Industry Overview - The global PCB industry is expected to continue its recovery trend with structural differentiation, driven primarily by the AI industry [2] - According to Prismark, the global PCB market value is projected to reach $84.891 billion in 2025, representing a year-on-year growth of 15.4% [2] Company Performance - The demand for the company's CSP packaging substrate business remains strong, and the company plans to initiate capacity expansion based on market demand [2] - The company's FCBGA packaging substrate business is progressing steadily in market expansion and customer certification as planned [2] - The total number of shareholders as of February 10, 2026, is over 127,000 [2]

Core Viewpoint - The progress of FCBGA packaging substrate business is primarily dependent on industry demand recovery, customer mass production progress, and supplier management strategies. The company focuses on enhancing technical capabilities, yield levels, and market expansion to lay a solid foundation for future mass production [2]. Group 1 - The FCBGA packaging substrate business's progress is influenced by the recovery of industry demand [2] - Customer's own mass production progress and supplier management strategies are critical factors [2] - The company aims to improve technical capabilities and yield levels while strengthening market expansion [2]

Group 1 - The company, Xingsen Technology, stated that its FCBGA packaging substrates are primarily used in high-performance chip fields such as CPU, GPU, FPGA, and ASIC [2] - The CSP packaging substrates are mainly utilized in storage and RF chip sectors, with an overall production capacity of 50,000 square meters per month [2] - The previous capacity of 35,000 square meters per month has reached full production, and the new expansion of 15,000 square meters per month is progressing rapidly [2] - The overall industry demand is currently strong, and future expansion plans will depend on market demand [2]

Group 1 - The company expects to turn a profit in the fiscal year 2025, with the performance forecast period from January 1, 2025, to December 31, 2025 [1] - The company has communicated with its auditing firm regarding the performance forecast, and there are no discrepancies between the company and the auditors [1][3] - The main reasons for the performance changes include stable revenue growth due to industry recovery, with specific impacts from the FCBGA packaging substrate business and the high-layer PCB business [3] Group 2 - The FCBGA packaging substrate business has not yet achieved mass production, resulting in a financial drag with an annual expense of approximately 660 million yuan, although sample order quantities have significantly increased year-on-year [3] - The high-layer PCB business incurred a loss of about 100 million yuan for the year, but quarterly losses have been narrowing, nearing breakeven in the fourth quarter [3] - Other financial impacts include interest expenses from convertible bonds of approximately 17 million yuan, a fair value loss of about 38 million yuan from equity redemption rights, and an increase in income tax expenses of about 36 million yuan due to high-tech enterprise certification [4] Group 3 - The total impact on the company's net profit attributable to shareholders is approximately 100 million yuan [5] - The company has not identified any significant uncertainties affecting the accuracy of the performance forecast as of the announcement date [6]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 132 million to 140 million yuan in 2025, marking a turnaround from losses in the previous year [1] Financial Performance - The net profit excluding non-recurring gains and losses is projected to be between 138 million and 146 million yuan, also indicating a return to profitability year-on-year [1] - The company’s revenue is experiencing stable growth due to industry recovery [1] Business Segments - The FCBGA packaging substrate business of Guangzhou Xingsen Semiconductor Co., Ltd. has not yet achieved mass production, which continues to drag on profitability, with total expenses for the year amounting to approximately 660 million yuan [1] - The sample order quantity for the FCBGA business has seen significant year-on-year growth [1] - The high-layer PCB business of Yixing Silicon Valley Electronic Technology Co., Ltd. suffered a loss of about 100 million yuan for the year due to suboptimal product structure, although quarterly losses have been narrowing, with the fourth quarter nearing breakeven [1]

Core Viewpoint - The company expects a net profit attributable to shareholders of 132 million to 140 million yuan for the year 2025, indicating a turnaround from losses in the previous year [1] Group 1: Financial Performance - The company anticipates a net profit excluding non-recurring gains and losses of 138 million to 146 million yuan for 2025 [1] - The net profit is expected to show a year-on-year improvement, moving from a loss to profitability [1] Group 2: Revenue and Business Impact - The company's revenue is projected to grow steadily due to industry recovery, with significant contributions from its subsidiaries [1] - The FCBGA packaging substrate business has not yet achieved mass production, impacting profitability, with an annual expense of approximately 660 million yuan [1] - The high-layer PCB business is expected to incur a loss of about 100 million yuan for the year, although quarterly losses are narrowing, nearing breakeven in Q4 [1] Group 3: Other Financial Influences - Interest expenses related to convertible bonds are estimated to impact profits by about 17 million yuan [1] - Fair value loss from the redemption rights of Guangzhou Xingsen Semiconductor Co., Ltd. is expected to be around 38 million yuan [1] - The company anticipates an increase in income tax expenses by approximately 36 million yuan due to the recognition of deferred tax assets following the high-tech enterprise certification of Zhuhai Xinke Semiconductor Co., Ltd. [1] - The company expects to recognize a fair value loss of about 13 million yuan from its investment in Shenzhen Ruijun Semiconductor Co., Ltd., which continues to operate at a loss [1]

Group 1 - The core viewpoint of the news is that Xingsen Technology (兴森科技) experienced a significant stock price increase, reaching a limit up of 10% on January 21, 2026, driven by strong financial performance and positive market conditions in the semiconductor sector [1][2]. Group 2 - Xingsen Technology reported impressive third-quarter results, with net profit increasing by 516.08%, non-recurring net profit rising by 1195.59%, and operating revenue growing by 23.48%, indicating substantial business expansion [2]. - The company highlighted an improvement in the storage chip sector, which is expected to positively impact its business, as rising storage chip prices may enhance product pricing and overall performance [2]. - Xingsen Technology is making steady progress in its FCBGA packaging substrate business, with capacity expansion and product yield preparations in place, while also focusing on CoWoP packaging technologies and actively pursuing new industry opportunities [2]. - The semiconductor and components sector saw capital inflows on January 21, 2026, with multiple related stocks rising, and Xingsen Technology, being a competitive player in the sector, benefited from this sector-wide momentum [2]. - Technical indicators suggest that if the MACD forms a golden cross and the stock price breaks through significant resistance levels, it may attract more technical investors, further driving the stock price up [2].

Group 1 - The core viewpoint of the article is that the company is making steady progress in expanding its FCBGA packaging substrate business and customer certification, with no abnormalities found in the substrate based on feedback from testing results [1] - The company has adequately prepared for mass production in terms of capacity scale and product yield, with the pace of large-scale production primarily dependent on industry demand recovery, customer mass production progress, and supplier management strategies [1]

Core Viewpoint - The company is making steady progress in expanding its FCBGA packaging substrate business, with customer certification and market development on track [1] Group 1: Business Development - The company has reported that the feedback from testing results shows no abnormalities in the substrates [1] - The company is fully prepared for mass production in terms of capacity scale and product yield [1] Group 2: Production and Market Factors - The pace of large-scale mass production primarily depends on the recovery of industry demand, the customer's own mass production progress, and their supplier management strategies [1]

Core Viewpoint - The company is progressing steadily in the market expansion and customer certification of its FCBGA packaging substrate project, and the operational situation will be detailed in future regular reports [2][4]. Group 1 - Investors inquired about whether the certification and introduction speed of key customers for the ABF substrate is below expectations [2][4]. - There are concerns regarding whether the idle high-end capacity will impact this year's financial report [2][4].