Core Viewpoint - The transition from organic substrates to glass core substrates in advanced packaging is driven by the pursuit of higher performance, offering advantages such as superior mechanical strength, better electrical performance, and the ability to meet new line width/spacing requirements of 1.5µm and below [2][5]. Group 1: Advantages of Glass Core Substrates - Glass core substrates provide better mechanical strength and are more suitable for large-size packaging compared to organic substrates [2]. - They support advanced logic nodes and high-performance packaging with dense interconnections [2]. Group 2: Challenges in Glass Substrate Manufacturing - Glass substrates currently cannot fully replace organic substrates due to various challenges, including the brittleness of glass, which complicates the manufacturing process [5]. - The manufacturing of Through Glass Vias (TGV) requires ultra-high precision, and any small cracks or defects can lead to significant issues later in the process [5][7]. Group 3: TGV Manufacturing Process - The TGV manufacturing process begins with a defect-free glass panel, as even minor defects can accumulate and lead to catastrophic failures [8]. - Uniformity in glass panel thickness is crucial, as variations can affect the reliability and performance of the TGVs [9]. Group 4: Key Steps in TGV Manufacturing - After forming the vias, the substrate undergoes thorough cleaning to remove contaminants, which is critical for ensuring adhesion in subsequent layers [10][11]. - The deposition of a seed layer is essential for the electroplating process, and challenges include achieving uniform coverage in high aspect ratio vias [11][12]. Group 5: Process Control Solutions - Prior to TGV manufacturing, it is vital to ensure the glass panel is free from defects, utilizing advanced laser scanning and optical systems for detection [13]. - Continuous monitoring of critical dimensions and defect detection during the manufacturing process is necessary to maintain product integrity and optimize yield [14][15]. Group 6: Market Potential and Future Outlook - The market for glass core substrates is in its early stages, with significant growth potential projected, reaching an estimated revenue of $275 million by 2030 according to Yole Group [16]. - Manufacturers that invest in comprehensive process insights and tools will lead the industry as the application of glass substrates accelerates [16].

Core Insights - Glass has evolved from a simple carrier to a complete material platform for advanced packaging, aligning with trends such as chip integration, panelization, vertical integration, and hybrid bonding [5][9] - The unique properties of glass, including low coefficient of thermal expansion (CTE), excellent dimensional stability, and optical transparency, make it indispensable for meeting the mechanical, electrical, and thermal performance demands of next-generation packaging [9] Market Trends - The market for GCS substrates is expected to reach $460 million by 2030, with optimistic forecasts suggesting widespread adoption starting in 2027-2028 [2] - The glass interlayer market is projected to exceed $400 million by 2030 under conservative estimates, while stable glass carrier applications represent a market size of $500 million [2] Economic Impact - Revenue sources for glass carriers have shifted from board pricing to single-use pricing, with economic benefits depending on reuse rates, laser/UV debonding yields, quality rates, and edge damage avoidance [4] - Companies with deep glass expertise, such as Plan Optik, are well-positioned to benefit from bundling carrier, adhesive, and debonding technologies [4] Technological Advancements - Glass core substrates enhance profitability by integrating TGV (Through Glass Via) and fine RDL (Re-Distribution Layer) technologies, converting display panel capacity into profits [4] - The adoption of advanced techniques such as high-yield TGV drilling/etching, void-free copper filling, and adaptive panel lithography is crucial for maintaining competitive advantages [4] Industry Drivers - The data center and telecommunications sectors are the primary growth engines for glass applications in packaging, with automotive, defense, and high-end consumer electronics also contributing to growth [9] - Emerging supply chains in Asia, particularly in China, South Korea, and Japan, are key to scaling production and strengthening the global advanced packaging glass ecosystem [9]

Core Viewpoint - Glass is transitioning from a background consumable to a core component in semiconductor packaging, providing essential substrates and dielectric materials for advanced applications [2][4]. Group 1: Glass in Semiconductor Manufacturing - Glass substrates are increasingly used in modern wafer fabs, supporting silicon wafers and forming sealed MEMS caps [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 can offer better performance than traditional organic laminates and silicon interposers [3][4]. Group 2: Market Potential and Applications - The low dielectric loss and optical transparency of glass make it a significant growth driver beyond computing packaging, particularly in photonic applications [6]. - Co-packaged optical devices (CPO) are being developed to simplify fiber connections, leveraging glass's capabilities to support electrical redistribution layers and low-loss waveguides [6]. Group 3: Supply Chain Insights - 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 landscape with silicon and improved organic materials is crucial, as foundries push for mixed wafer-level redistribution, which may diminish glass's advantages [8].

Group 1: Financial Performance - The company achieved an operating revenue of 112,821.67 million yuan in 2024, representing a growth of 74.57% compared to the previous year [3] - The net profit attributable to shareholders was 3,386.44 million yuan, reflecting a year-on-year increase of 28.16% [3] - In the first quarter of 2025, operating revenue increased by 20.69%, but the net profit attributable to the parent company was only 500,000 yuan due to high costs during the ramp-up phase of the Zhuhai factory [4] Group 2: Research and Development - The significant increase in R&D investment in 2024 was primarily influenced by the consolidation of Taihe Circuit [2] - The company is currently in the product development phase for glass substrate, with samples completed but no substantial revenue generated yet [3] Group 3: Sales and Marketing Strategy - Sales expenses grew by 104.23% due to increased business volume and market expansion, with potential for a decrease in sales expense ratio as business stabilizes [3] - The company plans to enhance service capabilities, deepen customer relationships, and optimize supply chain management to expand overseas markets, particularly in Europe and the US [2] Group 4: Operational Efficiency - The company has implemented a multi-factory layout to optimize resource allocation, focusing on business collaboration and resource sharing to improve operational efficiency and market competitiveness [3] - The company is leveraging automation and digitalization to drive smart manufacturing, aiming to enhance production efficiency and reduce costs [4] Group 5: Financial Management - The increase in financial expenses was attributed to higher loan interest payments, with plans to expand financing channels and optimize financing structure to reduce financial costs [3]