Forehope Electronic (Ningbo) Co., Ltd. (688362)

Equity Research Report　|　Industry: Integrated Circuit Packaging and Testing (OSAT)　|　Report Date: September 13, 2026　|　The research notes do not provide a clear price-data cutoff date; only isolated date clues (2026-09-09, 2026-09-10, 2026-09-11, etc.) and market-page summaries appear, making it impossible to confirm a unified data cutoff. The timeliness of the price data is therefore uncertain.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Forehope Electronic recorded revenue of RMB 2.411 billion in 1H 2026, up 19.95% year on year, and net profit attributable to the parent of RMB 39.3607 million, up 29.82% year on year. However, recurring net profit attributable to the parent remained negative at RMB 10.3786 million, indicating that although revenue and reported profit continued to grow, the quality of core operating earnings remained weak. In 2025, the company recorded revenue of RMB 4.398 billion and net profit attributable to the parent of RMB 81.7286 million, achieving revenue growth and turning net profit attributable to the parent positive for the second consecutive year. Nevertheless, recurring net profit attributable to the parent was still negative at RMB 46.9436 million in 2025, as depreciation, expenses and capacity-ramp-up pressure remained significant during the asset-heavy expansion phase.

The company focuses on integrated circuit packaging and testing, with products covering QFN/DFN, SiP, FC, Bumping/WLP and MEMS. In 1H 2026, QFN/DFN and SiP together accounted for approximately 77.8% of revenue. QFN/DFN had a gross margin of 27.77%, while SiP had a gross margin of only 7.33%; Bumping/WLP revenue grew 30.24% year on year, but its gross margin was -37.36%. Downstream applications include RF front-end, SoC, WiFi/Bluetooth, MCU, AIoT, power-management and computing chips. Domestic revenue accounted for 76.86%, while overseas revenue accounted for 23.00%.

The main growth drivers are an improvement in packaging-and-testing demand, customer expansion and construction of advanced-packaging product lines. The company stated that capacity tightness is expected to continue in the second half, with product pricing improving steadily. It plans to advance validation and product introduction for leading overseas customers and 2.5D advanced-packaging customers, while developing Bumping, wafer-level packaging, FC and 2.5D/3D product lines. The company is also advancing its Malaysia base and Phase III project. However, amounts and timelines for projects such as the proposed RMB 10.3 billion Phase III expansion and the Malaysia base investment of no more than RMB 2.1 billion are partly derived from interim-report descriptions or media reports and remain subject to formal announcements.

At the market level, the company plans to repurchase RMB 100–150 million of shares for an employee share-ownership plan or equity incentives. As of August 31, 2026, approximately RMB 20 million had been repurchased. The actual controller and controlling shareholder have also made phased commitments not to reduce their holdings. However, verifiable technical data are limited: moving averages, Bollinger Bands, RSI, MACD, turnover rate and clearly defined support and resistance levels are unavailable. After major funds recorded net purchases of RMB 80.4397 million on September 3, they recorded net sales of RMB 71.7641 million and RMB 149 million on September 9 and September 11, respectively, indicating weak and highly volatile short-term fund flows.

2. Company Overview

2.1 Basic Information

2.2 Core Business and Product Portfolio

• Integrated circuit packaging and testing (OSAT, outsourced semiconductor assembly and testing): provides integrated packaging-and-testing solutions to IC design companies and charges processing fees for packaging and testing services
• Five major packaging categories: high-density fine-pitch flip-chip products (FC), system-in-package products (SiP), wafer-level packaging products (Bumping and WLP), quad flat no-lead products (QFN/DFN), and microelectromechanical-system sensors (MEMS)
• Product revenue mix (as of 2026-06-30, 1H 2026): QFN/DFN revenue of RMB 958.6 million, accounting for 39.75%, with a gross margin of 27.77%; SiP revenue of RMB 917.6 million, accounting for 38.05%, with a gross margin of 7.33%; FC revenue of RMB 359.6 million, accounting for 14.91%, with a gross margin of 20.33%; Bumping/WLP revenue of RMB 111.1 million, accounting for 4.61%, with a gross margin of -37.36%; other revenue of RMB 40.39 million, accounting for 1.67%, with a gross margin of 86.83%; other products revenue of RMB 20.68 million, accounting for 0.86%, with a gross margin of 7.91%
• By region (1H 2026): domestic revenue of RMB 1.853 billion (76.86%) and overseas revenue of RMB 554.6 million (23.00%)
• Full-year 2025: integrated circuit packaging and testing revenue of RMB 4.327 billion, accounting for 98.39%, with a gross margin of 15.91%; other revenue (supplementary) of RMB 70.87 million, accounting for 1.61%, with a gross margin of 60.93%. SiP revenue was RMB 1.726 billion, accounting for 39.23% and representing the largest single category that year. Implied full-year 2025 revenue was approximately RMB 4.398 billion (estimated; the precise figure should be based on the annual report)
• Downstream applications: RF front-end chips, AP SoCs, touch-control chips, WiFi/Bluetooth, MCU and other IoT/AIoT chips, power-management chips, computing chips, and industrial and consumer applications

