Summary of Conference Call Records Industry Overview - The conference call primarily discusses the PCB (Printed Circuit Board) industry, focusing on AI server demand and related materials such as copper foil and electronic cloth [1][2]. Key Points and Arguments AI Server Demand - The GB200 server has entered mass production, with an expected shipment of 20,000 to 25,000 cabinets this year. In the first half of the year, 12,000 cabinets were shipped, with a forecast of 13,000 cabinets for the second half. The price fluctuates between 35,000 to 40,000 yuan per square meter [1][3]. - The GB300 solution is set to adopt HDR high-layer designs, with sample shipments already sent out. Production is expected to start gradually in August, with an estimated shipment of 10,000 to 15,000 cabinets this year [1][5]. Supplier Landscape - Major suppliers for SVD high-layer boards include Huadian (40%), TTM (20%), Shenghong (20%), and Youde Maike (10%). The GB200 is expected to reach 25,000 cabinets this year and over 15,000 cabinets next year [2][4]. Material Challenges - The LDK third-generation quartz cloth faces challenges in drilling processes due to its high hardness, which complicates laser drilling and can lead to larger hole diameters and resin tearing. Improvements are needed in fiber cloth hardness and light absorption rates [1][6][7]. - New material development faces technical hurdles, particularly with Q cloth, which poses ion migration risks in small hole spacing designs. Solutions include optimizing product designs and collaboration between material suppliers and PCB manufacturers [1][8]. Equipment and Capacity - Core equipment, such as laser processing machines, has long lead times (12-15 months) due to high market demand, which limits capacity expansion. However, existing factories still maintain testing capabilities [2][9]. Market Trends - The domestic market shows increasing demand for high-end materials, with companies like Huawei leading the way. However, the overall impact has yet to be fully realized. Shengyi has captured the largest share in the BT storage substrate market and is collaborating with Huawei on advanced technologies [2][18]. - The iPhone-related server shipments are projected to reach 10 million units in 2025, with AR-related products accounting for 25%-30% of that volume. This percentage is expected to increase by 15-20 percentage points annually [2][12]. Future Outlook - The AR supply chain demand has exceeded expectations in the first half of 2025, while the smartphone and consumer electronics market saw a 20% decline in sales in the second quarter of 2025, leading to a drop in related substrate orders [2][17]. - Shengyi has opportunities to capture market share in the NV sector, leveraging its experience in high-layer substrates and connections within the NV supply chain [2][19]. Additional Important Information - The glass substrate solution is not yet fully defined, facing processing difficulties and yield issues when combined with ABF. Traditional organic substrates will continue to dominate in the short term [2][13]. - Domestic companies like Shengyi and Nanya are expanding their production capabilities, with Shengyi aiming to increase its market share in high-end materials [2][14][18].