11月29日，由中国半导体行业协会、成都市经信局、成都市投资促进局指导，崇州市人民政府支持，电 子科技大学、电子科技大学校友总会主办，电子薄膜与集成器件全国重点实验室、电子科技大学集成电 路科学与工程学院（示范性微电子学院）、华润微电子有限公司、 三叠纪（四川）科技有限公司、天府 绛溪实验室 等多家单位联合承办的" 2025集成电路特色工艺与先进封装测试产业技术论坛暨电子科技大 学集成电路行业校友会年会 "顺利在蓉举办。 本次论坛 以" 特色工艺及功率半导体技术 "、" TGV及先进封装产业生态 "与" 集成电路校友生态建设 "为核心 专题，聚焦行业技术前沿与产业实践挑战，成功构建了一个产学研用深度融合，推动集成电路产业链协同创新 与生态建设的交流平台。 论坛共吸引来自全国集成电路设计、制造、封装、测试、设备、材料等领域的200余家企业和集成电路行业校 友在内的600余名代表参会。 开幕式 开幕式由电子科技大学集成电路科学与工程学院党委书记李雪梅主持，电子科技大学 校党委书记曹萍 ， 中国 工程院院士、电子薄膜与集成器件全国重点实验室主任李言荣，成都市经信局、市新经济委党组成员、副局长 蒲斌出席开幕式并致辞。 ...

Summary of the Conference Call Company Overview - **Company**: 华天科技 (Hua Tian Technology) - **Industry**: Semiconductor Packaging Key Financial Highlights - **Revenue**: For the first nine months of 2025, total revenue reached 12.38 billion CNY, a 17.55% increase from 10.5 billion CNY in the same period last year [3][4] - **Net Profit**: Net profit for the same period was 540 million CNY, up 51.98% from 357 million CNY year-on-year [3][4] - **Gross Margin**: Gross margin slightly increased to 12.34% from 12.29% [3][4] Performance by Production Base 1. **Tianshui Base**: - Revenue: 3.26 billion CNY, up 21.99% from 2.67 billion CNY [4] - Net Profit: 200 million CNY, down 48.96% from 390 million CNY [5] - Gross Margin: Decreased to 11.86% from 13.68% [5] 2. **Xi'an Base**: - Revenue: 2.777 billion CNY, up 12.26% from 2.468 billion CNY [6] - Net Profit: 210 million CNY, up 52.4% from 140 million CNY [6] - Gross Margin: Increased to 17.81% from 16.46% [6] 3. **Nanjing Base**: - Revenue: 2.596 billion CNY, up 19.66% from 2.17 billion CNY [7] - Net Profit: 55 million CNY, down from 590 million CNY [7] 4. **Kunshan Base**: - Revenue: 1.51 billion CNY, up 10.7% from 1.367 billion CNY [8] - Net Profit: 88 million CNY, up 6.55% from 82 million CNY [8] - Gross Margin: Stable at 18% [8] 5. **Unisime Base**: - Revenue: 2.33 billion CNY, up 28% from 1.82 billion CNY [9] - Net Profit: 57 million CNY, down 28.23% from 79 million CNY [9] 6. **Jiangsu Base**: - Revenue: 290 million CNY, a significant increase from 73 million CNY last year [10] Production Capacity and Utilization - Overall capacity utilization across the five major production bases is approximately 85% [11] - Xi'an and Nanjing bases are operating at full capacity, contributing to revenue growth [11][12] Market Trends and Pricing - **Market Growth**: Notable growth in storage and automotive electronics sectors [14] - **Raw Material Prices**: Significant price increases in substrates, with a rise of 20%-30% noted [15][16] - **Pricing Mechanism**: The company has a pricing mechanism in place to pass on raw material cost increases to customers [16][17] Capital Expenditure - **2025 Capital Expenditure**: Expected to reach around 45 billion CNY, up from the initial estimate of 30-35 billion CNY due to better-than-expected market conditions [20][21] - **2026 Outlook**: Anticipated capital expenditure for 2026 is estimated at 30-40 billion CNY [22] Advanced Packaging Developments - **2.5D/3D Packaging**: A new subsidiary focused on advanced packaging has been established, with production lines completed and currently in the verification phase [24][27] - **Future Revenue Contribution**: Expected to contribute revenue, but the amount is anticipated to be modest initially [26] M&A Activity - **Acquisition of Huayi Electronics**: The acquisition is expected to enhance revenue and profit, with projected sales of approximately 1.078 billion CNY and net profit of around 54-55 million CNY for the first eight months of the year [37][41][42] Future Outlook - **Q4 2025 Expectations**: Anticipated to at least match Q3 performance, with more clarity on 2026 projections expected after customer visits in late 2025 [44][46] Additional Insights - The company is navigating challenges posed by geopolitical tensions affecting technology transfer and market access [27][28] - The focus remains on domestic markets due to restrictions on foreign orders [27][28] This summary encapsulates the key points discussed during the conference call, providing a comprehensive overview of the company's performance, market conditions, and future outlook.

