Core Viewpoint - Tongfu Microelectronics has transformed from a struggling state-owned enterprise in the 1990s to a leading player in the global semiconductor packaging and testing market, achieving over 23.8 billion yuan in revenue in 2024, marking a significant milestone in China's semiconductor industry [3][29]. Group 1: Foundational Era - In the 1990s, under the leadership of Shi Mingda, the company pivoted from traditional transistors to the emerging integrated circuit sector, successfully establishing a production line capable of packaging over 10 million integrated circuits annually by 1994 [2][3]. - The partnership with Fujitsu in 1997 marked a critical turning point, providing access to advanced packaging technology and modern management practices, which helped the company escape its previous state of obsolescence [9]. Group 2: National Mission and Growth - After going public in 2007, Tongfu Microelectronics began to receive national recognition and undertook significant projects aimed at enhancing China's core competitiveness in integrated circuit manufacturing [11]. - The company entered a rapid growth phase, expanding its production capacity and acquiring key facilities, including a strategic acquisition of AMD's packaging plants in 2016, which allowed it to gain cutting-edge packaging technology [12][18]. Group 3: Market Position and Strategy - By 2023, advanced packaging technologies, particularly 2.5D/3D and Chiplet, became crucial for chip performance enhancement, reshaping the global semiconductor market landscape [22][27]. - Tongfu Microelectronics holds nearly 10% of the global market share, primarily benefiting from its deep collaboration with AMD, which contributes over 50% of its revenue [23][29]. Group 4: Future Outlook - The company is expected to continue its strategic focus on advanced packaging and diversify its client base beyond AMD, aiming for a 40% revenue contribution from non-AMD clients in the coming years [29].