2.3 Position in the Upstream and Downstream Value Chain and Cost/Profit Structure

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest financial report is the 1H 2026 report (as of 2026-06-30; disclosed 2026-08-25). Recurring net profit attributable to the parent in 1H 2026 was -RMB 10.3786 million (versus -RMB 43.1649 million in the prior-year period, a 75.96% narrowing of the loss); total profit was RMB 11.1019 million, up 126.55% year on year; basic EPS was RMB 0.10, up 42.86% year on year; weighted-average ROE was 1.45% (+0.24 percentage points year on year). By quarter, net profit attributable to the parent was approximately RMB 27 million in 1Q 2026 and approximately RMB 13 million in 2Q 2026, down approximately 52% sequentially in 2Q (according to an AASTOCKS transcript). Recurring net profit attributable to the parent was -RMB 46.9436 million in 2025, with the loss widening year on year; net operating cash flow was RMB 1.689 billion. In 2024, recurring net profit was -RMB 25.3126 million, with the loss narrowing substantially; gross margin was 17.33% (+3.42 percentage points), ROE was approximately 2.64–2.69%, and EPS was RMB 0.16. Recurring net profit was -RMB 162 million in 2023. Cross-checking indicates that the 2025 annual results flash report released on 2026-02-24 reported revenue of RMB 4.400 billion (+21.92%) and net profit attributable to the parent of RMB 82.2403 million (+23.99%), showing minor differences from the final annual report (RMB 4.398 billion/RMB 81.7286 million). Such differences are normal as a result of audit adjustments, and the annual report should prevail. The company’s 2025 earnings guidance range was revenue of RMB 4.2–4.6 billion (+16.37% to +27.45%) and net profit attributable to the parent of RMB 75–100 million (+13.08% to +50.77%). Sources: Eastmoney, China Fund News, Tonghuashun, Stockstar, Sina Finance income statements, China Securities Journal, Gelonghui, STAR Market Daily and China Post Securities research reports, among others.

The company remains in an asset-heavy expansion phase. Although net profit attributable to the parent is positive, recurring net profit has been negative for consecutive years, and the recurring loss widened in 2025. Net profit is therefore relatively dependent on government grants and non-recurring gains, leaving the earnings base thin—this is the fundamental reason for the extremely high PE valuation. Recurring net profit was also negative in 1H 2026 (-RMB 10.3786 million), indicating low earnings quality.

3.2 Earnings Forecasts

Sources: Eastmoney consensus estimates (ProfitForecast page, two snapshots with different data dates; net profit attributable to the parent calculated using approximately 408–450 million shares); individual brokerage forecasts: China Post Securities (updated 2025-12-11 and 2026-01-27), Shenwan Hongyuan (2026E EPS of RMB 0.56), Founder Securities (2026E EPS of RMB 0.64), Huajin Securities (2026E EPS of RMB 0.58), and Industrial Securities (2026E EPS of RMB 0.26, notably low); another research report, possibly from CITIC Securities, dated 2026-08-06 and authored by Hu Yeqianwen, corresponds to a Phase III expansion report involving RMB 10.3 billion. Eastmoney consensus snapshots: Snapshot 1: 2026E EPS of RMB 0.4980 (five analysts), 2027E EPS of RMB 0.7720 (five analysts), 2028E EPS of RMB 1.0775 (four analysts), 2026E book value per share of RMB 6.73 (three analysts), and 2026E ROE of approximately 6.x%; Snapshot 2: 2026E EPS of RMB 0.4775 (four analysts), 2027E EPS of RMB 0.7400 (four analysts), 2028E EPS of RMB 1.0775 (four analysts), 2026E book value per share of RMB 6.65 (two analysts), and ROE of 7.28%, 9.96% and 12.72% for 2026E, 2027E and 2028E, respectively. Uncertainty: the 2026E brokerage EPS range is RMB 0.26–0.64, with extremely high dispersion. It is primarily based on individual brokerage assumptions rather than a robust consensus and should be treated cautiously.

3.3 Valuation and Institutional Ratings

Eastmoney’s six-month average (Snapshot 2, implying a share price of approximately RMB 61–64) indicates 2025A PE of approximately 340.7x, 2026E PE of approximately 134.0x, 2027E PE of approximately 87.0x and 2028E PE of approximately 59.9x. Eastmoney Snapshot 1 (implying a share price of approximately RMB 96–101) indicates 2025A PE of approximately 531.7x, 2026E PE of approximately 203.5x, 2027E PE of approximately 131.7x and 2028E PE of approximately 93.4x. The large difference between the two snapshots—nearly 1.6x PE despite identical EPS—suggests inconsistencies or lags in the price/share-count basis used on the referenced pages. The figures should be checked against the actual market-data page before citation. On a PB basis, 2025A book value per share was approximately RMB 6.27 and 2026E book value per share was approximately RMB 6.65–6.73. A share price of RMB 45–61 would correspond to PB of approximately 7–10x, which is notably high. Price clues include an AASTOCKS transcript showing the share price falling by RMB 2.840 (-4.622%) around 2026-09-04, implying a price of approximately RMB 61.4; the Investing.com snapshot implies approximately RMB 45. The actual closing price could not be reliably confirmed from a static source and should be checked against exchange or market-data pages on the relevant day. The company is an asset-heavy packaging-and-testing enterprise with high revenue but very thin profit. With PE at several hundred times, traditional PE valuation has limited significance. Institutions are more inclined to use PS, forward EPS or capacity/output-potential frameworks, and this should be stated when cited. Recurring profit remained negative and widened in 2025, while it was also negative in 1H 2026 (-RMB 10.3786 million), indicating low earnings quality. The two Eastmoney PE snapshots are internally inconsistent, and the Investing.com target price is covered by only one analyst; both are single-source/weak-source references and should not be relied upon independently. Dates for the annual data have been marked; share-price and valuation figures are based on approximately early September 2026 rather than real-time data and should be verified before citation.

4. Recent News and Announcements

4.1 Company Identification and Basic Information

Forehope Electronic (Ningbo) Co., Ltd. (English: FOREHope Electronic (Ningbo) Co., Ltd.) is listed on the STAR Market of the Shanghai Stock Exchange under stock code 688362 and was listed on 2022-11-16. Its core business is integrated circuit packaging and testing, with a focus on mid-to-high-end advanced packaging, including QFN/DFN, WB-LGA, WB-BGA, Hybrid-BGA, FC-LGA, SiP, Bumping, wafer-level packaging and 2.5D/3D. Customers include Montage Technology, Amlogic, Fudan Microelectronics, MediaTek, Ingenic Semiconductor, Allwinner Technology, Goodix Technology and Will Semiconductor, among others. Based on the dates of multiple announcements, the “current point in time” for this search is inferred to be approximately September 10–11, 2026.

