Core Insights - The New Third Board has welcomed a number of hard technology companies, with 15 new listings in the past week, including six companies on October 22, showcasing strong innovation and market competitiveness in sectors like semiconductors and advanced manufacturing [1][2] - The New Third Board is increasingly demonstrating its role in nurturing hard technology enterprises, as exemplified by companies like Loco Electronics, which focuses on intelligent oil and gas field equipment [1][2] - Several newly listed companies are actively preparing for listings on the Beijing Stock Exchange, indicating a deepening linkage between the New Third Board and the Beijing Stock Exchange [1][6] Company Highlights - Zhongxin Crystal, a key player in semiconductor wafer manufacturing, has established a comprehensive production process and plans to reach a monthly capacity of 400,000 small-sized wafers and 600,000 12-inch polished wafers [2][3] - Zhongxin Crystal has entered the supply chain of major clients, including SMIC and GlobalWafers, with over 270 certified customers and 2,600 certified products [2] - Xinxing Lianhua, recognized as a national "little giant," specializes in high-frequency and high-speed electronic testing instruments, demonstrating significant technical advantages in the high-end radio instrument market [3] - Sentai Yingge is a rare domestic enterprise capable of providing precision accessories for CNC machine tools, with applications in automotive manufacturing and aerospace [3] - Haimingrun has established a leading position in diamond composite sheets for oil and gas drill bits, focusing on the mid-to-high-end market [4] - Weifang Jinghua is a major manufacturer of negative electrode material crushing equipment, becoming a key supplier for global leader BETTERI in the negative electrode materials sector [4] Progress on Beijing Stock Exchange Listings - Zhongxin Crystal has initiated its listing preparation for the Beijing Stock Exchange, having submitted its application on August 1 and received acceptance on October 10 [6] - Other newly listed companies are also advancing their plans for the Beijing Stock Exchange, with several updating their listing progress in October [6] - Zhu Bingren Copper, listed on October 15, announced the submission of its listing application the day after its listing, focusing on copper crafts and decorative products [6] - Baimaike's board approved a listing proposal for the Beijing Stock Exchange, with a high gross margin of 75.97% and multiple certifications [6] - Ruilong Technology, listed on October 17, plans to submit its application for the Beijing Stock Exchange within 12 months, having established itself in the high-frequency copper-clad laminate industry [7]

Core Viewpoint - The company, Zhongying Technology, has shown a slight increase in stock price and has a market capitalization of 2.835 billion yuan, with a focus on high-frequency communication materials and applications in various advanced technologies [1]. Company Overview - Zhongying Technology, established on March 28, 2006, and listed on January 26, 2021, specializes in the research, production, and sales of high-frequency communication materials, primarily supplying to downstream industries [8]. - The company's main revenue sources are high-frequency communication materials (68.56%), lead frames (25.43%), and other products (6.02%) [8]. - As of September 30, the number of shareholders decreased by 8.04% to 11,900, while the average circulating shares per person increased by 8.74% to 4,003 shares [8]. Product Applications - The company's high-frequency copper-clad laminates are used as raw materials for unmanned vehicle millimeter-wave radar and have been in small-scale production since February 22, 2023 [2]. - The ZYF-D series products are applicable in satellite navigation and have been recognized by several well-known PCB manufacturers [2]. - The high-frequency communication materials are primarily used in mobile communication fields, including 5G and 4G base station antennas [3]. Industry Position - Zhongying Technology is positioned within the electronics sector, specifically in the printed circuit board (PCB) industry, and is associated with concepts such as satellite navigation, unmanned driving, and 5G technology [8]. - The company has received certification from Huawei, allowing its products to be used in related manufacturing [4]. Financial Performance - For the first half of 2025, Zhongying Technology reported a revenue of 97.2176 million yuan, a year-on-year decrease of 26.87%, and a net profit attributable to shareholders of -7.9546 million yuan, a decline of 143.50% [8].

Group 1 - The stock price of Zhongying Technology as of August 6, 2025, closed at 42.99 yuan, down 0.83% from the previous trading day [1] - The trading volume on that day was 116 million yuan, with a turnover rate of 5.66% [1] - Zhongying Technology operates in the electronic components industry, focusing on the production and sales of high-frequency copper-clad laminates and high-frequency polymer-based composite materials [1] Group 2 - The company's products are primarily used in communication equipment and automotive electronics [1] - On August 6, the company stated on its interactive platform that its main business involves high-frequency copper-clad laminates and high-frequency polymer-based composite materials, and that technology and product R&D updates can be found in the company's periodic reports [1] - Regarding capital flow, on August 6, there was a net outflow of 19.86 million yuan from main funds, accounting for 0.97% of the circulating market value [1]

Group 1 - The core business of Zhongying Technology (300936) is high-frequency copper-clad laminates and high-frequency polymer-based composite materials [1] - The company encourages investors to pay attention to its regular reports for updates on technology and product research and development [1]

