上海市金茂律师事务所 关于 宏和电子材料科技股份有限公司 2025 年度向特定对象发行 A 股股票 之 法律意见书 二〇二五年八月 | 目 录 1 | | | | | --- | --- | --- | --- | | 第一节 释 义 | | | 3 | | 第二节 | 引 | 言 | 6 | | 第三节 正 文 | | | 7 | | 一、本次发行的批准和授权 7 | | | | | 二、本次发行的主体资格 7 | | | | | 三、本次发行的实质条件 8 | | | | | 四、发行人的设立 12 | | | | | 五、发行人的独立性 12 | | | | | 六、发行人的主要股东、控股股东及实际控制人 13 | | | | | 七、发行人的股本及其演变 15 | | | | | 八、发行人的业务 15 | | | | | 九、关联交易及同业竞争 16 | | | | | 十、发行人的主要财产 18 | | | | | 十一、发行人的重大债权债务 19 | | | | | 十二、发行人的重大资产变化及收购兼并 20 | | | | | 十三、发行人公司章程的制定与修改 21 | | | | | 十四、 ...

宏和电子材料科技股仹有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 6-1-1 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2512536 号 宏和电子材料科技股仹有限公司全体股东： 一、审计意见 我们审计了后附的宏和电子材料科技股仹有限公司 (以下简称"宏和科技") 财务报表，包 括 2024 年 12 月 31 日的合幵及母公司资产负债表，2024 年度的合幵及母公司利润表、合幵 及母公司现金流量表、合 ...

Investment Rating - The report maintains a "Recommended" rating for leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd. [4][5] Core Viewpoints - The PCB industry is experiencing rapid advancements in packaging and high-density interconnect technologies, with traditional HDI and substrate technologies evolving into mSAP processes to meet the demands of high-speed signal transmission and large-scale integration [1][2] - The demand for PCB is driven by AI applications, leading to significant expansions in production capacity among leading companies, with total investments exceeding 30 billion RMB [2][20] - The core materials for PCB, including copper foil, electronic cloth, and resin, are undergoing upgrades to meet the high-frequency and high-speed requirements of AI applications [2][20][26] Summary by Sections 1. CoWoP and mSAP as Core Technologies - CoWoP (Chip-on-Wafer-on-PCB) is emerging as a future packaging route, enhancing interconnect density and reducing costs by directly using large-size PCBs [1][11] - mSAP (Modified Semi-Additive Process) is becoming the core process for achieving sub-10 µm line capabilities, essential for high-performance applications [1][14] 2. PCB Capacity Expansion and Material Upgrades - Leading PCB manufacturers are actively expanding production capacity, with significant investments announced by companies like Huadian Co., Ltd. and Shenghong Technology [2][20] - The upgrade of core materials includes the transition of copper foil from HVLP1 to HVLP5, electronic cloth to third-generation low-dielectric cloth, and resin to hydrocarbon and PTFE types [2][20][28] 3. Tight Supply of Core Equipment and Acceleration of Domestic Substitution - The supply of core PCB equipment, including drilling, plating, and etching imaging, is tight, with domestic manufacturers accelerating their layouts in advanced process equipment [2][49] - Companies like Dazhu CNC and Ding Tai High-Tech are focusing on high-layer boards and HDI equipment to meet the increasing demands of the industry [2][49] 4. Investment Recommendations - The report suggests focusing on leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd., as well as material companies with core technologies like Honghe Technology and Zhongcai Technology [3][4] - Equipment manufacturers involved in domestic substitution, such as Dazhu CNC and Xinqi Microelectronics, are also highlighted as potential investment opportunities [3][4]

Market Performance - The glass fiber sector increased by 5.11% on August 22, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Zhongcai Technology (002080) closed at 35.29, up 10.01%, with a trading volume of 599,100 shares and a transaction value of 2.053 billion [1] - Honghe Technology (603256) closed at 40.50, up 9.99%, with a trading volume of 141,300 shares and a transaction value of 558 million [1] - Other notable performers include Changhai Co. (300196) up 4.44%, China Jushi (600176) up 4.15%, and International Composite Materials (301526) up 4.01% [1] Capital Flow Analysis - The glass fiber sector saw a net inflow of 549 million from institutional investors, while retail investors experienced a net outflow of 218 million [2][3] - Major stocks like Zhongcai Technology and Honghe Technology attracted significant institutional investment, with Zhongcai Technology receiving a net inflow of 366 million [3] Summary of Stock Movements - The table of stock movements indicates that Zhongcai Technology and Honghe Technology were the top gainers, while stocks like Yao Pi Glass (618009) and Kaisheng New Energy (600876) faced declines [2][3] - The overall trend shows a strong performance in the glass fiber sector, with institutional investors showing confidence in leading companies [2][3]