4.2 1H 2026 Report (Disclosed 2026-08-25)

Revenue was RMB 2.411 billion, up 19.95% year on year; net profit attributable to the parent was RMB 39.3607 million, up 29.82%; recurring net profit attributable to the parent was -RMB 10.3786 million (versus -RMB 43.16 million in the prior-year period, with the loss narrowing but remaining negative); net operating cash flow was RMB 803 million, up 16.61% year on year (another source states 16.6%); gross margin was 16.74%, up 1.13 percentage points; R&D expenditure was RMB 161 million, representing 6.66% of revenue and rising 12.91% year on year; revenue from overseas customers increased 8.21% year on year and accounted for 23.21%; wafer-level packaging and testing revenue was RMB 111 million, up 30.24%; total assets were RMB 17.857 billion, up 17.6% from the end of the prior year; equity attributable to the parent was RMB 3.83 billion, up 46.8%; and fully diluted EPS was RMB 0.0868. In 2Q alone, revenue was RMB 1.24 billion, up 16.4% year on year, and net profit attributable to the parent was RMB 12.75 million, up 123.1% year on year and down approximately 52% from 1Q’s RMB 27 million. No profit-distribution or capital-reserve conversion proposal was put forward. Note: media headlines stating “net profit grew 29.82% year on year” use the net-profit-attributable-to-the-parent metric; recurring profit remained negative and should not be misread as full profitability.

4.3 2025 Annual Results (Flash-Report/Guidance Basis Disclosed Around 2026-02-24)

Total operating revenue was RMB 4.400 billion, up 21.92% year on year; net profit attributable to the parent was RMB 82.24 million, up 23.99%. Reference figures: net profit attributable to the parent was RMB 63.12 million in the 2025 third-quarter report, up 48.87% year on year, and RMB 30.32 million in the 2025 interim report, up 150.45% year on year. These annual figures are based on the results flash report/earnings-guidance basis and may differ slightly from the subsequent formal annual report.

4.4 New Share Repurchase Program in 2026 (Ongoing)

Proposer: actual controller, chairman and general manager Wang Shunbo. Proposal date: 2026-07-30 (Announcement No. 2026-052, disclosed 2026-07-31). Approved by the 36th meeting of the third board of directors on 2026-08-07 (7 votes in favor, 0 against and 0 abstentions), without requiring a shareholders’ meeting. Plan: RMB 100–150 million, with a maximum price of RMB 124.10 per share (no more than 150% of the average share price during the 30 trading days preceding the resolution), through centralized bidding, for an employee share-ownership plan/equity incentives, during 2026-08-07 to 2027-08-06 (12 months). Funding: internal funds plus a special-purpose loan from the Yuyao branch of Bank of Communications, Ningbo (a loan commitment letter has been obtained). Initial repurchase: 162,600 shares on 2026-08-26 (0.04%), for RMB 9.9894 million, at RMB 61.17–61.73 per share (Announcement No. 2026-064, disclosed 2026-08-27). As of 2026-08-31, cumulative repurchases totaled 320,684 shares (320,700 shares), representing 0.07% of total shares, with cumulative consideration of RMB 19.9879 million and a price range of RMB 61.17–64.00 (Announcement No. 2026-066, disclosed 2026-09-01). Total share-count basis: 453,223,890 shares. Note: cumulative repurchases of approximately RMB 20 million remain well below the RMB 100 million minimum, so implementation is still at an early stage. The maximum repurchase price of RMB 124.10 is well above the actual execution price of RMB 61–64.

4.5 Previous Share Repurchase Program (Launched 2024-10-28; Completed)

The company repurchased 2.158–2.774 million shares at no more than RMB 32.44 per share; the program expired on 2025-10-27. As of 2025-09-16, 2.655 million shares had been repurchased at an average price of RMB 26.92. This batch is separate from the 2026 program; the price ranges of RMB 26.92 and RMB 61–64 must not be conflated.

4.6 Non-Reduction Commitments by the Controlling Shareholder and Actual Controller

On 2025-11-24/25, controlling shareholder Zhejiang Yongshunxin Electronic Co., Ltd. and actual controller Wang Shunbo voluntarily undertook not to reduce, in any form, their directly held company shares for 24 months from 2025-11-17 to 2027-11-16, including additional shares received through capitalisation issues or dividends. The 2026-08-15 repurchase report stated that, as of the date on which the board approved the repurchase resolution, directors, supervisors, senior executives, the controlling shareholder, the actual controller, the repurchase proposer and shareholders holding more than 5% had no plans to reduce their holdings within the following three or six months.

4.7 Historical Reductions and Management Shareholding Changes (2025)

On 2025-01-04, the company disclosed a change in the interests of a shareholder holding more than 5%, exceeding 1% and falling to 5%, together with the results of the reduction. On 2025-03-26, it disclosed the completion and results of a shareholder reduction plan. Management shareholding in 2025: on 2025-09-30, Li Dalin and others increased their holdings by an aggregate 214,500 shares, Xu Linhua and others increased their holdings by an aggregate 156,600 shares, and Zhong Lei reduced holdings by 7,500 shares. The shareholder count on 2025-09-30 was 21,044 (supplementary and relatively old data).

4.8 Vesting and Cancellation Under the 2024 Restricted-Share Incentive Plan (2026-09-09/10)

The 38th meeting of the third board of directors on 2026-09-09 (Announcement No. 2026-069) approved: (a) satisfaction of the vesting conditions for the second vesting period of the initial grant under the 2024 restricted-share incentive plan, allowing 855,660 shares to vest for 57 incentive participants (Announcement No. 2026-067); and (b) cancellation of certain restricted shares: 1 incentive participant received a C rating in the 2025 assessment, resulting in cancellation of 1,440 shares (Announcement No. 2026-068). Background: the plan involves Class II restricted shares, with a total grant of 3.312 million shares at a grant price of RMB 12.555 per share; the shares are sourced from a targeted A-share issuance. Reference unlockings: 1.214 million shares (0.30%) on 2025-06-17 and 857,100 shares (0.21%) on 2025-09-25, both ordinary shares under the equity incentive plan.

