J P M O R G A N Asia Pacific Equity Research 16 December 2025 Taiwan PCB, CCL and substrates HDI adoption roadmap emerging Technology Jerry Tsai AC (886-2) 2725-9867 jerry.tsai@jpmorgan.com J.P. Morgan Securities (Taiwan) Limited Josie Yu (886-2) 2725-9877 josie.yu@jpmorgan.com J.P. Morgan Securities (Taiwan) Limited Gokul Hariharan (852) 2800-8564 gokul.hariharan@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited See page 3 for analyst certification and impo ...