Group 1 - The company has made significant progress in the development of large-size FCBGA, entering mass production for large-size FCBGA and completing preliminary research for ultra-large size FCBGA, which is now in formal engineering assessment [2] - The company has addressed product warping and heat dissipation issues for ultra-large sizes through product structure design optimization, material selection, and process optimization [2] - Breakthroughs have been achieved in the technology development of optical-electrical hybrid packaging (CPO), with related products passing initial reliability tests [2] Group 2 - The company's Power DFN-clip sourcedown dual-side heat dissipation product has been developed to meet requirements for high current, low power consumption, high heat dissipation, and high reliability [2] - Traditional wire-bond packaging technology has been enhanced through copper plating on both sides of the wafer, improving heat dissipation and power consumption performance [2] - A related process platform has been established to address technical challenges in cutting, mounting, and wire bonding for Cu wafer packaging, achieving mass production across the entire Power DFN series [2] Group 3 - The industry anticipates continued demand growth in emerging fields such as AI and new energy vehicles, which are key drivers for the market [3] - The demand in major sectors like storage, communication, automotive, and industrial is gradually recovering, contributing to a positive outlook for the overall packaging and testing market [3] - Chinese packaging and testing companies need to make continuous breakthroughs in key technology areas such as high-density integration, low power design, and high heat dissipation performance, while enhancing collaboration with international advanced enterprises [3]

Core Viewpoint - Tongfu Microelectronics (002156.SZ) has made significant progress in the development of large-size FCBGA, entering mass production for large-size FCBGA and completing preliminary research for ultra-large size FCBGA, which is now in formal engineering assessment stage [1] Group 1 - The company has achieved important advancements in large-size FCBGA development, with large-size FCBGA entering mass production [1] - The ultra-large size FCBGA has completed preliminary research and is now undergoing formal engineering assessment [1] - The company has addressed product warping and heat dissipation issues for ultra-large size products through optimization of product structure design, material selection, and process improvements [1] Group 2 - The company has made breakthrough progress in the technology development of optical-electrical integrated packaging (CPO), with related products passing initial reliability testing [1]

Core Viewpoint - Tongfu Microelectronics (通富微电) has demonstrated strong growth in revenue and net profit in the first half of 2025, capitalizing on the structural growth of the global semiconductor market, particularly in AI, automotive electronics, and high-performance computing sectors [1][2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 13.038 billion yuan, representing a year-on-year increase of 17.67% [2] - The net profit attributable to shareholders reached 412 million yuan, up 27.72% year-on-year, with a non-recurring net profit of 420 million yuan, reflecting a 32.85% increase [2] - The basic earnings per share were 0.2715 yuan, marking a 27.46% growth [2] - The net cash flow from operating activities surged by 34.47% year-on-year to 2.48 billion yuan, indicating improved efficiency in working capital management [2] Market Demand and Strategic Positioning - The company's growth is driven by strong demand in the global semiconductor market, which reached a scale of 346 billion dollars, growing by 18.9% year-on-year in the first half of 2025 [3] - Tongfu Microelectronics has increased its market share in various application fields, including mobile chips, automotive electronics, and home appliances, becoming a strategic partner for several leading clients [3] - The company has formed a strong partnership with AMD, being its largest packaging and testing supplier, accounting for over 80% of AMD's total orders [3] Technological Advancements - The company has made significant breakthroughs in advanced packaging technology, with large-size FCBGA products entering mass production and progress in optical-electrical co-packaging (CPO) technology [4] - As of June 30, 2025, the company has filed over 1,700 patent applications, with nearly 70% being invention patents, and has over 800 authorized patents [4] Capacity Expansion and Future Prospects - Major projects such as the Nantong Tongfu 2D+ advanced packaging technology upgrade and the integrated circuit testing center renovation are progressing steadily, laying a solid foundation for future capacity release and technological upgrades [5] - The acquisition of a 26% stake in Jinglong Technology enhances the company's competitive advantage in high-end integrated circuit testing [5] Governance and Sustainable Development - The company emphasizes organizational and talent development, optimizing its structure and enhancing leadership training to build a future-oriented talent pool [6] - The digital transformation efforts have significantly improved manufacturing and management levels, with a comprehensive score exceeding 99.28% of enterprises nationwide [6] - The company is committed to environmental protection and corporate governance, achieving multiple environmental standards without major safety or environmental incidents [6] Industry Outlook - The semiconductor packaging and testing market is expected to benefit from the ongoing demand growth in emerging fields such as AI and new energy vehicles [7] - The industry is poised for a historical leap from "catching up" to "keeping pace" and potentially "leading" due to policy support, market demand, and technological advancements [7]

Core Insights - The company reported a revenue of 13.038 billion yuan for the first half of 2025, marking a year-on-year increase of 17.67% and a net profit attributable to shareholders of 412 million yuan, up 27.72% year-on-year [2] - In Q2 2025, the company achieved a record high quarterly revenue of 6.946 billion yuan and a net profit of 311 million yuan, demonstrating strong growth momentum and operational resilience [2] Business Expansion - In the first half of 2025, the global semiconductor market exhibited "technology-driven growth with increasing regional differentiation," which the company capitalized on by enhancing market share in mobile, home appliance, and automotive sectors [3] - The company became a strategic partner for several key clients in hot consumer electronics areas such as WiFi, Bluetooth, and MiniLED TV display drivers, while solidifying its collaboration with mobile terminal SOC clients [3] - The strong performance of major client AMD, particularly in data center, client, and gaming businesses, provided robust support for the company's revenue growth [3] Capacity and R&D Developments - The company invested 756 million yuan in R&D during the first half of 2025, a 12.43% increase year-on-year, achieving significant progress in large-size FCBGA development and breakthroughs in optical-electrical packaging technology [5] - The company successfully expanded production capacity in response to the growing demand for AI, high-performance computing products, and automotive driving chips, while onboarding multiple new clients [4] - The company is advancing its Nantong 2D+ advanced packaging upgrade project and the transformation of the Tongfu Tongke testing center, enhancing its international operational resilience [6]

Core Viewpoint - Tongfu Microelectronics reported a significant increase in net profit and revenue for the first half of 2025, indicating strong operational performance and advancements in product development [1] Financial Performance - The company achieved a revenue of 13.038 billion yuan, representing a year-on-year growth of 17.67% [1] - The net profit attributable to shareholders was 412 million yuan, reflecting a year-on-year increase of 27.72% [1] Product Development - The company made important progress in the development of large-size FCBGA, which has entered the mass production stage [1] - Research and engineering assessment for ultra-large size FCBGA has been completed [1] - The company addressed product warping and heat dissipation issues through optimization of product structure design, material selection, and process improvements [1] Technological Advancements - Breakthroughs were achieved in the field of Chip-on-Package (CPO) technology, with related products passing preliminary reliability tests [1]