4.9 Convertible Bonds (Yongxi Convertible Bonds)

On 2025-12-27, the company announced the commencement of conversion of the “Yongxi Convertible Bonds.” On 2025-12-24/31, it issued risk reminders regarding suitability requirements for convertible-bond investors. On 2025-12-30, it issued the third interim entrusted-management report for 2025. The second extraordinary shareholders’ meeting on 2025-06-11 extended the validity of the resolution and authorisation for the issuance of convertible bonds to unspecified investors. The convertible bonds have entered the conversion period and may dilute the company’s share capital, but no clear disclosure of the number of converted shares was found in this search and further verification is required.

4.10 Share-Price Volatility and Clarification of the 2.5D Packaging Theme (2026-05-26)

The company announced that the cumulative deviation in the closing price over three consecutive trading days reached 30%, constituting abnormal trading volatility. It clarified that its 2.5D packaging product line (the HCOS product series) was still undergoing customer sample submission and validation and had not yet entered mass production. Revenue from the 2.5D packaging product line in 2025 was only RMB 1.9497 million, representing engineering-development fees recognised from customers during the year, and accounted for a negligible portion of full-year revenue, with no material impact on results. The announcement was directly related to speculation surrounding the “advanced packaging/AI” theme and represented a typical exchange clarification regarding abnormal trading; it should be highlighted.

4.11 Performance Briefing and Operating Outlook (September 2026)

Announcement dated 2026-09-01: the company participated in the “2026 STAR Market Collective Performance Briefing for the Semiconductor Manufacturing, Equipment and Materials Industry,” held from 15:00 to 17:00 on 2026-09-10 through online interaction at the SSE Roadshow Center. Attendees included Chairman and General Manager Wang Shunbo, Board Secretary Li Dalin and CFO Jin Liangkai. At the briefing on 2026-09-10, the company stated that it would continue its major-customer strategy in the second half, focusing on the expansion, validation and product introduction of leading overseas customers and 2.5D advanced-packaging customers. It would steadily advance the development of Bumping, wafer-level packaging, FC and 2.5D/3D product lines and improve one-stop delivery capabilities covering “Bumping + CP + FC + FT.” The interim-report outlook indicated that capacity tightness was expected to continue in the second half, product pricing was expected to improve steadily, and revenue was expected to grow sequentially.

4.12 Capacity, Projects and Investment (News Flow)

Malaysia integrated circuit packaging and testing production base: total investment of no more than RMB 2.1 billion, progressing in an orderly manner. High-end microelectronics IC packaging and testing Phase III project: total investment of RMB 10.3 billion, formally launched. Historical: in November 2023, subsidiary Yongxi Semiconductor (Ningbo) proposed investing no more than RMB 2.16 billion in a high-density and hybrid integrated circuit packaging-and-testing project. Note: the above amounts and progress details are derived from interim-report descriptions and media reports. No independent announcement links were found for item-by-item verification, so these matters require further confirmation.

4.13 Other Disclosures on Funding and Guarantees

On 2025-08-26, the company provided guarantees for Yongxi Semiconductor (Ningbo) Co., Ltd. of RMB 300 million and RMB 290 million, in the form of joint and several liability guarantees. On 2025-12-26, it announced cumulative new borrowings, but the precise amount was not clearly disclosed. On 2025-10-13, the third extraordinary shareholders’ meeting of 2025 considered proposals to cancel the supervisory board, change registered capital and amend the Articles of Association.

4.14 Uncertainties to Be Highlighted

1) The “current point in time” is inferred to be September 10–11, 2026, but some page timestamps and data may be delayed; actual disclosures should prevail. 2) Some headlines stating “net profit up 29.82% year on year” use the net-profit-attributable-to-the-parent metric, while recurring net profit remained negative (-RMB 10.3786 million). The difference is material and must be distinguished when cited. 3) Price reference: a news-page market widget displayed “Forehope Electronic 72.500, +3.10, +4.47%” (approximately RMB 72.5), inconsistent with the RMB 61–64 repurchase execution price at the end of August 2026. This is likely real-time market data from a different point in time rather than the price at publication, and is a single-source reference with an unclear timestamp. It should not be cited directly without separately verifying the latest closing price. 4) Amounts for the Malaysia base (≤RMB 2.1 billion) and Phase III project (RMB 10.3 billion) appear only in media/interim-report accounts, with no original announcement located for each item; they require cross-verification. 5) The number of converted “Yongxi Convertible Bonds,” the precise amount of cumulative new borrowings and the shareholder count are supplementary data, relatively old and not central to the current period. 6) The 2025 annual figures (revenue of RMB 4.400 billion and net profit attributable to the parent of RMB 82.24 million) are based on the results flash report/guidance disclosed in February 2026 and may differ slightly from the subsequent formal annual report.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Forehope Electronic is a STAR Market integrated circuit packaging-and-testing company whose business is linked to themes such as advanced-packaging capacity expansion and 2.5D packaging customer introduction. However, the research notes contain limited verifiable price and technical data: only isolated market snapshots, such as RMB 57.53 and -2.29%, together with scattered trading-value and major-fund-flow records. Specific readings for moving averages, Bollinger Bands, swing highs/lows, 52-week highs/lows and common indicators such as RSI/MACD are absent. Turnover rate, top-10 shareholder concentration and institutional holdings are also unavailable. Accordingly, this section can provide only a limited description based on known fund flows and trading values and cannot offer a complete quantitative technical assessment. In terms of fund flows, major funds bought approximately RMB 80.44 million net on September 3, then switched to net sales of approximately RMB 71.76 million and RMB 149 million on September 9 and September 11, respectively, suggesting frequent short-term fund movements and unstable buying support. Trading value fluctuated around RMB 100 million without sustained expansion. Overall, given the absence of key technical indicators, attention should focus on changes in volume and fund flows rather than making a definitive directional call on the share price.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is only a subjective short-term technical scenario analysis based on data appearing in the research notes. It does not constitute investment advice and is not a prediction or guarantee of actual performance.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 60% [a subjective heuristic weight based on current technical/fund conditions, not a statistical probability]): If trading value remains around the RMB 100 million level shown in the notes and major-fund inflows and outflows alternate without sustained large net outflows, the share price may fluctuate repeatedly within a narrow range in the absence of effective technical reference levels. Conditions for triggering/maintaining the scenario: no new catalyst, no significant expansion in volume, and broadly stable market and packaging-and-testing sectors.
• Weak downward movement (medium weight [subjective heuristic weight, not a statistical probability]): If major funds continue the net-selling pattern seen on September 9 and September 11, with daily net outflows ranging from tens of millions to the RMB 100 million level, and trading value fails to expand sufficiently to provide support, the share price may weaken further. Trigger conditions: consecutive large net outflows, weaker sector sentiment or negative news-flow disruption.
• Rebound and strengthening (low weight [subjective heuristic weight, not a statistical probability]): If fund flows return to net inflows, such as renewed buying support at the approximately RMB 80 million level seen on September 3, and this is accompanied by catalysts related to advanced/2.5D packaging or broader sector strength, the share price may rebound. Trigger conditions: major-fund net purchases on one or more consecutive days, simultaneous expansion in trading value and positive news-flow catalysts.

