Core Viewpoint - Wan Ye Enterprise's stock has shown significant growth in 2023, with a year-to-date increase of 24.09% and a recent surge of 31.11% over the past 60 days, indicating strong market performance and investor interest [1][2]. Company Overview - Wan Ye Enterprise, established on October 28, 1991, and listed on April 7, 1993, is located in Shanghai and operates in sectors including integrated circuits and real estate [1]. - The company's revenue composition includes 48.34% from real estate sales, 41.44% from specialized equipment manufacturing, 6.14% from property services, 2.58% from property leasing, and 1.49% from other sources [1]. Financial Performance - For the first half of 2025, Wan Ye Enterprise reported a revenue of 699 million yuan, representing a year-on-year growth of 247.76%, and a net profit attributable to shareholders of 40.81 million yuan, up 157.63% compared to the previous year [2]. - Cumulatively, the company has distributed 2.546 billion yuan in dividends since its A-share listing, with 212 million yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 5.44% to 50,600, while the average number of circulating shares per person increased by 5.76% to 18,394 shares [2]. - Notable institutional shareholders include Southern Information Innovation Mixed A, holding 14.467 million shares, and Hong Kong Central Clearing Limited, holding 10.463 million shares, both of which have increased their holdings [3].

Core Viewpoint - The company Wan Ye Enterprise (600641.SH) is enhancing its research and development capabilities in ion implantation machines and improving customer service for wafer fabs through multiple technological breakthroughs [1] Group 1: Product Development - The subsidiary Kai Shi Tong is continuously deepening its R&D strength in ion implantation machines [1] - The company is establishing industry barriers by enhancing the core competitiveness of its products [1] Group 2: Market Applications - The company’s developments cover four major application areas: advanced logic, memory, power devices, and CIS image sensors [1] - A new business pattern has been formed with simultaneous development of multiple models and collaborative advancement across various fields [1] Group 3: Client Engagement - The company has achieved extensive layout in client-side services [1]

格隆汇9月23日丨万业企业(600641.SH)在投资者互动平台表示，公司旗下凯世通持续深化离子注入机研 发实力和晶圆厂客户服务能力，通过多项技术突破，凯世通不断增强产品核心竞争力、建立行业壁垒， 涵盖先进逻辑、存储、功率器件、CIS 图像传感器四大应用领域，形成了多机型同步开发、多领域协同 推进的业务新格局，实现了在客户端的广泛布局。 ...

Market Overview - The Shanghai Composite Index rose by 0.22% on September 22, with 11 sectors experiencing gains, led by the electronics and computer sectors, which increased by 3.71% and 1.70% respectively [2] - The real estate sector also saw a slight increase of 0.19% [2] - In contrast, the social services and beauty care sectors faced declines of 2.04% and 1.36% respectively [2] Capital Flow Analysis - The main capital flow showed a net outflow of 18.892 billion yuan across the two markets, with only four sectors experiencing net inflows [2] - The electronics sector led the net inflow with 9.357 billion yuan, corresponding to its 3.71% increase, followed by the computer sector with a net inflow of 2.081 billion yuan and a daily increase of 1.70% [2] Real Estate Sector Performance - The real estate sector had a net inflow of 725 million yuan, with 100 stocks in the sector, of which 17 rose and 76 fell [3] - The top stock in terms of net inflow was Zhangjiang Hi-Tech, with an inflow of 929 million yuan, followed by China Overseas Land & Investment and Vanke A with inflows of 271 million yuan and 124 million yuan respectively [3] - The stocks with the highest net outflows included Shoukai Co., Poly Developments, and Quzhou Development, with outflows of 232 million yuan, 151 million yuan, and 62 million yuan respectively [5] Top Gainers and Losers in Real Estate - The top gainers in the real estate sector included: - Zhangjiang Hi-Tech: +8.48% with a turnover rate of 11.29% and a net inflow of 929.42 million yuan [4] - China Overseas Land & Investment: +8.00% with a turnover rate of 6.46% and a net inflow of 271.42 million yuan [4] - Vanke A: +0.29% with a turnover rate of 2.33% and a net inflow of 123.76 million yuan [4] - The top losers included: - Shoukai Co.: -10.06% with a turnover rate of 17.52% and a net outflow of 232.18 million yuan [5] - Poly Developments: -1.39% with a net outflow of 151.31 million yuan [5] - Quzhou Development: +0.22% with a net outflow of 62.04 million yuan [5]