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the semiconductor industry, focusing on companies such as SMIC (中芯国际), Hua Hong Semiconductor (华虹), Changxin Storage (长鑫存储), and Longsys (长存) [1][2][7]. Key Points and Arguments 1. **Expansion of Advanced Processes**: SMIC and Hua Hong are expanding their production capabilities for advanced processes below 7nm to meet domestic computing power demands. Hua Hong's expansion at its 8th factory is exceeding expectations, with new production lines expected in 2026. However, some equipment orders for SMIC have been delayed [1][3]. 2. **Storage Industry Growth**: Changxin Storage and Longsys are expected to see significant upward changes in 2026. Longsys has established its third-phase project focusing on over 300-layer products, with a 30% increase in investment per wafer compared to previous layers. Changxin Storage is also actively expanding and is expected to accelerate its IPO process in 2026 [1][5][6]. 3. **HBM Industry Development**: The domestic High Bandwidth Memory (HBM) industry is projected to achieve a breakthrough from 0 to 1 in industrialization by 2026. Changxin Storage's Shanghai facility is planning for 3D packaging and HBM production lines, which may create new expansion demands [1][6]. 4. **Capital Expenditure Trends**: The semiconductor industry's capital expenditure is expected to maintain double-digit growth in 2026, driven by increased domestic production rates and structural changes. Equipment companies may see order growth rates of over 30%, potentially reaching 40%-50% [1][9][10]. 5. **Focus on Equipment and Materials**: Recommendations for equipment companies include North Huachuang, Zhongwei Company, and Tuo Jing Technology, among others. In the semiconductor materials sector, Anji Technology and Dinglong Co. are highlighted, with domestic semiconductor material demand expected to grow at a compound annual growth rate of 20%-30% [3][12]. 6. **Investment Recommendations**: For the HBM supply chain, it is suggested to focus on the testing and packaging end, particularly smaller market cap companies like Jingzhida, Xinyuanwei, and Jiaocheng Ultrasonic, which may show significant growth potential [1][8]. Additional Important Insights - The semiconductor industry is showing strong momentum in both logic processes and storage sectors, reflecting increasing market demand and enhancing China's self-sufficiency in semiconductor capabilities [7]. - The investment in equipment for advanced processes is expected to rise significantly, with costs per wafer for 28nm to 7nm processes increasing from approximately 4-5 billion RMB to over 13 billion RMB [4]. - The overall sentiment in the semiconductor sector is positive, with expectations of continued growth and development across various segments [2][7].

如果您希望可以时常见面，欢迎标星收藏哦~ 自半导体工业诞生以来，集成电路就一直被封装在封装件中。最初的想法主要是保护内部脆 弱的硅片不受外部环境的影响，但在过去的十年中，封装的性质和作用发生了巨大的变化。 虽然芯片保护仍然重要，但它已成为封装中最不引人关注的作用。 本文探讨了封装领域最大的变化，即通常所说的先进封装。先进的含义并没有明确的定义。相反， 该术语广泛涵盖了多种可能的封装方案，所有这些方案都比传统的单芯片封装复杂得多。先进封装 通常封装了多个元件，但组装方式却千差万别。 在这种讨论中，经常会提到 2.5D 或 3D 封装，这些描述指的是内部元件的排列方式。 本文首先讨论了从外部观察到的封装类型，然后向内讨论了高级封装所集成的基本组件。之后，将 更详细地探讨每个组件。大部分讨论将涉及高级软件包的各种组装过程。文章最后探讨了任何技术 讨论都必须涉及的四个主题--工程师如何设计先进封装、如何对其进行测试、先进封装的总体可靠 性影响以及任何安全影响。 文章还简要讨论了两个相关的广泛话题。首先是键合。虽然这是封装的一个必要组成部分，但它本 身也是一个很大的话题，在此不作详细讨论。其次是不属于集成电路但可能包含 ...