沃克森（北京）国际资产评估有限公司关于 华懋（厦门）新材料科技股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易申请的审核问询函 之评估相关问题的回复之核查意见 $$\Xi{\bf O}\Xi\lambda\rlap{\pounds}\Psi\rlap{\pounds}\neg\Psi$$ 上海证券交易所： 贵所于 2025 年 11 月 7 日出具了《关于华懋（厦门）新材料科技股份有限公司发行 股份及支付现金购买资产并募集配套资金暨关联交易申请的审核问询函》（以下简称"问 询函"）。根据问询函的要求，沃克森（北京）国际资产评估有限公司（以下简称"沃 克森评估"或"评估机构"）作为本项目的资产评估机构会同华懋（厦门）新材料科技 股份有限公司（以下简称"华懋科技"、"公司"或"上市公司"）、申港证券股份有 限公司（以下简称"申港证券"或"独立财务顾问"）、北京市康达律师事务所（以下 简称"康达律师"或"律师事务所"）、立信会计师事务所（特殊普通合伙）（以下简 称"立信会计师"或"审计机构"）对问询函所列要求评估师核查问题进行了认真讨论 与核查，现对问询函回复如下，请予以审核。 如无特别说明，本审 ...

| 问题 | 5、关于标的公司独立性 | | 34 | | --- | --- | --- | --- | | 问题 | 9、关于商誉 | | 49 | | 问题 | 10、关于标的公司收入 | | 61 | | 问题 | 11、关于标的公司客户 | | 129 | | 问题 | 12、关于标的公司采购和供应商 | | 147 | | 问题 | 13、关于标的公司成本与毛利率 | | 161 | | 问题 | 14、标的公司存货 | | 184 | | 问题 | 15、关于标的公司应收账款 | | 209 | | 问题 | 16、关于标的公司固定资产和使用权资产 | | 218 | | 问题 | 17、关于配套募集资金 | | 245 | | 问题 | 18、关于标的公司偿债能力 | | 255 | 问题 4、关于标的资产历史沿革 根据重组报告书：（1）2019 年海能达设立全资子公司富创优越，2020 年 3 月海能达以 1,000 万元价格将富创优越 100%股权转让给洇锐科技，2020 年 12 月 海能达以 17,000 万元的价格将其 EMS 业务中部分涉及光通信和海事通信的业务 资产出售给富创优越 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.：010-50867666 传真/Fax：010-56916450 网址/Website：www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于华懋（厦门）新材料科技股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易的 补 充 法 律 意 见 书（一） 康达股重字【2025】第 0003-1 号 $$=O{\underset{\smile\wedge\nexists\vdash-\neg\exists}{=}}$$ | 问题 | 1.关于交易目的与跨行业并购 | 9 | | --- | --- | --- | | 问题 | 2.关于交易方案 | 35 ...

发行股份及支付现金购买资产 并募集配套资金暨关联交易申请 的审核问询函的回复 之核查意见 申港证券股份有限公司 关于 华懋（厦门）新材料科技股份有限公司 独立财务顾问 签署日期：二〇二六年一月 上海证券交易所： 贵所于 2025 年 11 月 7 日出具了《关于华懋（厦门）新材料科技股份有限公 司发行股份及支付现金购买资产并募集配套资金暨关联交易申请的审核问询函》 （以下简称"问询函"）。根据问询函的要求，华懋（厦门）新材料科技股份有 限公司（以下简称"华懋科技"、"公司"或"上市公司"）会同申港证券股份 有限公司（以下简称"申港证券"或"独立财务顾问"）、北京市康达律师事务 所（以下简称"康达律师"或"律师事务所"）、立信会计师事务所（特殊普通 合伙）（以下简称"立信会计师"或"审计机构"）以及沃克森（北京）国际资 产评估有限公司（以下简称"沃克森评估"或"评估机构"）对问询函所列问题 进行了认真讨论与核查，现对问询函回复如下，请予以审核。 如无特别说明，本审核问询函回复中所使用的简称与《华懋（厦门）新材料 科技股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易报 告书》（以下简称"重组报告书" ...

