Shanghai Originaldow Advanced

On September 23, Leading Shares surged to the daily limit-up shortly after the afternoon open, briefly broke the limit, then sealed the limit again, closing at 185.57 yuan per share, a record high, with a latest market capitalization of 28.338 billion yuan. The stock has gained more than 151% so far this year. Semiconductor concept stocks strengthened that day, with Leading Shares and Smarter Micro hitting limit-up, and Linkage Technology rising more than 15% intraday. Leading Shares operates in the semiconductor packaging materials and specialized equipment manufacturing industry, conducting semiconductor packaging materials business through its subsidiary AAMI, which is a globally leading lead frame manufacturer. In the first half of the year, the company achieved operating revenue of 2 billion yuan, up 1,819.63% year-on-year, with net profit attributable to shareholders of the listed company of 180 million yuan, turning from loss to profit year-on-year, and non-GAAP net profit of 182 million yuan, also turning from loss to profit. A research report from Caitong Securities said lead frames are the second-largest semiconductor packaging material, and AI computing power, power chips, and automotive electronics are driving demand for high-end etched lead frames upward. The global advanced packaging market size is expected to grow from 46.1 billion US dollars in 2024 to 79.1 billion US dollars in 2030.

Leading Shares, stock code 603991, disclosed its 2026 semi-annual report on August 27. In the first half of the year, it achieved total operating revenue of 2 billion yuan, up 1,819.63 percent year on year, and net profit attributable to the parent company of 180 million yuan, swinging from a loss to a profit compared with the same period last year. Non-recurring net profit was 182 million yuan, and net cash flow from operating activities was 68.94 million yuan, up 513.88 percent year on year. The company's main business covers semiconductor packaging materials, semiconductor special equipment, and polymer materials for wires and cables. As of the end of the first half of 2026, the company's inventory book value was 826 million yuan, accounting for 22.8 percent of net assets, including an inventory write-down provision of 41.12 million yuan. In addition, data from China Securities Depository and Clearing Corporation shows that as of August 21, 2026, 21.49 percent of the company's shares were pledged. The second largest shareholder, Shenzhen Zhengxin Tongchuang Investment Development Company Limited, pledged 15 million shares, accounting for 74.54 percent of its holdings.