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]