Group 1 - The stock price of Wanye Enterprise increased by 5.43% on September 22, reaching 17.86 CNY per share, with a trading volume of 350 million CNY and a turnover rate of 2.16%, resulting in a total market capitalization of 16.621 billion CNY [1] - Wanye Enterprise's stock has risen for three consecutive days, with a cumulative increase of 5.74% during this period [1] - The company, established on October 28, 1991, and listed on April 7, 1993, operates in core equipment for integrated circuits and photovoltaics, as well as real estate [1] Group 2 - The main revenue composition of Wanye Enterprise includes 48.34% from real estate sales, 41.44% from specialized equipment manufacturing, 6.14% from property services, 2.58% from property leasing, and 1.49% from other sources [1] - Among the top ten circulating shareholders of Wanye Enterprise, Huaxia Fund's Huaxia CSI 1000 ETF (159845) entered the list in the second quarter, holding 3.547 million shares, which is 0.38% of the circulating shares [2] - The Huaxia CSI 1000 ETF has achieved a year-to-date return of 26.11% and a one-year return of 67.6%, ranking 1914 out of 4222 and 1288 out of 3813 in its category, respectively [2]

Summary of Greater China Semiconductors Conference Call Industry Overview - The conference call focused on the Greater China semiconductor industry, highlighting recent developments in domestic DUV testing and the AI chip market. Key Companies Discussed - **SMIC (Semiconductor Manufacturing International Corp)**: Testing China's first domestic DUV lithography tool from Yuliangsheng - **Yuliangsheng (YLS)**: A Shanghai start-up producing DUV lithography tools - **Nvidia**: Mentioned in the context of a ban on its RTX Pro 6000D chips for Chinese CSPs - **ASMPT**: Equipment vendor expected to benefit from increasing demand - **Wanye**: Another equipment vendor mentioned in relation to domestic demand - **Cyberspace Administration of China (CAC)**: Regulatory body involved in the ban on Nvidia chips Core Insights - **Domestic DUV Lithography Tool**: SMIC is testing YLS's DUV lithography tool, marking a significant step towards self-reliance in wafer fabrication equipment (WFE) in China. However, the tool is still in the demo phase and may take 1-2 years to achieve high-volume production viability [1] - **Ban on Nvidia Chips**: The CAC's instruction to halt testing and cancel orders for Nvidia's RTX Pro 6000D was anticipated due to low demand among Chinese CSPs [1] - **AI Chip Market**: Domestic AI chips such as Ascend, Cambricon, and Kunlunxin are improving in performance, which is expected to sustain positive sentiment in the Chinese AI chip market and its supply chain [1] Financial Projections and Valuations - **ASMPT**: Target price set at HK$85 based on a 22x 2026E P/E, driven by expected revenue recovery from TCB order wins and stabilization in SEMI and SMT markets [4] - **OmniVision**: Target price of Rmb180 based on a 50x 2025E P/E, justified by anticipated strong earnings growth from automotive market share gains [6] - **SG Micro**: Target price of Rmb100 based on a 65x 2026E EPS, reflecting early-stage analog localization in China [8] - **Wanye**: Target price of Rmb13.0, reflecting a discount due to underperformance in revenue growth and profitability [10] - **SMIC**: Target price of HK$53.0 based on a 2.4x 2026 P/B, supported by US-China decoupling demand and gradual industry recovery [13] Risks Identified - **ASMPT**: Risks include a worsening semiconductor outlook, market share loss, and competition [5] - **OmniVision**: Risks involve pricing pressure in automotive CIS, market share loss, and competition [7] - **SG Micro**: Risks include price competition, inventory corrections, and demand slowdowns [9] - **Wanye**: Risks include supply chain disruptions due to US restrictions and underperformance in revenue growth [11] - **SMIC**: Risks include margin pressures from depreciation, weak policy support, and demand fluctuations [15] Additional Insights - The ongoing developments in the semiconductor industry reflect a broader trend towards localization and self-sufficiency in China, particularly in response to geopolitical tensions and export restrictions from the US [1][3] - The positive sentiment surrounding domestic AI chips indicates a potential shift in market dynamics, favoring local manufacturers over foreign competitors [1] This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the Greater China semiconductor industry.