天眼查商业履历信息显示，宏和电子材料科技股份有限公司，成立于1998年，位于上海市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本87972.75万人民币，实缴资本 87972.75万人民币。公司法定代表人为毛嘉明。 通过天眼查大数据分析，宏和电子材料科技股份有限公司共对外投资了3家企业，参与招投标项目8次， 知识产权方面有商标信息12条，专利信息124条，此外企业还拥有行政许可136个。 来源：金融界 金融界消息 截至2025年8月22日收盘，宏和科技（603256）报收于40.5元，上涨9.99%，换手率1.61%， 成交量14.13万手，成交金额5.58亿元。 资金流向方面，今日主力资金净流入1.46亿元，占比成交额26.24%。其中，超大单净流入1.74亿元、占 成交额31.23%，大单净流出2780.55万元、占成交额4.99%，中单净流出流出7005.74万元、占成交额 12.56%，小单净流出7629.58万元、占成交额13.68%。 宏和科技最新一期业绩显示，截至2025一季报，公司营业总收入2.46亿元、同比增长29.52%，归属净利 润3087.32万元，同比增长4 ...

Core Viewpoint - As of August 22, 2023, 202 stocks have experienced consecutive increases for 5 trading days or more, indicating a strong upward trend in the market [1] Group 1: Stock Performance - Yalian Machinery (001395), Tongzhou Electronics (002052), Weicet Technology, and Guangdian Yuntong (002152) have seen consecutive increases for 10 trading days [1] - Tianrongxin (002212), Bochao Electronics, China Science Publishing (601858), and Honghe Technology (603256) have recorded consecutive increases for 8 trading days [1] - During the consecutive increase period, Tongzhou Electronics achieved a cumulative increase of 104.96%, while Kosen Technology (603626) saw a cumulative increase of 77.24% [1]

Group 1 - The PCB sector experienced a significant surge on the 22nd, with notable stock increases such as Ding Tai Gao Ke rising nearly 18% and Guangxin Materials up over 10% [1] - The demand for printed circuit boards (PCBs) is expected to explode due to the acceleration of AI computing infrastructure construction, with a projected CAGR of 11.6% for server and storage PCBs from 2024 to 2029 according to Prismark and CITIC Securities [1] - High-layer boards, high-density interconnect (HDI) boards, and IC carrier boards are anticipated to see rapid growth in output value, with leading domestic PCB companies expected to invest 41.9 billion yuan from 2025 to 2026 [1] Group 2 - AI servers will have higher requirements for PCB usage, density, and performance, leading to increased precision demands in processes such as exposure, drilling, plating, and inspection [1] - Domestic PCB equipment manufacturers are expected to capitalize on the favorable conditions in the AI PCB market, accelerating the validation of emerging technologies and expanding their market share and value [1] - Companies focusing on AI PCB equipment, particularly in laser, vision, and inspection technologies, are recommended for investment consideration [1]

人民财讯8月22日电，A股三大指数早盘持续走高，截至午间收盘，沪指涨0.67%，深证成指涨1.32%， 创业板指涨2.56%，创近三年新高。科创50指数涨5.25%。盘面上，半导体板块、算力概念、芯片股大 涨，云天励飞、中科曙光等多股涨停；CPO概念走强，生益电子股价创历史新高；PCB概念再度活跃， 宏和科技涨停。此外，互联金融、玻璃纤维概念，电脑硬件、通信设备、教育、券商等板块涨幅居前； 宠物经济、航空运输等概念走弱。全市场半日成交额逾1.53万亿元。 ...

Group 1 - Honghe Technology and Helitai both reached the daily limit increase [1] - Fangzheng Technology, Dingtai High-Tech, Dongcai Education, Zhongcai Technology, and Shenzhen South Circuit all rose over 5% [1] - Hu Dian Co., Ltd. and Zhongyi Technology also experienced gains [1]

Core Viewpoint - The PCB sector is experiencing significant growth, driven by the demand for high-frequency and high-speed resin materials in AI servers, with companies like Honghe Technology and Helitai reaching historical highs in stock prices [1] Group 1: Market Performance - Honghe Technology and Helitai both hit the daily limit up, while Guangxin Materials increased by over 12% [1] - The overall PCB concept is gaining strength in the market [1] Group 2: Industry Analysis - CITIC Securities reports that AI servers require high-speed data transmission with low loss, necessitating superior performance in high-frequency and high-speed resin materials [1] - The market for high-frequency and high-speed resin used in servers is projected to reach 2.28 billion yuan by 2026, with a compound annual growth rate (CAGR) of 85% from 2024 to 2026, indicating significant demand growth [1] Group 3: Investment Recommendations - Companies actively involved in the development of PCB high-frequency and high-speed resin materials in the computing power sector are recommended for investment consideration [1]