③ Fund and Liquidity Background

The research notes do not provide turnover-rate data, top-10 shareholder concentration or institutional holdings for public funds, social-security funds or QFII. It is therefore impossible to assess shareholding concentration or institutional participation. Shareholder-structure data typically lag by at least one quarter; even if available, it would not represent the current structure, and the actual distribution of holdings may have changed. What can be confirmed is trading value: the notes contain two records from different points in time, RMB 114 million and RMB 82.6709 million, indicating that daily trading volume is generally around the RMB 100 million level without sustained significant expansion. Major-fund flows were a net purchase of RMB 80.4397 million on September 3, a net sale of RMB 71.7641 million on September 9 and a net sale of RMB 149 million on September 11. Short-term fund direction has therefore shifted frequently and net outflows have expanded. These volume and fund-flow characteristics indicate limited stability in order-book support. If trading volume contracts further, small trades may have an amplified impact on price; conversely, a clear recovery in volume would be needed to improve trading capacity.

Volume-confirmation signals (for observation): if daily trading value remains above the recent normal level shown in the notes (approximately RMB 80–110 million) for several days and major funds switch from net outflows to net inflows, this may be viewed as an observation signal of fund participation. If trading value remains below the recent normal level while funds continue to record net outflows, this may be viewed as an observation signal of insufficient support.

④ Key Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observation point 1: Because the research notes do not provide key price levels such as moving averages and Bollinger Bands, these technical levels should be supplemented and monitored before relying on individual price points to determine direction.
• Observation point 2: Track the direction and magnitude of major-fund net inflows/outflows, particularly whether buying support similar to the approximately RMB 80 million level on September 3 reappears or whether the net-selling pattern of September 9 and September 11 continues.
• Observation point 3: Monitor whether trading value can expand sustainably from the RMB 100 million-level range shown in the notes, as the core volume-confirmation signal.
• Observation point 4: Monitor subsequent developments in advanced-packaging capacity expansion (the proposed RMB 10.3 billion investment), 2.5D advanced-packaging customer expansion and product introduction, as external variables that may affect short-term sentiment.

The above scenario analysis is based on data listed in the research notes. The notes do not provide a unified data cutoff date, and certain key technical and shareholder data are missing. Short-term share-price performance will also be affected by news flow, fund flows, the broader market and other factors. Technical indicators themselves have lags and limitations. This analysis does not guarantee future actual performance and does not constitute a buy or sell recommendation. Investors should make independent judgments based on the latest market information and bear their own investment risks.

6. Industry Landscape and Competitor Analysis

7. Risk Factors

• Risk of inadequate core earnings quality: Recurring net profit attributable to the parent was -RMB 46.9436 million in 2025 and -RMB 10.3786 million in 1H 2026. The significant difference between net profit attributable to the parent and recurring profit means that reported profit may come under pressure if non-recurring gains decline.
• Capacity expansion and capital-expenditure risk: The company is in an asset-heavy expansion phase and is advancing its Malaysia base and Phase III project, with the proposed Phase III investment reaching RMB 10.3 billion. If construction progress, customer introduction or capacity utilisation falls short of expectations, depreciation, capital occupation and declining asset returns may create pressure.
• Risk that advanced packaging underperforms expectations: As of the relevant announcement, the company’s 2.5D packaging product line was still undergoing customer sample submission and validation and had not entered mass production. Revenue from this product line was only RMB 1.9497 million in 2025. Delays in validation, product introduction or mass production could prevent 2.5D/AI expectations from translating into near-term revenue and profit.
• Drag from low-margin and loss-making products: SiP accounted for 38.05% of revenue in 1H 2026 but had a gross margin of only 7.33%. Bumping/WLP accounted for 4.61% of revenue and had a gross margin of -37.36%. If the product mix does not improve or wafer-level packaging and testing continues to incur losses, overall gross margin and earnings sensitivity may remain constrained.
• Quarterly earnings volatility: Net profit attributable to the parent was approximately RMB 12.75 million in 2Q 2026, down approximately 52% from approximately RMB 27 million in 1Q. Although half-year profit grew year on year, quarterly earnings remain volatile and future results may be affected by order timing, capacity ramp-up and expense investment.
• Funding and share-dilution risk: The company is advancing large-scale capacity construction and has provided Yongxi Semiconductor with a total of RMB 590 million in joint and several liability guarantees. At the same time, the Yongxi Convertible Bonds have entered the conversion period. The number of converted shares, which has not yet been clearly disclosed, may dilute share capital and EPS.
• Customer and regional concentration risk: Domestic revenue accounted for 76.86% in 1H 2026, and the company’s major customers are domestic IC design companies. Changes in core-customer orders, product cycles or procurement strategies could affect capacity utilisation and revenue growth. Although overseas customers accounted for 23.00% of revenue, overseas expansion remains in progress.
• Valuation and market-volatility risk: The company’s net profit is thin relative to revenue. The different valuation snapshots in the research notes imply materially different PE levels, while institutional 2026E EPS forecasts range from RMB 0.26 to RMB 0.64, showing substantial dispersion. Recent major-fund net selling has reached the RMB 100 million level, and price and trading-value data have inconsistent timestamps. Share-price volatility and valuation-drawdown risks are therefore high.

