{
  "id": "Z11",
  "lang": "zh",
  "question": "欣興、南電、景碩和台積電 CoWoS 是什麼供應鏈關係？",
  "answer": "可確認三家公司各自在 IC 載板環節有公開業務證據：欣興年報列 IC 載板，南電列 ABF 載板，景碩法說列 ABF 覆晶載板。[來源1](https://www.unimicron.com/files/money/Shareholders_Meeting/115%E5%B9%B4%E8%82%A1%E6%9D%B1%E6%9C%83%E5%B9%B4%E5%A0%B1.pdf) [來源2](https://www.nanyapcb.com.tw/nypcb/images/InvestorRelations/Report/114AnnualReportEN.pdf) [來源3](https://www.kinsus.com.tw/upload/media/ir/Investor/1150310%E6%B3%95%E8%AA%AA%E6%9C%83.pdf) 台積電把 CoWoS 說明為運算核心與 HBM 在單一中介層上並排的封裝技術，並於2022年具名欣興加入 3DFabric 聯盟。[來源4](https://pr.tsmc.com/english/news/3136) [來源5](https://pr.tsmc.com/english/news/2968) 這些文件能區分載板、封裝及聯盟合作角色，但未逐一揭露三家公司對特定 CoWoS 產品的供貨合約、料號或數量。[來源1](https://www.unimicron.com/files/money/Shareholders_Meeting/115%E5%B9%B4%E8%82%A1%E6%9D%B1%E6%9C%83%E5%B9%B4%E5%A0%B1.pdf) [來源2](https://www.nanyapcb.com.tw/nypcb/images/InvestorRelations/Report/114AnnualReportEN.pdf) [來源3](https://www.kinsus.com.tw/upload/media/ir/Investor/1150310%E6%B3%95%E8%AA%AA%E6%9C%83.pdf) [來源5](https://pr.tsmc.com/english/news/2968)",
  "facts": [
    {
      "claim": "欣興載板角色",
      "value": "年報列有IC載板開發、製造、加工及銷售",
      "as_of": "2026-02-24",
      "source": "https://www.unimicron.com/files/money/Shareholders_Meeting/115%E5%B9%B4%E8%82%A1%E6%9D%B1%E6%9C%83%E5%B9%B4%E5%A0%B1.pdf",
      "quote": "載板(IC Carrier)"
    },
    {
      "claim": "南電載板角色",
      "value": "年報列ABF載板製程及開發方向",
      "as_of": "2025-04-28",
      "source": "https://www.nanyapcb.com.tw/nypcb/images/InvestorRelations/Report/114AnnualReportEN.pdf",
      "quote": "ABF Substrate"
    },
    {
      "claim": "景碩載板角色",
      "value": "官方法說將Kinsus列於ABF覆晶載板領域",
      "as_of": "2026-03-10",
      "source": "https://www.kinsus.com.tw/upload/media/ir/Investor/1150310%E6%B3%95%E8%AA%AA%E6%9C%83.pdf",
      "quote": "ABF-Flip Chip"
    },
    {
      "claim": "CoWoS封裝結構",
      "value": "運算核心與HBM在一個interposer上並排",
      "as_of": "2024-04-24",
      "source": "https://pr.tsmc.com/english/news/3136",
      "quote": "one interposer"
    },
    {
      "claim": "欣興與台積電公開合作",
      "value": "台積電2022年公告具名欣興參與3DFabric聯盟",
      "as_of": "2022-10-27",
      "source": "https://pr.tsmc.com/english/news/2968",
      "quote": "Unimicron"
    }
  ],
  "not_disclosed": [
    "本次核對文件未逐一揭露欣興、南電、景碩對特定CoWoS產品的供貨合約、料號、數量或彼此分配比例。",
    "欣興的3DFabric聯盟參與不能自動等同某顆CoWoS產品的量產供貨證明。"
  ],
  "related_companies": [
    {
      "name": "欣興",
      "ticker": "TWSE:3037"
    },
    {
      "name": "南電",
      "ticker": "TWSE:8046"
    },
    {
      "name": "景碩",
      "ticker": "TWSE:3189"
    },
    {
      "name": "台積電",
      "ticker": "TWSE:2330"
    }
  ],
  "verified_at": "2026-10-22T16:41:27.244961+08:00"
}