华懋（厦门）新材料科技股份有限公司（以下简称"公司"）拟通过发行股 份及支付现金（部分现金由上市公司全资子公司支付）的方式购买：（1）深圳 市富创优越科技有限公司（以下简称"富创优越"）9.93%股权，（2）深圳市洇 锐科技有限公司 100%股权、深圳市富创优越壹号企业管理合伙企业（有限合伙） 100%出资份额、深圳市富创优越贰号企业管理合伙企业（有限合伙）100%出资 份额、深圳市富创优越叁号企业管理合伙企业（有限合伙）100%出资份额；同 时拟向公司控股股东东阳华盛企业管理合伙企业（有限合伙）发行股份募集配套 资金（以下简称"本次交易"）。 | 证券代码：603306 | 证券简称：华懋科技 公告编号：2026-003 | | --- | --- | | 债券代码：113677 | 债券简称：华懋转债 | 华懋（厦门）新材料科技股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨关联 交易申请的审核问询函的回复更新的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 特此公告。 华懋（厦门）新材料科技股份有 ...

Group 1 - The A-share market saw a significant rise in CPO concept stocks, with notable increases in several companies' stock prices [1] - Key performers included Juguang Technology, which rose by 10.42%, and Kecuan Technology, which hit the daily limit with a 10% increase [2] - Other companies such as Tianfu Communication and Huilv Ecology also experienced substantial gains, with increases of 8.81% and 6.23% respectively [1][2] Group 2 - The total market capitalization for Juguang Technology is 18.8 billion, while Kecuan Technology has a market cap of 10.6 billion [2] - Year-to-date performance shows Kecuan Technology leading with a 78.86% increase, followed by Juguang Technology at 19.27% [2] - Other companies like Luobotek and Huatians Technology also reported strong year-to-date gains of 51.54% and 28.08% respectively [2]

Market Overview - The automotive parts sector experienced a decline of 3.19% on January 26, with Chaojie Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers in the automotive parts sector included: - Dongli New Science (600841) with a closing price of 8.62, up 6.95% [1] - Deler Co., Ltd. (300473) at 35.74, up 5.93% [1] - Weichai Power (000338) at 24.32, up 3.49% [1] - Major decliners included: - Chaojie Co., Ltd. (301005) at 192.42, down 12.53% [2] - Kaizhong Co., Ltd. (603037) at 17.97, down 10.02% [2] - Zhejiang Rongtai (611809) at 109.79, down 10.00% [2] Capital Flow - The automotive parts sector saw a net outflow of 8.431 billion yuan from institutional investors, while retail investors contributed a net inflow of 6.115 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Key stocks with significant capital inflow included: - Huamao Technology (603306) with a net inflow of 1.36 billion yuan from institutional investors [3] - Fuyou Glass (600660) with a net inflow of 1.31 billion yuan [3] - Stocks with notable outflows included: - Wisdom Agriculture (000816) with a net outflow of 87.317 million yuan from retail investors [3] - Dongli New Science (600841) with a net outflow of 39.524 million yuan from retail investors [3]

Summary of Conference Call on the Electronic Industry and Photoresist Market Industry Overview - The conference focused on the electronic industry dynamics and updates on the photoresist sector, highlighting the current market's vibrancy and key areas of investor interest, including commercial aviation and domestic computing power [1][2]. Key Points and Arguments Domestic Computing Power and Replacement - The domestic computing power sector is gaining attention, particularly regarding major cloud service providers like ByteDance and Alibaba, and their bidding activities [1]. - The domestic replacement trend is significant, especially with upcoming IPOs of major storage manufacturers, raising questions about potential investment opportunities [1][2]. Photoresist Market Dynamics - The photoresist market is categorized into semiconductor-grade and display-grade, with the domestic market size estimated at around 10 billion RMB, with semiconductor-grade photoresists accounting for 70-80% of this market [6][7]. - The market is dominated by Japanese and Korean manufacturers, holding approximately 88% of the global market share, while domestic production is gradually increasing, with a current localization rate of 30-40% [8][9]. Supply Chain and Challenges - The supply chain for photoresists faces challenges, particularly in raw materials and production equipment, which are heavily reliant on imports [15][16]. - Key raw materials include solvents (50-90% of the composition) and resins (10-40%), with domestic production still lagging behind in quality compared to imports [15][16]. Impact of Japan's Export Controls - The recent escalation in technology competition between China and Japan has created investment opportunities in materials, components, and equipment [5]. - Concerns about potential supply disruptions due to Japan's export controls are noted, but it is believed that the impact will not be as severe as anticipated, given existing inventories and the willingness of some suppliers to maintain business relationships [14]. Company-Specific Insights Major Domestic Players - **HuaMao Technology**: Achieved 80-90% production capacity for I-line and G-line photoresists, with revenues exceeding 100 million RMB [17][18]. - **Tongcheng**: Expected to generate 300 million RMB in revenue in 2024, with a 30% growth forecast for 2025, focusing on mid-to-low-end photoresists [19]. - **Nanda**: One of the earliest companies in China to engage in photoresist R&D, currently developing its own resin capabilities [19]. - **Shanghai Xinyang**: Produces I-line, KRF, and ARF photoresists, with a focus on resin synthesis [20]. Additional Important Content - The conference highlighted the potential for accelerated domestic validation and replacement of photoresists due to the current geopolitical climate, with a shift in focus towards local production capabilities [12][13]. - The verification cycle for new photoresist products is expected to shorten from 3-5 years to approximately one year due to increased demand for supply chain security [13]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the electronic industry and the photoresist market dynamics.

