Core Viewpoint - The article emphasizes the importance of heterogeneous integration technology in the semiconductor industry, particularly in the context of new demands from artificial intelligence, smart driving, and high-performance computing applications. It highlights the upcoming 2025 Heterogeneous Integration Annual Conference organized by TrendBank and Yongjiang Laboratory to address these challenges and promote collaboration between industry and academia [2][19]. Meeting Background - The semiconductor industry is facing new stringent requirements for chip design and manufacturing due to advancements in AI and high-performance computing. Key issues such as power consumption, performance, area, and cost are driving the acceleration of emerging semiconductor technologies [2]. - Heterogeneous integration has emerged as a significant and promising direction in the semiconductor field, especially as traditional Moore's Law approaches physical limits. The conference aims to tackle challenges in 2.5D/3D heterogeneous integration, optoelectronic co-packaging, wafer-level bonding, and glass-based packaging [2]. - Ningbo is positioned as a core port city in China with a strong foundation in advanced manufacturing, making it an ideal location for this conference. The Yongjiang Laboratory is a provincial-level innovation platform focusing on electronic information materials and micro-nano device preparation [2]. Meeting Content - The conference will focus on core technologies such as multi-material heterogeneous integration and optoelectronic integration, covering advanced packaging technologies like 3D heterogeneous integration, optoelectronic co-packaging, wafer-level bonding, and semiconductor materials and equipment [3]. Basic Information - The 2025 Heterogeneous Integration Annual Conference will be held from November 17-19, 2025, in Ningbo, organized by TrendBank and Yongjiang Laboratory, with an expected attendance of 200-500 participants [4]. Proposed Agenda - The agenda includes closed-door meetings, technical discussions on micro-nano devices, and various forums focusing on advanced packaging technologies and materials [7][9][10]. Conference Features - The conference aims to integrate resources across the heterogeneous integration industry chain, involving all stakeholders from upstream to downstream, and will feature a combination of large and small meetings to facilitate both broad discussions and targeted interactions [8]. - A live supply-demand matching platform will be set up to allow participants to directly engage with cutting-edge technologies and products [8]. Registration and Fees - The registration fee for the conference is RMB 2500 per person, with early bird discounts available. Special rates are offered for students [12].

Core Viewpoint - Wogao Optoelectronics (603773.SH) is leading the industry in glass-based circuit board technology for advanced semiconductor packaging, with significant recognition from major clients [1] Group 1: Technology and Innovation - The upgrade solutions for existing packaging substrate materials mainly include glass and ABF/PI, with glass-based packaging to PCB and all-glass multilayer stacking solutions being highlighted [1] - The all-glass multilayer stacking solution is technically challenging, requiring ultra-thin glass-based double-sided circuit boards and core equipment development [1] - Wogao Optoelectronics has established a strong technical reserve and equipment capability in this product area, positioning itself as a leader in the all-glass circuit board industry [1] Group 2: Market Applications - The company is successfully advancing various structures and solutions in collaboration with upstream and downstream industry chains for industrial application [1] - End application scenarios include optical modules/CPO, storage, logical reasoning, autonomous driving, robotics, and 6G communications, indicating a broad market potential [1] - Hubei Tongge Micro's multilayer GCP (glass circuit board) products are being developed and applied in Micro LED direct display and 6G communications, generating certain R&D revenue [1] Group 3: Market Potential - The new market increments are primarily driven by technological breakthroughs that replace existing technical pathways, suggesting a vast market space [1]

Core Viewpoint - BOE Technology Group is shifting its capital strategy focus from scale expansion to shareholder value creation, with a new development phase expected to enhance profitability and provide sustainable returns to shareholders [1][2]. Group 1: Business Strategy - The company introduced its "Screen-Internet of Things" strategy and highlighted its "N-th Curve" theory, focusing on display technology, glass substrate processing capabilities, and large-scale integrated intelligent manufacturing to create new business growth areas [2]. - BOE has made significant progress in the perovskite photovoltaic sector, establishing the largest pilot line in the industry, marking an important step towards industrialization [2]. - The flexible OLED market is rapidly growing, with technological innovations penetrating IT and automotive sectors, driving the OLED industry forward [1]. Group 2: Financial Outlook - BOE plans to reach a peak in capital expenditure and depreciation by 2025, after which it is expected to enter a phase of improved profitability [1]. - The company has launched its first comprehensive shareholder return plan, committing to a minimum annual cash dividend of 35% of net profit attributable to shareholders and a total of at least 1.5 billion yuan for share buybacks each year [2]. - The chairman emphasized the company's capability and commitment to providing stable and predictable returns to investors as it enters a new development stage [2].

Financial Performance and Shareholder Returns - In 2024, the company plans to distribute cash dividends of 18.7 billion RMB, accounting for 35% of the net profit attributable to the parent company [3][36] - The company aims to repurchase and cancel shares worth between 15 billion to 20 billion RMB annually [3][36] - From 2015 to 2024, the company has implemented cash dividends for 10 consecutive years, totaling nearly 22 billion RMB [3][37] - The company has repurchased A shares for over 5.6 billion RMB and B shares for nearly 1 billion HKD from 2020 to 2024 [3][37] Depreciation and Cash Flow - In 2024, the company's depreciation is expected to be approximately 38 billion RMB, with an increase anticipated due to new projects being put into operation [2] - The net cash flow from investment activities remains high, projected to exceed 30 billion RMB in 2024 [5][6] Strategic Development and Market Position - The company is focusing on the "Screen and IoT" strategy, aiming to integrate more functionalities into displays and expand into various application scenarios [7][8] - The company has established a "1+4+N+Ecosystem" development framework, emphasizing semiconductor display as the core capability [8][9] - The company is actively pursuing high-potential areas such as IoT innovation, sensing, MLED, and smart medical engineering [9][10] Market Trends and Product Development - The global automotive display panel shipment is expected to reach 230 million units in 2024, with a year-on-year growth of 6.3% [31] - The company aims to produce 1.7 billion OLED units in 2025, up from 1.4 billion in 2024 [32] - The company has successfully launched Micro LED products, achieving high brightness and contrast ratios, and plans to continue expanding this technology [28][55] Risk Management and Market Adaptation - The company has a robust risk management mechanism to address potential market challenges, including a dedicated team for monitoring risks [26][34] - The direct export to the US is minimal, thus limiting the impact of US tariffs on the company's operations [19][24] Innovation and Future Outlook - The company is committed to advancing technologies such as Micro LED and exploring new applications in the healthcare sector [28][55] - The company is optimistic about the future of the semiconductor display industry, focusing on sustainable growth and technological advancements [47]