8. Conclusion and Outlook

Forehope Electronic is in a phase in which revenue expansion, capacity construction and product-mix upgrading are progressing simultaneously. Revenue and net profit attributable to the parent have improved continuously since 2024. Mature products such as QFN/DFN and SiP currently form the revenue base, while wafer-level packaging and testing, FC and 2.5D/3D businesses offer potential incremental growth. If overseas customer expansion, advanced-packaging validation and new-capacity release proceed smoothly, the company may further improve profitability through scale effects, better product pricing and customer-mix optimisation.

However, the company has not yet established stable recurring profitability. Recurring net profit attributable to the parent was negative in both 2025 and 1H 2026, while net profit attributable to the parent in 2Q 2026 fell approximately 52% sequentially from 1Q. SiP has a relatively low gross margin, and Bumping/WLP remains loss-making. Future earnings improvement will depend on capacity utilisation, product yields, pricing and the speed of advanced-packaging product introduction. As of the relevant clarification, 2.5D packaging remained at the customer sample-submission and validation stage and had not entered mass production, creating a time lag between thematic expectations and actual earnings contribution.

Going forward, key areas to monitor include whether recurring profit can turn positive and remain positive, whether capacity investment is matched by the financing burden, whether overseas and advanced-packaging customer introductions are realised, and how repurchases, convertible-bond conversions and restricted-share vesting affect the share-capital structure. Institutional earnings forecasts for 2026 vary substantially, while technical indicators and the latest price data are also inconsistent. Judgments regarding the company’s growth potential should therefore be dynamically validated against subsequent formal financial reports and project progress.