Industry Overview - The high-frequency copper clad laminate (HFCCL) industry in China is experiencing rapid growth, driven by increasing demand in sectors such as 5G base station construction, autonomous driving millimeter-wave radar, and satellite navigation [1][13] - The market size of the HFCCL industry is projected to grow from 950 million yuan in 2017 to 4.334 billion yuan in 2024, with a compound annual growth rate (CAGR) of 24.21% [1][13] - HFCCL is essential for 5G communication due to its low dielectric constant and low dielectric loss, making it a key material for base station antennas and RF modules [1][11] Industry Chain - The upstream of the HFCCL industry includes raw materials such as copper foil, resin, fiberglass cloth, and silica powder, with copper foil being critical for signal transmission efficiency [7][9] - The midstream involves the manufacturing of HFCCL, while the downstream applications span across 5G communication, wireless networks, and automotive radar [7] Key Companies - Leading companies in the HFCCL industry include Shengyi Technology, Zhongying Technology, and Huazheng New Materials, which leverage their technological expertise and manufacturing scale to drive industry development [16] - Other notable companies include Nanya New Materials, Jinan Guoji, and Baoding Technology, which focus on niche markets and product differentiation [16] Market Trends - The HFCCL industry is moving towards miniaturization, with demands for smaller sizes and thinner thicknesses driven by 5G millimeter-wave communication and consumer electronics [23] - There is a trend towards higher-layer structures, evolving to more than 16 layers to meet the complex interconnection needs of high-performance computing and AI chips [24] - Flexibility is becoming a key focus, with innovations in bendable materials to cater to the growing market for wearable devices and flexible displays [26] - The integration of smart technologies is also on the rise, with HFCCL incorporating passive components and sensors for enhanced functionality [27]

Summary of Conference Call Records Industry Overview: PCB Industry Key Points - **AI Server Demand**: The demand for high-speed copper-clad laminates (CCL) is driven by AI servers, with an annual growth rate of 30%-50%. However, some products face a shortage of about 10% [1][3][4] - **FR-4 CCL Pricing**: The price of FR-4 CCL is expected to increase by 10%-15% in 2025, benefiting from demand in the automotive and consumer electronics sectors [1][5] - **Material Selection Strategy**: The selection of CCL materials varies by market segment; low-end markets prioritize price, while mid-to-high-end markets focus on quality [1][6] - **Application Classification**: Automotive safety components are classified as mid-to-high-end applications, while non-safety components and consumer electronics fall into the low-end category [1][7] Technical Insights - **High-Speed CCL Technology**: High-speed CCLs utilize various resin materials, with high-end models like Ma 8 and Ma 9 using hydrocarbon resins. As transmission speeds increase, the electrical performance loss differences between high-speed and high-frequency materials are diminishing [1][8][10][11] - **Domestic Manufacturer Strategies**: Domestic manufacturers have different strategies; for instance, Shen Yu is a comprehensive supplier, while Jian Tao focuses on low-end products. Hua Sheng and Nan Ya aim to enhance their high-frequency and high-speed product shares [1][16] - **Global Manufacturer Focus**: Global manufacturers like Tai Kwang are expanding into the AI server market, while others like Rogers focus on the high-frequency market [1][18] Company-Specific Insights Order and Production Status - **Strong Orders**: The company reported a robust order situation in Q2, with F2 operating at full capacity due to a strong demand for mid-to-high-end products and favorable national policies [2][34] - **Material Pricing**: The expected pricing for AWS's M9 material is around 1,500 RMB per square meter, with confirmation of shares anticipated in the first half of 2026 [2][53] Market Dynamics - **Market Share Distribution**: In the Amazon server market, the PCB supply share is approximately 50% for Sheng Yi Electronics, 30% for Jin Xiang, and 10% for Gao Ji [27] - **Future Supplier Changes**: The supplier landscape is expected to remain stable until the T3 generation products are mass-produced in 2026 [28] Competitive Landscape - **Performance Comparison**: The performance of the company's products is comparable to competitors like Tai Kwang and Dou Shan, with the main factor for gaining market share being relationships with PCB manufacturers [36][37] - **Next-Generation Material Development**: The company is actively working on next-generation materials, including Ma 9, to enhance its competitive position [35][41] Technical Developments - **PTFE Application**: The PTFE solution is likely to be applied to orthogonal backplanes, with ongoing trials by several companies [38][39] - **Layer Count Trends**: The next generation of Ma 9 materials is expected to have a layer count increase of about 20% compared to the current generation [40] Additional Insights - **R&D Structure**: The R&D structure of CCL manufacturers varies based on product ratios and classifications, with a focus on meeting performance standards and cost requirements [48] - **Market Growth Projections**: The high-end CCL market is projected to maintain a growth rate of approximately 50% over the next couple of years [51] This summary encapsulates the key insights from the conference call records, highlighting the current state and future outlook of the PCB industry and the company's strategic positioning within it.

Group 1: Performance Overview - The company experienced a decline in net profit due to macroeconomic factors and increased industry competition, with a significant impact from a government compensation of approximately CNY 108 million related to property demolition in 2023 [3] - Revenue remained stable compared to the previous period, but net profit decreased due to a drop in gross margin [3] Group 2: Future Growth and Strategic Planning - The company is focusing on new growth points, including the ongoing construction of a precision metal etching project, which is expected to add 220,000 square meters/year of copper etching capacity, 70,000 square meters/year of stainless steel etching capacity, and 70,000 square meters/year of titanium alloy etching capacity [2] - The strategic plan emphasizes continuous development in the communication sector, enhancing product diversity and performance [4] Group 3: Revenue Structure - The revenue structure indicates that communication materials account for 68.11% of total revenue, with high-frequency copper-clad laminates contributing 44.14% and VC heat sinks 23.79% [6] - Other revenue sources make up 13.4% of total revenue [6] Group 4: Research and Development - The company prioritizes R&D across various business areas and aims to enhance the conversion of R&D results into profitable products [7] - There is a commitment to maintaining R&D investments to support ongoing innovation and product development [7] Group 5: Shareholder Returns - The company plans to distribute a cash dividend of CNY 7.52 million (CNY 1 per 10 shares) to shareholders, with no stock dividends or capital increases planned [7] - Future profit distribution will be aligned with cash flow and operational needs, ensuring shareholder returns are prioritized [7]