Core Viewpoint - Wan Ye Enterprise's stock has shown significant growth in 2023, with a year-to-date increase of 12.64% and a notable rise in revenue and net profit for the first half of 2025 [1][2]. Financial Performance - For the first half of 2025, Wan Ye Enterprise achieved a revenue of 699 million yuan, representing a year-on-year growth of 247.76% [2]. - The net profit attributable to shareholders for the same period was approximately 40.81 million yuan, reflecting a year-on-year increase of 157.63% [2]. Stock Market Activity - As of September 17, Wan Ye Enterprise's stock price was 16.42 yuan per share, with a market capitalization of 15.281 billion yuan [1]. - The stock experienced a trading volume of 2.41 billion yuan and a turnover rate of 1.61% on the same day [1]. - The stock has seen a 20.75% increase over the past 60 days, indicating strong market performance [1]. Shareholder Structure - As of June 30, the number of shareholders decreased by 5.44% to 50,600, while the average number of circulating shares per person increased by 5.76% to 18,394 shares [2]. - Notable institutional shareholders include Southern Information Innovation Mixed A and Hong Kong Central Clearing Limited, both of which increased their holdings [3]. Business Segments - Wan Ye Enterprise's main business segments include real estate sales (48.34%), specialized equipment manufacturing (41.44%), property services (6.14%), property leasing (2.58%), and other supplementary services (1.49%) [1].

中天国富证券有限公司 二零二五年九月 1 关于 上海万业企业股份有限公司详式权益变动报告书 之 2025 年二季度持续督导意见 财务顾问 声明 中天国富证券有限公司受聘担任衢州先导猎宇新材料科技有限公司（曾用 名：广州先导猎宇科技技术有限公司）、先导科技集团有限公司通过协议转让方 式获取宏天元基金全部基金份额，从而间接获得浦科投资的控制权，进而间接 控制上市公司 24.27%的股权项目的财务顾问。 根据《上市公司收购管理办法》的规定，自万业企业公告详式权益变动报 告书公告（2024 年 11 月 29 日）至收购完成后 12 个月内，本财务顾问应当对 上述事项履行持续督导职责。 本持续督导意见不构成对上市公司的任何投资建议，投资者根据本持续督 导意见所做出的任何投资决策而产生的相应风险，本财务顾问不承担任何责 任。本意见所依据的文件、书面资料等由信息披露义务人与万业企业提供，信 息披露义务人与万业企业保证对其真实性、准确性和完整性承担全部及连带责 任。本财务顾问对所发表意见的真实性、准确性和完整性负责。 2 | 释义 4 | | --- | | 一、上市公司权益变动、过户情况 5 | | （一）本次收购概况 ...

Group 1 - Real estate stocks experienced significant upward movement, with Heimu Dan reaching the daily limit increase [2] - Wolong New Energy achieved a fourth consecutive trading limit increase [2] - Other companies such as Konggang Shares, Quzhou Development, Everbright Jiabao, and Wanye Enterprises also saw notable stock price increases [2]

Market Performance - On September 10, the real estate development sector rose by 0.44% compared to the previous trading day, with Shouke Co. leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Gainers in Real Estate Sector - Shouke Co. (600376) closed at 4.68, with a gain of 10.12% and a trading volume of 1.9874 million shares, amounting to a transaction value of 909 million yuan [1] - Suning Universal (000718) closed at 2.74, up 10.04%, with a trading volume of 1.5715 million shares [1] - Hezhan Energy (000809) closed at 3.64, gaining 9.97%, with a trading volume of 1.3357 million shares [1] - Wolong New Energy (600173) closed at 8.39, up 9.96%, with a trading volume of 1.4224 million shares [1] Other Notable Stocks - ST Rongkong (000668) closed at 9.77, with a gain of 5.05% [1] - ST Zhongdi (000609) closed at 4.82, up 4.56% [1] - Fuxing Co. (000926) closed at 3.32, gaining 3.75% [1] Market Capital Flow - The real estate development sector experienced a net outflow of 1.213 billion yuan from major funds, while retail investors saw a net inflow of 1.149 billion yuan [2] - Speculative funds had a net inflow of 64.198 million yuan [2]