2025 年 12 月 30 日 2025 年第二次临时股东大会 会议资料 江苏长电科技股份有限公司 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会 会议资料 目 录 | 江苏长电科技股份有限公司 | 2025 年第二次临时股东大会议程········································3 | | --- | --- | | 江苏长电科技股份有限公司 | 年第二次临时股东大会会议规则································5 2025 | | 议案 | 1：关于修订公司章程及相关公司治理制度的议案···················································7 | | 议案 | 2：关于董事会换届选举非独立董事的议案·······························································8 | | 议案 | 3：关于董事会换届选举独立董事的议案·················································· ...

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Summary of JCET Group Co Ltd (A) Conference Call Company Overview - **Company**: JCET Group Co Ltd (JCET) - **Sector**: Semiconductors - **Headquarters**: Jiangsu, China - **Position**: Largest OSAT provider in China and the 3rd largest OSAT supplier worldwide as of 2024 [12][31] Key Industry Insights - **Market Demand**: The demand for advanced packaging, particularly 2.5D/3D packaging, is driven by applications in high-performance computing (HPC), autonomous driving, and 5G communication [2][19] - **Growth Projections**: The global 2.5D/3D packaging market is expected to grow from US$8 billion in 2024 to US$26 billion by 2029, reflecting a CAGR of 26% [20][21] - **China's HPC Growth**: China's HPC chip demand is anticipated to grow significantly, with local foundries and OSATs expected to meet this demand due to limited access to overseas HPC chips [24] Financial Performance - **Revenue Growth**: JCET's revenue is projected to grow by 17% in 2026 and 10% in 2027, driven by increased demand for HPC and automotive chips [1][31] - **Earnings Projections**: Expected EPS growth of 56% CAGR in 2026/27, with net income projected to reach CNY3.04 billion in 2026 and CNY3.52 billion in 2027 [1][4] - **Capex and Debt**: Anticipated capex of CNY7-8 billion per annum in 2025-26, leading to a net debt-to-equity ratio of 13%/14% by the end of 2025/26 [33] Strategic Developments - **Technology Leadership**: JCET is one of the few OSAT companies in China capable of mass-producing 2.5D/3D packaging technology, which is crucial for enhancing chip performance [2][28] - **Customer Relationships**: In 2024, 81% of JCET's sales were from overseas customers, with 64% from the US. Easing US-China trade tensions are expected to stabilize these relationships [3][31] - **New Revenue Streams**: The introduction of advanced packaging technologies is expected to contribute significantly to revenue, with projections of CNY500 million to CNY1.5 billion in revenue from this segment in 2026/27 [28] Valuation and Investment Outlook - **Rating Upgrade**: JCET's investment rating has been upgraded to Buy from Neutral, with a price objective raised to CNY55 from CNY43, based on improved demand visibility and historical P/E benchmarks [1][55] - **Market Position**: The company is positioned to benefit from a more normalized competitive landscape in the semiconductor market, particularly with US customers [13][55] Additional Insights - **Gross Margin Recovery**: JCET's gross margin improved to 14.3% in 2Q/3Q25, with expectations to reach 15.5% in 2026 and 15.8% in 2027 due to higher utilization rates and advanced packaging sales [32] - **Investment in AI**: China's AI investment is projected to grow from US$91 billion in 2025 to US$327 billion by 2030, which will further drive demand for HPC chips and related packaging solutions [25] This summary encapsulates the key points from the conference call regarding JCET Group Co Ltd, highlighting its strategic positioning, financial outlook, and industry dynamics.

Core Viewpoint - The chip ETF Tianhong (159310) opened with a gain of 1.56%, indicating positive market sentiment towards semiconductor stocks [1] Group 1: ETF Performance - The Tianhong chip ETF (159310) opened at 2.015 yuan, reflecting a 1.56% increase [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 98.17%, although it has seen a decline of 1.02% over the past month [1] Group 2: Major Holdings - Key holdings in the Tianhong chip ETF include: - SMIC (中芯国际) with a gain of 0.35% - Cambricon (寒武纪) up by 1.01% - Haiguang Information (海光信息) increasing by 1.18% - Northern Huachuang (北方华创) rising by 0.65% - Lattice Semiconductor (澜起科技) up by 1.91% - Zhaoyi Innovation (兆易创新) with a notable increase of 2.59% - OmniVision (豪威集团) rising by 0.53% - Chipone (芯原股份) increasing by 0.37% - JCET (长电科技) up by 0.84% [1]

Core Viewpoint - Changdian Technology (600584) emphasizes its leading position in the packaging and testing services for various storage chip products, including DRAM and Flash, backed by over 20 years of experience in storage packaging mass production [1] Group 1: Company Overview - The company provides packaging and testing services that cover a wide range of storage chip products [1] - Changdian Technology has over 20 years of experience in mass production of storage packaging [1] - The company is committed to enhancing advanced packaging development in the storage sector [1]

证券日报网讯12月18日，长电科技（600584）在互动平台回答投资者提问时表示，截至第三季度末公司 股东人数为376256户。 ...

Group 1 - The integrated circuit ETF (562820) opened down 0.88% at 2.148 yuan [1] - Major holdings in the ETF showed mixed performance, with notable declines in stocks like Cambrian (down 1.19%), SMIC (down 0.43%), and Haiguang Information (down 0.99%), while Zhaoyi Innovation increased by 0.65% [1] - The ETF's performance benchmark is the CSI All Share Integrated Circuit Index, managed by Harvest Fund Management, with a return of 117.04% since its inception on April 12, 2024, and a recent one-month return of -0.48% [1]

Group 1 - The core viewpoint of the article highlights the performance of the Invesco Chip ETF (159560), which opened down by 1.06% at 1.584 yuan on December 18 [1] - The major holdings of the ETF include companies such as SMIC, Cambricon, and Huagong Information, with varying performance; for instance, SMIC decreased by 0.43%, while Zhaoyi Innovation increased by 0.65% [1] - The ETF's performance benchmark is the CSI Chip Industry Index return, managed by Invesco Great Wall Fund Management Company, with a return of 60.58% since its establishment on November 9, 2023, and a return of 0.60% over the past month [1]

Core Viewpoint - The chip ETF Tianhong (159310) opened with a slight decline, reflecting the overall performance of its major holdings in the semiconductor sector [1] Group 1: ETF Performance - The chip ETF Tianhong (159310) opened down by 0.25%, priced at 1.993 yuan [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 99.96%, with a monthly return of 0.58% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down by 0.43% - Cambricon (寒武纪) down by 1.19% - Haiguang Information (海光信息) down by 0.99% - Northern Huachuang (北方华创) down by 0.84% - Lattice Semiconductor (澜起科技) down by 0.79% - Zhaoyi Innovation (兆易创新) up by 0.65% - Zhongwei Company (中微公司) down by 1.13% - OmniVision (豪威集团) down by 0.60% - Chipone (芯原股份) down by 1.45% - JCET (长电科技) down by 0.92% [1]

证券日报网讯12月17日，长电科技（600584）在互动平台回答投资者提问时表示，公司江阴晶圆级微系 统集成高端制造项目已经于2024年9月份通线投产，公司正根据客户需求进行产能扩充并持续推动产品 上量。 ...