Data Sources

• Forehope Electronic (688362) 1H 2026 Management Discussion and Analysis - Forehope Electronic (688362) 1H 2026 Management Discussion and Analysis
• 688362 Forehope Electronic
• Forehope Electronic (SH688362) Core Themes - PC_HSF10 Information
• 688362 Forehope Electronic - Core Business
• Forehope Electronic (688362) - Forehope Electronic (688362)
• Forehope Electronic (sh688362)
• Forehope Electronic (688362)_Company Overview_Stock Price_Real-Time Market_Data_Charts_News_Research_FinScope-AI Makes Investing Simpler
• Company Code: 688362 Convertible-Bond Code: 118057
• Forehope Electronic Company Information
• Forehope Electronic (Ningbo) Co., Ltd. - Forehope Electronic (Ningbo) Co., Ltd.
• Forehope Electronic (Ningbo) Co., Ltd. 688362
• Announcement of Resolutions of the 38th Meeting of the Third Board of Directors of Forehope Electronic (Ningbo) Co., Ltd.
• Forehope Electronic (688362): Resolutions of the 38th Meeting of the Third Board of Directors
• Forehope Electronic (sh688362) Market Trend - Forehope Electronic: Dear Investor
• AI Demand Increment Emerges! Multiple Semiconductor Manufacturers and Equipment Companies Expand Capacity; New Businesses Yet to Be Realised | Direct Coverage of Performance Briefings
• AI Demand Increment Emerges! Multiple Semiconductor Manufacturers and Equipment Companies Expand Capacity; New Businesses Yet to Be Realised | Direct Coverage of Performance Briefings
• AI Demand Increment Emerges! Multiple Semiconductor Manufacturers and Equipment Companies Expand Capacity; New Businesses Yet to Be Realised | Direct Coverage of Performance Briefings
• China Securities Journal - Forehope Electronic (Ningbo) Co., Ltd. Announcement on the Listing and Trading of Certain Initially Restricted Shares - | Page B038: Information Disclosure | Previous Next
• AI Demand Increment Emerges! Multiple Semiconductor Manufacturers and Equipment Companies Expand Capacity; New Businesses Yet to Be Realised | Direct Coverage of Performance Briefings
• Forehope Electronic - Accounts Receivable Balance | Ratio | Bad-Debt Provision | Book Value
• Forehope Electronic (SH688362) 2025 Interim Report, Sina Finance
• Forehope Electronic - Name | Ending Balance
• Forehope Electronic: 2022 Annual Report (Corrected) - Stockstar
• Forehope Electronic (688362): 2025 Annual Tracking Rating Report - Domestic IC Design Companies Are the Main Downstream Customers
• Forehope Electronic (688362): 2025 Annual Tracking Rating Report - Jiufang Intelligent Investment
• Forehope Electronic (Ningbo) Co., Ltd. 2025 Annual Tracking Rating Report - Sohu
• 2025Q3 Review of the IC Industry’s Packaging and Testing Segment: AI Drives Advanced-Packaging Demand
• Forehope Electronic - Second-Tier Company | QFN/DFN Products Achieve Stable Mass Production
• Forehope Electronic: Prospectus for Issuance of Convertible Bonds to Unspecified Investors
• 2025H1 Domestic Packaging-and-Testing Industry Profit Differentiation
• 2025Q3 Review of the IC Industry’s Packaging and Testing Segment
• Source: Wind, Zhongtai Securities Research Institute
• Young Forehope Electronic Bets RMB 10.3 Billion on the Future
• Q3 Review of the Packaging-and-Testing Sector
• Core Financial Reports of the Top Ten A-Share Packaging-and-Testing Companies
• AI Drives Advanced-Packaging Demand; Storage-Related Businesses Grow Significantly Sequentially
• Forehope Electronic Financial Report Summary
• Forehope Electronic - Company Assessment
• Bank of China (Hong Kong) Limited
• Bank of China (Hong Kong) Limited
• Forehope Electronic (688362.SH) - Quick Quote
• Forehope Electronic Submits Registration Application for Refinancing; Comparable Companies Achieve Mass Production First
• Forehope Electronic (688362) F10 - Zhongcaiwang
• Forehope Electronic (688362.SH)
• Company Announcement: Forehope Electronic Plan for Issuance of Convertible Bonds to Unspecified Investors
• Forehope Electronic (688362) Income Statement
• Advanced-Packaging Leader Proposes RMB 10.3 Billion Expansion
• Forehope Electronic: Focuses on 2.5D Advanced-Packaging Customer Expansion, Validation and Product Introduction in the Second Half
• Forehope Electronic 2024 Visualised Financial Report
• Forehope Electronic (688362) Income Statement
• Forehope Electronic: 2024 Profit of RMB 66.3275 Million, Turning Profitable
• Forehope Electronic: 2024 Annual Results Flash Report
• Forehope Electronic (688362): Continued Advanced-Packaging Investment; Major-Customer and Application Expansion Achieve Breakthroughs
• Profitability Significantly Improved
• Forehope Electronic (688362.SH) Announces 2024 Results
• Forehope Electronic (688362): Profitability Significantly Improved
• Forehope Electronic: 2025 Net Profit of RMB 81.7286 Million, Up 23.22%
• Forehope Electronic (688362.SH): 2025 Net Profit Up 23.22%
• Forehope Electronic: 2025 Net Profit Attributable to the Parent of RMB 81.73 Million
• Forehope Electronic: 2025 Revenue Reaches Record High
• Forehope Electronic 2025 Revenue Reaches Record High; Advanced-Packaging Capacity Continues to Be Released
• Forehope Electronic: 2025 Net Profit of RMB 82.2403 Million, Up 23.99%
• Forehope Electronic (688362.SH): 2025 Net Profit Up 23.22%
• Forehope Electronic: 2025 Annual Report
• Forehope Electronic: 2025 Net Profit of RMB 81.7286 Million, Up 23.22%
• Forehope Electronic: 2025 Net Profit of RMB 82.24 Million, Up 23.99%
• Forehope Electronic: 1H 2026 Net Profit Up 29.82%; Basic EPS RMB 0.10
• Forehope Electronic: 1H Net Profit Up 29.82%
• Forehope Electronic: 1H 2026 Net Profit of RMB 39.36 Million, Up 29.82%
• Forehope Electronic: 1H 2026 Net Profit of RMB 39.3607 Million, Up 29.82%
• Forehope Electronic (688362.SH): 1H Net Profit of RMB 39.3607 Million, Up 29.82%
• Forehope Electronic: 1H 2026 Report Summary
• Forehope Electronic 1H Revenue of RMB 2.411 Billion, Up 19.95%; Net Profit Attributable to the Parent of RMB 39.3607 Million, Up 29.82%
• Forehope Electronic: 1H Net Profit Up 29.82%
• Forehope Electronic 1H Revenue of RMB 2.411 Billion and Net Profit of RMB 39.36 Million, Both Up 29.82%
• Forehope Electronic 1H Net Profit Attributable to the Parent Up 29.82%
• 688362 Forehope Electronic - Rating Statistics
• Forehope Electronic (688362.SH) Earnings Forecast
• Forehope Electronic Ningbo Co Ltd Consensus Estimates (688362)
• Investment Ratings - Stock Data - Data Center
• Research Report Metrics - Research - Stock Channel
• Forehope Electronic (688362): Consumer Orders Remain Strong; 2.5D Packaging Validation Accelerates
• CITIC Securities Research Report - August 6, 2026 - Tonghuashun
• Forehope Electronic (688362): Advanced Packaging and Overseas-Customer Share Continue to Rise
