performance computing and the increasing demand for passive components like MLCCs and inductors to support stable AI operations [2][7] - Domestic passive component manufacturers in China, such as SanHuan Group and Shunluo Electronics, are leading in R&D investments and personnel, positioning themselves to capitalize on the AI server market [4][6] R&D Investment - SanHuan Group leads with R&D investment of 29,263.6 million yuan, followed by Shunluo Electronics at 27,730.2 million yuan, and Fenghua Advanced Technology at 12,401.5 million yuan [4] - Other companies' R&D investments include: Maijie Technology (8,180.9 million yuan), Hongda Electronics (6,734.1 million yuan), Huojue Electronics (5,014.4 million yuan), Taijing Technology (2,292.78 million yuan), and Dali Kipu (930.1 million yuan) [4] R&D Personnel - SanHuan Group has the highest number of R&D personnel at 1,877, followed by Shunluo Electronics with 1,354 and Fenghua Advanced Technology with 1,336 [6] - Other companies' R&D personnel counts include: Maijie Technology (568), Hongda Electronics (336), Huojue Electronics (296), Taijing Technology (227), and Dali Kipu (46) [6] Market Progress - SanHuan Group has seen a significant increase in MLCC demand for AI servers, with usage up by over 80% compared to general servers, averaging 3,000 to 4,000 units per server [7] - Shunluo Electronics has developed a new structure tantalum capacitor that is compact and reliable, gaining traction in AI server applications [8] - Fenghua Advanced Technology has made advancements in high-capacity MLCCs and has developed products suitable for high-voltage applications in AI servers [8] - Maijie Technology has successfully designed inductors for high-efficiency power management chips used in AI servers [9] - Taijing Technology has developed a temperature-compensated oscillator for AI data center applications, achieving industry-leading low phase noise performance [9] - Dali Kipu specializes in RF microwave MLCCs and has gained a competitive edge in the domestic market [9] R&D Expense as a Revenue Percentage - In 2025, Shunluo Electronics is projected to have the highest R&D expense as a percentage of revenue at 8.6%, followed by Hongda Electronics at 7.9% and SanHuan Group at 7.1% [10] - Other companies' percentages include: Taijing Technology (5%), Dali Kipu (4.8%), Maijie Technology (4.6%), and Huojue Electronics (2.8%) [10]

Core Viewpoint - The ownership of Kuangda Technology has changed hands to Zhuzhou State-owned Assets Supervision and Administration Commission, with a significant share transfer involving approximately 4.12 billion shares, representing 28% of the total share capital, at a price of 5.39 yuan per share, totaling 2.22 billion yuan [1][2]. Group 1: Ownership Change - Kuangda Technology's controlling shareholder and actual controller, Shen Jialiang, signed a share transfer agreement with Zhuzhou Qichuang, transferring approximately 4.12 billion shares [1]. - The share transfer price is set at 5.39 yuan per share, amounting to a total of 2.22 billion yuan [1]. - Following the transfer, the controlling shareholder will shift from Shen Jialiang to Zhuzhou Qichuang, with the actual controller becoming Zhuzhou State-owned Assets [1]. Group 2: Company Background and Financials - Kuangda Technology, established in 1993 and listed in 2010, primarily engages in the research, manufacturing, and sales of automotive interior materials, seat covers, and cabin comfort systems [2]. - In 2024, the company reported a revenue of 2.098 billion yuan and a net profit attributable to shareholders of 164 million yuan [2]. - For the first half of the current year, the company achieved a revenue of 1.066 billion yuan, reflecting a year-on-year growth of 7.09%, with a net profit of approximately 77 million yuan, also up by 7.01% [2]. Group 3: Financial Health and Management - As of June 2025, Kuangda Technology's accounts receivable reached 1.07 billion yuan, which is 13.93 times the net profit attributable to shareholders for the same period [3]. - Shen Jialiang, the former chairman and general manager, held a significant stake in the company, with 46.63% ownership at the time of retirement, and will retain 18.63% post-transfer [3]. - The market value of Shen Jialiang's remaining shares, based on the closing price of 5.7 yuan per share on August 29, is approximately 1.562 billion yuan [3].

