Source | Network
“The demand for CSP packaging substrate business is quite good, and the original capacity of 35,000 square meters per month is fully utilized. This year, the new expansion of 15,000 square meters per month is progressing rapidly, and the current capacity can meet the demand.” Recently, Shenzhen Xingsen Quick Circuit Technology Co., Ltd. (stock code “002436”) stated in response to investor inquiries on the interactive platform. This seems to indicate that, benefiting from the demand in markets such as storage, Xingsen Technology’s IC packaging substrate business is also steadily climbing, in addition to PCB.
Previously, Xingsen Technology released its Q3 2025 report, which showed a breakthrough in both revenue scale and profit level, with strong growth momentum in its core business. During the reporting period, operating revenue reached 1.947 billion yuan, a year-on-year increase of 32.42%; net profit attributable to shareholders was 103 million yuan, a year-on-year increase of 300.88%; and net profit excluding non-recurring items was 102 million yuan, a year-on-year increase of 340.86%. From the beginning of the year to the end of the reporting period, operating revenue was 5.373 billion yuan, a year-on-year increase of 23.48%; net profit attributable to shareholders was 131 million yuan, a year-on-year increase of 516.08%; and net profit excluding non-recurring items was 149 million yuan, a year-on-year increase of 1195.59%.
Image Source: Xingsen Technology Financial Report
The growth rate of the above financial data reflects its continuous enhancement in market competitiveness in core business areas such as PCB, benefiting from strong demand in industries like AI and communications, as well as the gradual emergence of capacity release and market expansion effects, significantly improving order acquisition capabilities.
In fact, Xingsen Technology’s financial performance has undergone tremendous changes over the past year. In 2024, it achieved operating revenue of 5.817 billion yuan, a year-on-year increase of 8.53%; however, it reported a net loss attributable to shareholders of 198 million yuan, a year-on-year decline of 193.88%; and a net loss excluding non-recurring items of 196 million yuan, a year-on-year decline of 509.87%! Xingsen Technology pointed out that the net profit level was mainly affected by high expenses in the FCBGA packaging substrate business and losses from subsidiaries Yixing Silicon Valley and Guangzhou Xinkai. Among them, the overall expense input for the FCBGA packaging substrate project was 734 million yuan, and Yixing Silicon Valley suffered a loss of 132 million yuan due to poor customer and product structure, as well as intense competition, which prevented capacity from being fully released. Guangzhou Xinkai’s CSP packaging substrate project incurred a loss of 71 million yuan due to insufficient capacity utilization.
The aforementioned losses are not a sign of business contraction but rather a “growing pain” of forward-looking transformation. Therefore, Xingsen Technology is quickly approaching a turning point: its 2025 semi-annual report shows that it achieved operating revenue of 3.426 billion yuan, a year-on-year increase of 18.91%; net profit attributable to shareholders was 29 million yuan, a year-on-year increase of 47.85%; and net profit excluding non-recurring items was 47 million yuan, a year-on-year increase of 62.50%! Successfully turning a profit.
Image Source: Xingsen Technology Financial Report
Currently, Xingsen Technology focuses on traditional PCB business and semiconductor business. Its semi-annual report data shows that PCB business revenue accounts for 71.45%, IC packaging substrate accounts for 21.09%, and semiconductor test boards account for 3.17%.
As is well known, the global PCB industry has continued to show a differentiated recovery trend since this year. According to the Prismark report, the global PCB industry output value is expected to reach 79.128 billion USD in 2025, a year-on-year increase of 7.6%, slightly up from the previous growth forecast of 6.8%. Benefiting from the development of industries such as artificial intelligence and high-speed networks, related product areas continue to maintain a high level of prosperity. In terms of regional performance, the Chinese market outperforms other regions and the overall industry, with a year-on-year growth of 8.5%. Notably, the growth of multilayer boards with 18 layers and above is particularly significant, with a year-on-year increase of 69.4%, and the Chinese market occupies more than 50% of the market share in this segment, which is favorable for the business development of PCB manufacturers like Xingsen Technology.
As for the semiconductor business, Xingsen Technology is divided into IC packaging substrate and semiconductor test boards, with the former entering an opportunity period in recent years. Multiple market research institutions predict that the CAGR of the global IC substrate market will be between 8% and 11%, nearly twice the growth rate of the traditional PCB market. It is expected that by 2033, the global market size will exceed 37 billion USD.
Xingsen Technology’s IC packaging substrate business (including CSP packaging substrate and FCBGA packaging substrate) focuses on two main directions: storage and RF, and is expanding into the automotive market. The product structure is gradually shifting towards high value-added and high-priced directions, especially in multilayer boards with high difficulty, aiming to enhance profitability through product structure optimization. The FCBGA packaging substrate project is fully prepared for mass production in terms of technical capability, capacity scale, and product yield, with overall yield continuously improving, laying a solid foundation for subsequent mass production.
On the 13th, Xingsen Technology stated on the interactive platform: “The FCBGA packaging substrate project is currently in the small batch production stage, and market expansion and customer certification are progressing steadily as planned. The company’s FCBGA packaging substrate capacity, technology, and yield can meet the needs of existing customers.” As one of the few companies in China with the design, R&D, and large-scale mass production capabilities for FCBGA packaging substrates, Xingsen Technology has initially achieved a strategic shift, gaining a first-mover advantage in industry competition as the domestic semiconductor self-control process accelerates.
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