• China Post Securities - Forehope Electronic - 688362 - Consumer Orders Remain Strong; 2.5D Packaging Validation Accelerates - 251211
• China Post Securities - Forehope Electronic - 688362 - Advanced Packaging and Overseas-Customer Share Continue to Rise - 260127
• Forehope Electronic (sh688362) Market Trend
• Forehope Electronic (688362)_Shareholding Reduction
• Forehope Electronic (688362.SH) Corporate Events
• Forehope Electronic (688362)_Full Announcements
• Forehope Electronic (688362) - -6.32%
• Forehope Electronic: 2025 Net Profit of RMB 82.24 Million, Up 23.99%
• Forehope Electronic: 2.5D Packaging Product Line Undergoing Customer Sample Validation; Mass Production Not Yet Achieved
• Forehope Electronic: 2025 Net Profit of RMB 82.24 Million, Up 23.99%
• (688362) “Forehope Electronic (Ningbo) Limited Company” - Announcement on Resolutions of the 3rd Extraordinary General Meeting in 2025
• Forehope Electronic: 2.5D Packaging Product Line Undergoing Customer Sample Validation; Mass Production Not Yet Achieved
• Forehope Electronic: Controlling Shareholder and Actual Controller Voluntarily Commit Not to Reduce Holdings for 24 Months
• Forehope Electronic: Announcement of Resolutions of the 38th Meeting of the Third Board of Directors
• Forehope Electronic: Summary of Announcement on Cancellation of Certain Restricted Shares Under the 2024 Restricted-Share Incentive Plan
• Forehope Electronic: Summary of Announcement of Resolutions of the 38th Meeting of the Third Board of Directors
• Forehope Electronic (688362): Vesting Conditions Satisfied for the Second Vesting Period of the Initial Grant Under the 2024 Restricted-Share Incentive Plan
• Forehope Electronic: Announcement of Resolutions of the 38th Meeting of the Third Board of Directors
• Forehope Electronic: Summary of Announcement on Cancellation of Certain Restricted Shares Under the 2024 Restricted-Share Incentive Plan
• Forehope Electronic: Announcement on Participation in the 2026 STAR Market Collective Performance Briefing for the Semiconductor Manufacturing, Equipment and Materials Industry
• Forehope Electronic: Announcement on Progress of Share Repurchase
• Forehope Electronic 1H 2026 Net Profit Attributable to the Parent Up 29.82%
• Forehope Electronic: 1H Net Profit Up 29.82% - U.S. Stocks
• Forehope Electronic 1H 2026 Net Profit Attributable to the Parent Up 29.82%
• Forehope Electronic: 1H 2026 Net Profit Up 29.82%
• Forehope Electronic: 1H 2026 Net Profit Up 29.82%
• AASTOCKS Financial News
• Forehope Electronic: 1H Net Profit Attributable to the Parent Up 29.8% to RMB 39.36 Million
• Forehope Electronic: Operating Quality Continued to Improve in 1H; Wafer-Level Packaging and Testing Contributed a New Growth Point
• Forehope Electronic Plans to Spend RMB 100–150 Million on Share Repurchases for Employee Share Ownership and Equity Incentives
• Forehope Electronic: Plans to Repurchase No More Than 1.2087 Million Shares
• Chinese Share-Repurchase Plans - Forehope Electronic - August 11, 2026
• Forehope Electronic (688362): Initial Share Repurchase Through Centralized Bidding
• Forehope Electronic Plans to Spend RMB 100–150 Million on Share Repurchases
• Forehope Electronic: Summary of Announcement on Share-Repurchase Progress
• Forehope Electronic: Announcement on Initial Share Repurchase Through Centralized Bidding
• Forehope Electronic: Announcement on Initial Share Repurchase Through Centralized Bidding - Stockstar
• Forehope Electronic: Repurchase Report for Share Repurchase Through Centralized Bidding
• Forehope Electronic 57.53 -1.35 (-2.29%) Latest Price, Market Data and Chart
• eCompany: The First Information Platform for Listed Companies
• Forehope Electronic (688362.SS) Price, News, Quotes and History - Yahoo Finance
• Market Data
• Forehope Electronic (688362)_Company Overview, Price, Real-Time Market Data and Chart
• 688362 Stock Price | Forehope Electronic (Ningbo) Co. Ltd. A Stock Quote (China: Shanghai) | MarketWatch
• Forehope Electronic (sh688362) Market Trend - 2026-09-09 16:09:10 Beijing Time
• Forehope Electronic (688362) Market Data and Chart - Jiufang Intelligent Investment
• Forehope Electronic (688362) Fund Flows - Data Center - Eastmoney
• Forehope Electronic Fund Flows
• Forehope Electronic (688362) Major-Fund Net Purchases of RMB 80.4397 Million on September 3
• Forehope Electronic (688362) Major-Fund Net Sales of RMB 71.7641 Million on September 9
• Forehope Electronic (688362) Major-Fund Net Sales of RMB 149 Million on September 11
• Forehope Electronic (688362) Stock Review
• Forehope Electronic Gains 2.06%, Trading Value RMB 114 Million, Major-Fund Net Outflow RMB 6.1182 Million
• Forehope Electronic 59.30 -2.31% - Stock Market Data - Jiufang Intelligent Investment
• Forehope Electronic Falls 2.13%, Trading Value RMB 82.6709 Million, Major-Fund Net Inflow RMB 2.4201 Million
• Forehope Electronic (688362) Technical Analysis and Forecast - Investing.com
• Forehope Electronic (688362)_Latest Price, Market Data and Chart - Eastmoney
• Forehope Electronic - Anniu Intelligent Investment - 48.39
• Forehope Electronic (688362.SH) - U.S. Stocks)/cnhk/analysis/tech-chart.aspx?shsymbol=688362#1)
• Forehope Electronic (688362.SH)
• Technical Analysis of Forehope Electronic (SSE:688362) - TradingView
• Forehope Electronic (688362) Stock Analysis - Tonghuashun
• Forehope Electronic (SH:688362)
• Forehope Electronic (688362)_Company Overview, Price, Real-Time Market Data and Chart
• Bank of China (Hong Kong) Limited
• Download 688362 Data | Forehope Electronic (Ningbo) Co. Ltd. A Price Data | MarketWatch
• Forehope Electronic (688362) - Stock Market Data | Benyuan Quantitative
• Forehope Electronic Ningbo Co Ltd
• Forehope Electronic (688362) Historical Data, Price and Charts - Investing.com
• Forehope Electronic Ningbo Co Ltd
• Forehope Electronic (Ningbo) (SHSE:688362) - Simply Wall St
• Forehope Electronic (Ningbo) Co. Ltd. A (688362) Stock Price Today - WSJ

This report was automatically retrieved, compiled and generated by AI based on publicly available information. Information is current to: the research notes do not provide a clear price-data cutoff date; only isolated date clues (2026-09-09, 2026-09-10, 2026-09-11, etc.) and market-page summaries appear, making it impossible to confirm a unified data cutoff. The timeliness of the price data is therefore uncertain. There may be differences in timeliness. Specific data should be based on the company’s formal announcements and authoritative data terminals. This report is for information organisation and research reference only and does not constitute investment advice. Investors should make independent judgments and bear their own investment risks.