The "lights-out factory" for glass substrates has been put into operation, achieving a full-chain layout from substrates to packaging. "Xunlin Technology" has completed nearly 100 million yuan in Series A financing | Exclusive report by 36Kr

Text | Zhang Bingbing

Editor | A Zhi

36Kr learned that Tianjin Xunlin Technology Co., Ltd. (hereinafter referred to as "Xunlin Technology") recently announced that it has completed a nearly 100 million yuan Series A financing led by Jinyu Maowu, with follow - on investments from Haitong Kaiyuan, Binhai Industrial Fund, and existing shareholder Xiamen Haihong. The funds will be used for the continuous expansion of the full - process processing capacity of large - size glass substrates, the R & D and construction of downstream packaging module lines, and the R & D of new glass substrate products such as chip carriers and optical modules.

"Xunlin Technology" is an enterprise that 36Kr has been following for a long time. With the PVD copper - cladding technology for glass substrates and ceramic substrates as the core, it has built a full - process production capacity for new - type substrates, achieving high - efficiency and high - consistency production of glass substrates with ultra - high copper thickness and high copper - cladding bonding strength.

In the past year, "Xunlin Technology" has won awards such as the Special Award for Talent Innovation and Entrepreneurship in Bincheng and the Top 50 of Puyue China Concept Verification. Leveraging the customized substrate requirements of major customers, it has overcome the next - generation MicroLED display technology, achieved mass production of substrates with Micro LED - level circuit accuracy and high TGV density, and is developing towards the advanced packaging field.

I. Entering the market introduction period, the industrialization of glass substrates accelerates

Zhen Zhen, the CEO of "Xunlin Technology", introduced that in the fields of RGB mini backlighting and Micro LED direct - view displays, glass substrates have a good opportunity for market introduction.

In the liquid crystal display field, according to the prediction of the technology research and consulting firm Omdia, the annual global TV shipments are expected to exceed 210 million units in 2026. In this huge market, the progress of backlighting technology promotes the upgrade of displays, and picture quality upgrade is the core competitive point.

In recent years, picture quality requirements such as HDR (High Dynamic Range), high color gamut, and high contrast have promoted the development of backlighting technology towards high - zoning and high - precision control. Mini LED RGB backlighting is the main force in this technological direction. Zhen Zhen said that "Xunlin Technology" relies on glass substrate technology, targets key markets, and aims to achieve both high precision and high value (better picture quality, better service, higher efficiency, and higher consistency) to realize the upgrade and expansion of the display industry.

At the same time, Micro LED direct - view large screens are also impacting the commercial large - screen market. Although the current penetration rate base is not high and the introduction rhythms of leading manufacturers vary, the industry consensus is that glass substrates, with their physical and cost - performance advantages, are expected to become one of the important mainstream process routes in the future high - end display field.

"Once entering the high - zoning or low - pitch field, the large size, circuit density, pad accuracy, flatness, circuit scale, and comprehensive cost - performance of glass substrates bring great advantages." Zhen Zhen believes that in the face of fierce competition in the display field, glass substrates are one of the core means to achieve "more quantity without higher price" for products.

In August 2025, "Xunlin Technology" launched its self - built full - process glass substrate production line in Tianjin, which is fully customized for glass substrates in terms of processes such as cutting, cleaning, TGV, buried holes, copper cladding, and etching. The "lights - out factory" with an automated continuous production line enables "Xunlin Technology" to have a stable mass - delivery capacity.

The "lights - out factory" of "Xunlin Technology" in Tianjin

"We have achieved ultra - high bonding strength in the copper - cladding process, reaching the technical indicators of a 20 - fold increase in copper thickness and a 5 - fold increase in strength." Zhen Zhen explained that higher circuit bonding strength makes the substrate more reliable in thermal cycling, drop tests, and subsequent welding repairs, which directly improves the pass rate of terminal products and is ultimately reflected in extremely high production efficiency and consistency. "Compared with traditional substrates, glass substrate packaging can significantly improve production yield and consistency, bringing broader profit margins and market competition space."

In addition to cost advantages, based on its full - process production capacity, the products of "Xunlin Technology" can cover multi - zoning in RGB mini backlighting, high - brightness direct - view displays (such as ten - thousand - nit outdoor commercial displays), transparent displays with strict requirements for brightness and reliability, and high - power precision substrate fields such as AR HUD, laser projection, and AR/VR devices. Currently, the products related to Micro LED and COB direct - view screen substrates of "Xunlin Technology" are about to enter the mass - shipment stage.

The substrate products of "Xunlin Technology"

II. Improving the industrial chain layout, focusing on the integrated technology of substrate integration

After the "lights - out factory" was put into operation, "Xunlin Technology" has the ability to undertake the demand for packaging chip substrates. While solving technical indicators such as high - density TGV consistency, hole - edge cracks, buried - hole yield, and copper - cladding bonding strength, it can achieve optoelectronic co - packaging and chip carrier substitution by leveraging the transparent light - guiding, stability, micro - processing ability, comprehensive cost, and large - size characteristics of glass.

Facing a broader application field, "Xunlin Technology" focuses on the breakthrough of the Micro MIP process route and is further extending its product technology capabilities to the downstream packaging field.

The Micro MIP process, simply put, is an intermediate medium solution of "chip packaging first, then mounting". First, encapsulate LED chips into standardized display module particles, and then mount them on the substrate with high precision. It is the key packaging process to realize the "ultimate display technology" Micro LED. The biggest challenge in realizing Micro LED lies not in the concept but in the manufacturing process: how to achieve a million - level TGV through - hole glass substrate and transfer millions or even tens of millions of micron - level chips to the driving substrate efficiently, accurately, and at low cost while ensuring the yield.

For this reason, "Xunlin Technology" cooperates with Maxwell Technology to plan and build a Micro LED die - bonding packaging production line with a monthly production capacity of thousands of square meters. Zhen Zhen introduced that "this packaging production line is a die - bonding packaging line customized for glass substrates with large size and small chips. The line adopts a fully automated design, which can significantly improve production efficiency, eliminate expansion and contraction sorting, and re - define direct - view module products from the perspective of new - material large - size substrates."

An example diagram of the Micro LED die - bonding packaging production line

Zhen Zhen hopes that with the mass - production and definition capabilities of "Xunlin Technology" in PCB glass substrates, in the future, both the structure of the large - display industrial chain and the complex internal structure of AR/VR glasses (shell, light guide plate, wiring board, connection board, motherboard, etc.) can be integrated on a single glass substrate. With high - density integrated chip mounting, the integrated technology of optical - mechanical motherboard, lamp board, devices, and shell can be realized.

This means that the core ability of "Xunlin Technology" will no longer be a simple copper - cladding processing factory, but it can cooperate with leading enterprises in the industry to define and design products. "In the next step, we will gradually open up the full - process manufacturing capabilities of glass substrates. We will serve the upgrade of the entire industrial chain and contribute our technical resources for ecological cooperation." Zhen Zhen summarized.

In terms of future planning, "Xunlin Technology" expects to expand the production capacity of its substrate factory from 300,000 square meters to 500,000 square meters in 2026. At the same time, it will put the packaging production line into operation and conduct substantial verification of glass substrate module shipments. With the accumulation of production experience in precision circuits, it will open up the ecological capabilities of glass substrate manufacturing to serve the industrial upgrade in fields such as PCB multilayer boards, high - definition displays, advanced packaging, and optoelectronic co - packaging.

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This article is from the WeChat public account "36Kr Future Industries". The authors are Zhang Bingbing and A Zhi. It is published by 36Kr with authorization.