Core Viewpoint - The report highlights the significant inflow of main capital into various stocks, with specific companies showing remarkable performance in terms of net capital inflow and stock price changes [1][2]. Group 1: Main Capital Inflow - A total of 88 stocks have experienced a net inflow of main capital for five consecutive days or more, indicating strong investor interest [1]. - Hangzhou Bank leads with 16 consecutive days of net inflow, followed by Yunnan Baiyao with 14 days [1]. - Midea Group has the highest total net inflow amounting to 1.582 billion yuan over seven days, while Hangzhou Bank follows closely with 1.489 billion yuan over 16 days [1]. Group 2: Performance Metrics - The stock with the highest net inflow ratio relative to trading volume is Fenglong Co., which has surged by 359.76% over the past 16 days [1]. - Other notable stocks include Guotai Junan Securities with a net inflow of 1.109 billion yuan over 11 days and China Ping An with 1.074 billion yuan over six days, although their stock prices have seen declines of 2.46% and 3.28% respectively [1]. - The report includes a detailed table of stocks with their respective net inflow amounts, inflow ratios, and cumulative price changes, providing a comprehensive overview of market trends [1][2].

Group 1 - The core viewpoint of the articles highlights the optimistic outlook of fund managers on the technology sector, particularly in artificial intelligence, cloud computing, and robotics, as key investment directions for the upcoming years [1][3][12] - Fund managers are emphasizing the importance of risk management in the technology sector, which is characterized by high growth potential and volatility, advocating for diversified investment strategies [2][21] Group 2 - Fund manager Ren Jie focuses on global cloud computing investments, with a notable performance of the fund achieving a unit net value growth rate of 233.29% in 2025, ranking first among active equity funds [3][4] - The fund's latest quarterly report indicates a decrease in stock positions, with a stock market value proportion of 78.76%, down by 13 percentage points from the previous quarter [3][4] - The top ten holdings include companies like Shengyi Technology and Zhongji Xuchuang, with significant annual growth rates of 205.82% and 396.38% respectively [3][4] Group 3 - Fund manager Li Jin expresses a strong interest in artificial intelligence computing-related assets, focusing on sectors with the best growth potential, including technology, new energy, and pharmaceuticals [8][12] - The fund's top three holdings are Zhongji Xuchuang, Xinyi Technology, and Huamao Technology, with substantial increases in positions for companies like Dongshan Precision and Industrial Fulian [9][10] Group 4 - Fund manager Yan Siqian emphasizes the investment opportunities in manufacturing and low-carbon technologies, highlighting the importance of intelligent manufacturing and technological innovation for sustainable development [13][15] - The fund's top holdings include Wuzhou Xinchun and Zhenyu Technology, with significant increases in positions for companies like Beite Technology and Sili Technology [14][15] Group 5 - Fund manager Feng Ludan notes that the artificial intelligence industry is in the early stages of forming a bubble, suggesting a cautious approach to investment while monitoring technological advancements and business model validations [16][21] - The fund's latest report shows a stock position of 86.04%, with significant increases in holdings for companies like Huadian Technology and Tencent Holdings [18][19]