Group 1 - The core viewpoint is that lithium niobate crystals are becoming essential raw materials for manufacturing RF filters and electro-optic modulators due to their excellent piezoelectric and optoelectronic properties [1] - The market demand for lithium niobate crystals is expected to continue strong growth driven by the rapid development of technologies such as 5G communication, AI, and AR [1]

Core Viewpoint - Jiangsu Maxscend Microelectronics Company Limited reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the RF integrated circuit market and a need for strategic adjustments to maintain competitiveness [3][10]. Financial Performance - The company's revenue for the reporting period was approximately 1.70 billion yuan, a decrease of 25.42% compared to the same period last year [3]. - The net profit attributable to shareholders was a loss of approximately 147.39 million yuan, a decline of 141.59% year-on-year [3]. - The basic earnings per share were -0.2757 yuan, down 141.54% from the previous year [3]. - The total assets at the end of the reporting period were approximately 14.33 billion yuan, showing a slight increase of 0.68% from the previous year [3]. Business Overview - The company specializes in RF integrated circuits, focusing on the research, development, production, and sales of RF switches, low-noise amplifiers, filters, and power amplifiers, primarily for mobile smart terminals [4][10]. - The company has established a complete ecosystem in the RF field, integrating design, research, process, device, material, and integration technology resources [4][10]. Industry Context - The global semiconductor market is expected to grow by 11.2% in 2025, reaching approximately 697.1 billion USD, driven by advancements in AI, 5G, IoT, and other emerging technologies [11]. - The integrated circuit industry in China is transitioning from a major importer to a self-sufficient producer, with a focus on enhancing domestic capabilities and reducing reliance on foreign technology [11][12]. - The RF front-end market is highly concentrated, with international firms dominating, but domestic companies are increasingly making breakthroughs and competing effectively [16]. Strategic Focus - The company is committed to enhancing its core technology and resource platform, aiming to become a leading RF solution provider in China [4][10]. - The company is leveraging its Fab-lite business model to optimize production processes and reduce dependency on external foundries, thereby enhancing supply chain stability [9][10]. - The company aims to expand its market presence in high-end RF module products and capitalize on emerging opportunities in communication base stations, automotive electronics, and IoT applications [10][16].

Core Viewpoint - Cixing Co., Ltd. has faced two failed acquisitions within three months, indicating challenges in its strategic expansion efforts and underlying issues in its core business [2][3][4]. Acquisition Attempts - The company announced the termination of its acquisition of 75% of Shenyang Shunyi Technology Co., Ltd. due to failure to reach agreement on certain commercial terms [3]. - This marks the second significant asset restructuring failure in 2023, following the unsuccessful attempt to acquire Wuhan Minsong Technology Co., Ltd. in February [2][3]. - Both targeted companies had plans for independent IPOs, with Wuhan Minsong having an IPO plan since 2021 and Shunyi Technology starting its listing guidance in May 2024 [3]. Financial Performance - Cixing Co., Ltd. reported a significant decline in net profit, with a 66% year-on-year drop in Q1 2025, amounting to approximately 76.11 million yuan [5]. - The company's revenue for 2024 was about 2.218 billion yuan, with over 1.9 billion yuan (86%) coming from its computer knitting machine business [4]. - The overall revenue growth has slowed, with Q1 2025 revenue at approximately 608 million yuan, reflecting a modest increase of 2.73% year-on-year [5]. Industry Challenges - The computer knitting machine industry is experiencing cyclical downturns, with a typical product lifecycle of 5 to 8 years, leading to reduced market demand [4]. - Increased competition and pressure on profit margins are evident, as noted by the company's secretary, who mentioned that downstream orders are facing short-term stagnation due to tariff policies and consumer demand [5]. Historical Context - Cixing Co., Ltd. has a history of high-premium acquisitions since 2014, many of which have not yielded the expected returns and have resulted in significant goodwill impairments [2][6]. - Previous acquisitions, such as those of YouTou Technology and Duoyi Le, were made at high premiums but led to disappointing financial performance shortly after the acquisition periods ended [6].

