Core Viewpoint - The TOPCON battery concept has seen a significant increase of 3.38% as of the market close on September 24, with 70 stocks rising within the sector, indicating strong investor interest and capital inflow in this area [1]. Group 1: Market Performance - The TOPCON battery concept ranks 7th in terms of daily increase among various concept sectors, with notable stocks such as Bluestar Bio, TCL Zhonghuan, and Fuda Alloy hitting the daily limit up [1]. - The leading gainers in the TOPCON battery sector include Weidao Nano (up 15.54%), Haimeixing (up 13.73%), and Juhe Materials (up 10.22%) [1]. - Conversely, the stocks with the largest declines include Fuliwang (down 3.26%), Dazhu Laser (down 2.54%), and Dingjide (down 1.42%) [1]. Group 2: Capital Inflow - The TOPCON battery concept sector experienced a net capital inflow of 1.398 billion yuan, with 43 stocks receiving net inflows from major funds [1]. - The stock with the highest net inflow is Longi Green Energy, which saw a net inflow of 502 million yuan, followed by Lens Technology and TCL Zhonghuan with net inflows of 421 million yuan and 155 million yuan, respectively [1]. - The top three stocks by net inflow ratio include Bluestar Bio (29.66%), Fuda Alloy (18.45%), and Longi Green Energy (16.51%) [2].

Market Overview - On September 24, the real estate development sector rose by 0.41% compared to the previous trading day, with Yunnan Cheng Investment leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Top Gainers in Real Estate Sector - Yunnan Cheng Investment (600239) closed at 2.82, up 10.16% with a trading volume of 793,500 shares and a transaction value of 218 million [1] - Other notable gainers include: - Chongqing Development (000514) at 5.71, up 10.02% [1] - Feizao Jueshan (600848) at 10.66, up 10.01% [1] - Zhangjiang Changke (600895) at 50.78, up 10.01% [1] - Shibei Gaoxin (600604) at 5.84, up 9.98% [1] Top Losers in Real Estate Sector - Xiangjiang Holdings (600162) closed at 2.20, down 9.47% with a trading volume of 3,315,200 shares and a transaction value of 745 million [2] - Other notable losers include: - Shoukai Shares (600376) at 7.10, down 7.31% [2] - ST Zhongdi (000609) at 4.11, down 5.08% [2] - Shahe Shares (000014) at 20.18, down 4.22% [2] Capital Flow Analysis - The real estate development sector saw a net inflow of 930 million from institutional investors, while retail investors experienced a net outflow of 148 million [2] - Notable capital flows include: - Wan Ye Enterprise (600641) with a net inflow of 158 million from institutional investors [3] - Yunnan Cheng Investment (600239) with a net inflow of approximately 99.61 million from institutional investors [3] - Chongqing Development (000514) with a net inflow of approximately 93.92 million from institutional investors [3]

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]

Core Viewpoint - The company Wan Ye Enterprise (600641.SH) is enhancing its research and development capabilities in ion implantation machines and customer service for wafer fabs, establishing a strong competitive edge in the industry through multiple technological breakthroughs [1] Group 1: Product Development - The subsidiary Kaishitong is continuously deepening its R&D strength in ion implantation machines [1] - The company is focusing on multiple technological breakthroughs to enhance product competitiveness [1] Group 2: Market Positioning - Kaishitong is establishing industry barriers by covering four major application areas: advanced logic, memory, power devices, and CIS image sensors [1] - The company is forming a new business pattern of 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, indicating a broad market presence [1]

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 ...