Group 1 - The company has terminated its acquisition of Shenyang Shunyi Technology Co., Ltd. for 75% equity, marking its second failed major asset restructuring this year [1][2] - The first failed acquisition was of Wuhan Minsong Technology Co., Ltd., which was also due to disagreements on transaction terms [3] - Both targeted companies had plans for independent IPOs, indicating their previous market ambitions [3] Group 2 - The company's core business, computer knitting machines, is facing cyclical challenges, with a significant 66% year-on-year drop in net profit for Q1 2025 [1][4] - In 2024, the company reported approximately 2.218 billion yuan in revenue, with over 1.9 billion yuan (86%) coming from its knitting machine business [4] - The industry is experiencing a slowdown in growth, with Q1 2025 revenue growth at only 2.73% and net profit declining by 66.46% [4] Group 3 - The company has a history of high-premium acquisitions that have not yielded expected returns, leading to significant goodwill impairments [1][5][7] - Previous acquisitions, such as the 1.4 billion yuan purchase of a 35% stake in Beifang Guangwei Technology Co., Ltd., have also resulted in losses and complications [5][6] - The company has faced challenges with multiple acquisitions since 2014, including high premium purchases that led to severe financial losses shortly after [7]

Core Insights - Anhui Yunta Technology Co., Ltd. has completed nearly 300 million RMB in Series B financing, marking a new phase of accelerated development as a rising player in the RF chip sector [1][6] - The financing round was led by Anhui Guokong Investment Co., Ltd. and Dafu Technology (Anhui) Co., Ltd., highlighting the recognition of Yunta Technology's technological scarcity and market leadership in RF filters [1][5] Company Overview - Yunta Technology, established in 2016, focuses on the research and sales of RF front-end chips and modules, having launched over 150 filter products to the market [3] - The company has a long-term technical accumulation in ultra-high-performance integrated passive devices (SPD) and hybrid filters, demonstrating comprehensive R&D and supply capabilities across all types of filters [3] Market Position and Products - Yunta Technology's products are primarily used in high-precision positioning devices, smartphones, tablets, IoT modules, network devices, routers, quantum computing devices, smart cockpits, industrial robots, and smart factories [3] - The company has developed three major product series, including Series 3, Series 5, and hybrid series, all of which have achieved mass production and serve over 170 clients, including more than 15 industry leaders [3] Strategic Partnerships - Dafu Technology plans to leverage industrial synergies with Yunta Technology through channel sharing and resource integration, focusing on strategic emerging fields such as cellular wireless communication, IoT, smart connected vehicles, and satellite communication [1][2] - The partnership aims to promote industrial innovation and breakthroughs, establishing a mutually beneficial development framework [1] Technological Advancements - Yunta Technology has introduced the world's first LB/MB/HB/UHB four-in-one device, providing a versatile and flexible RF front-end solution with broad application prospects in smartphones, IoT, laptops, CPE, and vehicle networking [5] - The company is noted for being the only domestic entity capable of large-scale production of high-performance combiners, breaking the long-standing foreign monopoly in this field, which is significant for the development of China's 5G and 6G wireless communication industries [5]

Group 1 - The company has terminated its plan to acquire 75% of Shenyang Shunyi Technology Co., Ltd., marking its second failed cross-border acquisition attempt this year [1][3] - The termination was due to a lack of agreement on certain commercial terms with some of the transaction parties [3] - The company aims to diversify its revenue streams and has been seeking new profit growth points, especially after a significant decline in net profit in the first quarter [1][5] Group 2 - In the first quarter of this year, the company's net profit decreased by 66.46%, despite a slight revenue increase of 2.73% [5] - The company's main product, computer knitting machines, contributed over half of its revenue, with projected revenue of approximately 12.47 billion yuan for 2024 [5] - The knitting machinery industry is facing challenges such as overcapacity in domestic textile production and intense price competition in emerging markets [6]